Page 1

+:*:!#+8;#ābeee Annual Report 2012

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


QUALITY POLICY

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

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19

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

2011

2010

Total revenues

7,205.644

7,394.171

7,491.116

EBITDA

1,376.363

828.724

1,319.263

712.328

132.021

534.615

1,647.975

791.040

876.055

1.55

0.28

1.15

460,439

464,045

463,654

4,804

4,921

5,013

10,255.567

9,278.124

8,752.912

Total liabilities Total shareholders' equity

7,178.339 3,077.228

6,769.932 2,508.192

6,108.130 2,644.782

Issued and paid up capital

472.601

472.224

471.067

n/a

71.43%

39.13%

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

% Dividends / Net profit

KCE Annual Report 2012

140


Summarized Financial Data Unit : Million Baht 2012

10,255.567 9,278.124 8,752.912

Total Shareholders' Equity

3,077.228 2,508.192 2,644.782

Sales and Service Income

6,477.890 7,201.065 7,261.176

Total Revenues

7,205.644 7,394.171 7,491.116

Gross Margin

1,245.570 1,244.063 1,436.151

Net Profit (Loss) Million Baht 2012

132.021

534.615

1,647.975

791.040

876.055

Gross Profit Margin / Total Sales and Service

19.23%

17.28%

19.78%

EBIT / Total Sales and Service

13.72%

3.84%

9.94%

Net Income / Total Sales and Service

11.00%

1.83%

7.36%

Return on Shareholders' Equity

23.15%

5.26%

20.21%

6.95%

1.42%

6.11%

Net cash provided by operating activities / Sales and Service Income

25.44%

10.99%

12.06%

Net cash provided by operating activities / Shareholders' equity

53.55%

Net cash from Operating Activities Financial Ratios

Return on Assets

31.54%

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

1.55

0.28

1.15

Dividend Per Share (Baht)

n/a

0.20

0.45

Book Value Per Share (Baht)

6.51

5.31

5.61

2011

2010

Shareholders's Equity Million Baht

33.12%

Earning Per Share (Baht)

534.62

712.328

132.02

Net Profit (Loss)

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

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

2011

2508.19

721.404

712.33

276.353

10,255.57

888.695

2010

2010

3,077.228

Operating profit before interest and tax

2011

8,752.91

7,178.339 6,769.932 6,108.130

2010

141

2,644.78

Total Liabilities

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

2011

7,491.116

Total Revenues Million Baht

2010

7,394.171

2011

9,278.12

Total Assets

2012

7,205.644

Financial Data

KCE Annual Report 2012


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

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

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

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

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

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142

Results Summary The Group Company earnings are summarized as follows:

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


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

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

Outlook

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

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

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

143

KCE Annual Report 2012


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

KCE Annual Report 2012

144


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

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

145

KCE Annual Report 2012


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

KCE Annual Report 2012

146


Company Structure KCE Electronics Public Company Limited

25%

25% KCE America Inc.

99.99%

100%

97.25%

60%

49%

KCE International Co., LTD

KCE Technology Co., LTD

Chemtronic Technology Company Limited

KCE (Thailand) Company Limited

KCE Taiwan Company Limited

24.50% KCE Singapore PTE. Ltd.

25.20% 74.80% Thai Laminate Manufacturer Co.,LTD

96.03% Chemtronic Chemical Company Limited

24.50%

147

KCE Annual Report 2012


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

Shareholders

Number of Shares

Percentage

Thailand Securities Depository Company Limited for Depositor

285,829,443

60.48

Mr. Bancha

Ongkosit

50,455,180

10.67

Mr. Athasidh

Ongkosit

20,300,000

4.29

Mr. Panja

Senadisai

20,169,400

4.26

Mrs. Voraluksana Ongkosit

19,955,000

4.22

Ms. Chutinart

18,600,000

3.93

17,144,616

3.62

Ongkosit

Thailand Securities Depository Company Limited For Depositors Mrs. Siriphan

Suntanaphan

5,804,900

1.22

Chantima

Ongkosit, MD

4,775,700

1.01

Mrs. Ubol

Chiramongkol

3,940,100

0.83

KCE Annual Report 2012

148


Board of Directors ijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśőśŋŗŕŘŚőśōŌŗŎhŌőŚōŋŜŗŚśʼnśŎŗŔŔŗşśĢ

01

Mr. Bancha Ongkosit

Age 61 Years No. of Shares 50,455,180 Shares Chairman and Managing Director Education äĻıĩĬŲĻĽĺĺĭŁĬıĸŴįĺĩĸİıīĬĭĻıįĶ  ŮĻĭīķĶĬīĴĩĻĻİķĶķĽĺĻů äĺĭıįĩļĭīķĴĴĭįĭķĮĩĺļĻŲĭĶįĴĩĶĬ Experience aigdųaiha ijōŖšŗŖŬĭŋœŐʼnŚŌŜŮļŐʼnőŔʼnŖŌůĴŜŌŴ aihaųaihb ijŝʼnŖŏīŐʼnŚŗōŖĭŔōŋŜŚŗŖőŋśīŗŴŲĴŜŌŴ aihbųĸŚōśōŖŜ īŐʼnőŚŕʼnŖʼnŖŌĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚ  ijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖš ĴőŕőŜōŌ aihhųĸŚōśōŖŜ ijīĭıŖŜōŚŖʼnŜőŗŖʼnŔīŗŕŘʼnŖšĴőŕőŜōŌ aii`ųĸŚōśōŖŜ ijīĭĩŕōŚőŋʼnıŖŋŴ aiiaųĸŚōśōŖŜ ijīĭĻőŖŏʼnŘŗŚōĸļĭĴļĬŴ aiieųĸŚōśōŖŜ ļŐʼnőĴʼnŕőŖʼnŜōĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŕŘʼnŖšĴőŕőŜōŌ b```ųĸŚōśōŖŜ ijīĭļōŋŐŖŗŔŗŏšīŗŕŘʼnŖšĴőŕőŜōŌ b``fųĸŚōśōŖŜ īŐōŕŜŚŗŖőŋļōŋŐŖŗŔŗŏšŮļŐʼnőŔʼnŖŌů īŗŕŘʼnŖšĴőŕőŜōŌ b``gųĸŚōśōŖŜ ijīĭŮļŐʼnőŔʼnŖŌůīŗŕŘʼnŖšĴőŕőŜōŌ b``hųĸŚōśōŖŜ īŐōŕŜŚŗŖőŋīŐōŕőŋʼnŔīŗŕŘʼnŖšĴőŕőŜōŌ b`abųĸŚōśōŖŜ ijīĭŮļʼnőşʼnŖůīŗŕŘʼnŖšĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b``d ĬőŚōŋŜŗŚĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů

02

Lt. Gen. Suprija Mokkhavesa, MD

Age 75 Years No. of Shares 2,361,400 Shares ĬőŚōŋŜŗŚŵīŐʼnőŚŕʼnŖŗŎŜŐōĺōŕŝŖōŚʼnŜőŗŖīŗŕŕőŜŜōōŵ ĩŝŌőŜīŗŕŕőŜŜōōŵıŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚ Education äĩĪŲİʼnŚŞʼnŚŌīŗŔŔōŏō äĵŴĬŴŲīŴĵŴĵŋįőŔŔĽŖőŞōŚśőŜš äĮŴĺŴīŴĻŮīůĺŗšʼnŔīŗŔŔōŏōŗŎĻŝŚŏōŗŖśŗŎīʼnŖʼnŌʼn Experiences aigbųaigd ĻŜʼnŎŎŲķŚŜŐŗŘʼnōŌőŋĬōŘʼnŚŜŕōŖŜĻőŚőŚʼnŒŲ İŗśŘőŜʼnŔ aigdųaihc ĻŜʼnŎŎŲķŚŜŐŗŘʼnōŌőŋĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗİŗśŘőŜʼnŔ aihcųaihi īŐőōŎŲķŚŜŐŗŘʼnōŌőŋśĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗİŗśŘőŜʼnŔ aihcųĸŚōśōŖŜ ĬőŚōŋŜŗŚŵīŐʼnőŚŕʼnŖŗŎŜŐō Remuneration Committee / Audit īŗŕŕőŜŜōōŵıŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚ  ijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖš ĴőŕőŜōŌ aihdųaii` ĭŠʼnŕőŖōŚőŖķŚŜŐŗŘʼnōŌőŋśŲĵōŌőŋʼnŔ īŗŝŖŋőŔŗŎļŐʼnőŔʼnŖŌ aihgųĸŚōśōŖŜ ĩŌŞőśŗŚŲĵʼnŐʼnŞʼnŋŐőŚʼnŔŗŖŏœŗŚŖ ĮŗŝŖŌʼnŜőŗŖ aihiųaii` ĩśśőśŜʼnŖŜĬőŚōŋŜŗŚŲķŚŜŐŗŘʼnōŌőŋ ĬōŘʼnŚŜŕōŖŜŲĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗİŗśŘőŜʼnŔ aii`ųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲĭŌŝŋʼnŜőŗŖŬĿōŔŎʼnŚō ĮŗŝŖŌʼnŜőŗŖ aii`ųaiia ĩśśŗŋőʼnŜōĬōʼnŖŲĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ īŗŔŔōŏōŗŎĵōŌőŋőŖō  ĸŚōśőŌōŖŜŲĩśōʼnŖķŚŜŐŗŘʼnōŌőŋ Association  ĸŚōśőŌōŖŜŲĺŐōŝŕʼnŜőśŕĩśśŗŋőʼnŜőŗŖ ŗŎļŐʼnőŔʼnŖŌ  ĸŚōśőŌōŖŜŲĺŗšʼnŔīŗŔŔōŏōŗŎĻŝŚŏōŗŖś ŗŎīʼnŖʼnŌʼn aiiaųaiib ĺōŘŚōśōŖŜʼnŜőŞōŗŎķŚŜŐŗŘʼnōŌőŋ ĻŝŚŏōŗŖśŲĺŗšʼnŔīŗŔŔōŏōŗŎĻŝŚŏōŗŖś ŗŎļŐʼnőŔʼnŖŌ

149

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aiiaųaiib īŐʼnőŚŕʼnŖŲķŚŜŐŗŘʼnōŌőŋśĪŗʼnŚŌŗŎ ĭŠʼnŕőŖōŚśŲĵōŌŌőŋʼnŔīŗŝŖŋőŔŗŎ ļŐʼnőŔʼnŖŌ aiiaųaiic ĬőŚōŋŜŗŚŗŎĭŌŝŋʼnŜőŗŖŲĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ īŗŔŔōŏōŗŎĵōŌőŋőŖō aiicųaiid ĩśśőśŜʼnŖŜĻŝŚŏōŗŖįōŖōŚʼnŔŲĵōŌőŋʼnŔ ĬōŘʼnŚŜŕōŖŜŲĺŗšʼnŔļŐʼnőĩŚŕš aiidųaiie ĬōŘŝŜšĻŝŚŏōŗŖįōŖōŚʼnŔŲĵōŌőŋʼnŔ ĬōŘʼnŚŜŕōŖŜŲĺŗšʼnŔļŐʼnőĩŚŕš aiieųaiig ĬőŚōŋŜŗŚįōŖōŚʼnŔŲĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗ Medical Center aiieųaiig ĬőŚōŋŜŗŚŲĶʼnŜőŗŖʼnŔĺōśōʼnŚŋŐīŗŝŖŋőŔ aiigųaiih ĬőŚōŋŜŗŚŲĵōŌőŋʼnŔīŗŝŖŋőŔŗŎļŐʼnőŔʼnŖŌ aiigųaiih ĻŝŚŏōŗŖįōŖōŚʼnŔŲĵōŌőŋʼnŔĬōŘʼnŚŜŕōŖŜŲ  ĺŗšʼnŔļŐʼnőĩŚŕš aiigųb``a īŐʼnőŚŕʼnŖŲĮŗŝŖŌʼnŜőŗŖŎŗŚ ĸŐŚʼnŕŗŖŏŐŝŜœŔʼnŗĵōŌőŋʼnŔīŗŔŔōŏō aiihųb``a īŐʼnőŚŕʼnŖŲĩŚŜŐŚőŜőśĮŗŝŖŌʼnŜőŗŖ aiih ĮōŔŔŗşśŐőŘĭŠʼnŕőŖōŚŲĺŗšʼnŔīŗŔŔōŏō ŗŎķŚŜŐŗŘʼnōŌőŋĻŝŚŏōŗŖŗŎļŐʼnőŔʼnŖŌ b```ųĸŚōśōŖŜ īŐʼnőŚŕʼnŖŗŎĻŝŊŋŗŕŕőŜŜōōŎŗŚ ĩŋŋŚōŌőŜʼnŜőŗŖŗŎķŚŜŐŗŘʼnōŌőŋļŚʼnőŖőŖŏ Centers b```ųb``a īŐʼnőŚŕʼnŖŲĭŠōŋŝŜőŞōīŗŕŕőŜŜōōŗŎ ĵōŌőŋʼnŔĻŜʼnŎŎķŚŏʼnŖőŢʼnŜőŗŖŲ ķŚŜŐŗŘʼnōŌőŋĬōŘʼnŚŜŕōŖŜŲ ĸŐŚʼnŕŗŖŏœŝŜœŔʼnŗİŗśŘőŜʼnŔ 2001 - 2003 ĶʼnŜőŗŖʼnŔĬōŔōŏʼnŜōŎŗŚļŐʼnőŔʼnŖŌŲĻŴıŴīŴķŴļŴ b``b ĬőŚōŋŜŗŚŲļŐʼnőķŚŜŐŗŘʼnōŌőŋĮŗŝŖŌʼnŜőŗŖ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů b``d ĮőŖʼnŖŋōŎŗŚĶŗŖĮőŖʼnŖŋōĬőŚōŋŜŗŚ Other Programs / Seminars aiih ĩŝŌőŜīŗŕŕőŜŜōōśıŖļŐʼnőŔʼnŖŌĢĿŐʼnŜĿŗŚœś  ĪōśŜŲĪšĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌ aiii ıŖŜōŚŖʼnŔĩŝŌőŜŗŚśĿŗŚœĭŎŎōŋŜőŞōŔšĿőŜŐĩŝŌőŜ  īŗŕŕőŜŜōōĪšĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌ Royal Decorations äijőŖŜįŚʼnŖŌīŚŗśśŮĮőŚśŜīŔʼnśśůŗŎŜŐōŕŗśŜĭŠʼnŔŜōŌ ķŚŌōŚŗŎĿŐőŜōĭŔōŘŐʼnŖŜ äijőŖŜįŚʼnŖŌīŗŚŌŗŖŮĻŘōŋőʼnŔīŔʼnśśůŗŎŜŐōŕŗśŜ ĶŗŊŔōķŚŌōŚŗŎīŚŗşŖŗŎļŐʼnőŔʼnŖŌ

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03

Mr. Panja Senadisa

Age 65 Years No. of Shares 21,443,400 Shares Director Education äĵʼnśŜōŚŭśĬōŏŚōōőŖĪŝśőŖōśśĩŌŕőŖőśŜŚʼnŜőŗŖŲ  ĻŝŎŎŗŔœĽŖőŞōŚśőŜšŲĵʼnśśʼnŋŐŝśōŜŜśŲĽŴĻŴĩŴ äĸʼnŚŜőŋőŘʼnŖŜśŜŐōŌŗŋŜŗŚʼnŔŘŚŗŏŚʼnŕŮıŖŌŝśŜŚőʼnŔ ĪŝśőŖōśśĩŌŕőŖőśŜŚʼnŜőŗŖůĩŌŕőŖőśŜŚʼnŜőŗŖʼnŖŌ ĵʼnŖʼnŏōŕōŖŜīŗŔŔōŏōŲ  ijőŖŏĵŗŖŏœŝŜÝśıŖśŜőŜŝŜōŗŎļōŋŐŖŗŔŗŏšĴʼnŌœŚʼnŊʼnŖŏ Experiences aigbųaigd ĩŌŕőŖőśŜŚʼnŜőŞōķŎŎőŋōŚŲĵőŖőśŜŚšŗŎ Commerce aigbųaigd ĻōŖőŗŚĻʼnŔōśŲĸŔʼnŖŖőŖŏĩŖʼnŔšśŜŲ  ĮŗŚŌĵŗŜŗŚŮļŐʼnőŔʼnŖŌůīŗŴŲĴŜŌŴ aigdųaigf ļōʼnśŝŚšĵʼnŖʼnŏōŚŲ  īŗŕŕōŚŋőʼnŔīŚōŌőŜīŗŚŘŴŮļŐʼnőŔʼnŖŌů aigfųaiia ľőŋōĸŚōśőŌōŖŜŲĪʼnŖŏœŗœĪʼnŖœĸīĴŴ aihcųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭĭŔōŋŜŚŗŖőŋśĸīĴŴ aiiaųaiid ĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŲİŬĹŮļŐʼnőŔʼnŖŌůĴŜŌŴ 1993 - 2007 Director & Remuneration Committee  ĻĵīĵŗŜŗŚĸīĴ aiidųaiig ĸŚōśőŌōŖŜŲĺʼnőŕŗŖīŗŴŲĴŜŌŴ aiieųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲļŐʼnőĴʼnŕőŖʼnŜōĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŕŘʼnŖšĴőŕőŜōŌ aiiiųb``f ĬőŚōŋŜŗŚŲĩŌŞőśŗŚŬĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲīľĬĭŖŜōŚŜʼnőŖŕōŖŜĸīĴŴ b```ųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲīŐʼnőŚŕʼnŖŗŎĩŝŌőŜīŗŕŕőŜŜōō ŬĺōŕŝŖōŚʼnŜőŗŖīŗŕŕőŜŜōōŲ  ĻŗŕŊŗŗŖĩŌŞʼnŖŋōļōŋŐŖŗŔŗŏšĸīĴŴ


b``bųĸŚōśōŖŜ ĬőŚōŋŜŗŚŬĩŝŌőŜīŗŕŕőŜŜōōŬ īŐʼnőŚŕʼnŖŗŎŜŐōĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲļŚőŖőŜšĿʼnŜŜŐʼnŖʼnĸīĴŴ b``cųb``h ĩŌŞőśŗŚŲļōŋŐŖőŋŗŔŗŚŮļŐʼnőŔʼnŖŌůīŗŴŲĴŜŌŴ b``cųĸŚōśōŖŜ ĬőŚōŋŜŗŚŬĩŝŌőŜīŗŕŕőŜŜōōŲ  ĺʼnśʼnĸŚŗŘōŚŜšĬōŞōŔŗŘŕōŖŜĸīĴŴ b``dųb`aa īŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŲ  ĬōŞʼnĸŚŗŘōŚŜšĸīĴŴ b``eųĸŚōśōŖŜ ĬőŚōŋŜŗŚŬīŐʼnőŚŕʼnŖŗŎŜŐōĩŝŌőŜ īŗŕŕőŜŜōōŴ  ĸšŔŗŖĸīĴŴ b``fųb``i ĬőŚōŋŜŗŚŲĭŠōŋŝŜőŞōĬőŚōŋŜŗŚŬ Remuneration Committee  įŗŞōŚŖŕōŖŜĻʼnŞőŖŏĪʼnŖœŴ Completed Program from Thai Institute of Directors (IOD) b``b ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸů b``d ĩŝŌőŜīŗŕŕőŜŜōōĸŚŗŏŚʼnŕŮĩīĸů b``g ĺŗŔōŗŎŜŐōīŗŕŘōŖśʼnŜőŗŖīŗŕŕőŜŜōō Other Programs / Seminars b``i ĴōʼnŌōŚĸŚŗŏŚʼnŕũhŲ Capital Market Academy  ĸŝŊŔőŋĬőŚōŋŜŗŚīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕũb  ĸŝŊŔőŋĬőŚōŋŜŗŚıŖśŜőŜŝŜōŮĸĬıů  ļŗŘĭŠōŋŝŜőŞōĸŚŗŏŚʼnŕőŖīŗŕŕōŚŋōʼnŖŌ  ļŚʼnŌōŮļĭĸīŗļůũd

04

Chantima Ongkosit, MD

Age 67 Years No. of Shares 4,532,200 Shares Director Education äĵŴĬŴŮaśŜīŔʼnśśİŗŖŗŚśů īŐőʼnŖŏŕʼnőĽŖőŞōŚśőŜš äĬőŘŔŗŕʼnŜōŲĩŕōŚőŋʼnŖĪŗʼnŚŌŗŎĸśšŋŐőʼnŜŚšʼnŖŌ ĶōŝŚŗŔŗŏš äĺōśőŌōŖŋšļŚʼnőŖőŖŏőŖĸśšŋŐőʼnŜŚšʼnŖŌĶōŝŚŗŔŗŏšŲ ĬōŘʼnŚŜŕōŖŜŗŎĸśšŋŐőʼnŜŚšŲĽŖőŞōŚśőŜšŗŎŔŔŔőŖŗőśŲ īŐőŋʼnŏŗŲŔŔŔőŖŗőśŲĽŴĻŴĩŴ Experiences aigfųaigh ĩśśőśŜʼnŖŜĸŚŗŎōśśŗŚŗŎĸśšŋŐőʼnŜŚšŲ  ĽŖőŞōŚśőŜšŗŎŔŔŔőŖŗőśŲīŐőŋʼnŏŗŲ ŔŔŔőŖŗőśŲĽŴĻŴĩŴ aigfųaigh ĩśśŗŋőʼnŜōĬőŚōŋŜŗŚŗŎĩŎŎōŋŜőŞō ĬőśŗŚŌōŚśīŔőŖőŋŲĽŖőŞōŚśőŜšŗŎ ŔŔŔőŖŗőśŲīŐőŋʼnŏŗŲŔŔŔőŖŗőśŲĽŴĻŴĩŴ aigfųaiih īŐőōŎŗŎıŖųŘʼnŜőōŖŜʼnŖŌĺōśōʼnŚŋŐĽŖőŜŲ  ĿōśŜśőŌōľōŜōŚʼnŖĩŌŕőŖőśŜŚʼnŜőŗŖ İŗśŘőŜʼnŔīŐőŋʼnŏŗŲıŔŔőŖŗőśŲĽŴĻŴĩŴ aighųaih` ĴōŋŜŝŚōŚŗŎĸśšŋŐőʼnŜŚšŲĮʼnŋŝŔŜšŗŎ ĵōŌőŋőŖōʼnŜĺʼnŕʼnŜŐőŊŗŌő  İŗśŘőŜʼnŔŲĵʼnŐőŌŗŔĽŖőŞōŚśőŜš aih`ųaihd ĩśśőśŜʼnŖŜĸŚŗŎōśśŗŚŗŎĸśšŋŐőʼnŜŚšŲ  ĮʼnŋŝŔŜšŗŎĵōŌőŋőŖōʼnŜĺʼnŕʼnŜŐőŊŗŌő İŗśŘőŜʼnŔŲĵʼnŐőŌŗŔĽŖőŞōŚśőŜš aihcųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋ īŗŕŘʼnŖšĴőŕőŜōŌ aiheųĸŚōśōŖŜ ĻŘōŋőʼnŔĴōŋŜŝŚōŚŗŎĸśšŋŐőʼnŜŚšŲĮʼnŋŝŔŜš ŗŎĵōŌőŋőŖōʼnŜĺʼnŕʼnŜŐőŊŗŌőİŗśŘőŜʼnŔ  ĵʼnŐőŌŗŔĽŖőŞōŚśőŜšʼnŖŌĻŗŕŌōŜ īŐʼnŗŘŚʼnšʼnıŖśŜőŜŝŜōŗŎĸśšŋŐőʼnŜŚš

151

KCE Annual Report 2012


aiihųb``g ĬőŚōŋŜŗŚŲijīĭŴıŖŜōŚŖʼnŜőŗŖʼnŔīŗŴŲĴŜŌ aiigųb``d ĬőŚōŋŜŗŚŲļŐʼnőĴʼnŕőŖʼnŜōŕʼnŖŝŎʼnŋŜŝŚōŚ īŗŴŲĴŜŌ b```ųb``g ĬőŚōŋŜŗŚŲijīĭļōŋŐŖŗŔŗŏšīŗŴŲĴŜŌ b``cųĸŚōśōŖŜ īŐʼnőŚŕʼnŖŗŎĸĩīŮĻőʼnŕůīŗŴŲĴŜŌ  īŐʼnőŚŕʼnŖŗŎĵʼnŖʼnŚŗŕİŗśŘőŜʼnŔ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů b``d ĮőŖʼnŖŋōŎŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚ b``h ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸů

05

Mrs. Ubol Chiramongkol

Age 62 Years No. of Shares 3,940,600 Shares ĬőŚōŋŜŗŚŵĩŝŌőŜīŗŕŕőŜŜōōŵıŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚ Education ĵĪĩŲijʼnśōŜśʼnŚŜĽŖőŞōŚśőŜš Experiences aigdųaiid ĩőŚŎŚʼnŖŋōĩőŚŔőŖō aiidųaiif ĬőŚōŋŜŗŚŬĭŠōŋŝŜőŞōľőŋōĸŚōśőŌōŖŜŲ  įōŖōŚʼnŔĵōŌőʼnļōŋŐīŗŴŲĴŜŌ  ĬőŚōŋŜŗŚŲīőŖōīŗŔŗŚĴʼnŊīŗŴŲĴŜŌ aiieųaiif ĬőŚōŋŜŗŚŲļŐʼnőĵʼnŏŖōŜőŋśĸīĴ aiieųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋ īŗŕŘʼnŖšĴőŕőŜōŌ aiihųĸŚōśōŖŜ ĩŝŌőŜīŗŕŕőŜŜōŲijīĭĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů  ļŐʼnőıŖśŜőŜŝŜōŗŎĬőŚōŋŜŗŚĩśśŗŋőʼnŜőŗŖŮıķĬů b``d ĮőŖʼnŖŋōŎŗŚĶŗŖĮőŖʼnŖŋōĬőŚōŋŜŗŚ  ļŐʼnőıŖśŜőŜŝŜōŗŎĬőŚōŋŜŗŚĩśśŗŋőʼnŜőŗŖŮıķĬů Other Programs / Seminars aiih ĩŝŌőŜīŗŕŕőŜŜōōśıŖļŐʼnőŔʼnŖŌĢĿŐʼnŜĿŗŚœś  ĪōśŜŲĪšĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌ aiii ıŖŜōŚŖʼnŔĩŝŌőŜŗŚśĿŗŚœĭŎŎōŋŜőŞōŔšĿőŜŐĩŝŌőŜ  īŗŕŕőŜŜōōŲŮŊšŜŐōőŖśŜőŜŝŜōŗŎıŖŜōŚŖʼnŔĩŝŌőŜŗŚ  ŗŎļŐʼnőŔʼnŖŌůŲĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌ

KCE Annual Report 2012

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06

Mr. Paitoon Taveebhol

Age 62 Years No. of Shares None ĬőŚōŋŜŗŚŵĩŝŌőŜīŗŕŕőŜŜōōŵıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ Education äĪŴĩŴŮĩŋŋŗŝŖŜőŖŏů  ĺʼnŕœŐʼnŕŐʼnōŖŏĽŖőŞōŚśőŜš äĵĪĩŲijʼnśōŜśʼnŚŜĽŖőŞōŚśőŜš äīōŚŜőŎőŋʼnŜōőŖĩŝŌőŜőŖŏ ļŐʼnŕŕʼnśʼnŜĽŖőŞōŚśőŜš Experiences aiiaųb``c ľőŋōĸŚōśőŌōŖŜŲīŗŝŖŋőŔĵōŕŊōŚ  ļŐōıŖśŜőŜŝŜōŗŎīōŚŜőŎőōŌĩŋŋŗŝŖŜʼnŖŜś ʼnŖŌĩŝŌőŜŗŚśŗŎļŐʼnőŔʼnŖŌ aiiaųb``e ĸŚōśőŌōŖŜŲĻōŋŚōŜʼnŚšįōŖōŚʼnŔ  ļŐōĩĻĭĩĶĮōŌōŚʼnŜőŗŖŗŎĩŋŋŗŝŖŜʼnŖŜś aiihųb``` ľőŋōĸŚōśőŌōŖŜŲīŗŝŖŋőŔĵōŕŊōŚ  ļŐōıŖśŜőŜŝŜōŗŎıŖŜōŚŖʼnŔĩŝŌőŜŗŚśŗŎ ļŐʼnőŔʼnŖŌ b``cųb``e ĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŲĪļĪŝśőŖōśś īŗŖśŝŔŜőŖŏīŗŴŲĴŜŌŴ b``dųĸŚōśōŖŜ ĪŗʼnŚŌĵōŕŊōŚŲĵʼnŜōŚĬōőıŖśŜőŜŝŜō b``hųb`aa ľőŋōīŐʼnőŚŕʼnŖŲĵʼnŜōŚĬōőıŖśŜőŜŝŜō ĮŗŝŖŌʼnŜőŗŖ  ĸŚōśőŌōŖŜŲĵʼnŜōŚĬōőıŖśŜőŜŝŜōĸʼnŚōŖŜ ʼnŖŌļōʼnŋŐōŚĩśśŗŋőʼnŜőŗŖ b``hųĸŚōśōŖŜ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚŲīŐʼnőŚŕʼnŖŗŎ ŜŐōĶŗŕőŖʼnŜőŗŖʼnŖŌĺōŕŝŖōŚʼnŜőŗŖ īŗŕŕőŜŜōōŲĩŝŌőŜʼnŖŌīįīŗŕŕőŜŜōō ĵōŕŊōŚŲĻŗŕŊŗŗŖĩŌŞʼnŖŋō  ļōŋŐŖŗŔŗŏšĸŔŋŴ b``iųb`aa ĩŝŌőŜŲĮŗŔŔŗşőŖŏʼnŖŌĭŞʼnŔŝʼnŜőŗŖ īŗŕŕőŜŜōōŲĿʼnŔʼnőŔʼnœĽŖőŞōŚśőŜš  ĬőŚōŋŜŗŚŲĭŠōŋŝŜőŞōĬőŚōŋŜŗŚŲ  ĻįľųĶʼnļŐʼnŔʼnŖŏīŗŴŲĴŜŌŴ  ĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŲĩŚŜŐŝŚĩŖŌōŚśŗŖ ĪŝśőŖōśśĩŌŞőśŗŚšĴŜŌŴ

b`aaųĸŚōśōŖŜ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚŲīŐʼnőŚŕʼnŖŗŎ Audit Committee  ĵōŕŊōŚŗŎīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋō Committee  ĪőŏīĻŝŘōŚīōŖŜōŚĸŔŋŴ  ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚŲ ĩŝŌőŜīŗŕŕőŜŜōōĵōŕŊōŚĭʼnśšĪŝš ĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b`ab ĵŗŖőŜŗŚőŖŏŜŐōıŖŜōŚŖʼnŔĩŝŌőŜĮŝŖŋŜőŗŖŮĵıĩů  ĵŗŖőŜŗŚőŖŏŜŐōĻšśŜōŕŗŎıŖŜōŚŖʼnŔīŗŖŜŚŗŔ  ʼnŖŌĺőśœĵʼnŖʼnŏōŕōŖŜŮĵıĺů  ĵŗŖőŜŗŚőŖŏŜŐōĹŝʼnŔőŜšŗŎĮőŖʼnŖŋőʼnŔ  ĺōŘŗŚŜőŖŏŮĵĮĺů  ĺŗŔōŗŎŜŐōīŗŕŘōŖśʼnŜőŗŖīŗŕŕőŜŜōōŮĺīīů b``h ĵŗŖőŜŗŚőŖŏĮŚʼnŝŌĺőśœĵʼnŖʼnŏōŕōŖŜŮĵĮĵů  īŐʼnŚŜōŚōŌĬőŚōŋŜŗŚīŔʼnśśŮĺųīĬīů b``e ĩŝŌőŜīŗŕŕőŜŜōōĸŚŗŏŚʼnŕŮĩīĸů  ĺŗŔōŗŎīŐʼnőŚŕʼnŖĸŚŗŏŚʼnŕŮĺīĸů b``c ĬőŚōŋŜŗŚīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸů  ĬőŚōŋŜŗŚĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů Other Programs / Seminars b`aa ĮőŖʼnŖŋőʼnŔĺōŘŗŚŜőŖŏĻŜʼnŖŌʼnŚŌŎŗŚĶŗŖųĸŝŊŔőŋš  ĩŋŋŗŝŖŜʼnŊŔōĭŖŜőŜőōś  īŗŚŚŝŘŜőŗŖĸŚōŞōŖŜőŗŖʼnŖŌŚōŘŗŚŜőŖŏŝŖŌōŚ  ĶĩīīŭśĴʼnş  ĩŝŌőŜīŗŕŕőŜŜōōĮŗŚŝŕ 11thĩśőʼnŖĮŗŚŝŕŗŖīŗŚŘŗŚʼnŜōĻŗŋőʼnŔ  ĺōśŘŗŖśőŊőŔőŜšŮĩĮīĻĺů  ĩŖŜőųīŗŚŚŝŘŜőŗŖĬʼnšĢĸŗşōŚŗŎīŐʼnŖŏōŜŗ  ļŐʼnőŔʼnŖŌ

153

KCE Annual Report 2012


07

08

Mrs. Voraluksana Ongkosit

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

Mrs. Siriphan Suntanaphan

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

ĬőŚōŋŜŗŚŵĭŠōŋŝŜőŞōĬőŚōŋŜŗŚ

Director

Education äĸıļĵĩĶĬıĸŴĪĽĻıĶĭĻĻŬĻĭīĺĭļĩĺıĩĴ  ĻļŴIJĩĵĭĻīķĴĴĭįĭŲĭĶįĴĩĶĬ

Education äĪŴĩŴŲīŐŝŔʼnŔŗŖŏœŗŚŖĽŖőŞōŚśőŜš

Experiences aigbųaigc ĮōŌōŚʼnŔĭŔōŋŜŚőŋīŗŚŘŗŚʼnŜőŗŖ aigdųaigi įŚʼnŖŜĩŌŞōŚŜőśőŖŏ aigiųaihh ijōŖšŗŖŬĭŋœŐʼnŚŌŜŮļŐʼnőŔʼnŖŌůĴļĬŴ aihhųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭıŖŜōŚŖʼnŜőŗŖʼnŔ īŗŕŘʼnŖšĴőŕőŜōŌ aihiųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋ īŗŕŘʼnŖšĴőŕőŜōŌ aiieųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲļŐʼnőĴʼnŕőŖʼnŜōĵʼnŖŝŎʼnŋŜŝŚōŚ īŗŕŘʼnŖšĴőŕőŜōŌ b```ųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭļōŋŐŖŗŔŗŏšīŗŕŘʼnŖš ĴőŕőŜōŌ b``gųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭŮļŐʼnőŔʼnŖŌůīŗŕŘʼnŖš ĴőŕőŜōŌ Completed Program from Thai Institute of Directors (IOD) b``c ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů b``d ĮőŖʼnŖŋōŎŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚ b``e ļŐʼnőĬőŚōŋŜŗŚśīŗŕŘōŖśʼnŜőŗŖĻŝŚŞōšb``dŲ b``h ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸů b`aa ĮőŖʼnŖŋőʼnŔıŖśŜŚŝŕōŖŜŎŗŚĬőŚōŋŜŗŚ

KCE Annual Report 2012

154

Experiences aihfųaiib ĬōŘŝŜšŗŎĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŲ  ĻļijīŗŕŘŝŜōŚīŗŴŲĴŜŌ aiibųb``h įōŖōŚʼnŔĵʼnŖʼnŏōŚŲijīĭĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ aiibųĸŚōśōŖŜ ĬőŚōŋŜŗŚŲijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋ īŗŕŘʼnŖšĴőŕőŜōŌ aiieųĸŚōśōŖŜ ĬőŚōŋŜŗŚ  ļŐʼnőĴʼnŕőŖʼnŜōĵʼnŖŝŎʼnŋŜŝŚōŚīŗŴŲĴŜŌŴ Completed Program from Thai Institute of Directors (IOD) b``d ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸů  ĮőŖʼnŖŋōŎŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚ b``h ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸů


Management Staff Mr. Bancha Ongkosit

Chairman / Managing Director aihbųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mr. Pitharn Ongkosit

Deputy Managing Director b``iųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mrs. Voraluksana Ongkosit

ĬőŚōŋŜŗŚŵĭŠōŋŝŜőŞōŭśķŎŎőŋōĬőŚōŋŜŗŚ aihiųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mrs. Tanyarat Tessalee

Accounting Director b``dųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mrs. Saovalak Waramitsakul

ĵʼnŖŝŎʼnŋŜŝŚőŖŏĻŝŘŘŗŚŜĬőŚōŋŜŗŚ aihcųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mr. Noppadol Tabtieang

ĵʼnŖŝŎʼnŋŜŝŚőŖŏķŘōŚʼnŜőŗŖĬőŚōŋŜŗŚ aihdųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mr. Fredrick Gharapet Ohanian

ķŝʼnŔőŜšĬőōŚŋŜŗŚ b``hųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

Mr. Tantikorn Changkanark

İŝŕʼnŖĺōśŗŝŚŋōʼnŖŌĩŌŕőŖőśŜŚʼnŜőŗŖĬőŚōŋŜŗŚ b``iųĸŚōśōŖŜĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ

155

KCE Annual Report 2012


Remuneration Remuneration  ļŐōŘʼnšŕōŖŜŎŗŚŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŋŗŖśőśŜśŗŎŜŐōʼnŖŖŝʼnŔŚōŕŝŖōŚʼnŜőŗŖʼnŖŌŜŐōŕōōŜőŖŏʼnŔŔŗşʼnŖŋōś ʼnśʼnŘŘŚŗŞōŌŊšŜŐōśŐʼnŚōŐŗŔŌōŚśʼnŜŜŐōĩįĵĶŗŴbhŵb`aaŗŖĩŘŚőŔbhthŲb`aaʼnŖŌŜŐōĩįĵĶŗŴbiŵb`abŗŖĩŘŚőŔ 27thŲb`abŚōśŘōŋŜőŞōŔšŴ Directors Remuneration No. Name 1 ĵŚŴĪʼnŖŋŐʼnķŖŏœŗśőŜ 2 3 4 5 6 7 8 9

ĵŚŴĸʼnŖŒʼnĻōŖʼnŌőśʼnő ĬŚŴīŐʼnŖŜőŕʼnķŖŏœŗśőŜ ĵŚśŴľŗŚʼnŔŝœśʼnŖʼnķŖŏœŗśőŜ ĴŜŴįōŖŴĬŚŴĻŝŘŚőŒʼnĵŗœœŐʼnŞōśʼn ĬŚŴļŐŗŖŏŌōōĻŐʼnőŘʼnŖőŋŐ ĵŚŴĸʼnőŜŗŗŖļʼnŞōōŊŐŗŔ ĵŚśŴĽŊŗŔīŐőŚʼnŕŗŖŏœŗŔ ĵŚśŴĻőŚőŘŐʼnŖĻŝŖŜʼnŖʼnŘŐʼnŖ Total

Meeting Fee

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

No. of Meeting 2012 13/13

2011 12/12

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

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

Audit Committee No. 1 2 3 4 5

Name ĬŚŴļŐŗŖŏŌōōĻŐʼnőŘʼnŖőŋŐ ĴŜŴįōŖŴĬŚŴĻŝŘŚőŒʼnĵŗœœŐʼnŞōśʼn ĴŜŴįōŖŴĬŚŴĻŝŘŚőŒʼnĵŗœœŐʼnŞōśʼn ĵŚśŴĽŊŗŔChiramongkol ĵŚŴĸʼnőŜŗŗŖļʼnŞōōŊŐŗŔ Total

Title īŐʼnőŚŕʼnŖŗŎĩŝŌőŜīŗŕŕőŜŜōō īŐʼnőŚŕʼnŖŗŎĩŝŌőŜīŗŕŕőŜŜōō Audit Committee Audit Committee Audit Committee

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

Management  ļŐōśŋʼnŔōʼnŖŌŋŗŕŘŗŖōŖŜśŗŎŚōŕŝŖōŚʼnŜőŗŖŎŗŔŔŗşŜŐōŋŗŕŘʼnŖšÝśŘŚőŖŋőŘŔōśʼnŖŌŘŗŔőŋšŲŋŗŚŚōŔʼnŜőŖŏŜŗŜŐō ŋŗŕŘʼnŖšÝśŗŘōŚʼnŜőŖŏŚōśŝŔŜśʼnŖŌōʼnŋŐőŖŌőŞőŌŝʼnŔÝśŋŗŖŜŚőŊŝŜőŗŖŴ

Item ĻʼnŔʼnŚš ĪŗŖŝśŵĸŚŗŞőŌōŖŜĮŝŖŌ

KCE Annual Report 2012

156

No. 9 9

2012 Amount (Baht) b`Ųch`Ųfge cŲafiŲbdb

No. 9 9

2011 Amount (Baht) bcŲafaŲhf` cŲgbaŲdic


Corporate Governance Report 2012 KCE Electronics Public Company Limited  ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŗŎijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšŎőŚŕŔšŊōŔőōŞōśőŖŜŐōőŕŘŗŚŜʼnŖŋōŗŎŏŗŗŌŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋōʼnŖŌőśŋŗŕŕőŜŜōŌőŖŌőŚōŋŜőŖŏőŜśŊŝśőŖōśśōśşőŜŐőŖŜŐōŎŚʼnŕōşŗŚœŗŎŏŗŗŌŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŴ ijīĭʼnŌŐōŚōśŜŗŜŐōĸŚőŖŋőŘŔōśŗŎįŗŗŌīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōŲŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌÝśŏŝőŌōŔőŖōśʼnŖŌ őŖŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōŔʼnşŴīŗŕŘŔőʼnŖŋōŜŗīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōőśŋŚőŜőŋʼnŔőŖʼnśśőśŜőŖŏijīĭŜŗŏʼnőŖŜŐōŜŚŝśŜ ʼnŖŌŜŐōŋŗŖŎőŌōŖŋōŎŚŗŕʼnŔŔśŜʼnœōŐŗŔŌōŚśʼnŖŌŜŗʼnŋŐőōŞōʼnŔŗŖŏųŜōŚŕśŗŝŖŌŲśōŋŝŚōŲʼnŖŌśŝśŜʼnőŖʼnŊŔōŋŗŚŘŗŚʼnŜō śŝŋŋōśśʼnŖŌōŋŗŖŗŕőŋŏŚŗşŜŐŴĻőŖŋōŜŐōšōʼnŚb``iŲŜŐōŋŗŕŘʼnŖšÝśīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōŘŗŔőŋőōśʼnŖŌŘŚʼnŋŜőŋōśŲ őŖŋŔŝŌőŖŏŜŐōŋŗŌōŗŎŋŗŖŌŝŋŜśşōŚōŋŗŕŘőŔōŌőŖŜŗijīĭīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōİʼnŖŌŊŗŗœşŐőŋŐşʼnśŚōŞőōşōŌ ʼnŖŌŚōŞőśōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚőŖšōʼnŚb`aaŴļŐōŝŘŌʼnŜōŐōŔŘśŏŗŞōŚŖijīĭŊŝśőŖōśśŘŚʼnŋŜőŋōŜŗʼnŌŐōŚōŜŗŜŐō śŜŚŝŋŜŝŚōʼnŖŌŜŐōŘŚőŖŋőŘŔōśŚōŋŗŕŕōŖŌōŌŊšŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌʼnśşōŔŔʼnśŜŐŗśōŗŎŜŐōķŚŏʼnŖőŢʼnŜőŗŖ ŎŗŚĭŋŗŖŗŕőŋīŗŗŘōŚʼnŜőŗŖʼnŖŌĬōŞōŔŗŘŕōŖŜŮķĭīĬůŜŗŋŗŖŎŗŚŕŜŗŜŐōőŖŜōŚŖʼnŜőŗŖʼnŔśŜʼnŖŌʼnŚŌŴ  ijīĭŎŗśŜōŚśʼnşʼnŚōŖōśśʼnŖŌŘʼnŚŜőŋőŘʼnŜőŗŖŗŎŏŗŗŌīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōŘŗŔőŋšŜŐŚŗŝŏŐŗŝŜŜŐōŗŚŏʼnŖőŢʼnŜőŗŖŴ ļŐōīįŘŗŔőŋšőśŌőśŋŔŗśōŌŜŐŚŗŝŏŐŌőŎŎōŚōŖŜŋŗŕŕŝŖőŋʼnŜőŗŖŋŐʼnŖŖōŔśőŖŋŔŝŌőŖŏŜŐōŋŗŕŘʼnŖšÝśşōŊśőŜōŜŗŘŚŗŕŗŜō ŜŐőśśšśŜōŕʼnŕŗŖŏijīĭŕʼnŖʼnŏōŕōŖŜśʼnŖŌōŕŘŔŗšōōśʼnŖŌŜŗőŖśŜőŔŔŜŐōŘŚőŖŋőŘŔōśőŖŜŗŜŐōŋŗŚŘŗŚʼnŜōŋŝŔŜŝŚōŴijīĭ ĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲŕʼnŖʼnŏōŕōŖŜʼnŖŌʼnŔŔōŕŘŔŗšōōśŘōŚŎŗŚŕŜŐōőŚŚōśŘōŋŜőŞōŌŝŜőōśőŖŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōŔʼnşŲŜŐō ŚŝŔōśʼnŖŌŚōŏŝŔʼnŜőŗŖśʼnŖŌŊŝśőŖōśśōŜŐőŋśŴijīĭŊŝśőŖōśśōśʼnŚōŋŗŖŌŝŋŜōŌşőŜŐʼnŞőśőŗŖŜŗŋŚōʼnŜōŔŗŖŏųŜōŚŕŞʼnŔŝō ʼnŖŌşőŜŐŐőŏŐōŜŐőŋʼnŔśŜʼnŖŌʼnŚŌśʼnŖŌŎŗŔŔŗşŜŐōśōőŕŘŗŚŜʼnŖŜŋŐʼnŚʼnŋŜōŚőśŜőŋśĢʼnŋŋŗŝŖŜʼnŊőŔőŜšŲŚōśŘŗŖśőŊőŔőŜšŲ ŜŚʼnŖśŘʼnŚōŖŋšŲʼnŖŌŎʼnőŚʼnŖŌōřŝőŜʼnŊŔōŜŚōʼnŜŕōŖŜŴļŐōīŗŕŘʼnŖšʼnŋŜśőŖʼnŎʼnőŚŲŔʼnşŎŝŔʼnŖŌōŜŐőŋʼnŔŕʼnŖŖōŚşőŜŐʼnŔŔśŜʼnœōŐŗŔŌōŚś ʼnŖŌŜŐōőŚŚōŘŚōśōŖŜʼnŜőŞōśŴ  ļŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌʼnŖŌŜŐōĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏōīŗŕŕőśśőŗŖŘŗśőŜőŗŖōŌijīĭʼnś ßľōŚšįŗŗŌàŎŗŚŎőŞōŋŗŖśōŋŝŜőŞōšōʼnŚśb``hųb`abŲßįŗŗŌàőŖb``gʼnŖŌßľōŚšįŗŗŌàőŖb``főŖŜŐōŋŗŚŘŗŚʼnŜō ŏŗŞōŚŖʼnŖŋōśŝŚŞōšśőŖŜŐōŗŞōŚʼnŔŔŘōŚŎŗŚŕʼnŖŋōŊšŜŐōļŐʼnőıŖśŜőŜŝŜōŗŎĬőŚōŋŜŗŚśĩśśŗŋőʼnŜőŗŖŮıķĬůŴļŐōŚōśŝŔŜśŗŎ ŜŐōŚʼnŜőŖŏśŎŗŚŜŐōŘʼnśŜśōŞōŖšōʼnŚśŚōŎŔōŋŜijīĭÝśŋŗŖśŜʼnŖŜŌōŌőŋʼnŜőŗŖŜŗőŖŜōŏŚʼnŜōśŗŝŖŌōŜŐőŋśʼnŖŌŜŐōŘŚőŖŋőŘŔōś ŗŎįŗŗŌīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōőŖŜŗőŜśŊŝśőŖōśśŘŚʼnŋŜőŋōśʼnŖŌőŜśŋŗŚŘŗŚʼnŜōŋŝŔŜŝŚōŴ 1. Rights of Shareholders Policy of Protecting Shareholders’ Rights ijīĭŘŚŗŜōŋŜśŜŐōŚőŏŐŜśʼnŖŌŜŐōőŖŜōŚōśŜśŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśŲŊŗŜŐʼnśőŖŞōśŜŗŚśʼnŖŌŗşŖōŚśŗŎŜŐōŋŗŕŘʼnŖšŲ şŐōŜŐōŚőŜÝśŕʼnŒŗŚőŜšŲŕőŖŗŚőŜšŲŎŗŚōőŏŖŗŚőŖśŜőŜŝŜőŗŖʼnŔśŐʼnŚōŐŗŔŌōŚśŴijīĭŎʼnŋőŔőŜʼnŜōśŜŐōŖōōŌśŗŎőŜśśŐʼnŚōŐŗŔŌōŚś ʼnŖŌōŖśŝŚōśōřŝőŜʼnŊŔōʼnŖŌŎʼnőŚŜŚōʼnŜŕōŖŜŲŋŗŕŘŔšőŖŏşőŜŐʼnŘŘŔőŋʼnŊŔōŔʼnşśʼnŖŌŏŝőŌōŔőŖōśŘŚŗŜōŋŜőŖŏśŐʼnŚōŐŗŔŌōŚśÝ ŊʼnśőŋŚőŏŐŜśŴ ļŐōŚőŏŐŜśŗŎśŐʼnŚōŐŗŔŌōŚśʼnŚōśŜőŘŝŔʼnŜōŌőŖŜŐōŋŗŕŘʼnŖšÝśīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōĸŗŔőŋšŜŗōŖśŝŚōŎʼnőŚ ŜŚōʼnŜŕōŖŜʼnŖŌŘŚŗŜōŋŜŜŐōśŐʼnŚōŐŗŔŌōŚÝśŚőŏŐŜŜŗŚōŏőśŜōŚʼnśʼnŖŗşŖōŚŗŎŜŐōśŐʼnŚōŗŎŜŐōŋŗŕŘʼnŖšģŜŗŊŝšŲ śōŔŔŲŗŚŜŗŜŚʼnŖśŎōŚśŐʼnŚōśģŜŐōŚőŏŐŜŜŗśŐʼnŚōŘʼnŚŜŗŎŜŐōŘŚŗŎőŜŗŎŜŐōŋŗŕŘʼnŖšőŖŎŗŚŕŗŎŌőŞőŌōŖŌśģŜŐōŚőŏŐŜ ŜŗŗŊŜʼnőŖŚōŔōŞʼnŖŜʼnŖŌʼnŌōřŝʼnŜōőŖŎŗŚŕʼnŜőŗŖŗŖŜŐōŋŗŕŘʼnŖšőŖʼnŜőŕōŔšŕʼnŖŖōŚʼnŖŌŗŖʼnŚōŏŝŔʼnŚŊʼnśőśģŜŐō ŚőŏŐŜŜŗŘʼnŚŜőŋőŘʼnŜōʼnŖŌŞŗŜōőŖŜŐōśŐʼnŚōŐŗŔŌōŚśŕōōŜőŖŏśŊšśōŔŎŗŚŊšŘŚŗŠšģŜŐōŚőŏŐŜŜŗōŔōŋŜŗŚŜōŚŕőŖʼnŜō

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KCE Annual Report 2012


ŕōŕŊōŚśŗŎŜŐōŊŗʼnŚŌģŜŐōŚőŏŐŜŜŗŌōŋőŌōŗŖʼnŔŔŎŗŚŕśŗŎŚōŕŝŖōŚʼnŜőŗŖŎŗŚŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśģŜŐōŚőŏŐŜ ŜŗʼnŘŘŗőŖŜʼnŖŌŜōŚŕőŖʼnŜōŜŐōōŠŜōŚŖʼnŔʼnŝŌőŜŗŚʼnŖŌśōŜŜŐōőŚŎōōśĢŜŐōŚőŏŐŜŜŗŘŚŗŘŗśōʼnŏōŖŌʼnőŜōŕśŎŗŚŜŐō śŐʼnŚōŐŗŔŌōŚŕōōŜőŖŏśģŜŐōŚőŏŐŜŜŗŘʼnŚŜőŋőŘʼnŜōőŖŲʼnŖŌŜŗŊōőŖŎŗŚŕōŌŚōŏʼnŚŌőŖŏŕʼnŒŗŚŌōŋőśőŗŖŋŗŖŋōŚŖőŖŏ ŎŝŖŌʼnŕōŖŜʼnŔŋŗŚŘŗŚʼnŜōŋŐʼnŖŏōśʼnŖŌŜŐōŚőŏŐŜŜŗŊōőŖŎŗŚŕōŌʼnŖŌŜŗŕʼnœōŌōŋőśőŗŖśŗŖʼnŖšœōšŜŚʼnŖśʼnŋŜőŗŖś ŜŐʼnŜʼnŎŎōŋŜŜŐōŋŗŕŘʼnŖšśŝŋŐʼnśĢŌőŞőŌōŖŌŘʼnšŕōŖŜŲʼnŕōŖŌŕōŖŜśŜŗŜŐōŋŗŕŘʼnŖšÝśʼnŚŜőŋŔōŗŎʼnśśŗŋőʼnŜőŗŖŗŚ ŜŐōŋŗŕŘʼnŖšÝśŊšŔʼnşśŲŋʼnŘőŜʼnŔőŖŋŚōʼnśōśŗŚŌōŋŚōʼnśōśŲŜŐōʼnŘŘŚŗŞʼnŔŗŎōŠŜŚʼnŗŚŌőŖʼnŚšŜŚʼnŖśʼnŋŜőŗŖśŲōŜŋŴ ĬōŜʼnőŔśŚōŏʼnŚŌőŖŏŜŐōōŠōŚŋőśōŗŎŜŐōŚőŏŐŜŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśşʼnśŌőśŜŚőŊŝŜōŌŞőʼnĻĭļÝśőŖŎŗŚŕʼnŜőŗŖ ŋŐʼnŖŖōŔʼnŖŌŜŐōŋŗŕŘʼnŖšşōŊśőŜōŜŗōŖśŝŚōʼnŖōřŝőŜʼnŊŔōŜŚōʼnŜŕōŖŜŗŎśŐʼnŚōŐŗŔŌōŚśŜŐŚŗŝŏŐʼnŋŋōśśőŊőŔőŜšŗŎ őŖŎŗŚŕʼnŜőŗŖŴ ijīĭśōŖŌśʼnŔŔśŐʼnŚōŐŗŔŌōŚśśőŏŖőŎőŋʼnŖŜʼnŖŌśŝŎŎőŋőōŖŜŔšŌōŜʼnőŔōŌőŖŎŗŚŕʼnŜőŗŖŚōŏʼnŚŌőŖŏŜŐōĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏŘŚőŗŚŜŗŜŐōŌʼnŜōŗŎŜŐōŕōōŜőŖŏŴļŐōśŐʼnŚōŐŗŔŌōŚśÝŚőŏŐŜŜŗʼnŜŜōŖŌʼnŖŌŜŗŞŗŜōŗŖŜŐōŚōśŗŔŝŜőŗŖś őŖŜŐōĩįĵőśŋŔōʼnŚŔšśŜʼnŜōŌőŖŜŐōĴōŜŜōŚŗŎıŖŞőŜʼnŜőŗŖŜŗʼnŜŜōŖŌŜŐōĩįĵŴ ĩŖšśŐʼnŚōŐŗŔŌōŚśşŐŗőśŝŖʼnŊŔōŜŗʼnŜŜōŖŌŜŐōĩįĵŋʼnŖʼnŘŘŗőŖŜʼnŚōŘŚōśōŖŜʼnŜőŞōşŐőŋŐŋʼnŖŊōʼnŖŗŜŐōŚ ŘōŚśŗŖŗŚʼnŖőŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚŜŗʼnŋŜʼnśŘŚŗŠšŲŝśőŖŏŜŐōŘŚŗŠšŎŗŚŕʼnŜŜʼnŋŐōŌŜŗŜŐōĶŗŜőŋōŗŎŜŐōĵōōŜőŖŏŴ ļŐōĸŚŗŠšŎŗŚŕşʼnśŘŚōŘʼnŚōŌőŖŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōśŘōŋőŎőŋʼnŜőŗŖŌōŎőŖōŌŊšŜŐōĵőŖőśŜŚšŗŎīŗŕŕōŚŋō şŐōŚōŊšōʼnŋŐőŖŌőŞőŌŝʼnŔʼnŏōŖŌʼnŋʼnŖŊōŞŗŜōŌśŘōŋőŎőŋʼnŔŔšʼnŋŋŗŚŌőŖŏŜŗŜŐōśŐʼnŚōŐŗŔŌōŚśÝşőśŐŴijīĭŘŚŗŞőŌōś ŜŐōŌŝŜšśŜʼnŕŘŜŗŊōśōʼnŔōŌŗŖŜŐōŘŚŗŠšŎŗŚŕŴĻŐʼnŚōŐŗŔŌōŚśşŐŗʼnŚŚőŞōŔʼnŜōŋʼnŖŞŗŜōŗŖŜŐōʼnŏōŖŌʼnőŖ şŐőŋŐŜŐōŚōśŗŔŝŜőŗŖŐʼnŌŖŗŜŊōōŖŚōʼnŋŐōŌŴ ıŖb`abŲŜŐōĩįĵşʼnśŐōŔŌŗŖĩŘŚőŔbgthŲb`abʼnŜĪʼnŔŔŚŗŗŕĪŲgthŎŔŗŗŚŲŜŐōĿōśŜőŖįŚʼnŖŌōĻŝœŐŝŕŞőŜ İŗŜōŔŲbeiĻŝœŐŝŕŞőŜĺŗʼnŌŲĪʼnŖŏœŗœa`aa`ʼnŜaeŴ``ŘŕŴļŐōŞōŖŝōŗŎŜŐōĩįĵşʼnśŋŐŗśōŖŊōŋʼnŝśōőŜ şʼnśōʼnśőŔšʼnŋŋōśśőŊŔōŜŗśŐʼnŚōŐŗŔŌōŚśŴijīĭōŖŋŗŝŚʼnŏōśśŐʼnŚōŐŗŔŌōŚśŜŗʼnŜŜōŖŌŲŜŗōŠŘŚōśśŜŐōőŚŗŘőŖőŗŖśŲ ʼnŖŌŜŗřŝōśŜőŗŖśŗŚŜŗŏőŞōśŝŏŏōśŜőŗŖśŴ ĩĪʼnŚīŗŌōśšśŜōŕşʼnśŝśōŌʼnŜŜŐōb`abĩįĵŎŗŚŚōŏőśŜŚʼnŜőŗŖʼnŖŌŞŗŜōŋŗŝŖŜőŖŏŴĮŗŚōʼnŋŐʼnŏōŖŌʼn őŜōŕŲŜŐōŊʼnŔŔŗŜśʼnŚōŋŗŔŔōŋŜōŌŎŚŗŕŜŐōśŐʼnŚōŐŗŔŌōŚśʼnŖŌŋŗŝŖŜōŌőŖŜŐŚōōŏŚŗŝŘśĢĩŘŘŚŗŞōŌŲĬőśʼnŘŘŚŗŞōŌ ŗŚĩŊśŜʼnőŖōŌŴĩŖıŖŌōŘōŖŌōŖŜŗŊśōŚŞōŚʼnŖŌőŖśŘōŋŜŗŚşʼnśʼnŘŘŗőŖŜōŌŜŗŞʼnŔőŌʼnŜōŜŐōŞŗŜőŖŏŘŚŗŋōŌŝŚōʼnŖŌ ŞŗŜōŋŗŝŖŜőŖŏŴĻŐʼnŚōŐŗŔŌōŚśʼnŚōōŖŜőŜŔōŌŜŗŞōŚőŎšōʼnŋŐŞŗŜőŖŏŚōśŝŔŜʼnŎŜōŚŜŐōĵōōŜőŖŏŴ ļŐŚōōŌőŚōŋŜŗŚśŕŝśŜŚōŜőŚōŎŚŗŕŗŎŎőŋōŗŖʼnŚŗŜʼnŜőŗŖʼnŔŊʼnśőśőŖōʼnŋŐĩįĵŴļŐōśŐʼnŚōŐŗŔŌōŚśʼnŚōőŖŎŗŚŕōŌ ŗŎŜŐōĪŗʼnŚŌŗŘőŖőŗŖŜŗŚōųōŔōŋŜŜŐōŌőŚōŋŜŗŚśŴıŖŎŗŚŕʼnŜőŗŖŚōŏʼnŚŌőŖŏŜŐōŌőŚōŋŜŗŚśŜŗŊōŖŗŕőŖʼnŜōŌőśŘŚŗŞőŌōŌ ŜŗŜŐōśŐʼnŚōŐŗŔŌōŚśŴĩŏōŲōŌŝŋʼnŜőŗŖŲōŠŘōŚőōŖŋōśŲŜŚʼnőŖőŖŏŲʼnśşōŔŔʼnśőŕŘŗŚŜʼnŖŜŘŗśőŜőŗŖśŐōŔŌőŖŜŐōŘʼnśŜʼnŖŌ ŋŝŚŚōŖŜŔšʼnŚōŘŚŗŞőŌōŌŜŗŜŐōśŐʼnŚōŐŗŔŌōŚśśŗŜŐʼnŜŜŐōśŐʼnŚōŐŗŔŌōŚśŋʼnŖŕʼnœōʼnŖőŖŎŗŚŕōŌŌōŋőśőŗŖŴļŐō śŐʼnŚōŐŗŔŌōŚśŋʼnŖʼnŔśŗŘŚŗŘŗśōŖʼnŕōŗŎőŖŌőŞőŌŝʼnŔśŎŗŚŌőŚōŋŜŗŚśŐőŘŗŎŜŐōŋŗŕŘʼnŖšŴĶŗŖōşʼnśŘŚŗŘŗśōŌőŖb`abŴ ĩŖĩŏōŖŌʼnőŜōŕŚōŏʼnŚŌőŖŏʼnŔŔŎŗŚŕśŗŎŚōŕŝŖōŚʼnŜőŗŖŎŗŚŜŐōĪŗʼnŚŌŕōŕŊōŚśőśőŖŋŔŝŌōŌʼnŖŖŝʼnŔŔšőŖ ŜŐōĩŖŖŝʼnŔĺōŘŗŚŜŴŮĮŝŔŔŌōŜʼnőŔśŋʼnŖŊōŎŗŝŖŌŗŖĸʼnŏōaefů ļŐōĩŏōŖŌʼnŎŗŚŜŐōĩįĵşʼnśŋŗŖśőŌōŚōŌʼnśʼnŘŘōʼnŚōŌŗŖŜŐōĴōŜŜōŚŗŎıŖŞőŜʼnŜőŗŖŜŗŜŐōĩįĵŲōʼnŋŐ ŕōōŜőŖŏʼnŏōŖŌʼnŌōʼnŔşőŜŐŗŖŔšŗŖōőŜōŕŲşőŜŐŗŝŜʼnŖšŋŐʼnŖŏōśőŖŜŐōŗŚŌōŚʼnŖŌŜŐōŚōşōŚōŖŗŗŜŐōŚʼnŏōŖŌʼn ŚʼnőśōŌőŖŜŐōĩįĵŴ

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ļŐōśŐʼnŚōŐŗŔŌōŚśşōŚōʼnŔŔŗşōŌŜŗŎŚōōŔšōŠŘŚōśśŜŐōőŚŗŘőŖőŗŖśŲŏőŞōśŝŏŏōśŜőŗŖśʼnŖŌŚʼnőśōřŝōśŜőŗŖś ŊōŎŗŚōŋʼnśŜőŖŏŞŗŜōśŴļŐōōŠōŋŝŜőŞōŚōśŘŗŖśőŊŔōŎŗŚŜŐōŎőōŔŌşōŚōŘŚōśōŖŜŜŗʼnŖśşōŚʼnŖšřŝōśŜőŗŖśŗŚőŖřŝőŚőōśŴ The 2012 Annual General Meeting of Shareholders (AGM) ijīĭŐŗŔŌśĩŖŖŝʼnŔįōŖōŚʼnŔĻŐʼnŚōŐŗŔŌōŚśÝĵōōŜőŖŏőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐōŔōŏʼnŔŘŚŗŋōŌŝŚōśʼnŖŌŜŐō ŚōřŝőŚōŕōŖŜŗŎŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌʼnśşōŔŔʼnśŜŐōĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏōīŗŕŕőśśőŗŖŮĻĭīůŴ ļŐōĩįĵőśŐōŔŌşőŜŐőŖdŕŗŖŜŐśʼnŎŜōŚŜŐōōŖŌŗŎŜŐōŎőśŋʼnŔšōʼnŚʼnŖŌőŖŝŚŏōŖŜśőŜŝʼnŜőŗŖśŚōŏʼnŚŌőŖŏőśśŝōś ŜŐʼnŜŋŗŖŋōŚŖśŐʼnŚōŐŗŔŌōŚśÝŕʼnŒŗŚőŖŜōŚōśŜŗŚŚōřŝőŚőŖŏśŐʼnŚōŐŗŔŌōŚśÝʼnŘŘŚŗŞʼnŔŲʼnŖōŠŜŚʼnŗŚŌőŖʼnŚšŕōōŜőŖŏŗŎ ŜŐōśŐʼnŚōŐŗŔŌōŚśŋʼnŖŊōŋʼnŔŔōŌŴļŐōŚōşʼnśŖŗĭŠŜŚʼnŗŚŌőŖʼnŚšĵōōŜőŖŏŗŎŜŐōĻŐʼnŚōŐŗŔŌōŚśőŖb`abŴ ıŖb`abŲļŐōĩŖŖŝʼnŔįōŖōŚʼnŔĻŐʼnŚōŐŗŔŌōŚśÝĵōōŜőŖŏŗŎijīĭŮĩįĵůŖŗŴbiŵb`abşʼnśŐōŔŌŗŖĩŘŚőŔbgth b`abʼnŜĪʼnŔŔŚŗŗŕĪŲgthŎŔŗŗŚŲŜŐōĿōśŜőŖįŚʼnŖŌōĻŝœŐŝŕŞőŜİŗŜōŔŲbeiĻŝœŐŝŕŞőŜĺŗʼnŌŲĪʼnŖŏœŗœa`aa`ʼnŜ aeŴ``ŘŕŴļŐōŞōŖŝōŗŎŜŐōĩįĵşʼnśōʼnśőŔšʼnŋŋōśśőŊŔōŜŗśŐʼnŚōŐŗŔŌōŚśŴ Prior to the Meeting ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśĵōōŜőŖŏŚōśŗŔŞōŌŜŐōśŋŐōŌŝŔōŗŎŌőŞőŌōŖŌŘʼnšŕōŖŜśģŜŐōŌʼnŜōŗŎŜŐōb`ab ĩŖŖŝʼnŔįōŖōŚʼnŔĻŐʼnŚōŐŗŔŌōŚśÝĵōōŜőŖŏģŌōŜʼnőŔōŌʼnŏōŖŌʼnśʼnśşōŔŔʼnśŜŐōĪŗʼnŚŌÝśŗŘőŖőŗŖśģŜŐōŚōŔōŞʼnŖŜ ŌōŜʼnőŔśʼnŖŌŌʼnŜōŗŎŋŔŗśőŖŏŜŐōŚōŏőśŜŚʼnŜőŗŖŊŗŗœőŖŗŚŌōŚŜŗŌōŜōŚŕőŖōŜŐōŚőŏŐŜŜŗʼnŜŜōŖŌŜŐōĩŖŖŝʼnŔįōŖōŚʼnŔ ĻŐʼnŚōŐŗŔŌōŚśÝĵōōŜőŖŏʼnŖŌŌőŞőŌōŖŌŘʼnšŕōŖŜŴ ļŐōŖŗŜőŋōŗŎśŐʼnŚōŐŗŔŌōŚśÝŕōōŜőŖŏőŖŋŔŝŌőŖŏŜŐōŕōōŜőŖŏʼnŏōŖŌʼnŊŗŜŐőŖļŐʼnőʼnŖŌĭŖŏŔőśŐşʼnśśōŖŜ ŜŗŜŐōļŐʼnőŔʼnŖŌĻōŋŝŚőŜőōśĬōŘŗśőŜŗŚšīŗŴŲĴŜŌŴŗŖŜŐōĩŘŚőŔa`thŲb`abʼnŖŌşʼnśŘŗśŜōŌőŖŜŐōīŗŕŘʼnŖšÝś ĿōŊśőŜōŮşşşŴœŋōŜŐʼnőŴőŖŴŜŐůŗŖŜŐōśʼnŕōŌʼnšŲagŌʼnšśŘŚőŗŚŜŗŜŐōŕōōŜőŖŏŌʼnŜōŜŗʼnŔŔŗşŜőŕōŎŗŚŜŐō śŐʼnŚōŐŗŔŌōŚśŜŗŚōŞőōşŕōōŜőŖŏÝśʼnŏōŖŌʼnʼnŖŌŖōŋōśśʼnŚšőŖŎŗŚŕʼnŜőŗŖŚōŏʼnŚŌőŖŏŜŐōőśśŝōśŜŗŊōŌōŋőŌōŌʼnŜŜŐō ŕōōŜőŖŏŴļŐōőŖŞőŜʼnŜőŗŖŜŗŜŐōĩįĵşʼnśʼnŔśŗʼnŖŖŗŝŖŋōŌőŖŊŗŜŐļŐʼnőʼnŖŌĭŖŏŔőśŐĸŚōśśŎŚŗŕĩŘŚőŔa`th-12th ŎŗŚŜŐŚōōŋŗŖśōŋŝŜőŞōŌʼnšśŲagŌʼnšśŘŚőŗŚŜŗŜŐōĩįĵŴļŐōŌŗŋŝŕōŖŜśŘŚŗŞőŌōŌŜŗŜŐōśŐʼnŚōŐŗŔŌōŚśőŖb`ab şōŚōʼnśŎŗŔŔŗşśĢ ä ļŐōŔōŜŜōŚŗŎıŖŞőŜʼnŜőŗŖŜŗŜŐōijīĭĩįĵŖŗŴbiŵb`abśŜʼnŜőŖŏŜŐōŌʼnŜōŲŜŐōŜőŕōʼnŖŌŜŐōŞōŖŝōŎŗŚ śŐʼnŚōŐŗŔŌōŚśÝŕōōŜőŖŏśʼnŖŌŖōŋōśśʼnŚšőŖŎŗŚŕʼnŜőŗŖŚōŏʼnŚŌőŖŏŜŐōőśśŝōśŜŗŊōŌōŋőŌōŌʼnŜŜŐōŕōōŜőŖŏŴ ĭʼnŋŐʼnŏōŖŌʼnşōŚōŋŔōʼnŚŔšśŘōŋőŎőōŌşŐōŜŐōŚőŜşʼnśŎŗŚʼnŋœŖŗşŔōŌŏōŕōŖŜŲʼnŘŘŚŗŞʼnŔŗŚŎŗŚŋŗŖśőŌōŚʼnŜőŗŖŴ ļŐōŗŘőŖőŗŖŗŎŜŐōĪŗʼnŚŌŎŗŚōʼnŋŐʼnŏōŖŌʼnşʼnśʼnŔśŗŘŚŗŞőŌōŌŴ ä ĵőŖŝŜōśŗŎŜŐōb`aaĩŖŖŝʼnŔįōŖōŚʼnŔĵōōŜőŖŏŗŎĻŐʼnŚōŐŗŔŌōŚśĶŗŴbhŵb`aa ä b`aaĩŖŖŝʼnŔĺōŘŗŚŜōőŜŐōŚőŖŜŐōŎŗŚŕʼnŜŗŎʼnīĬųĺķĵŗŚŘŚőŖŜōŌŋŗŘšŴ ä ĶŗŕőŖʼnŜőŗŖŗŎĬőŚōŋŜŗŚśĢļŐōŚōśŝŕōśŗŎŜŐōŌőŚōŋŜŗŚśşŐŗşōŚōŜŗŚōŜőŚōŊšŚŗŜʼnŜőŗŖőŖŜŐōšōʼnŚb`ab şŐŗŕŜŐōĪŗʼnŚŌŐʼnŌŚōŋŗŕŕōŖŌōŌŚōųōŔōŋŜőŗŖśŎŗŚʼnŖŗŜŐōŚŜōŚŕŴijīĭŘŚŗŞőŌōśŊʼnśőŋőŖŎŗŚŕʼnŜőŗŖ ŗŖŜŐōŋʼnŖŌőŌʼnŜōśŜŐʼnŜőŖŋŔŝŌōŖʼnŕōŲʼnŏōŲŜšŘōŗŎŌőŚōŋŜŗŚśŐőŘŲōŌŝŋʼnŜőŗŖŲŌőŚōŋŜŗŚÝśŜŚʼnőŖőŖŏŋŗŝŚśōś ʼnŜŜōŖŌōŌŲōŠŘōŚőōŖŋōŲŐŗŔŌőŖŏŘŗśőŜőŗŖśőŖŗŜŐōŚŊŝśőŖōśśōśŲŘʼnŚŜőŋőŘʼnŜőŗŖőŖŕōōŜőŖŏśŌŝŚőŖŏŜŐōŘŚōŞőŗŝś šōʼnŚʼnŖŌŗŜŐōŚŚōŔōŞʼnŖŜőŖŎŗŚŕʼnŜőŗŖŴ ä ĩŘŘŗőŖŜŕōŖŜŗŎĭŠŜōŚŖʼnŔĩŝŌőŜŗŚśĢĬōŜʼnőŔśŗŎŜŐōŘŚŗŘŗśōŌʼnŝŌőŜŗŚśőŖŋŔŝŌőŖŏŖʼnŕōśŗŎŜŐōʼnŝŌőŜŗŚś ʼnŖŌŜŐōőŚʼnŎŎőŔőʼnŜőŗŖŎŗŚŋŗŖśőŌōŚʼnŜőŗŖŴ ä īŗŕŘʼnŖšÝśŊšŔʼnşśŚōŔʼnŜőŖŏŜŗŜŐōĻŐʼnŚōŐŗŔŌōŚśÝĵōōŜőŖŏŴ

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ä ĸŚŗŠšĮŗŚŕʼnśŚōŋŗŕŕōŖŌōŌŊšŜŐōĬōŘʼnŚŜŕōŖŜŗŎĪŝśőŖōśśĬōŞōŔŗŘŕōŖŜŲĵőŖőśŜŚšŗŎīŗŕŕōŚŋō őŖşŐőŋŐōʼnŋŐőŖŌőŞőŌŝʼnŔʼnŏōŖŌʼnŋʼnŖŊōŞŗŜōŌśŘōŋőŎőŋʼnŔŔšŴ ä ĩŔőśŜŗŎŌŗŋŝŕōŖŜśʼnŖŌőŌōŖŜőŎőŋʼnŜőŗŖŚōřŝőŚōŌŎŗŚĩįĵʼnŜŜōŖŌʼnŖŋōşőŜŐōŠŘŔʼnŖʼnŜőŗŖŗŎʼnŘŘŗőŖŜŕōŖŜ ŗŎʼnŘŚŗŠšŲŚōŏőśŜŚʼnŜőŗŖŘŚŗŋōśśŲŞŗŜőŖŏŘŚŗŋōŌŝŚōʼnŖŌŜŐōŋŗŝŖŜőŖŏŗŎŜŐōŞŗŜōśŴ ä ĵʼnŘŗŎŜŐōĵōōŜőŖŏŞōŖŝōŴ ĻŐʼnŚōŐŗŔŌōŚśşŐŗŋʼnŖŖŗŜʼnŜŜōŖŌŜŐōŕōōŜőŖŏŋʼnŖʼnŘŘŗőŖŜʼnŘŚŗŠšŜŗŜŐōŕōōŜőŖŏŗŚʼnŘŘŗőŖŜŜŐŚŗŝŏŐ ĸŚŗŠšĮŗŚŕĪŲŗŖşŐőŋŐŜŐōśŐʼnŚōŐŗŔŌōŚśŋʼnŖśŜʼnŜōŜŐōőŚŞŗŜőŖŏŘŚōŎōŚōŖŋōŴļŐōŖʼnŕōśʼnŖŌŘŚŗŎőŔōśŗŎŜŐō őŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚśʼnŚōŘŚŗŞőŌōŌŎŗŚśŐʼnŚōŐŗŔŌōŚśŞŗŜőŖŏŊšŘŚŗŠšŴ The Meeting ļŐōb`abĩŖŖŝʼnŔįōŖōŚʼnŔĵōōŜőŖŏŗŎĻŐʼnŚōŐŗŔŌōŚśşʼnśŋŐʼnőŚōŌŊšŜŐōŋŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŲĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜŴĩŔŔŗŎŜŐōijīĭŌőŚōŋŜŗŚśʼnŜŜōŖŌōŌŜŐōĵōōŜőŖŏŴĩŜŗŜʼnŔŗŎb`bśŐʼnŚōŐŗŔŌōŚśʼnŜŜōŖŌōŌŜŐōĩįĵb`abŲ hhśŐʼnŚōŐŗŔŌōŚśŐŗŔŌőŖŏafhŲaaeŲbbeśŐʼnŚōśʼnŜŜōŖŌōŌŜŐōŕōōŜőŖŏʼnŖŌaadśŐʼnŚōŐŗŔŌōŚśŚōŘŚōśōŖŜōŌŊš ʼnŝŜŐŗŚőŢōŌŘŚŗŠšŐŗŔŌőŖŏhbŲd`cŲhidśŐʼnŚōśŲʼnŜŗŜʼnŔŗŎbe`ŲeaiŲacbśŐʼnŚōśŲşŐőŋŐşʼnśecŴihŘōŚŋōŖŜŗŎŜŐō ŘʼnőŌŝŘśŐʼnŚōśŗŎdfdŲ`ecŲgfiśŐʼnŚōśʼnŖŌŕŗŚōŜŐʼnŖŗŖōŜŐőŚŌŗŎŜŐōīŗŕŘʼnŖšÝśŘʼnőŌųŝŘŋʼnŘőŜʼnŔŋŗŖśŜőŜŝŜőŖŏ ʼnřŝŗŚŝŕŴļŐōŕōŕŊōŚśŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśşōŚōŘŚōśōŖŜőŖŜŐōb`abĩįĵşŐőŋŐőŖŋŔŝŌōŌŜŐō īŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōʼnŖŌŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĶŗŕőŖʼnŜőŗŖĺōŕŝŖōŚʼnŜőŗŖīŗŕŕőŜŜōōŴ ijīĭŘŚŗŞőŌōŌb ŐŗŝŚśŚōŏőśŜŚʼnŜőŗŖŘōŚőŗŌʼnŖŌŝśōŌʼnŋŗŕŘŝŜōŚőŢōŌŊʼnŚŋŗŌōśšśŜōŕŎŗŚŚōŏőśŜŚʼnŜőŗŖ ŗŎśŐʼnŚōŐŗŔŌōŚśʼnŖŌŘŚŗŠšŐŗŔŌōŚśʼnŖŌŞŗŜōŋŗŝŖŜőŖŏŴĻōŘʼnŚʼnŜōŞŗŜőŖŏśŔőŘśşōŚōŘŚŗŞőŌōŌŎŗŚōʼnŋŐʼnŏōŖŌʼn őŜōŕśŴļŐőśŘŚŗŋōśśŘŚŗŞőŌōŌʼnŌŌőŜőŗŖʼnŔŋŗŖŞōŖőōŖŋōʼnŖŌśŘōōŌŴĬŝŚőŖŏŜŐōĵōōŜőŖŏŲśŐʼnŚōŐŗŔŌōŚśşōŚōśŜőŔŔ ʼnŊŔōŜŗŚōŏőśŜōŚŜŗʼnŜŜōŖŌŜŐōĵōōŜőŖŏʼnŖŌŋʼnśŜŞŗŜōśŗŖʼnŏōŖŌʼnőŜōŕśŖŗŜšōŜŚōśŗŔŞōŌŴ ĵŚśŴļʼnŖšʼnŚʼnŜļōśśʼnŔōōŲŜŐōīŗŕŘʼnŖšÝśĻōŋŚōŜʼnŚšʼnŖŌĩŋŋŗŝŖŜőŖŏĬőŚōŋŜŗŚŲşōŔŋŗŕōŌŜŐōśŐʼnŚōŐŗŔŌōŚś ʼnŖŌőŖŜŚŗŌŝŋōŌŜŐōijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲijīĭĵʼnŖʼnŏōŕōŖŜŲŜŐōĩŝŌőŜŗŚśŎŚŗŕĭŚŖśŜŬŁŗŝŖŏīŗŴŲĴŜŌʼnŖŌ ŜŐōĴōŏʼnŔīŗŖśŝŔŜʼnŖŜŎŚŗŕīŴĪŴĴʼnşŴĩŎŜōŚŜŐōĿōśŜőŖįŚʼnŖŌōĻŝœŐŝŕŞőŜİŗŜōŔÝśŗŎŎőŋōŚōŠŘŔʼnőŖōŌŜŐōśʼnŎōŜš ŕōʼnśŝŚōśʼnŖŌŔŗŋʼnŜőŗŖŗŎŎőŚōōśŋʼnŘōśőŖŋʼnśōŗŎōŕōŚŏōŖŋšŲĵŚśŴļʼnŖšʼnŚʼnŜļōśśʼnŔōōŲŘŚŗŞőŌōŌʼnśŝŕŕʼnŚš ŚōŏʼnŚŌőŖŏŜŐōŞŗŜōśŚōŘŚōśōŖŜōŌʼnŜŜŐōŕōōŜőŖŏŲōŠŘŔʼnőŖōŌŜŐōŞŗŜőŖŏŘŚŗŋōŌŝŚōŲŞŗŜōŋŗŝŖŜőŖŏŘŚŗŋōśśŲŜŐō ŞŗŜőŖŏŘŚŗŋōśśŞőʼnŋŗŕŘŝŜōŚőŢōŌŊʼnŚŋŗŌōŲŜŐōŞŗŜōŋŗŔŔōŋŜőŗŖŘŚŗŋōśśŲʼnŖŌŜŐōśŝŕŕʼnŜőŗŖŗŎŞŗŜōśʼnśŎŗŔŔŗşśĢ ä ĩŎŜōŚŜŐōŚōŏőśŜŚʼnŜőŗŖŲōʼnŋŐśŐʼnŚōŐŗŔŌōŚśŗŚŘŚŗŠšŐŗŔŌōŚśşŗŝŔŌŚōŋōőŞōĩśōŜŗŎŞŗŜőŖŏŋʼnŚŌśŲŗŖō ŋʼnŚŌŎŗŚōʼnŋŐʼnŏōŖŌʼnśŜʼnŜōŌőŖŜŐōŖŗŜőŋōŗŎŜŐōĩįĵb`abŴĭʼnŋŐŞŗŜőŖŏŋʼnŚŌŐʼnŌŜŐōŖʼnŕōŗŎŜŐō śŐʼnŚōŐŗŔŌōŚŗŚŘŚŗŠšŲŜŐōŖŝŕŊōŚśŗŎŜŐōśŐʼnŚōśŗşŖōŌʼnŖŌŜŐōʼnŏōŖŌʼnŜŗŊōŞŗŜōŌŴ ä ļŐōĻŐʼnŚōŐŗŔŌōŚśŋŗŝŔŌŞŗŜōŜŗŌőśʼnŘŘŚŗŞōŗŚŜŗŚōŎŚʼnőŖŎŚŗŕŞŗŜőŖŏʼnŖŌşōŚōŚōřŝōśŜōŌŜŗśőŏŖōʼnŋŐ ŞŗŜőŖŏŋʼnŚŌŴĽŖŕʼnŚœōŌŞŗŜőŖŏŋʼnŚŌśʼnŖŌŞŗŜőŖŏŋʼnŚŌśŜŐʼnŜʼnŚōŖŗŜŚōŜŝŚŖōŌʼnŚōŜŗŊōŋŗŖśőŌōŚōŌ ʼnśʼnŘŘŚŗŞʼnŔŴ ä ļŐōśőŏŖōŌŞŗŜőŖŏŋʼnŚŌśşōŚōŋŗŔŔōŋŜōŌŎŚŗŕŜŐōĻŐʼnŚōŐŗŔŌōŚśʼnŖŌŜŐōŘŚŗŠőōśʼnŎŜōŚŜŐōŞŗŜőŖŏŐʼnŌ ŊōōŖŋʼnśŜŲʼnŎŜōŚōʼnŋŐʼnŏōŖŌʼnŐʼnŌŊōōŖʼnŌŌŚōśśōŌʼnŖŌŌőśŋŝśśōŌŴļŐōŚōśŝŔŜśŗŎŜŐōŞŗŜőŖŏŎŗŚōʼnŋŐ ʼnŏōŖŌʼnőśŌőśŘŔʼnšōŌŗŖŜŐōśŋŚōōŖʼnŖŌʼnŔŔŞŗŜőŖŏŊʼnŔŔŗŜśʼnŚōœōŘŜŴ

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ä ļŐōīŐʼnőŚŕʼnŖşŗŝŔŌŜŐōŖōőŜŐōŚŘŚŗŋōōŌşőŜŐŜŐōŕōōŜőŖŏŗŚşŗŝŔŌşʼnőŜŎŗŚŜŐōŚōśŝŔŜŗŎŜŐōŞŗŜō ŋŗŝŖŜʼnśŌōōŕōŌʼnŘŘŚŗŘŚőʼnŜōŴijīĭʼnŘŘŗőŖŜśŞŗŜőŖŏŗŊśōŚŞōŚʼnŖŌőŖśŘōŋŜŗŚŜŗŞʼnŔőŌʼnŜōŜŐōŞŗŜōśʼnŜ ŜŐōĩįĵŴ ä ĩŜŜŐōŋŗŖŋŔŝśőŗŖŗŎŜŐōĩįĵb`abŲŜŐōīŐʼnőŚŕʼnŖśŝŕŕʼnŚőŢōŌŜŐōŚōśŝŔŜśŗŎŜŐōŞŗŜőŖŏŎŗŚōʼnŋŐ ŗŎŜŐōʼnŏōŖŌʼnŎŗŚŜŐōʼnśśōŕŊŔšŴ ļŐōijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŏʼnŞōŘŚőŗŚőŜšŜŗʼnŜŜōŖŌőŖŏŜŐōb`abĩįĵʼnŖŌŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌ ŗŎĬőŚōŋŜŗŚśŘŚōśőŌōŌʼnśŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĩįĵŴĩŎŜōŚşōŔŋŗŕőŖŏŜŐōśŐʼnŚōŐŗŔŌōŚśŲĵŚŴĪʼnŖŋŐʼnķŖŏœŗśőŜŲ ŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲőŖŜŚŗŌŝŋōŌŜŐōijīĭŌőŚōŋŜŗŚśʼnŖŌijīĭŕʼnŖʼnŏōŕōŖŜŴ ļŐōīŐʼnőŚŕʼnŖŗŎŜŐōĻŐʼnŚōŐŗŔŌōŚśÝĵōōŜőŖŏŋŗŖŌŝŋŜōŌŜŐōŕōōŜőŖŏŊšʼnŌŌŚōśśőŖŏōʼnŋŐʼnŏōŖŌʼnʼnś śŜʼnŜōŌőŖŜŐōőŖŞőŜʼnŜőŗŖŜŗŜŐōĩįĵbiŵb`abʼnŖŌŖŗŗŜŐōŚʼnŏōŖŌʼnşʼnśʼnŌŌōŌŜŗŜŐōb`abĩįĵŴ ĬŝŚőŖŏŜŐōĩįĵŲŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśÝŕōōŜőŖŏʼnŔŔŗşōŌśŐʼnŚōŐŗŔŌōŚśŎŝŔŔŗŘŘŗŚŜŝŖőŜšŜŗ ʼnśœřŝōśŜőŗŖśʼnŖŌŕʼnœōŚōŋŗŕŕōŖŌʼnŜőŗŖśŲʼnŖŌŘŚŗŞőŌōŌŋŗŕŘŚōŐōŖśőŞōŋŔʼnŚőŎőŋʼnŜőŗŖşŐōŖŚōřŝōśŜōŌŴķŜŐōŚ ŌőŚōŋŜŗŚśʼnŖŌŕʼnŖʼnŏōŕōŖŜśʼnŔśŗŋŔʼnŚőŎőōŌʼnŖŌʼnŖśşōŚōŌŚōŔʼnŜōŌőśśŝōśŴļŐōŕōōŜőŖŏŕőŖŝŜōśʼnŖŌŌōŜʼnőŔōŌ ŞŗŜōśŎŗŚōʼnŋŐʼnŏōŖŌʼnőŜōŕşōŚōŚōŋŗŚŌōŌŊšŜŐōīŗŕŘʼnŖšÝśĻōŋŚōŜʼnŚšŴĻŐʼnŚōŐŗŔŌōŚśşōŚōŏőŞōŖśŝŎŎőŋőōŖŜ ŜőŕōŜŗŘŗśōřŝōśŜőŗŖśŗŚŕʼnœōśŝŏŏōśŜőŗŖśŴĬōŜʼnőŔōŌʼnŖŌōŖŋŗŕŘʼnśśőŖŏʼnŖśşōŚśşōŚōŘŚŗŞőŌōŌŊšĪŗʼnŚŌ ŕōŕŊōŚśʼnŖŌŕʼnŖʼnŏōŕōŖŜőŖŚōśŘŗŖśōŜŗřŝōśŜőŗŖśŘŗśōŌŊšśŐʼnŚōŐŗŔŌōŚśŘŚőŗŚŜŗŞŗŜőŖŏŴıŖŋŗŝŖŜőŖŏ ŞŗŜōśŲŜŐōīŗŕŘʼnŖšʼnŊőŌōŌśŜŚőŋŜŔšŊšőŜśŗşŖŏŝőŌōŔőŖōŗŎŗŖōśŐʼnŚōŗŖōŞŗŜōŊʼnśőśʼnŖŌʼnŘŘŚŗŞʼnŔşʼnś ŊʼnśōŌŗŖŕʼnŒŗŚőŜšŞŗŜōŴļŐōŞŗŜōşʼnśŋŗŝŖŜōŌʼnśŗŖōŞŗŜōŘōŚśŐʼnŚōʼnŖŌŜŐōŚōśŗŔŝŜőŗŖşʼnśŊšŜŐōŕʼnŒŗŚőŜš ŞŗŜōśŴıŎŜŐōŞŗŜōśşōŚōōřŝʼnŔŲŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōŕōōŜőŖŏşŗŝŔŌŐʼnŞōŗŖōŞŗŜōŜŗŌōŋőŌōŊōśőŌōśŜŐō ŞŗŜōśōŖŜőŜŔōŌŜŗʼnśśŐʼnŚōŐŗŔŌōŚśŴ ļŐōīŗŕŘʼnŖšÝśĻōŋŚōŜʼnŚšŚōŋŗŚŌōŌŜŐōŚōśŗŔŝŜőŗŖśŗŎŜŐōŕōōŜőŖŏŊšŋŔʼnśśőŎšőŖŏőŖŜŗʼnŘŘŚŗŞʼnŔŞŗŜōśŲ ŗŊŒōŋŜőŗŖŞŗŜōśʼnŖŌʼnŊśŜōŖŜőŗŖŞŗŜōśŎŗŚōʼnŋŐʼnŏōŖŌʼnőŖşŚőŜőŖŏʼnŖŌʼnŔśŗŚōŋŗŚŌōŌőŖŌōŜʼnőŔśĢŜŐōřŝōśŜőŗŖśŲ ŜŐōʼnŖśşōŚśʼnŖŌŜŐōŗŘőŖőŗŖśŕʼnŌōŌŝŚőŖŏŜŐōŕōōŜőŖŏŴĺōśŗŔŝŜőŗŖśşőŜŐŞŗŜőŖŏŚōśŝŔŜśşōŚōŚōŋŗŚŌōŌőŖ ŜŐōśŐʼnŚōŐŗŔŌōŚśÝŕōōŜőŖŏŕőŖŝŜōśŴļŐōb`abĩįĵÝśŌŝŚʼnŜőŗŖşʼnśŎŗŚʼnŘŘŚŗŠőŕʼnŜōŔšbųcŐŗŝŚśŲőŖşŐőŋŐŜŐō ŚōŏőśŜŚʼnŜőŗŖśŜʼnŚŜōŌʼnŜabŴc`ŘŕŴļŐōŕōōŜőŖŏŋŗŕŕōŖŋōŌʼnŜaeŴ``ŐŚŴʼnŖŌōŖŌōŌʼnŜagŴc`ŐŚŴ Post AGM ijīĭśŝŊŕőŜśŜŐōŚōśŗŔŝŜőŗŖŗŎŜŐōĩįĵŜŐŚŗŝŏŐŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŜŗŊōŘŗśŜōŌŗŖŜŐō śʼnŕōŌʼnšŎŗŚŜŐōŌőśśōŕőŖʼnŜőŗŖŗŎŜŐōőŖŎŗŚŕʼnŜőŗŖŴ ĿőŜŐőŖadŌʼnšśŘŗśŜĩįĵŲŜŐōŚōśŗŔŝŜőŗŖśʼnŖŌŜŐōŞŗŜőŖŏŚōśŝŔŜśŗŎŜŐōĩįĵŜŗŏōŜŐōŚşőŜŐŜŐōŌōŜʼnőŔōŌ ŚōŋŗŚŌŗŎŜŐōřŝōśŜőŗŖśŲŜŐōʼnŖśşōŚśŲŜŐōŋŗŕŕōŖŜśʼnŖŌŜŐōŗŘőŖőŗŖśŌŝŚőŖŏŜŐōŕōōŜőŖŏşōŚōŚōŘŗŚŜōŌŜŗ ŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŮĻĭļůʼnŖŌŜŐōĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏōīŗŕŕőśśőŗŖŮĻĭīůʼnŖŌşōŚōʼnŔśŗ ŘŗśŜōŌőŖŜŐōŋŗŕŘʼnŖšÝśşōŊśőŜōĢşşşŴœŋōŜŐʼnőŴőŖŴŜŐŴ ĮŗŚŜŐōĩįĵŐōŔŌőŖb`abŲŜŐōļŐʼnőıŖŞōśŜŗŚśĩśśŗŋőʼnŜőŗŖʼnŖŌŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŚʼnŜōŌ ijīĭĩįĵb`abőŖŜŐōßľōŚšįŗŗŌàŋʼnŜōŏŗŚšŲşőŜŐʼnśŋŗŚōőŖŜŐōŚʼnŖŏōŗŎh`ųhiŴļŐōŚōŋŗŕŕōŖŌʼnŜőŗŖś ŕʼnŌōŜŐŚŗŝŏŐŜŐōʼnśśōśśŕōŖŜşőŔŔŊōőŖŜōŏŚʼnŜōŌőŖŎŝŜŝŚōĩįĵŎŗŚŎŝŚŜŐōŚőŕŘŚŗŞōŕōŖŜŴ

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2. Equitable Treatment of Shareholders ijīĭŚōŋŗŏŖőŢōśŜŐōőŕŘŗŚŜʼnŖŋōŗŎʼnŔŔśŐʼnŚōŐŗŔŌōŚśʼnŖŌʼnŌŐōŚōśŜŗŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŘŚʼnŋŜőŋōŜŗ ōŖśŝŚōŜŐōōřŝőŜʼnŊŔōŜŚōʼnŜŕōŖŜŗŎʼnŔŔśŐʼnŚōŐŗŔŌōŚśŴļŐōŚōőśŖŗŌőśŋŚőŕőŖʼnŜőŗŖŗŎśŐʼnŚōŐŗŔŌōŚśşŐōŜŐōŚŕʼnŒŗŚ ŗŚŕőŖŗŚŲŎŗŚōőŏŖŗŚőŖśŜőŜŝŜőŗŖʼnŔŴļŐōśŐʼnŚōŐŗŔŌōŚśʼnŚōŘŚŗŜōŋŜōŌŎŚŗŕʼnŊŝśőŞōʼnŋŜőŗŖŊšŲŗŚőŖŜŐōőŖŜōŚōśŜ ŗŎŋŗŖŜŚŗŔŔőŖŏśŐʼnŚōŐŗŔŌōŚśʼnŋŜőŖŏŌőŚōŋŜŔšŗŚőŖŌőŚōŋŜŔšŴijīĭÝśŏŝőŌōŔőŖōŜŗŎŗśŜōŚōřŝőŜʼnŊŔōŜŚōʼnŜŕōŖŜŗŎ śŐʼnŚōŐŗŔŌōŚśőŖŋŔŝŌōśŜŐōŎŗŔŔŗşőŖŏŴ 2.1 Designation of proxies to the Annual General Meeting of Shareholders ĩŔŔśŐʼnŚōŐŗŔŌōŚśŚōŋōőŞōŌōřŝőŜʼnŊŔōʼnŖŌŎʼnőŚŜŚōʼnŜŕōŖŜʼnŖŌŜŗŕʼnőŖŜʼnőŖŜŐōŚőŏŐŜśŜŗŜŐōĩįĵ ōőŜŐōŚőŖŘōŚśŗŖŗŚŊšŘŚŗŠšŴĻŐʼnŚōŐŗŔŌōŚśŕʼnšʼnŔśŗŌōŔōŏʼnŜōŜŐōőŚŞŗŜōśŜŗʼnŖšŗŎŜŐōijīĭőŖŌōŘōŖŌōŖŜ ŌőŚōŋŜŗŚśŴļŐōŖʼnŕōśʼnŖŌŌōŜʼnőŔśŗŎōʼnŋŐőŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚşōŚōśōŖŜşőŜŐŜŐōŘŚŗŠšŎŗŚŕśʼnś ŌōŎőŖōŌŊšŜŐōĵőŖőśŜŚšŗŎīŗŕŕōŚŋōşőŜŐŗŝŜŋŗŖŌőŜőŗŖŴĩŔŔőŖŎŗŚŕʼnŜőŗŖşʼnśŘŚŗŞőŌōŌŊŗŜŐőŖļŐʼnőʼnŖŌ őŖĭŖŏŔőśŐŴĩŔŔŌŗŋŝŕōŖŜśśōŖŜŜŗŎŗŚōőŏŖśŐʼnŚōŐŗŔŌōŚśşōŚōŜŚʼnŖśŔʼnŜōŌőŖŜŗĭŖŏŔőśŐŴļŐōīŗŕŘʼnŖšÝś ŘŚŗŠšŎŗŚŕśŋŗŕŘŔšşőŜŐŜŐōŚōŏŝŔʼnŜőŗŖśŗŎŜŐōĪŝśőŖōśśĬōŞōŔŗŘŕōŖŜĪŝŚōʼnŝŗŎŜŐōĵőŖőśŜŚšŗŎ ŋŗŕŕōŚŋōşŐőŋŐŚōŋŗŕŕōŖŌōŌŜŐʼnŜōʼnŋŐʼnŏōŖŌʼnŋʼnŖŊōŞŗŜōŌśŘōŋőŎőŋʼnŔŔšʼnŖŌśōŘʼnŚʼnŜōŔšŴıŖb`abŲ ŜŐōŘŚŗŠšŎŗŚŕśśōŖŜşőŜŐĩŖŖŝʼnŔĺōŘŗŚŜŜŗʼnŔŔśŐʼnŚōŐŗŔŌōŚśagŌʼnšśŘŚőŗŚŜŗŜŐōĩįĵŋŗŖŜʼnőŖŜŐō ŎŗŔŔŗşőŖŏőŖśŜŚŝŋŜőŗŖśŎŗŚŜŐōśŐʼnŚōŐŗŔŌōŚśĢ 1. In the event that the shareholder is a natural person:         

        

aŴaĩŜŜōŖŌʼnŖŋōőŖŘōŚśŗŖĢĩŞʼnŔőŌŗŎŎőŋőʼnŔıĬŋʼnŚŌőŖşŐōŚōʼnŘŐŗŜŗŏŚʼnŘŐőśśŐŗşŖŲōŴŏŴŘōŚśŗŖʼnŔ  ıĬŋʼnŚŌŲŌŚőŞōŚŔőŋōŖśōŲŗŚŘʼnśśŘŗŚŜŴ aŴbĩŜŜōŖŌʼnŖŋōŊšŘŚŗŠšĢ  ŮʼnůʼnŘŚŗŠšŎŗŚŕŲŜŐōŎŗŚŕŗŎşŐőŋŐőśʼnŜŜʼnŋŐōŌŐōŚōŜŗŜŗŏōŜŐōŚşőŜŐŜŐōŖŗŜőŋōŎŗŚŋʼnŔŔőŖŏ   ŜŐōʼnŖŖŝʼnŔŏōŖōŚʼnŔŕōōŜőŖŏŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśŲŜŐʼnŜőśŋŗŕŘŔōŜōŔšŎőŔŔōŌŲśőŏŖōŌŊš   ŜŐōŘŚŗŠšŏŚʼnŖŜŗŚŮŜŐōśŐʼnŚōŐŗŔŌōŚůʼnŖŌŜŐōŘŚŗŠšģ  ŮŊůʼnŋŗŘšŗŎŜŐōŘŚŗŠšŏŚʼnŖŜŗŚÝśŗŎŎőŋőʼnŔıĬŋʼnŚŌʼnśŚōŎōŚŚōŌŜŗőŖaŴaŋōŚŜőŎőōŌŜŚŝōʼnŖŌ   ŋŗŚŚōŋŜŊšŜŐōŘŚŗŠšŏŚʼnŖŜŗŚģʼnŖŌ  ŮŋůʼnŖŗŚőŏőŖʼnŔŗŎŜŐōŘŚŗŠšÝśŗŎŎőŋőʼnŔıĬŋʼnŚŌʼnśŚōŎōŚŚōŌŜŗőŖaŴaŴ

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

         

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bŴaĩŜŜōŖŌʼnŖŋōőŖŘōŚśŗŖŊšʼnŖʼnŝŜŐŗŚőŢōŌŚōŘŚōśōŖŜʼnŜőŞōŗŎŜŐōśŐʼnŚōŐŗŔŌōŚĢ  ŮʼnůʼnŖŗŚőŏőŖʼnŔŗŎśŝŋŐʼnŝŜŐŗŚőŢōŌŚōŘŚōśōŖŜʼnŜőŞōÝśŗŎŎőŋőʼnŔıĬŋʼnŚŌʼnśŚōŎōŚŚōŌŜŗőŖaŴaģʼnŖŌ  ŮŊůʼnŋŗŘšŗŎŜŐōĩŎŎőŌʼnŞőŜŗŚīōŚŜőŎőŋʼnŜōŗŎıŖŋŗŚŘŗŚʼnŜőŗŖŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśŐŗşőŖŏŜŐō   ŖʼnŕōŗŎśŝŋŐʼnŝŜŐŗŚőŢōŌŚōŘŚōśōŖŜʼnŜőŞōʼnśʼnŘōŚśŗŖŐʼnŞőŖŏŘŗşōŚʼnŖŌʼnŝŜŐŗŚőŜšŜŗ   ʼnŋŜŗŖŜŐōśŐʼnŚōŐŗŔŌōŚÝśŊōŐʼnŔŎʼnŖŌśŝŋŐŋŗŘšŗŎŜŐōĩŎŎőŌʼnŞőŜŗŚīōŚŜőŎőŋʼnŜōŗŎıŖŋŗŚŘŗŚʼnŜőŗŖ   ŕŝśŜŊōŋōŚŜőŎőōŌŜŚŝōʼnŖŌŋŗŚŚōŋŜŊšśŝŋŐʼnŝŜŐŗŚőŢōŌŚōŘŚōśōŖŜʼnŜőŞōŴ bŴbĩŜŜōŖŌʼnŖŋōŊšŘŚŗŠšĢ  ŮʼnůʼnŘŚŗŠšŎŗŚŕŲŜŐōŎŗŚŕŗŎşŐőŋŐőśʼnŜŜʼnŋŐōŌŐōŚōŜŗŜŗŏōŜŐōŚşőŜŐŜŐōŖŗŜőŋōŎŗŚŋʼnŔŔőŖŏ   ŜŐōʼnŖŖŝʼnŔŏōŖōŚʼnŔŕōōŜőŖŏŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśŲŜŐʼnŜőśŋŗŕŘŔōŜōŔšŎőŔŔōŌŲśőŏŖōŌŊš   ŜŐōŘŚŗŠšŏŚʼnŖŜŗŚŮŜŐōśŐʼnŚōŐŗŔŌōŚůʼnŖŌŜŐōŘŚŗŠšģ

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ŮŊůʼnŋŗŘšŗŎŜŐōĩŎŎőŌʼnŞőŜŗŚīōŚŜőŎőŋʼnŜōŗŎıŖŋŗŚŘŗŚʼnŜőŗŖŗŎŜŐōśŐʼnŚōŐŗŔŌōŚśŐŗşőŖŏŜŐʼnŜ  ŜŐōŖʼnŕōŗŎŜŐōŘōŚśŗŖşŐŗśőŏŖśőŖŜŐōŘŚŗŠšŎŗŚŕʼnśŜŐōŘŚŗŠšŏŚʼnŖŜŗŚőśʼnŖʼnŝŜŐŗŚőŢōŌ  ŚōŘŚōśōŖŜʼnŜőŞōŗŎŜŐōśŐʼnŚōŐŗŔŌōŚŐʼnŞőŖŏŘŗşōŚʼnŖŌʼnŝŜŐŗŚőŜšŜŗʼnŋŜŗŖŜŐōśŐʼnŚōŐŗŔŌōŚÝś  ŊōŐʼnŔŎʼnŖŌśŝŋŐŋŗŘšŗŎŜŐōĩŎŎőŌʼnŞőŜŗŚīōŚŜőŎőŋʼnŜōŗŎőŖŋŗŚŘŗŚʼnŜőŗŖŕŝśŜŊōŋōŚŜőŎőōŌ  ŜŚŝōʼnŖŌŋŗŚŚōŋŜŊšśŝŋŐʼnŝŜŐŗŚőŢōŌŚōŘŚōśōŖŜʼnŜőŞōģʼnŖŌ ŮŋůʼnŖŗŚőŏőŖʼnŔŗŎŜŐōŘŚŗŠšÝśŗŎŎőŋőʼnŔıĬŋʼnŚŌʼnśŚōŎōŚŚōŌŜŗőŖaŴa

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

         

         

ĸŚŗŞőśőŗŖśśŘōŋőŎőōŌőŖŘʼnŚʼnŏŚʼnŘŐśŖŗśŴaʼnŖŌbʼnŊŗŞōśŐʼnŔŔŊōʼnŘŘŔőōŌŕŝŜʼnŜőśŕŝŜʼnŖŌőś ŜŗʼnŖŗŖųļŐʼnőśŐʼnŚōŐŗŔŌōŚŗŚŲʼnśŜŐōŋʼnśōŕʼnšŲŊōʼnśŐʼnŚōŐŗŔŌōŚşŐőŋŐőśŒŝŚőśŜőŋŘōŚśŗŖ őŖŋŗŚŘŗŚʼnŜōŌŝŖŌōŚŎŗŚōőŏŖŔʼnşśśŝŊŒōŋŜŜŗŜŐōŎŗŔŔŗşőŖŏŋŗŖŌőŜőŗŖśĢ  ŮʼnůĩŎŎőŌʼnŞőŜŗŚīōŚŜőŎőŋʼnŜōŗŎıŖŋŗŚŘŗŚʼnŜőŗŖŗŎśŝŋŐŒŝŚőśŜőŋŘōŚśŗŖŕʼnšŊōőśśŝōŌŊšōőŜŐōŚ   ŜŐōŏŗŞōŚŖŕōŖŜʼnŔʼnŝŜŐŗŚőŜšŗŎŜŐōŋŗŝŖŜŚšőŖşŐōŚōśŝŋŐŒŝŚőśŜőŋŘōŚśŗŖőśśőŜŝʼnŜōŌŗŚ   ŊšʼnŖŗŎŎőŋōŚŗŎśŝŋŐŒŝŚőśŜőŋŘōŚśŗŖŲŘŚŗŞőŌōŌŜŐʼnŜśŝŋŐʼnŖĩŎŎőŌʼnŞőŜŗŚīōŚŜőŎőŋʼnŜōŗŎ   ıŖŋŗŚŘŗŚʼnŜőŗŖŕŝśŜŋŗŖŜʼnőŖŜŐōŖʼnŕōŗŎŜŐōŒŝŚőśŜőŋŘōŚśŗŖŲŜŐōʼnŌŌŚōśśŗŎŜŐōŐōʼnŌ   ŗŎŎőŋōŗŎŜŐōŒŝŚőśŜőŋŘōŚśŗŖŲʼnŖŌŜŐōŖʼnŕōŮśůŗŎŜŐōŘōŚśŗŖŮśůŐʼnŞőŖŏʼnŝŜŐŗŚőŜšŜŗśőŏŖ   ŗŖŊōŐʼnŔŎŗŎŜŐōŒŝŚőśŜőŋŘōŚśŗŖŜŗŏōŜŐōŚşőŜŐʼnŖšŚōśŜŚőŋŜőŗŖśŗŚŋŗŖŌőŜőŗŖśŗŎŜŐōŘŗşōŚ   ŗŎśŝŋŐŘōŚśŗŖŮśůģʼnŖŌ  ŮŊůĭŖŏŔőśŐŜŚʼnŖśŔʼnŜőŗŖőśŚōřŝőŚōŌŜŗŊōʼnŜŜʼnŋŐōŌŎŗŚʼnŖšŗŚőŏőŖʼnŔŌŗŋŝŕōŖŜşŐőŋŐőśŖŗŜ   ŕʼnŌōőŖĭŖŏŔőśŐʼnŖŌśŝŋŐŜŚʼnŖśŔʼnŜőŗŖŕŝśŜŊōŋōŚŜőŎőōŌŊšŜŐōʼnŝŜŐŗŚőŢōŌŚōŘŚōśōŖŜʼnŜőŞōŮśů   ŗŎśŝŋŐŒŝŚőśŜőŋŘōŚśŗŖŴ

2.2 Facilitation for the shareholders to attend AGM ijīĭōŖśŝŚōśŜŐōōřŝőŜʼnŊŔōŜŚōʼnŜŕōŖŜŗŎʼnŔŔśŐʼnŚōŐŗŔŌōŚśŲőŖŋŔŝŌőŖŏŕőŖŗŚőŜšʼnŖŌŎŗŚōőŏŖśŐʼnŚōŐŗŔŌōŚśŴ ĩŔŔśŐʼnŚōŐŗŔŌōŚśŐʼnŞōŜŐōŚőŏŐŜŜŗŎʼnőŚŘŚʼnŋŜőŋōşőŜŐŗŝŜŌőśŋŚőŕőŖʼnŜőŗŖŴ ĺōŏőśŜŚʼnŜőŗŖŜŗʼnŜŜōŖŌŜŐōĩįĵŊōŏʼnŖb ŐŗŝŚśŘŚőŗŚŜŗŜŐōŋŗŕŕōŖŋōŕōŖŜŗŎŜŐōŕōōŜőŖŏʼnŖŌ ŋŗŖŜőŖŝōŌŜŐŚŗŝŏŐŜŐōōŖŌŗŎŜŐōĩįĵŴĩįĵŚōŏőśŜŚʼnŜőŗŖśŜʼnŚŜōŌʼnŜabŴc`ŐŚśŴʼnŜŜŐōĪʼnŔŔŚŗŗŕĪŲŲĿōśŜőŖ įŚʼnŖŌĻŝœŐŝŕŞőŜİŗŜōŔŴļŐōŞōŖŝōşʼnśŋŐŗśōŖŎŗŚŜŐōĩįĵŎŗŚőŜśŋŗŖŞōŖőōŖŜŔŗŋʼnŜőŗŖʼnŖŌŜŗŎʼnŋőŔőŜʼnŜō ʼnŋŋōśśőŊőŔőŜšŎŗŚŜŐōśŐʼnŚōŐŗŔŌōŚśŴ ijīĭśŜʼnŎŎşʼnśŘŚōśōŖŜōŌʼnŜŜŐōŕōōŜőŖŏŜŗŘŚŗŞőŌōőŖŎŗŚŕʼnŜőŗŖŚōŏʼnŚŌőŖŏŚōŏőśŜŚʼnŜőŗŖŲŜŗŋŗŔŔōŋŜ ʼnŖŌŜŗŋŗŝŖŜŞŗŜōŊʼnŔŔŗŜśŲŜŗŋŗŔŔōŋŜřŝōśŜőŗŖśʼnŖŌŜŗŘŚŗŞőŌōʼnŖšʼnśśőśŜʼnŖŋōŜŐʼnŜşōŚōŚōřŝőŚōŌŴ  

ä ijīĭŗŚŏʼnŖőŢōŌʼnśšśŜōŕʼnŜőŋʼnŖŌōŎŎōŋŜőŞōŊʼnŚŋŗŌōŚōŏőśŜŚʼnŜőŗŖŘŚŗŋōśśŜŗŎʼnŋőŔőŜʼnŜōŜŐō śŐʼnŚōŐŗŔŌōŚśʼnŜŜōŖŌőŖŏŜŐōŕōōŜőŖŏŴĻŐʼnŚōŐŗŔŌōŚśʼnŖŌŜŐōőŚŘŚŗŠőōśşōŚōōŠŘōŌőŜōŌŜŐŚŗŝŏŐ ŜŐōŚōŏőśŜŚʼnŜőŗŖŘŚŗŋōśśşőŜŐʼnŔʼnŚŏōŖŝŕŊōŚŗŎśŜʼnŎŎŗŖŐʼnŖŌŜŗŎʼnŋőŔőŜʼnŜōŜŐōŘŚŗŋōśśŴ ä ĩŔŔśŐʼnŚōŐŗŔŌōŚśʼnŖŌŘŚŗŠőōśşōŚōŘŚŗŞőŌōŌşőŜŐŜŐōŞŗŜőŖŏśŔőŘśŲŗŖōŎŗŚōʼnŋŐʼnŏōŖŌʼnŴ ä ĻŐʼnŚōŐŗŔŌōŚśşōŚōŗŎŎōŚōŌśŖʼnŋœśŲśŗŝŞōŖőŚśʼnŖŌŚōŎŚōśŐŕōŖŜśŴ

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Voting Cards Procedure at the AGM ijīĭŝśōśŞŗŜőŖŏŋʼnŚŌśŎŗŚʼnŔŔĵōōŜőŖŏʼnŏōŖŌʼnśʼnŖŌŚōŜʼnőŖōŌŞŗŜőŖŏŋʼnŚŌśŗŎŜŐŗśōşŐŗ ŌőŌŖŗŜʼnŏŚōōşőŜŐĵōōŜőŖŏŚōśŗŔŝŜőŗŖśŗŚʼnŊśŜʼnőŖōŌŎŚŗŕōŠōŚŋőśőŖŏŜŐōőŚŚőŏŐŜśŴĮŗŚŜŐōĬőŚōŋŜŗŚ ĭŔōŋŜőŗŖĩŏōŖŌʼnŲŜŐōŘŚŗŘŗśōŌŖŗŕőŖōōśŜŗŚōŘŔʼnŋōŞʼnŋʼnŖŋőōśʼnŚőśőŖŏŊšŚŗŜʼnŜőŗŖşōŚōŋŗŖśőŌōŚōŌ őŖŌőŞőŌŝʼnŔŔšŴ 2.3 Prevention of use of internal information by directors and staff. ĵōʼnśŝŚōśŐʼnŞōŊōōŖŜʼnœōŖŜŗŘŚōŞōŖŜőŖśőŌōŚŜŚʼnŌőŖŏʼnŖŌŜŐōŕőśŝśōŗŎőŖŜōŚŖʼnŔőŖŎŗŚŕʼnŜőŗŖ ŊšŜŐōīŗŕŘʼnŖšÝśĪŗʼnŚŌŕōŕŊōŚśŲŕʼnŖʼnŏōŕōŖŜʼnŖŌśŜʼnŎŎőŖŋŔŝŌőŖŏŜŐōőŚśŘŗŝśōśʼnŖŌŜŐōőŚŝŖŌōŚųʼnŏōŌ ŋŐőŔŌŚōŖŴĪŗʼnŚŌŕōŕŊōŚśʼnŖŌŜŐŗśōşŐŗŐʼnŞōŚōŜőŚōŌŎŚŗŕŗŎŎőŋōŗŎŖŗŕŗŚōŜŐʼnŖfŕŗŖŜŐśʼnŚō ŘŚŗŐőŊőŜōŌŎŚŗŕŕʼnœőŖŏʼnŖšŜŚʼnŖśʼnŋŜőŗŖśőŖŚōŏʼnŚŌśŜŗijīĭśŐʼnŚōśŎŚŗŕaŕŗŖŜŐŘŚőŗŚʼnŖŌcŌʼnšś ŘŗśŜųŌőśŋŔŗśŝŚōŗŎŜŐōīŗŕŘʼnŖšÝśŎőŖʼnŖŋőʼnŔŘōŚŎŗŚŕʼnŖŋōŴļŐōīŗŕŘʼnŖšÝśĪŗʼnŚŌŕōŕŊōŚśʼnŖŌőŜś ōŠōŋŝŜőŞōśʼnŚōŚōřŝőŚōŌŜŗŌőśŋŔŗśōŜŐōőŚőŖŞōśŜŕōŖŜśőŖijīĭśŐʼnŚōśŴĺōŘŗŚŜśŗŎŜŐōőŚŐŗŔŌőŖŏŕŝśŜ ŊōŝŘŌʼnŜōŌʼnŖŌśŝŊŕőŜŜōŌŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŗŖʼnŚōŏŝŔʼnŚŊʼnśőśŴĩŔŔŌőŚōŋŜŗŚśʼnŖŌōŠōŋŝŜőŞōś ʼnŚōŜŗŌőśŋŔŗśōŜŗŜŐōŊŗʼnŚŌşŐōŜŐōŚŜŐōšʼnŖŌŜŐōőŚŚōŔʼnŜōŌŘʼnŚŜőōśŐʼnŞōőŖŜōŚōśŜőŖʼnŖšŜŚʼnŖśʼnŋŜőŗŖŗŚ ŕʼnŜŜōŚŌőŚōŋŜŔšʼnŎŎōŋŜőŖŏŜŐōŋŗŕŘʼnŖšŴļŐōŚōşōŚōŖŗŚōŔʼnŜōŌųŘʼnŚŜšŜŚʼnŖśʼnŋŜőŗŖśőŖb`abŴ Penalty regarding the use of internal information by executives and employee ä ļŐōīŗŕŘʼnŖšŐʼnśőŖśŜőŜŝŜōŌŕōʼnśŝŚōśŜŗŘŚōŞōŖŜŜŐōŝśōŗŎŜŐōīŗŕŘʼnŖšÝśőŖŎŗŚŕʼnŜőŗŖ ŊšŘŚŗŐőŊőŜőŖŏŜŐōŝŖőŜśŜŗşŐőŋŐŜŐōőŖŎŗŚŕʼnŜőŗŖőśŕʼnŌōœŖŗşŖŎŚŗŕŌőśŋŔŗśőŖŏśŝŋŐ őŖŎŗŚŕʼnŜőŗŖŜŗőŚŚōŔōŞʼnŖŜŝŖőŜśŗŚŘōŚśŗŖśŴ ä ļŐōīŗŕŘʼnŖšōŠōŋŝŜőŞōśşŐŗŗŊŜʼnőŖŜŐōīŗŕŘʼnŖšÝśŎőŖʼnŖŋőʼnŔőŖŎŗŚŕʼnŜőŗŖśŐʼnŔŔŖŗŜ ŘōŚśŗŖʼnŔŔšŝśōśŝŋŐőŖŎŗŚŕʼnŜőŗŖŘŚőŗŚŜŗŘŝŊŔőŋŌőśŋŔŗśŝŚōʼnŖŌşőŔŔŚōŎŚʼnőŖŎŚŗŕŜŐōŜŚʼnŌőŖŏ ŗŎŜŐōīŗŕŘʼnŖšÝśśōŋŝŚőŜőōśŎŗŚʼnŘōŚőŗŌŗŎŗŖōŕŗŖŜŐŘŚőŗŚŜŗŜŐōŘŝŊŔőŋŌőśŋŔŗśŝŚōŗŎŜŐō īŗŕŘʼnŖšÝśŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜśŴ ä ĽŘŗŖŜŐōŔőśŜőŖŏŗŎŜŐōīŗŕŘʼnŖšÝśśōŋŝŚőŜőōśŗŖŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŲŜŐō īŗŕŘʼnŖšŚōřŝőŚōśŜŐʼnŜŜŐōŌőŚōŋŜŗŚśʼnŖŌōŠōŋŝŜőŞōśśŐʼnŔŔŐʼnŞōŜŐōŌŝŜšŜŗŚōŘŗŚŜŜŐōőŚ ŐŗŔŌőŖŏŗŎŜŐōīŗŕŘʼnŖšśōŋŝŚőŜőōśŝŖŌōŚĻōŋŜőŗŖeiŗŎŜŐōĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏō ĩŋŜĪŴĭŴbeceʼnŖŌśŐʼnŔŔŋŗŕŘŔšşőŜŐŜŐōĶŗŜőŎőŋʼnŜőŗŖŗŎŜŐōķŎŎőŋōŗŎŜŐōĻōŋŝŚőŜőōśʼnŖŌ ĭŠŋŐʼnŖŏōīŗŕŕőśśőŗŖĶŗŴĻŗŚIJŗŚadŵbed`ŲŌʼnŜōŌĵʼnšbaŲaiigŚōĢĸŚōŘʼnŚʼnŜőŗŖʼnŖŌ ĬőśŋŔŗśŝŚōŗŎŜŐōİŗŔŌőŖŏŗŎĻōŋŝŚőŜőōśŴĶŗŖųŋŗŕŘŔőʼnŖŋōşőŜŐŜŐőśŘŚŗŞőśőŗŖşőŔŔŊō śŝŊŒōŋŜŜŗʼnŘōŖʼnŔŜšŝŖŌōŚŜŐōĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏōĩŋŜĪŴĭŴbeceʼnŖŌŝŖŌōŚŜŐō ŚōřŝőŚōŕōŖŜśŗŎŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŴļŐōīŗŕŘʼnŖšşőŔŔʼnŔśŗŜʼnœōŘŚŗŘōŚ ŌőśŋőŘŔőŖʼnŚšʼnŋŜőŗŖĢŞōŚŊʼnŔŗŚşŚőŜŜōŖŚōŘŚőŕʼnŖŌŲŘŚŗŊʼnŜőŗŖŲŜōŚŕőŖʼnŜőŗŖŗŎōŕŘŔŗšŕōŖŜ ŊšśŝŕŕʼnŚšŌőśŕőśśʼnŔŲŌőśŋŐʼnŚŏōŗŚŌōŘŗśőŜőŗŖŲʼnŏʼnőŖśŜŜŐōŘōŚśŗŖśşŐŗʼnŋřŝőŚō ŊōŖōŎőŜőŖŝśőŖŏŗŚŌőśŋŔŗśőŖŏŜŐōīŗŕŘʼnŖšÝśőŖŜōŚŖʼnŔőŖŎŗŚŕʼnŜőŗŖŲşŐőŋŐŕʼnšŋʼnŝśō ŌʼnŕʼnŏōŜŗŜŐōīŗŕŘʼnŖšŴļŐōśōŞōŚőŜšŗŎŘŝŖőśŐŕōŖŜśŐʼnŔŔŊōʼnŘŘŚŗŘŚőʼnŜōŜŗŜŐōőŖŜōŖŜőŗŖ ʼnŖŌśōŞōŚőŜšŗŎśŝŋŐŗŎŎōŖŋōŴ Conflict of interest and Related Party Transaction ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŌŗōśŖŗŜʼnŔŔŗşŌőŚōŋŜŗŚśŲōŠōŋŝŜőŞōśʼnŖŌśŜʼnŎŎŜŗśōōœŘōŚśŗŖʼnŔŏʼnőŖś ŗŚŜŗōŖŏʼnŏōőŖŊŝśőŖōśśőŖŌőŚōŋŜŋŗŕŘōŜőŜőŗŖşőŜŐŜŐōŋŗŕŘʼnŖšŗŚőŖŜŚʼnŖśʼnŋŜőŗŖśŜŐʼnŜŕʼnšŔōʼnŌŜŗ

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ʼnŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜśşőŜŐŜŐōīŗŕŘʼnŖšŴıŎśŝŋŐʼnŜŚʼnŖśʼnŋŜőŗŖőśŝŖʼnŞŗőŌʼnŊŔōŲŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚś śŐʼnŔŔōŖśŝŚōŜŐʼnŜŜŐōŜŚʼnŖśʼnŋŜőŗŖőśŋʼnŚŚőōŌŗŝŜşőŜŐŜŚʼnŖśŘʼnŚōŖŋšʼnŖŌŎʼnőŚŖōśśśőŕőŔʼnŚŜŗŜŚʼnŖśʼnŋŜőŗŖś ŋʼnŚŚőōŌŗŝŜşőŜŐŝŖŚōŔʼnŜōŌŘʼnŚŜőōśŴıŖʼnŔŔŕōōŜőŖŏśőŖŋŔŝŌőŖŏĩįĵŕōōŜőŖŏŲŜŐōŜŐőŚŌŘʼnŚŜšşŐŗ ŕʼnšŐʼnŞōŋŗŖŎŔőŋŜśŲőŖŜōŚōśŜśŗŚʼnŖšŗŜŐōŚŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜőśŜŗőŖŎŗŚŕŜŐōŕōŕŊōŚśŗŎŜŐō ŕōōŜőŖŏŗŎŜŐōŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜŗŚŚōŔʼnŜōŌŖōśśʼnŖŌőśŜŗŚōŎŚʼnőŖŎŚŗŕŋŗŖśőŌōŚőŖŏŗŚʼnŘŘŚŗŞőŖŏ ŜŐʼnŜŜŚʼnŖśʼnŋŜőŗŖŴ ļŐōīŗŕŘʼnŖšŎŗŔŔŗşśŜŐōŏŝőŌōŔőŖōśʼnŖŌŘŚŗŋōŌŝŚōśʼnśśŜőŘŝŔʼnŜōŌŊšŜŐōĻĭļśőŖŋō ĻōŘŜōŕŊōŚb``dŜŐʼnŜĢ ä ıŖŎŗŚŕʼnŜőŗŖŌőśŋŔŗśŝŚōőśʼnŕŝśŜģśŐŗŝŔŌŜŐōŚōŊōʼnŖšŚōŔʼnŜőŗŖśŐőŘŜŐʼnŜŎʼnŔŔśşőŜŐőŖŜŐō ŌōŎőŖőŜőŗŖʼnśśŜőŘŝŔʼnŜōŌŊšŜŐōĻĭīŴĬőśŋŔŗśŝŚōőśŕʼnŌōŗŖŜŐōŘōŚśŗŖŗŚōŖŜőŜšŜŐʼnŜ őśŚōŔʼnŜōŌŴ ä ĭʼnŋŐŜőŕōŜŐōŚōőśʼnŖōşŕʼnŖʼnŏōŕōŖŜʼnŘŘŗőŖŜŕōŖŜģŜŐōīŗŕŘʼnŖšĻōŋŚōŜʼnŚšśōŖŌśŜŐō ßĬōŜʼnőŔśŗŎĺōŔʼnŜōŌĸōŚśŗŖśĮŗŚŕàʼnśŘōŚŜŐōĻĭīÝśŏŝőŌōŔőŖōśŚōŔʼnŜőŖŏŜŗőŖŎŗŚŕʼnŜőŗŖ ŌőśŋŔŗśŝŚōŎŗŚŔőśŜōŌŋŗŕŘʼnŖőōśŗŖŚōŔʼnŜōŌŘʼnŚŜšŜŚʼnŖśʼnŋŜőŗŖśŲĪŴĭŴbedfŎŗŚŜŐōŖōşŔš ʼnŘŘŗőŖŜōŌŘōŚśŗŖŜŗŎőŔŔʼnŖŌśőŏŖųŗŎŎŗŖŜŐōőŖŜōŏŚőŜšŗŎőŖŎŗŚŕʼnŜőŗŖŘŚŗŞőŌōŌŴļŐōŌŗŋŝŕōŖŜ őśŜŗŊōŚōŜŝŚŖōŌŜŗŜŐōīŗŕŘʼnŖšÝśĻōŋŚōŜʼnŚšşŐŗőśŚōśŘŗŖśőŊŔōŎŗŚśŝŕŕʼnŚőŢőŖŏŜŐō őŖŎŗŚŕʼnŜőŗŖŗŎŚōŔʼnŜōŌŘōŚśŗŖśʼnŖŌŊŝśőŖōśśōŖŜőŜőōśŎŗŚŚōŞőōşŘŝŚŘŗśōśŴ ä ļŐōőŖŎŗŚŕʼnŜőŗŖŘŚŗŞőŌōŌŜŗōʼnŋŐŊŝśőŖōśśŝŖőŜśōŚŞōśʼnśŚōŎōŚōŖŋōŎŗŚśŋŚōōŖőŖŏ ŘŚŗŘŗśʼnŔśśōōœőŖŏŕʼnŖʼnŏōŕōŖŜŗŚĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŘŘŚŗŞʼnŔŴ ä ĺōŔʼnŜōŌŘʼnŚŜšŜŚʼnŖśʼnŋŜőŗŖśʼnŚōŜŗŊōŌőśŋŔŗśōŌőŖŜŐōĩŖŖŝʼnŔĺōŘŗŚŜŮĮŗŚŕefųbůʼnŖŌ ŜŐōʼnŖŖŝʼnŔŌőśŋŔŗśŝŚōŗŎŜŐōīŗŕŘʼnŖšÝśőŖŎŗŚŕʼnŜőŗŖŮĮŗŚŕefųaůŴļŐōŚōşōŚōŖŗŚōŔʼnŜōŌ ŘʼnŚŜšŜŚʼnŖśʼnŋŜőŗŖőŖb`abŴ ĩŔŔśŐʼnŚōŐŗŔŌōŚśŐʼnŞōōřŝʼnŔʼnŋŋōśśŜŗijīĭőŖŎŗŚŕʼnŜőŗŖŜŐŚŗŝŏŐŞʼnŚőŗŝśŋŐʼnŖŖōŔśŴ ĸŐŗŖōĢ  ffbųcbf`aifųi ĮʼnŠĢ  ffbųcbf`c`` ĿōŊśőŜōĢ  şşşŴœŋōŜŐʼnőŴőŖŴŜŐ ĭųĵʼnőŔĢ  őŖŎŗŚŕʼnŜőŗŖĨœŋōŴŋŗŴŜŐ ĸŗśŜʼnŔĵʼnőŔĢ ĭŠōŋŝŜőŞōśÝķŎŎőŋō   ijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ   abeųabeŵaŲaĵŗŗdĴʼnŜijŚʼnŊʼnŖŏıŖŌŝśŜŚőʼnŔĭśŜʼnŜō   īŐʼnŔŗŖŏœŚŝŖŏĺŗʼnŌŲijşʼnŖŏĴŝŕŘŔʼnŜōş   ĴʼnŜijŚʼnŊʼnŖŏŲĪʼnŖŏœŗœa`eb` 3. Roles of Stakeholders ijīĭőśʼnşʼnŚōŗŎŜŐōŚōśŘŗŖśőŊőŔőŜőōśŜŗŜŐōśŜʼnœōŐŗŔŌōŚśŲŚōśŘōŋŜśŜŐōśŜʼnœōŐŗŔŌōŚśÝŔōŏʼnŔŚőŏŐŜśʼnŖŌ ōŖśŝŚōśŜŐʼnŜŜŐŗśōŚőŏŐŜśʼnŚōŘŚŗŜōŋŜōŌŴļŐōīŗŕŘʼnŖšŘŚŗŞőŌōśŎʼnőŚŜŚōʼnŜŕōŖŜʼnŖŌŜʼnœōśőŖŜŗʼnŋŋŗŝŖŜŜŐō őŖŜōŚōśŜśŗŎŜŐōśŜʼnœōŐŗŔŌōŚśşŐőŋŐőŖŋŔŝŌōŲŊŝŜŖŗŜŔőŕőŜōŌŜŗŲŞʼnŚőŗŝśŏŚŗŝŘśģŜŐōśŐʼnŚōŐŗŔŌōŚśŲŜŐōōŕŘŔŗšōōśŲ ŜŐōŕʼnŖʼnŏōŕōŖŜŲŜŐōŋŝśŜŗŕōŚśŲŜŐōśŝŘŘŔőōŚśŲŜŐōŋŚōŌőŜŗŚśŲŜŐōŋŗŕŕŝŖőŜšŲŜŐōśŗŋőōŜšŲŜŐōŏŗŞōŚŖŕōŖŜŲ ŜŐōōŖŞőŚŗŖŕōŖŜŲŜŐōŘŝŊŔőŋŲōŜŋŴĺōŋŗŏŖőŢőŖŏŜŐōŚŗŔōŗŎijīĭʼnśŗŖōŗŎŜŐōŕʼnŒŗŚļŐʼnőŕʼnŖŝŎʼnŋŜŝŚőŖŏőŖŌŝśŜŚőʼnŔ ŔōʼnŌōŚśŲijīĭŘŔʼnŋōśŜŐōŘŚŗŜōŋŜőŗŖŗŎŜŐōōŖŞőŚŗŖŕōŖŜʼnŖŌśʼnŎōŜšʼnśŗŖōŗŎőŜśŘŚőŗŚőŜőōśŴ

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ļŐōīŗŕŘʼnŖšōŖŋŗŝŚʼnŏōśʼnŋŜőŞōŋŗųŗŘōŚʼnŜőŗŖŊōŜşōōŖŜŐōīŗŕŘʼnŖšʼnŖŌŜŐōśŜʼnœōŐŗŔŌōŚśőŖŋŚōʼnŜőŖŏ şōʼnŔŜŐŲŒŗŊśʼnŖŌŜŐōśŝśŜʼnőŖʼnŊőŔőŜšŗŎŎőŖʼnŖŋőʼnŔŔšśŗŝŖŌōŖŜōŚŘŚőśōʼnŖŌōŖśŝŚōśŜŐʼnŜʼnŔŔŊŝśőŖōśśŌōŋőśőŗŖśʼnŖŌ ʼnŋŜőŗŖśŋŗŕŘŔšşőŜŐʼnŔŔʼnŘŘŔőŋʼnŊŔōŔʼnşśʼnŖŌŚōŏŝŔʼnŜőŗŖśŴĻŜʼnœōŐŗŔŌōŚśŗŎijīĭʼnŚōŜŚōʼnŜōŌŎʼnőŚŔšőŖʼnŋŋŗŚŌʼnŖŋō şőŜŐŜŐōőŚŔōŏʼnŔŚőŏŐŜśʼnśśŘōŋőŎőōŌőŖŚōŔōŞʼnŖŜŔʼnşśŴ ļŐōīŗŕŘʼnŖšśōŜśʼnŋŔōʼnŚŘŗŔőŋšŗŖŎʼnőŚŜŚōʼnŜŕōŖŜŎŗŚōʼnŋŐʼnŖŌōŞōŚšśŜʼnœōŐŗŔŌōŚŴļŐōŚőŏŐŜśŗŎ śŜʼnœōŐŗŔŌōŚśŜŐʼnŜʼnŚōōśŜʼnŊŔőśŐōŌŊšŔʼnşŗŚŜŐŚŗŝŏŐŕŝŜŝʼnŔʼnŏŚōōŕōŖŜśʼnŚōŚōśŘōŋŜōŌŴĩŖšʼnŋŜőŗŖśŜŐʼnŜ ŋʼnŖŊōŋŗŖśőŌōŚōŌőŖŞőŗŔʼnŜőŗŖŗŎśŜʼnœōŐŗŔŌōŚśÝŔōŏʼnŔŚőŏŐŜśʼnŚōŘŚŗŐőŊőŜōŌŴĩŖšŞőŗŔʼnŜőŗŖşőŔŔŊōōŎŎōŋŜőŞōŔš ŚōŌŚōśśōŌŴıŖŜŐōŁōʼnŚb`abŲŜŐōŚōʼnŚōŖŗŔōŏʼnŔőśśŝōśŚōŏʼnŚŌőŖŏʼnŖšŗŎŜŐōśŜʼnœōŐŗŔŌōŚśŴļŐōīŗŕŘʼnŖš ŘŚŗŞőŌōśʼnŕōŋŐʼnŖőśŕŜŐʼnŜśŜʼnœōŐŗŔŌōŚśŋʼnŖőŖŞŗŔŞōőŖőŕŘŚŗŞőŖŏŜŐōŋŗŕŘʼnŖšŘōŚŎŗŚŕʼnŖŋōŜŗōŖśŝŚōŜŐō ŎőŚŕÝśśŝśŜʼnőŖʼnŊőŔőŜšŴıŖŗŚŌōŚŎŗŚśŜʼnœōŐŗŔŌōŚśŜŗŘʼnŚŜőŋőŘʼnŜōōŎŎōŋŜőŞōŔšŲʼnŔŔŚōŔōŞʼnŖŜőŖŎŗŚŕʼnŜőŗŖőśŌőśŋŔŗśōŌŜŗ ŜŐōŕőŖŎŗŚŕefųaŲŜŐōijīĭĩŖŖŝʼnŔĺōŘŗŚŜŲʼnŖŌŜŐōīŗŕŘʼnŖšÝśşōŊśőŜōşşşŴœŋōŜŐʼnőŴőŖŴŜŐŴļŐōśŜʼnœōŐŗŔŌōŚś ŋʼnŖŋŗŕŕŝŖőŋʼnŜōŜŐŚŗŝŏŐŕʼnőŔŲōŕʼnőŔŲŜōŔōŘŐŗŖōŲőŖŜŚʼnŖōŜĢijīĭİŗŕōʼnŖŌŜŐōʼnŊŗŞōŕōŖŜőŗŖōŌşōŊśőŜō ŜŗŜŐōīŗŕŘʼnŖšʼnŖšŋŗŖŋōŚŖśʼnŊŗŝŜőŔŔōŏʼnŔŗŚŝŖōŜŐőŋʼnŔŘŚʼnŋŜőŋōśŲőŖŋŗŚŚōŋŜŎőŖʼnŖŋőʼnŔŚōŘŗŚŜőŖŏŲőŖśŝŎŎőŋőōŖŜ őŖŜōŚŖʼnŔŋŗŖŜŚŗŔŲōŜŋŴļŐōŚőŏŐŜśʼnŖŌŜŐōŋŗŖŎőŌōŖŜőʼnŔőŜšŗŎʼnŖšŘōŚśŗŖşŐŗŋŗŕŕŝŖőŋʼnŜōśśŝŋŐŋŗŖŋōŚŖśşőŔŔ ŊōŘŚŗŜōŋŜōŌŴļŐōŚōşōŚōŖŗŋŗŕŘŔʼnőŖŜśőŖŁōʼnŚb`abŴ ijīĭŐŗŖŗŚśŋŗŕŕőŜŕōŖŜśŜŗśŜʼnœōŐŗŔŌōŚśģŋŗŕŘōŜōśőŖŊŝśőŖōśśŎʼnőŚŔšʼnŖŌōŜŐőŋʼnŔŔšĢŘŚŗŞőŌōśŎʼnőŚʼnŖŌ ōřŝʼnŔŜŚōʼnŜŕōŖŜŜŗōŕŘŔŗšōōśʼnŖŌʼnśśŝŕōśŜŐōŚōśŘŗŖśőŊőŔőŜšŜŗśŗŋőōŜšŴļŐōŘŗŔőŋőōśʼnŚōŋŔōʼnŚŔšśŜʼnŜōŌőŖ ŜŐōīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōİʼnŖŌŊŗŗœŴ Shareholders ijīĭŋŗŖŜőŖŝʼnŔŔšśŜŚőŞōśŎŗŚśŝŘōŚőŗŚŘōŚŎŗŚŕʼnŖŋōŲŜʼnœőŖŏőŖŜŗʼnŋŋŗŝŖŜŜŐōŋŝŚŚōŖŜʼnŖŌŘŗŜōŖŜőʼnŔŚőśœ ōŖŞőŚŗŖŕōŖŜŴıŜőśŗŝŚŌŝŜšŜŗōŖśŝŚōŜŚʼnŖśŘʼnŚōŖŋšőŖijīĭÝśŗŘōŚʼnŜőŗŖʼnŖŌŜŗŌŗŗŝŚŝŜŕŗśŜŜŗśʼnŎōŏŝʼnŚŌ ijīĭÝśʼnśśōŜśʼnŖŌŜŗŝŘŐŗŔŌŗŝŚŚōŘŝŜʼnŜőŗŖŴijīĭŘōŚŎŗŚŕśŌŝŜőōśşőŜŐŐŗŖōśŜšŲőŖŜōŏŚőŜšʼnŖŌŎʼnőŚŖōśśŎŗŚŜŐō ŊōŖōŎőŜŗŎŕʼnŒŗŚʼnŖŌŕőŖŗŚśŐʼnŚōŐŗŔŌōŚśʼnśşōŔŔʼnśŗŜŐōŚŚōŔʼnŜōŌŘʼnŚŜőōśŜŗĢ ä ĵʼnŖʼnŏōŎŗŚśŜʼnŊŔōŔŗŖŏųŜōŚŕśŝśŜʼnőŖʼnŊŔōŏŚŗşŜŐşŐőŔōŕʼnŠőŕőŢőŖŏśŐʼnŚōŐŗŔŌōŚśÝşōʼnŔŜŐŴ ä ijŖŗşŔōŌŏōʼnŊŔšōŠōŋŝŜōŚōśŘŗŖśőŊőŔőŜőōśşőŜŐŝŜŕŗśŜŋʼnŚōʼnŖŌŘŚŗŎōśśőŗŖʼnŔőśŕŴ ä ĻʼnŎōŏŝʼnŚŌŜŐōīŗŕŘʼnŖšÝśʼnśśōŜśŴ ä ĬőśŋŔŗśōśŝŎŎőŋőōŖŜʼnŖŌʼnŋŋŝŚʼnŜōŎőŖʼnŖŋőʼnŔʼnŖŌŖŗŖųŎőŖʼnŖŋőʼnŔőŖŎŗŚŕʼnŜőŗŖŗŖŜŐōīŗŕŘʼnŖšÝśŗŘōŚʼnŜőŖŏ ʼnŖŌŎőŖʼnŖŋőʼnŔśŜʼnŜŝś Employees ijīĭĿŗŚœŎŗŚŋōŚōŘŚōśōŖŜśŜŐōŋŗŕŘʼnŖšÝśŕŗśŜŞʼnŔŝʼnŊŔōʼnśśōŜŴĻŜʼnŎŎŌōŞōŔŗŘŕōŖŜŊŗŜŐŘŚŗŎōśśőŗŖʼnŔŔš ʼnŖŌŘōŚśŗŖʼnŔŔšʼnŚōōŖŋŗŝŚʼnŏōŌśŗŜŐʼnŜijīĭōŕŘŔŗšōōśŋʼnŖʼnŜŜʼnőŖŜŐōŐőŏŐōśŜŔōŞōŔŗŎŋŗŕŘōŜōŖŋōŴijīĭ ōŕŘŔŗšōōśŚōŋōőŞōŎʼnőŚŜŚōʼnŜŕōŖŜşőŜŐśʼnŔʼnŚšʼnŖŌŊōŖōŎőŜśŋŗŕŘʼnŚʼnŊŔōŗŚŊōŜŜōŚŜŗŜŐŗśōőŖŜŐōśʼnŕōőŖŌŝśŜŚšŴ ĭʼnŋŐōŕŘŔŗšōōŚōŋōőŞōśʼnŖĭŕŘŔŗšōōİʼnŖŌŊŗŗœşŐőŋŐŌōŎőŖōśŚŝŔōśŲŚōŏŝŔʼnŜőŗŖśŲŘŚŗŋōŌŝŚōŲʼnŖŌşōŔŎʼnŚō ŎŗŚijīĭÝśōŕŘŔŗšōōśŴļŐōijīĭşōŔŎʼnŚōŋŗŕŕőŜŜōōŔŗŗœśʼnŎŜōŚŜŐōōŕŘŔŗšōōÝśŊōŖōŎőŜśşőŜŐśŝŊŋŗŕŕőŜŜōō ŎŗŚŐŗŝśőŖŏŲŔőŎōʼnŖŌŐōʼnŔŜŐőŖśŝŚʼnŖŋōŲŜŚʼnŖśŘŗŚŜʼnŜőŗŖŲśŋŐŗŔʼnŚśŐőŘŎŗŚōŕŘŔŗšōōśÝŋŐőŔŌŚōŖʼnŖŌŎŗŗŌśōŚŞőŋōśŴ ijīĭŎŗŋŝśōśŗŖŘŚŗŕŗŜőŖŏōŕŘŔŗšōōśÝŐōʼnŔŜŐʼnŖŌśʼnŎōŜšʼnŖŌŋŗŕŘōŜőŜőŞōŚōŕŝŖōŚʼnŜőŗŖŴ ijīĭŐʼnŌʼnŚōşʼnŚŌŘŗŔőŋšŜŐʼnŜʼnŋŋŗŝŖŜśŎŗŚŜŐōŘōŚŎŗŚŕʼnŖŋōŗŎŜŐōŋŗŕŘʼnŖšŊōšŗŖŌśŐŗŚŜųŜōŚŕŎőŖʼnŖŋőʼnŔ ŕōʼnśŝŚōŴıŖŜŐōŘʼnśŜŲŜŐōŋŗŕŘʼnŖšŐʼnŌŗŎŎōŚōŌßōŕŘŔŗšōōśŜŗŋœŗŘŜőŗŖŘŚŗŏŚʼnŕàŮĭĻķĸůʼnśʼnŖőŖŋōŖŜőŞō ŎŗŚŜŐōōŕŘŔŗšōōÝśŋŗŖŜŚőŊŝŜőŗŖʼnŖŌŜŗŐōŔŘŕŗŜőŞʼnŜōōŕŘŔŗšōōśÝŌōŌőŋʼnŜőŗŖŜŗŚōʼnŋŐŜŐōŋŗŕŘʼnŖšÝśŏŗʼnŔŴ

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ijīĭĶōşśŔōŜŜōŚőśŘŝŊŔőśŐōŌřŝʼnŚŜōŚŔšŜŗŘŚŗŞőŌōŋŗŕŕŝŖőŋʼnŜőŗŖşőŜŐőŖŜŐōŋŗŕŘʼnŖšşŐőŔōijīĭ įʼnŢōŜŜōőśʼnŋŋōśśőŊŔōőŖŜŐōŋŗŕŘʼnŖšÝśşōŊśőŜōŴ ķŜŐōŚŊōŖōŎőŜśʼnŖŌʼnŋŜőŞőŜőōśŗŎŎōŚōŌŜŗijīĭōŕŘŔŗšōōśʼnŚōĢ ä ĸŚŗŞőŌōŖŜĮŝŖŌ ä İōʼnŔŜŐıŖśŝŚʼnŖŋōŲĩŋŋőŌōŖŜıŖśŝŚʼnŖŋōŬįŚŗŝŘıŖśŝŚʼnŖŋō ä ľʼnŚőŗŝśĪŗŖŝśōśŜŐʼnŜőŖŋŔŝŌōĢĻŐőŎŜĪŗŖŝśŲĩŜŜōŖŌʼnŖŋōĪŗŖŝśųĮŗŚōŕŘŔŗšōōśşŐŗʼnŚōŖŗŜʼnŊśōŖŜŲ ŔōʼnŞōŲŔʼnŜōőŖŜŐōŕŗŖŜŐŕŗŚōŜŐʼnŖŜŐōŖŝŕŊōŚŗŎŌʼnšśŚōřŝőŚōŌŴĩŖŌĵŗŖŜŐŔšĪŗŖŝśŎŗŚśŜʼnŎŎ şŐŗśōśʼnŔʼnŚšőśŖŗŜŗŞōŚĪʼnŐŜŴadŲ```Ŵ ä ĻŜőŘōŖŌŜŗʼnśśőśŜşőŜŐŋŗśŜŗŎŔőŞőŖŏŎŗŚʼnŔŔōŕŘŔŗšōōś ä İŗŝśőŖŏŊōŖōŎőŜŎŗŚʼnŔŔijīĭōŕŘŔŗšōō ä ĮŚōōŏōŖōŚʼnŔŘŐšśőŋʼnŔʼnŖŌŕōŌőŋʼnŔōŠʼnŕőŖʼnŜőŗŖśʼnŚōŘŚŗŞőŌōŌʼnŖŖŝʼnŔŔšŎŗŚōŕŘŔŗšōōśŴ ä ĴʼnŊŗŚʼnŜŗŚšŊŔŗŗŌŜōśŜśʼnŚōŗŎŎōŚōŌŜşőŋōšōʼnŚŔšʼnśʼnŘŚōŞōŖŜőŞōŕōʼnśŝŚōŎŗŚŜŐŗśōşŗŚœőŖŏşőŜŐ ŋŐōŕőŋʼnŔśŴ ä ļşōŖŜšŎŗŝŚŐŗŝŚŎőŚśŜųʼnőŌŖŝŚśőŖŏśōŚŞőŋōőśʼnŔśŗʼnŞʼnőŔʼnŊŔōʼnŜōŞōŚšŘŔʼnŖŜ ä ĮőŖʼnŖŋőʼnŔʼnśśőśŜʼnŖŋōŎŗŚĢŎŝŖōŚʼnŔŋŚōŕʼnŜőŗŖŲşōŌŌőŖŏśʼnŖŌŏőŎŜśŎŗŚŜŐŗśōŐŗśŘőŜʼnŔőŢōŌŴ ä ĮŚōōŜŚʼnŖśŘŗŚŜʼnŜőŗŖʼnŖŌŝŖőŎŗŚŕőŖŋŔŝŌőŖŏśŐŗōś ä ļŐōŚőŏŐŜŜŗŔōʼnŞōōŴŏŴĸōŚśŗŖʼnŔŔōʼnŞōŲĻőŋœŔōʼnŞōŲĩŖŖŝʼnŔŔōʼnŞōŲ ĵʼnŜōŚŖőŜšŔōʼnŞōŲķŚŌőŖʼnŜőŗŖŔōʼnŞōŲōŜŋŴ ä ĻŜŝŌōŖŜĻŋŐŗŔʼnŚśŐőŘŜŗijīĭōŕŘŔŗšōōÝśŋŐőŔŌŚōŖ ä ĴōŋŜŝŚōśŗŖŐōʼnŔŜŐŜŗŘőŋśśŝŋŐʼnśĪőŚŜŐīŗŖŜŚŗŔŲōŜŋŴ ä ĸŚŗŎōśśőŗŖʼnŔŜŚʼnőŖőŖŏŘŚŗŏŚʼnŕśʼnŚōŗŎŎōŚōŌŜŗijīĭōŕŘŔŗšōōśŜŗōŖŐʼnŖŋōşŗŚœōŎŎőŋőōŖŋšŜŐŚŗŝŏŐ İŝŕʼnŖĺōśŗŝŚŋōĬōŞōŔŗŘŕōŖŜĻōŕőŖʼnŚʼnŖŌļŚʼnőŖőŖŏīŗŝŚśōśşŐőŋŐőŖŋŔŝŌōųŌőśŋőŘŔőŖōŲŜōʼnŕŊŝőŔŌőŖŏŲ ŜōʼnŕşŗŚœʼnŖŌŔōʼnŌōŚśŐőŘŴ ä ĮŚōōŚőŋōʼnŖŌŔŗşŋŗśŜŋŗŖśŝŕōŚŘŚŗŌŝŋŜśʼnŔōŕŗŖŜŐŔš ä īŗŝŚśōśʼnŖŌŜŚʼnőŖőŖŏŜŗŌōŞōŔŗŘʼnŔŜōŚŖʼnŜőŞōśœőŔŔśʼnŖŌōŠŜŚʼnőŖŋŗŕōśŝŋŐʼnśŕőŚŚŗŚʼnŚŜʼnŖŌŘŚŗŌŝŋŜőŗŖ ŗŎŗŚŏʼnŖőŋŎōŚŜőŔőŢōŚŴ ä ĺōŔőŏőŗŝśīōŚōŕŗŖšʼnŖŌĵōŚőŜųŕʼnœőŖŏŎŗŚĶōşŁōʼnŚ ä ĻʼnŎōĬŚőŞőŖŏşőŜŐĶŗĩŔŋŗŐŗŔĸŚŗŒōŋŜŎŗŚĻŗŖŏœŚʼnŖŐŗŔőŌʼnšŴ ä ļŐʼnőĺōŔőŏőŗŝśīōŚōŕŗŖšŗŖĻŗŖŏœŚʼnŖŌʼnšŴ ä ĶŗĻŕŗœőŖŏĸŚŗŒōŋŜ ä īŗŖŜōśŜŎŗŚĪōśŜeĻĵŗŜŜŗ ä ĻʼnŎōŜšĭŠŐőŊőŜőŗŖŗŖĻʼnŎōŜšĬʼnš

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Training and Development ijīĭŐʼnŞōʼnŘŗŔőŋšŎŗŚōŕŘŔŗšōōŌōŞōŔŗŘŕōŖŜŘŚŗŏŚʼnŕŜŗōŖŐʼnŖŋōŜŐōőŚœŖŗşŔōŌŏōʼnŖŌŘŗŜōŖŜőʼnŔŴıŖ b`abŜŐōŜŚʼnőŖőŖŏŋŗŝŚśōśŎŗŚŜŐōĭŕŘŔŗšōōśőŖŋŔŝŌōŌŲŊŝŜŖŗŜŔőŕőŜōŌŜŗŲŜŐōŎŗŔŔŗşőŖŏģ

No.

1 2 3 4 5 6 7 8 9

10

Course

Objective

Quality ĸŚōŘŚōŏŬĴʼnŕőŖʼnŜō ļŗōŌŝŋʼnŜōśŜʼnŎŎŎŗŚŜŐōŘŚŗŌŝŋŜőŗŖ Material ŘŚŗŋōśśŗŎĸŚōŘŚōŏʼnŖŌĴʼnŕőŖʼnŜō ĸĺķįĺĩĵĵıĶįıĶ ļŗōŌŝŋʼnŜōİŗşŜŗʼnŘŘŔš īũĿıļİĵıīĺķĻķĮļ ĸĺķįĺĩĵĵıĶįıĶīũĿıļİ ľıĻĽĩĴĻļĽĬıķb`a` ĵıīĺķĻķĮļľıĻĽĩĴĻļĽĬıķb`a` ĹīgļŗŗŔś ļŗŘŚŗŞőŌōŜŐōœŖŗşŔōŌŏōőŖgļŗŗŔś ŎŗŚŘŚŗŊŔōŕśŗŔŞőŖŏ ıĻķŵļĻafidi ļŗōŌŝŋʼnŜōśŜʼnŖŌʼnŚŌŗŎıĻķŵļĻafidi

Target Group

All employee All employee

Date

ĶŗŞōŕŊōŚ dŴ` bcŲb`ab ĬōŋōŕŊōŚ gŴ` aaųacŲb`ab

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ March ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ iŲb`ab ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ April ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ b`Ųb`ab Document Control ļŗŜŚʼnőŖʼnŖŌŕʼnŖʼnŏōŜŐōŌŗŋŝŕōŖŜ ĹĩĬŗŋŝŕōŖŜ IJŝŖō ĻšśŜōŕ ŚōŋŗŚŌśšśŜōŕşőŜŐŚōŔʼnŜōŎŗŚśŜʼnŖŌʼnŚŌ bbŲb`ab ŗŎřŝʼnŔőŜš ĵōʼnśŝŚőŖŏĻšśŜōŕ ļŗŜŚʼnőŖśŜʼnŎŎŜŗŊōʼnŊŔōĵōʼnśŝŚőŖŏ ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ IJŝŔš Analysis ĻšśŜōŕĩŖʼnŔšśőśŊšĩĸĹĸśšśŜōŕ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ eŲb`ab ĮʼnőŔŝŚōĵŗŌōʼnŖŌĭŎŎōŋŜ ļŗōŌŝŋʼnŜōśŜʼnŎŎŝŖŌōŚśŜʼnŖŌőŖŏŗŎĮʼnőŔŝŚō ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ IJŝŔš ĩŖʼnŔšśőśŮĮĵĭĩů ĵŗŌōʼnŖŌĭŎŎōŋŜĩŖʼnŔšśőśŊšŘŚŗŋōśśőŖŏ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ abŲb`ab ŗŎĩŝŜŗŕŗŊőŔōıŖŌŝśŜŚšŮĮĩųd`ů ĻŜʼnŜőśŜőŋʼnŔĸŚŗŋōśś ļŗŘŚŗŞőŌōŊʼnśőŋśŜʼnŜőśŜőŋʼnŔœŖŗşŔōŌŏō ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ĻōŘŜōŕŊōŚ īŗŖŜŚŗŔĢĻĸīŲ ŜŐʼnŜŋʼnŖŊōʼnŘŘŔőōŌŜŗşŗŚœ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ bfŲb`ab ĴōŞōŔaʼnŖŌb ĸīĪİʼnŖŌŔőŖŏ ļŗŜŚʼnőŖİŗşŜŗŕŗŞōĸīĪōŎŎōŋŜőŞōŔš ĻŚŴķŎŎőŋōŚŵķŎŎőŋōŚŵ May ʼnŖŌŋŗŚŚōŋŜŔšŎŗŚşʼnśŜōŜőŕōŚōŌŝŋŜőŗŖ ĻŚŴĮŗŚōŕʼnŖŵĮŗŚōŕʼnŖŲ bcŲb`ab ĻŚŴļōŋŐŖőŋőʼnŖŵļōŋŐŖőŋőʼnŖŲ ĴōʼnŌōŚʼnŖŌĩŔŔĭŕŘŔŗšōō ļŗŎŗśŜōŚŜŐōœŖŗşŔōŌŏōʼnŖŌ ĩĸĹĸļōʼnŕʼnŖŌĹĩ IJŝŖō łōŚŗĬōŎōŋŜīŗŝŚśō ŎŗŚĩĸĹĸŜōʼnŕŮĩŌŞʼnŖŋō ŝŖŌōŚśŜʼnŖŌŜŐōŋŗŖŋōŘŜŗŎßłōŚŗĬōŎōŋŜà aeŲb`ab ĸŚŗŌŝŋŜĹŝʼnŔőŜšĸŔʼnŖŖőŖŏů őŖĸŚŗŌŝŋŜőŗŖśŗŜŐʼnŜŜŐōŋŗŖŋōŘŜŋʼnŖ ŊōʼnŘŘŔőōŌŜŗŜŐōŘʼnŖŖőŖŏʼnŖŌŌōŞōŔŗŘőŖŏ ŘŚŗŌŝŋŜőŗŖŘŚŗŋōśśŜŐʼnŜşőŔŔŔōʼnŌŜŗ łōŚŗĬōŎōŋŜ

KCE Annual Report 2012

168

Period No. of People 19 40

hŴ`

48

hŴ`

48

bŴe

57

bŴ`

44

gŴe

48

gŴ`

38

fŴ`

26

bŴe

57


11

12 13 14

15 16 17 18

19 20 21 22

23 24

ĿŐšųĿŐšĩŖʼnŔšśőś

ļŗŊōʼnŊŔōŜŗĿŐšųĿŐšʼnŖʼnŔšśőśőś used to eliminate losses through and ŜŗŘŚŗŞőŌōʼnŊōŜŜōŚŝŖŌōŚśŜʼnŖŌőŖŏŗŎ ŜŐōŚŗŗŜŋʼnŝśōʼnŖʼnŔšśőśŗŎŜŐōŘŚŗŊŔōŕ ŋŗŚŚōŋŜŔšŴ Safety ĻʼnŎōŜšőŖŜŐōşŗŚœŘŔʼnŋō ļŗŜŚʼnőŖŜŐōśʼnŎōŜšőŖŜŐōşŗŚœŘŔʼnŋō ŎŗŚśŝŘōŚŞőśŗŚʼnŖŌ ıŖŋŔŝŌőŖŏŜŐōŘŚōŞōŖŜőŗŖʼnŖŌŋŗŖŜŚŗŔŗŎ Management accidents and occupational diseases ĸĸĭŮĸōŚśŗŖʼnŔĸŚŗŜōŋŜőŗŖ ļŗōŌŝŋʼnŜōʼnŔŔōŕŘŔŗšōōśŝŖŌōŚśŜʼnŖŌ ĭřŝőŘŕōŖŜů ŜŐōŖʼnŜŝŚōŲŎŝŖŋŜőŗŖśŲʼnŖŌŕōŜŐŗŌśŗŎ ŝśōʼnŊŗŝŜĸĸĭ īŐōŕőŋʼnŔİʼnŢʼnŚŌļŚʼnőŖőŖŏ ļŗŜŚʼnőŖŜŐōīŐōŕőŋʼnŔİʼnŢʼnŚŌ ĮŗŚśʼnŎōŵŐʼnŖŌŔőŖŏŲśŜŗŚʼnŏōʼnŖŌ ŌőśŘŗśʼnŔŗŎŋŐōŕőŋʼnŔ

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ March ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ iŲb`ab

6

36

ĻŚŴĮŗŚōŕʼnŖŲĮŗŚōŕʼnŖŲ ķŘōŚʼnŜŗŚʼnŖŌĵʼnŖʼnŏōŕōŖŜ

March bgŲb`ab

hŴ`

32

All employee

ĻōŘŜōŕŊōŚ gŴ` acŲb`ab

50

All employee

ĮōŊŚŝʼnŚš acŲb`ab

cŴ`

43

ıŖŜōŚŖʼnŔĩŝŌőŜőŖŏļĴĻ 8001

ļŐʼnőŔʼnŊŗŝŚśŜʼnŖŌʼnŚŌĪŗʼnŚŌ

May bdŲb`ab

gŴ`

12 - 15

ļŗśōŜŝŘśŜʼnŖŌʼnŚŌőŢōőŖŜōŚŖʼnŔʼnŝŌőŜőŖŏ ŘŚŗŋōśśŜŗŊōőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐļŐʼnő ĴʼnŊŗŝŚĻŜʼnŖŌʼnŚŌļĴĻh``aųb`a` ĭĺļŮĭŕōŚŏōŖŋš ļŗŜŚʼnőŖĭŕōŚŏōŖŋšĺōśŘŗŖśōļōʼnŕ ĺōśŘŗŖśōļōʼnŕů ʼnŖŌİŗşŜŗŚōʼnŋŜŜŐōōŕōŚŏōŖŋšőśśŝō ĮőŚōĮőŏŐŜőŖŏʼnŖŌĮőŚō ļŗōŌŝŋʼnŜōŜŐōşʼnšŜŗĮőŚōĮŔőŏŐŜʼnŖŌ Drill ĮőŚōĬŚőŔŔ ĻʼnŎōŜšŗŎŎőŋōŚļŚʼnőŖőŖŏ ļŗōŌŝŋʼnŜōśŜʼnŎŎŚōŏʼnŚŌőŖŏşŗŚœśʼnŎōŜšģ śʼnŎōŜšʼnŖŌŚōŔōŞʼnŖŜŔʼnşśģŘŚōŞōŖŜőŗŖ ʼnŖŌŋŗŖŜŚŗŔŗŎʼnŋŋőŌōŖŜśŲŗŋŋŝŘʼnŜőŗŖʼnŔ ŐōʼnŔŜŐŚőśœśŲőŌōŖŜőŎőŋʼnŜőŗŖŗŎőŖŋőŌōŖŋō ʼnŖŌőŔŔŖōśśōśŎŚŗŕŗŋŋŝŘʼnŜőŗŖŗŚ őŖŌŝśŜŚšŴ īŗŖŜőŖŝŗŝśeĻ ļŗōŌŝŋʼnŜōʼnŔŔśŜʼnŎŎŊōŜŜōŚŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎŜŐōĻeśŜʼnŖŌʼnŚŌ ĭŕōŚŏōŖŋšŋŗŖŜŚŗŔŗŎ ļŗŐōŔŘśŜʼnŎŎŜŗŋŗŖŜŚŗŔŎőŚōśŜŐʼnŜʼnŚō ŎőŚōŋʼnŝśōŌŊš ŋʼnŝśōŌŊšōŔōŋŜŚőŋőŜšʼnŖŌ short - circuited electricity ŎŔʼnŕŕʼnŊŔōŏʼnśśŝŋŐʼnśĩŋōŜŗŖō IJĻĩųIJŗŊĻʼnŎōŜš ļŗōŌŝŋʼnŜōŌİŗşŜŗśʼnŎōŜšʼnŖʼnŔšśőś Analysis şőŜŐŎŗŔŔŗşŜŐōŏŝőŌōŔőŖōŎŗŚİʼnŢʼnŚŌ ıŌōŖŜőŎőŋʼnŜőŗŖŬĺőśœĩśśōśśŕōŖŜ ĮŗŚœŔőŎŜĻœőŔŔśʼnŖŌĻʼnŎōŜš ļŗŌōŞōŔŗŘśœőŔŔśőŖŝśőŖŏĮŗŚœŔőŎŜʼnŖŌ ļŚʼnőŖőŖŏ ŜŗŎŗŔŔŗşśʼnŎōŜšŘŚŗŋōŌŝŚō

ĭĺļļōʼnŕ

IJŝŔš hŴ` baŲb`ab ĭĺļļōʼnŕʼnŖŌʼnŔŔĭŕŘŔŗšōō ĬōŋōŕŊōŚ 4 bfŲb`ab ķŎŎőŋōŚ ĬōŋōŕŊōŚ 8 adŲb`ab

858

All Employee

59

Employee associated ĻʼnŎōŜšĪŗʼnŚŌ

ĭŕŘŔŗšōōŗŎĿʼnŚōŐŗŝśōŲ ĵʼnŜōŚőʼnŔĸŚōŘʼnŚʼnŜőŗŖŲĻŜŗŋœ ĮőŖőśŐōŌįŗŗŌś Human Resource İŗŕōĻōŚŞőŋōĻšśŜōŕ ĩŔŔōŕŘŔŗšōōśŜŗŐʼnŞōʼnŊōŜŜōŚ All employee (a system that manages ŝŖŌōŚśŜʼnŖŌőŖŏŗŖŐŗşŜŗŗŘōŚʼnŜōŜŐō ijīĭőŖŜōŚŖʼnŔŔšů İŗŕōĻōŚŞőŋōśšśŜōŕŴ ĭŎŎōŋŜőŞōīŗʼnŋŐőŖŏĻœőŔŔś ļŗŊōʼnŊŔōŝŖŌōŚśŜʼnŖŌŜŐōōŎŎōŋŜőŞō ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ŮĮŗŚōŕʼnŖů coaching skills ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ

August gŴ` a`Ųb`ab ĻōŘŜōŕŊōŚ gŴ` biŲb`ab

25

33

40

May biŲb`ab

gŴ`

40

March bcŲb`ab

gŴc`

23

ĮōŊŚŝʼnŚš bdŲb`ab

aŴ`

30 - 40

March afŲb`ab

gŴ`

40

169

KCE Annual Report 2012


25

26

27

28 29

hĬŮhĬĸŚŗŊŔōŕĻŗŔŞőŖŏ ļŗőŕŘŚŗŞōĹŝʼnŔőŜšīŗŖŜŚŗŔĻšśŜōŕ ĸŚŗŋōśśů ŜŐŚŗŝŏŐŘŚŗŊŔōŕʼnŖʼnŔšśőśʼnŖŌŋŗŚŚōŋŜőŞō ʼnŋŜőŗŖʼnśşōŔŔʼnśŘŚōŞōŖŜőŞōʼnŋŜőŗŖ ʼnŖŖŝʼnŔŔšŴ ijĸıś ļŗŐōŔŘśŜʼnŎŎʼnŜʼnŔŔŔōŞōŔśŜŗŐʼnŞōŜŐō œŖŗşŔōŌŏōʼnŖŌŋŔōʼnŚŝŖŌōŚśŜʼnŖŌőŖŏŗŎ ŜŐōŋŗŖŋōŘŜʼnŖŌʼnŊŔōŜŗőŕŘŔōŕōŖŜ ijĸıŜŗŕōʼnśŝŚōŜŐōŘōŚŎŗŚŕʼnŖŋōŗŎ ōʼnŋŐőŖŌőŞőŌŝʼnŔÝśşŗŚœŴ ĻōŞōŖŐʼnŊőŜśŗŎİőŏŐŔš ļŗŎʼnŋőŔőŜʼnŜōŌōŞōŔŗŘŗŎgŘŚőŖŋőŘŔōśģ ĭŎŎōŋŜőŞōĸōŗŘŔō ŞőśőŗŖŲŔōʼnŌōŚśŐőŘŲőŖŜōŚŘōŚśŗŖʼnŔ ŚōŔʼnŜőŗŖśŐőŘŲŋŗŕŕŝŖőŋʼnŜőŗŖŲōŕŘʼnŜŐšŲ ŜōʼnŕşŗŚœʼnŖŌŋŚōʼnŜőŞőŜš ļōʼnŋŐőŖŏĻœőŔŔś ļŗŜŚʼnőŖʼnŖŌōŌŝŋʼnŜōŜŐōŜōʼnŋŐőŖŏśœőŔŔś

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ĶŗŞōŕŊōŚ gŴ` ĻŚŴķŎŎőŋōŚŵĮŗŚōŕʼnŖŵ bgŲb`ab ĴōʼnŌōŚ

37

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ

aŴ`

71

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ĻōŘŜōŕŊōŚ hŴ` ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚŵ bbŲb`ab ĮŗŚōŕʼnŖʼnŖŌķŎŎőŋōŚ

69

IJŝŔš fŲb`ab

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ March ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ afŲb`ab ļŗŜŚʼnőŖʼnŖŌōŌŝŋʼnŜōİŗşŜŗŕʼnŖʼnŏō ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ March ʼnŖŌśŗŔŞōŜŐōŝŖōŠŘōŋŜōŌŘŚŗŊŔōŕ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ bhŲb`ab

İŗşŜŗīŗŖŜŚŗŔ ŝŖōŠŘōŋŜōŌōŞōŖŜ

7

40

gŴ``

35

fŴ`

49

hŴ`

27

gŴ`

35

cŴ`

41

fŴ`

40

gŴ`

36

gŴ`

29

Environment 30

ıĻķe```aĢb`aa

31

ıĻķad``aĢb``d

32

ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ķŋŜŗŊōŚ ĺŗŔōŲĬŝŜőōśʼnŖŌ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ afŲb`ab ŚōśŘŗŖśőŊőŔőŜőōśŗŎŜŐō şŗŚœőŖŏŋŗŕŕőŜŜōōʼnŖŌ superintendent on energy management ĩşʼnŚōŖōśśŗŎōŖōŚŏš ļŗŘŗőŖŜʼnŖŌŘʼnŚŜőŋőŘʼnŜōŗŎʼnşʼnŚōŖōśś ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ķŋŜŗŊōŚ ŋŗŖśōŚŞʼnŜőŗŖ ŗŎōŖōŚŏšŋŗŖśōŚŞʼnŜőŗŖŎŗŚŚōŔʼnŜōşőŜŐ ĻŚŴķŎŎőŋōŚŵĮŗŚōŕʼnŖŵĴōʼnŌōŚ eŲb`ab Ŕʼnş th Įĩĭĩd Edition% ļŗŘŚŗŞőŌōʼnŊōŜŜōŚŝŖŌōŚśŜʼnŖŌőŖŏŗŎ ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ĮōŊŚŝʼnŚš īŗŖŜŚŗŔĸŔʼnŖ ŜŐōŞŝŔŖōŚʼnŊőŔőŜšʼnŖŌőŕŘʼnŋŜʼnŖʼnŔšśőśŴ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ bcŲb`ab ĪšŜŐōśŜʼnŖŌʼnŚŌśŗŎıĻķŵļĻafidiĢ 2009 ĩśŘōŋŜıŌōŖŜőŎőŋʼnŜőŗŖŎŗŚ ıŖŗŚŌōŚŜŗŋŗŕŘŔšşőŜŐŔʼnşʼnŖŌ ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ August ĭŖŞőŚŗŖŕōŖŜʼnŔĻšśŜōŕ ōŌŝŋʼnŜōśʼnŎōŜšőŖŜŐōşŗŚœŘŔʼnŋōŲ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ aeŲb`ab őŖŋŔŝŌőŖŏŗŎōŖŞőŚŗŖŕōŖŜʼnŔśšśŜōŕ ĴōʼnŌōŚśŐőŘŎŗŚōŖōŚŏš ļŗŊōŜŜōŚŝŖŌōŚśŜʼnŖŌőŖŏŗŎŚŗŜōŲŌŝŜőōś ĻŚŴķŎŎőŋōŚŵķŎŎőŋōŚŵĮŗŚōŕʼnŖŵ ĻōŘŜōŕŊōŚ management ʼnŖŌŚōśŘŗŖśőŊőŔőŜőōśŗŎŜŐōşŗŚœőŖŏ ĴōʼnŌōŚ aiŲb`ab committee and superintendent on energy management

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ļŗŘŗőŖŜŗŎĿŗŚœśŐŗŘŗŖĽŖŌōŚśŜʼnŖŌőŖŏ ŗŎıĻķe```aĢb`aa ļŗŐōŔŘōŕŘŔŗšōōśʼnŜŜŐōśŝŘōŚŞőśŗŚ ŔōŞōŔŜŗŝŖŌōŚśŜʼnŖŌŜŐōŚōŏŝŔʼnŜőŗŖś ŚōŏʼnŚŌőŖŏōŖŞőŚŗŖŕōŖŜʼnŔŔšŚōŔʼnŜōŌőśśŝōś ļŗōŌŝŋʼnŜōśŜʼnŎŎŊōŜŜōŚŝŖŌōŚśŜʼnŖŌőŖŏ ŗŎōŖōŚŏšŋŗŖśōŚŞʼnŜőŗŖ

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ĻŚŴķŎŎőŋōŚŵķŎŎőŋōŚŵĮŗŚōŕʼnŖŵ ĴōʼnŌōŚ ĻŚŴĻŝŘōŚŞőśŗŚŵĻŝŘōŚŞőśŗŚŵ ĻŚŴĭŖŏőŖōōŚŵĭŖŏőŖōōŚ

March hŲb`ab ĮōŊŚŝʼnŚš aeŲb`ab


ļŐōśʼnŎōŜšŗŎŜŐōōŕŘŔŗšōōśőśŝŜŕŗśŜőŕŘŗŚŜʼnŖŜʼnŖŌijīĭőŕŘŔōŕōŖŜśśŜŚőŋŜśʼnŎōŜšŘŗŔőŋšŴļŐōŚōŐʼnŞō ŊōōŖŞʼnŚőŗŝśŜŚʼnőŖőŖŏʼnŖŌśōŕőŖʼnŚśŎŗŚśʼnŎōŜšŲŐōʼnŔŜŐŲōŖŞőŚŗŖŕōŖŜʼnŖŌŗŜŐōŚşŗŚœųŚōŔʼnŜōŌőśśŝōśŜŗŎŗśŜōŚ ŌōŞōŔŗŘŕōŖŜʼnŖŌőŕŘŚŗŞōŕōŖŜŗŎœŖŗşŔōŌŏōŲśœőŔŔśʼnŖŌŜŗŕʼnŠőŕőŢōŜŐōŘŗŜōŖŜőʼnŔŗŎŜŐōōŕŘŔŗšōōśŴ KCE Safety Policy aŴĿŗŚœĻʼnŎōŜšʼnŜijīĭőśōŞōŚšōŕŘŔŗšōōÝśŚōśŘŗŖśőŊőŔőŜšģōʼnŋŐőŖŌőŞőŌŝʼnŔʼnŜʼnŔŔŔōŞōŔśŕŝśŜŋŗŔŔʼnŊŗŚʼnŜō ŜŗŋŗŖŜŚőŊŝŜōŜŗŜŐōśʼnŎōŜšŎŗŚŗŖōśōŔŎʼnŖŌŗŜŐōŚśŴ bŴijīĭōŖŋŗŝŚʼnŏōśʼnŖŌśŝŘŘŗŚŜśōŞōŚšŎŗŚŕŗŎśʼnŎōŜšųŚōŔʼnŜōŌʼnŋŜőŞőŜőōśśŝŋŐʼnśŜŚʼnőŖőŖŏŋŗŝŚśōśŲŕŗŜőŞʼnŜőŗŖŲ őŕŘŚŗŞōŕōŖŜŗŎşŗŚœŘŔʼnŋōŋŗŖŌőŜőŗŖśʼnŖŌōŖŞőŚŗŖŕōŖŜŴ cŴĭŞōŚšśŝŘōŚŞőśŗŚʼnŖŌʼnŊŗŞōŐʼnśŜŐōŚōśŘŗŖśőŊőŔőŜšŗŎŕŗŖőŜŗŚőŖŏŜŐōśʼnŎōŜšŗŎŜŐōśŝŊŗŚŌőŖʼnŜōśʼnŖŌ ŜŗŗŞōŚśōōŜŐʼnŜŜŐōśʼnŎōŜšŚŝŔōśʼnŚōśŜŚőŋŜŔšʼnŌŐōŚōŌŜŗŴ dŴĩŔŔōŕŘŔŗšōōśşőŔŔŘʼnŚŜőŋőŘʼnŜōʼnŖŌŋŗŗŘōŚʼnŜōşőŜŐʼnŔŔŜŐōŋŗŕŘʼnŖšÝśśʼnŎōŜšʼnŖŌŗŋŋŝŘʼnŜőŗŖʼnŔŐōʼnŔŜŐ ŘŚŗŒōŋŜŴ eŴijīĭşőŔŔŕŗŖőŜŗŚʼnŖŌōŞʼnŔŝʼnŜōŜŐōŚōśŝŔŜśŗŎŜŐōőŕŘŔōŕōŖŜʼnŜőŗŖśʼnŎōŜšʼnŖŌŗŋŋŝŘʼnŜőŗŖʼnŔŐōʼnŔŜŐŘŗŔőŋš őŖŗŚŌōŚŜŗōŖśŝŚōśŜŚőŋŜŋŗŕŘŔőʼnŖŋōʼnŖŌŕʼnŠőŕŝŕōŎŎōŋŜőŞōŖōśśŴ In 2012, KCE employees participated in the following activities : ä ĺōŔőŏőŗŝśīōŚōŕŗŖšʼnŖŌĵōŚőŜųŕʼnœőŖŏŎŗŚĶōşŁōʼnŚ ä ļŐʼnőĺōŔőŏőŗŝśīōŚōŕŗŖšŗŖĻŗŖŏœŚʼnŖĬʼnš ä ĻʼnŎōŜšĭŠŐőŊőŜőŗŖŗŖĻʼnŎōŜšĬʼnš ä ĻʼnŔōśĵōŚŋŐʼnŖŌőśōśŗŖĪʼnŚŏʼnőŖĬʼnš ä īŗŖŜōśŜŎŗŚŜŐōŊōśŜeĻśŔŗŏʼnŖ ä ĻʼnŎōĬŚőŞőŖŏşőŜŐĶŗĩŔŋŗŐŗŔĸŚŗŒōŋŜŎŗŚĻŗŖŏœŚʼnŖĬʼnš ä ĩŕʼnŚʼnŜŐŗŖőŖŜŐōŐŗŖŗŚŗŎİőśĵʼnŒōśŜšŜŐōijőŖŏŗŖĬōŋōŕŊōŚeth ä ĩŕʼnŚʼnŜŐŗŖőŖŜŐōŐŗŖŗŚŗŎİōŚĵʼnŒōśŜšŜŐōĹŝōōŖŗŖĩŝŏŝśŜabth ä ļŚʼnőŖőŖŏʼnŖŌśōŕőŖʼnŚŗŖĿŐőŜōĮʼnŋŜŗŚšĸŚŗŒōŋŜŜŗŚőŌŗŎŌŚŝŏśŝśʼnŏō Customers ijīĭśŜŚőŞōśŜŗʼnŋŐőōŞōŋŝśŜŗŕōŚśʼnŜőśŎʼnŋŜőŗŖŊšŘŚŗŞőŌőŖŏřŝʼnŔőŜšŘŚŗŌŝŋŜśʼnŖŌŌōŔőŞōŚőŖŏōŠŋōŘŜőŗŖʼnŔ śōŚŞőŋōŜŗŗŝŚŋŝśŜŗŕōŚśŴijīĭŐʼnśʼnŘŗŔőŋšŜŗŘŚŗŞőŌōŘŚŗŌŝŋŜśŜŐʼnŜŕōōŜŗŚōŠŋōōŌŜŐōŋŝśŜŗŕōŚśōŠŘōŋŜʼnŜőŗŖŴ ijīĭŊōŔőōŞōśőŖśŜŚŗŖŏōŜŐőŋʼnŔśŜʼnŖŌʼnŚŌśʼnŖŌŋʼnŚŚőōśŗŝŜŗŝŚŊŝśőŖōśśşőŜŐŝŖŋŗŕŘŚŗŕőśőŖŏőŖŜōŏŚőŜšʼnŖŌŐŗŖōśŜš őŖʼnŔŔŚōśŘōŋŜśŴijīĭŘŚŗŜōŋŜśŗŝŚŋŝśŜŗŕōŚśʼnŖŌŕʼnőŖŜʼnőŖśŜŐōŜŚŝśŜŘŔʼnŋōŌőŖŝśŊšōŖśŝŚőŖŏŜŐʼnŜʼnŔŔ őŖŎŗŚŕʼnŜőŗŖŚōŔʼnŜőŖŏŜŗŗŝŚŋŝśŜŗŕōŚśŊŝśőŖōśśʼnŎŎʼnőŚśŚōŕʼnőŖśŋŗŖŎőŌōŖŜőʼnŔʼnŜʼnŔŔŜőŕōŴijīĭŐʼnśśōŜŝŘ śʼnŔōśʼnŖŌśŝŘŘŗŚŜŗŎŎőŋōśŏŔŗŊʼnŔŔšŜŗōŖśŝŚōŋŝśŜŗŕōŚśÝśʼnŜőśŎʼnŋŜőŗŖŴļŐōŋŗŕŘʼnŖšŌōŞōŔŗŘśʼnŖŌŕʼnőŖŜʼnőŖśʼn śŝśŜʼnőŖʼnŊŔōŚōŔʼnŜőŗŖśŐőŘşőŜŐŗŝŚŋŝśŜŗŕōŚśŴ Quality Policy “KCE commits to provide products and services to meet or exceed agreed requirements for all of our customers through continuous improvement and by doing it right the first time.”

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ĩŔŔijīĭśŜʼnŎŎŚōŋŗŏŖőŢōśŋŝśŜŗŕōŚśʼnśʼnŘŚőŗŚőŜšʼnŖŌʼnőŕśŜŗŘŚŗŞőŌōśʼnŜőśŎʼnŋŜőŗŖŜŗŋŝśŜŗŕōŚśʼnŜʼnŔŔ ŔōŞōŔśŴīŝśŜŗŕōŚśśʼnŜőśŎʼnŋŜőŗŖśŝŚŞōšśʼnŚōŋŗŖŌŝŋŜōŌʼnŖŖŝʼnŔŔšʼnŖŌŜŐōŚōśŝŔŜśŗŎŜŐōśŝŚŞōšśʼnŚōŝŜőŔőŢōŌ ŜŗőŕŘŚŗŞōřŝʼnŔőŜšśōŚŞőŋōŴıŖb`abŲʼnŔŔijīĭŋŝśŜŗŕōŚśŋŗŖŌŝŋŜōŌŘŔʼnŖŜśŞőśőŜśʼnŖŌʼnŝŌőŜŜŐōŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŘŚŗŋōśśaųcŜőŕōśŘōŚšōʼnŚŴļŐōŚōşōŚōŖŗŋŗŕŘŔʼnőŖŜśŗŎŋŝśŜŗŕōŚśÝŌőśśʼnŜőśŎʼnŋŜőŗŖőŖb`abŴ Supplier ijīĭŊōŔőōŞōśőŖŊōőŖŏŎʼnőŚʼnŖŌŌōŎőŖōŌŋŗŖŌŝŋŜōŜŐőŋśőŖŌōʼnŔőŖŏśşőŜŐʼnŔŔŘʼnŚŜőōśŐʼnŞőŖŏʼnŊŝśőŖōśś ŚōŔʼnŜőŗŖśŐőŘşőŜŐŜŐōŋŗŕŘʼnŖšŴļŐōŘŚŗŋŝŚōŕōŖŜŘŗŔőŋšʼnŖŌŜŐōśōŚŞőŋōʼnŋřŝőśőŜőŗŖŘŚŗŋōśśʼnŚōŋŔōʼnŚŔš ŌōŎőŖōŌŴļŐōŕʼnŜōŚőʼnŔŘŝŚŋŐʼnśőŖŏŘŚŗŋōŌŝŚōŲŜŐōśŝŘŘŔőōŚʼnŖŌŜŐōśŝŊŋŗŖŜŚʼnŋŜŗŚřŝʼnŔőŎőŋʼnŜőŗŖŘŚŗŋōŌŝŚōŲŜŐō ŜōŚŕśʼnŖŌŋŗŖŌőŜőŗŖśʼnŚōśōŜŜŗōŖśŝŚōŎʼnőŚŖōśśŊōŜşōōŖŜŐōīŗŕŘʼnŖšʼnŖŌśŝŘŘŔőōŚśŊšşʼnšŗŎŜŚʼnŖśŘʼnŚōŖŜ ŘŚŗŋŝŚōŕōŖŜśšśŜōŕŴ ļŐōīŗŕŘʼnŖšʼnŊőŌōśŊšŜŐōŜōŚŕśʼnŖŌŋŗŖŌőŜőŗŖśśŜőŘŝŔʼnŜōŌőŖŋŗŖŜŚʼnŋŜśʼnŖŌŕʼnœōŜőŕōŔšŘʼnšŕōŖŜśŴ ļŐōŚōŐʼnŞōŊōōŖŖŗŌőśŘŝŜōśşőŜŐŜŐōijīĭśŝŘŘŔőōŚśŗŚŋŗŕŘōŜőŜŗŚśőŖb`abŴ Creditors ijīĭőśŋŗŕŕőŜŜōŌŜŗŌőśŋőŘŔőŖōőŖŜŐōŗŘōŚʼnŜőŗŖŗŎŗŝŚŊŝśőŖōśśʼnŖŌōŖśŝŚōŜŐʼnŜʼnŔŔŊŝśőŖōśśŌōŋőśőŗŖś ʼnŖŌʼnŋŜőŗŖśŋŗŕŘŔšşőŜŐŜŐōŜōŚŕśŗŎŔŗʼnŖʼnŖŌŗŊŔőŏʼnŜőŗŖʼnśşōŔŔʼnśşőŜŐʼnŔŔʼnŘŘŔőŋʼnŊŔōŔʼnşśʼnŖŌŚōŏŝŔʼnŜőŗŖśŴ ļŐōīŗŕŘʼnŖšŗŊśōŚŞōśŏŗŗŌśŜʼnŖŌʼnŚŌśŗŎŊōŐʼnŞőŗŚʼnŖŌŐŗŖŗŚőŖŏʼnŔŔŋŗŕŕőŜŕōŖŜśŕʼnŌōŜŗŋŚōŌőŜŗŚśŴļŐō īŗŕŘʼnŖšŘōŚŎŗŚŕśʼnŋŋŗŚŌőŖŏŜŗŜŐōŜōŚŕśŗŎŜŐōŔŗʼnŖśʼnŖŌŚōśŘōŋŜŗŊŔőŏʼnŜőŗŖŜŗşʼnŚŌśŋŚōŌőŜŗŚśşőŜŐŘŚŗŕŘŜ ŋŗŕŕŝŖőŋʼnŜőŗŖʼnŖŌőŖŎŗŚŕʼnŜőŗŖşŐōŖŌōōŕōŌŖōŋōśśʼnŚšŴĪőŔŔőŖŏŌʼnŜōŲŌŗŋŝŕōŖŜśʼnŖŌŋŗŖŌőŜőŗŖśŎŗŚŘʼnšŕōŖŜ ʼnŚōŋŔōʼnŚŔšőŖŎŗŚŕōŌŜŗijīĭŋŚōŌőŜŗŚśŴ Competitors ĪŝśőŖōśśŜŚʼnŖśʼnŋŜőŗŖśʼnŜijīĭʼnŚōŘōŚŎŗŚŕōŌōŜŐőŋʼnŔʼnŖŌşőŜŐŜŚʼnŖśŘʼnŚōŖŋšŴĪŝśőŖōśśŋŗŕŘōŜőŜőŗŖśʼnŚō ŋŗŖŌŝŋŜōŌŎʼnőŚŔšşőŜŐŗŝŜőŔŔōŏʼnŔŗŚŝŖōŜŐőŋʼnŔŘŚʼnŋŜőŋōśŴijīĭŌŗōśŖŗŜśōōœŎŗŚśōŋŚōŜőŖŎŗŚŕʼnŜőŗŖŗşŖōŌŊš ŜŐōŋŗŕŘōŜőŜŗŚśőŖʼnŖŝŖōŜŐőŋʼnŔŕʼnŜŜōŚŗŚŝŖśŝőŜʼnŊŔšśŝŋŐʼnśŘʼnšŕōŖŜŎŗŚŜŐōŋŗŕŘōŜőŜŗŚÝśōŕŘŔŗšōōŜŗŔōʼnœ ŞʼnŔŝʼnŊŔōőŖŎŗŚŕʼnŜőŗŖŴijīĭʼnŔśŗŌŗōśŖŗŜőŖŜōŖŜőŗŖʼnŔŔšŌʼnŕʼnŏōŜŐōŋŗŕŘōŜőŜŗŚÝśŚōŘŝŜʼnŜőŗŖŴ Environment ĺōŋŗŏŖőŢőŖŏŜŐōőŕŘŗŚŜʼnŖŋōŗŎŜŐōōŖŞőŚŗŖŕōŖŜŲśőŖŋōb``gijīĭŊōŋʼnŕōʼnŕōŕŊōŚŗŎŜŐōįŔŗŊʼnŔ īŗŕŘʼnŋŜōśŜʼnŊŔőśŐōŌŊšŜŐōĽŖőŜōŌĶʼnŜőŗŖśŮĽĶůʼnŖŌŋŗŕŕőŜśŜŗŜŐōa`ŘŚőŖŋőŘŔōśőŖŚōśŘōŋŜŜŗŐŝŕʼnŖ ŚőŏŐŜśŲŔʼnŊŗŝŚŚőŏŐŜśŲŜŐōŘŚŗŜōŋŜőŗŖŗŎŜŐōōŖŞőŚŗŖŕōŖŜʼnŖŌʼnŖŜőųŋŗŚŚŝŘŜőŗŖʼnśŎŗŔŔŗşśĢ Human Rights aŴ ijīĭśŝŘŘŗŚŜśʼnŖŌŚōśŘōŋŜśŜŐōŘŚŗŜōŋŜőŗŖŗŎőŖŜōŚŖʼnŜőŗŖʼnŔŔšŘŚŗŋŔʼnőŕōŌŐŝŕʼnŖŚőŏŐŜśģʼnŖŌ bŴ ĿőŔŔŖŗŜŋŗŖŌŗŖōŜŗŐŝŕʼnŖŚőŏŐŜśʼnŊŝśōśŴ Labour Standards cŴ ĽŘŐŗŔŌŜŐōŎŚōōŌŗŕŗŎʼnśśŗŋőʼnŜőŗŖʼnŖŌŜŐōōŎŎōŋŜőŞōŚōŋŗŏŖőŜőŗŖŗŎŜŐōŚőŏŐŜŜŗŋŗŔŔōŋŜőŞōŊʼnŚŏʼnőŖőŖŏģ dŴ ĭŔőŕőŖʼnŜőŗŖŗŎʼnŔŔŎŗŚŕśŗŎŎŗŚŋōŌʼnŖŌŋŗŕŘŝŔśŗŚšŔʼnŊŗŚģ eŴ ĭŎŎōŋŜőŞōʼnŊŗŔőŜőŗŖŗŎŋŐőŔŌŔʼnŊŗŚģʼnŖŌ fŴ ĭŔőŕőŖʼnŜőŗŖŗŎŌőśŋŚőŕőŖʼnŜőŗŖőŖŚōśŘōŋŜŗŎōŕŘŔŗšŕōŖŜʼnŖŌŗŋŋŝŘʼnŜőŗŖŴ KCE Annual Report 2012

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Environment gŴ ĻŝŘŘŗŚŜʼnŘŚōŋʼnŝŜőŗŖʼnŚšʼnŘŘŚŗʼnŋŐŜŗōŖŞőŚŗŖŕōŖŜʼnŔŋŐʼnŔŔōŖŏōśģ hŴ ĽŖŌōŚŜʼnœōőŖőŜőʼnŜőŞōśŜŗŘŚŗŕŗŜōŏŚōʼnŜōŚōŖŞőŚŗŖŕōŖŜʼnŔŚōśŘŗŖśőŊőŔőŜšģʼnŖŌ iŴ ĭŖŋŗŝŚʼnŏōŜŐōŌōŞōŔŗŘŕōŖŜʼnŖŌŌőŎŎŝśőŗŖŗŎōŖŞőŚŗŖŕōŖŜʼnŔŎŚőōŖŌŔšŜōŋŐŖŗŔŗŏőōśŴ Anti-Corruption a`ŴĿŗŚœʼnŏʼnőŖśŜŋŗŚŚŝŘŜőŗŖőŖʼnŔŔőŜśŎŗŚŕśŲőŖŋŔŝŌőŖŏōŠŜŗŚŜőŗŖʼnŖŌŊŚőŊōŚšŴ İőŏŐōŖŞőŚŗŖŕōŖŜʼnŔśŜʼnŖŌʼnŚŌőśŕʼnőŖŜʼnőŖōŌśŜŚőŋŜŔšʼnŜijīĭŲŋŗŕŘŔšőŖŏşőŜŐŜŐōʼnśśŗŋőʼnŜōŌŔʼnşʼnŖŌ ŚōŏŝŔʼnŜŗŚšŚōřŝőŚōŕōŖŜśŴĭŖōŚŏšʼnŖŌŖʼnŜŝŚʼnŔŚōśŗŝŚŋōśʼnŚōŝŜőŔőŢōŌōŎŎōŋŜőŞōŔšʼnŖŌōŎŎőŋőōŖŜŔšşőŜŐŕʼnŒŗŚ őŖŞōśŜŕōŖŜőŖŜŐōşʼnśŜōŜŚōʼnŜŕōŖŜśšśŜōŕśŴĩŔŔijīĭŘŔʼnŖŜśʼnŚōŔŗŋʼnŜōŌşőŜŐőŖıŖŌŝśŜŚőʼnŔĭśŜʼnŜōşŐōŚō ōŖŞőŚŗŖŕōŖŜŘŚŗŜōŋŜőŗŖʼnŖŌőŕŘʼnŋŜŜŗōŖŞőŚŗŖŕōŖŜʼnŚōŋŗŖŌŝŋŜōŌśŜŚőŋŜŔšŴijīĭŋŗŕŕőŜśŜŗŜŐōōŖŞőŚŗŖŕōŖŜ ŘŗŔőŋšʼnśŎŗŔŔŗşśĢ Environment Management Policy ßijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšŲŕʼnŖŝŎʼnŋŜŝŚōŚʼnŖŌōŠŘŗŚŜōŚŗŎĸŚőŖŜōŌīőŚŋŝőŜĪŗʼnŚŌŮĸīĪů őśŋŗŕŕőŜŜōŌŜŗōśŜʼnŊŔőśŐĭŖŞőŚŗŖŕōŖŜĵʼnŖʼnŏōŕōŖŜĻšśŜōŕŜŐŚŗŝŏŐŋŗŕŘŔšőŖŏşőŜŐŜŐōijīĭĭŖŞőŚŗŖŕōŖŜ ĵʼnŖʼnŏōŕōŖŜĸŗŔőŋšʼnśŎŗŔŔŗşśĢ 

  

ä ļŐōīŗŕŘʼnŖšşőŔŔŋŗŖŜőŖŝŗŝśŔšŕōōŜŜŐōŔōŏʼnŔŚōřŝőŚōŕōŖŜʼnśşōŔŔʼnśŋŗŖŜŚőŊŝŜōśŜŗŜŐō őŕŘŚŗŞōŕōŖŜŗŎōŖŞőŚŗŖŕōŖŜʼnŔőśśŝōśŴ ä ĺōŌŝŋŜőŗŖŗŎşʼnśŜōŕʼnŜōŚőʼnŔś ä ĭŎŎōŋŜőŞōʼnŖŌōŎŎőŋőōŖŜŝŜőŔőŢʼnŜőŗŖŗŎŖʼnŜŝŚʼnŔŚōśŗŝŚŋōśŴ ä īŗŖŜőŖŝŗŝśʼnśśōśśŕōŖŜʼnŖŌōŞʼnŔŝʼnŜőŗŖŗŎŜŐōōŖŞőŚŗŖŕōŖŜŕʼnŖʼnŏōŕōŖŜśšśŜōŕŲŜŗŚōŞőōş ŗŊŒōŋŜőŞōśŲʼnŖŌŜʼnŚŏōŜśŜŗōŖśŝŚōśŝŋŋōśśŗŎŜŐōōŎŎōŋŜőŞōŖōśśŗŎŜŐōśšśŜōŕŴ ä ĸŚŗŕŗŜōʼnŖŌŌōŞōŔŗŘ śŜʼnŎŎ ʼnşʼnŚōŖōśś ʼnŖŌ ŚōśŘŗŖśőŊőŔőŜš ŜŗŜŐō ōŖŞőŚŗŖŕōŖŜ ŜŐŚŗŝŏŐ ŋŗŕŕŝŖőŋʼnŜőŗŖŲŘŚŗŞőśőŗŖŗŎŚōŔōŞʼnŖŜőŖŎŗŚŕʼnŜőŗŖʼnŖŌŋŗŗŘōŚʼnŜőŗŖʼnŕŗŖŏśŜʼnŎŎŲśŝŘŘŔőōŚśŲŋŝśŜŗŕōŚśŲ ŏŗŞōŚŖŕōŖŜʼnŏōŖŋőōśŲŜŐōŘŚőŞʼnŜōśōŋŜŗŚʼnŖŌŜŐōŏōŖōŚʼnŔŘŝŊŔőŋŴ

ijīĭŐʼnśŊōōŖʼnşʼnŚŌōŌıĻķad``aşŐőŋŐőśŜŐōīōŚŜőŎőŋʼnŜōŎŗŚĭŎŎōŋŜőŞōĭŖŞőŚŗŖŕōŖŜʼnŔĵʼnŖʼnŏōŕōŖŜ ĻšśŜōŕŎŚŗŕĻįĻļŐʼnőŔʼnŖŌʼnŖŌŜŐōʼnŋŋŚōŌőŜʼnŜőŗŖŎŚŗŕıĻķŵļĻafidiŲŜŐōīōŚŜőŎőŋʼnŜōŗŎĹŝʼnŔőŜš ĵʼnŖʼnŏōŕōŖŜĻšśŜōŕŗŎļōŋŐŖőŋʼnŔĻŘōŋőŎőŋʼnŜőŗŖŎŗŚĩŝŜŗŕŗŜőŞōĸŚŗŌŝŋŜőŗŖʼnŖŌĺōŔōŞʼnŖŜĻōŚŞőŋōĸʼnŚŜ ķŚŏʼnŖőŢʼnŜőŗŖŲ ijīĭʼnŌŐōŚōśŜŚőŋŜŔšŜŗŜŐōśŜʼnŖŌʼnŚŌśʼnŖŌőŖb`abşʼnśʼnŝŌőŜōŌʼnŖŌʼnŘŘŚŗŞōŌŊšŜŐōʼnŋŋŚōŌőŜʼnŜőŗŖ ŋŗŕŕőŜŜōōŗŖŜŐōŜşŗśŝŚŞōšśŘōŚŎŗŚŕōŌőŖĮōŊŚŝʼnŚšʼnŖŌķŋŜŗŊōŚb`abŜŐʼnŜŜŐōīŗŕŘʼnŖšŐʼnśʼnŌŐōŚōŌ ŜŗʼnŔŔŜŐōśŜőŘŝŔʼnŜőŗŖśŲŕōōŜőŖŏŜŐōśŜʼnŖŌʼnŚŌśŗŎŜŐōĭŎŎōŋŜőŞōĭŖŞőŚŗŖŕōŖŜĵʼnŖʼnŏōŕōŖŜĻšśŜōŕʼnŖŌ ĹŝʼnŔőŜšĵʼnŖʼnŏōŕōŖŜĻšśŜōŕŴ ıŖŜŐōšōʼnŚb`abŲijīĭŋŗŖŌŝŋŜōŌśōŞōŚʼnŔʼnŋŜőŞőŜőōśŎŗŚōŕŘŔŗšōōśŜŗŘʼnŚŜőŋőŘʼnŜōőŖŗŚŌōŚŜŗ śŝŘŘŗŚŜŜŐōōŖŞőŚŗŖŕōŖŜśʼnŎōŜšŘŗŔőŋšʼnśŚōŋŗŕŕōŖŌōŌŊšıĻķad``aʼnśŎŗŔŔŗşśĢ

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ä ĺōŌŝŋŜőŗŖŗŎşʼnśŜōŘŚŗŌŝŋŜŎŚŗŕŕʼnŖŝŎʼnŋŜŝŚőŖŏŘŚŗŋōśśŴļŐōŏŗʼnŔőśśōŜʼnŜĤ`Ŵg`ūŎŗŚőŖŖōŚ ŔʼnšōŚʼnŖŌĤdŴe`ūŎŗŚŗŝŜōŚŔʼnšōŚŴĩŜōʼnŕşʼnśŌōŞōŔŗŘōŌŜŗŕʼnŖʼnŏōŜŐőśŘŚŗŒōŋŜŴ ä ĩŋŜőŞőŜőōśŜŗŘŚŗŕŗŜōśʼnŎōŜšʼnŖŌōŖŞőŚŗŖŕōŖŜʼnşʼnŚōŖōśśŜŐŚŗŝŏŐŐʼnŞőŖŏʼnijīĭśʼnŎōŜš şōōœŴĩŋŜőŞőŜőōśőŖŋŔŝŌōŊŝŜŖŗŜŔőŕőŜōŌŜŗŘŚŗŞőśőŗŖŗŎōŖŞőŚŗŖŕōŖŜʼnşʼnŚōŖōśśőŖŎŗŚŕʼnŜőŗŖŲ ŎŝŖʼnŋŜőŞőŜőōśŲśŝŋŐʼnśřŝőŢʼnŖŌŊőŖŏŗŏʼnŕōśŴ  ä ķŚŏʼnŖőŢōŌʼnŘŚŗŏŚʼnŕŜŗŚōŌŝŋōŜŐōŝśōŗŎŘʼnŘōŚʼnŖŌŘŐŗŜŗŋŗŘšŜŗśʼnŞōŖʼnŜŝŚʼnŔŚōśŗŝŚŋōśŊš ōŖŋŗŝŚʼnŏőŖŏōŕŘŔŗšōōŊōŐʼnŞőŗŚŲŔōʼnŚŖőŖŏŜŗŗŚŏʼnŖőŢōşŗŚœʼnŖŌŘŔʼnŖŴļŐőśŘŚŗŏŚʼnŕşʼnśśŜʼnŚŜōŌ śőŖŋōĩŘŚőŔŜŗĵʼnšʼnŖŌŜŐōŚōśŝŔŜŐʼnśśŐŗşŖŋŗŖŜőŖŝōŌŕŗŖŜŐŔšŚōŌŝŋŜőŗŖŗŎŘʼnŘōŚŝśōŴ ĻőŖŋōb`a`ŲijīĭŐʼnŞōŋŗŕŕōŖŋōŌŜŐōřŝʼnŔőŜšŘŗŔőŋšśšśŜōŕŲʼnśŎŗŔŔŗşśĢ ä ĩśijīĭŐʼnśŊōōŖʼnşʼnŚŌōŌıĻķŵļĻafidiŲīōŚŜőŎőŋʼnŜōŗŎĹŝʼnŔőŜšĵʼnŖʼnŏōŕōŖŜĻšśŜōŕŗŎļōŋŐŖőŋʼnŔ śŘōŋőŎőŋʼnŜőŗŖŎŗŚĩŝŜŗŕʼnŜőŋĸŚŗŌŝŋŜőŞōʼnŖŌĺōŔōŞʼnŖŜĻōŚŞőŋōĸʼnŚŜŴŲĻįĻŐʼnśʼnŝŌőŜōŌʼnŖŌ ʼnŘŘŚŗŞōŌŜŐōʼnŋŋŚōŌőŜʼnŜőŗŖIJŝŖōb`abŴ ä ıŕŘŔōŕōŖŜʼnŜőŗŖŗŎʼnŘŚŗŏŚʼnŕŜŗőŕŘŚŗŞōijīĭÝśřŝʼnŔőŜšśŜʼnŖŌʼnŚŌŜŐŚŗŝŏŐßīŗŖŜőŖŝŗŝśĹŝʼnŔőŜš ıŕŘŚŗŞōŕōŖŜĸŚŗŏŚʼnŕàŮĹıĸůŊšŜŐōŋŚŗśśōŌųŎŝŖŋŜőŗŖʼnŔŜōʼnŕŴļŐōŏŗʼnŔśŗŎŜŐōŘŚŗŏŚʼnŕʼnŚō ŜŗŚōŌŝŋōşʼnśŜōʼnŖŌŜŗőŕŘŚŗŞōŜŐōřŝʼnŔőŜšŗŎŜŐōŘŚŗŌŝŋŜőŗŖŘŚŗŋōśśŴļŐōŜōʼnŕŚōśŘŗŖśőŊŔō ŋŗŖśőśŜśŗŎŘōŚśŗŖŖōŔŎŚŗŕŌőŎŎōŚōŖŜŌōŘʼnŚŜŕōŖŜśśŝŋŐʼnśĭŖŏőŖōōŚőŖŏŲĸŚŗŋōśśĭŖŏőŖōōŚŲĸŔʼnŖŖőŖŏ īŗŖŜŚŗŔŲĸŚŗŌŝŋŜőŗŖĹŝʼnŔőŜšʼnŖŌŗŜŐōŚŚōŔʼnŜōŌŌōŘʼnŚŜŕōŖŜśŴļŐōļōʼnŕőśŕōōŜśōŞōŚšşōōœŲ ŎŗŚŎŝŚŜŐōŚőŕŘŚŗŞōŕōŖŜŴ ä ĩŌŌőŜőŗŖŗŎŖōşŜōŋŐŖŗŔŗŏšśŝŋŐʼnśĩŝŜŗľőśŝʼnŔıŖśŘōŋŜőŗŖŮĩľıůşŐőŋŐőśŋʼnŘʼnŊŔōŗŎŌōŜōŋŜőŖŏ śŝŚŎʼnŋōŌōŎōŋŜśŕŗŚōōŎŎōŋŜőŞōŔšʼnŖŌŚʼnŘőŌŔšŜŗŘŚōŞōŖŜŋŗśŕōŜőŋŚōŒōŋŜőŗŖŎŚŗŕŋŝśŜŗŕōŚŴ

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KCE Annual Report 2012


Disclosure and Transparency ijīĭŚōŋŗŏŖőŢōśŜŐōőŕŘŗŚŜʼnŖŋōŗŎőŖŎŗŚŕʼnŜőŗŖŌőśŋŔŗśŝŚōŊōŋʼnŝśōőŜŏŚōʼnŜŔšʼnŎŎōŋŜśŌōŋőśőŗŖųŕʼnœőŖŏ ŊšőŖŞōśŜŗŚśʼnŖŌśŜʼnœōŐŗŔŌōŚśŴ ijīĭŌőśŋŔŗśōśʼnŋŋŝŚʼnŜōʼnŖŌŋŗŕŘŔōŜōŋŗŚŘŗŚʼnŜōőŖŎŗŚŕʼnŜőŗŖŲŊŗŜŐŎőŖʼnŖŋőʼnŔʼnŖŌŖŗŖųŎőŖʼnŖŋőʼnŔʼnśśŘōŋőŎőōŌ őŖŚōŔōŞʼnŖŜŚōŏŝŔʼnŜőŗŖśőŖŜőŕōŔšʼnŖŌŜŚʼnŖśŘʼnŚōŖŜŕʼnŖŖōŚśŜŐŚŗŝŏŐŞʼnŚőŗŝśŋŐʼnŖŖōŔśŲŜŐōĻĭļīŗŕŕŝŖőŜš ĸŗŚŜʼnŔŮŗŎŜŐōśŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌůŲĩŖŖŝʼnŔĻŜʼnŜōŕōŖŜŮĮŗŚŕefųaůŲʼnŖŖŝʼnŔŚōŘŗŚŜśŲʼnśşōŔŔʼnśŞőʼn ŋŗŕŘʼnŖšşōŊśőŜōşşşŴœŋōŜŐʼnőŴőŖŴŜŐŮļŐʼnőʼnŖŌĭŖŏŔőśŐůŜŗōŖśŝŚōŎʼnŋŜŝʼnŔŘŚōśōŖŜʼnŜőŗŖŗŎŞőŜʼnŔőŖŎŗŚŕʼnŜőŗŖ ʼnŖŌŜŚʼnŖśŘʼnŚōŖŜŊŝśőŖōśśŘŚʼnŋŜőŋōśŴijīĭŌőśŜŚőŊŝŜōśŜŐōʼnŖŖŝʼnŔŚōŘŗŚŜŲŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜʼnŖŌőŖŎŗŚŕʼnŜőŗŖ ōŠŘŔʼnőŖőŖŏŎōʼnŜŝŚōśŗŎijīĭÝśŘōŚŎŗŚŕʼnŖŋōőŖŜŐōŘŚōŞőŗŝśšōʼnŚŜŗśŐʼnŚōŐŗŔŌōŚśʼnŖŖŝʼnŔŔšŎŗŚŜŐōĩŖŖŝʼnŔ įōŖōŚʼnŔĵōōŜőŖŏŗŎĻŐʼnŚōŐŗŔŌōŚśŴ ļŐōīŗŕŘʼnŖšŐʼnśōśŜʼnŊŔőśŐōŌʼnŘŗŔőŋšŎŗŚĭŠŜōŚŖʼnŔīŗŕŕŝŖőŋʼnŜőŗŖśʼnśŚōŋŗŕŕōŖŌōŌŊšŜŐōĸŚőŖŋőŘŔōś ŎŗŚķŖŏŗőŖŏĬőśŋŔŗśŝŚōʼnŖŌĵʼnŜōŚőʼnŔĬōŞōŔŗŘŕōŖŜĺōŘŗŚŜőŖŏŊšĴőśŜōŌĭŖŜőŜőōśŜŗŊōŘŚʼnŋŜőŋōŌŊšśŜʼnŎŎ ŕōŕŊōŚśʼnśŎŗŔŔŗşśĢ ä ijīĭśŜŚőŞōśŜŗŏőŞōʼnŔŔŘʼnŚŜőōśʼnŖōřŝʼnŔŜŚōʼnŜŕōŖŜŋŗŖśőśŜōŖŜŔšşőŜŐőŖŜŐōśōŜŎŚʼnŕōşŗŚœŊš ʼnŞŗőŌőŖŏŎʼnŞŗŚőŜőśŕśŗŚśőŜŝʼnŜőŗŖśşŐōŚōŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜŕʼnšʼnŚőśōŴ ä ĬőśśōŕőŖʼnŜőŗŖŗŎijīĭőŖŎŗŚŕʼnŜőŗŖşőŔŔŊōŕʼnŌōŋŔōʼnŚŲʼnŋŋŝŚʼnŜōʼnŖŌŜŚʼnŖśŘʼnŚōŖŜŴļŐōőŖŎŗŚŕʼnŜőŗŖ őśŜŗŊōŋŚōŌőŊŔōʼnŖŌśŜŚʼnőŏŐŜŎŗŚşʼnŚŌŲʼnŖŌŌőśŜŚőŊŝŜōŌŜŗśŜʼnœōŐŗŔŌōŚśőŖʼnŋŔōʼnŚŲōʼnśőŔš ŝŖŌōŚśŜŗŗŌŲʼnŖŌŜőŕōŔšŕʼnŖŖōŚŴ ä ĩŖšŚōŔōʼnśōŗŎijīĭőŖŎŗŚŕʼnŜőŗŖşőŔŔŊōōŖśŝŚōŌŜŐʼnŜőŜŌŗōśŖŗŜŒōŗŘʼnŚŌőŢōŋŔőōŖŜŚōŔʼnŜőŗŖśŐőŘśŲ ŗŚŊŚōʼnŋŐŚōŏŝŔʼnŜőŗŖśŋŗŖŋōŚŖőŖŏŋŗŖŎőŌōŖŜőʼnŔőŖŎŗŚŕʼnŜőŗŖŗŎŋŔőōŖŜśŲśŐʼnŚōŐŗŔŌōŚśŗŚŗŜŐōŚ śŜʼnœōŐŗŔŌōŚśŴ ä ijīĭōŕŘŔŗšōōśŕŝśŜŎŗŔŔŗşijīĭÝśīŗŌōŗŎīŗŖŌŝŋŜşŐōŚōśōŖśőŜőŞōőŖŎŗŚŕʼnŜőŗŖőśőŖŞŗŔŞōŌŴ ä ĻŘŗœōśŘōŚśŗŖśŎŗŚijīĭŋŗŖŋōŚŖőŖŏśōŖśőŜőŞōőŖŎŗŚŕʼnŜőŗŖʼnŚōŔőŕőŜōŌŜŗŜŐōīŐʼnőŚŕʼnŖŗŎŜŐō ĪŗʼnŚŌŴļŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŗŚʼnĬőŚōŋŜŗŚŗŚʼnŖōŠōŋŝŜőŞōŋʼnŖŊōŌōśőŏŖʼnŜōŌŊšŜŐōīŐʼnőŚŕʼnŖ ŗŎŜŐōĪŗʼnŚŌŜŗʼnŋŜʼnśʼnśŘŗœōśŘōŚśŗŖŜŗŚōŔōʼnśōőŖŎŗŚŕʼnŜőŗŖʼnŊŗŝŜśōŔōŋŜōŌőŕŘŗŚŜʼnŖŜőśśŝōśŴ ijīĭōŕŘŐʼnśőŢōśŌőśŋŔŗśŝŚōŗŎőŖŎŗŚŕʼnŜőŗŖŊšŋŗŖśőśŜōŖŜŔšʼnŌŐōŚőŖŏŜŗŜŐōŘŚőŖŋőŘŔōŗŎŜŚʼnŖśŘʼnŚōŖŋšŲ ŎʼnőŚŖōśśŲŋŗŕŘŔōŜōŖōśśŲŘŚŗŕŘŜŖōśśʼnŖŌʼnŋŋŝŚʼnŋšŊšĢ ä ĬőśŋŔŗśōʼnŋŋŝŚʼnŜōŲŋŗŕŘŔōŜōʼnŖŌŜőŕōŔšŎőŖʼnŖŋőʼnŔőŖŎŗŚŕʼnŜőŗŖʼnŖŌŖŗŖųŎőŖʼnŖŋőʼnŔőŖŎŗŚŕʼnŜőŗŖŴ ä ļŐōĪŗʼnŚŌőśŚōśŘŗŖśőŊŔōŎŗŚŜŐōŋŗŕŘʼnŖšÝśʼnŖŌőŜśśŝŊśőŌőʼnŚőōśÝŎőŖʼnŖŋőʼnŔŚōŘŗŚŜśŲŜŐō ĪŗʼnŚŌÝśśŜʼnŜōŕōŖŜśʼnŖŌŜŐōĩŝŌőŜīŗŕŕőŜŜōōÝśŚōŘŗŚŜʼnŚōŘŚōśōŖŜōŌőŖŜŐōīŗŕŘʼnŖšÝś ĩŖŖŝʼnŔĺōŘŗŚŜŴĩŔŔőŖŎŗŚŕʼnŜőŗŖŘŚōśōŖŜōŌőŖŜŐōŎőŖʼnŖŋőʼnŔŚōŘŗŚŜśőśŋŗŚŚōŋŜŲőŖʼnŋŋŗŚŌʼnŖŋō şőŜŐŏōŖōŚʼnŔŔšʼnŋŋōŘŜōŌʼnŋŋŗŝŖŜőŖŏŘŚőŖŋőŘŔōśʼnŖŌśŜʼnŖŌʼnŚŌśŲʼnŖŌŐʼnśŊōōŖʼnŝŌőŜōŌŊšʼnŖ őŖŌōŘōŖŌōŖŜōŠŜōŚŖʼnŔʼnŝŌőŜŗŚʼnŖŌőśŝŘŜŗŌʼnŜōŴ ä ļŐōśŝŕŕʼnŚšŗŎŜŐōŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŘŗŔőŋšŜŗŏōŜŐōŚşőŜŐŜŐōőŕŘŔōŕōŖŜʼnŜőŗŖŗŎŜŐō ŘŗŔőŋšőśŘŚōśōŖŜōŌŜŐŚŗŝŏŐŞʼnŚőŗŝśŋŐʼnŖŖōŔśśŝŋŐʼnśŜŐōŋŗŕŘʼnŖšÝśʼnŖŖŝʼnŔŚōŘŗŚŜśʼnŖŌŜŐō ŋŗŕŘʼnŖšÝśşōŊśőŜōşşşŴœŋōŜŐʼnőŴőŖŴŜŐŴ ä ļŐōŌőŚōŋŜŗŚśʼnŖŌŜŐōōŠōŋŝŜőŞōśÝŚōŕŝŖōŚʼnŜőŗŖśşőŜŐŜŐōʼnŕŗŝŖŜŗŎŘʼnšŕōŖŜŜŐʼnŜŋŗŚŚōśŘŗŖŌś ŜŗŜŐōŋŗŖŜŚőŊŝŜőŗŖśʼnŖŌŚōśŘŗŖśőŊőŔőŜőōśŗŎōʼnŋŐŘōŚśŗŖʼnŚōʼnŔśŗŌőśŋŔŗśōŌŞőʼnŜŐōśʼnŕōŋŐʼnŖŖōŔŴ ļŐōʼnŕŗŝŖŜŚōŘŚōśōŖŜőŖŏŜŐōŌőŚōŋŜŗŚśÝŎōōŎŚŗŕŜŐōśŝŊśőŌőʼnŚőōśőśŜŗŊōŌőśŋŔŗśōŌŴ

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ä ĬőśŋŔŗśōʼnŝŌőŜʼnŖŌŖŗŖųʼnŝŌőŜŎōōŴ ä ļŐōīŗŚŘŗŚʼnŜōįŗŞōŚŖʼnŖŋōŚōŘŗŚŜʼnŔśŗŌōśŋŚőŊōśŜŐōŚŗŔōśʼnŖŌŚōśŘŗŖśőŊőŔőŜőōśŗŎŜŐōŌőŚōŋŜŗŚś ʼnśşōŔŔʼnśŘŚŗŞőŌōśŜŐōŖŝŕŊōŚŗŎŕōōŜőŖŏʼnŖŌʼnŜŜōŖŌʼnŖŋōŗŎōʼnŋŐŌőŚōŋŜŗŚōʼnŋŐšōʼnŚŴ ä ĩŔŔŌőŚōŋŜŗŚśʼnŚōŜŗŌőśŋŔŗśōʼnŖŌŵŗŚŚōŘŗŚŜŜŐōőŚśōŋŝŚőŜőōśŜŚʼnŌőŖŏʼnŖŌŐŗŔŌőŖŏŜŗŜŐōĪŗʼnŚŌŗŎ ĬőŚōŋŜŗŚÝśŕōōŜőŖŏŴ ĩŔŔʼnŖŖŝʼnŔŚōŘŗŚŜŋʼnŖŊōŌŗşŖŔŗʼnŌōŌőŖŊŗŜŐŔʼnŖŏŝʼnŏōśŎŚŗŕŗŝŚşōŊśőŜōŴĮŝŚŜŐōŚőŖŎŗŚŕʼnŜőŗŖ ŋʼnŖŊōŗŊŜʼnőŖōŌŊšŋŗŖŜʼnŋŜőŖŏŜŐōŋŗŕŘʼnŖšÝśőŖŞōśŜŗŚŚōŔʼnŜőŗŖʼnŜ`bųcbf`aifōŠŜŴaabŲaadŴ ļŐōīŗŕŘʼnŖšŘŚŗŞőŌōśʼnŕōŋŐʼnŖőśŕŜŗŎʼnŋőŔőŜʼnŜōśŜʼnœōŐŗŔŌōŚśÝőŖŞŗŔŞōŕōŖŜőŖőŕŘŚŗŞőŖŏŜŐō ŋŗŕŘʼnŖšŘōŚŎŗŚŕʼnŖŋōŜŗōŖśŝŚōŜŐōŎőŚŕÝśŋŗŖŜőŖŝŗŝśŏŚŗşŜŐʼnŖŌśŝŋŋōśśŴıŖŗŚŌōŚŎŗŚśŜʼnœōŐŗŔŌōŚś ŜŗŘʼnŚŜőŋőŘʼnŜōōŎŎōŋŜőŞōŔšŲʼnŔŔŚōŔōŞʼnŖŜőŖŎŗŚŕʼnŜőŗŖőśŌőśŋŔŗśōŌőŖŜŐōŎŗŚŕefųaŲŜŐōijīĭĩŖŖŝʼnŔĺōŘŗŚŜŲ ŜŐōīŗŕŘʼnŖšÝśşōŊśőŜōŲşşşŴœŋōŴŐřŴŋŗŕŲşşşŴœŋōŜŐʼnőŴőŖŴŜŐŴļŐōśŜʼnœōŐŗŔŌōŚśŋʼnŖŋŗŕŕŝŖőŋʼnŜō ŜŐŚŗŝŏŐŕʼnőŔŲōŕʼnőŔŲŜōŔōŘŐŗŖōʼnŖŌŜŐōŕōŖŜőŗŖōŌşōŊśőŜōŜŗŜŐōīŗŕŘʼnŖšʼnŖšŋŗŖŋōŚŖśʼnŊŗŝŜőŔŔōŏʼnŔ ŗŚŝŖōŜŐőŋʼnŔŘŚʼnŋŜőŋōśŲőŖŋŗŚŚōŋŜŎőŖʼnŖŋőʼnŔŚōŘŗŚŜőŖŏŲőŖśŝŎŎőŋőōŖŜőŖŜōŚŖʼnŔŋŗŖŜŚŗŔŲōŜŋŴ Investor Relations ļŐōŕōŕŊōŚŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŘŘŗőŖŜōŌʼnśŜŐōŋŗŕŘʼnŖšŘŝŊŔőŋŚōŔʼnŜőŗŖŚōŘŚōśōŖŜʼnŜőŞōŕōōŜś ŚōŏŝŔʼnŚŔšşőŜŐʼnŖʼnŔšśŜśʼnŖŌŜŐōŘŚōśśʼnśŚōřŝōśŜōŌŴĩŖʼnŔšśŜŊŚőōŎőŖŏśʼnŖŌŘŚōśśŋŗŖŎōŚōŖŋōśʼnŚōʼnŌŌőŜőŗŖʼnŔ ŋŐʼnŖŖōŔśŗŎŌőśŜŚőŊŝŜőŖŏŋŗŚŘŗŚʼnŜōőŖŎŗŚŕʼnŜőŗŖŴ ıŖb`abŲŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŲŜŐōŌőŚōŋŜŗŚśʼnŖŌŜŐōśōŖőŗŚōŠōŋŝŜőŞōŘŚŗŞőŌōŌőŖŎŗŚŕʼnŜőŗŖŜŗ őŖŞōśŜŗŚśhŜőŕōśőŖŜōŔōŋŗŖŎōŚōŖŋōśŲőŖŌőŞőŌŝʼnŔŕōōŜőŖŏśʼnŖŌŋŗŕŘʼnŖšŞőśőŜśŴļŐōŚōşōŚōśőŠʼnŖʼnŔšśŜśÝŕōōŜőŖŏś ŐōŔŌőŖb`abŴijīĭʼnŔśŗŘʼnŚŜőŋőŘʼnŜōŌőŖīŗŕŘʼnŖšľőśőŜşőŜŐŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŜŗŘŚŗŞőŌōőŖŎŗŚŕʼnŜőŗŖ ŜŗśŐʼnŚōŐŗŔŌōŚśʼnŖŌőŖŞōśŜŗŚśŗŖĵʼnŚŋŐadthŲb`abŴ Meeting Investors ijīĭŒŗőŖōŌőŖŞōśŜŗŚųŕōōŜőŖŏʼnŋŜőŞőŜőōśŜŗōŖśŝŚōŜŐʼnŜśōŖőŗŚōŠōŋŝŜőŞōśʼnŖŌıŖŞōśŜŗŚĺōŔʼnŜőŗŖśŕōōŜ őŖŞōśŜŗŚśʼnŖŌōŠŘŔʼnőŖśŘōŋőŎőŋőŖŎŗŚŕʼnŜőŗŖŗŖŘōŚŎŗŚŕʼnŖŋōŲśŜŚʼnŜōŏőŋŘŔʼnŖśŲŏŝőŌōŔőŖōśŗŖŊŝśőŖōśśŏŚŗşŜŐ ʼnŖŌʼnśŝŕŕʼnŚšŗŎŕʼnŒŗŚōŞōŖŜśŲőŖŋŔŝŌőŖŏʼnŖśşōŚőŖŏřŝōśŜőŗŖśŴ 4. Roles and Responsibilities of the Board ļŐōijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŘʼnŚŜőŋőŘʼnŜōőŖśōŜŜőŖŏŜŐōŌőŚōŋŜőŗŖŎŗŚŜŐōŏŚŗşŜŐʼnŖŌŜŐōŌōŞōŔŗŘŕōŖŜ ŗŎijīĭŲŜŐŚŗŝŏŐŌōŜōŚŕőŖőŖŏŜŐōśŜŚʼnŜōŏőōśʼnŖŌŘŗŔőŋőōśʼnŖŌŏőŞőŖŏʼnŌŞőŋōʼnŖŌŚōŋŗŕŕōŖŌʼnŜőŗŖśŲʼnśşōŔŔʼnś őŖŌőŚōŋŜőŖŏŲŗŞōŚśōōőŖŏŲʼnŖŌŕŗŖőŜŗŚőŖŏŜŐōśŜʼnŜŝśʼnŖŌŘŚŗŏŚōśśŗŎŜŐōŞʼnŚőŗŝśŗŘōŚʼnŜőŗŖʼnŔʼnśŘōŋŜśŗŎŜŐō īŗŕŘʼnŖšŗŖʼnŚōŏŝŔʼnŚŊʼnśőśŴļŐōijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŐʼnśʼnœōšŚŗŔōőŖśōŜŜőŖŏŜŐōōŜŐőŋʼnŔŜŗŖōŗŎŜŐō ŋŗŕŘʼnŖšşŐőŋŐŏŗōśŊōšŗŖŌŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōŔʼnşŴ ıŖb`abŲŜŐōīŗŕŘʼnŖšÝśĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŋŗŖśőśŜōŌŗŎhŌőŚōŋŜŗŚśŴĩŔŔʼnŚōœŖŗşŔōŌŏōʼnŊŔōʼnŖŌŋŗŕŘōŜōŖŜ şőŜŐŜŐōśœőŔŔśŲōŠŘōŚőōŖŋōŲʼnŖŌōŠŘōŚŜőśōŜŐʼnŜʼnŚōŝśōŎŝŔŜŗŜŐōŋŗŕŘʼnŖšŴĭʼnŋŐŊŗʼnŚŌŕōŕŊōŚŐʼnśŋŗŖŜŚőŊŝŜōŌ ŊŗŜŐŜőŕōʼnŖŌŌōŌőŋʼnŜőŗŖŜŗijīĭŋŚōʼnŜőŖŏʼnśŜŚŗŖŏŊŗʼnŚŌŗŎŌőŚōŋŜŗŚśŜŗŌōŜōŚŕőŖōŜŐōŊŝśőŖōśśŌőŚōŋŜőŗŖś ʼnŖŌŘŗŔőŋőōśŲŜŗśŝŘōŚŞőśōʼnŖŌŕŗŖőŜŗŚŜŐōŋŗŕŘʼnŖšÝśŗŘōŚʼnŜőŗŖśŜŗōŖśŝŚōʼnŔŔʼnŋŜőŞőŜőōśʼnŚōŋŗŖŌŝŋŜōŌőŖ ʼnŋŋŗŚŌʼnŖŋōşőŜŐŚōŔōŞʼnŖŜŔʼnşśʼnŖŌōŜŐőŋʼnŔśŜʼnŖŌʼnŚŌśŴĩŔŔŌőŚōŋŜŗŚśŝŖŌōŚśŜʼnŖŌŜŐōőŚŚŗŔōśʼnŖŌŚōśŘŗŖśőŊőŔőŜőōś

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ʼnŖŌŜŐōŖʼnŜŝŚōŗŎŜŐōŋŗŕŘʼnŖšÝśŊŝśőŖōśśŴļŐōšōŠŘŚōśśŜŐōőŚőŌōʼnśőŖŌōŘōŖŌōŖŜŔšşőŜŐŞőśőŗŖʼnŖŌŔōʼnŌōŚśŐőŘ ʼnŖŌʼnŔşʼnšśŝŘŌʼnŜōŜŐōŕśōŔŞōśŴijīĭĬőŚōŋŜŗŚśŘōŚŎŗŚŕŜŐōőŚŌŝŜőōśőŖŏŗŗŌŎʼnőŜŐŲşőŜŐŌŝōŌőŔőŏōŖŋōʼnŖŌ ŋʼnŚōŲőŖŜŐōŊōśŜőŖŜōŚōśŜŗŎŜŐōŋŗŕŘʼnŖšʼnŖŌʼnŔŔśŐʼnŚōŐŗŔŌōŚśʼnŖŌőŖʼnŋŋŗŚŌʼnŖŋōŜŗŜŐōŘŚőŖŋőŘŔōśŗŎŏŗŗŌ ŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŴ The Structure of The Board of Directors ijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚőśŋŗŕŘŗśōŌŗŎʼnŜŗŜʼnŔhŌőŚōŋŜŗŚśŲŜŐŚōōŗŎşŐŗŕʼnŚōőŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚśŲ ōřŝőŞʼnŔōŖŜŜŗŕŗŚōŜŐʼnŖŗŖōŜŐőŚŌŗŎŜŐōŊŗʼnŚŌśőŢōŴļŐōŚōʼnŚōŜşŗōŠōŋŝŜőŞōŌőŚōŋŜŗŚśʼnŖŌŜŐŚōōŖŗŖų ōŠōŋŝŜőŞōŌőŚōŋŜŗŚśŴļŐōŜōŚŕŎŗŚśōŚŞőŋōŎŗŚōʼnŋŐŌőŚōŋŜŗŚśŐőŘőśŜŐŚōōšōʼnŚśģŜŐōŌőŚōŋŜŗŚŜōŖŌōŚśŐőśŵŐōŚ ŚōśőŏŖʼnŜőŗŖʼnŜŜŐōōŖŌŗŎŜŐōŜōŚŕʼnŖŌŋʼnŖŊōŚōųōŔōŋŜōŌŊšŞŗŜőŖŏőŖŜŐōĩįĵŴļŐōʼnŏōŗŎŚōŜőŚōŕōŖŜőś ŋŗŕŘŔōŜőŖŏgešōʼnŚśŗŎʼnŏōŘŚőŗŚŜŗŜŐōŖōŠŜĩįĵŴļŐōŌőŚōŋŜŗŚśÝŖŗŕőŖʼnŜőŗŖŘŚŗŋōśśőśŜŚʼnŖśŘʼnŚōŖŜŲşőŜŐŗŝŜ ʼnŖšőŖŎŔŝōŖŋōŗŎŋŗŖŜŚŗŔŔőŖŏśŐʼnŚōŐŗŔŌōŚśŗŚŕʼnŖʼnŏōŕōŖŜŲʼnŖŌŋŚōŌőŊŔōŜŗʼnŔŔŮŌōŜʼnőŔśőŖŕőŖŝŜōśŗŎb`abĩįĵ ʼnŜşşşŴœŋōŜŐʼnőŴőŖŴŜŐůŴļŐōŚōőśʼnŊŗʼnŚŌŌőŞōŚśőŜšşőŜŐőŖŜŐōśŜŚŝŋŜŝŚōŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ KCE Board of Directors a ĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ b ĴŜŴįōŖŴĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼnĵŴĬ c ĵŚŴĸʼnŖŒʼn ĻōŖʼnŌőśʼnő d īŐʼnŖŜőŕʼn ķŖŏœŗśőŜŲĵŴĬŴ e ĵŚśŴĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ f ĵŚśŴľŗŚʼnŔŝœśʼnŖʼnķŖŏœŗśőŜ g ĵŚśŴĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ hĵŚŴĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ

īŐʼnőŚŕʼnŖʼnŖŌĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚŵıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚŵıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚʼnŖŌĭŠōŋŝŜőŞōĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚŵıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ

ĩŕŗŖŏŜŐōĪŗʼnŚŌĬőŚōŋŜŗŚśŲŎőŞōŐʼnŞōŊōōŖʼnŘŘŗőŖŜōŌʼnśʼnŝŜŐŗŚőŢōŌŌőŚōŋŜŗŚśŲŖʼnŕōŔšŲĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜŲĵŚŴĸʼnŖŒʼnĻōŖʼnŌőśʼnőŲĬŚŴīŐʼnŖŜőŕʼnķŖŏœŗśőŜŲĵŚśŴĻőŚőŘŐʼnŖĻŝŖŜʼnŖʼnŘŐʼnŖŲʼnŖŌĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜŴĩŖšŜşŗŗŎŜŐōʼnŝŜŐŗŚőŢōŌŌőŚōŋŜŗŚśʼnŚōʼnŝŜŐŗŚőŢōŌŜŗśőŏŖŒŗőŖŜŔšŗŖŊōŐʼnŔŎŗŎŜŐōŋŗŕŘʼnŖšŴ Policy on Appointment and Term of KCE Directorship ä ĩŘŘŗőŖŜŕōŖŜĢļŐōʼnŘŘŗőŖŜŕōŖŜŗŎijīĭŌőŚōŋŜŗŚőśŜŐŗŝŏŐŕʼnŒŗŚőŜšŞŗŜőŖŏʼnŜŜŐōĩįĵŴĭʼnŋŐ śŐʼnŚōŐōŔŌŊšŗŖōśŐʼnŚōŐŗŔŌōŚőśōřŝőŞʼnŔōŖŜŜŗŗŖōŞŗŜōʼnŖŌŞŗŜőŖŏőśśōŘʼnŚʼnŜōŌŎŗŚōʼnŋŐ őŖŌőŞőŌŝʼnŔŋʼnŖŌőŌʼnŜōŖŗŕőŖʼnŜōŌŴļŐōŌőŚōŋŜŗŚśşŐŗŚōŜőŚōŌŊšŚŗŜʼnŜőŗŖʼnŚōŜŗŚōŎŚʼnőŖŎŚŗŕŞŗŜőŖŏŴ ä ĬŝŚʼnŜőŗŖŗŎĬőŚōŋŜŗŚÝśļōŚŕĢļŐōŜōŚŕŎŗŚʼnŔŔŌőŚōŋŜŗŚśŐőŘśőśŜŐŚōōšōʼnŚśŴĩŜĩįĵŲŗŖō ŜŐőŚŌŗŎŌőŚōŋŜŗŚśşŗŝŔŌōŖŌŜŐōőŚŜōŚŕŴıŎŜŐōŖŝŕŊōŚŗŎŜŐōśŝŊŒōŋŜōŌŌőŚōŋŜŗŚśŋŗŝŔŌŖŗŜ ŊōŌőŞőŌōŌōŠʼnŋŜŔšőŖŜŗŜŐŚōōŘʼnŚŜśŲŜŐōŖŝŕŊōŚŗŎŌőŚōŋŜŗŚśŜŗōŖŌŜŐōŌőŚōŋŜŗŚśŐőŘŕŝśŜŊōŋŔŗśō ŜŗŜŐōaŵcŚʼnŜőŗʼnśŕŝŋŐʼnśŘŗśśőŊŔōʼnŖŌŋʼnŖŊōŚōųōŔōŋŜōŌŊšŞŗŜőŖŏőŖŜŐōĩįĵŴıŖŋŐŗŗśőŖŏ ŜŐŗśōŌőŚōŋŜŗŚśşŐŗŚōŜőŚōŲŔōŖŏŜŐŗŎśōŚŞőŋōŗŖŜŐōŊŗʼnŚŌśŐŗŝŔŌŊōŋŗŖśőŌōŚōŌŲśŗŜŐʼnŜŜŐŗśō şŐŗŐʼnŞōśōŚŞōŌŔŗŖŏōśŜʼnŚōŕŗśŜōŔőŏőŊŔōŜŗŚōŜőŚōŴĶōŞōŚŜŐōŔōśśŲʼnŚōŜőŚőŖŏŌőŚōŋŜŗŚőśōŔőŏőŊŔō ŎŗŚŚōųōŔōŋŜőŗŖŴ

KCE Annual Report 2012

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ä ľʼnŋʼnŖŋšĢĿŐōŖŜŐōŚōőśʼnŌőŚōŋŜŗŚŞʼnŋʼnŖŋšŌŝōŜŗŗŜŐōŚŋŗŖŌőŜőŗŖśŚʼnŜŐōŚŜŐʼnŖŊšŚŗŜʼnŜőŗŖŲŜŐō ĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŘŘŗőŖŜśʼnřŝʼnŔőŎőōŌŘōŚśŗŖʼnśśŝŊŕőŜŜōŌŊšŜŐōĶŗŕőŖʼnŜőŗŖīŗŕŕőŜŜōōŲ şŐŗŕōōŜśŜŐōŋŚőŜōŚőʼnʼnśŚōřŝőŚōŌŊšŜŐōīŗŕŘʼnŖšĩŚŜőŋŔōŗŎĩśśŗŋőʼnŜőŗŖŜŗŎőŔŔŜŐōŘŗśőŜőŗŖ ʼnŖŌʼnŜŜōŖŌŜŐōŖōŠŜĪŗʼnŚŌŗŎĬőŚōŋŜŗŚÝśŕōōŜőŖŏŝŖŔōśśŜŐōōŠŘőŚʼnŜőŗŖŗŎŜŐōŜōŚŕŗŎśŝŋŐ ŌőŚōŋŜŗŚōŖŌśőŖŔōśśŜŐʼnŖŜşŗŕŗŖŜŐśŊōŎŗŚōŜŐōŖōŠŜĩŖŖŝʼnŔįōŖōŚʼnŔĵōōŜőŖŏŴĶŗŔōśśŜŐʼnŖ ŜŐŚōōŎŗŝŚŜŐŗŎŜŐōŖŝŕŊōŚŗŎŚōŕʼnőŖőŖŏŌőŚōŋŜŗŚśŕŝśŜʼnŘŘŚŗŞōŜŐōʼnŘŘŗőŖŜŕōŖŜŗŎŜŐōśʼnőŌ ŌőŚōŋŜŗŚŴļŐōʼnŘŘŗőŖŜōŌŌőŚōŋŜŗŚşőŔŔŚōŕʼnőŖőŖŗŎŎőŋōŝŖŜőŔŜŐōŖōŠŜĩŖŖŝʼnŔįōŖōŚʼnŔĵōōŜőŖŏŴ ä ĶŝŕŊōŚŗŎīŗŖśōŋŝŜőŞōŜōŚŕśĢļŐōīŗŕŘʼnŖšŊōŔőōŞōśŜŐʼnŜōʼnŋŐŗŎőŜśōŔōŋŜōŌŌőŚōŋŜŗŚśőśʼnŐőŏŐŔš řŝʼnŔőŎőōŌőŖŌőŞőŌŝʼnŔşŐŗőśœŖŗşŔōŌŏōʼnŊŔōʼnŖŌōŎŎōŋŜőŞōŴıŎśŐʼnŚōŐŗŔŌōŚśśŐŗşŋŗŖŎőŌōŖŋōőŖʼn ŌőŚōŋŜŗŚŊšŚōųōŔōŋŜőŖŏŐőŕŗŚŐōŚŲŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśşőŔŔŐŗŖŗŚŜŐʼnŜŌōŋőśőŗŖŴ ä ļŐōŕōŕŊōŚśŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŚōŖŗŜŜŗŐŗŔŌŜŐʼnŖŎőŞōŊŗʼnŚŌśōʼnŜśőŖŘŝŊŔőŋųŔőśŜōŌ ŋŗŕŘʼnŖőōśŴ Scope of Authority and Duties of the Board of Directors ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŐʼnśŜŐōŎŗŔŔŗşőŖŏʼnŝŜŐŗŚőŜőōśĢ aŴ ĩŋŜőŖŏőŖʼnŊōśŜőŖŜōŚōśŜŗŎśŐʼnŚōŐŗŔŌōŚśŮĮőŌŝŋőʼnŚšĬŝŜšůŊšŗŊśōŚŞőŖŏŜŐōŎŗŔŔŗşőŖŏŎŗŝŚ ŕʼnőŖŘŚʼnŋŜőŋōśĢ  aŴaĸōŚŎŗŚŕőŖŏőŜśŌŝŜőōśşőŜŐʼnŔŔŋőŚŋŝŕśŘōŋŜőŗŖʼnŖŌŋʼnŝŜőŗŖŮĬŝŜšŗŎīʼnŚōů  aŴb ĸōŚŎŗŚŕőŖŏőŜśŌŝŜőōśşőŜŐŎʼnőŜŐŎŝŔŖōśśʼnŖŌŐŗŖōśŜšŮĬŝŜšŗŎĴŗšʼnŔŜšů  aŴc ĸōŚŎŗŚŕőŖŏőŜśŌŝŜőōśőŖŋŗŕŘŔőʼnŖŋōşőŜŐŔʼnşśŲŗŊŒōŋŜőŞōśŲĩŚŜőŋŔōśŗŎĩśśŗŋőʼnŜőŗŖŲʼnŖŌ  ŚōśŗŔŝŜőŗŖśŗŎśŐʼnŚōŐŗŔŌōŚśÝĵōōŜŜőŖŏśŮĬŝŜšŗŎķŊōŌőōŖŋōů  aŴd ĬőśŋŔŗśőŖŏőŖŎŗŚŕʼnŜőŗŖŜŗśŐʼnŚōŐŗŔŌōŚśʼnŋŋŝŚʼnŜōŔšŲŋŗŕŘŔōŜōŔšŲʼnŖŌŜŚʼnŖśŘʼnŚōŖŜŔšŮĬŝŜš  ŗŎĬőśŋŔŗśŝŚōů bŴ ĭśŜʼnŊŔőśŐŜŐōŞőśőŗŖŲŕʼnŖŌʼnŜōŲŘŗŔőŋšŲŗŘōŚʼnŜőŗŖʼnŔʼnŖŌŊŝŌŏōŜŘŔʼnŖʼnŖŌśŝŘōŚŞőśōŜŐōŘōŚŎŗŚŕʼnŖŋō ŗŎŜŗŘōŠōŋŝŜőŞōśŜŗōŎŎőŋőōŖŜŔšʼnŖŌōŎŎōŋŜőŞōŔšŋŗŕŘŔšşőŜŐŜŐōŘŗŔőŋšŎŗŚŜŐōśōŋŝŚőŜšŲŜŐō ŊʼnŔʼnŖŋōŌʼnŖŌśŝśŜʼnőŖʼnŊŔōőŖŜōŚōśŜŗŎʼnŔŔśŜʼnœōŐŗŔŌōŚśŴ cŴ ĽŖŌōŚŜʼnœōŜŐōīŗŕŘʼnŖšŕʼnŖʼnŏōŕōŖŜőŖŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōŔʼnşŲŜŐōīŗŕŘʼnŖšŗŊŒōŋŜőŞōś ʼnŖŌĩŚŜőŋŔōśŗŎĩśśŗŋőʼnŜőŗŖʼnŖŌŜŐōŚōśŗŔŝŜőŗŖśŗŎŜŐōĻŐʼnŚōŐŗŔŌōŚśĵōōŜőŖŏşőŜŐőŖŜōŏŚőŜš ʼnŖŌőŖŏŗŗŌŎʼnőŜŐŲŜŗŘŚŗŜōŋŜŜŐōīŗŕŘʼnŖšőŖŜōŚōśŜŴ dŴ ĺōŞőōşʼnŖŌōŖŌŗŚśōŜŐōŕʼnŖʼnŏōŕōŖŜśŜŚʼnŜōŏšŴ e ĺōŞőōşŜŐōīŗŕŘʼnŖšÝśŗŘōŚʼnŜőŗŖʼnŔʼnŖŌŌōŞōŔŗŘŕōŖŜŘŔʼnŖőŖŗŚŌōŚŜŗŊōŋŗŕŘōŜőŜőŞōőŖŜŐō őŖŜōŚŖʼnŜőŗŖʼnŔʼnŚōŖʼnŴ fŴīŗŖŌŝŋŜʼnśśōśśŕōŖŜŗŎŜŐōīŗŕŘʼnŖšŘōŚŎŗŚŕʼnŖŋōŚōśŝŔŜʼnŖŌŜŐōŘōŚŎŗŚŕʼnŖŋōŗŎōŠōŋŝŜőŞōśŴ gŴĻŝŘōŚŞőśōʼnŖŌōŠʼnŕőŖōŜŐōŎőŖʼnŖŋőʼnŔŚōŘŗŚŜśšśŜōŕŎŗŚʼnŋŋŝŚʼnŋšŲŜŚʼnŖśŘʼnŚōŖŋšʼnŖŌʼnŌōřŝʼnŋšŴ

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KCE Annual Report 2012


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ıŖŜŐōŁōʼnŚb`abŲŋŗŕŘŔőʼnŖŋōşőŜŐŏŗŗŌŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŘŗŔőŋőōśşʼnśōŞʼnŔŝʼnŜōŌŴļŐōŚōśŝŔŜś ŗŎŜŐōōŞʼnŔŝʼnŜőŗŖőŖŌőŋʼnŜōŜŐʼnŜŜŐōīŗŕŘʼnŖšşʼnśőŖŋŗŕŘŔőʼnŖŋōşőŜŐŕŗśŜŗŎŜŐōśŘōŋőŎőōŌŏŝőŌōŔőŖōś ʼnŖŌŘŗŔőŋőōśŲ Internal Control and Audit System ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŐʼnśŘŝŜōŕŘŐʼnśőśŗŖŐʼnŞőŖŏʼnŖōŎŎőŋőōŖŜʼnŖŌōŎŎōŋŜőŞōőŖŜōŚŖʼnŔŋŗŖŜŚŗŔśšśŜōŕŴ ļŐōıŖŜōŚŖʼnŔĩŝŌőŜśšśŜōŕŕŗŖőŜŗŚʼnŖŌōŖśŝŚōŜŐʼnŜŜŐōīŗŕŘʼnŖšŐʼnśʼnŖŌőśőŖŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōŘŚōśŋŚőŊōŌ ŘŗŔőŋőōśʼnŖŌŏŝőŌōŔőŖōśŚōŏʼnŚŌőŖŏŗŘōŚʼnŜőŖŏŋŗŖŜŚŗŔŲŎőŖʼnŖŋőʼnŔŚōŘŗŚŜőŖŏŲőŖŎŗŚŕʼnŜőŗŖŜōŋŐŖŗŔŗŏšʼnśşōŔŔʼnś ʼnŘŘŔőŋʼnŊŔōŚŝŔōśʼnŖŌŚōŏŝŔʼnŜőŗŖśʼnśŚōřŝőŚōŌŊšŋŗŕŘōŜōŖŜʼnŝŜŐŗŚőŜőōśŴļŐōŋŗŕŘŔőʼnŖŋōŝŖőŜśŐʼnŔŔŌōŜōŚŕőŖō ʼnŖʼnŝŌőŜŘŔʼnŖŜŐʼnŜŎŝŔŔšŋŗŞōŚśŗŘōŚʼnŜőŗŖśŗŎʼnŔŔŎŝŖŋŜőŗŖśŲʼnŖŌŜŐōŘŔʼnŖśŐʼnŔŔŊōōŞʼnŔŝʼnŜōŌōŞōŚšřŝʼnŚŜōŚŴ ĻŝŎŎőŋőōŖŋšŗŎőŖŜōŚŖʼnŔŋŗŖŜŚŗŔśšśŜōŕśśŐʼnŔŔʼnŔśŗŊōōŞʼnŔŝʼnŜōŌōŞōŚšřŝʼnŚŜōŚʼnśşōŔŔŴıŖŜŐōŁōʼnŚb`abŲŜŐō īŗŕŘʼnŖšşʼnśőŖŎŝŔŔŋŗŕŘŔőʼnŖŋōşőŜŐőŜśŗŘōŚʼnŜőŖŏŘŗŔőŋőōśʼnŖŌʼnŘŘŔőŋʼnŊŔōŚŝŔōśŲŚōŏŝŔʼnŜőŗŖśʼnŖŌŏŝőŌōŔőŖōś ʼnśŘŚōśŋŚőŊōŌŊšŜŐōŚōŔōŞʼnŖŜʼnŝŜŐŗŚőŜőōśŴ

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Conflict of Interest ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśśōŜŝŘʼnŋŔōʼnŚŘŗŔőŋšŚōŏʼnŚŌőŖŏŋŗŖśőŌōŚʼnŜőŗŖʼnŖŌʼnŘŘŚŗŞʼnŔŗŎŕʼnŜŜōŚśŜŐʼnŜŕʼnš ŋʼnŝśōŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜŴĬőŚōŋŜŗŚśśŐʼnŔŔŌőśŋŔŗśōŜŐōőŚŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜŘŚőŗŚŜŗŜŐōŕōōŜőŖŏŲőŎʼnŖšŴĬőŚōŋŜŗŚś ʼnŚōŖŗŜʼnŔŔŗşōŌŜŗʼnŜŜōŖŌŗŚŞŗŜōőŖŜŐōŕōōŜőŖŏśŐŗŝŔŌŜŐōŚōŊōʼnŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜŴıŖŋʼnśōŜŐōŚōŕʼnš ŊōʼnŖšŜŚʼnŖśʼnŋŜőŗŖśŗŚŕʼnŜŜōŚśşőŜŐŕʼnŜōŚőʼnŔŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜŲŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŕʼnšʼnśśőŏŖŜŐōĩŝŌőŜ īŗŕŕőŜŜōōŜŗŋŗŖśőŌōŚʼnŖŌŘŚŗŘŗśōŜŐōőŚŗŘőŖőŗŖŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ Risk Management Policy ļŐōīŗŕŘʼnŖšŕʼnšŎʼnŋōŊŗŜŐőŖŜōŚŖʼnŔʼnŖŌōŠŜōŚŖʼnŔŊŝśőŖōśśŚőśœśőŖőŜśŗŘōŚʼnŜőŗŖŴļŗŗŚŌōŚŜŗŋŗŕŊʼnŜ şőŜŐśŝŋŐŚőśœśŲŜŐōīŗŕŘʼnŖšŐʼnśŋŗŖŜőŖŝʼnŔŔšŌōŞōŔŗŘōŌʼnŖŌőŕŘŔōŕōŖŜōŌŚőśœŕʼnŖʼnŏōŕōŖŜśšśŜōŕśŴ Overview of Risk Management 

ä ĺőśœŕʼnŖʼnŏōŕōŖŜʼnŜŊŗŜŐŘŗŔőŋšʼnŖŌŗŘōŚʼnŜőŖŏŔōŞōŔśŐʼnŔŔŊōŝŖŌōŚŜŐōŚōśŘŗŖśőŊőŔőŜšŗŎōʼnŋŐ śŝŊŋŗŕŕőŜŜōōŴ ä ķŘōŚʼnŜőŗŖŗŎŜŐōīŗŕŘʼnŖšőśŝŖŌōŚŜŐōŗŚŏʼnŖőŢʼnŜőŗŖʼnŔśŜŚŝŋŜŝŚōŲşőŜŐŋŐōŋœʼnŖŌŊʼnŔʼnŖŋōŕōŋŐʼnŖőśŕśŴ

Independent Directors ijīĭıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚśōŠōŚŋőśōőŜśŌŝŜőōśŗŎŕŗŖőŜŗŚőŖŏŕʼnŖʼnŏōŚőʼnŔŘōŚŎŗŚŕʼnŖŋōʼnŖŌŘŚōŞōŖŜőŖŏ ŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜŲōŠōŚŋőśőŖŏŗŊŒōŋŜőŞōŒŝŌŏōŕōŖŜŊšŊōőŖŏőŖŌōŘōŖŌōŖŜŗŎŕʼnŖʼnŏōŕōŖŜŲŎŗŔŔŗşŜŐōŋŚőŜōŚőʼn ŗŎĻĭīʼnŖŌĻĭļʼnśŎŗŔŔŗşśĢ ä ĻŐʼnŔŔŖŗŜŐŗŔŌśŐʼnŚōōŠŋōōŌőŖŏ`ŴeūŗŎŜŐōŞŗŜőŖŏśŐʼnŚōśŗŎijīĭőŜśśŝŊśőŌőʼnŚőōśŲʼnśśŗŋőʼnŜōŌŲŗŚŚōŔʼnŜōŌ ŋŗŕŘʼnŖőōśŮőŖŋŔŝŌőŖŏŜŐōśŐʼnŚōśŐōŔŌŊšŋŗŖŖōŋŜŘʼnŚŜőōśŝŖŌōŚĻōŋŜőŗŖbehŗŎĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏō ŔʼnşśůŴ ä İʼnŞōŖŗŜŊōōŖŗŚʼnŚōŖŗŜőŖŞŗŔŞōŌőŖŜŐōŋŗŕŘʼnŖšʼnśʼnŖšŗŎŜŐōŎŗŔŔŗşőŖŏĢ 

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ļŐōŕʼnŖʼnŏōŕōŖŜŲ ĭŕŘŔŗšōōśŲŗŚŎŗŚŕōŚōŕŘŔŗšōōśŗŎŜŐōŋŝŚŚōŖŜōŠŜōŚŖʼnŔʼnŝŌőŜŗŚ ĮŗŚŕōŚşʼnŏōōʼnŚŖōŚśőŖŋŔŝŌőŖŏʼnŖʼnŝŌőŜʼnŌŞőśŗŚśŲŔōŏʼnŔŗŚŗŜŐōŚʼnŌŞőśŗŚśŗŎijīĭ ĭŕŘŔŗšōŌŊšijīĭŲŗŚ İʼnŞōŋŗŖŜŚŗŔŗŞōŚijīĭŲőŜśśŝŊśőŌőʼnŚőōśʼnŖŌʼnśśŗŋőʼnŜōśŲ IJŝŚőśŜőŋŘōŚśŗŖśŜŐʼnŜŋŗŝŔŌŘŗśōŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜŲōŠŋōŘŜşŐōŖśŝŋŐřŝʼnŔőŎőŋʼnŜőŗŖśŐʼnŞōōŖŌōŌ ŎŗŚŕŗŚōŜŐʼnŖŜşŗšōʼnŚśŴ İʼnŞōŐʼnŌŊŝśőŖōśśŚōŔʼnŜőŗŖśŐőŘşőŜŐŜŐōŋŗŕŘʼnŖšőŖŜŐōŘʼnśŜŜşŗšōʼnŚśŴ

ä İʼnŞōʼnŊśŗŔŝŜōŔšŖŗŞōśŜōŌőŖŜōŚōśŜśőŖijīĭŲőŜśśŝŊśőŌőʼnŚőōśŲʼnśśŗŋőʼnŜōśŗŚŚōŔʼnŜōŌŋŗŕŘʼnŖőōśŲŗŚ ŒŝŚőśŜőŋŘōŚśŗŖśşőŜŐŘŗśśőŊŔōŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜŐʼnŕŘōŚőŖŏőŖŌōŘōŖŌōŖŜōŠōŚŋőśōŗŎŌőśŋŚōŜőŗŖ őŖŋŔŝŌőŖŏŋŝśŜŗŕōŚśŲŊŝśőŖōśśŘʼnŚŜŖōŚśŲʼnŖŌŜŚʼnŌōŗŚŔŗʼnŖŋŚōŌőŜŗŚśŵŌōŊŜŗŚśŴ ä ĩŚōŖŗŜŋŔŗśōŚōŔʼnŜőŗŖŚōŔʼnŜōŌŊšŊŔŗŗŌŗŚŊšŚōŏőśŜŚʼnŜőŗŖŗŚŐʼnŞōŗŜŐōŚŚōŔʼnŜőŗŖśŐőŘŜŐʼnŜŋŗŝŔŌ ŌōŘŚőŞōőŖŌōŘōŖŌōŖŋōşőŜŐŜŐōŕʼnŖʼnŏōŕōŖŜŲŕʼnŒŗŚśŐʼnŚōŐŗŔŌōŚśŗŎijīĭŲijīĭįŚŗŝŘŋŗŕŘʼnŖőōśŲ ʼnśśŗŋőʼnŜōŌŋŗŕŘʼnŖőōśŲŗŚŒŝŚőśŜőŋŘōŚśŗŖśŜŐʼnŜŋŗŝŔŌŘŗśōŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜŴ ä ĶŗŜŊōőŖŏʼnŘŘŗőŖŜōŌʼnśʼnŖʼnŏōŖŜŜŗŘŚōśōŚŞōŜŐōőŖŜōŚōśŜśŗŎŌőŚōŋŜŗŚśŗŚŕʼnŒŗŚśŐʼnŚōŐŗŔŌōŚśŴ

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Independent Directors aŴ ĴŜŴįōŖŴĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼnĵŴĬ bŴ ĵŚŴĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ cŴ ĵŚśŴĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ

ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ

ĩŔŔijīĭŌőŚōŋŜŗŚśŕōōŜŜŐōřŝʼnŔőŎőŋʼnŜőŗŖśʼnśśŘōŋőŎőōŌʼnŊŗŞōŴļŐōŚōşōŚōŖŗŚōŔʼnŜōŌŜŚʼnŖśʼnŋŜőŗŖś ŗŚŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜśőŖb`abŴ ļŐōŋŗŕŘʼnŖšŐʼnśŜŐŚōōőŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚśŲŜŐŚōōŌőŚōŋŜŗŚśʼnŖŌŜşŗōŠōŋŝŜőŞōŌőŚōŋŜŗŚśŲ ŗŖōşŐŗőśŜŐōŋŗŕŘʼnŖšÝśŋŐʼnőŚŕʼnŖʼnŖŌŕʼnŖʼnŏőŖŏŌőŚōŋŜŗŚʼnŖŌŜŐōŗŜŐōŚőśŜŐōĭŠōŋŝŜőŞōśÝķŎŎőŋō ĬőŚōŋŜŗŚŴĶŗŖōŗŎŜŐōōŠōŋŝŜőŞōŌőŚōŋŜŗŚśōŚŞōśŗŖŗŜŐōŚŊŗʼnŚŌŗŎŘŝŊŔőŋŔšŔőśŜōŌŋŗŕŘʼnŖšŴļŐōŖŗŖųōŠōŋŝŜőŞōś ŌőŚōŋŜŗŚśŐʼnŞōŋŗŕŘōŜōŖŋōŲśœőŔŔśŲœŖŗşŔōŌŏōśŲʼnŖŌōŠŘōŚőōŖŋōśőŖŜŐōŋŗŕŘʼnŖšőŖŌŝśŜŚšŴ Board of Directors’ Meetings ļŐōĪŗʼnŚŌŒŗőŖŜŔšśŋŐōŌŝŔōśŕōōŜőŖŏŌʼnŜōśŎŗŚōŖŜőŚōšōʼnŚőŖʼnŌŞʼnŖŋōŲşőŜŐŕŗŖŜŐŔšŕōōŜőŖŏʼn šōʼnŚŴʼnŖŌśŘōŋőʼnŔŚŗŝŖŌśŗŎŕōōŜőŖŏśŋŗŝŔŌŊōŋʼnŔŔōŌʼnśŌōōŕōŌŖōŋōśśʼnŚšŴıŖb`abŲŜŐōŚōşōŚōac ĪŗʼnŚŌŕōōŜőŖŏśŴ ļŐōīŐʼnőŚŕʼnŖʼnŖŌŜŐōīŗŕŘʼnŖšĻōŋŚōŜʼnŚšŒŗőŖŜŔšśōŜʼnŋŔōʼnŚʼnŏōŖŌʼnŊōŎŗŚōōʼnŋŐĪŗʼnŚŌŕōōŜőŖŏŴ ĩŔŔĬőŚōŋŜŗŚśŋʼnŖŎŚōōŔšŘŚŗŘŗśōŜŐōőŚʼnŏōŖŌʼnőŜōŕśŎŗŚŋŗŖśőŌōŚʼnŜőŗŖŊšŜŐōīŐʼnőŚŕʼnŖŊōŎŗŚōőŖŋŔŝśőŗŖ őŖʼnŕōōŜőŖŏŴ ļŐōīŗŕŘʼnŖšĻōŋŚōŜʼnŚšŲĵŚśŴļʼnŖšʼnŚʼnŜļōśśʼnŔōōŲőśŘŚŗŎōśśőŗŖʼnŔʼnŖŌřŝʼnŔőŎőōŌşőŜŐōŌŝŋʼnŜőŗŖ ʼnŖŌōŠŘōŚőōŖŋōśőŖʼnŋŋŗŝŖŜʼnŖŋšʼnŖŌŎőŖʼnŖŋōŴ ļŐōīŗŕŘʼnŖšĻōŋŚōŜʼnŚšśŝŊŕőŜŕōōŜőŖŏŌŗŋŝŕōŖŜśŜŐʼnŜŋʼnŖŊōŚōŞōʼnŔōŌőŖşŚőŜŜōŖŎŗŚŕ şőŜŐŗŝŜʼnŎŎōŋŜőŖŏijīĭÝśŊŝśőŖōśśŗŘōŚʼnŜőŗŖśŜŗŜŐōŌőŚōŋŜŗŚśʼnŜŔōʼnśŜgŌʼnšśőŖʼnŌŞʼnŖŋōŎŗŚŋŗŖśőŌōŚʼnŜőŗŖŲ ŜŗŏōŜŐōŚşőŜŐőŖŞőŜʼnŜőŗŖŔōŜŜōŚśśŘōŋőŎšőŖŏŜŐōʼnŏōŖŌʼnŲŕōōŜőŖŏŌʼnŜōŲŜőŕōʼnŖŌŘŔʼnŋōŴıŖōŕōŚŏōŖŋőōśŲ ŜŗŘŚŗŜōŋŜŜŐōīŗŕŘʼnŖšÝśŚőŏŐŜśŗŚőŖŜōŚōśŜśŲʼnŖʼnŘŘŗőŖŜŕōŖŜŎŗŚśŝŋŐŕōōŜőŖŏŜŐŚŗŝŏŐŗŜŐōŚŕōŜŐŗŌś ʼnŜśŐŗŚŜōŚŖŗŜőŋōŴĺōřŝōśŜśŎŗŚŕŗŚōőŖŎŗŚŕʼnŜőŗŖŋŗŝŔŌŊōŗŊŜʼnőŖōŌŎŚŗŕŜŐōĭŠōŋŝŜőŞōķŎŎőŋōŴĵōŕŊōŚś ŗŎŜŐōĪŗʼnŚŌŋŗŝŔŌʼnŔśŗŚōřŝōśŜŎŗŚŚōřŝőŚōŌʼnŌŌőŜőŗŖʼnŔʼnŏōŖŌʼnőŜōŕŎŗŚŜŐōĪŗʼnŚŌĵŗŖŜŐŔšĵōōŜőŖŏŴ ĬŝŚőŖŏōʼnŋŐŕōōŜőŖŏŲŜŐōīŐʼnőŚŕʼnŖʼnŔŔŗŋʼnŜōśōŖŗŝŏŐŜőŕōŎŗŚŌőśŋŝśśőŗŖŗŎōʼnŋŐśőŏŖőŎőŋʼnŖŜ őśśŝōʼnŖŌōŖŋŗŝŚʼnŏōśʼnŔŔŌőŚōŋŜŗŚśŜŗōŠŘŚōśśőŌōʼnśşőŜŐŜŐōīŗŕŘʼnŖšĻōŋŚōŜʼnŚšʼnŖŌŔōŏʼnŔŌōŘʼnŚŜŕōŖŜ őŖʼnŜŜōŖŌʼnŖŋōŜŗŜʼnœōŖŗŜōśŴļŐōŕōōŜőŖŏŝśŝʼnŔŔšŚōřŝőŚōŌʼnŘŘŚŗŠőŕʼnŜōŔšcŐŗŝŚśŴļŐōōŠōŋŝŜőŞōśşőŜŐ ŌőŚōŋŜŚōśŘŗŖśőŊőŔőŜšŘōŚŜʼnőŖőŖŏőśśŝōśŌőśŋŝśśōŌőŖŜŐōŕōōŜőŖŏŋŗŝŔŌŊōőŖŞőŜōŌŜŗŋŔʼnŚőŎšʼnŖŌŘŚŗŞőŌōŌ őŖŎŗŚŕʼnŜőŗŖŴļŐōīŗŕŘʼnŖšÝśʼnŜŜŗŚŖōšʼnŜŜōŖŌōŌʼnŔŔŜŐōŕōōŜőŖŏŲŚōŋŗŚŌōŌŜŐōŕőŖŝŜōśʼnŖŌŕʼnŖʼnŏōŌ ʼnŔŔŌŗŋŝŕōŖŜśʼnśşōŔŔʼnśŏőŞőŖŏʼnŌŞőŋōŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŖŌĭŠōŋŝŜőŞōśŚōŏʼnŚŌőŖŏŋŗŕŘŔőʼnŖŋō őśśŝōśŴĬőŚōŋŜŗŚşŐŗŐʼnśʼnŞōśŜōŌőŖŜōŚōśŜőŖŜŐōʼnŏōŖŌʼnőŜōŕŕŝśŜʼnŊśŜʼnőŖŎŚŗŕŕōōŜőŖŏŴļŐōŋŗŕŘʼnŖš ŚōřŝőŚōśʼnŕőŖőŕŝŕŗŎřŝŗŚŝŕŗŎʼnŜŔōʼnśŜbŵcŎŗŚŊŗʼnŚŌŌōŋőśőŗŖŴ

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ıŖb`abŲŜŐōŚōşōŚōʼnŜŗŜʼnŔŗŎacĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśÝĵōōŜőŖŏśŲʼnŔŔŌőŚōŋŜŗŚśʼnŜŜōŖōŌŕŗŚōŜŐʼnŖ geūŗŎŜŐōŕōōŜőŖŏśőŖb`abŴļŐōŕōōŜőŖŏʼnŜŜōŖŌʼnŖŋōŗŎōʼnŋŐŌőŚōŋŜŗŚőśʼnśŎŗŔŔŗşśĢ Name aŴ ĵŚŴĪʼnŖŋŐʼn bŴ ĴŜŴįōŖŴĻŝŘŚőŒʼn cŴ ĵŚŴĸʼnŖŒʼn dŴ īŐʼnŖŜőŕʼn eŴ ĵŚśŴĽŊŗŔ fŴ ĵŚśŴľŗŚʼnŔŝœśʼnŖʼn gŴ ĵŚśŴĻőŚőŘŐʼnŖ hŴ ĵŚŴĸʼnőŜŗŗŖ

Attendance / Total Meeting ķŖŏœŗśőŜ ĵŗœœŐʼnŞōśʼnŲĵĬ ĻōŖʼnŌőśʼnő ķŖŏœŗśőŜŲĵĬ īŐőŚʼnŕŗŖŏœŗŔ ķŖŏœŗśőŜ ĻŝŖŜʼnŖʼnŘŐʼnŖ ļʼnŞōōŊŐŗŔ

acŵac abŵac acŵac acŵac acŵac acŵac acŵac iŵac

Role of the Chairman ļŐōīŐʼnőŚŕʼnŖŎŝŖŋŜőŗŖśʼnśŜŐōŔōʼnŌōŚŗŎŜŐōŊŗʼnŚŌŴİōŐʼnśŜŐōŚōśŘŗŖśőŊőŔőŜšŗŎśōŜŜőŖŏŊŗʼnŚŌ ʼnŏōŖŌʼnŲŘŚŗŞőŌőŖŏőŖŎŗŚŕʼnŜőŗŖŜŗŌőŚōŋŜŗŚśŲʼnŖŌŜŗŋŗŖŌŝŋŜŗŘōŖŊŗʼnŚŌŚŗŗŕŌőśŋŝśśőŗŖśŲōŖʼnŊŔőŖŏŜŐō ŌőŚōŋŜŗŚśŜŗŏōŖōŚʼnŜōŜŐōōŎŎōŋŜőŞōŊŗʼnŚŌŌōŊʼnŜōʼnŖŌŌőśŋŝśśőŗŖʼnŖŌŘŚŗŞőŌōŜŐōŋŗŖśŜŚŝŋŜőŞōŋŐʼnŔŔōŖŏō şŐőŋŐŜŐōŋŗŕŘʼnŖšŖōōŌśŴ ļŐōīŐʼnőŚŕʼnŖşŗŚœśŜŗŋŚōʼnŜōʼnŖŌŕʼnőŖŜʼnőŖŜŐōŋŝŔŜŝŚōŗŎŗŘōŖŖōśśʼnŖŌŋŗŖśŜŚŝŋŜőŞōŋŐʼnŔŔōŖŏō şŐőŋŐʼnŔŔŗşśʼnŌőŞōŚśőŜšŗŎŞőōşśŜŗŊōōŠŘŚōśśōŌŴļŐōīŐʼnőŚŕʼnŖőśʼnŔśŗʼnŞʼnőŔʼnŊŔōŜŗśŐʼnŚōŐŗŔŌōŚśŎŗŚ ŌőʼnŔŗŏŝōŗŖœōšŕʼnŜŜōŚśŗŎŜŐōŋŗŕŘʼnŖšÝśŏŗŞōŚŖʼnŖŋōʼnŖŌşŐōŚōśŐʼnŚōŐŗŔŌōŚśŐʼnŞōŘʼnŚŜőŋŝŔʼnŚŋŗŖŋōŚŖśŴ Directors’ Training ļŐōŌőŚōŋŜŗŚśʼnŜijīĭʼnŚōōŖŋŗŝŚʼnŏōŌŜŗśōōœōŠŜŚʼnŜŚʼnőŖőŖŏŜŗōŖŐʼnŖŋōŜŐōőŚœŖŗşŔōŌŏōʼnŖŌ ŝŖŌōŚśŜʼnŖŌőŖŏőŖŏŗŗŌŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŲŜŐōŚŝŔōśʼnŖŌŚōŏŝŔʼnŜőŗŖśŲŌőŚōŋŜŗŚśÝŚŗŔōʼnŖŌŚōśŘŗŖśőŊőŔőŜš őŖŋŗŚŘŗŚʼnŜōŕʼnŖʼnŏōŕōŖŜŎŗŚŐőŏŐōŎŎőŋőōŖŋšʼnŖŌōŜŐőŋśŴ Summary of the directors’ training programs



aŴ ĵŚŴĪʼnŖŋŐʼnķŖŏœŗśőŜ  ä ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``d b ĴŜŴįōŖŴĬŚŴĻŝŘŚőŒʼnĵŗœœŐʼnŞōśʼnŲĵĬ  ä ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``d  ä ĮőŖʼnŖŋōĮŗŚĶŗŖĮőŖʼnŖŋōĬőŚōŋŜŗŚųb``d  ä ıŖŜōŚŖʼnŔĩŝŌőŜŗŚśĿŗŚœĭŎŎōŋŜőŞōŔšşőŜŐĩŝŌőŜīŗŕŕőŜŜōōųaiii  ä ĩŝŌőŜīŗŕŕőŜŜōōĸŚŗŏŚʼnŕųaiii  ä ĺŗŔōʼnŖŌĬŝŜőōśŗŎĩŝŌőŜīŗŕŕőŜŜōōŲĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŮĻĭļůųaiih cŴ ĵŚŴĸʼnŖŒʼnĻōŖʼnŌőśʼnő  ä īŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōŎŗŚĬőŚōŋŜŗŚśʼnŖŌĭŠōŋŝŜőŞōśŗŎĻŜʼnŜōĭŖŜōŚŘŚőśōśʼnŖŌĸŝŊŔőŋ  ķŚŏʼnŖőŢʼnŜőŗŖśųb``i  ä ĭŠōŋŝŜőŞōĬőŚōŋŜŗŚśīŗŝŚśōŊšīʼnŘőŜʼnŔĵʼnŚœōŜĩŋʼnŌōŕšųb``i  ä ßĺŗŔōŗŎīŗŕŘōŖśʼnŜőŗŖīŗŕŕőŜŜōōàļŐʼnőıŖśŜőŜŝŜōŗŎĬőŚōŋŜŗŚĩśśŗŋőʼnŜőŗŖŮıķĬůųb``g

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KCE Annual Report 2012


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ä ĩŝŌőŜīŗŕŕőŜŜōōĸŚŗŏŚʼnŕŮĩīĸůųb``d ä ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸůųb``b īŐʼnŖŜőŕʼnķŖŏœŗśőŜŲĵĬ ä ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸůųb``h ä ĮőŖʼnŖŋōĮŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚųb``d ä ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``c ĵŚśŴĽŊŗŔīŐőŚʼnŕŗŖŏœŗŔ ä ĮőŖʼnŖŋōĮŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚųb``d ä ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``c ä ĩŝŌőŜīŗŕŕőŜŜōōĸŚŗŏŚʼnŕŮĩīĸůųb``` ä ıŖŜōŚŖʼnŔĩŝŌőŜőŗŚśĿŗŚœĭŎŎōŋŜőŞōŔšĿőŜŐĩŝŌőŜīŗŕŕőŜŜōōųaiii ä īŗŖŜőŖŝőŖŏĬōŞōŔŗŘŕōŖŜĸŚŗŏŚʼnŕŎŗŚĩŝŌőŜīŗŕŕőŜŜōōųaiii ĵŚśŴľŗŚʼnŔŝœśʼnŖʼnķŖŏœŗśőŜ ä ĮőŖʼnŖŋőʼnŔıŖśŜŚŝŕōŖŜŎŗŚĬőŚōŋŜŗŚśųb`ab ä ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸůųb``h ä ļŐʼnőĬőŚōŋŜŗŚśīŗŕŘōŖśʼnŜőŗŖĻŝŚŞōšųb``e ä ĮőŖʼnŖŋōĮŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚųb``d ä ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``c ĵŚśŴĻőŚőŘŐʼnŖĻŝŖŜʼnŖʼnŘŐʼnŖ ä ĬőŚōŋŜŗŚśīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸůųb``h ä ĮőŖʼnŖŋōĮŗŚĶŗŖųĮőŖʼnŖŋōĬőŚōŋŜŗŚųb``d ä ĬőŚōŋŜŗŚśĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``d ĵŚŴĸʼnőŜŗŗŖļʼnŞōōŊŐŗŔ ä ĵŗŖőŜŗŚőŖŏŜŐōıŖŜōŚŖʼnŔĩŝŌőŜĮŝŖŋŜőŗŖŮĵıĩůųb`a` ä ĵŗŖőŜŗŚőŖŏŜŐōĻšśŜōŕŗŎıŖŜōŚŖʼnŔīŗŖŜŚŗŔʼnŖŌĺőśœĵʼnŖʼnŏōŕōŖŜŮĵıĺůųb`a` ä ĵŗŖőŜŗŚőŖŏŜŐōĹŝʼnŔőŜšŗŎĮőŖʼnŖŋőʼnŔĺōŘŗŚŜőŖŏŮĵĮĺůųb`a` ä ĺŗŔōŗŎŜŐōīŗŕŘōŖśʼnŜőŗŖīŗŕŕőŜŜōōŮĺīīůųb`a` ä ĵŗŖőŜŗŚőŖŏĮŚʼnŝŌĺőśœĵʼnŖʼnŏōŕōŖŜŮĵĮĵůųb``i ä īŐʼnŚŜōŚōŌĬőŚōŋŜŗŚīŔʼnśśŮĺųīĬīůųb``h ä ĩŝŌőŜīŗŕŕőŜŜōōĸŚŗŏŚʼnŕŮĩīĸůųb``e ä ĺŗŔōŗŎīŐʼnőŚŕʼnŖĸŚŗŏŚʼnŕŮĺīĸůųb``e ä ĬőŚōŋŜŗŚīōŚŜőŎőŋʼnŜőŗŖĸŚŗŏŚʼnŕŮĬīĸůųb``c ä ĬőŚōŋŜŗŚĩŋŋŚōŌőŜʼnŜőŗŖĸŚŗŏŚʼnŕŮĬĩĸůųb``c

Subcommittees ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśśōŜśŋŗŕŕőŜŜōōśŜŗśŜŝŌšʼnŖŌśŋŚōōŖśŘōŋőʼnŔŜʼnśœśŗŖŊōŐʼnŔŎŗŎŜŐō ŊŗʼnŚŌōśŘōŋőʼnŔŔšőśśŝōśŜŐʼnŜŖōōŌōŌŝŖŊőʼnśōŌŗŘőŖőŗŖśŴīŗŕŕőŜŜōōśŐʼnŞōʼnŋŔōʼnŚśŋŗŘōŗŎŜŐōőŚşŗŚœŲ ŚŗŔōśʼnŖŌŚōśŘŗŖśőŊőŔőŜőōśʼnśşōŔŔʼnśŜŐōşŗŚœőŖŏŘŚŗŋōŌŝŚōśśŝŋŐʼnśŕōōŜőŖŏśʼnŖŌŚōŘŗŚŜőŖŏŜŗŜŐō ŊŗʼnŚŌŴĩŔŔŋŗŕŕőŜŜōōŕōŕŊōŚśʼnŖŌŜŐōŋŐʼnőŚŕʼnŖŗŎōʼnŋŐŋŗŕŕőŜŜōōʼnŚōőŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚśŴ

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1. The Audit Committee ļŐōīŗŕŘʼnŖšŋŗŕŘŔőōśşőŜŐŜŐōŔʼnşŊšōśŜʼnŊŔőśŐőŖŏʼnŖĩŝŌőŜīŗŕŕőŜŜōōśŜʼnŎŎōŌşőŜŐʼnŔŔ őŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚśŴļŐōőŖŜōŚŖʼnŔʼnŝŌőŜŚōŘŗŚŜśŌőŚōŋŜŔšŜŗŜŐōĩŝŌőŜīŗŕŕőŜŜōōŴ ļŐōĩŝŌőŜīŗŕŕőŜŜōōŋŗŕŘŚőśōśŗŎŜŐŚōōıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚśĢ aŴ ĴŜŴįōŖŴĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼnĵŴĬŴ bŴ ĵŚśŴĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ cŴ ĵŚŴĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ

īŐʼnőŚŕʼnŖŗŎĩŝŌőŜīŗŕŕőŜŜōō ĩŝŌőŜīŗŕŕőŜŜōō ĩŝŌőŜīŗŕŕőŜŜōō

ıŖb`abŲijīĭŐōŔŌeĩŝŌőŜīŗŕŕőŜŜōōŕōōŜőŖŏśŴĩŏōŖŌʼnśşōŚōśōŖŜŜŗŜŐōŋŗŕŕőŜŜōōŕōŕŊōŚś ŎŗŚʼnŜŔōʼnśŜgŌʼnšśőŖʼnŌŞʼnŖŋōʼnŖŌʼnŔŔŕōŕŊōŚśŗŎŜŐōīŗŕŕőŜŜōōʼnŜŜōŖŌōŌŜŐōŕōōŜőŖŏŴļŐōĺōŘŗŚŜ ŎŚŗŕŜŐōĩŝŌőŜīŗŕŕőŜŜōōŋʼnŖŊōŞőōşōŌőŖŜŐōʼnŖŖŝʼnŔŚōŘŗŚŜŴ Name Attendance / Total Meeting aŴ ĴŜŴįōŖŴĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼnĵŴĬŴ eŵe bŴ ĵŚśŴĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ eŵe cŴ ĵŚŴĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ cŵe

    

       

ļŐōĩŝŌőŜīŗŕŕőŜŜōōŕōōŜśŜŐōŎŗŔŔŗşőŖŏŋŚőŜōŚőʼnĢ ä ıŖŌōŘōŖŌōŖŜŎŚŗŕŕʼnŖʼnŏōŕōŖŜʼnŖŌŕʼnŒŗŚśŐʼnŚōŐŗŔŌōŚśŜŗŜŐōōŠŜōŖŜŜŐʼnŜŜŐōŚō  őśŖŗőŖŎŔŝōŖŋōŗŖōőŜŐōŚŜŐōʼnŝŌőŜŗŎőŜśőŖřŝőŚőōśŴ ä İʼnŞōśŝŎŎőŋőōŖŜœŖŗşŔōŌŏōŗŎŊŝśőŖōśśŲʼnŋŋŗŝŖŜőŖŏʼnŖŌŎőŖʼnŖŋōŜŗŊōʼnŊŔōŜŗŝŖŌōŚśŜʼnŖŌʼnŖŌ őŌōŖŜőŎšŘŚŗŊŔōŕśʼnŖŌŏőŞōŋŗŕŘōŜōŖŜʼnŌŞőŋōŴ ä İʼnŞōʼnŝŜŐŗŚőŜšŜŗʼnŋŋōśśʼnŖšőŖŎŗŚŕʼnŜőŗŖʼnŖŌŌŗŋŝŕōŖŜśŲŜŗŚōřŝōśŜʼnŖšōŠōŋŝŜőŞōśʼnŖŌōŕŘŔŗšōōś ŎŗŚʼnŌŌőŜőŗŖʼnŔőŖŎŗŚŕʼnŜőŗŖʼnŖŌŋŔʼnŚőŎőŋʼnŜőŗŖŲʼnŖŌŜŗŋŗŖŜʼnŋŜʼnŖŌŋŗŖśŝŔŜōŠŜōŚŖʼnŔʼnŝŌőŜŗŚśŌőŚōŋŜŔšŴ ä ĭśŜʼnŊŔőśŐőŖŌōŘōŖŌōŖŜŖōŜşŗŚœśŲśŝŋŐʼnśőŖŜōŚŖʼnŔʼnŝŌőŜŝŖőŜŜŗʼnŋŜʼnśʼnśōŋŚōŜʼnŚšʼnŖŌŎŗŔŔŗş ŝŘşŗŚœŎŗŚŜŐōĩŝŌőŜīŗŕŕőŜŜōōŴ ä İʼnŞōŎŝŔŔśŝŘŘŗŚŜŗŎŜŐōŊŗʼnŚŌŗŎŌőŚōŋŜŗŚśʼnŖŌœōšōŠōŋŝŜőŞōśŲşŐŗŝŖŌōŚśŜʼnŖŌŜŐōŋŗŕŕőŜŜōōÝś ŚŗŔōőŖŚōŔőōŞőŖŏŜŐōŊŗʼnŚŌŗŎŋōŚŜʼnőŖŌŝŜőōśʼnŖŌŚōśŘŗŖśőŊőŔőŜőōśŲŜŗŚōŌŝŋōŜŐōŋŗŕŘʼnŖšÝśŚőśœŲ ŊŝőŔŌŝŘśŐʼnŚōŐŗŔŌōŚŋŗŖŎőŌōŖŋōŲʼnŖŌŕʼnŠőŕőŢōŞʼnŔŝōŜŗŜŐōŋŗŕŘʼnŖšŴ Scope of Authority, Duties and Responsibilities of the Audit Committee ä īŗŖŌŝŋŜʼnŖʼnŝŌőŜŜŗōŖśŝŚōŜŐʼnŜŜŐōīŗŕŘʼnŖšŐʼnśŘŚōŘʼnŚōŌʼnŋŋŝŚʼnŜōʼnŖŌʼnŌōřŝʼnŜōŎőŖʼnŖŋőʼnŔ ŚōŘŗŚŜśʼnŖŌŐʼnŞōŜŐōʼnŝŌőŜŗŚʼnŜŜōŖŌŜŐōīŗŕŕőŜŜōōĵōōŜőŖŏřŝʼnŚŜōŚŔšģ ä īŗŖŌŝŋŜʼnŖʼnŝŌőŜŜŗōŖśŝŚōŜŐʼnŜŜŐōīŗŕŘʼnŖšŋŗŕŘŔőōśşőŜŐŜŐōĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏōĩŋŜŲ ŜŐōĺōřŝőŚōŕōŖŜśŗŎŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌʼnŖŌŗŜŐōŚŔʼnşśŚōŔʼnŜőŖŏŜŗŜŐōīŗŕŘʼnŖšÝś ŊŝśőŖōśśģ ä ĺōŞőōşŜŐōŌőśŋŔŗśŝŚōŗŎŜŐōīŗŕŘʼnŖšÝśőŖŎŗŚŕʼnŜőŗŖőŖŜŐōŋʼnśōŗŎŋŗŖŖōŋŜōŌŜŚʼnŖśʼnŋŜőŗŖś ŗŚŜŚʼnŖśʼnŋŜőŗŖśşŐőŋŐŕʼnšŋʼnŝśōŋŗŖŎŔőŋŜśŗŎőŖŜōŚōśŜŲőŖŗŚŌōŚŜŗōŖśŝŚōŜŐʼnŜśŝŋŐŜŚʼnŖśʼnŋŜőŗŖś ʼnŚōʼnŋŋŝŚʼnŜōʼnŖŌŋŗŕŘŔōŜōģ ä īŗŖŌŝŋŜʼnŖʼnŝŌőŜŜŗōŖśŝŚōŜŐʼnŜŜŐōīŗŕŘʼnŖšŐʼnśŘŚŗŘōŚʼnŖŌōŎŎōŋŜőŞōśšśŜōŕśŗŎőŖŜōŚŖʼnŔ ŋŗŖŜŚŗŔʼnŖŌőŖŜōŚŖʼnŔʼnŝŌőŜŲŋŗŖŌŝŋŜʼnŖʼnŝŌőŜŗŎŜŐōŚōśŝŔŜŲŏŝőŌōŔőŖōśʼnŖŌʼnśśōśśŕōŖŜŗŎŜŐō ŚōŞőōşŗŎīŗŕŘʼnŖšŗŘōŚʼnŜőŗŖśőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŏōŖōŚʼnŔŔšʼnŋŋōŘŜōŌŘŚŗŋōŌŝŚōśʼnŖŌśŜʼnŖŌʼnŚŌś ʼnŖŌŋŗŗŚŌőŖʼnŜōşőŜŐŜŐōīŗŕŘʼnŖšÝśʼnŝŌőŜŗŚģ

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ä ĺōŞőōşŲśōŔōŋŜʼnŖŌŖŗŕőŖʼnŜōŜŐōīŗŕŘʼnŖšÝśʼnŝŌőŜŗŚŲʼnŖŌŚōŞőōşŜŐōŘŚŗŘŗśōŌŌōŜōŚŕőŖʼnŜőŗŖ ŗŎʼnŝŌőŜőŖŏŎōōģ ä ļŐōĩŝŌőŜīŗŕŕőŜŜōōŐʼnśŚōśŘŗŖśőŊőŔőŜšŎŗŚŕʼnœőŖŏʼnŚōŋŗŕŕōŖŌʼnŜőŗŖʼnŖŌʼnŘŘŚŗŞʼnŔŗŖŜŐō ʼnŘŘŗőŖŜŕōŖŜŲŚōʼnŘŘŗőŖŜŕōŖŜʼnŖŌŚōŕŗŞʼnŔŗŎŜŐōōŠŜōŚŖʼnŔʼnŝŌőŜŗŚŴ ä ļŐōĩŝŌőŜīŗŕŕőŜŜōōőśŚōśŘŗŖśőŊŔōŜŗŜŐōʼnŌōřŝʼnŋšʼnŖŌőŖŜōŏŚőŜšŗŎŜŐōŋŗŕŘʼnŖšÝśőŖŜōŚŖʼnŔŋŗŖŜŚŗŔŲ śšśŜōŕśŎŗŚŚőśœŕʼnŖʼnŏōŕōŖŜŲʼnŖŌŋŗŕŘŔőʼnŖŋōşőŜŐŜŐōŔʼnşʼnŖŌŚōŔōŞʼnŖŜśŜʼnŖŌʼnŚŌś ä ĵʼnœōʼnŖʼnśśōśśŕōŖŜŗŎŜŐōīŗŕŘʼnŖšÝśŕʼnŒŗŚŚőśœśʼnŖŌŏőŞōʼnŌŞőŋōŜŗŕőŖőŕőŢōŜŐōŕʼnŏŖőŜŝŌō ŗŎśŝŋŐŚőśœśģ ä ĭŖśŝŚōŜŐōőŖŜōŏŚőŜšŗŎŚōŘŗŚŜőŖŏŲőŖŜōŚŖʼnŔŋŗŖŜŚŗŔŲʼnŖŌŚőśœŕʼnŖʼnŏōŕōŖŜśšśŜōŕśŴ ä ĩŘŘŚŗŞōŜŐōŖŗŕőŖʼnŜőŗŖʼnŖŌŜŚʼnŖśŎōŚŲʼnŖŌŚōŞőōşŜŐōŚōşʼnŚŌőŖŏŗŚŘŝŖőśŐŕōŖŜŗŎŜŐōīŐőōŎŗŎ ŜŐōīŗŕŘʼnŖšıŖŜōŚŖʼnŔĩŝŌőŜĽŖőŜģ ä ĩŘŘŚŗŞōŜŐōʼnŝŌőŜŘŔʼnŖŗŎŜŐōıŖŜōŚŖʼnŔĩŝŌőŜĽŖőŜģĺōŞőōşŜŐōŊŝŌŏōŜŘŔʼnŖʼnŖŌŜŐōŕʼnŖŘŗşōŚ ŗŎŜŐōıŖŜōŚŖʼnŔĩŝŌőŜĽŖőŜģ ä ĺōŞőōşʼnŖŌŕʼnœōʼnŖʼnśśōśśŕōŖŜŗŎŜŐōśŝŘōŚŞőśőŗŖŘōŚŎŗŚŕʼnŖŋōŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōō ʼnŖŌŘŚōŘʼnŚōŜŐōŚōŘŗŚŜŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōŜŗŊōŌőśŋŔŗśōŌőŖŜŐōīŗŕŘʼnŖšʼnŖŖŝʼnŔŚōŘŗŚŜģ ä ļŐōīŐʼnőŚŕʼnŖŗŚŜŐōŕōŕŊōŚśŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōśŐʼnŔŔʼnŜŜōŖŌŜŐōĻŐʼnŚōŐŗŔŌōŚśĵōōŜőŖŏ őŖŗŚŌōŚŜŗŏőŞōōŠŘŔʼnŖʼnŜőŗŖŗŖŜŐōŕʼnŜŜōŚśŚōŔʼnŜőŖŏŜŗŜŐōĩŝŌőŜīŗŕŕőŜŜōōŗŚŜŐōʼnŘŘŗőŖŜŕōŖŜ ŗŎŜŐōīŗŕŘʼnŖšÝśʼnŝŌőŜŗŚģ ä ĺōŞőōşʼnŖŌŚōŞőśōŜŐōŝŘŌʼnŜōŗŎŜŐōīŐʼnŚŜōŚŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōʼnŖŖŝʼnŔŔšŮőŎőŜőśŌōōŕōŌ ʼnŘŘŚŗŘŚőʼnŜōůģʼnŖŌ ä ļʼnœōʼnŖšŗŜŐōŚʼnŋŜőŗŖśʼnśʼnśśőŏŖōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲőŖŋŔŝŌőŖŏŜŐōʼnŘŘŗőŖŜŕōŖŜŗŎŜŐō īŐőōŎŗŎŜŐōıŖŜōŚŖʼnŔĩŝŌőŜĽŖőŜŗŚŜŐōʼnŘŘŗőŖŜŕōŖŜŗŎŜŐōĻōŖőŗŚĵʼnŖʼnŏōŚŎŚŗŕŜŐōīŗŕŘʼnŖš ĻōŋŚōŜʼnŚőʼnŜʼnśĻōŋŚōŜʼnŚšŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōŴ

2. The Remuneration Committee ıŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐōŏŗŗŌŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōʼnŖŌŜŐōŌōśőŚʼnŊŔōŏŝőŌōŔőŖōśŎŗŚŜŐōĪŗʼnŚŌŗŎ ĬőŚōŋŜŗŚśŗŎŜŐōŔőśŜōŌŋŗŕŘʼnŖőōśŗŖŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŲŜŐōīŗŕŘʼnŖšÝśĪŗʼnŚŌŗŎĬőŚōŋŜŗŚś ŐʼnŞōʼnŘŘŗőŖŜōŌŜŐōĺōŕŝŖōŚʼnŜőŗŖīŗŕŕőŜŜōōŜŗśōŜŜŐōŚōŕŝŖōŚʼnŜőŗŖśŘŝŚśŝʼnŖŜŜŗŜŐōşŚőŜŜōŖ ŘŗŔőŋőōśʼnśŎŗŔŔŗşśĢ ļŐōĺōŕŝŖōŚʼnŜőŗŖīŗŕŕőŜŜōōőśŋŗŕŘŚőśōŌŗŎŜŐŚōōŌőŚōŋŜŗŚśĢ aŴ ĴŜŴįōŖŴĻŝŘŚőŒʼn   bŴ ĵŚŴĸʼnŖŒʼn cŴ ĵŚśŴĽŊŗŔ

  

ĵŗœœŐʼnŞōśʼnŲĵŴĬŴ  ĻōŖʼnŌőśʼnő īŐőŚʼnŕŗŖŏœŗŔ

īŐʼnőŚŕʼnŖŗŎŜŐōĺōŕŝŖōŚʼnŜőŗŖ ŋŗŕŕőŜŜōōŵıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ ĶŗŖųĭŠōŋŝŜőŞōĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ

Scope of Authority and Duties of the Remuneration Committee ä ĬōŜōŚŕőŖōŎʼnőŚʼnŖŌŚōʼnśŗŖʼnŊŔōŘŚŗŋōŌŝŚōśʼnŖŌŚōřŝőŚōŕōŖŜśŎŗŚŚōŕŝŖōŚʼnŜőŗŖŘʼnšŕōŖŜŜŗŌőŚōŋŜŗŚś ʼnŖŌŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚśʼnŖŌŘŚŗŘŗśōŜŐōśʼnŕōŎŗŚŜŐōʼnŘŘŚŗŞʼnŔŗŎŜŐōĻŐʼnŚōŐŗŔŌōŚśĵōōŜőŖŏŴ ä ĭŞʼnŔŝʼnŜōŜŐōŘōŚŎŗŚŕʼnŖŋōŚōśŝŔŜŗŎŜŐōŜŗŘōŠōŋŝŜőŞōśőŖŌőŞőŌŝʼnŔŔšŲʼnśŘŚŗŘŗśōŌŊšŜŐōĸŚōśőŌōŖŜŲ ŎŗŚŜŐōŘŝŚŘŗśōŗŎŜŐōŌōŜōŚŕőŖʼnŜőŗŖŗŎŚōŕŝŖōŚʼnŜőŗŖŘŚőŗŚŜŗŜŐōʼnŖŖŝʼnŔśŝŊŕőśśőŗŖŎŗŚʼnŘŘŚŗŞʼnŔ ŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ ä ĸŚŗŘŗśōŏŝőŌōŔőŖōśʼnŖŌŘŚŗŋōŌŝŚōśŎŗŚŘʼnšŕōŖŜŗŎŚōŕŝŖōŚʼnŜőŗŖʼnŖŌŗŜŐōŚŊōŖōŎőŜśŜŗŜŐō

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ĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŖŌśŝŊųŋŗŕŕőŜŜōōśʼnŘŘŗőŖŜōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ ä īŗŕŘŔšşőŜŐŜŐōŌŝŜőōśʼnśśőŏŖōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ ä ıŖśōŜŜőŖŏŜŐōŚōŕŝŖōŚʼnŜőŗŖŲŜŐōŚōŕŝŖōŚʼnŜőŗŖŋŗŕŕőŜŜōōşőŔŔŋŗŖśőŌōŚŜŐōŌőŚōŋŜŗŚśÝŌŝŜőōśŲ ŚōśŘŗŖśőŊőŔőŜőōśʼnŖŌŜŐōŚōŕŝŖōŚʼnŜőŗŖŚʼnŜōŗŎŋŗŕŘʼnŚʼnŊŔōŔőśŜōŌŋŗŕŘʼnŖőōśŗŖŜŐōĻŜŗŋœĭŠŋŐʼnŖŏō ŗŎļŐʼnőŔʼnŖŌŴļŐōŋŗŕŕőŜŜōōőśŚōśŘŗŖśőŊŔōŎŗŚŕŗŖőŜŗŚőŖŏʼnŖŌśŜŝŌšőŖŏŋŐʼnŖŏōśʼnŖŌŜŚōŖŌśőŖ ŜŐōŚōŕŝŖōŚʼnŜőŗŖŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴļŐōŌőŚōŋŜŗŚśÝŚōŕŝŖōŚʼnŜőŗŖśŐŗŝŔŌŊōʼnŌōřŝʼnŜō ŜŗŘŚŗŞőŌōőŖŋōŖŜőŞōśŎŗŚŜŐōŌőŚōŋŜŗŚśŜŗŘōŚŎŗŚŕŜŐōőŚŌŝŜőōśŜŗōŖśŝŚōŜŐōīŗŕŘʼnŖšÝś śŝŋŋōśśʼnŖŌʼnŋŐőōŞōŕōŖŜŗŎŜŐōŌōśőŚōŌŊŝśőŖōśśŌőŚōŋŜőŗŖŴļŐōŚōŕŝŖōŚʼnŜőŗŖśŐŗŝŔŌŊō ŋŗŖśőŌōŚōŌşőŜŐŜŚʼnŖśŘʼnŚōŖŋšŜŗōŖśŝŚōŜŐōśŐʼnŚōŐŗŔŌōŚśÝŋŗŖŎőŌōŖŋōŴ ä ĺōŘŗŚŜŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŎŜōŚōŞōŚšŕōōŜőŖŏŗŎŜŐōŚōŕŝŖōŚʼnŜőŗŖŋŗŕŕőŜŜōō

ıŖb`abŲŜŐōŚōŕŝŖōŚʼnŜőŗŖŗŎŌőŚōŋŜŗŚśőŖŎőśŋʼnŔšōʼnŚb`abşʼnśʼnŘŘŚŗŞōŌʼnŜŜŐōĩŖŖŝʼnŔįōŖōŚʼnŔ ĵōōŜőŖŏĶŗŴbiŵb`abŐōŔŌŗŖĩŘŚőŔbgthŲb`abʼnśŎŗŔŔŗşśĢ   

ä ĺōŕŝŖōŚʼnŜőŗŖŎŗŚīŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚĪʼnŐŜŴaŲbe`Ų```ŵšōʼnŚʼnŖŌijīĭĬőŚōŋŜŗŚ ʼnŜĪʼnŐŜŴf``Ų```ŵšōʼnŚŴ ä ĩŜŜōŖŌʼnŖŋōĮōōŎŗŚīŐʼnőŚŕʼnŖĪʼnŐŜŴc`Ų```ŵŕōōŜőŖŏʼnŖŌĪʼnŐŜŴbeŲ```ŵŘōŚśŗŖŵŕōōŜőŖŏŎŗŚŗŜŐōŚ ĬőŚōŋŜŗŚśŴ ä ĺōŕŝŖōŚʼnŜőŗŖŎŗŚīŐʼnőŚŕʼnŖŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōőśĪʼnŐŜŴd``Ų```ŵšōʼnŚʼnŖŌĪʼnŐŜŴc``Ų```ŵ ŘōŚśŗŖŵšōʼnŚŎŗŚĩŝŌőŜĬőŚōŋŜŗŚŴ

The Nomination Committee ļŐōĶŗŕőŖʼnŜőŗŖīŗŕŕőŜŜōōőśŋŗŕŘŗśōŌŗŎŜŐŚōōŌőŚōŋŜŗŚśŲŜşŗʼnŚōőŖŌōŘōŖŌōŖŜŌőŚōŋŜŗŚśʼnŖŌ ŗŖōőśʼnŖŗŖųōŠōŋŝŜőŞōŌőŚōŋŜŗŚŴļŐōīŗŕŕőŜŜōōőśőŖŋŐʼnŚŏōŗŎŜŐōŖŗŕőŖʼnŜőŗŖŗŎŘōŚśŗŖśřŝʼnŔőŎőōŌ ŜŗŊōŋŗŕōŌőŚōŋŜŗŚśŜŗŚōŘŔʼnŋōŜŐŗśōşŐŗʼnŚōŚōŜőŚōŌŊšŚŗŜʼnŜőŗŖŲŗŚŗŜŐōŚŚōʼnśŗŖśŴ ļŐōĶŗŕőŖʼnŜőŗŖīŗŕŕőŜŜōōŗŎŜŐōīŗŕŘʼnŖšŋŗŖśőśŜśŗŎŜŐōŎŗŔŔŗşőŖŏŌőŚōŋŜŗŚśĢ aŴĴŜŴįōŖŴĻŝŘŚőŒʼn   bŴ ĵŚŴĸʼnŖŒʼn cŴ ĵŚśŴĽŊŗŔ

    

ĵŗœœŐʼnŞōśʼnŲĵŴĬŴ  ĻōŖʼnŌőśʼnő īŐőŚʼnŕŗŖŏœŗŔ

īŐʼnőŚŕʼnŖŗŎĶŗŕőŖʼnŜőŗŖīŗŕŕőŜŜōōŵ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ ĶŗŖųĭŠōŋŝŜőŞōĬőŚōŋŜŗŚ ıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ

ļŐōĶŗŕőŖʼnŜőŗŖīŗŕŕőŜŜōōŘōŚŎŗŚŕśŜŐōŎŗŔŔŗşőŖŏŌŝŜőōśĢ ä ĻŘōŋőŎšřŝʼnŔőŎőŋʼnŜőŗŖśŗŎʼnŖšŘōŚśŗŖŜŗŊōŖŗŕőŖʼnŜōŌŎŗŚŌőŚōŋŜŗŚśŐőŘʼnŖŌŔʼnšŌŗşŖŜŐōŌőŚōŋŜŗŚ ŖŗŕőŖʼnŜőŗŖŘŚŗŋōśśŜŗŚōŘŔʼnŋōŜŐōŚōŜőŚőŖŏŌőŚōŋŜŗŚŲŋŗŖśőŌōŚőŖŏŌőŞōŚśōŋʼnŖŌőŌʼnŜōśşőŜŐśœőŔŔśŲ ōŠŘōŚőōŖŋōŲʼnŖŌōŠŘōŚŜőśō ä ıŌōŖŜőŎšřŝʼnŔőŎőōŌŋʼnŖŌőŌʼnŜōśŜŗŚōŘŔʼnŋōŌőŚōŋŜŗŚśŚōŜőŚőŖŏʼnŜŜŐōōŖŌŗŎŜŐōőŚŜōŚŕŲŗŚşŐʼnŜōŞōŚ ŜŐōŋʼnśōŕʼnšŊōʼnŖŌśŝŊŕőŜʼnŔőśŜŗŎŖŗŕőŖōōśŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŖŌŵŗŚĻŐʼnŚōŐŗŔŌōŚśÝ ĵōōŜőŖŏŎŗŚŚōśŗŔŝŜőŗŖŴ ä ĺōŋŗŕŕōŖŌʼnŘŔʼnŖŎŗŚśŝŋŋōśśőŗŖŗŎŜŐōīŗŕŘʼnŖšÝśīĭķʼnŖŌŜŐōŜŗŘōŠōŋŝŜőŞōśŜŗŜŐōĪŗʼnŚŌ ŗŎĬőŚōŋŜŗŚśŎŗŚŋŗŖśőŌōŚʼnŜőŗŖŴ ä ĸōŚŎŗŚŕŗŜŐōŚŌŝŜőōśʼnśʼnśśőŏŖōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ

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The Executive Committee ļŗōŖśŝŚōŜŐōŊōśŜōŎŎőŋőōŖŋšőŖŜŐōīŗŕŘʼnŖšÝśŕʼnŖʼnŏōŕōŖŜőŖŔőŖōşőŜŐŜŐōŌőŚōŋŜőŗŖŲŘŗŔőŋš ʼnŖŌŗŊŒōŋŜőŞōśśŜőŘŝŔʼnŜōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnśşōŔŔʼnśŜŗōŖśŝŚōŜŐōŘŚŗśŘōŚőŜšʼnŖŌśŝśŜʼnőŖʼnŊőŔőŜš ŗŎŜŐōŊŝśőŖōśśŲŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŐʼnśʼnŘŘŗőŖŜōŌĭŠōŋŝŜőŞōīŗŕŕőŜŜōōşőŜŐŜŐōśŋŗŘōŗŎŚōśŘŗŖśőŊőŔőŜőōś ʼnŝŜŐŗŚőŢōŌŊšŜŐōŊŗʼnŚŌőŖşŚőŜőŖŏŴļŐōŋŝŚŚōŖŜĭŠōŋŝŜőŞōīŗŕŕőŜŜōōŋŗŖśőśŜśŗŎcŕōŕŊōŚśşŐŗŐʼnŞō œŖŗşŔōŌŏōʼnŖŌŋʼnŘʼnŊőŔőŜšőŖŕʼnŖʼnŏōŕōŖŜʼnśŎŗŔŔŗşśĢ Name aŴ ĵŚŴĪʼnŖŋŐʼn bŴ ĵŚśŴľŗŚʼnŔŝœśʼnŖʼn cŴ ĵŚŴĸőŜŐʼnŚŖ

ķŖŏœŗśőŜ ķŖŏœŗśőŜ ķŖŏœŗśőŜ

Title īŐʼnőŚŕʼnŖŵĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚ ĬőŚōŋŜŗŚŵĭŠōŋŝŜőŞōśÝķŎŎőŋōĬőŚōŋŜŗŚ ĬōŘŝŜšĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚ

Scope of Authority and Duties of the Executive Committee aŴ ĻŝŘōŚŞőśōŜŐōŘōŚŎŗŚŕʼnŖŋōŗŎŜŐōĵʼnŖʼnŏōŕōŖŜőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐīŗŕŘʼnŖšŘŗŔőŋšŲŐʼnŞō ŗŞōŚʼnŔŔŚōśŘŗŖśőŊőŔőŜšŎŗŚʼnŖŌŜʼnœōŋŗŖŜŚŗŔŗŎŜŐōōŠŘōŖśōśʼnŖŌőŖŞōśŜŕōŖŜŎŝŖŌśʼnśŗŝŜŔőŖōŌ őŖŜŐōīŗŕŘʼnŖšÝśĩŖŖŝʼnŔĸŔʼnŖʼnśʼnŘŘŚŗŞōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ bŴ ĺōŞőōşŜŐōŘōŚŎŗŚŕʼnŖŋōŚōśŝŔŜŝŖŌōŚŜŐōŕʼnŖʼnŏōŕōŖŜŘŗŔőŋšʼnŖŌŌōŜōŚŕőŖōŜŐōŘŗśőŜőŗŖŲ śŜŚʼnŜōŏšʼnŖŌŗŘōŚʼnŜőŗŖʼnŔŘŔʼnŖśőŖŗŚŌōŚŜŗʼnŋŐőōŞōŜŐōīŗŕŘʼnŖšÝśŝŔŜőŕʼnŜōŏŗʼnŔŴ cŴ ļʼnœōŚōśŘŗŖśőŊőŔőŜšŎŗŚŜŐōŘōŚŎŗŚŕʼnŖŋōŚōśŝŔŜśŗŎŜŐōĵʼnŖʼnŏōŕōŖŜʼnŖŌŏőŞōʼnŌŞőŋōŎŗŚ ŜŚŗŝŊŔōśŐŗŗŜőŖŏőŖŗŚŌōŚŜŗōŎŎőŋőōŖŜŔšʼnŋŐőōŞōŜŐōīŗŕŘʼnŖšÝśŏŗʼnŔŴ dŴ ļʼnœōŋŗŖŜŚŗŔŗŎŜŐōīŗŕŘʼnŖšÝśōŠŘōŖśōŊŝŌŏōŜʼnśʼnśśőŏŖōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŗŚ ʼnśŗŝŜŔőŖōŌőŖŜŐōīŗŕŘʼnŖšÝśĩŖŖŝʼnŔĸŔʼnŖŴ eŴ ĪōŚōśŘŗŖśőŊŔōŎŗŚʼnŖŌʼnŘŘŚŗŞōŜŐōŘŚŗŋŝŚōŕōŖŜŗŎŔŗŖŏųŜōŚŕʼnŖŌśŐŗŚŜųŜōŚŕŔŗʼnŖśʼnŖŌŜŐō ŗŘōŖőŖŏʼnŖŌŋŔŗśőŖŏŗŎŜŐōīŗŕŘʼnŖšÝśŊʼnŖœʼnŋŋŗŝŖŜśŴ fŴ ĸŚŗŞőŌōőŖŎŗŚŕʼnŜőŗŖʼnŖŌʼnŌŞőŋōŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśőŖśŝŘŘŗŚŜŗŎʼnŖšŌōŋőśőŗŖųŕʼnœőŖŏ ŎŗŚŜŐōīŗŕŘʼnŖšŴ gŴ ĻŗŔŞōŘŚŗŊŔōŕśŗŚŋŗŖŎŔőŋŜśşŐőŋŐŐʼnŞōőŕŘʼnŋŜŝŘŗŖŜŐōŗŚŏʼnŖőŢʼnŜőŗŖŗŎŜŐōīŗŕŘʼnŖšŴ hŴ ĵʼnőŖŜʼnőŖōŎŎőŋőōŖŜŋŗŕŕŝŖőŋʼnŜőŗŖşőŜŐŜŐōśŜʼnœōŐŗŔŌōŚśŴ iŴ ĺōŞőōşŜŐōīŗŕŘʼnŖšÝśŎŝŖŌŚʼnőśőŖŏŘŔʼnŖŎŗŚŎŝŚŜŐōŚśŝŊŕőśśőŗŖŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴ a`ŴĩŘŘŚŗŞōŜŐōʼnŘŘŗőŖŜŕōŖŜŗŎʼnŌŞőśŗŚśŎŗŚśŘōŋőŎőŋʼnŚōʼnśŲʼnśŚōřŝőŚōŌŊšŜŐōīŗŕŘʼnŖšÝśŊŝśőŖōśś ŗŘōŚʼnŜőŗŖśŴ ļŐōʼnŝŜŐŗŚőŢʼnŜőŗŖŲʼnśśŜʼnŜōŌʼnŊŗŞōŲŏŚʼnŖŜōŌŜŗŜŐōĭŠōŋŝŜőŞōīŗŕŕőŜŜōōśŐʼnŔŔŊōśŝŊŒōŋŜŜŗŜŐō ŚōřŝőŚōŕōŖŜśŗŎŜŐōŚōŔōŞʼnŖŜŔʼnşśʼnŖŌŜŐōīŗŕŘʼnŖšÝśŚŝŔōśʼnŖŌŚōŏŝŔʼnŜőŗŖśŴİŗşōŞōŚŲŜŐōĭŠōŋŝŜőŞō īŗŕŕőŜŜōōőśŖŗŜʼnŝŜŐŗŚőŢōŌŜŗʼnŘŘŚŗŞōʼnŖšʼnŋŜőŗŖşŐőŋŐşőŔŔŋʼnŝśōŗŚŕʼnšŋʼnŝśōʼnŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜ ŗŚŗŎŘōŚśŗŖśŮʼnśśŘōŋőŎőōŌőŖŜŐōĻĭīĶŗŜőŎőŋʼnŜőŗŖůŴıŖśŝŋŐŋʼnśōŲŜŐōĭŠōŋŝŜőŞōīŗŕŕőŜŜōōśŐʼnŔŔʼnŌŌŚōśś śŝŋŐŕʼnŜŜōŚśŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŎŗŚŜŐōőŚŎŝŚŜŐōŚŋŗŖśőŌōŚʼnŜőŗŖŴ Combined and Segregation of Positions ĵŚŴĪʼnŖŋŐʼnķŖŏœŗśőŜŲŐŗŔŌśŜŐōŘŗśőŜőŗŖŗŎŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŗŎijīĭĭŔōŋŜŚŗŖőŋś ĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌʼnŖŌŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŴļŐőśőśŌōōŕōŌʼnśʼnŚōřŝőśőŜōŎŗŚŜŐōŗŖŏŗőŖŏ śŝŋŋōśśŗŎŜŐōīŗŕŘʼnŖšʼnśŜŐōĵŚŴĪʼnŖŋŐʼnķŖŏœŗśőŜŲŜŐōŘőŗŖōōŚʼnŖŌŎŗŝŖŌōŚŗŎŜŐōŎőŚśŜļŐʼnőųŗşŖōŌ ĴőśŜōŌĭŔōŋŜŚŗŖőŋśīŗŕŘʼnŖšŜŗŕʼnŖŝŎʼnŋŜŝŚōşŗŚŔŌŋŔʼnśśŐőŏŐřŝʼnŔőŜšĸīĪŗŎŎōŚśŐőśŝŖőřŝōōŠŘōŚŜőśōŲ

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œŖŗşŔōŌŏōŲśœőŔŔśʼnŖŌōŠŘōŚőōŖŋōŜŐʼnŜŋʼnŖŖŗŜŊōšōŜśŝŊśŜőŜŝŜōŌŝŖŜőŔijīĭśŝŋŋōśśőŗŖŘŔʼnŖŎŗŚļŗŘ ĭŠōŋŝŜőŞōĸŗśőŜőŗŖőśʼnŋŋŗŕŘŔőśŐōŌŴİŗşōŞōŚŲŜŐōŘŗşōŚʼnŖŌʼnŝŜŐŗŚőŜőōśŎŗŚōʼnŋŐŘŗśőŜőŗŖʼnŚōŋŔōʼnŚŔš śōŘʼnŚʼnŜōŌʼnŖŌŌōŎőŖōŌŴļŐōīŐʼnőŚŕʼnŖŗŎŜŐōīŗŕŘʼnŖšőśŗŖōŗŎŜŐōŌőŚōŋŜŗŚśŲşŐŗʼnŋŜʼnśʼnŝŖőŜʼnŚš ŏŚŗŝŘŮŜŐōŊŗʼnŚŌůŴļŐōŚōŎŗŚōŲŜŐōīŐʼnőŚŕʼnŖŗŎŜŐōĪŗʼnŚŌŐʼnśŖōőŜŐōŚŜŐōʼnŊśŗŔŝŜōŖŗŚśŝŘōŚőŗŚŘŗşōŚśŴ ļŐōĸŝŊŔőŋīŗŕŘʼnŖšĩŋŜŌōśŋŚőŊōśŜŐōʼnŌŌőŜőŗŖʼnŔŚōśŘŗŖśőŊőŔőŜőōśʼnŖŌŌŝŜőōśŗŎŜŐōīŐʼnőŚŕʼnŖśŝŋŐʼnśĢ äĩŋŜőŖŏʼnśʼnŋŐʼnőŚŕʼnŖʼnŜŊŗʼnŚŌŕōōŜőŖŏ äİʼnŞőŖŏʼnŋʼnśŜőŖŏŞŗŜō äīʼnŔŔőŖŏŊŗʼnŚŌŕōōŜőŖŏśŲʼnŖŌ äĩŋŜőŖŏʼnśʼnŋŐʼnőŚŕʼnŖʼnŜśŐʼnŚōŐŗŔŌōŚŕōōŜőŖŏś Scope of Authority and Duties of Managing Director ĩŋŋŗŚŌőŖŏŜŗŜŐōīŗŕŘʼnŖšÝśĩŚŜőŋŔōśŗŎĩśśŗŋőʼnŜőŗŖŲŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŐʼnśʼnŝŜŐŗŚőŜšʼnŖŌ ŌŝŜőōśőŖŚōśŘōŋŜŗŎŜŐōŕʼnŖʼnŏōŕōŖŜŗŎŜŐōīŗŕŘʼnŖšʼnśʼnśśőŏŖōŌŊšŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŖŌ śŐʼnŔŔŕʼnŖʼnŏōŜŐōīŗŕŘʼnŖšŊšśŜŚőŋŜŔšŋŗŕŘŔšőŖŏşőŜŐŜŐōŘŔʼnŖʼnŖŌŊŝŌŏōŜʼnśʼnŘŘŚŗŞōŌŊšŜŐōĪŗʼnŚŌ ŗŎĬőŚōŋŜŗŚśŐŗŖōśŜŔšŲŎʼnőŜŐŎŝŔŔšʼnŖŌŋʼnŚōŎŝŔŔšŲʼnŖŌŘŚŗŜōŋŜŜŐōŊōśŜőŖŜōŚōśŜŗŎŜŐōīŗŕŘʼnŖšʼnŖŌŜŐō śŐʼnŚōŐŗŔŌōŚśŴļŐōʼnŝŜŐŗŚőŜšʼnŖŌŌŝŜőōśŗŎŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚśŐʼnŔŔőŖŋŔŝŌōŜŐōŎŗŔŔŗşőŖŏŕʼnŜŜōŚś ŗŚʼnŋŜőŞőŜőōśĢ aŴ ĻŝŘōŚŞőśōŜŐōŊŝśőŖōśśŗŘōŚʼnŜőŗŖśʼnŖŌŵŗŚŏōŖōŚʼnŔŕʼnŖʼnŏōŕōŖŜŗŎŜŐōīŗŕŘʼnŖšŴ bŴ ĭŕŘŔŗšŲʼnŘŘŗőŖŜŲŚōŕŗŞōŲŜŚʼnŖśŎōŚŲŘŚŗŕŗŜōŲŌōŕŗŜōŲŚōŌŝŋōśʼnŔʼnŚšŗŚşʼnŏōśŲŗŚŜʼnœōŌőśŋőŘŔőŖʼnŚš ʼnŋŜőŗŖśʼnŏʼnőŖśŜŜŐōśŜʼnŎŎʼnŖŌōŕŘŔŗšōōśŲʼnŖŌŏőŞōśŝŕŕʼnŚšŌőśŕőśśʼnŔŜŗŜŐōśŜʼnŎŎʼnŖŌ ōŕŘŔŗšōōśŲōŠŋōŘŜŎŗŚŜŐōŘŗśőŜőŗŖŗŎİōʼnŌŗŎĬōŘʼnŚŜŕōŖŜŗŚōřŝőŞʼnŔōŖŜŎŗŚşŐőŋŐŜŐō ŌőśŕőśśʼnŔŚōřŝőŚōśŜŐōʼnŘŘŚŗŞʼnŔŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲʼnśśŜőŘŝŔʼnŜōŌőŖŜŐōĿŗŚœőŖŏĺŝŔōśŴ cŴ ĪōʼnŝŜŐŗŚőŢōŌŜŗŌőŚōŋŜŲŋŗŖŜʼnŋŜŲőŖśŜŚŝŋŜŲŜʼnœōʼnŋŜőŗŖŲōŖŜōŚőŖŜŗŔōŏʼnŔʼnŋŜśŲʼnŏŚōōŕōŖŜśŲŌőŚōŋŜőŞōśŲ ŖŗŜőŋōśŗŚʼnŖšŔōŜŜōŚśőŖŗŚŌōŚŜŗŋŗŕŕŝŖőŋʼnŜōşőŜŐŏŗŞōŚŖŕōŖŜʼnŏōŖŋőōśŲśŜʼnŜōōŖŜōŚŘŚőśōś ʼnŖŌŗŜŐōŚŘōŚśŗŖśŲʼnśşōŔŔʼnśŜʼnœōʼnŖšŖōŋōśśʼnŚšʼnŖŌʼnŘŘŚŗŘŚőʼnŜōʼnŋŜőŗŖŜŗŋŗŕŘŔōŜōŜŐō ʼnŎŗŚōŕōŖŜőŗŖōŌʼnŋŜőŗŖśŴ dŴ įőŞōʼnŘŘŚŗŞʼnŔʼnŖŌʼnŝŜŐŗŚőŢōśŝŊųʼnŏōŖŜśőŖŏŚʼnŖŜőŖŏʼnŘŘŚŗŞʼnŔŜŗŜŐōŘʼnšŕōŖŜŎŗŚŘŚŗŋŝŚōŕōŖŜ ŗŎŘŚŗŘōŚŜšʼnŖŌśōŚŞőŋōśŲŎŗŚŜŐōīŗŕŘʼnŖšÝśŊōŖōŎőŜŴļŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚÝśʼnŝŜŐŗŚőŜš ŜŗʼnŘŘŚŗŞōŘʼnšŕōŖŜőśŔőŕőŜōŌŜŗĪʼnŐŜh``ŕőŔŔőŗŖŎŗŚŖŗŚŕʼnŔŋŗŕŕōŚŋőʼnŔŜŚʼnŖśʼnŋŜőŗŖśʼnŖŌ ĪʼnŐŜd``ŕőŔŔőŗŖŎŗŚŘŚŗŋŝŚōŕōŖŜŗŎŗŜŐōŚŘŚŗŘōŚŜšŴļŐōŘʼnšŕōŖŜōŠŋōōŌőŖŏŜŐōŔőŕőŜŗŎŜŐō ĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚÝśʼnŘŘŚŗŞʼnŔśŐʼnŔŔŊōŘŚŗŘŗśōŌŎŗŚʼnŘŘŚŗŞʼnŔŗŎŜŐōĭŠōŋŝŜőŞōīŗŕŕőŜŜōōŴ eŴ ĬőŚōŋŜŜŐōŘŚōŘʼnŚʼnŜőŗŖʼnŖŌśŝŊŕőśśőŗŖŗŎŜŐōīŗŕŘʼnŖšÝśŊŝśőŖōśśŘŗŔőŋšŲʼnśşōŔŔʼnśŊŝśőŖōśś ʼnŖŌŊŝŌŏōŜŘŔʼnŖśŎŗŚŜŐōʼnŘŘŚŗŞʼnŔŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŲʼnŖŌŚōŘŗŚŜŜŐōŘŚŗŏŚōśśŝŖŌōŚ ŜŐōʼnŘŘŚŗŞōŌŊŝśőŖōśśʼnŖŌŊŝŌŏōŜŘŔʼnŖśŜŗŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśřŝʼnŚŜōŚŔšŴ fŴ ĵʼnŖʼnŏōŗŚŝŖŌōŚŜʼnœōŜŐōŊŝśőŖōśśőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐōŘŗŔőŋšŲŊŝśőŖōśśʼnŖŌŊŝŌŏōŜŘŔʼnŖś şŐőŋŐʼnŚōʼnŘŘŚŗŞōŌŊšŜŐōīŗŕŘʼnŖšĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŖŌŵŗŚŜŐōīŗŕŘʼnŖšĭŠōŋŝŜőŞō īŗŕŕőŜŜōōŴ gŴ ĪōōŔőŏőŊŔōŜŗʼnŝŜŐŗŚőŢōśŝŊųʼnŏōŖŜśʼnŖŌŵŗŚʼnśśőŏŖŗŜŐōŚŘōŚśŗŖśŜŗŘōŚŎŗŚŕŋōŚŜʼnőŖŌŝŜőōśŴĻŝŋŐ ʼnŝŜŐŗŚőŢʼnŜőŗŖʼnŖŌŵŗŚʼnśśőŏŖŕōŖŜśŐʼnŔŔŊōśŝŊŒōŋŜŜŗŜŐōōŠŜōŖŜŗŎʼnŝŜŐŗŚőŢʼnŜőŗŖŝŖŌōŚŜŐőś ĸŗşōŚŗŎĩŜŜŗŚŖōšʼnŖŌŵŗŚőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐōŚōŏŝŔʼnŜőŗŖśŲŚŝŔōśŗŚŌőŚōŋŜőŞōśśŜőŘŝŔʼnŜōŌŊš ŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśʼnŖŌŵŗŚŜŐōīŗŕŘʼnŖšŴ

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hŴ ĩŘŘŚŗŞōŜŐōʼnŘŘŗőŖŜŕōŖŜŗŎŜŐōʼnŝŜŐŗŚőŢōŌśőŏŖʼnŜŗŚšŎŗŚŋŐōŋœśŗŚŕŗŖōšųŗŚŌōŚőŖŏŌŗŋŝŕōŖŜś ŗŎŜŐōīŗŕŘʼnŖšŲʼnśşōŔŔʼnśʼnŏŚōōŕōŖŜśŲʼnŋŋŗŝŖŜőŖŏʼnŖŌŎőŖʼnŖŋőʼnŔŌŗŋŝŕōŖŜśʼnŖŌŏōŖōŚʼnŔ ŌŗŋŝŕōŖŜśŴ iŴ ĩŋŜʼnśŕʼnŖʼnŏōŕōŖŜʼnŌŞőśŗŚőŖŚōśŘōŋŜŗŎŜŐōŎőŖʼnŖŋőʼnŔŲŕʼnŚœōŜőŖŏŲŐŝŕʼnŖŚōśŗŝŚŋōśʼnŖŌŗŜŐōŚ ŗŘōŚʼnŜőŗŖśŘŗŔőŋšşŐőŋŐőśŚōŔʼnŜōŌŜŗŜŐōīŗŕŘʼnŖšŊŝśőŖōśśŗŘōŚʼnŜőŗŖśŴ a`ŴĩŘŘŚŗŞōŜŐōʼnŘŘŗőŖŜŕōŖŜŗŎʼnŌŞőśŗŚśŎŗŚśŘōŋőŎőŋŜʼnśœśʼnśŚōřŝőŚōŌŎŗŚŜŐōīŗŕŘʼnŖšŊŝśőŖōśś ŗŘōŚʼnŜőŗŖśŴ aaŴĩŋŜʼnśŜŐōīŗŕŘʼnŖšÝśʼnŝŜŐŗŚőŢōŌŘōŚśŗŖőŖŕʼnŖʼnŏőŖŏŜŐōīŗŕŘʼnŖšŊŝśőŖōśśŲőŖʼnŔŔŚōśŘōŋŜśŲ őŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐōīŗŕŘʼnŖšÝśŗŊŒōŋŜőŞōśŲŚŝŔōśŲŘŗŔőŋőōśŲŚōŏŝŔʼnŜőŗŖśŲŋŗŌōśŗŎŋŗŖŌŝŋŜŲ ŌőŚōŋŜőŞōśŲŚōśŗŔŝŜőŗŖśŗŎĻŐʼnŚōŐŗŔŌōŚśĵōōŜőŖŏʼnŖŌŵŗŚŚōśŗŔŝŜőŗŖśŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚś ĵōōŜőŖŏʼnŖŌŜŐōĭŠōŋŝŜőŞōīŗŕŕőŜŜōōŴ İŗşōŞōŚŲŜŐōʼnŝŜŐŗŚőŢʼnŜőŗŖŏŚʼnŖŜōŌŜŗŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŲʼnśşōŔŔʼnśŜŐōʼnŝŜŐŗŚőŢʼnŜőŗŖ ŏŚʼnŖŜōŌŜŗʼnŜŐőŚŌŘʼnŚŜšşŐŗőśʼnŘŘŚŗŞōŌŊšŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚśŐʼnŔŔōŠŋŔŝŌōŜŐōʼnŝŜŐŗŚőŜšʼnŖŌŵ ŗŚʼnŝŜŐŗŚőŢʼnŜőŗŖŜŗʼnŘŘŚŗŞōʼnŖšŜŚʼnŖśʼnŋŜőŗŖőŖşŐőŋŐŜŐōĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚŗŚśŝŋŐʼnŝŜŐŗŚőŢōŌŜŐőŚŌ ŘʼnŚŜšŕʼnšŐʼnŞōŋŗŖŎŔőŋŜśŲőŖŜōŚōśŜŗŚʼnŖšŗŜŐōŚŋŗŖŎŔőŋŜŗŎőŖŜōŚōśŜŮʼnśśŘōŋőŎőōŌőŖŜŐōīŗŕŘʼnŖšÝś ĩŚŜőŋŔōśŗŎĩśśŗŋőʼnŜőŗŖʼnŖŌʼnśŖŗŜőŎőōŌŊšŜŐōķŎŎőŋōŗŎĻōŋŝŚőŜőōśʼnŖŌĭŠŋŐʼnŖŏōīŗŕŕőśśőŗŖůşőŜŐŜŐō īŗŕŘʼnŖšŗŚőŜśśŝŊśőŌőʼnŚőōśŴļŐōʼnŎŗŚōŕōŖŜőŗŖōŌŜŚʼnŖśʼnŋŜőŗŖśśŐʼnŔŔŊōŘŚŗŘŗśōŌŎŗŚŜŐōŋŗŖśőŌōŚʼnŜőŗŖ ʼnŖŌʼnŘŘŚŗŞʼnŔŗŎŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśĵōōŜőŖŏʼnŖŌŵŗŚŜŐōĻŐʼnŚōŐŗŔŌōŚśĵōōŜőŖŏőŖʼnŋŋŗŚŌʼnŖŋō şőŜŐŜŐōīŗŕŘʼnŖšÝśĩŚŜőŋŔōśŗŎĩśśŗŋőʼnŜőŗŖŗŚŜŐōŚōŔōŞʼnŖŜŔʼnşśŲōŠŋōŘŜŎŗŚŜŐōīŗŕŘʼnŖšÝśŖŗŚŕʼnŔ ŊŝśőŖōśśŜŚʼnŖśʼnŋŜőŗŖśşŐőŋŐʼnŚōŗŝŜŔőŖōŌőŖŜŐōŘŗŔőŋšʼnŖŌŚōřŝőŚōŕōŖŜśʼnŘŘŚŗŞōŌŊšŜŐōĪŗʼnŚŌ ŗŎĬőŚōŋŜŗŚśőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐōŔʼnşśŏŗŞōŚŖőŖŏśōŋŝŚőŜőōśʼnŖŌōŠŋŐʼnŖŏōʼnŖŌŜŐōŚōŏŝŔʼnŜőŗŖśŲ ŖŗŜőŎőŋʼnŜőŗŖśŲŌőŚōŋŜőŞōśʼnŖŌŚŝŔōśŗŎŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŴ Succession Plan for Top Executive Position at KCE ļŐōśŝŋŋōśśőŗŖŘŔʼnŖŎŗŚŜŐōŜŗŘōŠōŋŝŜőŞōśʼnŜijīĭőśŋʼnŚŚőōŌŗŝŜŊšŜŐōĶŗŕőŖʼnŜőŗŖŋŗŕŕőŜŜōō ʼnŖŌŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŴļŐōŘŚŗŋōśśśŜʼnŚŜśşőŜŐŜŐōŚōŋŚŝőŜŕōŖŜŗŎŋʼnŖŌőŌʼnŜōśşŐŗŘŗśśōśśŜŐō řŝʼnŔőŎőŋʼnŜőŗŖŲŜʼnŔōŖŜʼnŖŌőŖŜōŏŚőŜšŴļŐōŎŗŋŝśŗŎŜŐōŚōŋŚŝőŜŕōŖŜőśŗŖŜŐōšŗŝŖŏŜʼnŔōŖŜśʼnśŜŐōšŋʼnŖŊō ŜŚʼnőŖōŌʼnŖŌŌōŞōŔŗŘōŌŜŗŊōŜŐōŎŝŜŝŚōŔōʼnŌōŚśŴ

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Industry Status and Competition Industry status  ļŐōŏŚŗşŜŐŗŎŜŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŋŗŚŚōŔʼnŜōśşőŜŐŜŐōŏŔŗŊʼnŔōŋŗŖŗŕőŋŏŚŗşŜŐʼnŖŌŜŐʼnŜŗŎŜŐōőŖŌŝśŜŚőōś ŜŐʼnŜŝŜőŔőŢōōŔōŋŜŚŗŖőŋŋŗŕŘŗŖōŖŜśŴļŐőśŕʼnŚœōŜśōŋŜŗŚōŖŋŗŕŘʼnśśōśśōŞōŚʼnŔőŖŌŝśŜŚőōśśŝŋŐʼnśŋŗŕŘŝŜōŚśʼnŖŌ ŘōŚőŘŐōŚʼnŔśŲŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖśŲʼnŝŜŗŕŗŜőŞōʼnŖŌŕʼnŖšŗŜŐōŚŐőŏŐŜōŋŐŖŗŔŗŏšőŖŌŝśŜŚőōśŴļŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚš ŐʼnśōŖŒŗšōŌŕʼnŖšśŝŋŋōśśőŞōšōʼnŚśŗŎŏŚŗşŜŐŴİŗşōŞōŚŲőŖb``hŲŜŐōŏŔŗŊʼnŔōŋŗŖŗŕőŋŌŗşŖŜŝŚŖŔōŌŜŗʼnśŐʼnŚŘ ŎʼnŔŔőŖŏŔŗŊʼnŔŌōŕʼnŖŌʼnŖŌŋʼnŝśōŌŜŐōŗŞōŚʼnŔŔşŗŚŔŌşőŌōŕʼnŚœōŜŜŗśŔŗşŌŗşŖŲōśŘōŋőʼnŔŔšŜŐōōŔōŋŜŚŗŖőŋśʼnŖŌ ʼnŝŜŗŕŗŜőŞōőŖŌŝśŜŚőōśŴīŗŖśōřŝōŖŜŔšŲşŗŚŔŌşőŌōĸīĪŌōŕʼnŖŌşʼnśʼnŎŎōŋŜōŌŴ  īŗŖŜőŖŝőŖŏŚōŋŗŞōŚšőŖŜŐōŏŔŗŊʼnŔōŋŗŖŗŕšŎŗŔŔŗşōŌŜŐōőŕŘŚŗŞōŕōŖŜŜŐʼnŜŊōŏʼnŖőŖŕőŌųb``iŴļŐō ʼnŝŜŗŕŗŜőŞōŕʼnŚœōŜŚōŋŗŞōŚōŌśŜŚŗŖŏŔšőŖb`a`ŲʼnŖŌŌōŕʼnŖŌőŖŋŗŖśŝŕōŚŘŚŗŌŝŋŜśŏŚōşŴļŐōōŋŗŖŗŕőŋ ōŖŞőŚŗŖŕōŖŜŚōŕʼnőŖōŌŘŗśőŜőŞōőŖb`aaŲʼnŔŜŐŗŝŏŐʼnŜʼnśŔŗşŘʼnŋōŴĮŝŚŜŐōŚŏŚŗşŜŐőśōŠŘōŋŜōŌőŖŏŔŗŊʼnŔʼnŝŜŗŕŗŜőŞō ŘŚŗŌŝŋŜőŗŖŲʼnśşōŔŔʼnśőŖʼnŝŜŗŕŗŜőŞōōŔōŋŜŚŗŖőŋōřŝőŘŕōŖŜŘŚŗŌŝŋŜőŗŖŴ  ıŜşʼnśōśŜőŕʼnŜōŌŜŐʼnŜŜŐōŏŚŗşŜŐŚʼnŜōőŖb`acŎŗŚōŔōŋŜŚŗŖőŋōřŝőŘŕōŖŜʼnŖŌŜŐōŏŔŗŊʼnŔĸīĪŕʼnŚœōŜ şŗŝŔŌŊōʼnŊŗŝŜhŴhūʼnŖŌfŴ`ūŲŚōśŘōŋŜőŞōŔšŮśŗŝŚŋōĢĭŔōŋŜŚŗŖőŋķŝŜŔŗŗœīŗŚŘŗŚʼnŜőŗŖʼnŖŌĶļıůŴļŐōʼnŝŜŗŕŗŜőŞō ĸīĪŕʼnŚœōŜŐʼnśʼnŜŜŚʼnŋŜőŞōŏŚŗşŜŐŘŚŗśŘōŋŜśŗŎʼnŊŗŝŜhŴgūŲŊōŋʼnŝśōŗŎŊŗŜŐŜŐōŏŚŗşŜŐőŖŞōŐőŋŔōŘŚŗŌŝŋŜőŗŖ ʼnŖŌŜŐōőŖŋŚōʼnśőŖŏōŔōŋŜŚŗŖőŋŋŗŖŜōŖŜŗŎōʼnŋŐŞōŐőŋŔōŴ Printed Circuit Board Industry  ļŐōŘŚőŖŜōŌŋőŚŋŝőŜŊŗʼnŚŌŮĸīĪůőśʼnŖőŕŘŗŚŜʼnŖŜŋŗŕŘŗŖōŖŜŗŎʼnŔŔōŔōŋŜŚŗŖőŋōřŝőŘŕōŖŜʼnŖŌŋʼnŖŊōŏŚŗŝŘōŌ őŖŜŗŜşŗŕʼnŒŗŚŋʼnŜōŏŗŚőōśĢŜŐōŎŔōŠőŊŔōĸīĪʼnŖŌŜŐōŚőŏőŌĸīĪŴİŗşōŞōŚŲŜŐōŚőŏőŌĸīĪŋʼnŖʼnŔśŗŊōŋŔʼnśśőŎőōŌŊš ŜōŋŐŖŗŔŗŏšʼnśŎŗŔŔŗşśĢ ä Single-sided PCB:ļŐōŋőŚŋŝőŜőśŘŚőŖŜōŌŗŖŜŗŗŖōśőŌōŗŎŜŐōŊŗʼnŚŌʼnŖŌŜŐōŘŚŗŋōśśőśśőŕŘŔōŲŝśőŖŏ ŔŗşŜōŋŐŖŗŔŗŏšŴļŐōĸīĪőśŜŐōŋŗŕŘŗŖōŖŜŎŗŚŏōŖōŚʼnŔōŔōŋŜŚŗŖőŋśōřŝőŘŕōŖŜŴ ä Double-sided PCB:ļŐōŋőŚŋŝőŜőśŘŚőŖŜōŌŗŖŊŗŜŐśőŌōśŗŎŜŐōŊŗʼnŚŌŲŝŜőŔőŢőŖŏśŜʼnŖŌʼnŚŌŜōŋŐŖŗŔŗŏšʼnŖŌ ʼnśőŕŘŔōŘŚŗŋōśśŴļŐōĸīĪŋʼnŖŊōʼnŋŗŕŘŗŖōŖŜŎŗŚŋŗŕŘŝŜōŚōřŝőŘŕōŖŜŲļľʼnŖŌŏōŖōŚʼnŔōŔōŋŜŚŗŖőŋ ʼnŘŘŔőʼnŖŋōśŴ ä Multi-layer PCB:ļŐōŕŝŔŜőųŔʼnšōŚĸīĪŋŗŕŊőŖōśʼnŌŗŝŊŔōųśőŌōŌŊŗʼnŚŌőŖŜŗʼnŕŝŔŜőųŔʼnšōŚŊŗʼnŚŌŲ ŝŜőŔőŢőŖŏŐőŏŐŜōŋŐŖŗŔŗŏšʼnŖŌśŘōŋőʼnŔśœőŔŔśŴļŐōŕŝŔŜőųŔʼnšōŚĸīĪőśŝśōŌőŖōŔōŋŜŚŗŖőŋōřŝőŘŕōŖŜŜŐʼnŜ ŚōřŝőŚōśŐőŏŐŚōŔőʼnŊőŔőŜšŲŘʼnŚŜőŋŝŔʼnŚŔšŎŗŚʼnŝŜŗŕŗŊőŔōŴ PCB Manufacturers in Europe and the USA  ļŐōĸīĪŕʼnŖŝŎʼnŋŜŝŚőŖŏőŖŌŝśŜŚšőŖĭŝŚŗŘōʼnŖŌŜŐōĽĻĩŐʼnśŊōōŖőŖŚʼnŘőŌŌōŋŔőŖōŌŝōŜŗŜŐōŐőŏŐōŚ ŘŚŗŌŝŋŜőŗŖŋŗśŜśŴļŐőśŏŚŗŝŘŗŎŕʼnŖŝŎʼnŋŜŝŚōŚśŝŖŌōŚşōŖŜśŜŚʼnŜōŏőŋŋŐʼnŖŏōśʼnŖŌŋŝŚŚōŖŜŔšŎŗŋŝśōśőŖśŜōʼnŌŗŖŜŐō ŘŚŗŌŝŋŜőŗŖŗŎŐőŏŐōŚŜōŋŐŖŗŔŗŏšʼnŖŌŕŗŚōśŘōŋőʼnŔőŢōŌŘŚŗŌŝŋŜśŚʼnŜŐōŚŜŐʼnŖŗŖŔŗşųŘŚőŋōŌŕʼnśśŕʼnŖŝŎʼnŋŜŝŚőŖŏŴ ļŐōŜʼnŚŏōŜŕʼnŚœōŜőśőŖŜŐōŌōŎōŖśőŞōŗŚŘŚŗŜōŋŜōŌśōŋŜŗŚŲőŴōŴʼnŝŜŗŕŗŜőŞōŘŚŗŌŝŋŜŴ

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PCB Manufacturers in China  ĮŚŗŕb``dųb``hŲŜŐōĸīĪőŖŌŝśŜŚšőŖīŐőŖʼnŐʼnśŏŚŗşŖŌŚʼnŕʼnŜőŋʼnŔŔšŲşőŜŐőŖŋŚōʼnśőŖŏŏŔŗŊʼnŔŕʼnŚœōŜśŐʼnŚō ŌŝōŜŗśŜŚŗŖŏśŝŘŘŗŚŜŎŚŗŕŜŐōīŐőŖōśōįŗŞōŚŖŕōŖŜʼnŖŌŜŐōŔŗşŔʼnŊŗŚŋŗśŜŴĵŗśŜŗŎŜŐōĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚś őŖīŐőŖʼnʼnŚōŎŗŚōőŏŖųŗşŖōŌŊŝśőŖōśśōśŲʼnśŕʼnŖŝŎʼnŋŜŝŚōŚśŎŚŗŕŞʼnŚőŗŝśŋŗŝŖŜŚőōśśŝŋŐʼnśŜŐōĽĻĩŲļʼnőşʼnŖʼnŖŌ IJʼnŘʼnŖŕŗŞōŌŜŐōőŚŘŚŗŌŝŋŜőŗŖŊʼnśōśŜŗīŐőŖʼnŜŗŊōŖōŎőŜŎŚŗŕŏŗŞōŚŖŕōŖŜŘŚőŞőŔōŏōśʼnŖŌőŖŋōŖŜőŞōśŴĸīĪ ŘŚŗŌŝŋŜőŗŖőŖīŐőŖʼnőśŕʼnőŖŔšŕʼnśśŘŚŗŌŝŋŜőŗŖŲŎŗŋŝśőŖŏŗŖŔʼnŚŏōŞŗŔŝŕōʼnŖŌŔŗşŋŗśŜŘŚŗŌŝŋŜőŗŖŴļŐőśŐʼnś ŚōśŝŔŜōŌőŖʼnŌōŋŚōʼnśōŗŎĸīĪŘŚőŋōśʼnŖŌʼnŎőōŚŋōŘŚőŋōşʼnŚşŗŚŔŌşőŌōŴ  ĻőŖŋōb``iŲŜŐōīŐőŖōśōįŗŞōŚŖŕōŖŜŐʼnśśŜŗŘŘōŌŏőŞőŖŏőŖŞōśŜŕōŖŜŘŚőŞőŔōŏōśŎŗŚŜŐōĸīĪőŖŌŝśŜŚšŲŜŐō ŚōśŝŔŜŗŎśŗŕōĸīĪŎʼnŋŜŗŚőōśŖŗŜŐʼnŞőŖŏʼnŖōŎŎőŋőōŖŜşʼnśŜōşʼnŜōŚŜŚōʼnŜŕōŖŜśšśŜōŕŲŔōʼnŌőŖŏŜŗśōŚőŗŝśŘŗŔŔŝŜőŗŖŴ ĪōŋʼnŝśōŗŎŜŐōŚʼnŘőŌőŖŋŚōʼnśōőŖŔʼnŊŗŚŋŗśŜśʼnŖŌšŝʼnŖʼnŘŘŚōŋőʼnŜőŗŖŲŜŐōŚʼnŜōŗŎŏŚŗşŜŐŗŎŜŐōĸīĪőŖŌŝśŜŚšőŖ īŐőŖʼnŐʼnśŖŗŜʼnŊŔšśŔŗşōŌŲʼnśŐʼnśŘŚőŋōŋŗŕŘōŜőŜőŗŖŴ PCB Manufacturers in Thailand  ļŐōŕʼnŒŗŚőŜšŗŎŜŐōĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚśőŖļŐʼnőŔʼnŖŌŎŗŋŝśŗŖŕʼnśśőŞōŘŚŗŌŝŋŜőŗŖŗŎĸīĪśŎŗŚ ŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖŲŋŗŕŘŝŜōŚʼnŖŌōŔōŋŜŚŗŖőŋōřŝőŘŕōŖŜŲşŐōŚōŜŐōŚōőśŐőŏŐŋŗŕŘōŜőŜőŗŖőŖŘŚŗŌŝŋŜŘŚőŋōŴļŐōŚōŎŗŚōŲ ŜŐōŘŚőŋōŘŚōśśŝŚōŕŗŚōʼnŌŞōŚśōŔšʼnŎŎōŋŜśŜŐőśŏŚŗŝŘŗŎŕʼnŖŝŎʼnŋŜŝŚōŚśŜŐʼnŖŕʼnŖŝŎʼnŋŜŝŚōŚśşőŜŐŐőŏŐōŚŜōŋŐŖŗŔŗŏšŲ şŐōŚōřŝʼnŔőŜšʼnŖŌŚōŔőʼnŊőŔőŜšʼnŚōŕŗŚōŋŚŝŋőʼnŔŜŐʼnŖŘŚőŋőŖŏʼnŔŗŖōŴ Automobile Industry  ļŐōʼnŝŜŗŕŗŊőŔōőŖŌŝśŜŚšŕʼnŚœōŜʼnŋŋŗŝŖŜśŎŗŚŕŗŚōŜŐʼnŖĽĻĬbŜŚőŔŔőŗŖşőŜŐʼnŌőśŜŚőŊŝŜőŗŖŗŎĽĻĬeŐŝŖŌŚōŌ ŊőŔŔőŗŖŜŗĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚśőŖbfŋŗŝŖŜŚőōśşŗŚŔŌşőŌōŴļŐōőŖŋŚōʼnśőŖŏŋŗŕŘŔōŠőŜőōśŗŎŜŐōʼnŝŜŗŕŗŊőŔōōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚšŖōŋōśśőŜʼnŜōŖōşʼnŖŌŐőŏŐōŚőŖŖŗŞʼnŜőŗŖśʼnŖŌŜōŋŐŖŗŔŗŏőōśŎŚŗŕŜŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŴ Factors Affecting the Printed Circuit Board Industry ä ĸŚőŋōĮŔŝŋŜŝʼnŜőŗŖŗŎįŗŔŌŲīŗŘŘōŚʼnŖŌķőŔ  ĮŗŚŜŐōŘʼnśŜšōʼnŚśŲŜŐōŘŚőŋōŗŎŏŗŔŌʼnŖŌŋŗŘŘōŚŲŜŐōŕʼnőŖŚʼnşŕʼnŜōŚőʼnŔśŎŗŚŜŐōŘŚŗŌŝŋŜőŗŖŗŎĸīĪśŲ ŐʼnŞōŎŔŝŋŜŝʼnŜōŌʼnŖŌŋŗŖŜőŖŝʼnŔŔšōśŋʼnŔʼnŜōŌʼnśʼnŚōśŝŔŜŗŎŜŐōőŖŋŚōʼnśōŌŌōŕʼnŖŌŘŚōŌŗŕőŖʼnŖŜŔšŎŚŗŕīŐőŖʼn ʼnŖŌıŖŌőʼnŲşŐőŋŐŖōōŌŜŗʼnŋŋŝŕŝŔʼnŜōŚʼnşŕʼnŜōŚőʼnŔśŝŘŘŔőōśőŖʼnŖŜőŋőŘʼnŜőŗŖŗŎŜŐōŚʼnŘőŌŔšʼnśŋōŖŌőŖŏŌōŕʼnŖŌŴ ļŐőśŋŗŖśōřŝōŖŜŔšŔōŌŜŗőŖŋŚōʼnśōŌśŘōŋŝŔʼnŜőŗŖʼnŖŌŎŝŚŜŐōŚśŜŚōŖŏŜŐōŖőŖŏŗŎŜŐōŘŚőŋōŴĵōʼnŖşŐőŔōŲŜŐō ōśŋʼnŔʼnŜőŗŖŗŎŜŐōŏŔŗŊʼnŔŋŚŝŌōŗőŔŘŚőŋōőŕŘʼnŋŜōŌʼnŔŔőŖŌŝśŜŚőōśŜŐʼnŜŝŜőŔőŢōŘōŜŚŗŔōŝŕųŚōŔʼnŜōŌŘŚŗŌŝŋŜś śŝŋŐʼnśŔʼnŕőŖʼnŜōŎŗŚĸīĪŘŚŗŌŝŋŜőŗŖŴļŐōőŖŋŚōʼnśōŗŎŜŐōŚʼnşŕʼnŜōŚőʼnŔśŘŚőŋōŎŗŚŏŗŔŌŲŋŗŘŘōŚʼnŖŌŗőŔ ŌőŚōŋŜŔšőŖŋŚōʼnśōŌĸīĪŕʼnŖŝŎʼnŋŜŝŚőŖŏŋŗśŜśŴ ä ļŐōĻŜŚōŖŏŜŐōŖőŖŏŗŎŜŐōļŐʼnőīŝŚŚōŖŋš  ļŐōŞŗŔʼnŜőŔőŜšʼnŖŌŜŐōśŜŚōŖŏŜŐōŖőŖŏŗŎŜŐōļŐʼnőŋŝŚŚōŖŋšŐʼnśʼnŖōŏʼnŜőŞōőŕŘʼnŋŜŗŖŕʼnŖŝŎʼnŋŜŝŚőŖŏŋŗśŜś ʼnŖŌśʼnŔōśŚōŞōŖŝōŲʼnśőŜŕʼnšŚōŌŝŋōŜŐōŋŗŕŘōŜőŜőŞōŖōśśŗŎʼnŔŔōŠŘŗŚŜōŚśŴ

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Competition 

ĸīĪőŖŌŝśŜŚšŋŗŕŘōŜőŜőŗŖŞʼnŚőōśʼnŋŋŗŚŌőŖŏŜŗŜŐōŕʼnŚœōŜśōŋŜŗŚĢ ä ļŐōŕʼnśśŘŚŗŌŝŋŜőŗŖĸīĪőŖŌŝśŜŚšŲŝśōŌőŖŜŐōŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖśŲŋŗŕŘŝŜōŚʼnŖŌŘōŚőŘŐōŚʼnŔśʼnŖŌ ōŔōŋŜŚőŋʼnŔŘŚŗŌŝŋŜśśōŋŜŗŚśŲŎʼnŋōśŘŚőŋōŋŗŕŘōŜőŜőŗŖŎŚŗŕŕʼnŖŝŎʼnŋŜŝŚōŚśŔŗŋʼnŜőŖŏŜŗŔŗşōŚŋŗśŜŋŗŝŖŜŚőōś śŝŋŐʼnśīŐőŖʼnŴ ä ļŐōĬōŎōŖśőŞōĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚśśŝŋŐʼnśʼnŝŜŗŕŗŜőŞōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŲŔŗŋʼnŜōŌŕʼnőŖŔšőŖĩśőʼnŲ ŐʼnŞōŔōśśŘŚőŋōŋŗŕŘōŜőŜŗŚśŊŝŜŋŗŕŘōŜōŎŗŚřŝʼnŔőŜšŘŚŗŌŝŋŜśŴ ä ļŐōĸŚŗŜōŋŜōŌĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚśŲŕʼnőŖŔšŔŗŋʼnŜōŌőŖĭŝŚŗŘōʼnŖŌŜŐōĽĻĩŲŋŗŖŜŚŗŔŜŐōŘŚŗŜōŋŜōŌ ōŔōŋŜŚŗŖőŋśŕʼnŚœōŜśŝŋŐʼnśŕőŔőŜʼnŚšŗŚşʼnŚŎʼnŚōōřŝőŘŕōŖŜʼnŖŌŕōŌőŋʼnŔŌōŞőŋōśʼnśşōŔŔʼnśŖʼnŜőŗŖʼnŔ śōŋŝŚőŜšŚōŔʼnŜōŌőŖŌŝśŜŚőōśŜŐʼnŜŌŗŖŗŜŋŗŕŘōŜōşőŜŐŜŐōŚōśŜŗŎŜŐōĸīĪőŖŌŝśŜŚšŴ ä ļŐōĸŚŗŜŗŜšŘōĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚśŕōōŜŜŐōŚōřŝőŚōŕōŖŜśŗŎŜŐőśŐőŏŐŔšśŘōŋőʼnŔőŢōŌʼnŖŌśŘōŋőŎőŋŕʼnŚœōŜ şőŜŐʼnŞōŚšśŐŗŚŜŕʼnŖŝŎʼnŋŜŝŚőŖŏŔőŎōŲʼnŖŌʼnŚōŝśŝʼnŔŔšŘŗśőŜőŗŖōŌŔŗŋʼnŔŔšőŖĭŝŚŗŘōʼnŖŌŜŐōĽĻĩŴ

 ijīĭÝśŔʼnŚŏōśŜŕʼnŚœōŜśōŋŜŗŚőśŜŐōʼnŝŜŗŕŗŜőŞōőŖŌŝśŜŚšŲşŐōŚōŜŐōŚōőśŔōśśŘŚőŋōŋŗŕŘōŜőŜőŗŖŊŝŜŕŗŚō ŋŗŕŘōŜőŜőŗŖŎŗŚřŝʼnŔőŜšʼnŖŌŚōŔőʼnŊőŔőŜšŴļŐōŋŝŚŚōŖŜŋŗŕŘōŜőŜŗŚśőŖŜŐőśŕʼnŚœōŜʼnŚōĸīĪŕʼnŖŝŎʼnŋŜŝŚōŚśőŖļʼnőşʼnŖ ʼnŖŌŔŗŋʼnŔŕʼnŖŝŎʼnŋŜŝŚōŚśŔŗŋʼnŜōŌőŖįōŚŕʼnŖšŲĭŝŚŗŘōŗŚŜŐōĽĻĩŴ Opportunities and Obstacles  ļŐʼnőŔʼnŖŌŗŎŎōŚśŐőŏŐőŖŞōśŜŕōŖŜŘŗŜōŖŜőʼnŔŎŗŚŜŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŊōŋʼnŝśōŗŎŜŐōŚōŔʼnŜőŞōŔšŔŗşŔʼnŊŗŚ ŋŗśŜşŐōŖŋŗŕŘʼnŚōŌŜŗĭŝŚŗŘōʼnŖŌŜŐōĽĻĩŴİŗşōŞōŚŲŌŝōŜŗőŖʼnŌōřŝʼnŜōŏŗŞōŚŖŕōŖŜʼnŔśŝŘŘŗŚŜŲŜŐōŋŗŝŖŜŚš őśśŐŗŚŜŗŎśœőŔŔōŌşŗŚœōŚśŲĸīĪśŘōŋőʼnŔőśŜśʼnŖŌŗŜŐōŚőŕŘŗŚŜʼnŖŜŐŝŕʼnŖŚōśŗŝŚŋōśŴļŐōŚōŎŗŚōŲőŜőśŖōŋōśśʼnŚšŜŗ ŚōŔšŗŖŜōŋŐŖŗŔŗŏšŜŚʼnŖśŎōŚŎŚŗŕŎŗŚōőŏŖśŘōŋőʼnŔőśŜśŴ Key Success Factors 

ijīĭʼnŖŌőŜśśŝŊśőŌőʼnŚőōśŘʼnšŕŗśŜʼnŜŜōŖŜőŗŖŜŗŜŐōŎŗŔŔŗşőŖŏŎŗŝŚŎʼnŋŜŗŚśĢ aŴ İőŏŐĹŝʼnŔőŜšĸŚŗŌŝŋŜśĢ   ijīĭŐʼnśŊōōŖʼnşʼnŚŌōŌıĻķŵļĻafidiīōŚŜőŎőŋʼnŜőŗŖŲʼnŖőŖŜōŚŖʼnŜőŗŖʼnŔŔšŚōŋŗŏŖőŢōŌřŝʼnŔőŜš śŜʼnŖŌʼnŚŌŲōŞōŚššōʼnŚśőŖŋōb``cŴıŖʼnŌŌőŜőŗŖŲijīĭŕōōŜśŕʼnŖšŗŜŐōŚřŝʼnŔőŜšśŜʼnŖŌʼnŚŌśʼnŖŌŐʼnśŚōŋōőŞōŌ ʼnşʼnŚŌśŎŚŗŕŕʼnŖšŗŎőŜśŋŝśŜŗŕōŚśŴļŐőśŋŗŖŎőŚŕśŜŐōŋŗŖŎőŌōŖŋōőŖijīĭݜ،ŗŌŝŋŜŴ bŴ ĴŗşĸŚŗŌŝŋŜőŗŖīŗśŜĢ   ıŜőśŜŗijīĭÝśʼnŌŞʼnŖŜʼnŏōŜŐʼnŜőŜśŗşŖŔʼnŕőŖʼnŜōŘŔʼnŖŜŐʼnśśŝŘŘŗŚŜōŌʼnŔŔŗŎőŜśĸīĪŕʼnŖŝŎʼnŋŜŝŚőŖŏ ŎʼnŋőŔőŜőōśŴ cŴ ķŖųŜőŕōĬōŔőŞōŚšĢ  

ijīĭőśŋŗŕŕőŜŜōŌŜŗŌōŔőŞōŚŎŝŔŔŔŗŜśŗŖŜőŕōŜŗŕōōŜŜŐōŋŝśŜŗŕōŚÝśŚōřŝőŚōŌŔōʼnŌųŜőŕōŴ

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dŴ ĻʼnŔōśʼnŖŌĩŎŜōŚĻʼnŔōśĻōŚŞőŋōĢ   ĻʼnŔōśŚōŘŚōśōŖŜʼnŜőŞōŗŎŎőŋōśʼnŚōŔŗŋʼnŜōŌőŖŕʼnŖšśŜŚʼnŜōŏőŋŔŗŋʼnŜőŗŖśőŖŜŐōĽijŲŜŐōĽĻĩŲĻőŖŏʼnŘŗŚōŲ įōŚŕʼnŖšŲĵōŠőŋŗŲĪŚʼnŢőŔʼnŖŌīʼnŖʼnŌʼnŴļŐōšŗŎŎōŚŎŝŔŔʼnŖŌŋŗŕŘŚōŐōŖśőŞōśʼnŔōśʼnŖŌśōŚŞőŋōŎŗŚşŗŚŔŌşőŌō ŋŝśŜŗŕōŚśŲőŖŋŔŝŌőŖŏŋŗŗŚŌőŖʼnŜőŗŖŗŎŜŐōŋŝśŜŗŕōŚÝśŘŝŚŋŐʼnśōŗŚŌōŚőśśŝʼnŖŋōŲŕŗŖőŜŗŚőŖŏŗŎŜŐōŌōŔőŞōŚš ŘōŚŜʼnŚŏōŜŲŚōŋōőŞőŖŏŋŝśŜŗŕōŚŋŗŕŘŔʼnőŖŜśʼnŖŌʼnŌŞőśőŖŏŗŖřŝʼnŔőŜšŘŚŗŊŔōŕśŊōŎŗŚōŜŐōŕʼnŜŜōŚőśśōŖŜ ŜŗŜŐōŎʼnŋŜŗŚšÝśĹĩʼnŖŌŗŜŐōŚŜōŋŐŖőŋʼnŔŌōŘʼnŚŜŕōŖŜśŲʼnśŖōŋōśśʼnŚšŴ External factors that may affect the Electronics Industry and KCE currently and in the near future  ļŐōb``hų`iŏŔŗŊʼnŔōŋŗŖŗŕőŋŋŚőśőśşʼnśŜŐōœōšŎʼnŋŜŗŚʼnŎŎōŋŜőŖŏʼnŔŔőŖŌŝśŜŚőōśŲőŖŋŔŝŌőŖŏŜŐōōŔōŋŜŚŗŖőŋś őŖŌŝśŜŚšŴİŗşōŞōŚŲŜŐōōŋŗŖŗŕőŋśŔŗşŌŗşŖőŖŜŐōōŔōŋŜŚŗŖőŋśʼnŖŌʼnŝŜŗŕŗŜőŞōőŖŌŝśŜŚőōśŐʼnśśŜʼnŚŜōŌŜŗŚōŋŗŞōŚ ʼnŖŌŌōŕʼnŖŌŐʼnśőŖŋŚōʼnśōŌŲŘʼnŚŜőŋŝŔʼnŚŔšőŖŜŐōśōŋŗŖŌŐʼnŔŎŗŎb``iŴİŗşōŞōŚŲŌŝŚőŖŏŜŐōŋŚőśőśŜŐōīŗŕŘʼnŖšşʼnś ŖŗŜŗŖŔšʼnŊŔōŜŗŕʼnőŖŜʼnőŖőŜśōŠőśŜőŖŏŕʼnŚœōŜśŐʼnŚōŲŊŝŜʼnŔśŗŐʼnŌʼnŖŗŘŘŗŚŜŝŖőŜšŜŗōŖŔʼnŚŏōőŜśŋŝśŜŗŕōŚŊʼnśōŲʼnś ŕʼnŖšĸīĪŕʼnœōŚśőŖĭŝŚŗŘōʼnŖŌĩśőʼnŋŔŗśōŌŲőŖŋŔŝŌőŖŏśŗŕōŗŎŜŐōīŗŕŘʼnŖšÝśŋŗŕŘōŜőŜŗŚśŴ  ĩŝŜŗŕŗŜőŞōŜōŋŐŖŗŔŗŏšŜŚōŖŌśŐʼnŞōŊōŋŗŕōőŕŘŗŚŜʼnŖŜőŖĸīĪŜōŋŐŖŗŔŗŏšʼnŖŌŔōʼnŌŜŗřŝőŋœŋŐʼnŖŏōśŴ ĩŖőŖŋŚōʼnśőŖŏŌōŕʼnŖŌŎŗŚśʼnŎōŜšʼnŖŌōŖŜōŚŜʼnőŖŕōŖŜōřŝőŘŕōŖŜŲřŝʼnŔőŜšʼnŖŌŚōŔőʼnŊőŔőŜšŲʼnŖŌŜŐōőŖŋŚōʼnśőŖŏŜŚōŖŌŎŗŚ ŐšŊŚőŌŞōŐőŋŔōśŐʼnŞōŌŚőŞōŖʼnŝŜŗŕŗŜőŞōōŔōŋŜŚőŋʼnŔōřŝőŘŕōŖŜśʼnŔōśŝŘŊšŕŗŚōŜŐʼnŖb``ūŴ  ĸīĪŌōŕʼnŖŌŎŗŚŜŐōŏŔŗŊʼnŔʼnŝŜŗŕŗŜőŞōőŖŌŝśŜŚšŐʼnśŚʼnŘőŌŔšŏŚŗşŖőŖŔőŖōşőŜŐŜŐōŚōřŝőŚōŕōŖŜŎŗŚŋŗŕŘŔōŠ ŎŝŖŋŜőŗŖʼnŔőŜšŗŎōŔōŋŜŚŗŖőŋśōřŝőŘŕōŖŜŴijīĭőśşōŔŔŘŗśőŜőŗŖōŌŜŗśŝŘŘŗŚŜŜŐōŏŚŗşŜŐőŖŜŐōʼnŝŜŗŕŗŜőŞōőŖŌŝśŜŚšŴ

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Management Discussion and Analysis Overall Group Financial Performance in 2012  ļŐōŗŞōŚʼnŔŔb`abŎőŖʼnŖŋőʼnŔŘōŚŎŗŚŕʼnŖŋōŲŎŗŔŔŗşőŖŏŜŐōśōŞōŚōŎŔŗŗŌőŖŜŐōŔʼnśŜřŝʼnŚŜōŚŗŎb`aaŲŐʼnśŏŚʼnŌŝʼnŔŔš ŚōŋŗŞōŚōŌřŝʼnŚŜōŚųŗŖųřŝʼnŚŜōŚŮĹųŗųĹůŲŘʼnŚŜőŋŝŔʼnŚŔšŌŝŚőŖŏŜŐōŔʼnśŜřŝʼnŚŜōŚŗŎŜŐőśšōʼnŚŲŋŔōʼnŚŔšśŐŗşőŖŏʼnśŜŚŗŖŏōŚ ŚōŜŝŚŖŲʼnśōŠŘōŋŜōŌŊšŕʼnŖʼnŏōŕōŖŜŴıŖb`abŲŜŐōŋŗŕŘʼnŖšÝśŋŗŖśŗŔőŌʼnŜōŌśʼnŔōśʼnŖŌśōŚŞőŋōŚōŞōŖŝōʼnŕŗŝŖŜōŌ ŜŗĪʼnŐŜfŲdggŴiŕőŔŔőŗŖŮĽĻĬb`iŴdŕőŔŔőŗŖůŲŋŗŕŘʼnŚōŌŜŗĪʼnŐŜgŲb`aŴaŕőŔŔőŗŖŮĽĻĬbcgŴbŕőŔŔőŗŖůőŖb`aaŲ ʼnŚōŌŝŋŜőŗŖőŖŏŚŗşŜŐŗŎaaūőŖŌŗŔŔʼnŚŜōŚŕśŴ ļŐōŋŗŕŘʼnŖšʼnŋŐőōŞōŌʼnŋŗŖśŗŔőŌʼnŜōŌŖōŜŘŚŗŎőŜŗŎĪʼnŐŜgabŴcŕőŔŔőŗŖʼnŖŌŗŘōŚʼnŜőŖŏŘŚŗŎőŜŗŎĪʼnŐŜeecŴcŕőŔŔőŗŖŲ ōŠŋŔŝŌőŖŏŜŐōŔŗśśŎŚŗŕŎŗŚōőŏŖōŠŋŐʼnŖŏōŚʼnŜōʼnŖŌŐōŌŏőŖŏŮĮŗŚōŠůŴļŐőśŋŗŕŘʼnŚōśŜŗʼnŎőśŋʼnŔšōʼnŚb`aaŖōŜŘŚŗŎőŜ ŗŎĪʼnŐŜacbŴ`ŕőŔŔőŗŖʼnŖŌŗŘōŚʼnŜőŖŏŘŚŗŎőŜŗŎĪʼnŐŜcciŴiŕőŔŔőŗŖŴ      

ķŘōŚʼnŜőŖŏŚōśŝŔŜśőŖb`abşōŚōʼnśŎŗŔŔŗşśĢ     ŮőŖŕőŔŔőŗŖĪʼnŐŜů  ĹŝʼnŚŜōŚa ĹŝʼnŚŜōŚb ĹŝʼnŚŜōŚc ĹŝʼnŚŜōŚd b`ab ĻʼnŔōś aŲcdeŴb aŲe`gŴf aŲgegŴa aŲhfhŴ` fŲdggŴi įŚŗśśŘŚŗŎőŜ aiŴ` aiŴc ahŴ` b`Ŵe aiŴb ķŘōŚʼnŜőŖŏŘŚŗŎőŜŮūů hbŴc addŴh adhŴf aggŴf eecŴc



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 ļŐōŏŗŗŌŗŘōŚʼnŜőŖŏŚōśŝŔŜśőŖb`abşōŚōʼnŋŐőōŞōŌŕʼnőŖŔšŊšŜŐōijīĭļōŋŐŖŗŔŗŏšŮijīĭļůŘŗśŜųŎŔŗŗŌ ŚōŋŗŞōŚšģŐŗşōŞōŚŲŘŚŗŌŝŋŜőŗŖōŎŎőŋőōŖŋšőŕŘŚŗŞōŕōŖŜőŖʼnŔŔŘŔʼnŖŜśŲşŐőŋŐŚōśŝŔŜōŌőŖŐőŏŐōŚŘŚŗŌŝŋŜőŞőŜšʼnŖŌ ŚōŌŝŋōŌŋŗśŜŗŎŘŚŗŌŝŋŜőŗŖģśŝŋŋōśśŎŝŔŋŗŖŜŚŗŔŗŎśŋŚʼnŘʼnŏōģʼnŖŌŋŗŖŜőŖŝōŌśʼnŔōśŏŚŗşŜŐőŖōʼnŋŐřŝʼnŚŜōŚŲʼnŔŔ ŋŗŖŜŚőŊŝŜōŌŜŗʼnŖőŖŋŚōʼnśōőŖŏŚŗśśŕʼnŚŏőŖŴıŖʼnŌŌőŜőŗŖŲŚōŋŗŏŖőŜőŗŖŗŎőŖśŝŚʼnŖŋōŋŔʼnőŕŋŗŕŘōŖśʼnŜőŗŖʼnŖŌŜŐō ŋŗŖśŗŔőŌʼnŜőŗŖŗŎśʼnŔōśʼnŖŌŘŚŗŎőŜʼnŎŜōŚŜŐōʼnŋřŝőśőŜőŗŖŗŎʼnśŝŊśőŌőʼnŚšŮīŐōŕŜŚŗŖőŋśůśŝŘŘŗŚŜōŌb`abʼnŋŐőōŞōŕōŖŜśŴ İŗşōŞōŚŲŎőŖʼnŖŋőʼnŔŘōŚŎŗŚŕʼnŖŋōşʼnśŖōŏʼnŜőŞōŔšʼnŎŎōŋŜōŌŊšŜŐōŏŗŞōŚŖŕōŖŜÝśŕőŖőŕŝŕşʼnŏōőŖŋŚōʼnśōŘŗŔőŋšŲ ŐőŏŐōŚŚʼnşŕʼnŜōŚőʼnŔŘŚőŋōśʼnŖŌŔŗşŝŜőŔőŢʼnŜőŗŖŗŎŘŚŗŌŝŋŜőŗŖŋʼnŘʼnŋőŜšʼnŜijīĭļşŐōŖŋŗŕŘʼnŚōŌşőŜŐßŖŗŚŕʼnŔà ŘŚōųŎŔŗŗŌřŝʼnŚŜōŚŔōŞōŔśŴ Revenues Analysis Sales and service income ĮŗŔŔŗşőŖŏŜŐōŚōŋŗŚŌŐőŏŐśʼnŔōśőŖĹcb`aaŲŏŚŗşŜŐśŜŗŘŘōŌŌŝŚőŖŏŜŐōŔʼnśŜřŝʼnŚŜōŚŗŎb`aaşŐōŖ ŎŔŗŗŌşʼnŜōŚŎŗŚŋōŌŜŐōśŐŝŜŌŗşŖŗŎŜŐōijīĭļŎʼnŋŜŗŚšőŖŕőŌųķŋŜŗŊōŚŲŚōśŝŔŜőŖŏőŖŔŗşōŚŘŚŗŌŝŋŜőŗŖʼnŜŗŜŐōŚ ijīĭŘŔʼnŖŜśʼnŖŌŋʼnŝśőŖŏʼnśʼnŔōśŔŗśśŗŎefūŎŚŗŕŜŐōŘŚōŞőŗŝśřŝʼnŚŜōŚŴĿŐōŖŜŐōŎŔŗŗŌśőŜŝʼnŜőŗŖşʼnś ŚōśŗŔŞōŌʼnŜŜŐōŊōŏőŖŖőŖŏŗŎĹab`abŲŜŐōijīĭļŎʼnŋŜŗŚšşʼnśŚōśŜʼnŚŜōŌŲŖōşŕʼnŋŐőŖōŚšşʼnśőŖśŜʼnŔŔōŌŲŜŐō ŎʼnŋŜŗŚšŚōśŝŕōŌŗŘōŚʼnŜőŗŖʼnŖŌʼnŘŐʼnśōŌőŖŋŚōʼnśōőŖŋʼnŘʼnŋőŜšőŕŘŔōŕōŖŜōŌŴ ļŐōŘŚŗŌŝŋŜőŗŖōŎŎőŋőōŖŋšŗŎŜŐōijīĭļŎʼnŋŜŗŚšŐʼnśŊōōŖśŝŋŋōśśŎŝŔʼnŖŌŜŐōŕőŖőŕŝŕśŋŚʼnŘʼnŏōŚʼnŜō ŗŎŜŐōŘŚŗŌŝŋŜőŗŖŘŚŗŋōśśŐʼnśŊōōŖŕōŜŲŚōśŝŔŜőŖŏőŖőŖŋŚōʼnśōŌŘŚŗŌŝŋŜőŞőŜšŜŗśōŚŞőŋōŗŚŌōŚśŎŚŗŕŚōŜŝŚŖőŖŏ ŋŝśŜŗŕōŚśŴļŐőśʼnŋŋōŔōŚʼnŜōŌśʼnŔōśŏŚŗşŜŐĹųŗųĹŎŚŗŕĹab`abŜŗĹdb`abŲşŐōŖŗŞōŚʼnŔŔŋʼnŘʼnŋőŜšŝŜőŔőŢōŌ şʼnśʼnŊŗŞōh`ūŗŎŜŐōŐőŏŐōśŜŘŚōųŎŔŗŗŌŔōŞōŔŲŕʼnœőŖŏĹdb`abŜŐōŊōśŜřŝʼnŚŜōŚŗŎŜŐōšōʼnŚŴ

195

KCE Annual Report 2012


    

   





Quarterly revenues from sales were as follows:

ŮĽŖőŜĢŕőŔŔőŗŖĽĻĬů 2012 2011 ĹŝʼnŚŜōŚa ĽĻĬdcŴfŕ ĽĻĬf`Ŵhŕ ĹŝʼnŚŜōŚb ĽĻĬdhŴdŕ ĽĻĬffŴ`ŕ ĹŝʼnŚŜōŚc ĽĻĬefŴcŕ ĽĻĬg`Ŵhŕ ĹŝʼnŚŜōŚdĽĻĬfaŴbŕ ĽĻĬciŴfŕŰ ĽĻĬb`iŴeŕ ĽĻĬbcgŴbŕ ŮŰĮŔŗŗŌşʼnŜōŚőŖŝŖŌʼnŜőŗŖőŖķŋŜŗŊōŚb`aaů

In 2012, the layer count proportion was as follows:  



     

ĬŗŝŊŔōųśőŌōŌĸīĪś dĴʼnšōŚĸīĪś fűĴʼnšōŚĸīĪś

ŮūśřŴŎŜŴů 2011 b`Ŵ`ū eiŴ`ū baŴ`ū

  

ŮĽŖőŜĢūŜŗļŗŜʼnŔĻʼnŔōśů 2012 2011 fbŴ`ū fbŴ`ū afŴgū afŴcū agŴhū agŴiū cŴeū cŴhū

   

2012 biŴgū eeŴaū aeŴbū

Sales distribution by territory was as follows:  



   

ĭŝŚŗŘō ĽŖőŜōŌĻŜʼnŜōś ĩśőʼn ĴŗŋʼnŔ

   

   

Compensation from insurance claim ĩśŝŊśőŌőʼnŚšŲijīĭļōŋŐŖŗŔŗŏšŮijīĭļůŲśŐŝŜŌŗşŖőŜśŗŘōŚʼnŜőŗŖŎŚŗŕķŋŜŗŊōŚabŲb`aaŌŝōŜŗŜŐōŘŔʼnŖŜ ŊōőŖŏőŖŝŖŌʼnŜōŌşőŜŐŎŔŗŗŌşʼnŜōŚŴļŐōŋŗŕŘʼnŖšŐʼnŌĩŔŔĺőśœśʼnŖŌĪŝśőŖōśśıŖŜōŚŚŝŘŜőŗŖıŖśŝŚʼnŖŋōşőŜŐŎŝŔŔ ŚōŘŔʼnŋōŕōŖŜŞʼnŔŝōŗŎőŖśŝŚōŌʼnśśōŜśŲōŖśŝŚőŖŏʼnŌōřŝʼnŜōŋŗŕŘōŖśʼnŜőŗŖŎŗŚŎŔŗŗŌŌʼnŕʼnŏōŴ ıŖŎőśŋʼnŔšōʼnŚśb`aaʼnŖŌb`abŲŜŐōʼnŋŋŗŝŖŜśŎŗŚŜŐōŋŗŕŘʼnŖšʼnŖŌőŜśśŝŊśőŌőʼnŚőōśőŖŋŔŝŌōŌŜŐōŎŗŔŔŗşőŖŏ ŋŗŕŘōŖśʼnŜőŗŖŎŚŗŕőŖśŝŚʼnŖŋōŋŔʼnőŕśŎŗŚŎŔŗŗŌőŖŏĢ             

       

   b`ab īŗŕŘōŖśʼnŜőŗŖŎŚŗŕŋŔʼnőŕśĢ ijīĭļ ebe ķŜŐōŚŋŗŕŘʼnŖőōś 30  eee ĴōśśʼnśśōŜşŚőŜōųŗŎŎŮehů ĶōŜŋŗŕŘōŖśʼnŜőŗŖŎŚŗŕŋŔʼnőŕś 497

 b`aa

ŮıŖŕőŔŔőŗŖĪʼnŐŜů ļŗŜʼnŔ

aŲfah 0 aŲfah ŮaŲedhů 70

bŲadc 30 bŲagc ŮaŲf`fů 567

ĬŝŚőŖŏb`abŲŜŐōŋŗŕŘʼnŖšŚōŋōőŞōŌőŖŜōŚőŕŘʼnšŕōŖŜŎŚŗŕŜŐōőŖśŝŚōŚŎŗŚʼnŊŗŝŜĪʼnŐŜaŲc``ŕőŔŔőŗŖŴ īŔʼnőŕŎőŖʼnŔőŢʼnŜőŗŖőśōŠŘōŋŜōŌŌŝŚőŖŏĹcb`acŴ KCE Annual Report 2012

196


Other income  ķŜŐōŚőŖŋŗŕōşʼnśʼnśŎŗŔŔŗşśĢ   ŮĽŖőŜĢĵőŔŔőŗŖĪʼnŐŜů   2012 2011   ĻʼnŔōśŗŎśŋŚʼnŘŕʼnŜōŚőʼnŔ bhŴg ieŴh   įʼnőŖŎŚŗŕĮŗŚōŠʼnŖŌŐōŌŏőŖŏ aeiŴ` `   ķŜŐōŚŕőśŋōŔŔʼnŖōŗŝśőŖŋŗŕō dcŴb a`Ŵc   ļŗŜʼnŔŗŜŐōŚőŖŋŗŕō bc`Ŵi a`fŴa Cost of Sales/Gross Margin Analysis  ļŐōb`abŋŗśŜŗŎśʼnŔōśşʼnśʼnŖʼnŞōŚʼnŏōŗŎh`ūŜŗśʼnŔōśŲʼnbūŌōŋŚōʼnśōŎŚŗŕb`aaŲŚōśŝŔŜőŖŏőŖʼnŐőŏŐōŚ ŏŚŗśśŕʼnŚŏőŖŎŚŗŕahūŜŗb`ūŲŜŐōŚōśŝŔŜŗŎŘŚŗŌŝŋŜőŗŖōŎŎőŋőōŖŋšʼnŖŌʼnŌŒŝśŜŕōŖŜőŖŘŚŗŌŝŋŜőŗŖŜōŋŐŖőřŝōŴļŐőś ōŖʼnŊŔōŌijīĭļʼnŖŌŗŜŐōŚijīĭŘŔʼnŖŜśŜŗʼnŋŐőōŞōŐőŏŐōŚŘŚŗŌŝŋŜőŞőŜšŲʼnŋŚŝŋőʼnŔŋŗśŜśʼnŞőŖŏōŔōŕōŖŜŴıŖʼnŌŌőŜőŗŖŲ ŋŔŗśōśŝŘōŚŞőśőŗŖŲŔʼnŊŗŚśœőŔŔŌōŞōŔŗŘŕōŖŜʼnŖŌŜőŏŐŜŋŗŖŜŚŗŔŗŎŜŐōŘŚŗŌŝŋŜőŗŖŔőŖōŚōśŝŔŜōŌőŖʼnŔŗşōŚśŋŚʼnŘŚʼnŜō ʼnŖŌŜŐōʼnŋŐőōŞōŕōŖŜŗŎŜʼnŚŏōŜōŌšőōŔŌśŲşŐőŔōŕōōŜőŖŏŜŐōřŝʼnŔőŜšśŜʼnŖŌʼnŚŌŗŎŋŝśŜŗŕōŚśŴ  ĩŔŜŐŗŝŏŐŜŐōŚōşōŚōőŕŘʼnŋŜśŎŚŗŕŜŐōʼnŌŒŝśŜŕōŖŜŗŎŜŐōŕőŖőŕŝŕşʼnŏōŘōŚŏŗŞōŚŖŕōŖŜŘŗŔőŋšŮşŐőŋŐ ŋʼnŝśōŌʼnŖőŖŋŚōʼnśōőŖŔʼnŊŗŚŋŗśŜŗŎhųa`ūůŲŜŐōőŖŋŚōʼnśōőŖŚʼnşŕʼnŜōŚőʼnŔŘŚőŋōśʼnŖŌŜŐōijīĭļŗŘōŚʼnŜőŗŖŔōŞōŔ ŊōőŖŏŔŗşōŚŜŐʼnŖŜŐōŘŚōųŎŔŗŗŌŔōŞōŔŲįĸőŕŘŚŗŞōŌśʼnŜőśŎʼnŋŜŗŚšŲŘʼnŚŜőŋŝŔʼnŚŔšőŖĹdb`abŴ Sales and Administrative Expenses Analysis  ĻōŔŔőŖŏōŠŘōŖśōŚōŕʼnőŖōŌʼnŜfŴgūŜŗŜŗŜʼnŔśʼnŔōśʼnŖŌʼnŕŗŝŖŜōŌŜŗĪʼnŐŜdcbŴgŕőŔŔőŗŖŲŌōŋŚōʼnśőŖŏ ŎŚŗŕĪʼnŐŜdffŴiŕőŔŔőŗŖőŖb`aaŴĩśŕŝŋŐʼnśh`ūŗŎŜŐōŜŗŜʼnŔśōŔŔőŖŏōŠŘōŖśōŏŚōşʼnŜŜŐōśʼnŕōŘŚŗŘŗŚŜőŗŖ ŜŗśʼnŔōśŲőŖŋŔŝŌőŖŏŎŚōőŏŐŜʼnŖŌőŖśŝŚʼnŖŋōŋŗśŜśŲśʼnŔōśŋŗŕŕőśśőŗŖŎŗŚŗŞōŚśōʼnśśʼnŔōśŚōŘŚōśōŖŜʼnŜőŞōśŲŋʼnŚŜŗŖ ʼnŖŌŘʼnŋœőŖŏŋŗśŜśŲʼnŖŌŗŜŐōŚŋŗśŜśŜŐʼnŜŞʼnŚšŜŗśʼnŔōśŴļŐōŚōŕʼnőŖőŖŏb`ūʼnŋŋŗŝŖŜōŌŎŗŚŗŜŐōŚŎőŠōŌŋŗśŜśų śʼnŔōśśŜʼnŎŎŋŗśŜśŲŘŚŗŌŝŋŜŔőʼnŊőŔőŜšʼnŖŌŚōŋʼnŔŔőŖśŝŚʼnŖŋōŘŚōŕőŝŕśŲśʼnŕŘŔōŘŚŗŌŝŋŜśŲŚōŒōŋŜŵŚōŜŝŚŖśʼnŖŌśŗŚŜőŖŏ ŋŗśŜśŲʼnŖŌŕőśŋōŔŔʼnŖōŗŝśśʼnŔōśŗŎŎőŋōōŠŘōŖśōśŴ  ĩŌŕőŖőśŜŚʼnŜőŞōōŠŘōŖśōŋŗŞōŚśŕŗśŜŔšŎőŠōŌōŠŘōŖśōśŲőŴōŴŲʼnŌŕőŖőśŜŚʼnŜőŞōśŜʼnŎŎŋŗśŜśŲśŜʼnŎŎşōŔŎʼnŚō ʼnŖŌŊōŖōŎőŜśŲŏōŖōŚʼnŔŚōŘʼnőŚʼnŖŌŕʼnőŖŜōŖʼnŖŋōŋŗśŜśŲŋŗŖŜŚʼnŋŜōŌśŗŎŜşʼnŚōŕʼnőŖŜōŖʼnŖŋōŲŝŜőŔőŜőōśŋŗśŜśŲśōŋŝŚőŜš ʼnŖŌśʼnŎōŜšōŠŘōŖśōśŲŜŚʼnŞōŔőŖŏōŠŘōŖśōśŲŋŗŕŕŝŖőŋʼnŜőŗŖōŠŘōŖśōśŲŜŚʼnŖśŘŗŚŜʼnŜőŗŖŋŗśŜśŲŔōŏʼnŔŋŗŖśŝŔŜőŖŏ ʼnŖŌʼnŝŌőŜőŖŏŎōōśŲŘŚŗŘōŚŜšʼnŖŌʼnŔŔŚőśœśőŖśŝŚʼnŖŋōŋŗśŜśŲʼnŖŌĺŬĬōŠŘōŖŌőŜŝŚōŴıŜʼnŔśŗőŖŋŔŝŌōśŌōŘŚōŋőʼnŜőŗŖ ŋŗśŜŮŗŖŖŗŖųŘŚŗŌŝŋŜőŗŖʼnśśōŜśůŲʼnŔŔŗşʼnŖŋōŮŚōŞōŚśʼnŔůŎŗŚŌŗŝŊŜŎŝŔʼnŋŋŗŝŖŜśŲʼnŖŌŔŗśśŎŚŗŕŎőŠōŌʼnśśōŜşŚőŜōųŗŎŎ ʼnŖŌŗŜŐōŚŏōŖōŚʼnŔʼnŌŕőŖőśŜŚʼnŜőŞōōŠŘōŖśōśŴ  ıŖb`abŲʼnŌŕőŖőśŜŚʼnŜőŞōōŠŘōŖśōşʼnśĪʼnŐŜfdbŴdŕőŔŔőŗŖŲŋŗŕŘʼnŚōŌŜŗĪʼnŐŜfheŴaŕőŔŔőŗŖőŖŘŚōŞőŗŝśšōʼnŚŴ ļŐōŌōŋŚōʼnśōşʼnśʼnŚōśŝŔŜŗŎŜŐōŎŗŔŔŗşőŖŏĢ ä ıŖb`aaŲʼnŔŗśśŎŚŗŕŎŗŚōőŏŖōŠŋŐʼnŖŏōŚʼnŜōʼnŖŌŐōŌŏőŖŏʼnŋŜőŞőŜőōśŗŎĪʼnŐŜghŕőŔŔőŗŖşʼnśőŖŋŔŝŌōŌŲ ŏŚŗŝŘōŌŝŖŌōŚʼnŌŕőŖőśŜŚʼnŜőŞōōŠŘōŖśōŴıŖb`abŲŜŐōŚōşʼnśʼnŘŚŗŎőŜŎŚŗŕŎŗŚōőŏŖōŠŋŐʼnŖŏōŚʼnŜōŲ ŏŚŗŝŘōŌŝŖŌōŚķŜŐōŚőŖŋŗŕōŴ äıŖŋŚōʼnśōŌőŖśŝŚʼnŖŋōŘŚōŕőŝŕŗŎĪʼnŐŜbeŕőŔŔőŗŖŴ äĺōŋŗŚŌŎʼnőŚŞʼnŔŝōŗŎʼnĿʼnŚŚʼnŖŜŮĭĻķĸųĿdůʼnŕŗŝŖŜōŌŜŗĪʼnŐŜabŕőŔŔőŗŖŮʼnŋŋŗŚŌőŖŏŜŗĩŋŋŗŝŖŜőŖŏ ĻŜʼnŖŌʼnŚŌļĮĺĻbůŴ äķŜŐōŚōŠŘōŖśōŌōŋŚōʼnśōŗŎĪʼnŐŜbŕőŔŔőŗŖ. Financial Status Assets ļŗŜʼnŔʼnśśōŜśʼnśŗŎĬōŋōŕŊōŚcaŲb`abŲʼnŋŋŗŚŌőŖŏŜŗŜŐōijīĭŋŗŖśŗŔőŌʼnŜōŌŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜśŲʼnŕŗŝŖŜōŌ ŜŗĪʼnŐŜa`ŲbeeŴfŕőŔŔőŗŖŲŋŗŖśőśŜőŖŏŗŎŋŝŚŚōŖŜʼnśśōŜśŗŎĪʼnŐŜdŲfieŴaŕőŔŔőŗŖģŘŚŗŘōŚŜšŲŘŔʼnŖŜʼnŖŌōřŝőŘŕōŖŜ ŗŎĪʼnŐŜeŲbcgŴ`ŕőŔŔőŗŖŖōŜģʼnŖŌőŖŞōśŜŕōŖŜśőŖʼnśśŗŋőʼnŜōśʼnŖŌŗŜŐōŚŖŗŖųŋŝŚŚōŖŜʼnśśōŜśŗŎĪʼnŐŜcbcŴeŕőŔŔőŗŖŴ

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ļŐōőŖŋŚōʼnśōőŖŜŗŜʼnŔʼnśśōŜśŎŚŗŕĪʼnŐŜiŲbghŴaŕőŔŔőŗŖőŖb`aaşʼnśŌŝōŕʼnőŖŔšŜŗŜŐōőŖŋŚōʼnśōőŖŘŚŗŘōŚŜšŲ ŘŔʼnŖŜʼnŖŌōřŝőŘŕōŖŜŗŎĪʼnŐŜaŲ``aŴiŕőŔŔőŗŖŎŗŚŜŐōŘŝŚŋŐʼnśōŗŎŚōŘŔʼnŋōŕōŖŜŕʼnŋŐőŖōŚšģŗŜŐōŚʼnśśōŜś ŌʼnŕʼnŏōŌŊšŎŔŗŗŌőŖŏŗŎĪʼnŐŜaŲddeŴcŕőŔŔőŗŖģʼnŌŌőŜőŗŖʼnŔʼnśśōŜśŎŚŗŕŜŐōʼnŋřŝőśőŜőŗŖŗŎīŐōŕŜŚŗŖőŋśŲʼn śŝŊśőŌőʼnŚšŲŗŎĪʼnŐŜiaŴhŕőŔŔőŗŖģŌōŘŚōŋőʼnŜőŗŖŗŎĪʼnŐŜdggŴdŕőŔŔőŗŖģʼnŖŌʼnśśōŜşŚőŜōųŗŎŎŗŎĪʼnŐŜegŴhŕőŔŔőŗŖŴ ļŐōőŖŋŚōʼnśōʼnŔśŗőŖŋŔŝŌōŌʼnĪʼnŐŜgiŴhŕőŔŔőŗŖįŗŗŌşőŔŔŎŚŗŕŜŐōʼnŋřŝőśőŜőŗŖŗŎīŐōŕŜŚŗŖőŋśģʼnŖŌʼnŖőŖŋŚōʼnśō őŖőŖŜʼnŖŏőŊŔōʼnśśōŜśŚōŔʼnŜōŌŜŗŜŐōŘŝŚŋŐʼnśōŗŎśŗŎŜşʼnŚōŲŔőŋōŖśōŲŘŚŗŏŚʼnŕŌōŞōŔŗŘŕōŖŜŋŗśŜʼnŖŌŋŗŖśŝŔŜőŖŏ ŎōōŗŎĪʼnŐŜgdŴbŕőŔŔőŗŖŴ ĩśŗŎĬōŋōŕŊōŚcaŲb`abŲŜŐōśōŘʼnŚʼnŜōŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜŎŗŚŜŐōŋŗŕŘʼnŖšŗŖŔšśŐŗşōŌʼnŖőŖŋŚōʼnśō őŖŜŐōıŖŞōśŜŕōŖŜśőŖĻŝŊśőŌőʼnŚőōśŗŎĪʼnŐŜbchŴfŕőŔŔőŗŖŲʼnśŎŗŔŔŗşśĢ ä ļŐōŋŗŕŘʼnŖšʼnŋřŝőŚōŌʼnŖőŖŞōśŜŕōŖŜőŖīŐōŕŜŚŗŖőŋśŎŗŚĪʼnŐŜbccŴhŕőŔŔőŗŖ ä ļŐōőśśŝʼnŖŋōŗŎʼnĿʼnŚŚʼnŖŜŜŗŜŐōŌőŚōŋŜŗŚśʼnŖŌōŕŘŔŗšōōśŗŎśŝŊśőŌőʼnŚőōśŞʼnŔŝōŌʼnŜĪʼnŐŜfŴcŕőŔŔőŗŖ ä ĻʼnŔōśŗŎśŐʼnŚōśőŖʼnśŝŊśőŌőʼnŚšŎŗŚĪʼnŐŜaŴeŕőŔŔőŗŖ Trade and other receivables - net ijīĭŋŝśŜŗŕōŚśʼnŚōśŗŕōŗŎŜŐōşŗŚŔŌÝśŔōʼnŌőŖŏōŔōŋŜŚŗŖőŋśŋŗŕŘʼnŖőōśŲşőŜŐʼnŏŗŗŌŚōŘŝŜʼnŜőŗŖőŖŜŐō őŖŌŝśŜŚšŴļŗŜʼnŔŜŚʼnŌōʼnŖŌŗŜŐōŚŚōŋōőŞʼnŊŔōśőŖŋŚōʼnśōŌŎŚŗŕĪʼnŐŜaŲedfŴdŕőŔŔőŗŖŖōŜőŖb`aaŜŗĪʼnŐŜbŲbadŴh ŕőŔŔőŗŖőŖb`abŲŜŐōŚōśŝŔŜŗŎʼnŖőŖŋŚōʼnśōőŖśʼnŔōśŚōŞōŖŝōŴļŐōʼnŞōŚʼnŏōŌʼnšŚōŋōőŞʼnŊŔōşʼnśa`hŌʼnšśŴijīĭ ŘŗŔőŋšőśŜŐʼnŜʼnŖʼnŔŔŗşʼnŖŋōŎŗŚŌŗŝŊŜŎŝŔʼnŋŋŗŝŖŜśőśōśŜʼnŊŔőśŐōŌŎŗŚʼnŕŗŝŖŜśŘʼnśŜŌŝōŗŞōŚi`ŌʼnšśʼnŜʼnŚʼnŜō ŗŎbeūʼnŖŌŎŗŚʼnŕŗŝŖŜśŘʼnśŜŌŝōŗŞōŚah`ŌʼnšśʼnŜʼnŚʼnŜōŗŎe`ūŴļŐōʼnŔŔŗşʼnŖŋōŎŗŚŌŗŝŊŜŎŝŔʼnŋŋŗŝŖŜś ōśŜʼnŊŔőśŐōŌŊʼnśōŌŗŖŜŐőśŘŗŔőŋšʼnŕŗŝŖŜōŌŜŗĪʼnŐŜ`ŴceŕőŔŔőŗŖʼnśʼnŜĬōŋōŕŊōŚcaŲb`abŴ Inventory - net ĩśŗŎĬōŋōŕŊōŚcaŲb`abŲŜŐōŋŗŕŘʼnŖšŐʼnŌʼnŖōŜőŖŞōŖŜŗŚšŗŎĪʼnŐŜaŲbd`ŴbŕőŔŔőŗŖŲŝŘŎŚŗŕŜŐōb`aa ŎőŏŝŚōŗŎĪʼnŐŜaŲ`giŴgŕőŔŔőŗŖŲŜŐōŚōśŝŔŜŗŎʼnŖőŖŋŚōʼnśōőŖŘŚŗŌŝŋŜőŗŖŜŗśŝŘŘŗŚŜŋŝśŜŗŕōŚŗŚŌōŚśŴ ijīĭŘŗŔőŋšőśŜŗōśŜʼnŊŔőśŐʼnŖʼnŔŔŗşʼnŖŋōŎŗŚŌőŕőŖŝŜőŗŖőŖŞʼnŔŝōŗŎőŖŞōŖŜŗŚšőŖʼnŋŋŗŚŌʼnŖŋōşőŜŐŜŐō ʼnŏőŖŏŗŎőŖŌőŞőŌŝʼnŔŕʼnŜōŚőʼnŔŜšŘōʼnŖŌʼnŖʼnŔŔŗşʼnŖŋōŎŗŚŌőŕőŖŝŜőŗŖőŖŜŐōŞʼnŔŝōŗŎŎőŖőśŐōŌŏŗŗŌśŜŗŖōŜ ŚōʼnŔőŢʼnŊŔōŞʼnŔŝōŮĶĺľůŴĩśŗŎĬōŋōŕŊōŚcaŲb`abŲijīĭōśŜʼnŊŔőśŐōŌʼnŔŔŗşʼnŖŋōśŎŗŚŌőŕőŖŝŜőŗŖőŖŞʼnŔŝōŗŎ őŖŞōŖŜŗŚšʼnŕŗŝŖŜőŖŏŜŗĪʼnŐŜdgŴcŕőŔŔőŗŖŲʼnŖŌŚōŋŗŚŌōŌŜŐōŌőŕőŖŝŜőŗŖŞʼnŔŝōʼnŕŗŝŖŜőŖŏŜŗĪʼnŐŜadŴbŕőŔŔőŗŖ őŖŋŗśŜŗŎśʼnŔōśŗŎb`abŴ ıŖŞōŖŜŗŚšŌʼnšśşōŚōd`ŌʼnšśőŖb`abʼnŖŌśʼnŕōʼnśőŖŔʼnśŜšōʼnŚŴ Liabilities    ŮĽŖőŜĢĵőŔŔőŗŖĪʼnŐŜů 2012 2011 2010 ļŗŜʼnŔĴőʼnŊőŔőŜőōś gŲagh fŲgg` fŲa`h ĬōŊŜĢ     ĻŐŗŚŜųŜōŚŕŊŗŚŚŗşőŖŏ bŲhabŮeaūů cŲeeaŮffūů cŲafiŮfdūů  ĴŗŖŏųŜōŚŕŔŗʼnŖ bŲfi` aŲfac aŲdhg    ĴōʼnśőŖŏ 29 75 261  ĴōʼnśőŖŏ eŲeca eŲcai dŲiag ļŗŜʼnŔĬōŊŜųŜŗųĭřŝőŜš bŴcc bŴg` bŴca ļőŕōś ĮŗŔŔŗşőŖŏŌōŊŜŚōśŜŚŝŋŜŝŚōŲŋōŚŜʼnőŖŜšŘōśŗŎśŐŗŚŜųŜōŚŕŊŗŚŚŗşőŖŏşōŚōŜŚʼnŖśŎōŚŚōŌŜŗŔŗŖŏŜōŚŕŔŗʼnŖśģ ŐŗşōŞōŚŲŜŗŜʼnŔŌōŊŜŚōŕʼnőŖśŐőŏŐʼnśʼnŚōśŝŔŜŗŎŜŐōŜōŕŘŗŚʼnŚšŝśōŗŎŜŐōŎŔŗŗŌŚōśŋŝōŎʼnŋőŔőŜšŎŚŗŕŜŐōŊʼnŖœ KCE Annual Report 2012

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ŜŗŘŝŚŋŐʼnśōŚōŘŔʼnŋōŕōŖŜŕʼnŋŐőŖōśŎŗŚŜŐōŚōśŜŗŚʼnŜőŗŖŗŎijīĭļŴļŐōŊŗŚŚŗşőŖŏşőŔŔŊōśōŜŜŔōŌŊšőŖśŝŚʼnŖŋō ŋŗŕŘōŖśʼnŜőŗŖŋʼnśŐŎŔŗşŴļŐōŌōŊŜŵōřŝőŜšŚʼnŜőŗşőŔŔŊōőŕŘŚŗŞōŌŜŗʼnŔŗşōŚŔōŞōŔŗŖŋōŜŐōŋŔʼnőŕőśŎőŖʼnŔőŢōŌ ʼnŖŌŘʼnőŌŴ ĩśʼnŜĬōŋōŕŊōŚcaŲb`abŲŜŐōĬŵĭŚʼnŜőŗşʼnśŔŗşōŚŜŐʼnŖőŖŘʼnśŜšōʼnŚśŌŝōŜŗʼnśőŏŖőŎőŋʼnŖŜőŖŋŚōʼnśōőŖ śŐʼnŚōŐŗŔŌōŚōřŝőŜšŲŜŐōŚōśŝŔŜŗŎŘŚŗŎőŜŎŗŚŜŐōšōʼnŚŗŎĪʼnŐŜgabŕőŔŔőŗŖʼnŖŌʼnŌŌőŜőŗŖʼnŔśŐʼnŚōŋʼnŘőŜʼnŔŗŎĪʼnŐŜ gcŕőŔŔőŗŖŲŗŎŎśōŜŊšŜŐōŌőŞőŌōŖŌŘʼnšŕōŖŜŗŎŊʼnŐŜacgŕőŔŔőŗŖʼnŖŌśŐʼnŚōŚōŘŝŚŋŐʼnśōŗŎĪʼnŐŜa`eŕőŔŔőŗŖŴ Liquidity ĿőŜŐŗŘōŚʼnŜőŗŖʼnŔŘŚŗŎőŜŌŝŚőŖŏb`abʼnŖŌŋʼnśŐŚōŋōőŞōŌŎŚŗŕőŖśŝŚʼnŖŋōŋŔʼnőŕśŲijīĭʼnŋŐőōŞōŌŘŗśőŜőŞō ŋʼnśŐŎŔŗşŎŚŗŕŗŘōŚʼnŜőŗŖśŜŗŜʼnŔőŖŏĪʼnŐŜaŲfdhŕőŔŔőŗŖŴĶōŜŋʼnśŐŝśōŌőŖőŖŞōśŜőŖŏʼnŋŜőŞőŜőōśŎŗŚŜŐōŘŝŚŋŐʼnśōŗŎ ōřŝőŘŕōŖŜʼnŋŋŗŝŖŜōŌŎŗŚĪʼnŐŜaŲaebŕőŔŔőŗŖĢŚōŘŔʼnŋōŕōŖŜŗŎŎŔŗŗŌųŌʼnŕʼnŏōŌŕʼnŋŐőŖōŚšʼnŕŗŝŖŜōŌŜŗĪʼnŐŜie` ŕőŔŔőŗŖʼnŖŌőŖŞōśŜŕōŖŜőŖʼnŖōşśŝŊśőŌőʼnŚšŋŗŕŘʼnŖšʼnŕŗŝŖŜōŌŜŗĪʼnŐŜag`ŕőŔŔőŗŖŴīʼnśŐŝśōŌőŖŎőŖʼnŖŋőŖŏ ʼnŋŜőŞőŜőōśşʼnśĪʼnŐŜfcdŕőŔŔőŗŖģŚōŕʼnőŖőŖŏŋʼnśŐʼnśŗŎĬōŋōŕŊōŚcaŲb`abşʼnśĪʼnŐŜcigŕőŔŔőŗŖŴ ĩśŗŎĬōŋōŕŊōŚcaŲb`abŲŜŐōŚōşʼnśʼnśŔőŏŐŜŋŐʼnŖŏōŜŗŜŐōīŝŚŚōŖŜĺʼnŜőŗŜŗ`Ŵh`ŜőŕōśŎŚŗŕ`Ŵi` ŜőŕōśőŖb`aaŲŜŐōŚōśŝŔŜŗŎʼnŖőŖŋŚōʼnśōőŖŋŝŚŚōŖŜŔőʼnŊőŔőŜőōśŴļŐōŋŗŕŘʼnŖšőśʼnŊŔōŜŗŘʼnšśŝŘŘŔőōŚśŗŖŌŝō ŌʼnŜōśʼnŖŌśōŚŞőŋōŌōŊŜŗŖʼnŏŚōōŌŜōŚŕśŴļŗŜʼnŔŔőřŝőŌőŜšʼnŜšōʼnŚųōŖŌőŖŋŔŝŌōŌŋʼnśŐʼnŖŌʼnŖʼnŌōřŝʼnŜōşŗŚœőŖŏ ŋʼnŘőŜʼnŔŎʼnŋőŔőŜšģőŖʼnŌŌőŜőŗŖŲʼnŌŌőŜőŗŖʼnŔŋʼnśŐŎŚŗŕŜŐōőŖśŝŚʼnŖŋōŋŔʼnőŕőśōŠŘōŋŜōŌŜŗŊōŚōŋōőŞōŌŌŝŚőŖŏŖōŠŜ šōʼnŚŲşŐőŋŐşőŔŔŊōŘŚőŕʼnŚőŔšŐōŔŘŎŝŔŎŗŚśŐŗŚŜųŜōŚŕŌōŊŜŚōŌŝŋŜőŗŖŴ Capital Structure      

ĬōŊŜ ĭřŝőŜš Minority ļŗŜʼnŔŋʼnŘőŜʼnŔ įōʼnŚőŖŏĺʼnŜőŗ



ŮıŖŜōŚōśŜųŊōʼnŚőŖŏŌōŊŜŗŖŔšů

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ŮĽŖőŜĢĵőŔŔőŗŖĪʼnŐŜů 2011 2010 eŲbci dŲiag bŲeb` bŲfec Ůabů  Ůhů gŲgdg gŲefb bŴ`i aŴhf

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Potential Factors that could Influence Company Performance  ļŐōijīĭŘŚŗŌŝŋŜőśʼnŘŚőŖŜōŌŋőŚŋŝőŜŊŗʼnŚŌŜŐʼnŜőśŜŐōŎŗŝŖŌʼnŜőŗŖŋŗŕŘŗŖōŖŜŎŗŚʼnŔŔōŔōŋŜŚŗŖőŋśŘŚŗŌŝŋŜśŲ ŊŝŜőŜőśŕŗśŜŔšŝśōŌŎŗŚōŔōŋŜŚŗŖőŋōřŝőŘŕōŖŜőŖʼnŝŜŗŕŗŊőŔōśŴļŐōŚōŎŗŚōŲŜŐōŋŗŕŘʼnŖšÝśŊŝśőŖōśśőśŐōʼnŞőŔš ŌōŘōŖŌōŖŜŗŖŜŐōŏŚŗşŜŐŗŎŜŐōʼnŝŜŗŕŗŜőŞōśōŋŜŗŚŴļŐőśőśŜŐōŘŚōŌŗŕőŖʼnŖŜŎʼnŋŜŗŚőŖŎŔŝōŖŋőŖŏŜŐōŋŗŕŘʼnŖšÝś ŘōŚŎŗŚŕʼnŖŋōŴ  ĻōŞōŖŜšŘōŚŋōŖŜŗŎijīĭśʼnŔōśʼnŚōŌōŖŗŕőŖʼnŜōŌőŖĽĻŌŗŔŔʼnŚŜōŚŕśʼnŖŌf`ūŗŎŜŐōŚʼnşŕʼnŜōŚőʼnŔʼnŖŌ ŗŜŐōŚŋŗśŜśʼnŚōőŖĽĻŌŗŔŔʼnŚśŴļŐōŚōŎŗŚōŲŎŔŝŋŜŝʼnŜőŗŖőŖŋŝŚŚōŖŋšōŠŋŐʼnŖŏōŚʼnŜōśʼnŎŎōŋŜśŜŐōŋŗŕŘʼnŖšÝśŎőŖʼnŖŋőʼnŔ ŘōŚŎŗŚŕʼnŖŋōʼnŋŋŗŚŌőŖŏŔšŴ  īŗŕŕŗŌőŜšŘŚőŋōŮŋŗŘŘōŚŲŏŗŔŌʼnŖŌŗőŔůųīŗŘŘōŚőśʼnŖōśśōŖŜőʼnŔŚʼnşŕʼnŜōŚőʼnŔőŖĸīĪŘŚŗŌŝŋŜőŗŖŴļŐōŋŗśŜ ŗŎŜŐōŋŗŘŘōŚŋŗŖŜōŖŜŚōŘŚōśōŖŜśa`ųacūŗŎŜŐōŘŚŗŌŝŋŜÝśśōŔŔőŖŏŘŚőŋōŴĩśŜŐōśōŔŔőŖŏŘŚőŋōőśŖōŏŗŜőʼnŜōŌŗŖʼnŖ ʼnŖŖŝʼnŔŊʼnśőśŲŋŗŕŕŗŌőŜšŘŚőŋōŎŔŝŋŜŝʼnŜőŗŖŋŗŝŔŌʼnŎŎōŋŜŋŗŕŘʼnŖšŘōŚŎŗŚŕʼnŖŋōŴ Exceptional Items  ĩśŝŊśőŌőʼnŚšŲijīĭļōŋŐŖŗŔŗŏšŮijīĭļůŲśŐŝŜŌŗşŖőŜśŗŘōŚʼnŜőŗŖŎŚŗŕķŋŜŗŊōŚabŲb`aaŌŝōŜŗŜŐōŘŔʼnŖŜ ŊōőŖŏőŖŝŖŌʼnŜōŌşőŜŐŎŔŗŗŌşʼnŜōŚŴıŖŜŐōb`aaŋŗŖśŗŔőŌʼnŜōŌŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜŲŜŐōŋŗŕŘʼnŖšʼnŖŌśŝŊśőŌőʼnŚőōś ŚōŋŗŏŖőŢōŌőŖśŝŚʼnŖŋōŚōŋŗŞōŚšŜŗŜʼnŔőŖŏĪʼnŐŜaŲfahŕőŔŔőŗŖŲʼnŖŌʼnśśōŜśŜŗŜʼnŔőŖŏĪʼnŐŜaŲedhşōŚōşŚőŜŜōŖŗŎŎŲ ŚōśŝŔŜőŖŏőŖʼnŖōŜŋŗŕŘōŖśʼnŜőŗŖŗŎĪʼnŐŜg`ŕőŔŔőŗŖŴ  ıŖŜŐōb`abŋŗŖśŗŔőŌʼnŜōŌŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜŲŜŐōŋŗŕŘʼnŖšʼnŖŌśŝŊśőŌőʼnŚőōśŚōŋŗŏŖőŢōŌőŖśŝŚʼnŖŋōŚōŋŗŞōŚš ŜŗŜʼnŔőŖŏĪʼnŐŜeeeŕőŔŔőŗŖŲʼnŖŌʼnśśōŜśŜŗŜʼnŔőŖŏĪʼnŐŜehşōŚōşŚőŜŜōŖŗŎŎŲŚōśŝŔŜőŖŏőŖʼnŖōŜŋŗŕŘōŖśʼnŜőŗŖŗŎĪʼnŐŜ digŕőŔŔőŗŖŴ Plan  ijīĭŋŗŖŜőŖŝōśŜŗŎŗŋŝśŗŖʼnŌŞʼnŖŋōŌŜōŋŐŖŗŔŗŏšŌōŞōŔŗŘŕōŖŜʼnŖŌřŝʼnŔőŜšŘōŚŎŗŚŕʼnŖŋōőŖŗŚŌōŚŜŗœōōŘ ŘʼnŋōşőŜŐőŖŋŚōʼnśőŖŏŎŝŖŋŜőŗŖʼnŔőŜšŚōřŝőŚōŕōŖŜśʼnŖŌŜŗŋʼnŘŜŝŚōŜŐōŏŚŗşőŖŏőŖŌŝśŜŚšŗŎʼnŝŜŗŕŗŜőŞōĸīĪŴ  ijīĭŏŗōśŎŗŚşʼnŚŌşőŜŐōŖŐʼnŖŋōŌŔōŞōŔśŗŎōŎŎőŋőōŖŋšŜŐʼnŜşőŔŔŋŗŖŜőŖŝōŜŗőŕŘŚŗŞōʼnŖŌśŝŘŘŗŚŜŘŚŗŎőŜŏŚŗşŜŐŴ ļŐōŋŗŕŘʼnŖšşőŔŔŊŝőŔŌʼnśŜŚŗŖŏŎŗŝŖŌʼnŜőŗŖŎŗŚŜŐōŎŝŜŝŚōŊšŔōŞōŚʼnŏőŖŏijīĭÝśōŠŘōŚŜőśōőŖŜŐōʼnŝŜŗŕŗŜőŞō ōŔōŋŜŚŗŖőŋśśōŋŜŗŚŲőŖŋŚōʼnśőŖŏĺŬĬőŖŐőŏŐųŜōŋŐĸīĪśŲʼnŖŌōŖŔʼnŚŏőŖŏŜŐōŋŗŕŘʼnŖšÝśŋŝśŜŗŕōŚŊʼnśōŲŜʼnŚŏōŜőŖŏŐőŏŐ ŏŚŗşŜŐŏŚŗŝŘśőŖŜŐōĩśőʼnŖŕʼnŚœōŜŜŗʼnŋŋōŔōŚʼnŜōŊŝśőŖōśśōŠŘʼnŖśőŗŖŴ  ĩŖōşŘŔʼnŖŜŎʼnŋőŔőŜšşőŜŐʼnŋʼnŘʼnŋőŜšŗŎbŕőŔŔőŗŖśřŴŎŜŴʼnŕŗŖŜŐŲŜŗŊōŔŗŋʼnŜōŌŗŖŜŐōĴʼnŜijŚʼnŊʼnŖŏıŖŌŝśŜŚőʼnŔ ĭśŜʼnŜōŲőśŘŔʼnŖŖōŌŜŗśŝŘŘŗŚŜőŖŋŚōʼnśōŌŞŗŔŝŕōŚōřŝőŚōŌŎŗŚŖōşʼnŖŌōŠőśŜőŖŏŋŝśŜŗŕōŚśŴļŐōŋŗŖśŜŚŝŋŜőŗŖŗŎ ŜŐōŎőŚśŜŘŐʼnśōőśŘŔʼnŖŖōŌŜŗśŜʼnŚŜőŖĹcb`acŲʼnŖŌśŐŗŝŔŌŊōŚōʼnŌšŎŗŚŗŘōŚʼnŜőŗŖőŖĹcb`adŲşőŜŐʼnŕʼnŠőŕŝŕ ŋʼnŘʼnŋőŜšŗŎg``Ų```śřŴŎŜŴʼnŕŗŖŜŐŴıŖŞōśŜŕōŖŜőŖŜŐōŎŗŔŔŗşőŖŏŘŐʼnśōşőŔŔŊōʼnśśōśśōŌʼnśŜŗŜŐōʼnŘŘŚŗŘŚőʼnŜō ŜőŕőŖŏʼnŖŌŘŚŗŒōŋŜŎŝŖŌőŖŏʼnŞʼnőŔʼnŊőŔőŜšŴ

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Persons with vested interest and cross over transactions  ijīĭĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśŎŗŔŔŗşŜŐōŏŗŗŌŋŗŚŘŗŚʼnŜōŏŗŞōŚŖʼnŖŋōʼnśśōŜŊšŜŐōĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌŴ ļŐōŊŗʼnŚŌőśŋŗŕŘŚőśōŌŗŎhŌőŚōŋŜŗŚśʼnśŎŗŔŔŗşśĢ Board of Directors of KCE Electronics Public Co., Ltd. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖʼnŖŌĵʼnŖʼnŏőŖŏĬőŚōŋŜŗŚ bŴĵŚŴĸʼnŖŒʼn ĻōŖʼnŌőśʼnő ĬőŚōŋŜŗŚ cŴĬŚŴīŐʼnŖŜőŕʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ dŴĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚʼnŖŌĭŠōŋŝŜőŞōĬőŚōŋŜŗŚ eŴĴŜŴįōŖŴĬŚŴĻŝŘŚőŒʼn ĵŗœœŐʼnŞōśʼn ĬőŚōŋŜŗŚʼnŖŌıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ fŴĵŚśŴĽŊŗŔ īŐőŚʼnŕŗŖŏœŗŔ ĬőŚōŋŜŗŚʼnŖŌıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ gŴĵŚśŴĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ ĬőŚōŋŜŗŚ hŴĵŚŴĸʼnőŜŗŗŖ ļʼnŞōōŊŐŗŔ ĬőŚōŋŜŗŚʼnŖŌıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚ Board of Directors of K. C. E. International Co., Ltd. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ bŴĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴĵŚŴĸŗŖ ĬŝŚőšʼnŊʼnŖŔōŖŏ ĬőŚōŋŜŗŚ dŴĵŚśŴĿʼnŖŞʼnŌōō ĸʼnŜʼnśʼnŚŜ ĬőŚōŋŜŗŚ eŴĵŚŴĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ Board of Directors of KCE Technology Co., Ltd. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ bŴĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴĵŚŴĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ dŴĵśŴĶőŜʼnšʼn ĺŗŒʼnŖʼnœʼnŕŘŐŗŔ ĬőŚōŋŜŗŚ eŴĵŚśŴļʼnŖšʼnŚʼnŜ ļōśśʼnŔōō ĬőŚōŋŜŗŚ Board of Directors of Thai Laminate Manufacturer Co., Ltd. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ īŐʼnőŚŕʼnŖ bŴĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴĵŚśŴĻőŚőŘŐʼnŖ ĻŝŖŜʼnŖʼnŘŐʼnŖ ĬőŚōŋŜŗŚ dŴĵŚŴĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ eŴĵŚŴĸʼnŖŒʼn ĻōŖʼnŌőśʼnő ĬőŚōŋŜŗŚ Board of Directors of Thai Business Solution Co., Ltd. aŴĵŚŴĩŜŐʼnśőŌŐ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴĵŚŴĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴĵŴĴŴĸőŔʼnŕ ĺʼnŒʼnŜʼnŖʼnŞőŖ ĬőŚōŋŜŗŚ dŴĵŚŴīŐʼnşʼnŔőŜ īŐŗŗŘŚōōŌʼn ĬőŚōŋŜŗŚ eŴĵŚŴļŝŕŖŝ ļŝŋŐőŖŌʼn ĬőŚōŋŜŗŚ

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KCE America Inc. consists of 2 directors. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ KCE Singapore Pte. Ltd. consists of 2 directors. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴĵŚśŴľŗŚʼnŔŝœśʼnŖʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ Chemtronic Technology (Thailand) Co., Ltd. consists of 5 directors. aĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴĵŚŴĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴĵŚŴĩŜŐőŜ œŚʼnőŚőœśŐ ĬőŚōŋŜŗŚ dŴĵŚŴĴőŖ ĸŗųīŐőŝŖŏ ĬőŚōŋŜŗŚ eŴĵŚśŴĻŝŖōō ĭœŜōōŚʼnŒőŜ ĬőŚōŋŜŗŚ KCE Taiwan Co., Ltd. Consists of 6 directors. aŴĵŚŴĪʼnŖŋŐʼn ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ bŴĵŚŴĸőŜŐʼnŚŖ ķŖŏœŗśőŜ ĬőŚōŋŜŗŚ cŴĵŚśŴļʼnŖšʼnŚʼnŜ ļōśśʼnŔōō ĬőŚōŋŜŗŚ dŴĵŚŴĸʼnśʼnŖőŖ ļŝŋŐőŖŌʼn ĬőŚōŋŜŗŚ eŴĵŚŴĴʼnŚŚš ĴőŖ ĬőŚōŋŜŗŚ fŴĵśŴIJōŖŖš İśőʼnŗ ĬőŚōŋŜŗŚ

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Risk Factors and Risk Management  ıŖōŞʼnŔŝʼnŜőŖŏŜŐōŋŗŕŘʼnŖšŲŜŐōŎŗŔŔŗşőŖŏŎʼnŋŜŗŚśŗŝŜŔőŖōŜŐōŚőśœśŚōŔʼnŜōŌŜŗŗŝŚŊŝśőŖōśśŗŘōŚʼnŜőŗŖśŲ ōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŲŏŔŗŊʼnŔōŋŗŖŗŕšŲŕʼnŚœōŜŋŗŖŌőŜőŗŖśŲŜōŋŐŖŗŔŗŏšŌōŞōŔŗŘŕōŖŜʼnŖŌŎőŖʼnŖŋőʼnŔśőŜŝʼnŜőŗŖŴļŐōśŜŚʼnŜōŏš ŜŗŚōśŘŗŖŌŜŗŜŐōśōŕʼnŜŜōŚśʼnŖŌŗŝŚŚőśœŕʼnŖʼnŏōŕōŖŜŘŚŗŋōŌŝŚōśʼnŚōŌōśŋŚőŊōŌŊōŔŗşŴ External Risk Factors  ä ĿŗŚŔŌĭŋŗŖŗŕšĺőśœ ļŐōŏŚŗşŜŐŗŎŜŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŋŗŚŚōśŘŗŖŌśşőŜŐŜŐōŏŚŗşŜŐŗŎŜŐōşŗŚŔŌōŋŗŖŗŕšʼnŖŌ ŜŐōŏŚŗşŜŐŗŎŜŐōőŖŌŝśŜŚőōśŜŐʼnŜŚōřŝőŚōōŔōŋŜŚŗŖőŋŋŗŕŘŗŖōŖŜśśŝŋŐʼnśŜōŔōŋŗŕŕŝŖőŋʼnŜőŗŖśŲŋŗŕŘŝŜōŚśŲ ʼnŝŜŗŕŗŊőŔōŲőŖŌŝśŜŚőʼnŔōřŝőŘŕōŖŜŲŐőŏŐŜōŋŐŖŗŔŗŏšőŖśŜŚŝŕōŖŜśʼnŖŌŘōŚőŘŐōŚʼnŔśŴļŐŝśŲŜŐōŋšŋŔőŋʼnŔŋŐʼnŖŏō ŗŎŜŐōōŋŗŖŗŕšʼnŖŌŜŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšŋʼnŖőŖśŜőŏʼnŜōŝŖŌōśőŚʼnŊŔōŋŐʼnŖŏōőŖśʼnŔōśŞŗŔŝŕōʼnŖŌŘŚőŋōŴ ļŐōŋŗŕŘʼnŖšÝśśŜŚʼnŜōŏšŐʼnśŊōōŖŜŗŋŗŖŋōŖŜŚʼnŜōŗŖŏŚŗşőŖŏōŖŌųŕʼnŚœōŜśŲőŖŋŔŝŌőŖŏŜŐōʼnŝŜŗŕŗŜőŞō ʼnŖŌőŖŌŝśŜŚőʼnŔśōŋŜŗŚśŲşŐőŋŐʼnŚōŕŗŚōśŜʼnŊŔōŲʼnŖŌŜŐōŐőŏŐųōŖŌŋŗŖśŝŕōŚōŔōŋŜŚŗŖőŋśŕʼnŚœōŜŲşŐőŔō ŕʼnőŖŜʼnőŖőŖŏŗŜŐōŚŜŚʼnŌőŜőŗŖʼnŔōŖŌųŕʼnŚœōŜśŎŗŚŌőŞōŚśőŎőŋʼnŜőŗŖŴ  ä ļōŋŐŖŗŔŗŏšĺőśœ ĩśĸīĪśŚōŕʼnőŖŜŐōŊʼnśőŋŲőŚŚōŘŔʼnŋōʼnŊŔōŋŗŕŘŗŖōŖŜŗŎʼnŔŔōŔōŋŜŚŗŖőŋŘŚŗŌŝŋŜśŲijīĭÝśōŠŘŗśŝŚōŜŗ ŜōŋŐŖŗŔŗŏőŋʼnŔŚőśœśőśŕʼnőŖŔšŚōŔʼnŜōŌŜŗŜŐōŌōŜʼnőŔōŌŋŐʼnŖŏōśőŖŜŐōŌōśőŏŖśŲŘŚŗŌŝŋŜőŗŖŜōŋŐŖőřŝōśʼnŖŌ ŚʼnşŕʼnŜōŚőʼnŔŴijīĭőŖŞōśŜśőŖŖōŋōśśʼnŚšŲŖōşŝŘųŜŗųŌʼnŜōōřŝőŘŕōŖŜŜŗśŝŘŘŗŚŜśŝŋŐŋŐʼnŖŏōśōŎŎōŋŜőŞōŔšŴ ĩśŜŐōŜŚōŖŌőŖŜŐōōŔōŋŜŚŗŖőŋśőŖŌŝśŜŚšőśŜŗŎŗŋŝśŗŖśŕʼnŔŔōŚŲŕŗŚōōŎŎőŋőōŖŜʼnŖŌŕŗŚōŋŗŕŘŔőŋʼnŜōŌ ŌōśőŏŖśŲĸīĪśʼnŚōŋŗŖśōřŝōŖŜŔšśŕʼnŔŔōŚşőŜŐŕŗŚōőŖŜŚőŋʼnŜōŌōśőŏŖśʼnŖŌŐőŏŐōŚŔʼnšōŚŋŗŝŖŜśŴļŐőśŚōśŝŔŜśőŖ ŋŐʼnŖŏōśőŖŘŚŗŌŝŋŜőŗŖŜōŋŐŖŗŔŗŏšŜŗŘŚŗŌŝŋōŕŗŚōōŎŎőŋőōŖŋšʼnŖŌŚōŔőʼnŊőŔőŜšŴĵŗŚōŗŞōŚŲʼnśŜŐōŋŗŖŋōŚŖŎŗŚ ŜŐōōŖŞőŚŗŖŕōŖŜŏŚŗşśŲŜŐōŚōʼnŚōŕŗŚōŌōŕʼnŖŌśŎŗŚŋŐʼnŖŏōśőŖŏŚōōŖŚʼnşŕʼnŜōŚőʼnŔśśŝŋŐʼnśŐʼnŔŗŏōŖųŎŚōō ŔʼnŕőŖʼnŜōʼnŖŌŔōʼnŌųŎŚōōĸīĪśŴ ĵʼnŜōŚőʼnŔŋŐʼnŖŏōśőŖŜŐōŚōśőśŜʼnŖŋōŗŎŜŐōōŖŞőŚŗŖŕōŖŜşőŜŐŞʼnŚšőŖŏŜōŕŘōŚʼnŜŝŚōśʼnŖŌŚʼnŘőŌ ŮİıįİĸĭĺĮķĺĵĩĶīĭĵĩļĭĺıĩĴůŴ ļŐōŘŚōŞőŗŝśŔšŕōŖŜőŗŖōŌŋŐʼnŖŏōśőŖŜōŋŐŖŗŔŗŏšŕʼnšʼnŎŎōŋŜŘŚŗŌŝŋŜőŗŖŋʼnŘʼnŋőŜšŲśʼnŔōśʼnŖŌŗŘōŚʼnŜőŖŏ ŘŚŗŎőŜŴİŗşōŞōŚŲijīĭőśŋŗŖśŜʼnŖŜŔšŘŚōŘʼnŚōŌŜŗŕōōŜśŝŋŐŋŐʼnŔŔōŖŏōśŗŎŜōŋŐŖŗŔŗŏőŋʼnŔŋŐʼnŖŏōŜŐŚŗŝŏŐ ŋŗŖŜőŖŝŗŝśŚōśōʼnŚŋŐʼnŖŌŌōŞōŔŗŘŕōŖŜŜŗʼnŌŞʼnŖŋōŜŐōŋŗŕŘʼnŖšÝśŘŚŗŌŝŋŜśʼnŖŌŘŚŗŌŝŋŜőŗŖŘŚŗŋōśśʼnŖŌŜŗ őŖŋŚōʼnśōŜŐōŘŚŗŌŝŋŜőŗŖŋʼnŘʼnŋőŜšŜŗŕōōŜŜŐōŖōōŌśŗŎŋŝśŜŗŕōŚśŴĩśijīĭŎŗŋŝśōśŗŖŘŚŗŌŝŋőŖŏŕōŌőŝŕ ŜŗŐőŏŐřŝʼnŔőŜšĸīĪśŲŜŐōŋŗŕŘʼnŖšÝśʼnŔŚōʼnŌšʼnŌŞʼnŖŋōŌŜōŋŐŖŗŔŗŏšőśŔōśśʼnŎŎōŋŜōŌŊšŜōŋŐŖŗŔŗŏšŋŐʼnŖŏōśŴ ļŐōŋŗŕŘʼnŖšÝśŘŗŔőŋšŲşŐőŋŐőśʼnőŕōŌʼnŜřŝʼnŔőŜšŋŗŖŜŚŗŔŲŗŖųŜőŕōŌōŔőŞōŚšʼnŖŌʼnśśőśŜʼnŖŋōŜŗŋŝśŜŗŕōŚśŲ ŐʼnśśŝśŜʼnőŖōŌŔŗŖŏşŗŚœőŖŏŚōŔʼnŜőŗŖśŐőŘśşőŜŐŔōʼnŌőŖŏőŖŜōŚŖʼnŜőŗŖʼnŔŋŝśŜŗŕōŚśşŗŚŔŌşőŌōŲʼnŖŌŐōŔŘśijīĭ ŋŗŘōōŎŎōŋŜőŞōŔšşőŜŐŋŐʼnŖŏőŖŏŜōŋŐŖŗŔŗŏšŴ

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ŕʼnŜōŚőʼnŔśŜŗŗŜŐōŚĸīĪŘŔʼnŖŜśŗŎijīĭŴļŐőśŐōŔŘśijīĭŜŗśōŋŝŚōŜŐōʼnŞʼnőŔʼnŊőŔőŜšŗŎœōšŚʼnşŕʼnŜōŚőʼnŔśʼnŖŌ ŊōʼnŊŔōŜŗŗŘŜőŕőŢōŜŐōŝśʼnŏōŗŎśŝŋŐŕʼnŜōŚőʼnŔśŲʼnśļĴĵŋʼnŖśŝŘŘŔšʼnśŘōŋőŎőŋśőŢōʼnŖŌŜšŘōŜŐʼnŜŎŝŚŜŐōŚ ōʼnśōśŜŐōŘŚŗŌŝŋŜőŗŖŘŚŗŋōśśŴ ĩŋřŝőśőŜőŗŖŗŎīŐōŕŜŚŗŖőŋśŲŜŐōĸīĪőŖœŘŚŗŌŝŋōŚʼnŖŌŋŐōŕőŋʼnŔŚōŋšŋŔőŖŏŗŘōŚʼnŜőŗŖŲŐōŔŘśōŔőŕőŖʼnŜō ŜŐōŚőśœŗŎŚʼnşŕʼnŜōŚőʼnŔśŐŗŚŜʼnŏōŴĮŝŚŜŐōŚŕŗŚōŲŜŐōŒŗőŖŜŞōŖŜŝŚōőŖijīĭļʼnőşʼnŖʼnŔśŗōŖŐʼnŖŋōśŜŐōŚʼnş ŕʼnŜōŚőʼnŔśŗŝŚŋőŖŏŋʼnŘʼnŊőŔőŜšŲŎŝŚŜŐōŚŕőŖőŕőŢőŖŏŜŐōŚőśœŴ ĺʼnşŕʼnŜōŚőʼnŔśŜŐʼnŜʼnŚōʼnśśŗŋőʼnŜōŌşőŜŐŋŗŘŘōŚʼnŖŌŏŗŔŌųŔʼnŕőŖʼnŜōŲŋŗŘŘōŚŎŗőŔŲŋŗŘŘōŚʼnŖŗŌōʼnŖŌ ŏŗŔŌśʼnŔŜųŐʼnŞōʼnŘŚőŋōŚőśœŲʼnśŜŐōšʼnŚōŌōŘōŖŌōŖŜŗŖŜŐōŕʼnŚœōŜŘŚőŋōŗŎŋŗŘŘōŚʼnŖŌŏŗŔŌŴļŐōŋŗŕŘʼnŖšÝś ŘŗŔőŋšőśŜŗŝśōʼnŎőŖʼnŖŋőʼnŔŌōŚőŞʼnŜőŞōŜŗŐōŌŏōŜŐōŋŗŕŕŗŌőŜšŘŚőŋōʼnśʼnŘŘŚŗŘŚőʼnŜōŴ ijīĭśŗŝŚŋōśŗŜŐōŚŚʼnşŕʼnŜōŚőʼnŔśʼnŖŌśŝŘŘŔőōśŎŚŗŕŜşŗŗŚŜŐŚōōŕʼnőŖśŝŘŘŔőōŚśŎŗŚōʼnŋŐőŜōŕŎŚŗŕ ŜŐōĩŘŘŚŗŞōŌľōŖŌōŚĴőśŜŴļŐōŋŗŕŘʼnŖšŐʼnśŎŗŚŏōŌŏŗŗŌŚōŔʼnŜőŗŖśŐőŘśşőŜŐőŜśŕʼnŒŗŚśŝŘŘŔőōŚśŲśŝŘŘŗŚŜōŌ ŊšőŜśŔŗŖŏŜŚʼnŋœŚōŋŗŚŌŴļŐōŏŔŗŊʼnŔŘŚőŋōŗŎŚʼnşŕʼnŜōŚőʼnŔőśŋŔŗśōŔšŕŗŖőŜŗŚōŌʼnŖŌőŖŞōŖŜŗŚőōśʼnśśŝŚōŌŜŗ ŊōʼnŌōřŝʼnŜōŎŗŚśŕŗŗŜŐʼnŖŌŋŗŖŜőŖŝŗŝśŗŘōŚʼnŜőŗŖŴ  ä ĮőŖʼnŖŋőʼnŔĺőśœ ļŐōīŗŕŘʼnŖšőśōŠŘŗśōŌŜŗŚőśœśŎŚŗŕŜŐōŖŗŚŕʼnŔŋŗŝŚśōŗŎŊŝśőŖōśśŲŋŐʼnŖŏōśőŖőŖŜōŚōśŜŚʼnŜōś ʼnŖŌŎŗŚōőŏŖōŠŋŐʼnŖŏōŚʼnŜōśʼnŖŌŎŚŗŕŊŚōʼnŋŐōŌŋŗŖŜŚʼnŋŜśŴļŐōīŗŕŘʼnŖšŌŗōśŖŗŜŐŗŔŌŗŚőśśŝōŎőŖʼnŖŋőʼnŔ ŌōŚőŞʼnŜőŞōśőŖʼnśŘōŋŝŔʼnŜőŞōŕʼnŖŖōŚŴ ļŐōīŗŕŘʼnŖšŚōʼnŔőŢōśŜŐōőŕŘŗŚŜʼnŖŋōŗŎŚőśœŕʼnŖʼnŏōŕōŖŜŴļŐōīŗŕŘʼnŖšŐʼnśʼnŋŗŖŜŚŗŔśšśŜōŕŜŗ ŕʼnőŖŜʼnőŖʼnŖʼnŋŋōŘŜʼnŊŔōŔōŞōŔŗŎŚőśœŲŋŗŖśőŌōŚőŖŏŜŐōőŕŘʼnŋŜŜŐʼnŜŋŗŝŔŌŊōŋʼnŝśōŌʼnŖŌŜŐōŋŗśŜŜŗŕʼnŖʼnŏō ŜŐōŚőśœŴļŐōīŗŕŘʼnŖšÝśĵʼnŖʼnŏōŕōŖŜŐʼnśŋŗŖŜőŖŝōŌŜŗŋŗŖŜŚŗŔŜŐōŚőśœŕʼnŖʼnŏōŕōŖŜŘŚŗŋōśśŜŗōŖśŝŚō ŜŐōŚőśœőŕŘʼnŋŜőśŊʼnŔʼnŖŋōŌʼnŏʼnőŖśŜŜŐōŚőśœŕʼnŖʼnŏōŕōŖŜŋŗśŜŴļŐōīŗŕŘʼnŖšÝśĺőśœĸŗŔőŋšőśʼnśŎŗŔŔŗşśĢ Interest rate risk ļŐōŚőśœőśŎŚŗŕŋŐʼnŖŏőŖŏőŖŜōŚōśŜŚʼnŜōśőŖŜŐōŕʼnŚœōŜŲşŐőŋŐʼnŎŎōŋŜŜŐōīŗŕŘʼnŖšÝśŗŘōŚʼnŜőŗŖ ʼnŖŌŋʼnśŐŎŔŗşŴĵŗśŜŗŎŜŐōŎőŖʼnŖŋőʼnŔʼnśśōŜśʼnŖŌŔőʼnŊőŔőŜőōśŗŎŜŐōīŗŕŘʼnŖšŐʼnŞōʼnŖʼnśśŗŋőʼnŜōŌ őŖŜōŚōśŜŊŝŚŌōŖşőŜŐʼnŚʼnŜōŜŐʼnŜŎŔŝŋŜŝʼnŜōśŜŗŕʼnŚœōŜŚʼnŜōŗŚʼnŎőŠōŌőŖŜōŚōśŜŚʼnŜōŜŐʼnŜőśŖōʼnŚŜŐō ŋŝŚŚōŖŜŕʼnŚœōŜŚʼnŜōŴ Foreign exchange rate ĭŠŘŗśŝŚōŜŗŎŗŚōőŏŖōŠŋŐʼnŖŏōŚʼnŜōŚőśœőśŚōŔʼnŜōŌŜŗŜŐōŘŝŚŋŐʼnśōŗŎŚʼnşŕʼnŜōŚőʼnŔŗŚŜŐōśʼnŔō ŗŎŜŐōŘŚŗŌŝŋŜŲşŐōŚōŜŐōŜŚʼnŖśʼnŋŜőŗŖśʼnŚōőŖŞʼnŚőŗŝśŎŗŚōőŏŖŋŝŚŚōŖŋőōśģŜŐōīŗŕŘʼnŖšōŖŜōŚśʼn ĮŗŚşʼnŚŌōŠŋŐʼnŖŏōŋŗŖŜŚʼnŋŜŎŗŚŎŗŚōőŏŖŋŝŚŚōŖŋšŲşőŜŐōŠŘőŚʼnŜőŗŖşőŜŐőŖŗŖōšōʼnŚŲőŖŗŚŌōŚŜŗŐōŌŏō ŜŐōŎőŖʼnŖŋőʼnŔʼnśśōŜśʼnŖŌŔőʼnŊőŔőŜőōśŐōŔŌőŖŎŗŚōőŏŖŋŝŚŚōŖŋšŴļŐōĮŗŚşʼnŚŌōŠŋŐʼnŖŏōŋŗŖŜŚʼnŋŜʼnśʼnŜ ŜŐōŚōŘŗŚŜőŖŏŌʼnŜōŚōŔʼnŜōśŜŗŜŐōŘŝŚŋŐʼnśōʼnŖŌśʼnŔōŜŚʼnŖśʼnŋŜőŗŖśŗŎŜŐōŖōŠŜŘōŚőŗŌŴ

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Credit risk ļŐōŋŚōŌőŜŚőśœŚōŔʼnŜōśŜŗŋŝśŜŗŕōŚśşŐŗŌŗŖŗŜŐʼnŞōŜŐōʼnŊőŔőŜšŜŗŘʼnšŜŐōŌōŊŜŗŖŜŐō ʼnŏŚōōŌŜōŚŕśŗŖŜŐōŌŝōŌʼnŜōŴļŐōīŗŕŘʼnŖšÝśĵʼnŖʼnŏōŕōŖŜőśŌōŜōŚŕőŖōŌŜŗōśŜʼnŊŔőśŐʼnŋŚōŌőŜ ŘŗŔőŋšŎŗŚʼnŖʼnŔšŢőŖŏŘŗŜōŖŜőʼnŔŋŝśŜŗŕōŚśÝŎőŖʼnŖŋőʼnŔŘŗśőŜőŗŖśőŖŗŚŌōŚŜŗśōŜʼnŋŚōŌőŜŔőŕőŜŴĩśŗŎŜŐō ŚōŘŗŚŜőŖŏŌʼnŜōŲŜŐōīŗŕŘʼnŖšőśŖŗŜśŝŊśŜʼnŖŜőʼnŔŔšōŠŘŗśōŌŜŗŋŚōŌőŜŚőśœŴļŐōŕʼnŠőŕŝŕŋŚōŌőŜŚőśœ ōŠŘŗśŝŚōőśśŐŗşŖőŖŜŐōĪʼnŔʼnŖŋōĻŐōōŜŲŜŐōŊŗŗœŞʼnŔŝōŗŎŎőŖʼnŖŋőʼnŔʼnśśōŜśʼnŖŌŔőʼnŊőŔőŜőōśŴĩŔŜŐŗŝŏŐ ŜŐōŏŚŗŝŘŐʼnśʼnŏŚōʼnŜŖŝŕŊōŚŗŎŋŝśŜŗŕōŚśŲŜŐōīŗŕŘʼnŖšÝśĵʼnŖʼnŏōŕōŖŜŌŗōśŖŗŜōŠŘōŋŜʼn śŝŊśŜʼnŖŜőʼnŔőŕŘʼnŋŜŎŚŗŕŖŗŖųŋŗŔŔōŋŜőŊŔōŌōŊŜŴ  ä ĺőśœŗŖĶŗŖųŘʼnšŕōŖŜŎŚŗŕĻʼnŔōśĺōŘŚōśōŖŜʼnŜőŞōśʼnŖŌīŝśŜŗŕōŚś ĻőŠŜšŘōŚŋōŖŜŗŎŜŐōŜŗŜʼnŔśʼnŔōśŗŎŜŐōijīĭŏŚŗŝŘʼnŚōŜŚʼnŖśʼnŋŜōŌŜŐŚŗŝŏŐŜŐōijīĭśʼnŔōśŚōŘŚōśōŖŜʼnŜőŞōśʼnŖŌŜŐōŚōŕʼnőŖőŖŏd`ūŗŎśʼnŔōśʼnŚōśŐőŘŘōŌŌőŚōŋŜŔšŜŗŋŝśŜŗŕōŚśŴĻʼnŔōśŚōŘŚōśōŖŜʼnŜőŞōśʼnŔśŗŋŗŔŔōŋŜ ŜŐōŘʼnšŕōŖŜśŎŚŗŕŋŝśŜŗŕōŚśŗŖŊōŐʼnŔŎŗŎijīĭʼnŖŌŚōŕőŜŜŐōŕŗŖōšŜŗijīĭŗŖŜŐōʼnŏŚōōŌśŋŐōŌŝŔōŴ ĿŐőŔōŖŗŖųŘʼnšŕōŖŜŎŚŗŕŚōŘŚōśōŖŜʼnŜőŞōśŕʼnšŘŗśōʼnŎőŖʼnŖŋőʼnŔŚőśœŲŜŐōŚōŐʼnśŖōŞōŚŊōōŖśŝŋŐʼnŖ őŖŋőŌōŖŜŴĻŗŕōŚōŘŚōśōŖŜʼnŜőŞōśʼnŚōʼnijīĭʼnśśŗŋőʼnŜōŌŋŗŕŘʼnŖšŲşŐőŔōśŗŕōŚōŘŚōśōŖŜʼnŜőŞōśʼnŚōŖŗŜŚōŔʼnŜōŌ ŋŗŕŘʼnŖšŲŊŝŜŐʼnŞōŐʼnŌʼnŏŗŗŌʼnŖŌŔŗŖŏŔʼnśŜőŖŏŚōŔʼnŜőŗŖśŐőŘşőŜŐijīĭŎŗŚŗŞōŚb`šōʼnŚśŴĵŗŚōŗŞōŚŲŜŐō ŕʼnŒŗŚőŜšŗŎijīĭŋŝśŜŗŕōŚśʼnŚōşŗŚŔŌŔōʼnŌőŖŏŋŗŕŘʼnŖőōśşőŜŐśŜŚŗŖŏŎőŖʼnŖŋőʼnŔśŜʼnŜŝśʼnŖŌŐőśŜŗŚšŗŎŔŗŖŏ şŗŚœőŖŏŚōŔʼnŜőŗŖśŐőŘśşőŜŐijīĭŴĩŔŔŜŐōśōŎʼnŋŜŗŚśŐōŔŘōŔőŕőŖʼnŜōŜŐōŚőśœŗŎŖŗŖųŘʼnšŕōŖŜŎŚŗŕŚōŘŚōśōŖŜʼnŜőŞō ʼnŖŌŋŝśŜŗŕōŚśŴĽśŝʼnŔŔšŲŌōŔʼnšōŌŘʼnšŕōŖŜŗŋŋŝŚśʼnśʼnŚōśŝŔŜŗŎŗŜŐōŚŗŘōŚʼnŜőŗŖʼnŔőśśŝōśʼnŖŌŖŗŜŚōŔʼnŜőŖŏ ŜŗŖŗŖųŘʼnšŕōŖŜŴ

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General Information īŗŕŘʼnŖšĶʼnŕō ĢijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌ ĶʼnŜŝŚōŗŎĪŝśőŖōśśĢļŐōĵʼnŖŝŎʼnŋŜŝŚōʼnŖŌĬőśŜŚőŊŝŜőŗŖŗŎĸĺıĶļĭĬīıĺīĽıļĪķĩĺĬŗŚĸīĪ ĺōŏőśŜōŚōŌīʼnŘőŜʼnŔ ĢdiaŲhbiŲe``ĪʼnŜŐŮdgbŲf``ŲgfiĻŐʼnŚōśůŲĩŜĬōŋōŕŊōŚb`Ųb`ab ĩŌŌŚōśś ĢabeųabeŵaŲaĵŗŗdĴʼnŜijŚʼnŊʼnŖŏıŖŌŝśŜŚőʼnŔĭśŜʼnŜō   ĴŝŕŘŔʼnŜōşŲĴʼnŜijŚʼnŊʼnŖŏŲĪʼnŖŏœŗœa`eb` ĿōŊśőŜō ĢŐŜŜŘĢŵŵşşşŴœŋōŜŐʼnőŴőŖŴŜŐ ļōŔŴ ĢŮffbůcbfų`aif ĮʼnŠ ĢŮffbůcbfų`c``  ļŐōŕŝŔŜőŔʼnšōŚĸīĪśşőŜŐŐőŏŐōŚŔʼnšōŚŋŗŝŖŜŘŚŗŌŝŋōśʼnŜijīĭĭŔōŋŜŚŗŖőŋśĸŝŊŔőŋīŗŕŘʼnŖšĴőŕőŜōŌŮĸʼnŚōŖŜ īŗŕŘʼnŖšůʼnŜĴʼnŜijŚʼnŊʼnŖŏıŖŌŝśŜŚőʼnŔĭśŜʼnŜōŴįŚŗŝŘŗŎijīĭőśŋŗŖśőśŜőŖŏŗŎĢ  aŴ ļŐōŌŗŝŊŔōśőŌōŌĸīĪśŘŚŗŌŝŋōśʼnŜijŴīŴĭŴıŖŜōŚŖʼnŜőŗŖʼnŔīŗŴŲĴŜŌŴŲʼnśŝŊśőŌőʼnŚšŗŎijīĭŮiiŴiiūŗşŖōŌů ʼnŜĪʼnŖŏŘŗŗıŖŌŝśŜŚőʼnŔĭśŜʼnŜōŴ  bŴ ijīĭļōŋŐŖŗŔŗŏšīŗŴŲĴŜŌŴŲʼnśŝŊśőŌőʼnŚšŗŎijīĭŮa``ūŗşŖōŌůʼnŜİőųļōŋŐıŖŌŝśŜŚőʼnŔĭśŜʼnŜōŜŗōŠŘʼnŖŌ ŜŐōŋʼnŘʼnŋőŜšŗŎĸīĪŕʼnŖŝŎʼnŋŜŝŚőŖŏŴ  cŴ ļŐʼnőĴʼnŕőŖʼnŜōĵʼnŖŝŎʼnŋŜŝŚōŚśīŗŴŲĴŜŌŴŲʼnśŝŊśőŌőʼnŚšŗŎijīĭŮa``ūŗşŖōŌůŘŚŗŌŝŋōśʼnŕʼnŒŗŚĸīĪĺʼnş ŕʼnŜōŚőʼnŔŲŘŚōŘŚōŏʼnŖŌŔʼnŕőŖʼnŜōŴ  dŴ ijīĭŮļŐʼnőŔʼnŖŌůīŗŕŘʼnŖšĴőŕőŜōŌşʼnśőŖŋŗŚŘŗŚʼnŜōŌʼnśʼnŔőŕőŜōŌŋŗŕŘʼnŖšŗŖĵʼnŚŋŐhŲb``gşőŜŐʼnŘʼnőŌ ŝŘŋʼnŘőŜʼnŔŗŎĪʼnŐŜŴcŲf``Ų```ŜŗŊōŜŐōŔŗŋʼnŔŌőśŜŚőŊŝŜŗŚŗŎĸīĪśőŖļŐʼnőŔʼnŖŌŴijīĭŐŗŔŌśf`ūŗŎŘʼnőŌŝŘŋʼnŘőŜʼnŔ ŗŎijīĭŮļŐʼnőŔʼnŖŌůŴ  eŴ ijīĭĩŕōŚőŋʼnıŖŋŴŲŐʼnśŚōŏőśŜōŚōŌśŐʼnŚōŋʼnŘőŜʼnŔʼnŖŌŎŝŔŔšŘʼnőŌŝŘĽĻĬe`Ų```ŜŗŊōŗŎŎōŚőŖŏŎŝŔŔ ŋŗŕŕōŚŋőʼnŔʼnŖŌŜōŋŐŖőŋʼnŔśŝŘŘŗŚŜŜŗŜŐōŋŝśŜŗŕōŚśőŖĩŕōŚőŋʼnŲijīĭŐŗŔŌe`ūŴ  fŴ ijīĭĻőŖŏʼnŘŗŚōĸļĭŴŲŐʼnśŚōŏőśŜōŚōŌśŐʼnŚōŋʼnŘőŜʼnŔʼnŖŌŎŝŔŔšŘʼnőŌŝŘĽĻĻe``Ų```ŜŗŊōŗŎŎōŚőŖŏŎŝŔŔ ŋŗŕŕōŚŋőʼnŔʼnŖŌŜōŋŐŖőŋʼnŔśŝŘŘŗŚŜŜŗŜŐōŋŝśŜŗŕōŚśőŖĩśőʼnŲijīĭŐŗŔŌdiūŴ  gŴ ļŐʼnőĪŝśőŖōśśĻŗŔŝŜőŗŖīŗŴŲĴŜŌŴŮļĪĻůşʼnśőŖŋŗŚŘŗŚʼnŜōŌʼnśʼnŔőŕőŜōŌŋŗŕŘʼnŖšŝŖŌōŚļŐʼnőŔʼnşŗŖĵʼnš th 26 Ųb``hŴļĪĻŐʼnśŚōŏőśŜōŚōŌśŐʼnŚōŋʼnŘőŜʼnŔʼnŖŌŎŝŔŔšŘʼnőŌŝŘcŕőŔŔőŗŖĪʼnŜŐŴĸōŚŎŗŚŕśŊŝśőŖōśśőŖıļŚōŔʼnŜōŌ ŘŚŗŒōŋŜŎŗŋŝśŗŖĻŗŎŜşʼnŚōŌōŞōŔŗŘŕōŖŜŲİʼnŚŌşʼnŚōőŖśŜʼnŔŔʼnŜőŗŖŲīŗŖśŝŔŜʼnŜőŗŖʼnŖŌıŕŘŔōŕōŖŜʼnŜőŗŖŴijīĭŐŗŔŌśaiū ŗŎŘʼnőŌŝŘŋʼnŘőŜʼnŔŗŎļĪĻŴ  hŴ ıŖb`abŲŜŐōīŗŕŘʼnŖšōŖŜōŚōŌʼnŒŗőŖŜŞōŖŜŝŚōŜŗōśŜʼnŊŔőśŐijīĭļʼnőşʼnŖīŗŴŲĴŜŌŲşőŜŐŜŐōŎŝŔŔšŘʼnőŌ ŝŘŋʼnŘőŜʼnŔĶļĬcŲ```Ų```ŔŗŋʼnŜōŌőŖļʼnőşʼnŖŴijīĭļʼnőşʼnŖőśʼnŖŗŞōŚśōʼnśśŗŝŚŋőŖŏŚōŘŚōśōŖŜʼnŜőŞōŎŗŚŚʼnşŕʼnŜōŚőʼnŔ ʼnŖŌŕʼnŋŐőŖōŚšŎŗŚŜŐōīŗŕŘʼnŖšʼnŖŌőŜśśŝŊśőŌőʼnŚőōśŴ

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 iŴ ıŖb`abŲŜŐōīŗŕŘʼnŖšʼnŋřŝőŚōŌīŐōŕŜŚŗŖőŋśļōŋŐŖŗŔŗŏšŮļŐʼnőŔʼnŖŌůīŗŴŲĴŜŌʼnŖŌőŖŞōśŜigŴbeūŗŎŜŗŜʼnŔ ŝśōŌʼnŖŌŎŝŔŔšŘʼnőŌŝŘŋʼnŘőŜʼnŔŴīŐōŕŜŚŗŖőŋśļōŋŐŖŗŔŗŏšŐŗŔŌśa``ūŗŎŜŐōśŐʼnŚōőŖőŜśśŝŊśőŌőʼnŚšŲīŐōŕŜŚŗŖőŋś īŐōŕőŋʼnŔīŗŴŲĴŜŌŴīŐōŕŜŚŗŖőŋśőśʼnĸīĪőŖœŘŚŗŌŝŋōŚʼnŖŌĸīĪŋŐōŕőŋʼnŔŚōŋšŋŔőŖŏŋŗŕŘʼnŖšŴļŐōŊōŖōŎőŜśŎŚŗŕ ŜŐōőŖŞōśŜŕōŖŜőŖīŐōŕŜŚŗŖőŋśʼnŚōŖŗŜŗŖŔšʼnŚōŌŝŋŜőŗŖőŖŜŐōşōśŜŌőśŘŗśʼnŔŊŝŚŌōŖŲŊŝŜʼnŔśŗŜŐōŋŗŖśőŌōŚʼnŊŔō ŏʼnőŖŎŚŗŕŚōŋšŋŔőŖŏŝśōŌŋŐōŕőŋʼnŔśśŗŔŝŜőŗŖŴ  Other References Registrar ļŐʼnőŔʼnŖŌĻōŋŝŚőŜőōśĬōŘŗśőŜŗŚšīŗŕŘʼnŖšĴőŕőŜōŌŴ fbĻŜŗŋœĭŠŋŐʼnŖŏōŗŎļŐʼnőŔʼnŖŌĪŝőŔŌőŖŏ ĺʼnŜŋŐʼnŌʼnŘőśōœĺŗʼnŌŲijŔŗŖŏŜŗōšŲijŔŗŖŏŜŗōš ĪʼnŖŏœŗœa`aa` ļōŔ Ģ`bųbbiųbh``Ų`bųefdųeeii ĮʼnŠ Ģ`bųfedųedbg Auditor ĵŚŴľōōŚʼnŋŐʼnő ĺʼnŜʼnŖʼnŒʼnŚʼnŜœŝŔ īōŚŜőŎőōŌĸŝŊŔőŋĩŋŋŗŝŖŜĺōŏőśŜŚʼnŜőŗŖĶŗŴdcbcʼnŖŌŵŗŚ ĵŚŴľőŋŐőōŖ ļŐʼnŕŜŚʼnœŝŔ īōŚŜőŎőōŌĸŝŊŔőŋĩŋŋŗŝŖŜĺōŏőśŜŚʼnŜőŗŖĶŗŴcahcʼnŖŌŵŗŚ ĵśŴĪŗŖŏœŗŜ ĩŕśʼnŏōʼnŕ īōŚŜőŎőōŌĸŝŊŔőŋĩŋŋŗŝŖŜĺōŏőśŜŚʼnŜőŗŖĶŗŴcfhd ijĸĵįĸŐŗŗŕŋŐʼnőīŗŴĴŜŌŴ 50th -51stĭŕŘőŚōļŗşōŚŲaieĻŗŝŜŐĻʼnŜŐŗŚŖŲĪʼnŖŏœŗœa`ab` ļōŔĢ`bųfggųb``` ĮʼnŠĢ`bųfggųbbbb Law Consultant Office īŴĪŴĴĩĿķŎŎőŋōīŗŕŘʼnŖšĴőŕőŜōŌ iiŵbba`ŜŐĮŔŗŗŚĻʼnŜŐŗŚŖļŐʼnŖőĪŝőŔŌőŖŏbŲ ĶŗŚŜŐĻʼnŜŐŗŚŖĺŗʼnŌŲ ĻőŔŗŕŲĪʼnŖŏŚʼnœŲĪʼnŖŏœŗœa`e``ļŐʼnőŔʼnŖŌ ļōŔ Ģ`bųbchųcfhiųibŲ`bųbccųeciiŲ`bųbccųfhfi ĮʼnŠ Ģ`bųbcfųdih`

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Report of the Board of Directors’ Responsibilities for Financial Statements  ļŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśőśŚōśŘŗŖśőŊŔōŎŗŚŜŐōŋŗŖśŗŔőŌʼnŜōŌŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜśŗŎŜŐōīŗŕŘʼnŖšʼnŖŌ śŝŊśőŌőʼnŚőōśʼnŖŌŎőŖʼnŖŋőʼnŔőŖŎŗŚŕʼnŜőŗŖśŜʼnŜōŌőŖŜŐōĩŖŖŝʼnŔĺōŘŗŚŜŴļŐōŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜśşōŚōŘŚōŘʼnŚōŌőŖ ʼnŋŋŗŚŌʼnŖŋōşőŜŐŏōŖōŚʼnŔŔšʼnŋŋōŘŜōŌʼnŘŘŚŗŘŚőʼnŜōʼnŋŋŗŝŖŜőŖŏŘŚőŖŋőŘŔōśʼnŖŌŘŚʼnŋŜőŋōśŗŖʼnŚōŏŝŔʼnŚŊʼnśőśőŖļŐʼnőŔʼnŖŌŴ ĵʼnŜōŚőʼnŔőŖŎŗŚŕʼnŜőŗŖşʼnśśŝŎŎőŋőōŖŜŔšŌőśŋŔŗśōŌőŖŜŐōĶŗŜōśŗŎŜŐōĮőŖʼnŖŋőʼnŔĻŜʼnŜōŕōŖŜśŴ  ļŐōĪŗʼnŚŌʼnŘŘŗőŖŜōŌŜŐōĩŝŌőŜīŗŕŕőŜŜōōşŐŗŋŗŕŘŚŗŕőśōśŗŎıŖŌōŘōŖŌōŖŜĬőŚōŋŜŗŚśŜŗŗŞōŚśōōŜŐō řŝʼnŔőŜšŗŎŎőŖʼnŖŋőʼnŔŚōŘŗŚŜśʼnŖŌőŖŜōŚŖʼnŔŋŗŖŜŚŗŔŗŎŜŐōīŗŕŘʼnŖšŴļŐōĩŝŌőŜīŗŕŕőŜŜōōÝśŞőōşśŚōŏʼnŚŌőŖŏŜŐőśőśśŝō őśŌőśŋŔŗśōŌőŖŜŐőśĩŖŖŝʼnŔĺōŘŗŚŜŝŖŌōŚŜŐōśōŋŜőŗŖŗŎŜŐōĩŝŌőŜīŗŕŕőŜŜōōÝśĺōŘŗŚŜŴ  ıŖŜŐōĪŗʼnŚŌŗŎĬőŚōŋŜŗŚśÝŗŘőŖőŗŖŲŜŐōőŖŜōŚŖʼnŔŋŗŖŜŚŗŔśšśŜōŕőśʼnŌōřŝʼnŜōʼnŖŌŋʼnŖʼnśśŝŚōŜŐōŚōŔőʼnŊőŔőŜš ŗŎŜŐōŋŗŖśŗŔőŌʼnŜōŌŎőŖʼnŖŋőʼnŔśŜʼnŜōŕōŖŜśŗŎŜŐōīŗŕŘʼnŖšʼnŖŌśŝŊśőŌőʼnŚőōśʼnśʼnŜĬōŋōŕŊōŚcaŲb`abŴ 

ĵŚŴĪʼnŖŋŐʼnķŖŏœŗśőŜ Chairman

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

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

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

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

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

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

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


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

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

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

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

KCE Annual Report 2012

214

(Unit : Baht) Separate financial statements 2012 2011

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

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

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

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


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

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

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

257,865,285 257,865,285

-

-

-

-

322,188,666

257,865,285

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

215

KCE Annual Report 2012


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

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

KCE Annual Report 2012

216

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

257,865,285 257,865,285

322,188,666 -

257,865,285 -

322,188,666

257,865,285

0.70 0.70

0.56 0.56


217

KCE Annual Report 2012

30

18

Share premium

-

-

6,780,020

6,780,020 -

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

-

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

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

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

Treasury shares

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

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

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

-

-

-

-

-

Share warrants

Statements of Changes in Equity

50,000,000

-

-

-

50,000,000

70,050,487

-

30,213,802

30,213,802 -

5,676,033

-

-

-

-

-

5,676,033

-

-

132,020,833 5,676,033

(207,757,669)

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

(3,069,688) -

-

-

128,951,145 5,676,033

(207,757,669)

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

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

Total equity

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

132,020,833 -

(215,694,689)

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

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

Consolidated financial statements Other components of shareholdersâ&#x20AC;&#x2122; equity Excess of investments arising from additional purchases of investments in subsidiaries at a price higher than the net book value of the Retained earnings subsidiaries Equity Appropriated at the Total other attributable to Noncontrolling Legal Treasury shares Translation acquisition components owners of date of equity the Company interests reserve Unappropriated adjustments reserve

(Unit : Baht)


KCE Annual Report 2012

218

18, 19 18 19 19 19 18 30

-

-

Share warrants

-

3,000,689

-

-

3,000,689

4,008,644

-

4,008,644

-

-

4,008,644

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

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

-

(35,531,874)

-

-

376,500

-

(35,531,874)

-

376,500

Share premium

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

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

472,224,269

Treasury shares

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

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

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

50,000,000

-

-

-

-

-

-

50,000,000

-

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

-

-

-

-

-

-

-

-

-

-

-

(3,377,611)

-

-

-

-

-

21,467,403

4,343,645

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

4,176,182 -

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

-

-

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

(144,090,364)

21,467,403

4,343,645

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

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

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

-

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

-

-

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

-

Total equity

(Unit : Baht)

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

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

70,050,487

Consolidated financial statements Other components of shareholdersâ&#x20AC;&#x2122; equity Excess of investments arising from additional purchases of investments in subsidiaries at a price higher than the net book Retained earnings value of the Equity subsidiaries Appropriated Nonat the Total other attributable to Legal Treasury shares Translation acquisition components owners of controlling reserve Unappropriated adjustments reserve date of equity the Company interests

Statements of Changes in Equity (Continued)


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KCE Annual Report 2012

30

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

1,157,000 472,224,269

(39,836,685)

Treasury shares

1,157,000 -

471,067,269

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

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

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

1,107,752,659

-

-

6,780,020

6,780,020 -

1,100,972,639

Share premium

-

-

-

-

-

-

Share warrants

50,000,000

-

-

-

-

50,000,000

70,050,487

-

-

30,213,802

30,213,802 -

39,836,685

937,918,911

257,865,285

257,865,285 -

(215,694,689)

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

895,748,315

Retained earnings Appropriated Treasury shares Legal reserve reserve Unappropriated

Separate financial statements

Statements of Changes in Equity (Continued)

2,567,895,839

257,865,285

257,865,285 -

(207,757,669)

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

2,517,788,223

Total equity

(Unit : Baht)


KCE Annual Report 2012

220 (105,582,361)

472,600,769

(35,531,874)

376,500 -

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

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

-

(70,050,487)

Treasury shares

472,224,269

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

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

Note

Issued and paid-up share capital

KCE Electronics Public Company Limited and its subsidiaries

1,110,753,348

-

-

3,000,689

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

1,107,752,659

Share premium

4,008,644

-

-

4,008,644

4,008,644 -

-

Share warrants

50,000,000

-

-

-

-

50,000,000

105,582,361

-

-

35,531,874

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

70,050,487

1,087,412,332

322,188,666

322,188,666 -

(172,695,245)

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

937,918,911

Retained earnings Appropriated Treasury shares Legal reserve reserve Unappropriated

Separate financial statements

Statements of Changes in Equity (Continued)

2,724,775,093

322,188,666

322,188,666 -

(165,309,412)

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

2,567,895,839

Total equity

(Unit : Baht)


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

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

257,865,285

153,663,227 5,807,947

160,386,683 4,002,657

(2,875,786)

185,629 1,947,252

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

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

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

43,727,358 -

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

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

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

1,647,975,399

791,039,695

403,706,099

343,243,990

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

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KCE Annual Report 2012


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

222

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

(41,061,511)

(514,332,609)

149,629,418

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

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

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

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

-

36,661,462

(727,394)

727,394

11,223,015

(9,632,371)

19,153,006

743,750

-

(1,606,474)


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

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

223

KCE Annual Report 2012


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

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

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

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224


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

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KCE Annual Report 2012


The Group measures any non-controlling interest at its proportionate interest in the identifiable net assets of the acquiree. Transaction costs that the Group incurs in connection with a business combination, such as legal fees, and other professional and consulting fees are expensed as incurred. Subsidiaries Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the policies adopted by the Group. Losses applicable to non-controlling interests in a subsidiary are allocated to non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Associates Associates are those entities in which the Group has significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Group holds between 20% and 50% of the voting power of another entity. Investments in associates are accounted for in the consolidated financial statements using the equity method (equity-accounted investees) and are recognised initially at cost. The cost of the investment includes transaction costs. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with associates are eliminated against the investment to the extent of the Groupâ&#x20AC;&#x2122;s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. (b) Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to Thai Baht at the foreign exchange rates ruling at the dates of the transactions. KCE Annual Report 2012

226


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

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

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

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

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

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

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

years years years years years

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

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

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

5 - 15 years

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

Impairment The carrying amounts of the Group’s assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an exceeds its recoverable amount. The impairment loss is recognised in profit or loss unless it reverses a previous revaluation credited to equity, in which case it is charged to equity. Calculation of recoverable amount The recoverable amount of a non-financial asset is the greater of the asset’s value in use and fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. Reversals of impairment An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods in respect of non-financial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.

231

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(k)

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

(l)

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

(m) Employee benefits Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Defined benefit plans A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The Groupâ&#x20AC;&#x2122;s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value. Any unrecognised past service costs and the fair value of any plan assets are deducted. The discount rate is the yield at the reporting date on government bonds that have maturity dates approximating the terms of the Groupâ&#x20AC;&#x2122;s obligations and that are denominated in the same currency in which the benefits are expected to be paid. The calculation is performed regularly by a qualified actuary using the projected unit credit method. When the benefits of a plan are improved, the portion of the increased benefit relating to past service by employees is recognised in profit or loss on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits vest immediately, the expense is recognised immediately in profit or loss. The Group recognises all actuarial gains and losses arising from defined benefit plans in other comprehensive income and all expenses related to defined benefit plans in profit or loss. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided.

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A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. Share-based payments The grant-date fair value of share-based payment awards granted to employees is recognised as an employee expense, with a corresponding increase in equity, over the period that the employees become unconditionally entitled to the awards. The amount recognised as an expense is adjusted to reflect the actual number of awards for which the related service and non-market vesting conditions are expected to be met. (n) Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. (o) Treasury shares When share capital recognised as equity is repurchased, the amount of consideration paid, including directly attributable costs, is classified as treasury shares and recognised as a deduction from equity. An equal amount is appropriated from retained earnings and taken to a reserve for treasury shares within equity. When treasury shares are sold, the amount received is recognised as an increase in equity by crediting the cost of the treasury shares sold, calculated using the weighted average method, to the treasury shares account and transferring the equivalent amount back from reserve for treasury shares to retained earnings. Surpluses on the sale of treasury shares are taken directly to a separate category within equity, â&#x20AC;&#x2DC;Surplus on treasury sharesâ&#x20AC;&#x2122;. Net deficits on sale or cancellation of treasury shares are debited to retained earnings after setting off against any remaining balance of surplus on treasury shares. (p) Revenue Revenue excludes value added taxes and is arrived at after deduction of trade discounts and volume rebates. Sale of goods and services rendered Revenue is recognised in profit or loss when the significant risks and rewards of ownership have been transferred to the buyer. No revenue is recognised if there is continuing management involvement with the goods or there are significant uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods. Service income is recognised as services are provided taking into account the stage of completion.

233

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Dividend income Dividend income is recognised in profit or loss on the date the Groupâ&#x20AC;&#x2122;s right to receive payments is established. Interest income Interest income is recognised in profit or loss as it accrues. (q) Finance costs Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions and contingent consideration. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. (r)

Lease payments Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of the lease. Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the lease when the lease adjustment is confirmed. Determining whether an arrangement contains a lease At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfillment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of the underlying asset. At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Groupâ&#x20AC;&#x2122;s incremental borrowing rate.

(s)

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

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234


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

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

5 Acquisition of subsidiary On 2 October 2012, the Group obtained a controlling interest of Chemtronic Technology (Thailand) Co., Ltd. (â&#x20AC;&#x153;Chemtronicâ&#x20AC;?), which is engaged in the business of operating a factory manufacturing ink for printed circuit board and chemical solution used in the production of printed circuit board by acquiring ordinary shares at the proportion of 97.25% of the total issued and fully paid up shares. Taking control of Chemtronic will enable the Group to increase profitability in the production process and have enough chemicals while shortage. For the period from 2 October 2012 to 31 December 2012, Chemtronic contributed revenue of Baht 69 million and profit of Baht 26 million to the Groupâ&#x20AC;&#x2122;s results. If the acquisition had occurred on 1 January 2012, management estimates that consolidated revenue for the year ended 31 December 2012 would have been Baht 284 million. In determining these amounts, management has assumed that the fair value adjustments, determined provisionally, that arose on the date of acquisition would have been the same if the acquisition had occurred on 1 January 2012. The following summarises the major classes of consideration transferred, and the recognised amounts of assets acquired and liabilities assumed at the acquisition date:

235

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

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

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

The goodwill is attributable mainly to the skills and technical talent of Chemtronicâ&#x20AC;&#x2122;s work force, and the synergies expected to be achieved from integrating Chemtronic into the Groupâ&#x20AC;&#x2122;s business. None of the goodwill recognised is expected to be deductible for income tax purposes. The Group is continuing its review of these matters during the measurement period. If new information obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date identifies adjustments to the above determined fair values, or any additional assets or liabilities that existed at the acquisition date, then the acquisition accounting will be revised. 6 Related parties For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. Relationships with subsidiaries and associates entities are described in notes 10 and 11. Relationships with key management and other related parties were as follows: Name of entities

Country of incorporation / nationality

Nature of relationships

Key management personnel

Thai

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

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236


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

Pricing policies

Sales of goods

Market prices and prices per job order for each product which are agreed between the parties Rendering of service Market prices and prices per job order for each product which are agreed between the parties Sales of property, plant and equipment Net book value plus margin and prices agreed between the parties Dividend income As announced in the minute of shareholdersâ&#x20AC;&#x2122; meeting Other income Prices agreed between the parties Purchase of goods Market prices and prices per job order for each product which are agreed between the parties Purchase of property, plant Prices agreed between the parties and equipment Associates Sales of goods Purchase of raw materials Commission expense

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

237

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

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

Consolidated financial statements 2012 2011

(Unit : Million Baht) Separate financial statements 2012 2011

-

-

168 21 5 10 1 1,022 18 7 72

276 17 4 7 1 1,089 6 -

1,037 59 53 8 5

1,171 52 50 6

598 17 29 4 2

575 18 29 -

78 5 83

72

40 3 43

35

72

35

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

KCE Annual Report 2012

238

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

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

93,489 41,546 3,508 688

337,548 40,177 69 377,794

297,822 33,350 331,172

205,073 8,257 258,153

163,011 12,405 314,647


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

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

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

2,980 2,911 1,506 5 -

3,623 811 5 176 46

1,342

-

1,342

-

10 1,352

-

10 8,754

4,661

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

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

349,433 39,856 14,864 -

31,248 19,524 50,772

15,112 15,112

17,259 16,086 372,772

12,460 416,613

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

8,470 -

430

396

-

-

-

891 1,287

-

700 9,170

430

239

KCE Annual Report 2012


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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

-

-

-

3,627 1,017 25 20

18,364

11,105

1,730

2,655

3,113 21,477

11,105

930 2,660

7,344

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

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

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

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

50 119,739 22,703 142,492

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

240

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

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

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

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


8 Trade and other receivables Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

6

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

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

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

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

6

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

64,751 64,751 1,546,420

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

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

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

-

188

-

186

Aging analysis for trade accounts receivable were as follows:

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

309,850

275,413

204,305

210,832

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

54,915 677 167 331,172 331,172

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

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

1,241,118

848,883

591,016

539,931

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

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

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

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

241

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

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

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

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

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

9 Inventories

Finished goods Work in progress Raw materials Factory supplies Spare parts Goods in transit Less allowance for decline in value Total Inventories recognised as an expense in â&#x20AC;&#x2DC;cost of sales of goodsâ&#x20AC;&#x2122;: - Cost - Write-down to net realisable value (reversal) Net total

KCE Annual Report 2012

242

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

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

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

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

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

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

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

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


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

82,133

76,816

(2,621)

(359)

(3,378) 1,540 77,674

5,676 82,133

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

2,422

-

-

1,540 3,962

2,422

243

KCE Annual Report 2012


KCE Annual Report 2012

244 50.00 49.00 -

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

(3)

25.0 24.5 49.0

(%) 25.0 24.5 -

(%)

Ownership interest 2012 2011

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

USD 50,000 SGD 500,000 -

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

USD 50,000 SGD 500,000 -

322 2,100 1,540 3,962

322 2,100 2,422

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

Foreign raw materials and machinery sourcing representative of the Group

50.00 49.00 49.00

(%)

(2)

United States Singapore Taiwan

(%)

Foreign sale representative of the Group

(1) (1) (2)

Country of incorporation

(1)

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

Type of business

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

Investments in associates as at 31 December were as follows:

644 4,201 4,845

2011

-

-

Impairment 2012 2011

644 4,201 1,540 6,385

2012

Cost

55,421 26,712 82,133

322 2,100 1,540 3,962

322 2,100 2,422

Equity - net 2012 2011

(Unit : Thousand Baht)

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

Equity 2012 2011

(Unit : Thousand Baht)


245

KCE Annual Report 2012

31 December 31 December 31 December

At 1 January Acquisitions Additions Disposals Warrant granted to subsidiariesâ&#x20AC;&#x2122; directors and employees At 31 December

11 Investments in subsidiaries

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

(%) 50.00 49.00 49.00

5

Notes

(%) 50.00 49.00 -

Reporting date Ownership interest 2012 2011 431 109 540

342 68 42 452

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

312 62 374

Total liabilities 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

446 110 45 601

Total assets 2012 2011 986 148 49 1,183

1,095 170 1,265

Total revenues 2012 2011

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

1 (4) (2) (5)

3 (2) 1

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


KCE Annual Report 2012

246 97.25 74.80 60.00 -

96.03

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

(2)

-

74.80 60.00 49.00

100.00 99.99

(%)

4,800

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

4,800

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

-

-

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

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

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

100.00 99.99

(1) (1)

(%)

Ownership Interest 2012 2011

All subsidiaries were incorporated in Thailand.

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

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

Type of business

-

756 124 6,296

3,583 1,833

-

-

-

Separate financial statements Warrant granted to subsidiariesâ&#x20AC;&#x2122; directors and Paid-up capital Cost employees 2012 2011 2012 2011 2012 2011

-

-

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

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

Total 2012 2011

-

37,400 4,410 71,808

29,998

-

-

-

Dividend income 2012 2011

(Unit : Thousand Baht)

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


On 16 June 2011, the Extraordinary General Meeting of the shareholders of KCE Technology Co., Ltd. approved the increase of the subsidiaryâ&#x20AC;&#x2122;s registered share capital from Baht 1,400 million (140,000,000 ordinary shares of Baht 10 each) to Baht 1,600 million (160,000,000 ordinary shares of Baht 10 each) through an issuance of 20,000,000 new ordinary shares at a par value of Baht 10 each, totaling Baht 200 million. The Company acquired and fully paid all the newly issued ordinary shares during the year. The subsidiary registered the share capital increase with the Ministry of Commerce on 29 June 2011. At the board of directorsâ&#x20AC;&#x2122; meeting of the Company held on 22 May 2012, the board of directors approved to sell investment of 90,000 ordinary shares or 30% of the issue and paid-up share capital in Thai Business Solution Co., Ltd. to a shareholder of Thai Business Solution Co., Ltd. at a price of Baht 10 per share, totaling Baht 0.9 million. The investment was sold in November 2012. Therefore, the Company held the rest of investment of 19% of the issue and paid-up share capital and has no ability to control or exercise significant influence in making financial and operating decisions. As such, the Company recorded the rest of investment as other long-term investment in the statement of financial position as at 31 December 2012.

247

KCE Annual Report 2012


KCE Annual Report 2012

248

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

-

337,187

337,187 352,175

2,917,448 3,046,650

4,080,606

61,222 62,870

124,732

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

128,718 27,777 (11,131)

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

369,359 69,773 (244,178)

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

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

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

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

337,187 388 14,600 352,175

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

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

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

Buildings and plant

12,848 17,387

4,697

7,967 7,434

8,446

12,736 846 13,582

44,910 44,583

39,448

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

288,909 1,098,734

157,989

-

191,483 29,083

1,607

-

4,235,135 5,237,038

5,308,170

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

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

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

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

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

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

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

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

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

Total

20,703 288 25 21,016

20,466 393 (156)

Machinery Machinery and and equipment equipment installation in transit

(Unit : Thousand Baht)

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

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

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

337,187 -

Land

12 Property, plant and equipment


249

KCE Annual Report 2012

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

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

164,000 -

164,000 388 164,388

-

-

164,000

164,000 164,388

Land

Buildings and plant

834,312 785,429

915,354

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

45,564 30,274

60,131

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

106,805 23,762 (66)

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

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

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

166,936 9,195 (66)

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

16,945 20,198

7,171

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

8,788 8,110

9,258

9,526 738 10,264

8,753 773 -

19,440 15,045

11,181

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

13,794 3,584 (1,983)

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

18,314 60 18,374

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

25,094 3,248 (1,137)

24,975 14,258 (4,398)

18,011 303 -

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

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

44,372 40,981

34,137

-

-

-

-

-

-

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

-

-

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

Machinery Machinery and and equipment equipment installation in transit

1,189,452 1,116,776

1,261,886

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

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

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

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

Total

(Unit : Thousand Baht)


The gross amount of the Groupâ&#x20AC;&#x2122;s and the Companyâ&#x20AC;&#x2122;s fully depreciated property, plant and equipment that was still in use as at 31 December 2012 amounted to Baht 1,994 million (2011: Baht 1,718 million) for the consolidated financial statements and Baht 932 million (2011: Baht 786 million) for the separate financial statements. 12.1 The Company and its two subsidiaries, K.C.E. International Co., Ltd. and Thai Laminate Manufacturer Co., Ltd., entered into negative pledge memorandums which are part of bank overdrafts and loans agreements. Under these memorandums, the Company and its subsidiaries are not allowed to dispose of, transfer, mortgage or provide any lien on their assets, as stipulated in such memorandums. 12.2 The subsidiaries of the Company have mortgaged and pledged the following property, plant and equipment. 12.2.1 Thai Laminate Manufacturer Co., Ltd. has mortgaged its construction and pledged its machinery with total net book value as at 31 December 2012 of Baht 171 million (2011: Baht 202 million), as collateral for loans from banks, as described in Note 15. 12.2.2 KCE Technology Co., Ltd. has mortgaged its land and construction thereon and pledged its machinery with a total net book value as at 31 December 2012 of Baht 1,084 million (2011: Baht 1,164 million), as collateral for bank overdrafts and loans from banks, as described in Note 15. 12.3 The Company and its subsidiaries have capitalised interest expenses as part of costs of machinery and equipment under installation for the years ended 31 December 2012 and 2011 as follows: Consolidated financial statements 2012 2011 Interest expenses capitalised as cost of machinery and equipment (Thousand Baht) Capitalisation rate (% per annum)

KCE Annual Report 2012

250

12,559 1.70 â&#x20AC;&#x201C; 3.34

262 2.14 - 2.26

Separate financial statements 2012 2011 -

-


13 Goodwill

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

5

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

-

-

-

79,793

-

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

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

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

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

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

75,359 86,445 160,682

53,656 61,690 70,689

251

KCE Annual Report 2012


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

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

918,950 2,042,462 589,655

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

240,000 920,149 53,728

2,811,806 1,373,025

3,551,067 352,564

709,522 301,677

1,213,877 124,727

19,700 4,204,531

51,511 3,955,142

14,858 1,026,057

43,348 1,381,952

1,317,003

1,260,174

613,578

229,162

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

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

5,221 618,799 1,644,856

19,340 248,502 1,630,454

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

KCE Annual Report 2012

252


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

1,254,994 1,254,994

1,245,981 1,245,981

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

-

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

253

KCE Annual Report 2012


KCE Annual Report 2012

254

Contract date

Credit facility

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

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

12,865 235,897 657,833

409,071

45,592 45,592

-

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

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

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

Thousand Baht 300,000 Thousand US dollar 25,605

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

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

No.

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

250,000 671,542

60,981 20,273 81,254

123,110 123,110

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

6 years 4 years 1 year 3 months

1 year 3 months 4 years 11 months

6 years 2 years

3 years

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

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

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

3 months 1 month

3 months

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

SIBOR + fixed percentage SIBOR + fixed percentage fixed percentage

3 months 3 months 3 months

fixed percentage within 12 months SIBOR + fixed percentage 1 month

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

SIBOR 3M + fixed percentage

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

(Percent per annum)

1 month 1 month 1 month

1 month 1 month

1 month 1 month

1 month

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

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


255

KCE Annual Report 2012

Contract date

Credit facility

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

703,425 1,317,003

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

2 years 4 months

MLR - fixed percentage

(Percent per annum) 1 month

1 month

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

Total loans of subsidiaries Total loans of the Company and subsidiaries

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

No.

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

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


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

Within one year After one year but within five years Total

Future minimum lease payments 20,497

Interest (797)

10,105 30,602

(504) (1,301)

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

24,621 78,578

Interest (2,446)

Present value of minimum lease payments 51,511

(984) (3,430)

23,637 75,148

(Unit : Thousand Baht) Separate financial statements 2012

Within one year After one year but within five years Total

Future minimum lease payments 15,375

Interest (517)

5,459 20,834

(238) (755)

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

20,058 65,317

Interest (1,911)

Present value of minimum lease payments 43,348

(718) (2,629)

19,340 62,688

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

KCE Annual Report 2012

256


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

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

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

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

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

16 Trade payables and others

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

6

50,772 1,040,543

15,112 835,410

372,772 281,907

416,613 335,957

6

1,287 202,536

359,346

9,170 30,487

430 20,075

6

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

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

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

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

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

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

63,459 (9,280) 7,963

31,496 3,487

36,661 (8,677) 3,512

67,301

62,142

34,983

31,496

257

KCE Annual Report 2012


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

5,053 2,191 7,244

5,781 2,182 7,963

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

2,245 1,267 3,512

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

3,250 3,994 7,244

3,159 4,804 7,963

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

1,632 1,880 3,512

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

Discount rate Future salary increases

Consolidated financial statements 2012 2011

Separate financial statements 2012 2011

3.8 4.0-8.0

3.8 4.0-8.0

3.8 4.0-8.0

3.8 4.0-8.0

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

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

258

Par value per share (in Baht)

2012

2011

Number

1 1

500,000 (8,170)

500,000 (8,170)

500,000 -

500,000 -

1

491,830

491,830

500,000

500,000

1 1 1

472,224 (8,170) 8,547

472,224 (8,170) 8,547

471,067 1,157

471,067 1,157

1

472,601

472,601

472,224

472,224

Baht Number (thousand shares / thousand Baht)

Baht


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

259

KCE Annual Report 2012


The inputs used in the measurement of the fair values at grant date of warrants â&#x20AC;&#x153;ESOP-W4â&#x20AC;? were as follows: Fair value at grant date Share price at grant date Exercise price Expected volatility (%) Expected dividends (%) Risk-free interest rate (%) Termination rate (%)

Baht 1.238 Baht 5.15 Baht 7.81 45.62 2.67 3.42 0.26

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

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

2011

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

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

Amount -

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

KCE Annual Report 2012

260


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

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

2012

2011

105,582 14,000 7.54 2.96

70,050 8,170 8.57 1.73

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

261

KCE Annual Report 2012


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

KCE Annual Report 2012

262


263

KCE Annual Report 2012

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

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

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

-

347,099 818,663 1,165,762

405,024 911,834 1,316,858

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

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

-

1,578 29,956 31,534

Service provider business 2012 2011

90,417 111,734 202,151

-

Chemical business 2012 2011

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

Property, plant and equipment Other assets Total assets

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

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

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

2012

Total 2011

(Unit : Thousand Baht)

(359) (2,303) 128,951

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

2012

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

Total

(Unit : Thousand Baht)

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

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

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

Chemical business Eliminating entries 2012 2011 2012 2011

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

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

Prepreg and Laminate business 2012 2011

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

The Company and its subsidiariesâ&#x20AC;&#x2122; operations mainly involve business segments in printed circuit board, prepreg and laminate products with production facilities in Thailand and operate in both local and overseas markets. Financial information of the Company and its subsidiaries by business for the years ended 31 December 2012 and 2011 is as follows:

21 Segment information


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

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

159,011

-

53,729

-

-

(78,663)

-

(22,017)

23 Selling expenses

Freight charge Commission expense Employee benefit expenses Others Total

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

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

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

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

24 Administrative expenses

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

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

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

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

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

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264


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

12 23 23

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

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

1,969,587 506,095 173,768

2,061,073 474,000 150,911

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

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

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

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

26 Finance costs

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

12

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

171,838

153,755

51,619

44,775

(12,559) 159,279

(262) 153,493

51,619

44,775

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

265

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KCE Annual Report 2012

266 5 years

Granted (Expired)

Granted

Granted

Granted

4 June 2000

1 September 3 November 1 September 2006 2000 2003

7 July 2004

2 May 2007

25 June 2001

Granted (Expired)

Granted

7 years (Expired)

22 December 2009

Granted (Expired)

3 years (Expired)

Not granted Not granted Not granted Not granted

3 years (Expired)

8 August 1998

Granted

Granted (Expired)

3 years (Expired)

Granted (Expired)

Granted

Granted

Not granted

3 years (Expired)

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

Granted

Granted (Expired)

3 years (Expired)

8 years

1 November 2004

Granted (Expired)

Granted

21 August 2012

Not granted

Granted

Not granted Not granted

7 years (Expired)

19 April 2007

Not granted

Granted

Not granted

8 years

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

Granted (Expired)

3 years (Expired)

3 years (Expired)

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

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

Details 1. Certificate No. 2. Promotional privileges for

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

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

28 Promotional privileges


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

-

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

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

2011 NonPromoted promoted businesses businesses -

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

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

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

712,328

132,021

322,189

257,865

472,224 (8,170)

471,067 (4,150)

472,224 (8,170)

471,067 (4,150)

464,054

466,917

464,054

466,917

(5,112)

(3,685)

(5,112)

(3,685)

1,497

813

1,497

813

460,439 1.55

464,045 0.28

460,439 0.70

464,045 0.56

267

KCE Annual Report 2012


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

Separate financial statements 2012 2011

(thousand Baht/ thousand shares)

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

712,328

132,021

322,189

257,865

460,439 64

464,045 62

460,439 64

464,045 62

460,503 1.55

464,107 0.28

460,503 0.70

464,107 0.56

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

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268


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

0.10 – 2.50

397 397

-

-

397 397

0.10 – 3.15

536 536

-

-

536 536

269

KCE Annual Report 2012


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

Total

0.10 – 0.75

95 95

-

-

95 95

0.10 – 0.75

142 142

-

-

142 142

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

KCE Annual Report 2012

270

1.20 – 7.90

2,812

-

-

2,812

1.88 – 7.92 2.25 – 5.64

20 1,373 4,205

9 1,317 1,326

-

29 2,690 5,531

1.35 – 4.78

3,551

-

-

3,551

1.88 – 7.92 2.13 – 6.00

51 353 3,955

24 1,260 1,284

-

75 1,613 5,239


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

Total

1.20 – 7.65

710

-

-

710

3.77 – 5.12 2.25 – 5.64

15 302 1,027

5 613 618

-

20 915 1,645

1.35 – 4.78

1,214

-

-

1,214

3.77 – 5.12 2.13 – 5.50

44 125 1,383

19 229 248

-

63 354 1,631

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

271

KCE Annual Report 2012


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

Separate financial statements

Currency Financial assets

Financial liabilities

Financial assets

Financial liabilities

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

50,839 8,891 260 -

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

20,801 8,038 260 -

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

45,062 836 2,019 53 6 5

30.3873 40.1344 48.8331 0.3500 24.6996 33.1686 3.9043

30.7775 40.8603 49.7030 0.3580 25.2835 33.8519 3.9813

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

(Unit : Thousand Baht) Separate financial statements 2012 2011

2,970 296

1,219 84

-

-

5,383 3,200

11,865 3,609

1,383 3,200

4,432 2,800

Currency call option agreements Currency

Call option

US dollar

Bought amount

Strike rate

Delivery date

(Thousand) 10,000

(Baht per unit of foreign currency) 31.70

7 January 2013

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

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272


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

273

KCE Annual Report 2012


32 Commitments

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

166,067 166,067

25,393 25,393

21,277 21,277

14,470 14,470

39,508 2,007 41,515

31,596 2,608 34,204

17,405 336 17,741

17,313 1,520 18,833

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

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274


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

TAS 12 TAS 21 (revised 2009) TFRS 8

Year effective

Topic

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

2013 2013 2013

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

275

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

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

Consolidated financial statements 2012 2011

(Unit : Thousand Baht) Separate financial statements 2012 2011

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

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

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

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

The impact on the statements of comprehensive income for 2013 and subsequent periods is not presently determinable. TAS 21 (revised 2009) - The effects of changes in foreign exchange rates The principal change introduced by TAS 21 is the introduction of the concept of functional currency, which is defined as the currency of the primary economic environment in which the entity operates. TAS 21 requires the entity to determine its functional currency and translate foreign currency items into its functional currency, reporting the effects of such translation in accordance with the provisions of TAS 21. Foreign currencies are defined by TAS 21 as all currencies other than the entityâ&#x20AC;&#x2122;s functional currency. Management has determined that the functional currency of the Company is Thai Baht. Accordingly, the adoption of TAS 21 from 1 January 2013 is not expected to have a significant impact on the Groupâ&#x20AC;&#x2122;s reported assets, liabilities, or retained earnings.

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276


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

-

The reclassifications have been made because, in the opinion of management, the new classification is more appropriate to the Groupâ&#x20AC;&#x2122;s business.

277

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ÄŤĹ?Ĺ?Ĺ&#x2039;Ĺ&#x201C;Ä´Ĺ&#x2018;Ĺ&#x203A;Ĺ&#x153;Ĺ&#x2014;Ĺ&#x17D;efĹłb Items General Information Summarized Financial Data Nature of Business Risk Factors and Risk Management Shareholders and Management Structures Shareholders Management Corporate Governance Report Connected Transactions Management Explanation and Analysis Financial Statements

KCE Annual Report 2012

278

Page 207 - 208 141 146 203 - 206 147, 155 148 149 - 154 157 - 190 201 - 202 195 - 200 212 - 277


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Annual Report 2012  

Annual Report

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