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CONTENTS ´ ´¥ ªµ¤Á­¸¥É Risk Factors à ¦ ­¦Êµ µ¦ º°®» Ê Â¨³ µ¦ ´ µ¦ Shareholding and Management Structures ¦µ¥ µ¦¦³®ªÉµ ´ Connected Transactions ¶° · µ¥Â¨³ µ¦ª·Á ¦µ³®Í ¨ µ¦ ¶Á · µ ¨³ µ ³ µ¦Á · Management Discussion and Analysis °´ ¦µ­Éª µ µ¦Á · Financial Ratio µ¦Á · Financial Statements ®¤µ¥Á® » ¦³ ° µ¦Á · Notes to Financial Statements ɵ °  ° ¼­Ê ° ´ ¸ Audit Fee

É° ´ Ê ¦µ µ ªµ¤¤´ É ­¤ ¼¦ ÍÂ Ä µ ¦· µ¦ ʵ µ¦ É°­¦Êµ °¥Éµ ¦ ª ¦ £µ¥Ä Ê®¨´ µ¦ ¦¦¬´ £· µ¨ ESTABLISH CONSTANT FOUNDATION FOR THE ABSOLUTE FULL CONSTRUCTION SERVICE PROVIDER UNDER THE PRINCIPLES OF GOOD CORPORATE GOVERNANCE

VISION

Thai Asset Mangement Corportation

ZZZ HPF FR WK

26 27

Ê°¤¼¨ µ µ¦Á · à ¥­¦» ° ¦·¬ ´ Summary of Financial Information ­µ¦ µ ¦³ µ ¦¦¤ µ¦ ¦·¬ ´ Message from the Chairman ¦µ¥ µ ° ³ ¦¦¤ µ¦ ¦ª ­° Audit Committee Report  ´ ° Í ¦ Organization Structure ¦µ¥ µ¤ ³ ¦¦¤ µ¦ ¦·¬ ´ The Board of Directors Ê°¤¼¨ ´ªÉ Å General Information Á® » µ¦ Í­¶ ´ Ä ¸ ɸ µÉ ¤µ Key Events 2008 ¨´ ¬ ³ µ¦ ¦³ ° »¦ · Nature of Business

CONTENTS 46 47 52 53 84 86 88 89 104 105 106 134 115 143

DEDICATION TO ENGINEERING EXCELLENCE

162 163

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¦µ¥ µ ¦³ ¶ ¸ 2551

2

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

˯£»§ ´ ´¥Â ¶ Ä ¤¬¥º ¯ ¥¶« ³

6800$5< 2) ),1$1&,$/ ,1)250$7,21 (® ɪ¥ : ¨Êµ µ )

¯·Â¯É£ ·

Á ¨¸¥É  ¨ %

2551

2550

Á ¨¸¥É  ¨ %

3

2549

(Unit : Mil.Baht)

Á ¨¸¥É  ¨ %

EMC

Ê°¤¼¨ µ µ¦Á ·

Change %

2008

2007

Change %

2006

Change %

SUMMARY OF FINANCIAL STATEMENT

­· ¦´¡¥Í¦ª¤

2,025.06

7.72

1,879.95

10.54

1,700.64

24.54

Total Assets

2,025.06

7.72

1,879.95

10.54

1,700.64

24.54

® ¸­Ê · ¦ª¤

1,005.67

(8.33)

1,097.04

6.83

1,026.91

33.63

Total Liabilities

1,005.67

(8.33)

1,097.04

6.83

1,026.91

33.63

­Éª ° ¼ Ê °º ®» Ê

1,019.39

30.21

782.91

16.20

673.74

12.84

Shareholders’ Equity

1,019.39

30.21

782.91

16.20

673.74

12.84

¦µ¥Å Ê µ µ¦ µ¥

2,737.03

(8.24)

2,982.96

31.58

2,267.05

9.67

Service Revenues

2,737.03

(8.24)

2,982.96

31.58

2,267.05

9.67

¦µ¥Å ʦª¤

2,756.10

(8.06)

2,997.79

31.36

2,282.03

9.61

Total Revenues

2,756.10

(8.06)

2,997.79

31.36

2,282.03

9.61

¶Å¦ ´ Ê Ê

187.68

(24.12)

247.33

121.57

111.62

(27.66)

187.68

(24.12)

247.33

121.57

111.62

(27.66)

98.76

(32.53)

146.38

298.66

36.72

70.68

98.76

(32.53)

146.38

298.66

36.72

70.68

¶Å¦( µ » )­» ·

Gross Profit Net Profit

°´ ¦µ­Éª µ µ¦Á ·

FINANCIAL RATIO

°´ ¦µ ¶Å¦­» ·

3.58%

(26.62)

4.88%

203.48

1.62%

55.72

Net Profit Margin

3.58%

(26.62)

4.88%

203.48

1.62%

55.72

°´ ¦µ ¨ °  ° ¼ Ê °º ®» Ê

10.96

(45.47)

20.01%

247.71

5.78%

53.02

Return on Equity

10.96

(45.47)

20.01%

247.71

5.78%

53.02

°´ ¦µ ¨ °  µ ­· ¦´¡¥Í

5.06

(38.14)

8.18%

242.10

2.39%

44.33

Return on Total Assets

5.06

(38.14)

8.18%

242.10

2.39%

44.33

¶Å¦­» · °É ®» Ê ( µ )

*0.03

(90.32)

0.31

287.50

0.08

55.40

Earnings Per Share (Baht)

*0.03

(90.32)

0.31

287.50

0.08

55.40

-

(100.00)

0.15%

275.00

0.04%

100.00

Dividends Per Share (Baht)

-

(100.00)

0.15%

275.00

0.04%

100.00

0.19

(88.34)

1.63

6.54

1.53

2.74

0.19

(88.34)

1.63

6.54

1.53

2.74

Á · ´ ¨ É°®» Ê ¤¼¨ ɵ®» Ê µ¤ ´ ¸ ( µ )

Book Value Per Share (Baht)

* Ä ¸ 2551 ¦·¬ ´ ¤¸ µ¦ ¦´ ¨ ¤¼¨ ɵ®» Ê ­µ¤´ µ Á ·¤ ®» Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ

* In 2008, EMC changed of the issued value of the share from one baht each to 0.10 baht each

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4

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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lthough 2008 was still the year the economic situation as a whole was adversely affected by negative factors, especially due to financial problem in USA which was spreading and creating drastic damage to economic system globally, Thailand was not excepted. All these things slowed down of construction business, especially during the later half of 2008, causing the competition in construction business to get more intense continuously.

°¥Éµ Ŧ È µ¤ µ  ª µ µ¦ ¦´ ¦» ¨³¡´ µ µ¦ ¦·®µ¦ µ¦ ´ µ¦°¥Éµ ¤¸¦³ ¨³ É°Á ºÉ° Ä ¸ 2551 Ťɪɵ ³Á È µ¦¡´ µ¦³ µ¦ ¦³ µ¥ ªµ¤Á­¸É¥ Ä µ¦¦´ µ à ¥Ä®Ê ªµ¤­¶ ´ Ä Á¦º°É ° µ¦ ¦·®µ¦ ´ µ¦ ªµ¤Á­¸¥É µ µ¦ ¦´ ¶¦³Á · Á È ¨¶ ´ ¦ ¦ª¤ ´Ê µ¦¦´ µ É°­¦Êµ Ä ¨»É¤ »¦ · ¸É®¨µ ®¨µ¥ ¤µ ¥· É ¹ Ê °µ · «¼ ¥Í µ¦ 浀 ¦¼  ° Community Mall ®¦º° Lifestyle Mall ¦ª¤ ´ Ê µ¦¦´ µ É°­¦Êµ Ä ¨»¤É ° æ µ ¨³ µ Ä ­Éª ¦µ µ¦ ° µ ´ Ê µ¦¡´ µ¦³ µ¦ ¦·®µ¦ ¦³¤µ à ¦ µ¦ ¸É¤¸ ¦³­· ·£µ¡ ¥´ ɪ¥ ¶Ä®Ê ¦·¬´ ² ­µ¤µ¦ ª »¤ Ê » µ¦ É°­¦Êµ Å ÊÁ È °¥Éµ ¸ ɵ¤ ¨µ £µª³ µ¦ ´ ª ° ¦µ µª´­ » °É ­¦Êµ ¶Ä®ÊÄ ¸ 2551 µ ¦·¬ ´ ² ¥´ ­¦Êµ ¨ ¶Å¦ ¦´ ¬µ°´ ¦µ­Éª µ µ¦Á · Ä ¦³ ´ ¸Å Ê°¥Éµ É°Á º°É

However, improvement and development management guidelines systematically and continuously last year, no matter it was risk spreading in securing jobs by lending due significance to risk administration in receiving money as first priority, or securing more construction jobs in various business groups, such as trade centers in the form of community mall, or life style mall, as well as securing construction jobs in factory groups, and in Government sector, in addition to development of project’s budget administration with efficiency, assisted the Company to be able to well control construction cost amid fluctuation of construction material costs, and still made profit in 2008, as well as retaining financial rate at good level continuously.

­¶®¦´ Ä ¸ 2552 ¤ʪɵ ³Á È ¸ ¸É¥µ ¨¶ µ Ä µ¦ ¶Á · »¦ · °¸ ¸® ¹É Â É Êª¥ ªµ¤¤»É ¤´É ° ³ ¼Ê ¦·®µ¦ ¨³¡ ´ µ ¨° µ¦­ ´ ­ » µ »¦ · ° ¼ É µÊ °¥Éµ É°Á º°É ª ¼ÅÉ ´ µ¦ ¦·®µ¦ µ¦ ´ µ¦°¥Éµ ¤¸ ¦³­· ·£µ¡ à ¦É Ä­ µ¤®¨´ ¦¦¬´ £· µ¨ ¶Ä®Ê ¦·¬ ´ ² ¤¸ ªµ¤¤´ É Ä Á È °¥Éµ ¥· É ªÉµ ³­µ¤µ¦ ¶¡µ ¦·¬ ´ ² ɵª· § µ¦ ÍÄ ¦´ Ê ¸ÅÊ Å Ê ( µ¥ ³ ´¥ ¨¸ ³ ¦¦ ) ¦³ µ ¦¦¤ µ¦ ¦·¬ ´

5

For 2009, although it is another tough year for conducting business, but commitment of the executive team and employees as well as business support by trade partners coupled with effective management, transparent administration in accordance with corporate governance give the Company confidence that it will go through the crisis situation this time safe and sound.

­» ʵ¥ ¸Ê Ä µ¤ ° ³ ¦¦¤ µ¦ ¦·¬ ´ ² ¼ Ê ¦·®µ¦ ¨³¡ ´ µ » ɵ ¤Ä ¦É ° ° ¡¦³ » ¨¼ ʵ ¼ Ê °º ®» Ê ¡´ ¤· ¦ µ µ¦ ʵ ¨° ­ µ ´ µ µ¦Á · ¸ÅÉ ÊÄ®Êð µ­ Ä®Ê ªµ¤Á º°É º° ¨³ µ¦­ ´ ­ » Â É µ ¦·¬ ´ ² °¥Éµ É°Á º°É ʪ¥ ¸ ¤µ ¨°

Finally, on behalf of the Board of Directors, executives and all employees, I would like to thank our valued customers, shareholders, trade alliances, as well as financial institutes, for giving us the opportunities, confidence and support continuously and always.

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(Mr. Chanachai Leenabanchong) Chairman

6

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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( µ¥ ¼¡ «Í Á«¦¬ ¦) ¦¦¤ µ¦ ¦ª ­°

( µ ­» ¥¸ Í «¦Å ¥ ³­» ) ¦¦¤ µ¦ ¦ª ­°

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8

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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9

$8',7 &200,77(( 5(3257 TO THE SHAREHOLDERS OF EMC PUBLIC COMPANY LIMITED

T

he Audit Committee has performed duties pursuant to the scope of authority and duties of the Audit Committee Charter prescribed by the Stock Exchange of Thailand (“the SET”) and the relevant laws, and as assigned by the Board of Directors, based on the good governance principles. The Audit Committee held a total of 10 meetings in 2008 with full attendance from members and the management and other concerned parties from the finance and accounting work units, etc.,. The Audit Committee appropriately discuss and shared and efficient monitoring and audit. The auditor of the Company attended the meeting regarding the matters concerned. The Audit Committee is composed of three independent directors who are neither executives nor employees, namely 1. Dr. Jurairat Uhaka Chairman of the Audit Committee 2. Mr. Chupong Tanasettakorn Member of the Audit Committee 3. Mrs. Sunee Sornchaitanasuk Member of the Audit Committee

(Dr.Jurairat Uhaka)

Duties and responsibilities of the Audit Committee can be summarised as follows: 1. To review the Connected Transactions, or the transactions that may lead to conflicts of interests, to ensure that they are in compliance with the laws and the Exchange’s regulations, and are reasonable and for the highest benefit of the Company. Based on the revision, all transactions are in accordance with normal courses of business and are revealed and practiced, following rules and directions drawn by the Stock Exchange of Thailand precisely. 2. To review the Company’s quarterly financial reports and annual reports that have been reviewed and audited by authorized auditor with the authorized auditor and the Company’s management, prior to disclosure to The Stock Exchange of Thailand and ordinary persons. Financial report review shall be conducted, in accordance with applied accounting standards as well as related laws and regulations, to ensure that reviewed financial information is accurate, complete, credible and transparent. The Audit Committee came to the conclusion that internal control of the financial reporting process was adequate enough to ensure that such financial statements represented the Company’s financial status and operating results accurately, that they were in accordance with legally defined accounting principles, and that they were adequately and promptly disclosed for the benefit of shareholders, investors and users of such statements when making investment decisions.

Chairman of the Audit Committee

(Mr.Chupong Tanasettakorn) Member of the Audit Committee

(Mrs.Sunee Sornchaitanasuk) Member of the Audit Committee

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3. To review the Company’s internal control system and internal audit system, to determine an internal audit unit’s independence, as well as to approve the appointment, transfer and dismissal of the chief of an internal audit unit or any other unit in charge of an internal audit, to review the Company’s enterprise risk management system. The audit committee reviewed sufficiency of the Company’s internal audit system from the audit report dated March 2, 2009 and concluded that the Company’s internal audit system is sufficient to provent and reduce probably risks and that no material weakness is present. 4. To review the Company’s internal audit report that involves the Company’s operations in relation to its plan, reviewed the mission, scope of work, accountability and responsibility, independence, and authority of internal audit activities to ensure that every business units possess better internal control system which will enhance their operations’ effectiveness and efficiency. 5. To review the Company’s compliance with the law on securities and exchange, the Exchange’s regulations, and the laws relating to the Company’s business such as the Public Company Act, Securities and Exchange acts, Regulations of the Securities and Exchange Commission, and business commitments with third party agreements. The audit committee concluded that the Company operates in adherence to all related laws and regulations strictly and acts in favor of all stakeholders equally with transparency in order to maintain investors and stakeholders’ trust in the Company’s operation. 6. To consider, select and nominate an independent person to be the Company’s auditor, and to propose such person’s remuneration. In 2008, the Audit Committee exercised its judgment and independently fulfilled its duties and responsibilities with sufficient competency, circumspections and full access to information from Management, employees and relevant parties. The Audit Committee also gave comment and recommendation on the equitable treatment of stakeholders. In summary, the Audit Committee gave judgment that the Board of Directors, Management and executive directors have operated with an ethical mind and have had the intention of performing duties professionally to achieve the Company’s goals. Furthermore, the Company has committed itself to an importance of business principle under effective corporate governance.

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47 ¸ Ťɤ¸ ¦· µÃ ­µ µª· µ »¦ · °» ­µ® ¦¦¤ ¼­Ê ° ´ ¸¦ ´ ° » µ Á¨ ¸É 3733 ¦³ µ« ¸¥ ´ ¦ ´Ê ­¼ µ µ¦­° ´ ¸ ¤®µª· ¥µ¨´¥ ¦¦¤«µ­ ¦Í ¦· µ ¦¸ ´ ¸ ¤®µª· ¥µ¨´¥ ¦¦¤«µ­ ¦Í DAP ¦» É 28/2547 DCP ¦» É 53/2548 ACP ¦» É 5/2548 Director Diploma Examination 18/2005 (Follow member) Monitoring the System of International Control and Risk management Current Issue Seminar 1/2008 Monitoring the Internal Audit Function Role of the Chairman Program Chartered Director Class 3/2008

• ¦¦¤ µ¦ ¦·¬´ , ¦¦¤ µ¦ ¦ª ­° ¨³ ¦¦¤ µ¦°·­¦³ ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) • ¦¦¤ µ¦ / ¦¦¤ µ¦ ¦ª ­° ¦·¬ ´ »¥Ì Á°È Á°¢ ¸ ¶ ´ (¤®µ ) • ¦¦¤ µ¦ / ¦¦¤ µ¦ ¼ Ê ´ µ¦ ¦·¬ ´ «¼ ¥Í µ¦Å Ê¥ · Á¤ ¶ ´ • ¦¦¤ µ¦ / ¦¦¤ µ¦ ¼ Ê ´ µ¦ ¦·¬ ´ »­ · Á¤ ¶ ´ • ¦¦¤ µ¦Â¨³Á¨ µ » µ¦ ° » ¡¦³¦µ µ Á¡ºÉ°­ Á ¦µ³®Í ¥µ Å¦Ê Ä ­¤Á È ¡¦³Á ¡¦´ ¦µ ­» µ ­¥µ¤ ¦¤¦µ »¤µ¦¸ ¦³ ¶«¼ ¥Í µ¦Â¡ ¥Í ­¤Á È ¡¦³Á ¡¦´ ¦µ ­» µ² ­¥µ¤ ¦¤¦µ »¤µ¦¸ ¤®µª· ¥µ¨´¥«¦¸ ¦· ¦ª·Ã¦ ° ¦´ ¬Í • ¦¦¤ µ¦ ¦·®µ¦®¨´ ­¼ ¦ ³Â¡ ¥«µ­ ¦Í «¼ ¥Í µ¦Â¡ ¥Í­¤Á È ¡¦³Á ¡¦´ ¦µ ­» µ² ­¥µ¤ ¦¤¦µ »¤µ¦¸ ¤®µª· ¥µ¨´«¦¸ ¦· ¦ÍªÃ· ¦ ° ¦´ ¬Í • ¦¦¤ µ¦ ¼Ê ¦ » ª» · «¼ ¥Í µ¦Â¡ ¥Í­¤Á È ¡¦³Á ¡¦´ ¦µ ­» µ² ­¥µ¤ ¦¤¦µ »¤µ¦¸ ¤®µª· ¥µ¨´¥«¦¸ ¦· ¦ª·Ã¦ ° ¦´ ¬Í • ¦¦¤ µ¦Â¨³Á®¦´ · ­¤µ ¤ª· ¥´ ª·«ª ¦¦¤ ¸ª µ¦Â¡ ¥ÍÅ ¥ • ¦¦¤ µ¦ / ¦¦¤ µ¦ ¦ª ­° Å ¥Á ¦¸¥ ¦» Ë ¶ ´ (¤®µ ) • ¦³ µ ¦¦¤ µ¦ ¦·¬ ´ ¦·¬ ´ Á Á °¦´¨ Á° ·Á ¸¥¦· É ¶ ´ • ¦¦¤ µ¦ / ¦¦¤ µ¦ ¦ª ­° ° Í µ¦­ª ­´ ªÍ Ä ¡¦³ ¦¤¦µ ¼ ´¤£Í • ¦¦¤ µ¦ ¦·¬ ´ Á ¸¥ Ä®¤ÉÅ ¥ ·¨ Í ¶ ´ • ¸É ¦¹ ¬µÂ¨³ªµ  ʵ £µ¬¸ • ¸É ¦¹ ¬µ ʵ ´ ¸ µ¦Á · • ¼Ê ¦ª ­° ʵ °» ­µ® ¦¦¤Å¢¢Êµ, °» ­µ® ¦¦¤­·É °, °» ­µ® ¦¦¤Á®¨È °» ­µ® ¦¦¤Ã¦ ¦¤, °» ­µ® ¦¦¤Á ¦ºÉ° °´ ¤ ¸, °» ­µ® ¦¦¤¦ ¥ Í, Á · » ®¨´ ¦´¡¥Í, Á ɵ ºÊ°Â¨³°» ­µ® ¦¦¤Á®¤º° Â¦É ªµ ¦³ ¨³¡´ µ¦³ · ´ · µ ¨³¦³ ´ ¸Á ¸É¥ª ´ °» ­µ® ¦¦¤Å¢¢Êµ, °» ­µ® ¦¦¤­·É ° °» ­µ® ¦¦¤Á®¨È ¨³Ã¦ ¦¤ • µ¦° ¦¤ - English for Academic and Research Communication The University of Queensland, Australia - µ¦Á¤º° µ¦ ¦° Ä ¦³ ° ¦³ µ · Å ¥ ­¶®¦´ ´ ¦·®µ¦¦³ ´ ­¼ ¦» É ¸É 10 ­ µ ´ ¡¦³ Á ¨Êµ - Strategic management Workshop University of California Berkeley Ťɤ¸

Œ¾¼ÂŠÂľÂœÂžÂŚÂłÂ‹ÂśÂž¸ 2551

22

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

„˯£§Â™ÂłĂŠŠĂ†Â?

23

*(1(5$/ ,1)250$7,21

&203$1< ,1)250$7,21

„˯£§Ă‚ƒ¡ĂŠ¤ŠÂƒÂłÂœÂœ¼œ³Â™ Â?º°Ă‰ Â?Œ¡Âš´

: Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

Company Name

: EMC Public Company Limited

š¸Â˜Ă‰ ŠÊ´ ­œÂœ´Â„ÂŠÂľÂœĂ„ÂŽÂ?É

: 140/66-67 °¾Â‡¾ŒĂ…°Âš¸à °¢Âš¾ªà ª°ŒĂ? Â?´ÂœĂŠ 28-30 ™œœ­¸¨¤ …ªŠ­Œ¼¡ ªŠĂ? Ă Â…Â˜Â?¾ŠΫ„ „ŒŠà š¥² 10500

Head Office

: 28-30 Floor, ITF Tower, 140/66-67 Silom Road, Kwaeng Suriyawong, Khet Bangrak, Bangkok 10500

¨´Â„–³„¾ŒÂžÂŚÂłÂ„°Â?›ŒÂ„¡Â‹

: —ψ Âœ¡ÂœÂ›ŒÂ„¡Â‹ÂšÂľÂŠÂ—ĂŠÂľÂœª¡ªÂ„ŒŒ¤ÂŠÂľÂœÂ„É°­ŒĂŠÂľÂŠĂ‚¨³Â„¾Œª¾ÂŠÂŚÂłÂ?Â?Ă…¢¢ĂŠ¾à ‡Œº°Ă‰ Š„¨Ă„ÂœĂ‚Â…ÂœÂŠ Â˜Ă‰ÂľÂŠ Ç š¸Â‡Ă‰ ÂŚÂ?ªŠ‹Œ

Core Business

: Provide integrated civil and mechanical and electrical construction service

Registration No.

: 0107538000321

Registered Capital

: 724,343,476 Baht

à ¨Â…Âš³à Â?¸¼ÂœÂ?Œ¡Âš´

: 0107538000321

ÂšÂťÂœÂ‹Â—Âš³à Â?¸¼Âœ

: 724,343,476 �¾š

Paid-up Capital

: 586,319,361 Baht

ÂšÂťÂœà Œ¸¼Â„Â?œŒ³Ă‚¨ĂŠÂŞ

: 586,319,361 �¾š

Par value

: 0.10 Baht per share

¤Ÿ¨Â‡Ă‰ÂľÂš¸Â˜Ă‰ Œ¾ÅªÊ

: 0.10 Â?¾š Â˜Ă‰°ŽÂœĂŠ

Home page

: www.emc.co.th

Ăƒ¹¤à ¥Â‹

: www.emc.co.th

Telephone

: 02-615-6100

ĂƒÂšŒ´¥ÂšĂ?

: 02-6156100

Facsimile

: 02-615-6128 – 30

ĂƒÂšŒ­¾Œ

: 02-6156128 – 30

-85,67,& 3(56216 :+,&+ 7+( &203$1< +2/'6 6+$5(6 $1' $%29( Â›ÂśÂ—ÂœÂś †º †§Â™¡ÂœĂŠ ¼œÂ™Âł ˜š¯­ºÂ›Ă‹ —³‰Ë ĂƒÂ—ĂŠÂĽÂŻĂ‹ ¤§² „¸Â›Ă‹ ÆÂ?

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27+(5 5()(5(1&(6 ÂœÂşÂ†Â†§¯Ă‹´Â‰ÂŻÂśÂ‰¯šĂŠÂ›Ăˆ COMPANY REGISTRAR Âœ¾¼Âš³à Â?¸¼ÂœŽ¨´Â„šŒ´¥¼Ă? • • Â?Œ¡Âš´ ÂŤÂźÂœÂĽĂ?ÂŚÂ?´  ¾Â„Ž¨´Â„šŒ´¥¼Ă? (žŒ³à šÅš¼) ‹œ„´Â—

Thailand Securities Depository Co., Ltd. 62 The Stock Exchange of Thailand Building, Rajadapisek Road, Klongtoey, Bangkok 10110

à ¨Â…Âš¸Ă‰ 62 °¾Â‡¾ŒÂ˜¨¾Â—Ž¨´Â„šŒ´¥¼Ă?ŽɊžŒ³à šÅš¼ ™œœΫÂ?—¾£¡à Â„ Ă Â…Â˜Â‡¨°ÂŠĂ Â˜ÂĽ „ŒŠà š¥² 10110

Telephone 02-229-2800 Facsimile 02-359-1259

ĂƒÂšŒ´¥ÂšĂ? 02-229-2800 ĂƒÂšŒ­¾Œ 02-359-1259

•

• ­Ă‰ÂŞÂœÂ?Œ¡Â„¾ŒÂ&#x;Ÿ°ĂŠ °Â„Ž¨´Â„šŒ´¥¼Ă?

Issuer Services Unit Capital Market Academy Building, 2nd floor, 2/7 Moo 4, Northpark project, Vibhavadi-Rangsit Km.27,

°¾Â‡¾Œ­Â™ÂľÂ?´Âœª¡ÂšÂĽÂľÂ„¾ŒÂ˜¨¾Â—ÂšÂťÂœ Â?´ÂœĂŠ 2, à ¨Â…Âš¸Ă‰ 2/7 Ž¤ŸĂ‰ 4 ĂƒÂ‡ÂŚÂŠÂ„¾ŒÂœ°ŒĂ?›ž¾ŒĂ?‡ ™œœª¡£¾ªÂ—¸ŒÂŠ´ ­¡Â˜ „¤.27 Thung songhong, Laksi, Bangkok 10210 …ªŠšŠÉ ­°ÂŠÂŽĂŠ°ÂŠ Ă Â…Â˜Ž¨´Â„­¸Ă‰ „ŒŠà š¥² 10120 Telephone 02-596-9000

ĂƒÂšŒ´¥ÂšĂ? 02-596-9000 ĂƒÂšŒ­¾Œ 02-832-4994-5

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Facsimile 02-832-4994-5

24

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

¼­Ê ° ´ ¸ 1. µ¥­»¦ ´¥ 2. µ¥ ¦³ª· ¥Í

AUDITOR ¶Á · ª «Í ª·£«¼ ¦· · » Í

¼­Ê ° ´ ¸¦ ´ ° » µ Á¨ ¸É 4721 ®¦º° ¼­Ê ° ´ ¸¦ ´ ° » µ Á¨ ¸É 3752

¦·¬ ´ °µ¦ÍÁ°­Á°È¤ °° · Á °¦Íª­· Á ­ ( ¦³Á «Å ¥) ¶ ´

1. Mr.Surachai

Damnoenwong CPA License No. 4721 or

2. Mr.Prawit

Wipusirikup

CPA License No. 3752

RSM Audit Services (Thailand) Limited

Á¨ ¸É 175 ­µ ¦ · ʸ µªÁª°¦Í ´ Ê 9 ­µ ¦Ä Ê Â ª » É ¤®µÁ¤ Á ­µ ¦ ¦» Á ¡² 10120

9th Floor, Sathorn City Tower, 175 Sathorn Road, Thungmahamek, Sathorn, Bangkok 10120

à ¦«´¡ Í 02-670-9002-6 à ¦­µ¦ 02-670-9027-8

Telephone 02-670-9002-6

Facsimile 02-670-9027-8

E-Mail : askus@rsmthailand.com E-Mail : askus@rsmthailand.com ¸ É ¦¹ ¬µ µ ®¤µ¥

LEGAL COUNSELS

• ¦·¬ ´ ­¶ ´ ®¤µ¥ °· ·Á¡ Á Í ¶ ´

• Independent Law Office

Á¨ ¸É 31 °µ µ¦¡ µÅ ´ Ê 8 ¡ µÅ Á ¦µ Á ª¸ ¦» Á ¡² 10400

8th Floor, Phayathai Building, 31 Phayathai Road, Kwaeng Thanonphyathai, Ratchathewi, Bangkok 10400

à ¦«´¡ Í 02-642-7642 à ¦­µ¦ 02-642-7649

Telephone 02-642-7642 Facsimile 02-642-7649

• ¦·¬ ´ ­¶ ´ µ ®¤µ¥- ´ ¸ Å°. ¸ ¶ ´

• IT Law and Accounting Co., Ltd.

Á¨ ¸É 38/2 °¥¨µ ¡¦Êµª 94 ¨µ ¡¦Êµª  ª ª´ ° ®¨µ Á ª´ ° ®¨µ ¦» Á ¡² 10310

38/2 Soi Ladprao 94, Ladprao Road, Wangthonglang, Bangkok 10310

à ¦«´¡ Í 02-514-3203-5 à ¦­µ¦ 02-514-3206

Telephone 02-514-3203-5 Facsimile 02-514-3206

• ¦·¬ ´ · Á ° Í Â°¨Ã ·Á° ­Í ¶ ´

• Chinnadej & Associates Co., Ltd.

Á¨ ¸É 140/22 °µ µ¦Å° ¸Á°¢ µªÁª°¦Í ´ Ê 12 ­¸¨¤ Á µ ¦´ ¦» Á ¡² 10500

12th Floor, ITF Tower, 140/22 Silom Road, Kwaeng Suriyawong, Khet Bangrak, Bangkok 10500

à ¦«´¡ Í 02-231-6083-7 à ¦­µ¦ 02-231-6491

Telephone 02-231-6083-7 Facsimile 02-231-6491 •

• ¦·¬ ´ ­» ¦Á ¡ ° Í ¡µ¦Í Á °¦Í­ ¶ ´

Soonthornthep & Partners Co.,Ltd.

Á¨ ¸É 52/16 °µ µ¦­¸¨¤ ° à ¤·Á ¸¥¤ ´ Ê 6 °¥«µ¨µÂ 2 ­¸¨¤ Á µ ¦´ ¦» Á ¡² 10500

6th Floor, Silom Condominium, 52/16 Soi Saladaeng 2, Silom Road, Khet Bangrak, Bangkok 10500

à ¦«´¡ Í 02-236-5906-8 à ¦­µ¦ 02-236-6909

Telephone 02-236-5906-8 Facsimile 02-236-6909

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25

26

Œ¾¼ÂŠÂľÂœÂžÂŚÂłÂ‹ÂśÂž¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

Ă‚­Â—ÂşÂƒ´¼Â•ĂŽÂŹÂľÂ†ÂłÂ?śÂ?¡Â™¡ĂŠÂžĂŠ´Â›£´

.(< (9(176

ÂŁÂƒ¼´Â†ÂŁ

-DQXDU\

• Â?Œ¡Âš´ ŗʌÂ?´ „¾ŒªĂ‰ÂľÂ‹ĂŠÂľÂŠÂ„É°­ŒĂŠÂľÂŠ/ª¾ŠŒ³Â?Â? —´ÂŠÂœ¸ĂŠ 1. ÂŠÂľÂœÂŚÂłÂ?Â?žŒ³„°Â?°¾Â‡¾Œ ĂƒÂ‡ÂŚÂŠÂ„¾Œ à š­ĂƒÂ„ĂŠ Ăƒ¨Â˜´­ ž¾„Â?ɰŠ (Building A) Â&#x;ٻĂŠ ¾É ‹Ê¾Š Â?Œ¡Âš´ à °Â„-Â?´¼ —¸­ÂšŒ¡Â?ª¡ Â?´ÂœĂ‰ ‹œ„´Â— ¤Ÿ¨Â‡Ă‰ÂľÂŠÂľÂœ 90.9 ¨ĂŠÂľÂœÂ?¾š . ÂŠÂľÂœÂŚÂłÂ?Â?žŒ³„°Â?°¾Â‡¾Œ ĂƒÂ‡ÂŚÂŠÂ„¾Œ à š­ĂƒÂ„ĂŠ Ăƒ¨Â˜´­ Žžà ž°ŒĂ?¤¾ŒĂ?Ă Â„ĂˆÂ˜ ĂƒÂ‡Â„­œĂƒÂŚÂŠ, ¨¥Â?Œ¸ Â&#x;ٻĂŠ ¾É ‹Ê¾Š Â?Œ¡Âš´ à °Â„-Â?´¼ —¸­ÂšŒ¡Â?ª¡ Â?´ÂœĂ‰ ‹œ„´Â— ¤Ÿ¨Â‡Ă‰ÂľÂŠÂľÂœ 8.3 ¨ĂŠÂľÂœÂ?¾š 3. ÂŠÂľÂœÂŚÂłÂ?Â?žŒ³„°Â?°¾Â‡¾Œ ĂƒÂ‡ÂŚÂŠÂ„¾Œ Bumrungrad International Phase III (Building A) Â&#x;ٻĂŠ ¾É ‹Ê¾Š Â?Œ¡Âš´ ĂƒÂŚÂŠÂĄÂĽÂľÂ?¾¨Â?œŒÂŠŒ¾Â‘ÂŚĂ? ‹œ„´Â— (¤Ž¾Â?Âœ) ¤Ÿ¨Â‡Ă‰ÂľÂŠÂľÂœ 106.0 ¨ĂŠÂľÂœÂ?¾š

•

•

The Company has been awarded a contract as follow :

1. M&E Works Project Owner Price 2. M&E Works Project Owner Price 3. M&E Works Project Owner Price

„¾ŒÂžΫÂ?ĂƒÂ‡ÂŚÂŠ­ŒĂŠÂľÂŠÂ&#x;Ÿ™Ê °º ÂŽÂťÂœĂŠ Œ¾¼Ă„ÂŽÂ?É Œ¾¼¨³à °¸¼Â— —´ÂŠÂœ¸ĂŠ ª´ÂœÂš¸Ă‰ 28 ­¡ÂŠÂŽÂľÂ‡¤ 2550 (ÂšÂťÂœÂ?œŒ³Ă‚¨ĂŠÂŞ 483,084,403 Â?¾š) 1. Âœ¾¼Â?ÂœÂłÂ?´¼ ¨¸ÂœÂłÂ?ŒŒ‹Š 2. Â›ÂœÂľÂ‡¾ŒÂ„ŒŠà š¥ ‹œ„´Â— (¤Ž¾Â?Âœ) 3. Â?Œ¡Âš´ Â?¨¡­-à š¨ ‹œ„´Â— 4. Âœ¾¼Â„Œª•¡ ¨¸ÂœÂłÂ?ŒŒ‹Š 5. ÂœÂľÂŠ­¾ªÂŒ´Â˜ÂŚĂ?­Â—Âť Âľ Ă Â?ĂˆÂ?‹œ¡ŒÂ˜´ ÂœĂ? 6. Â?Œ¡Âš´ Ă…°°¸ÂŽ¸ Ă‚°­à ­Âš ‹œ„´Â— 7. Âœ¾¼°£¡ÂœÂœ´ šĂ? ž´Â?Â?¾„Œ 8. ÂœÂľÂŠÂĄÂŞÂŠ¥´ÂœÂ›Ă? Â?Ÿ¨£´Â„—¡Ă? 9. Âœ¾¼ĂƒÂ„¤¨ ªŠĂ?ÂĄÂŚĂ ÂĄĂˆÂ?£¾¥ 10.Âœ¾¼ªÂ•Â?¡ ¼´ ¨¸ÂœÂłÂ?ŒŒ‹Š 11.Âœ¾¼Â?ÂĽÂťÂ˜¤Ă? ¨¸°ĂŠ ­¡ ­Œ³ÂœÂťÂ„¨Ÿ

27

•

Tesco Lotus Pak Chong (Building A) Eak-Chai Distribution Co., Ltd. 90.9 Mil.Baht Tesco Lotus Kog Samrong, Lop Buri Eak-Chai Distribution Co., Ltd. 8.3 Mil.Baht Bumrungrad International Phase III (Building A) Bumrungrad Hospital Public Company Limited 106.0 Mil.Baht

The restructure of the major shareholders on 28th August 2007 (with the paid-up capital of 483,084,403 baht) the details of which was as the following list:

Â‹ÂśÂœÂŞÂœÂŽÂťÂœĂŠ

ÂŚĂŠ°¼¨³

51,659,800 43,098,021 33,788,700 24,050,000 23,925,400 23,200,000 22,996,600 22,701,600 20,125,520 17,240,000 16,000,000

10.70 8.93 7.00 4.98 4.96 4.81 4.76 4.70 4.17 3.57 3.31

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11.

Mr.Chanachai Leenabanchong Bangkok Bank Public Co., Ltd Bliss-Tel Co.,Ltd. Mr.Koravut Leenabanchong Mrs.Chatsuda Benjanirat IEC Asset Co.,Ltd Mr.Apinan Panyakorn Mrs.Puangpan Boolpak Mr.Komol Wongpornpenpap Mr.Wutthichai Leenabanchong Mr.Chayut Lee-issaranukul

19.10 10.70 6.02 5.02 4.98 4.88

11th 1. 2. 3. 4. 5. 6.

January 2007 (with the paid-up capital of 483,084,403 baht) Mrs.Chatsuda Benjanirat 92,254,100 Mr.Chanachai Leenabanchong 51,659,800 Mr.Chayut Lee-issaranukul 29,087,500 Thai NVDR Co.,Ltd 24,269,675 Mr.Koravut Leenabanchong 24,050,000 Mrs.Puangpan Boolpak 23,564,700

ª´ÂœÂš¸Ă‰ 11 ¤Â„Œ¾‡¤ 2551 (ÂšÂťÂœÂ?œŒ³Ă‚¨ĂŠÂŞ 483,084,403 Â?¾š) 1. ÂœÂľÂŠ­¾ªÂŒ´Â˜ÂŚĂ?­Â—Âť Âľ Ă Â?ĂˆÂ?‹œ¡ŒÂ˜´ ÂœĂ? 92,254,100 2. Âœ¾¼Â?ÂœÂłÂ?´¼ ¨¸ÂœÂłÂ?ŒŒ‹Š 51,659,800 3. Âœ¾¼Â?ÂĽÂťÂ˜¤Ă? ¨¸°ĂŠ ­¡ ­Œ³ÂœÂťÂ„¨Ÿ 29,087,500 24,269,675 4. Â?Œ¡Âš´ Ś¼à °ĂˆÂœª¸Â—°¸ ¾ŒĂ? ‹œ„´Â— 5. Âœ¾¼Â„Œª•¡ ¨¸ÂœÂłÂ?ŒŒ‹Š 24,050,000 6. ÂœÂľÂŠÂĄÂŞÂŠ¥´ÂœÂ›Ă? Â?Ÿ¨£´Â„—¡Ă? 23,564,700

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Shares 51,659,800 43,098,021 33,788,700 24,050,000 23,925,400 23,200,000 22,996,600 22,701,600 20,125,520 17,240,000 16,000,000

% 10.70 8.93 7.00 4.98 4.96 4.81 4.76 4.70 4.17 3.57 3.31

19.10 10.70 6.02 5.02 4.98 4.88

28

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

7. 8. 9. 10.

µ¥ª» · ¥´ ¨¸ ³ ¦¦ µ ­µª­» · µ  ɤª» · ¦¸ µ µ µ¦ ¦» Á ¡ ¶ ´ (¤®µ ) µ¥ µª¦ Á­¦¸ Á¸ ¨·«

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¦Ê°¥¨³

22,550,100 17,747,000 15,473,021 11,391,000

4.67 3.67 3.20 2.36

7. 8. 9. 10.

Mr.Wutthichai Leenabanchong Ms.Suthida Jamwutthipreecha Bangkok Bank Public Co.,Ltd. Mr.Taworn Serideelert

Shares 22,550,100 17,747,000 15,473,021 11,391,000

29

% 4.67 3.67 3.20 2.36

)(%58$5<

º£¢´ ³ Î

• The Company has been awarded a contract as follow : 1. M&E Works Project NorthPoint Condominium Owner Raimon Land Public Co., Ltd. Price 400.8 Mil.Baht • The Board of Director has passed the resolutions as follows : 1. Approved the increase of the authorized capital of the company from 631,668,465 baht to 586,319,361 baht by aborting the unsold 45,349,104 shares each of which was worth one baht. 2. Approved the change of the issued value of the share from one baht each to 0.10 baht each whereas the authorized capital of the company would not change; thus, from 586,319,361 shares worth one baht each, the number changed to 5,863,193,610 shares worth 0.10 baht each. 3. Approved the increase of the authorized capital of the company from 586,319,361 baht to 724,343,476 baht by issuing 1,380,241,150 new ordinary shares worth 0.10 baht each. 4. Approved the issue and the sale of the warrant – EMC-W2, not more than 1,380,241,150 units, for buying the share of the company to the former shareholders. The ratio is 3.5 shares per one warrant. The warrant will last for 3 years and has no salable price. 5. Approved the allocation of the 1,380,241,150 additional shares for the exercise of the right by the holder of the warrant. 6. Approved the dividend payment for the Company’s second half operating result to shareholders at Baht 0.10 per share. Therefore, the Company’s dividends payment for the entire year 2007 will be Baht 0.15 per share. 7. Approved the change of the number of the share and the price for the exercise of the right from EMC-W1 warrant as follows : Former New The number of the warrant 103,234,958 1,032,349,580 The price 2 baht/share 0.20 baht/share 8. Approved the appointment of the auditors from RSM Nelson Wheeler Audit Limited as the Company’s auditor for the year ended 2008, with the remuneration of 1,050,000 baht per year. 9. Approved the additional director who was authorized to sign on behalf of the company as follows: Former condition Mrs. Neeranuch Na-Ranong or Mr. Siriphong Vongvuttipornchai had to sign with Mr. Chanachai Leenabanchong or Mr. Paiboon Thong-Ra-Ar with the seal of the company. New condition Mrs. Neeranuch Na-Ranong or Mr. Siriphong Vongvuttipornchai had to sign with Mr. Chanachai Leenabanchong or Mr. Paiboon Thong-Ra-Ar or Mr. Chirdsak Vitooraporn with the seal of the company. 10. Approved to assign Mr. Boonchai Surapakpinyo to be the new director in order to replace Mr. Pitsanu Kerdlapphol who had left the position. The assignment was activated since 27th February 2008. 11. Approved to assign Mr. Somphop Prompanapitak to be the secretary of the Board Director, effective since 27th February 2008.

• ¦·¬ ´ Šʦ ´ µ¦ªÉµ ʵ É°­¦Êµ /ªµ ¦³ ´ ¸Ê 1. µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ °¦Í ¡°¥ Í ° à ¤·Á ¸¥¤ ¼ªÊ µÉ ʵ ¦·¬ ´ Ŧ¤° Í Â¨ Í ¶ ´ (¤®µ ) ¤¼¨ ɵ µ 400.8 ¨Êµ µ • ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸¤ ·° »¤ ´ · ¨³Ä®ÊÁ­ °Á¦º°É °° »¤ ´ · µ ¸ É ¦³ »¤ ¼ Ê °º ®» Ê ´ ¸Ê 1. µ¦¨ » ³Á ¸¥ ° ¦·¬ ´ µ ¶ ª 631,668,465 µ Á È 586,319,361 µ à ¥ µ¦ ¥ Á¨· ®» Ê ¸¥É ´ ŤÉÅ Ê ¶® ɵ¥ ¶ ª 45,349,104 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 1 µ 2. µ¦Á ¨¸¥É  ¨ ¤¼¨ ɵ®» Ê ¸ É ¦µÅªÊ µ Á ·¤®» Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ à ¥ » ³Á ¸¥ ° ¦·¬ ´ ³ Á ·¤ º° 586,319,361 µ  ɮ Ê» ­µ¤´ ° ¦·¬ ´ ³Á¡·¤É ¹ Ê µ 586,319,361 ®» Ê ¤¼¨ ɵ ¸ É ¦µÅªÊ® Ê» ¨³ 1 µ Á È 5,863,193,610 ®» Ê ¤¼¨ ɵ ¸ É ¦µÅªÊ® Ê» ¨³ 0.10 µ 3. µ¦Á¡·¤É » ³Á ¸¥ ° ¦·¬ ´ µ ¶ ª 586,319,361 µ Á È ¶ ª 724,343,476 µ à ¥ µ¦°° ®» Ê ­µ¤´ Ä®¤É ¶ ª 1,380,241,150 ®» Ê ¤¼¨ ɵ®» Ê ¸ É ¦µÅªÊ® Ê» ¨³ 0.10 µ 4. µ¦°° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¶ ª ŤÉÁ · 1,380,241,150 ® ɪ¥ Ä®ÊÂ É ¼Ê º°®»Ê Á ·¤ Ä °´ ¦µ 3.5 ®»Ê Á ·¤ É° 1 Ä ­¶ ´ ­ ­· · à ¥Ä ­¶ ´ ­ ­· · ¤¸°µ¥» 3 ¸ ¨³Å¤É¤¦¸ µ µÁ­ ° µ¥ 5. µ¦ ´ ­¦¦®» Ê Á¡·¤É » ¶ ª 1,380,241,150 ®» Ê Á¡º°É ­¶¦° Ūʭ¶®¦´ µ¦Ä Ê­ · · ° ¼ Ê °º Ä ­¶ ´ ­ ­· · 6. µ¦ ɵ¥Á · ´ ¨­¶®¦´ ¨ ¦³ ° µ¦ 6 Á º° ®¨´ ° ¸ 2550 Ä °´ ¦µ®» Ê ¨³ 0.10 µ Ä®ÊÂ É ¼ Ê °º ®» Ê ° ¦·¬ ´ ´Ê ¸Ê Á · ´ ¨ µ ¨ µ¦ ¶Á · µ ­¶®¦´ ª ´ ¸ 1 ¤ ¦µ ¤ - 31 ´ ªµ ¤ 2550 ¦ª¤Á È ®» Ê ¨³ 0.15 µ 7. µ¦ ¦´ Á ¨¸¥É ¶ ª ®» Ê Â¨³¦µ µ µ¦Ä Ê­ · · ° EMC-W1 ´ ¸Ê Á ·¤ Ä®¤É ¶ ª Ä ­¶ ´ ­ ­· · 103,234,958 1,032,349,580 ¦µ µ µ¦Ä Ê­ · · 2 µ /®» Ê 0.20 µ /®» Ê 8. µ¦Â É ´Ê ¦·¬´ °µ¦ÍÁ°­Á°È¤ Á ¨­´ ª·¨Á¨°¦Í °° · ¶ ´ (RSM) Á È ¼Ê ¶ µ¦ ¦ª ­° ¨³ ­ ªµ¤Á®È É° µ¦Á · ° ¦·¬ ´ ¦³ ¶ ¸ 2551 à ¥¤¸ µÉ ¦¦¤Á ¸¥¤ 1,050,000 µ É° ¸ 9. µ¦Á¡·¤É Á ·¤ ¦¦¤ µ¦ ¼¤Ê °¸ ¶ µ ¨ µ¤ ¼ ¡´ Á È ´ ¸Ê “ µ ¸¦ » ¦³ ° ®¦º° µ¥«·¦¡· «Í ªÉ° ª» ¡· ¦ ´¥ Ä ® ¹ É ¨ ¨µ¥¤º° º°É ¦Éª¤ ´ µ¥ ³ ´¥ ¨¸ ³ ¦¦ ®¦º° µ¥Å¡ ¼¨¥Í ° ¦³°µ ®¦º° µ¥Á · «´ ·Í ª· ¦¼ µ£¦ Í ¦ª¤Á È ­° ¨³ ¦³ ´ ¦µ ­¶ ´ ° ¦·¬ ´ ” 10. µ¦Â É ´Ê µ¥ » ´¥ ­»¦¡´ ¦Í£· à Á È ¦¦¤ µ¦Á ʵĮ¤É ¦¦¤ µ¦ ¸É¨µ°° à ¥¤¸ ¨ ´ Ê Â Éª ´ ¸É 27 »¤£µ¡´ Í 2551 Á È Ê Å 11. µ¦Â É ´ Ê µ¥­¤£¡ ¡¦®¤¡ µ¡· ´ ¬Í ¶¦ ¶Â® É Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦·¬ ´ à ¥¤¸ ¨ ´ Ê Â Éª ´ ¸É 27 »¤£µ¡´ Í 2551 Á È Ê Å ęô ăċüóĊæ

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30

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

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0$5&+

• ¦·¬ ´ Šʦ ´ µ¦ªÉµ ʵ É°­¦Êµ /ªµ ¦³ ´ ¸Ê 1. µ É°­¦Êµ °µ µ¦Â¨³ µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ ¼¨ Á¦­ ·Á Í ° à ¤·Á ¸¥¤ ­» ¤» ª· 39 ¼ªÊ µÉ ʵ ¦·¬ ´ °µÅ¦°° °­Á ­Í ¶ ´ ¤¼¨ ɵ µ 160.2 ¨Êµ µ 2. µ ¦´ ¦» ¦³ à ¦ µ¦ µ ¦´ ¦» É°¦Ê°¥­µ¥Á Á ·¨ ¼ªÊ µÉ ʵ ¦·¬ ´ ­ à ¦ ¤ µ ¤ ¶ ´ (¤®µ ) ¤¼¨ ɵ µ 31.1 ¨Êµ µ 3. µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ Á µÁ ɵ¤µ¨· ¼ ¼ªÊ µÉ ʵ ¦·¬ ´ Á°È¤ ³Á¨ ¶ ´ ¤¼¨ ɵ µ 109.0 ¨Êµ µ 4. µ É°­¦Êµ °µ µ¦Â¨³ µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ 59 Á±°¦·Á ° à ¤·Á ¸¥¤ (Tower B) ¼ªÊ µÉ ʵ ¦·¬ ´ Å ¥¡´ µÃ¦ µ °» ­µ® ¦¦¤ ¶ ´ (¤®µ ) ¤¼¨ ɵ µ 320.0 ¨Êµ µ 5. µ É°­¦Êµ °µ µ¦Â¨³ µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ ðÁ­¤È ñÁ Ȩ ° Í ¦¸­°¦Í ¦³Á « ´¤¡¼ µ ¼ªÊ µÉ ʵ ¦·¬ ´ ðÁ­¤È µ­·Ã ° Í ¦¸­°¦Í ¶ ´ ¤¼¨ ɵ µ 151.9 ¨Êµ µ

• The Company has been awarded a contract as follow : 1. Construction & M&E Works Project The Kool Residence Condominium, Sukhumvit 39 Owner Arion Assets Co.,Ltd. Price 160.2 Mil.Baht 2. Installation & Improvement Works Project CAT’s Cable installation & Improvement Owner CAT Telecom Public Co.,Ltd. Price 31.1 Mil.Baht 3. M&E Works Project Khao Tao Mali-Bu Owner M Talay Co.,Ltd Price 109.0 Mil.Baht 4. Construction & M&E Works Project 59 Heritage Condominium, Tower B Owner Thai Factory Development Public Co.,Ltd. Price 320.0 Mil.Baht 5. Construction & M&E Works Project O-Smarc Hotel & Resort, Cambodia Owner O-Smarc Casino & Resort Ltd. Price 151.9 Mil.Baht

•

•

¼ Ê °º ®» Ê Á ·¤Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 7 ¶ ª 20,546,900 ® ɪ¥ Á®¨º°Ä ­¶ ´ ­ ­· · ¥É¸ ´ ŤÉÅ ÊÄ Ê­ · · 82,688,058 ® ɪ¥

In the seventh period of warrant exercise, existing shareholders exercised 20,546,900 warrants, resulting in 82,688,058 warrants unexercised.

$35,/ •

£«´¤ •

31

¦·¬ ´ ³Á ¸¥ Á ¨¸¥É  ¨ » ¶¦³Â¨Êª µ Á ·¤ 483,048,403 µ Á È 503,631,303 µ Á È µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 7

The Company registered the change in its paid-up capital from Baht 483,048,403 to Baht 503,631,303. The Change results from the exercise of the Company warrants issued exist shareholders - no.7

• The Company has been awarded a contract as follow : 1. Construction & M&E Works Project Crystal Design Center Owner Benjakit Development Co.,Ltd. Price 561.7 Mil.Baht

• ¦·¬ ´ Šʦ ´ µ¦ªÉµ ʵ É°­¦Êµ /ªµ ¦³ ´ ¸Ê 1. µ É°­¦Êµ °µ µ¦Â¨³ µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ «¼ ¥Í µ¦°°  Crystal Design Center ¼ªÊ µÉ ʵ ¦·¬ ´ Á · ¡´ µ ¶ ´ ¤¼¨ ɵ µ 561.7 ¨Êµ µ

•

The 2008 Annual General Meeting of shareholder of the Company has passed the resolutions as follows : 1. Approved the increase of the authorized capital of the company from 631,668,465 baht to 586,319,361 baht by aborting the unsold 45,349,104 shares each of which was worth one baht. 2. Approved the change of the issued value of the share from one baht each to 0.10 baht each whereas the authorized capital of the company would not change; thus, from 586,319,361 shares worth one baht each, the number changed to 5,863,193,610 shares worth 0.10 baht each.

• ¸ É ¦³ »¤­µ¤´ ¼ Ê °º ®» Ê ¦³ ¶ ¸ 2551 ¤¸¤ ·° »¤ ´ Á· ¦º°É ´ É°Å ¸Ê 1. µ¦¨ » ³Á ¸¥ ° ¦·¬ ´ µ ¶ ª 631,668,465 µ Á È 586,319,361 µ à ¥ µ¦ ¥ Á¨· ®» Ê ¸¥É ´ ŤÉÅ Ê ¶® ɵ¥ ¶ ª 45,349,104 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 1 µ 2. µ¦Á ¨¸¥É  ¨ ¤¼¨ ɵ®» Ê ¸ É ¦µÅªÊ µ Á ·¤®» Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ à ¥ » ³Á ¸¥ ° ¦·¬ ´ ³ Á ·¤ º° 586,319,361 µ  ɮ Ê» ­µ¤´ ° ¦·¬ ´ ³Á¡·¤É ¹ Ê µ 586,319,361 ®» Ê ¤¼¨ ɵ ¸ É ¦µÅªÊ® Ê» ¨³ 1 µ Á È 5,863,193,610 ®» Ê ¤¼¨ ɵ ¸ É ¦µÅªÊ® Ê» ¨³ 0.10 µ

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32

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

3. µ¦Á¡·¤É » ³Á ¸¥ ° ¦·¬ ´ µ ¶ ª 586,319,361 µ Á È ¶ ª 724,343,476 µ à ¥ µ¦°° ®» Ê ­µ¤´ Ä®¤É ¶ ª 1,380,241,150 ®» Ê ¤¼¨ ɵ®» Ê ¸ É ¦µÅªÊ® Ê» ¨³ 0.10 µ 4. µ¦°° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (EMC-W2) ¶ ª ŤÉÁ · 1,380,241,150 ® ɪ¥ Ä®ÊÂ É ¼Ê º°®»Ê Á ·¤ Ä °´ ¦µ 3.5 ®»Ê Á ·¤ É° 1 Ä ­¶ ´ ­ ­· · à ¥Ä ­¶ ´ ­ ­· ·¤°¸ µ¥» 3 ¸ ¨³Å¤É¤¦¸ µ µÁ­ ° µ¥ à ¥°´ ¦µ­Éª µ¦Á­ ° µ¥Ä ­¶ ´ ­ ­· · EMC-W2 °µ ¤¸ µ¦Á ¨¸¥É  ¨ Å ÊÁ¦º°É ¥Ç ®µ ¤¸ µ¦Ä Ê­ · · ° ¼ Ê °º Ä ­¶ ´ ­ ­· · EMC-W1 Á¡·¤É Á ·¤ É° ¸ É ³ ¶ µ¦ · ­¤» ³Á ¸¥ ¡´ µ¦ ð ®»Ê Á¡ºÉ° ¶® ­· · ° ¼Ê º°®»Ê Ä µ¦Å ʦ´ ´ ­¦¦Ä ­¶ ´ ­ ­· · ¸É ³ ºÊ°®»Ê ­µ¤´ ¸É °° Ä®¤É EMC-W2 ¹ É °´ ¦µ­Éª µ¦Á­ ° µ¥Ä ­¶ ´ ­ ­· · EMC-W2 ¸ÂÉ É ° ´ Ê ³ ¶® Å Ê È É°Á¤ºÉ°­¶ ´ µ .¨. . Å Ê° »¤´ · µ¦°° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · EMC-W2 ¨³ ³ ¦¦¤ µ¦Å Ê ¶® ª´ · ­¤» ³Á ¸¥ ¡´ µ¦Ã° ®» Ê Á¡º°É ¶® ­· · ° ¼ Ê °º ®» Ê Ä µ¦Å Ê ¦´ ´ ­¦¦Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ¸°É ° Ä®¤É EMC-W2 ¹ É µ¦ · ­¤» ³Á ¸¥ ´ ¨Éµª ´ Ê µ¤ ®¤µ¥¦³ »ªµÉ ³ Ê° ¶ ¹ Ê £µ¥®¨´ µ ¸ É ¦·¬ ´ Šʦ ´ ° »¤ ´ · µ ­¶ ´ µ .¨. . ¨ʪÁ ɵ ´ Ê 5. µ¦ ´ ­¦¦®» Ê Á¡·¤É » ¶ ª 1,380,241,150 ®» Ê Á¡º°É ­¶¦° Ūʭ¶®¦´ µ¦Ä Ê­ · · ° ¼ Ê °º Ä ­¶ ´ ­ ­· · 6. µ¦ ɵ¥Á · ´ ¨­¶®¦´ ¨ ¦³ ° µ¦ 6 Á º° ®¨´ ° ¸ 2550 Ä °´ ¦µ®» Ê ¨³ 0.10 µ Ä®ÊÂ É ¼ Ê °º ®» Ê ° ¦·¬ ´ ´Ê ¸Ê Á · ´ ¨ µ ¨ µ¦ ¶Á · µ ­¶®¦´ ª ´ ¸ 1 ¤ ¦µ ¤ - 31 ´ ªµ ¤ 2550 ¦ª¤Á È ®» Ê ¨³ 0.15 µ 7. µ¦ ¦´ Á ¨¸É¥ ¶ ª ®»Ê Ä ­¶ ´ ­ ­· ·Â¨³¦µ µ µ¦Ä Ê­· · ° EMC-W1 Á ºÉ° µ µ¦ Ä Ê­ · · ° EMC-W1 Á¤º°É ª´ ¸É 31 ¤¸ µ ¤ 2551 ¨³ µ¦Á ¨¸¥É  ¨ ¤¼¨ ɵ ¸ É ¦µÅªÊ ´ ¸Ê Á ·¤ Ä®¤É ¶ ª Ä ­¶ ´ ­ ­· · 82,688,058 826,880,580 ¦µ µ µ¦Ä Ê­ · · 2 µ / ®» Ê 0.20 µ /®» Ê ¶ ª ®» Ê ­¶¦° ŪÊÁ¡º°É µ¦Ä Ê­ · · 82,688,058 826,880,580 ° ¼ Ê °º Ä ­¶ ´ ­ ­· · ¤¼¨ ɵ ¸ É ¦µÅªÊ 1 µ / ®» Ê 0.10 µ /®» Ê 8. µ¦Â É ´ Ê ¦·¬ ´ °µ¦ÍÁ°­Á°È¤ Á ¨­´ ª·¨Á¨°¦Í °° · ¶ ´ (RSM) Á È ¼ Ê ¶ µ¦ ¦ª ­° ¨³ ­ ªµ¤Á®È É° µ¦Á · ° ¦·¬ ´ ¦³ ¶ ¸ 2551 à ¥¤¸ µÉ ¦¦¤Á ¸¥¤ 1,050,000 µ É° ¸ •

•

•

33

3. Approved the increase of the authorized capital of the company from 586,319,361 baht to 724,343,476 baht by issuing 1,380,241,150 new ordinary shares worth 0.10 baht each. 4. Approved the issuance of 1,380,241,150 3-year warrants, comprising both bearer and transferable warrants, to the existing shareholders at no charge. The warrants are to be exercisable in a ratio 1 warrant per 3.5 ordinary share. The exercise ratio of ordinary share to warrant of 3.5 to 1 is subject to change depended on the exercise of the EMC-W1. However, the ratio and the closing date of share registration book on the date that later determined by the Board of Directors after the SEC approval. 5. Approved the allocation of the 1,380,241,150 additional shares for the exercise of the right by the holder of the warrant. 6. Approved the dividend payment for the Company’s second half operating result to shareholders at Baht 0.10 per share. Therefore, the Company’s dividends payment for the entire year 2007 will be Baht 0.15 per share. 7. Approved the adjustment of the numbers and exercise price of its listed warrant, EMC-W1 as follows : Former

New

The number of the warrant

82,688,058 826,880,580 (after exercise warrants on March 31, 2008) The price 2 baht/share 0.20 baht/share The number of shares for supporting EMC-W1 82,688,058 826,880,580 Value per share 1 baht/share 0.10 baht/share

8. Approved the appointment of the auditors from RSM Nelson Wheeler Audit Limited as the Company’s auditor for the year ended 2008, with the remuneration of 1,050,000 baht per year. •

¦·¬ ´ ³Á ¸¥ Á ¨¸¥É  ¨ » ³Á ¸¥ ¨³¤¼¨ ɵ®» Ê ¸ É ¦µÅªÊ µ¤¤ · ɸ ¦³ »¤­µ¤´ ¼ Ê °º ®» Ê ¦³ ¶ ¸ 2551 Á È ´ ¸Ê » ³Á ¸¥ 724,343,476 µ 0.10 µ ¤¼¨ ɵ®» Ê ¸ É ¦µÅªÊ® Ê» ¨³

The Company changed the number of registered shares and the par value as agreed upon in AGM of 2008, as follows : Registered Capital Par Value

•

724,343,476 0.10

Baht Baht

The Company has been awarded a contract as follow :

1. Construction & M&E Works Project The Alcove Thonglor 10 Owner Samirano (Thonglor 10) Co.,Ltd. Price 309.0 Mil.Baht

¦·¬ ´ Šʦ ´ µ¦ªÉµ ʵ É°­¦Êµ /ªµ ¦³ ´ ¸Ê 1. µ É°­¦Êµ °µ µ¦Â¨³ µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ The Alcove Thonglor 10 ¼ªÊ µÉ ʵ ¦·¬ ´ µ¤·¦µÃ ( ° ®¨É° 10) ¶ ´ ¤¼¨ ɵ µ 309.0 ¨Êµ µ

• The Board of Director approved the appointment Mr.Pannatee Srivongthai as a director in place of the vacant position. Effective as on April 24,2008 onward.

³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸¤ ·° »¤ ´ · É ´ Ê µ¥ ´ Í ¸¦Í «¦¸ª°É Å ¥ Á È ¦¦¤ µ¦Á ʵĮ¤É  ¦¦¤ µ¦ ¸¨É µ°° à ¥¤¸ ¨ ´ Ê Â Éª ´ ¸É 24 Á¤¬µ¥ 2551 Á È Ê Å

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34

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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35

-81(

•

¼ Ê °º ®» Ê Á ·¤Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 8 ¶ ª 478,311,080 ® ɪ¥ Á®¨º°Ä ­¶ ´ ­ ­· · ¥É¸ ´ ŤÉÅ ÊÄ Ê­ · · 348,569,500 ® ɪ¥

•

In the eight period of warrant exercise, existing shareholders exercised 478,311,080 warrants, resulting in 348,569,500 warrants unexercised.

•

¦·¬ ´ Šʦ ´ ° » µ µ ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥ÍĮʰ° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ¦´ Ê ¸É 2 (EMC-W2)

•

The Company has already been granted permission by the Securities and Exchange Commission to issue and offer the EMC-W2 to existing shareholders.

¥ ´ £ •

-8/<

¦·¬ ´ ³Á ¸¥ Á ¨¸¥É  ¨ » ¶¦³Â¨Êª µ Á ·¤ 503,631,303 µ Á È 551,462,411 µ Á È µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 8

•

¬¶ ­´ £

$8*867

• ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸¤ ·° »¤ ´ Á· ¦º°É ´ É°Å ¸Ê 1. Â É ´ Ê µ¥­¤£¡ ¡¦®¤¡ µ¡· ´ ¬Í Á È ¦¦¤ µ¦Á ʵĮ¤É ¦¦¤ µ¦ ¸¨É µ°° à ¥¤¸ ¨ ´ Ê Â É ª´ ¸É 11 ­· ®µ ¤ 2551 Á È Ê Å 2. ¶® °´ ¦µ­Éª Ä µ¦ ´ ­¦¦Ä ­¶ ´ ­ ­· · ¦´Ê ¸É 2 (EMC-W2) Ä ­´ ­Éª 4 ®»Ê Á ·¤ É° 1 ® ɪ¥Ä ­¶ ´ ­ ­· · 3. ¶® ª´ ¸É 25 ­· ®µ ¤ 2551 Á È ª´ ¸°É ° Ä ­¶ ´ ­ ­· · EMC-W2 4. ¶® ª´ ¸É 25 ­· ®µ ¤ 2552 Á È ª´ Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ EMC-W2 ¦´Ê ¦ ¨³­µ¤µ¦ Ä Ê­· ·Ä ¦´Ê É°Å Å Ê » ª´ ¶ µ¦­» ʵ¥ ° Á º° ¤¸ µ ¤ ¤· » µ¥ ´ ¥µ¥ ¨³ ´ ªµ ¤ ° » ¸ ¨³ ¶® ª´ ¸É 24 ­· ®µ ¤ 2554 Á È ª´ Ä Ê­· · ¦´ Ê ­» ʵ¥ •

•

• The Board of Director has passed the resolutions as follows : 1. Approved the appointment Mr.Somphop Prompanapitak as a director in place of the vacant position. Effective as on August 11, 2008 onward. 2. Approved the ratio for EMC-W2 are to be exercisable at a ratio 4 ordinary share per 1 warrant. 3. Approved the date of starting issuance of EMC-W2 on August 25, 2008. 4. Approved the date of first exercise date of EMC-W2 to be on August 25, 2009, which warrants are exercisable on the last business day of every quarter or on the last business day of March, June, September and December of each year. And the final exercise date of EMC-W2 on August 24, 2011.

¦·¬ ´ ¦´ ­· ·Ä ­¶ ´ ­ ­· · EMC-W1 Á º°É µ µ¦°° Ä ­¶ ´ ­ ­· · EMC-W2 Á È ´ ¸Ê Á ·¤ Ä®¤É ¦µ µ µ¦Ä Ê­ · · 0.20 µ /®» Ê 0.186 µ /®» Ê °´ ¦µ µ¦Ä Ê­ · ·

1:1

•

•

The Company has to adjust both exercise price and exercise ratio of EMC-W1 as of the following Former New Exercise pric 0.20 baht/share 0.186 baht/share Exercise ratio 1:1 1 : 1.07646

•

The Board of Director approved the Treasury Stock Program for Financial Management purpose. The amount for the program shall not exceed Baht 145 Million. The repurchase period will be started from September 8, 2008 to March 7, 2009.

1 : 1.07646

³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸¤ ·° »¤ ´ ÷ ¦ µ¦ º°Ê ®» Ê º Á¡º°É ¦·®µ¦ µ µ¦Á · Ä ª Á · ŤÉÁ · 145 ¨Êµ µ à ¥ ¶® ¦³¥³Áª¨µ ¸ É ³ º°Ê ®» Ê º ´ Ê Â Éª ´ ¸É 8 ´ ¥µ¥ 2551 – 7 ¤¸ µ ¤ 2552

³ ¤´¤ •

The Company registered the change in its paid-up capital from Baht 503,631,303 to Baht 551,462,411. That change results from the exercise of the Company warrants issued exist shareholders - no.8.

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¦·¬ ´ Šʦ ´ µ¦ªÉµ ʵ É°­¦Êµ /ªµ ¦³ ´ ¸Ê 1. µ É°­¦Êµ °µ µ¦ à ¦ µ¦ The Aloft Hotel ¼ªÊ µÉ ʵ ¦·¬ ´ µ¤· ¸Áª¨¨° Á¤Ê Í ¶ ´ ¤¼¨ ɵ µ 475.0 ¨Êµ µ 2. µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ ¸¥¼ ¨ ͤµ¦Í °¤Á¡¨È Í ¼ªÊ µÉ ʵ ¦·¬ ´ ´ ª´ ¶ ´ ¤¼¨ ɵ µ 74.9 ¨Êµ µ ¼ Ê °º ®» Ê Á ·¤Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ­» ʵ¥ ¶ ª 323,810,918 ® ɪ¥ Á®¨º°Ä ­¶ ´ ­ ­· · ¥É¸ ´ ŤÉÅ ÊÄ Ê­ · · 24,758,582 ® ɪ¥

• The Company has been awarded a contract as follow : 1. Construction Works Project The Aloft Hotel Owner Kamin Development Co.,Ltd. Price 475.0 Mil.Baht 2. M&E Works Project BU Landmark Complex Owner Thai Obayashi Corporation Limited Price 74.9 Mil.Baht • In the last period of warrant exercise, existing shareholders exercised 323,810,918 warrants, resulting in 24,758,582 warrants unexercised. ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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¦·¬ ´ ³Á ¸¥ Á ¨¸¥É  ¨ » ¶¦³ µ Á ·¤ 551,462,411 µ Á È 586,319,361 µ Á È µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Ä µ¦ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ­» ʵ¥

•

¦·¬ ´ º°Ê ®» Ê º Á¡º°É ¦·®µ¦ µ µ¦Á · ¶ ª 67 ¨Êµ ®» Ê

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•

The Company registered the change in its paid-up capital from Baht 551,462,411 to Baht 586,319,361. That change results from the exercise of the Company warrants issued exist shareholders – Final.

•

The Company repurchased for Financial Management purpose - 67,000,000 shares .

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• ¦·¬ ´ Šʦ ´ µ¦ªÉµ ʵ É°­¦Êµ /ªµ ¦³ ´ ¸Ê 1. µ É°­¦Êµ °µ µ¦Â¨³ µ ¦³ ¦³ ° °µ µ¦ à ¦ µ¦ The Aree Forum ¼ªÊ µÉ ʵ ¦·¬ ´ µ ´ Í ¶ ´ ¤¼¨ ɵ µ 358.9 ¨Êµ µ

• The Company has been awarded a contract as follow : 1. Construction & M&E Works Project The Aree Forum Owner Kananun Co.,Ltd. Price 358.9 Mil.Baht

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38

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Public Co., Ltd. operates the business on civil engineering and layouts electrical, mechanical systems in full scale, divided into 2 major lines, namely: General civil engineering, electrical and mechanical engineering systems, with different styles of construction, such as commercial buildings, residential buildings, educational institutes, industrial plants, etc. Business range involves from architectural work to construction of the buildings till completion. For electrical and mechanical engineering works comprising designs and installations of electrical system, telecommunication, tap water system, sanitary and fire prevention systems, air-conditioning and ventilation systems, with the Company’s customers consisting of those in State Sector, and Private Sector.

´¥ ¥² ¯ º¥ ¶ ¯ ¥¶« ³ Ã Ê ¯¯ Â É ¬´¤ ´ ­§³ ³ ·Ë

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1. µ ʵ ª·«ª ¦¦¤ É°­¦Êµ ´ªÉ Å ) µ ¦´ Á®¤µ É°­¦Êµ °µ µ¦ Á È µ¦ ¶Á · µ¦ É°­¦Êµ °µ µ¦ ¦ ª ¦ à ¥ ¦· µ¦ ° ¦·¬´ ¦° ¨»¤ ´Ê Â É µ¦°°  ¹ µ¦ É°­¦Êµ ¦·¬´ ¤¸ ¦³­ µ¦ ÍÄ µ¦ É°­¦Êµ ´Ê °µ µ¦¡µ · ¥Í «¼ ¥Í ¸¯µ ­ µ ´ µ¦«¹ ¬µ °µ µ¦ ¸É°¥¼É°µ«´¥ æ ¡¥µ µ¨ °µ µ¦ ° »¦ · ʵ ¨¸ ¦ª¤ ¹ ­· É °¶ ª¥ ªµ¤­³ ª Ä Ã¦ µ °» ­µ® ¦¦¤ ¨³Ã ¦ µ¦ ʵ ¸°É ¥¼°É µ«´¥ ) µ É°­¦Êµ æ µ °» ­µ® ¦¦¤ Á È µ¦ É°­¦Êµ æ µ °» ­µ® ¦¦¤Ä ¨´ ¬ ³ ° µ ¦´ Á®¤µÁ È Á­¦È (Turn-key projects) à ¥ ¦·¬´ Ä®Ê ¦· µ¦ ´Ê Â É µ¦ ¶ µ °°  µ¦ É°­¦Êµ ¦ª¤Å ¹ µ¦ªµ ¦³ ɵ Ç ¸É ¶Á È É° µ¦Ä Ê µ Ä Ã¦ µ Á É ¦³ ­» µ£· µ¨ ¦³ Å¢¢Êµ ¹ É ¦·¬ ´ ¤¸ ¦³­ µ¦ ÍÄ µ¦ ¶Á · µ¦ É°­¦Êµ æ µ Á ¤¸ æ µ ᨸÁ°­Á °¦Í ¨³°º É Ç Á È Ê

1. General civil engineering a) Contracting for building construction It is building construction in full scale, with the service covering from designing to construction. The Company is well experienced in construction of commercial buildings, sports centers, educational institutes, residential buildings, hospitals, buildings for retailing business, and facilities in industrial factories and buildings under residential Project. b) Construction of industrial factories It is construction of industrial factories with turn-key projects, with the service given from designing, construction including laying out systems necessary for the factory, such as, sanitary system, electrical system. The Company is experienced in construction of chemical factories, Polyester factories, and others.

2. µ ʵ ª·«ª ¦¦¤¦³ Å¢¢ÊµÂ¨³Á ¦º°É ¨ (Electrical & Mechanical Engineering) Á È µ¦Ä®Ê ¦· µ¦ · ´ Ê ¦³ ­µ µ¦ ¼ ã ɵ Ç ¦³ ° ʪ¥ µ¦°°  ¨³ · ´ Ê ¦³ Å¢¢Êµ ¦³ ¦³ µ ¦³ ­» µ£· µ¨ ¦ª¤ ¹ ¦³ Ê° ´ °´ ¸£¥´ ¨³ ´ Á¡¨· ¦³ ¦´ °µ µ«Â¨³¦³ µ¥°µ µ« ­¶®¦´ °µ µ¦­¼ ´ªÉ Å Á É Ã¦ ¦¤ æ ¡¥µ µ¨ ° à ¤·Á ¸¥¤ ¸¡É ´ °µ«´¥ ­¶ ´ µ ®Êµ ­¦¦¡­· ʵ æ µ °» ­µ® ¦¦¤ Á È Ê

2. Electrical & Mechanical Engineering This business range involves with designs and installations of utility systems such as electrical, plumbing and sanitary systems, fire-protection and fire-fighting systems, air-conditioning and ventilation systems for high-rise buildings, e.g. hotels, hospitals, condominiums, residential buildings, office buildings, department stores and factories.

¨ µ ¸ É ¶Á · µ¦Ä ¸ 2551

Project awarded in 2008

º°É à ¦ µ¦

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Project

Owner

Á ­Ã Ê Ã¨ ´­ µ É° (Building A)

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Tesco Lotus Pak Chong (building A)

Eak-Chai Distribution Co., Ltd.

Á ­Ã Ê Ã¨ ´­ » Á °¦Í¤µ¦ÍÁ È Ã ­¶Ã¦ , ¨¡ »¦¸

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Tesco Lotus Kog Samrong, Lop Buri

Eak-Chai Distribution Co., Ltd.

Bamrungrad International Ph III (Building A)

¤ . æ ¡¥µ µ¨ ¶¦» ¦µ¬ ¦Í

Bumrungrad International Phase III (Building A)

Bumrungrad Hospital Public Co.,Ltd.

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Northpoint Condominium

Raimon Land Public Co.,Ltd.

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Kool Residence Condominium , Sukhumvit 39

Arion Assets Co.,Ltd.

µ ¦´ ¦» É°¦Ê°¥­µ¥Á Á ·¨

¤ . ­ Ã ¦ ¤ µ ¤

CAT’s Cable installation & Improvement

CAT Telecom Public Co.,Ltd.

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¦µ¥ µ ¦³ ¶ ¸ 2551

40

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

º°É à ¦ µ¦

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Project

Owner

Á µÁ ɵ¤µ¨· ¼

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Khao Tao Mali-Bu

M Talay Co.,Ltd.

59 Á±°¦·Á ° à ¤·Á ¸¥¤ (Tower B)

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59 Heritage Condominium, Tower B

Thai Factory Development Public Co.,Ltd.

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O-Smarc Hotel & Resort, Cambodia

O-Smarc Casio & Resort Limited

«¼ ¥Í µ¦°°  Crystal Design Center

¦·¬ ´ Á · ¡´ µ ¶ ´

Crystal Design Center

Benjakit Development Co.,Ltd.

The Alcove Thonglor 10

¦·¬ ´ µ¤·¦µÃ ( ° ®¨É° 10) ¶ ´

The Alcove Thonglor 10

Samirano (Thonglor 10) Co.,Ltd.

The Aloft Hotel

¦·¬ ´ µ¤· ¸Áª¨¨° Á¤Ê Í ¶ ´

The Aloft Hotel

Kamin Development Co.,Ltd.

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¦·¬ ´ ´ ª´ ¶ ´

BU Landmark Complex

Thai Obayashi Corporation Limited

The Aree Forum

¦·¬ ´ µ ´ Í ¶ ´

The Aree Forum

Kananun Co.,Ltd.

REVENUE STRUCTURE

à ¦ ­¦Êµ ¦µ¥Å Ê ° ¦·¬ ´ à ¦ ­¦Êµ ¦µ¥Å ʦª¤ ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) ¦° ¦³¥³Áª¨µ 3 ¸ ­ ¦µ¥¨³Á°¸¥ Å Ê ´ ¸Ê ¸ 2551

¸ 2550

41

Consolidated revenue structure of EMC Public Co., Ltd., dating back 3 years (2006-2008) can be classified types of core businesses as follows: ¸ 2549

2008

¨Êµ µ

¦Ê°¥¨³

¨Êµ µ

¦Ê°¥¨³

¨Êµ µ

¦Ê°¥¨³

2,737.03

99.31

2,982.96

99.51

2,267.05

99.34

¦µ¥Å Ê

2007

2006

Mil.Baht

%

Mil.Baht

%

Mil.Baht

%

2,737.03

99.31

2,982.96

99.51

2,267.05

99.34

Interest income

9.46

0.34

9.06

0.30

4.04

0.18

Others

9.61

0.35

5.77

0.19

10.94

0.48

Total revenue

2,756.10

100.00

2,997.79

100.00

2,282.03

100.00

Revenues

¦µ¥Å Ê µ µ¦ É°­¦Êµ ¨³ µ¦ µ¥

Revenue of sales and construction

¦µ¥Å Ê° ɺ

Other revenue

° Á ¸¥Ê ¦´

9.46

0.34

9.06

0.30

4.04

0.18

°º É Ç

9.61

0.35

5.77

0.19

10.94

0.48

2,756.10

100.00

2,997.79

100.00

2,282.03

100.00

¦ª¤¦µ¥Å Ê °´ ¦µ µ¦Á¡·¤É (¨ ) ¦µ¥Å Ê

(8.06)

31.86

9.82 Revenue increase (decrease) ratio (%)

(8.06)

31.86

9.82

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The political uncertainties took their toll as the public sector investments slowed down with suspended budgets. The projects acquired missed the Company’s target volume. However, the projects from the private sector has increased due to customer confidence in the Company’s potentiality and performance. Its marketing and competitive strategy is as follows: 1. Nation-class, leading system contractor EMC is a leading contractor for electrical, mechanical and sanitation system engineering. Its credentials and achievements in system works have earned acceptability across the nation. The Company focuses on efficient and quality works with punctual delivery under the management certification of ISO 9001:2000, where the existing work systems have been developed and upgraded. The Company has also developed its cost control and accounting system to allow for consistent monitoring of the cost status. Its personnel development has been an on-going process, with performance-based compensation and under good corporate governance principles. Its strategies have been set out mainly with a view to cost reduction and efficiency improvement. ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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43

2. ¦·¬ ´ ¦´ Á®¤µ É°­¦Êµ ¦ ª ¦ ¦·¬´ Šʦ´ µ É°­¦Êµ ®¨µ ®¨µ¥¦¼  ¦³ ° ʪ¥ µ °µ µ¦­¼ °µ µ¦­¶ ´ µ °µ µ¦Ã¦ µ ɵ Ç ­É ¨Ä®Ê ¦·¬ ´ Á È Â®¨É ¦ª¤ ¼ Ê ¦·®µ¦Â¨³ª·«ª ¦ ¼ÁÊ ¸¥É ª µ ¹ É ¤¸« ´ ¥£µ¡Ä µ¦ ¨´ ´ µ ° ¦·¬ ´ ² ¨³ µ¦¡´ µ ¦³­· ·£µ¡ ° µ Á¦·¤É ¸ É ³­µ¤µ¦ ¦³®¥´ Ê » ¨³¨ ÉµÄ Ê Éµ¥Å Ê µ¤ Ã¥ µ¥ ¸Éªµ ÅªÊ µ ¦³­ µ¦ Í Êµ µ¦ É°­¦Êµ ¦ ª ¦ ¦·¬´ ¹ ¤¸ ªµ¤¡¦Ê°¤Ä µ¦ Á ʵ ¦³¤¼¨ µ µ Ä® É®¦º° µ ¦´ Á®¤µÂ Á È Á­¦È (Turnkey) ° µ ¸ Ê ¦·¬ ´ ² ¥´ ¤¸ Ã¥ µ¥Ä µ¦ ¥µ¥ µ É°­¦Êµ Ä ¦¼  ɵ Ç Á É «¼ ¥Í µ¦ ʵ ¦³Á£ Community / Lifestyle Mall ¦ª¤ ´ Ê ¨»¤É æ µ Á¡º°É ¨ ªµ¤Á­¸¥É Ä µ¦ ¶Á · µ 3. Ã¥ µ¥ » £µ¡ ¦³­· ·£µ¡ ¦ µ¤Áª¨µ ¨³ ªµ¤ ¨° £´¥Ä µ¦ ¶ µ Ã¥ µ¥®¨´ Ä µ¦ ¶Á · µ ° ¦·¬ ´ ² ¤» É Á Ê µ¦ ¶Á · µ Á¡º°É Ä®ÊÅ Ê ¨ µ ¸¤É ¸ » £µ¡ µ¦ · ´ · µ ° ¡ ´ µ Á È Å °¥Éµ ¨° £´¥ ¤¸ ¦³­· ·£µ¡ ¨³Â¨ÊªÁ­¦È ´ µ¤ ¶® µ¤¤µ ¦ µ ¦³ ¦·®µ¦ » £µ¡ ISO 9001:2000 ° µ ¸ Ê ¦·¬ ´ ² ¥´ ¤¸¦³ ¦ª ­° £µ¥Ä ¸ É ¸ ¤¸ µ¦¡´ µ¦³ °¤¡·ªÁ °¦Í¨³Ã ¦Â ¦¤­¶Á¦È ¦¼ Á¡º°É Ä Ê ¦ª ­° ­ µ ³ ° µ É°­¦Êµ Å Ê » Áª¨µ ¹ É ³ ¶Ä®Ê ¼ Ê ¦·®µ¦¦³ ´ ­¼ Šʦ ´ Ê°¤¼¨ ¸ÂÉ ¤É ¥¶ ´ Á ¨³­µ¤µ¦ ´ ­· Ä Å Ê ´ É°Á® » µ¦ Í 4. ¡´ ¤· ¦ µ µ¦ ʵ ¡´ ¤· ¦ µ µ¦ ʵÁ È ´ ´¥­¶ ´ Ä µ¦Â É ´ ´ ¦·¬ ´ ¦´ Á®¤µ É°­¦Êµ ´ Ê Ä ¦³Á «Â¨³ ɵ ¦³Á « ° µ ³­¦Êµ ¡´ ¤· ¦ Á¡º°É ¦´ µ £µ¥Ä ¦³Á «Â¨Êª ¦·¬ ´ ² Å ÊÁ¦·¤É ¥µ¥ µ ʵ ª·«ª ¦¦¤¦³ Å ¥´ ɵ ¦³Á «Â¨Êª 5. µ¦Å ʦ ´ ªµ¤Á º°É º°Â¨³ÅªÊªµ Ä µ ¨¼ ʵ µ ¨ µ ¸¤É ¸ » £µ¡ ¨° ¦³¥³Áª¨µ ¸ É µÉ ¤µ ¦·¬ ´ ² Šʦ ´ ªµ¤Á º°É º°Â¨³ÅªÊªµ Ä µ ¨¼ ÊµÄ®Ê µ¦¥°¤¦´ ¨³Á · Á ʵ¦Éª¤ µ¦ ¦³¤¼¨ µ Ä®¤ÉÇ °¥Éµ É°Á º°É ´ Ê µ ¨¼ ʵ¦µ¥Á ·¤ ¨¼ ʵĮ¤É Åɸ ʦ ´ µ¦Â ³ ¶ µ ¨¼ ʵ¦µ¥Á ·¤ ¨³¨¼ ʵ¦µ¥Ä®¤É Åɸ ÊÁ®È ¨ µ ° ¦·¬ ´ ² 6. ¸¤ µ ¦·®µ¦ ¸¤É ¸ ¦³­ µ¦ Í­ ¼ ° Á® º° µ ªµ¤­µ¤µ¦ ʵ µ¦ ¦·®µ¦Â¨Êª ¸¤ µ ¦·®µ¦ ° ¦·¬ ´ ² Å Ê­ É´ ­¤ ªµ¤¦¼ÂÊ ¨³ ¦³­ µ¦ Í µ¦ ¶ µ ʵ ª·«ª ¦¦¤ ¤µÁ È ¦³¥³Áª¨µ¥µª µ ¨³¡´ µ¦³ µ¦ ¦·®µ¦ µ °¥Éµ É°Á º°É Á¡º°É ­É Á­¦·¤ ¦³­· ·£µ¡ ° µ ¨ Ê » Å Ê ¨ µ ¸¤É ¸ » £µ¡ ¨³¦ª Á¦Èª

2. Fully integrated service provider The Company has thus become a source of capable and experienced executives and engineers with potential to push for project achievements. Its efficiency improvement efforts have started to bear fruit as its cost reduction and expense saving have been achieved as planned. With such full-fledged contractor services, the Company has been well prepared for contract mega-projects or turn-key projects. Other than that, another policy of the Company is for expansion of the construction in various styles, such as small sized mall in the form of community mall, as well as factory group in order for reducing risks in work operations.

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Pricing policy The Company has instituted a marked to market pricing policy, with calculation of raw material cost plus wages, miscellaneous expenses and gross profit margin pursuant to the criteria set out by the Executive Committee, and with due regards to reasonableness and fairness to the consumers.

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Target customer profile EMC’s target customers can be classified into 2 groups, one being government agencies and state enterprises, and the other being private sector customers. The revenue proportion between these 2 groups is indefinite, as the Company’s business operations are of the project by project nature. Project bidding may take place at any time, and the type of customers will depend on the nature of the project and the time of the bidding on a case by case basis. In 2005, the private sector construction enjoyed a healthy growth but a slowdown began to take shape through the end of 2006. Meantime, the public sector construction budget was hampered by the uncertainty in the government policy following the drastic political changes. EMC has not been affected by such constraint in the government construction budget, as its target groups of private customers have successively expanded their businesses. The Company has recorded private contract works in a larger volume than targeted, hence offsetting the below-target volume in public contract works.

3. Policy on quality, efficiency and punctuality, as well as security at workplace The Company has instituted the key policy of producing quality works by staff with efficient and secure performance and completed as scheduled, being up to the standard of the ISO 9001:2000 certification. It also has good internal audit system in place, with development of computer system and software programs to ensure consistent monitoring of construction work status. This has allowed for top executives’ access to clear and accurate information for timely decision making. 4. Business alliance Business alliance is a key factor in competing with construction companies, both local and overseas. Besides collaborating with its alliances for local projects, EMC has expanded its work scope to overseas markets with its system engineering works. 5. Clients’ confidence and trust Having projects completed with high quality all along, the Company has gained full confidence and trust with consistent bidding invitations by the existing clients, the new clients as recommended by the existing ones, and the new clients who have seen its past achievements. 6. Executives with keen experience Besides the managerial expertise, the Company’s management team has accumulated knowledge and long-time experience in engineering contractor works with on-going management system development to enhance work efficiency, cut down cost and ensure generation of quality works in a rapid pace.

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Distribution and distribution channels In the construction contractor business, direct contacts with the customers are the main channel for the contractors. The Company set up Business Development Department to follow up latest news on the bidding invitations by both the public and private sectors. The Company may acquire private projects in an unlimited contract value, but for public projects, there are stricter requirements. Particularly, past track records with public sector projects are required. The Company has thus compiled its achievements for use in the bidding for government projects. To retain its private sector distribution channels, the Company has a policy of maintaining good relationship with the project owners, with assessment conducted from time to time to retain the existing customer base, while the new customer base is expanded through generation of quality contract works and reliable track records.

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Industry and competition

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Characteristic of the operators in the same market competition

General construction contracting normally changes and moves in the same direction as domestic construction industry, which expands in line with the GDP growth. By type of investments, investments in public construction and those in private construction are generally in the contrasting direction. That is, when the economy is buoyant, private sector investments in construction will be in high volume, but the public sector will scale down the construction investments to cool down the economy and control the inflation at the level that will not impair the overall economic stability. On the contrary, amid the economic slowdown or downturn, private sector construction investments are in meager volume, prompting the government sector to step up investments particularly in construction industry to stimulate the economy. Value of construction industry derived from investment of State Sector approximately 60-70% of total construction value, the remaining 30-40% is investment from Private Sector. State Sector has policy for stimulating construction and is expected as major factor to push the growth of construction industry in the future, due to investment project which is going to start in the future and projects in progress, especially investment in transportation, which is still the important pushing strength in construction sector of the State. Construction budget of Ministry of communication is 47-66% of total budget of State Sector during fiscal years of 2005 and 2007.

Characteristics of competitors 1. Large- and medium-scale electrical and mechanical system engineering contractors These entrepreneurs are mainly long-time experienced in the electrical and mechanical system engineering, earning wide acceptability. Most of them are core contractors in the bidding procedure. They include EMC, Powerline Engineering Plc., Jardine Matheson (Thailand) Ltd., Secco Co., Ltd., Saeng Pradit Engineering Co., Ltd., etc.

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2. Small-scale electrical and mechanical system engineering contractors These are entrepreneurs with not so large working capital in hand. Normally they do not join the bidding as the core contractors but as the sub-contractors for large- and medium-scale contractors. 3. Large sized construction industry operators Are operators with investment budget in construction business for more than 200 million Baht 4. Small sized construction industry operators Are operators with investment budget in construction business less than 200 million Baht

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5. Operators in construction industry in full scale Small number of operators giving full scale of construction service. Most of them are large sized construction operators, such as Power Line Engineering (Public) Co., Ltd. for example. ęô ăċüóĊæ

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After contract awards, EMC may be exposed to the risk from increase of construction material costs which could adversely affect the Company’s production and profitability. To control such risk, the Company enters into forward purchase contracts with suppliers to deal under committed prices and delivery terms for some main materials and equipment. Moreover, the Company proceeds on risk reduction measures by determining systematic management policies as well as controlling material and equipment costs based on the agreed prices, terms, and conditions. These strategies enable the Company to reduce this kind of risk to a manageable level.

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The intensifying competition in construction industry and the rising number of contractors nowadays result in severely bidding competition that some contractors may dump their prices down to overcome the tenders, and such competition may diminish the Company’s gross profit margin. To mitigate such risk and ensure appropriate profit margin, the Company considers bidding for only the works controllable under its scope of expertise.

5,6. )520 352-(&7 '(/$< Project delay may arise from unexpected incidents such as shortage of fund and liquidity of project owners, modifications or changes of project designs, etc. These incidents could significantly expose the Company to assume higher expenses of wages, utilities, financial and administrative costs. Moreover, the Company’s failure to achieve project schedule could adversely affect itself to pay liquidated damages demanding by project owners. To prevent this kind or risk, the Company proceeds on systemizing concrete working process, hiring adequate numbers of experienced engineers, and providing sufficient tools and equipment to support project works substantially.

©´£Â¬·Ê¤ ´ ©´£§Ê´ Ë´ ¯ Ä ¥ ´¥ ʯ¬¥Ë´ ªµ¤¨Éµ ʵ ° à ¦ µ¦°µ Á · ¹ Ê Å Ê µ ®¨µ¥­µÁ® » Å ÊÂ É ªµ¤¨Éµ ʵ ¸ÁÉ · µ Á ʵ ° à ¦ µ¦ µ  ¨ Á · » ¨³­£µ¡ ¨É° ®¦º° µ µ¦Á ¨¸¥É  ¨  ɰ­¦Êµ ¨³¦³ µ ª·«ª ¦¦¤ ¹ É °µ ­É ¨Ä®Ê ¦·¬ ´ Ê° ¦´ ÉµÄ Ê µÉ ¥ ¸ÁÉ ¡·¤É ¹ Ê Ä µ¦ ¶Á · µ à ¦ µ¦ Á É ÉµÂ¦ µ ɵ­µ µ¦ ¼ ã ¨³ Ê » µ ʵ µ¦ ¦·®µ¦Â¨³ µ µ¦Á · Á È Ê ° µ ¸ Ê ªµ¤¨Éµ ʵ ° à ¦ µ¦ °µ Á · µ ªµ¤¨Éµ 浀 µ¦ ¶Á · µ ° ¦·¬ ´ ¹ É ¦·¬ ´ ¤¸ ªµ¤Á­¸¥É ¸ É ³ ¼ Á¦¸¥ ¦Ê° ɵÁ­¸¥®µ¥ µ Á ʵ ° à ¦ µ¦ °¥Éµ Ŧ È µ¤ ¦·¬ ´ ¡¥µ¥µ¤ ´ µ¦ªµ ¦³ µ¦ ¶ µ °¥Éµ ´ Á ¤¸ ¶ ª ª·«ª ¦ ¸ÁÉ ¡¸¥ ¡° ¨³¤¸ ¦³­ µ¦ Í Â¨³ µ¦¤¸Á ¦ºÉ° ¤º°Â¨³ª´­ »°» ¦ ÍÄ µ¦ É°­¦Êµ ¸É¤¸ ¦³­· ·£µ¡Á¡¸¥ ¡° ´ ªµ¤ Ê° µ¦

5,6. )520 5(/,$1&( 21 (1*,1((56 Business operation of engineering contractor typically depends on engineers who have specific knowledge, expertise and capabilities to pursue the project plans. These engineering personnel are comprised of project director, project manager, and project engineer. Loss of these personnel could adversely affect the Company’s business operation and competitiveness; the Company, therefore, proceeds on reinforced human resource management policies and determines appropriate remuneration scheme to attract and retain these qualified people.

©´£Â¬·Ê¤ ´ ´¥ ¸Ê ´©¶ª© ¥ »¦ · ¦´ Á®¤µ É°­¦Êµ ´ªÉ Š¨³ µ ª·«ª ¦¦¤Å¢¢ÊµÂ¨³Á ¦º°É ¨ ° ¦·¬ ´ Á È »¦ · ¸ É °Ê °µ«´¥ ¼¤Ê ¸ ªµ¤¦¼Ê ªµ¤Á ¸¥É ª µ Ä µ¦°°  ªµ  ¨³ ª »¤ µ¦ É°­¦Êµ µ¤Â ¸ªÉ µ ÅªÊ ¹ É Å ÊÂ É ª·«ª ¦Ä ¦³ ´ ¼°Ê ¶ ª¥ µ¦Ã ¦ µ¦ ¼ Ê ´ µ¦Ã ¦ µ¦ ¨³ª·«ª ¦ ¼ Ê ª »¤ µ ´ ´ Ê ®µ ¦·¬ ´ ­¼ Á­¸¥ » ¨µ ¦Á®¨Éµ ¸ÅÊ °µ ­É ¨ ¦³ É° µ¦ ¶Á · µ ¨³ ªµ¤­µ¤µ¦ Ä µ¦Â É ´ ° ¦·¬ ´ Å Ê ´ Ê ¸Ê ¦·¬ ´ ¤¸ Ã¥ µ¥Ä µ¦ ¦·®µ¦ ¦´¡¥µ ¦ » ¨ ¸ É Â¸ ¨³¤¸ µ¦Ä®Ê ¨ °  ¡ ´ µ °¥Éµ Á®¤µ³­¤

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48

Œ¾¼ÂŠÂľÂœÂžÂŚÂłÂ‹ÂśÂž¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

49

†Š´£Ă‚¡ĂŠ¤Â‰ÂŠ´ÂƒÂƒ´¼Ă‚Â?§¡ĂŠ¤Â›ĂƒÂ?§Â‰Ă„†¼‰¼Ë´Â‰ÂžÂťĂ‹Â˜š¯­ºĂ‹Â›

5,6. )520 &+$1*( 2) 6+$5(+2/'(56 6758&785(

‹¾„„¾ŒÂš¸Â?É Œ¡Âš´ ŗʤ„¸ ¾Œà ž¨¸¼Ă‰ ÂœĂ‚Âž¨ÂŠĂƒÂ‡ÂŚÂŠ­ŒĂŠÂľÂŠÂ&#x;Ÿ™Ê °º ÂŽÂťÂœĂŠ Ă„ÂœÂž¨¾¼Âž¸ 2550 ÂŽšÂŠĂ‰ °¾Â‹¤¸Â&#x;¨Â˜Ă‰°ÂœĂƒÂĽÂ?¾¼ „¾ŒÂ—ψ Âœ¡ÂœÂŠÂľÂœĂƒÂ—¼Œª¤Â…°ÂŠÂ?Œ¡´Âš Œª¤Â™šÂŠĂƒÂ‡ÂŚÂŠ­ŒĂŠÂľÂŠÂ„¾ŒÂ?Œ¡Ž¾ŒÂŠÂľÂœ£¾¼Ă„Âœ °¼Ă‰ÂľÂŠĂ…ÂŚÂ„ĂˆÂ˜¾¤ Â&#x;¨Â„Œ³šÂ? —´ÂŠÂ„¨Ă‰¾ª¤¸Ă…¤Ă‰¤¾Â„ Ă Âœº°Ă‰ Š‹¾„Â&#x;Ÿ™Ê °º ÂŽÂťÂœĂŠ Œ¾¼Ă„Ž¤Ă‰ ¼´ÂŠÂ‡ÂŠÂ—ψ Âœ¡ÂœÂœĂƒÂĽÂ?¾¼Ă„œ„¾ŒĂ„ÂŽĂŠÂ?Œ¡Â„¾ŒÂ›ŒÂ„¡Â‹Â„É°­ŒĂŠÂľÂŠÂ‡ÂŚÂ?ªŠ‹Œ Ă‚¨³¤¸ÂœĂƒÂĽÂ?¾¼Ă„œ„¾Œ¥´Â•ÂœÂľÂ‡ÂťÂ–£¾¥Ă„œ„¾ŒĂ„ŽÊ„¾ŒÂ?Œ¡Â„¾Œ°¼Ă‰ÂľÂŠÂ˜Ă‰°à Âœº°Ă‰ Š Œª¤Â™šÂŠÂ&#x;Ÿ™Ê °º ÂŽÂťÂœĂŠ Œ¾¼Ă„Ž¤Ă‰ ¼´ÂŠÂ‡ÂŠĂ„ÂŽĂŠ ‡ª¾¤­œÂ‡´Â?Ă„ÂœÂ„¾Œ¥´Â•Âœ¾´Â„¼£¾¥Â…°ÂŠÂĄÂœ´Â„ÂŠÂľÂœĂ ÂžĂˆÂœ°¼Ă‰ÂľÂŠÂ—¸

From the change of shareholders structure at the end of 2007 which might adversely affect operation policy of the Company as a whole, including structure of internal management. However, such affect is not much, as the new shareholders still continue policy of giving construction business in full scale, and also have policy of giving service continuously, coupled with the new shareholders well lend significance of potential development of the employees.

†Š´£Ă‚¡ĂŠ¤Â‰ÂŠ´ÂƒÂƒ´¼Ă†ÂŁĂŠĂ†Â–Ă‹ÂĽÂłÂœÂŒ¾¼²Ă‚‰œ›­¼š¯Ă†Â–Ă‹ÂĽÂłÂœÂŒ¾¼²Ă‚‰œ›§ĂŠ´ÂŒĂ‹´

5,6. )520 /$7( 3$<0(17 25 121 3$<0(17

¨ŸÂ„‡Ê¾…°ÂŠÂ?Œ¡´Âš­¾¤¾ŒÂ™Ă‚Â?Ɋ°°Â„Ă…Â—ĂŠĂ ÂžĂˆÂœ 2 žŒ³à £ÂšĂ„ÂŽÂ?ÉÇ ‡º° Â&#x;ŸÊªÉ¾‹Ê¾Šš¸Ă‰Ă ÂžĂˆÂœÂŽÂœĂ‰ÂŞÂĽÂŠÂľÂœÂ…°ÂŠÂŁÂľÂ‡ Ϋ“Â?¾¨ Ă‚¨³Â&#x;ŸÊªÉ¾‹Ê¾Šš¸Ă‰Ă ÂžĂˆÂœÂŽÂœĂ‰ÂŞÂĽÂŠÂľÂœÂ…°ÂŠÂŁÂľÂ‡à °Â„Â?Âœ ÂŽšĂ‰ÂŠÂ&#x;ŸÊªÉ¾‹Ê¾Šš¸Ă‰Ă ÂžĂˆÂœÂŽÂœĂ‰ÂŞÂĽÂŠÂľÂœÂ…°ÂŠÂŁÂľÂ‡à °Â„Â?œ‹³¤¸ ‡ª¾¤à ­¸Ă‰ÂĽÂŠĂ„ÂœĂ ÂŚÂşĂ‰°ÂŠÂ„¾ŒÂ?œŒ³à Š¡Âœ Ă„ÂœÂ„ÂŚÂ–¸Âš¸Ă‰¨ŸÂ„‡Ê¾à „¡Â—žŒ³­Â?ž´Â?Ž¾š¾Š„¾Œà Š¡Âœ Â?Œ¡´ÂšĂ…—Ê¥¼¾¼¾¤¨Â— ‡ª¾¤à ­¸Ă‰ÂĽÂŠÂ—ʪ¼„¾ŒÂ˜ÂŚÂŞÂ‹­°Â?­Â™ÂľÂœÂłÂšÂľÂŠÂ„¾Œà Š¡Âœ Œª¤Â™šÂŠÂ‡ª¾¤ÂœĂ‰¾à Â?ºÉ°Â™º°Â…°ÂŠĂ ‹Ê¾…°ÂŠĂƒÂ‡ÂŚÂŠÂ„¾ŒÂš¸Ă‰Â?Œ¡´Âš ‹³à Â…ĂŠ¾ŒĂ‰ª¤ÂžŒ³¤Ÿ¨ÂŠÂľÂœ°¼Ă‰ÂľÂŠ¨³à °¸¼Â— Œª¤Âš´ĂŠÂŠÂ?Œ¡´ÂšĂ…—Êšœ„¾ŒÂ˜ÂŚÂŞÂ‹­°Â?­Â™ÂľÂœÂłÂ…°ÂŠ¨ŸÂ„‡Ê¾Œ¾¼Âœ´ĂŠÂœÂ&#x;Ă‰ÂľÂœ Â›ÂœÂľÂ‡¾ŒÂŽšÂŠĂ‰ Â?Œ¡Âš´ Â…°­¡ÂœĂ Â?º°Ă‰

The Company’s clients are generally classified based on two major categories, namely public sector and private sector. Employers in private sector may generate the risk from late payment or non-payment when they encounter financial difficulties. To reduce this kind of risk, the Company proceeds on thoroughly checking financial status and creditability of project owners prior to tenders particularly with the banks that the Company seeks credit facilities to undertake the projects.

Â?Œ¡´Âš² ‹³Â?´ÂœÂššÂ„‡É¾à Â&#x;ºÉ°ŽÂœ¸ĂŠ­ÂŠ­´¼Â‹³­ŸÂ?­œŽŒ´Â?Â&#x;¨Â…ÂľÂ—ÂšÂťÂœĂƒÂ—ÂĽÂžŒ³¤¾Â– š¸Ă‰°¾Â‹Ă „¡Â—Â…šĂŠÂœÂ‹ÂľÂ„„¾Œà Â„ĂˆÂ?à Š¡Âœ ¨ŸÂ„ÂŽÂœ¸ĂŠ Ă…¤Ă‰Ă…—Ê ĂƒÂ—¼¥¡Â‹¾ŒÂ–¾‹¾„žŒ³­Â?„¾ŒÂ–Ă?„¾Œà Â„ĂˆÂ?à Š¡Âœ Ă‚¨³ª¡à ‡Œ¾³ŽĂ?°¾¼ŽÂœ¸ĂŠ

The Company will record Bad Debt Allowance for the loss that may occur from non-payment by the debtor, considering collection experience and duration of the debt.

5,6. )520 )25&( 0$-(85( $1' 3266,%/( /,7,*$7,216

†Š´£Ă‚¡ĂŠ¤Â‰ÂŠ´ÂƒĂ‚­Â—ÂşÂƒ´¼Â•ĂŽÂ™¡ĂŠ¯¤ĂŠÂ›ÂŻÂƒĂ‚­Â›š¯Âƒ´¼Â†´Â–ƒ´¼Â•ĂŽĂƒ§²Â†Â–¡¥Ă‹ÂŻÂ‰ÂĽĂ‹ÂŻÂ‰Â™¡ĂŠ¯´ÂŠÂŠ²Ă‚ÂƒÂśÂ–Â„¸Ă‹Â›

Even budgets for contingencies are regularly set in the price determinations, the Company could adversely affected from force majeure especially when it encounters time constraints to resolve problems arise from crisis such as floods or natural disaster, etc. which emerge the Company to damage losses and are typically unable to claim for compensation from project owners. In such cases, the Company may request for extension of construction schedule referring to such unpredictable situations. In addition, the Company may be exposed to litigation risk and claims resulting from environmental damages at sites. To prevent this kind of risk, the Company intensively conducts preventive measures starting from environmental study to collect necessary information before mobilization, preparation of environmental protection, exchange information with surrounding communities to create good understanding and relationship, installation of canvas to contain dust over sites along with the intensive implementation of Safety Standards.

Ă‚¤ĂŠÂŞÂľĂ‰ Â?Œ¡Âš´ ŗʤ„¸ ¾ŒÂ‡ÂśÂœÂŞÂ–ÂŚÂľÂ‡ÂľĂƒÂ—ÂĽĂ Â&#x;º°Ă‰ ‡É¾ÄÂ?ʋ¾É ¼à ¥¡¤Ă‰ Ă Â˜¡¤à ¥º°Ă‰ ΡŠΫÂ?‡ª¾¤à ­¸¼Ă‰ Š (Contingency Cost) Ă…ÂŞĂŠĂ‚¨ĂŠÂŞÂšÂťÂ„‡ΫŠÊ Ă‚Â˜Ă‰Ă Âœº°Ă‰ Š‹¾„Â?¾Š‡ΫŠÊ ¤¸Â…°ĂŠ ‹œ„´Â—Ă„ÂœÂ—ĂŠÂľÂœŒ³¼³à ª¨¾Ă„œ„¾Œà ˜Œ¸¼¤Â„¾ŒĂ‚„ÊŅ­Â™ÂľÂœÂ„¾ŒÂ–Ă? ŽŒº°¤¸à ŽÂ˜ÂťÂ„¾ŒÂ–Ă?ŽŠÉš Ă…¤Ă‰­¾¤¾ŒÂ™Â‡ÂľÂ—Ž¤¾¼Ă…—ʨªĂ‰ ÂŠÂŽÂœĂŠ¾à „¡Â—Â…šÂœĂŠ Ă Â?Ă‰Âœ ÂœĂŠÂśÂšĂ‰ª¤ °´Â‡Â‡¸£¼´ ŽŒº°£´¼Â›ŒŒ¤Â?ÂľÂ˜¡Â˜ÂľĂ‰ ŠÇ Ă ÂžĂˆÂœÂ˜ĂŠÂœ šœÄŽÊà „¡Â—‡ª¾¤à ­¸¼Ž¾¼Â„´Â?ÂŠÂľÂœĂƒÂ—ÂĽĂ…¤Ă‰­¾¤¾ŒÂ™à Œ¸¼Â„ÂŚĂŠ°ÂŠÂ‹ÂľÂ„Â&#x;ٻĂŠ ¾É ‹Ê¾ŠÅ—Ê ĂƒÂ—ÂĽÂŽÂľÂ„Ă Â„¡Â—„Œ–¸ÂšÂ„ɸ ¨Ă‰¾ª ¤¾Â…ĂŠÂľÂŠÂ˜ĂŠÂœ Â?Œ¡Âš´ ­¾¤¾ŒÂ™Â…°Ă„ŽÊà ‹Ê¾…°ÂŠĂƒÂ‡ÂŚÂŠÂ„¾ŒÂ…¼¾¼Œ³¼³à ª¨¾Â„¾ŒÂ„É°­ŒĂŠÂľÂŠĂ…—Ê Ă Âœº°Ă‰ ÂŠÂ‹ÂľÂ„Ă ÂžĂˆÂœĂ ÂŽÂ˜ÂťÂ„¾ŒÂ–Ă? ­Â—ª¡­¼´ Âœ°Â„Â‹ÂľÂ„Âœ¸ĂŠ Â?Œ¡Âš´ ¼´ÂŠ¤¸Â‡ª¾¤à ­¸¼Ă‰ ÂŠĂ„ÂœÂ„ÂŚÂ–¸ÂšÂ?ɸ Œ¡Âš´ ™Ÿ„¢ĂŠ°ÂŠÂŚĂŠ°ÂŠà Œ¸¼Â„‡É¾à ­¸¼Ž¾¼Â‹ÂľÂ„„¾ŒÂ—ψ Âœ¡ÂœÂŠÂľÂœ „É°­ŒĂŠÂľÂŠĂ‚¨³ÂŠÂľÂœª¡ªÂ„ŒŒ¤Ă…¢¢ĂŠÂľĂ‚¨³à ‡Œº°Ă‰ Š„¨ ÂŽšÂŠĂ‰ Â?Œ¡Âš´ Ă…Â—ĂŠĂ Â˜Œ¸¼¤¤¾Â˜ÂŚÂ„¾ŒÂžĂŠ°ÂŠÂ„´Âœ ĂƒÂ—¼¤¸Â„¾ŒšÂ„¾™šÂŠ ­£¾¥Ă‚ª—¨ĂŠ°¤Â…°ÂŠ­Â™ÂľÂœÂš¸Â„É °Ă‰ œ„¾ŒÂ„É°­ŒĂŠÂľÂŠà ¥º°Ă‰ Ă ÂžĂˆÂœÂ„¾Œà Â„ĂˆÂ?Â…ĂŠ°¤Ÿ¨Ă…ÂŞĂŠĂ„ÂœÂ„ÂŚÂ–¸ÂšÂ‹Ă‰¸ ψ ÂžĂˆÂœ Â?Œ¡Âš´ ¤¸Â„¾ŒÂžĂŠ°ÂŠÂ„´Âœ Â&#x;¨Â„Œ³šÂ?š¾Š­¡ÂŠĂ‰ ª—¨ĂŠ°¤Â?Œ¡à ªÂ–­Â™ÂľÂœÂš¸Â„É °Ă‰ ­ŒĂŠÂľÂŠ°¼Ă‰ÂľÂŠΫ—„¤ Ă Â?Ă‰Âœ „¾ŒĂ„ÂŽĂŠÂ…°ĂŠ ¤Ÿ¨Ă‚¨³ÂšÂśÂ‡ª¾¤à …ʾċ„´Â? Â&#x;Ÿ°ĂŠ ¼Ÿ°Ă‰ ¾´¼Â?Œ¡à ªÂ–ΡÂ?­Â™ÂľÂœÂš¸Â„É °Ă‰ ­ŒĂŠÂľÂŠÂ…°ÂŠÂ?Œ¡Âš´ „¾ŒÂ˜¡Â—˜´ÂŠĂŠ Â&#x;ʾÄÂ?„´Âœ ÂœĂ‰ ΡÂ?Â?Œ¡à ªÂ–„É°­ŒĂŠÂľÂŠ Ă ÂžĂˆÂœÂ˜ĂŠÂœ š´ÂŠĂŠ Âœ¸ĂŠ à ¥º°Ă‰ žÊ°ÂŠÂ„´ÂœÂ‡ª¾¤à ­¸¼Ă‰ Šš¸°Ă‰ ¾‹‹³à „¡Â—Â…šÂœĂŠ ‹¾„„¾ŒÂ™ÂźÂ„¢ĂŠ°ÂŠÂŚĂŠ°ÂŠà Œ¸¼Â„‡É¾à ­¸¼Ž¾¼Â‹ÂľÂ„„¾ŒÂ—ψ Âœ¡ÂœÂŠÂľÂœ °´ÂœÂ„É°Ă„ÂŽĂŠ à „¡Â—Â&#x;¨Â„Œ³šÂ?š¾Š­¡ÂŠĂ‰ ª—¨ĂŠ°¤ ˜¨°Â—Â‹ÂœĂ ÂœĂŠÂœ¤¾Â˜ÂŚÂ“ÂľÂœÂ‡ª¾¤Âž¨°Â—£´¼ĂƒÂ—¼à ‡ŒÉŠ‡ΫÂ—Ă„ÂœÂ„¾ŒÂšÂśÂŠÂľÂœ

5,6. )520 /,$%,/,7,(6 81'(5 *8$5$17((6

†Š´£Ă‚¡ĂŠ¤Â‰ÂŠ´ÂƒÂƒ´¼Â†Ă‹ÂľÂ?¼²ÂƒÂłÂ›Â‰´Â›ÂƒĂŠÂŻÂŹÂĽĂ‹´Â‰

The Company issued two letters of guarantee for Sahakarn Visavakorn Co., Ltd. the former subsidiary in respect of two construction projects which the Company was functioned as the Project Manager before the subsidiary was traded out. As a result, the financial statement as of December 31, 2008 accounted the Company’s liabilities under guarantees amounted to 30.34 million Baht. At the moment, these two projects were completed in compliance with all contract requirements and already handed over to the project owners.

Â?Œ¡Âš´ ŗÊ°°Â„ÂŽÂœ´ÂŠ­º°Â‡ĂŠÂśÂžÂŚÂłÂ„´ÂœÂŽÂœ¸­ĂŠ œŽŒ´Â?ÂŠÂľÂœÂ„Ă‰°­ŒĂŠÂľÂŠĂ„ŽÊ„ɰ—¸Â˜Â?Œ¡Âš´ ¼É°¼ ‡º°Â?Œ¡Âš´ ­ŽÂ„¾Œª¡ªÂ„ÂŚ ‹œ„´Â— Â‹ÂśÂœÂŞÂœ 2 ĂƒÂ‡ÂŚÂŠÂ„¾Œ °´ÂœĂ „¸¼Ă‰ ÂŞĂ Âœº°Ă‰ Š¤¾Â‹ÂľÂ„ÂŠÂľÂœÂ„Ă‰°­ŒĂŠÂľÂŠÂš¸Â?É Œ¡Âš´ Ă ÂžĂˆÂœÂ&#x;ÂźÂ?ĂŠ Œ¡Ž¾ŒĂƒÂ‡ÂŚÂŠÂ„¾Œ „ɰœš¸Â?É Œ¡Âš´ ŗʅ¾¼Â?Œ¡Âš´ ¼É°¼Â—´ÂŠÂ„¨Ă‰¾ª°°Â„Ş Ă‚¨³Â˜¾¤ÂŠÂ?„¾Œà Š¡ÂœÂ…°ÂŠÂ?Œ¡Âš´ – ª´ÂœÂš¸Ă‰ 31 ›´ÂœÂŞÂľÂ‡¤ 2551 Â?Œ¡Âš´ ¤¸¼°Â— ‡Ê¾Š£¾Œ³Â‡ĂŠÂśÂžÂŚÂłÂ„´ÂœÂ&#x;¨ÂŠÂľÂœĂ ÂžĂˆÂœÂ‹ÂśÂœÂŞÂœĂ ÂŠ¡ÂœÂžŒ³¤¾Â– 30.34 ¨ĂŠÂľÂœÂ?¾š ž´Â‹Â‹ÂťÂ?Âœ´ š´ÂŠĂŠ 2 ĂƒÂ‡ÂŚÂŠÂ„¾Œ —ψ Âœ¡ÂœÂ„¾Œ „É°­ŒĂŠÂľÂŠĂ‚¨ĂŠªà ­ŒĂˆÂ‹Â˜¾¤­´Â?Â?¾Â¨³­Ă‰ÂŠ¤°Â?ÂŠÂľÂœĂ„ÂŽĂŠĂ‚Â„Ă‰Ă Â‹ĂŠÂľÂ…°ÂŠĂƒÂ‡ÂŚÂŠÂ„¾Œà Œ¸¼Â?ÂŚĂŠ°¼Ă‚¨ĂŠÂŞ Ä™Ă´ ăċßóÄŠĂŚ

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50

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

°¥Éµ Ŧ È µ¤ Ä ­Éª ° ¥° £µ¦³ ʶ ¦³ ´ ¨ µ ¶ ª Á · ¦³¤µ 30.34 ¨Êµ µ Á È µ¦ ʶ ¦³ ´ ¨ µ µ¤Á ºÉ° Å ¸É¦³ »ÅªÊÄ ­´ µ à ¥ ¦·¬´ ³Å ʦ´ º Á¤ºÉ° ¦ ¶® ¦³¥³Áª¨µ 2 ¸ ´ µ ª´ ¸É ¦·¬´ Å Ê­É ¤° µ Įʠɨ¼ ʵ ¹É µ ¸É° ¸ ¦·¬´ ¥É°¥Å Ê­É ¤° µ Įʠɨ¼ ʵ Š¨ʪÁ¤º°É Á º° ¤¸ µ ¤ 2551

51

However, on the part of work result guarantee in the amount approximately 30.34 million Baht, is the work result guarantee according to the Contract condition which will be returned to the Company upon maturity of 2 years from the date the Company hands over the works to the customer. In the past a subsidiary of the Company has delivered the works to the customers in March 2008.

©´£Â¬·Ê¤ ´ ˯ µ ³ ¯ ´¥ ¥³ ¥´ ´ ´¥Å ˬ¶ ¶ ¯ Å ¬µ ³ ì ¬¶ ¶ :DUUDQWV

5,6. )520 $'-8670(17 &21675$,17 )25 :$55$17 (;(5&,6( 35,&( 5,6. )520 $'-8670(17 &21675$,17 )25 :$55$17 (;(5&,6( 35,&(

Ä ¦ ¸ ¸É¤¸ µ¦Á ¨¸É¥  ¨ ¦µ µ µ¦Ä Ê­· · µ¤Á ºÉ° Å µ¦ ¦´ ­· · ° Ä ­¶ ´ ­ ­· · Á È ¨ ¶Ä®Ê¦µ µ µ¦Ä Ê­· ·Ä®¤É¤¸¦µ µ ɶ ªÉµ¤¼¨ ɵ ¸É ¦µÅªÊ ° ®»Ê ­µ¤´ ° ¦·¬´ ° µ ¸Ê ¦·¬ ´ ¤¸ ªµ¤Á­¸¥É ¸ É ³Å¤ÉŠʦ ´ Á · Á¡·¤É » µ µ¦Ä ­Ê · · °Êº ®» Ê ­µ¤´ ° ¼ Ê °º Ä ­¶ ´ ­ ­· · °É¸ µ Á · ¹ Ê Ä ¦ ¸ ¦É¸ µ µ®» Ê ­µ¤´ ° ¦·¬ ´ ɶ ªÉµ¦µ µ µ¦Ä Ê­ · · ª´ ¸ É ¦ ¶® Įʤ ¸ µ¦Ä Ê­ · · º°Ê ®» Ê ° ¦·¬ ´ ¶Ä®Ê ¦·¬ ´ ³Å¤ÉŠʦ ´ Á · Á¡·¤É » µ¤ ¸ É ¶® ŪÊ

In case there is any change of Warrant exercise price under the condition of adjustment to the extent that the new exercise price is lower than the value fixed for ordinary share. The Company also has risk from receiving no increase of capital fund from exercising the right in buying ordinary shares by Warrant holders which may occur if par value of ordinary share is lower than exercise price on the maturity date for buying shares, causing the Company not to receive increase of the capital as set up.

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5,6. )520 )2508/$7,1* 5,*+7 $'-8670(17 5(*$5'/(66 2) 7,0( 9$/8( 2) :$55$17

µ¦ ¶ ª µ¦Á ¨¸É¥  ¨ ¦µ µ µ¦Ä Ê­· · µ¤Á ºÉ° Å µ¦ ¦´ ­· · ° Ä ­¶ ´ ­ ­· · ¶ ¹ ¹ ¦µ µ ° ®¨´ ¦´¡¥Í °É¸ ° Ä®¤É ɪ Áª¨µ ¸¤É ¸ µ¦ ¦´ ­· ·Á ɵ ´ Ê ¤·Å Ê ¶ ¹ ¹ ¤¼¨ ɵ µ¤Áª¨µ (Time Value) ° Ä ­¶ ´ ­ ­· · ¹É ¤¼¨ ɵ µ¤Áª¨µ ´ ¨Éµª ³¨ ¨ Á¤ºÉ°Áª¨µ ° Ä ­¶ ´ ­ ­· ·Á®¨º° Ê°¥¨ ¹ ¶Ä®Êª · ¸ µ¦ ¦´ ­· · ´ ¨ÉµªÅ¤É°µ Á ¥­· · ¦³Ã¥ Í ° ¼ Ê °º Ä ­¶ ´ ­ ­· ·Å Ê ¦ ʪ

Calculation change for exercise price according to the adjustment condition taking into account the price of assets newly issued only during the time of adjustment and not time value of the Warrant. Time value will decrease when validity of the Warrant decreases, therefore such method of adjustment can not fully compensate right and privilege of the Warrant holders.

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5,6. )520 ',/87,21 ())(&7 21 5,*+7 $1' 35,9,/(*( 2) 7+( 6+$5(+2/'(56 )520 5,6. )520 ',/87,21 ())(&7 21 5,*+7 $1' 35,9,/(*( 2) 7+( 6+$5(+2/'(56 )520 $//2&$7,21 2) 7+( :$55$176

µ¦Á­ ° µ¥Ä ­¶ ´ ­ ­· ·Ä®ÊÂ É Ê¼ °º ®» Ê Á ·¤ ° ¦·¬ ´ ¦´ Ê ¸É 2 ³Å¤É °É Ä®ÊÁ · ¨ ¦³ Ä Ç É° ¼ Ê °º ®» Ê Ä ³ ¸°É ° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· ·  ɰ¥Éµ Ŧ È µ¤ ®µ ¤¸ µ¦Ä Ê­ · · °Êº ®» Ê ¦ µ¤Ä ­¶ ´ ­ ­· ·Ã ¥ » ¨°º É ¸¤É Ä· É Ê¼ °º ®» Ê Á ·¤ ´ Ê ¶ ª 1,380,241,150 ® ɪ¥ Ä ¦µ µÄ Ê­ · · 0.20 µ É°®» Ê Ã ¥ ¸¦É µ µ · ° ®» Ê ¦·¬ ´ ² Á ¨¸¥É 7 ª´ ¶ µ¦ É° ª´ ¦³ »¤ ³ ¦¦¤ µ¦ ¦´ Ê ¸É 1/2551 Ä ª´ ¸É 27 »¤£µ¡´ Í 2551 ¹ É Á ɵ ´ 0.43 µ É°®» Ê ( ¦´ ¦µ µ · µ¤¤¼¨ ɵ ¸ É ¦µÅªÊ ɸ Á ¨¸¥É  ¨ µ ®» Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ ) ¨³®» Ê ­µ¤´ ¸ É ¶¦³Â¨Êª ´ Ê ®¤ ° ¦·¬ ´ ² ª´ ¸É 9 Á¤¬µ¥ 2551 ¤¸ ¶ ª Á ɵ ´ 5,036,313,030 ®» Ê ³¤¸ ¨ ¦³ ¶Ä®Ê¦µ µ ¨µ ° ®» Ê ¦·¬ ´ ² (Price Dilution) ¨ ¨ ¦³¤µ ¦Ê°¥¨³ 11.43 ¦ª¤ ´ Ê ³­É ¨ ¦³ ĮʭªÉ Â É ¶Å¦Â¨³­´ ­Éª µ¦ º°®» Ê ° ¼ Ê °º ®» Ê ° ¦·¬ ´ ² (Control Dilution) ¨ ¨ ¦³¤µ ¦Ê°¥¨³ 21.51 ° ¶ ª ®» Ê ¸ É Ê¼ °º ®» Ê ° ¦·¬ ´ ² º°°¥¼É ´ » ´

Second offer for sale of the Warrant to existing shareholders of the Company will not cause any affect to the shareholders during issuance and offer for sale of the Warrant. However, if right is fully exercised according to the Warrant for the whole quantity of 1,380,241,150 units for exercise price of 0.20 Baht par value , by other person and not existing shareholders with closing price of the Company’s shares in average of 7 working days before the date of the meeting of Board of Director No. 1/2551 held on 27 February 2008, equivalent to 0.43 Bath par value (adjusted closed per value fixed at the change of the par value from 1 Baht to 0.10 Baht) and all the paid up of 5,036,313,030 shares as of 9 April 2008 have price dilution about 11.43%, including adverse affect on dividing profit and ratio of shareholding decreases approximately 21.51% of the quantity of shares presently held by the shareholders of the Company.

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¦µ¥ µ ¦³ ¶ ¸ 2551

52

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

53

6+$5(+2/',1* $1' 0$1$*(0(17 6758&785(6

Ä ¥ ¬¥Ë´ ´¥ ¹¯­ºË ç² ´¥ ³ ´¥ Ä ¥ ¬¥Ë´ ´¥ ¹¯­ºË

6+$5(+2/',1* 6758&785(

1.1 ®» Ê ­µ¤´

1.1 Ordinary shares

¦·¬ ´ ¤¸ » ³Á ¸¥ ´ Ê ­· Ê 724,373,476 µ » Á¦¸¥ ¶¦³Â¨ÊªÁ ɵ ´ 586,319,361 µ Â É Á È ®» Ê ­µ¤´ ¶ ª 5,863,193,610 ®» Ê ¤¼¨ ɵ ¸ É ¦µÅªÊ® Ê» ¨³ 0.10 µ

The Company has Baht 724,373,476 of registered shares, Baht 586,319,361 paid up shares, or 5,863,193,610 common shares at Baht 0.10 per share.

¦µ¥ º°É ¼Ê °º ®» Ê 10 ¦µ¥Â¦ ° ¦·¬ ´ ª´ ¸É 18 ´ ªµ ¤ 2551 ¹ É Á È Ê°¤¼¨ µ¦ · ­¤» ¦´ Ê ¨Éµ­» ­¶®¦´ ¸ 2551 ´ ¶Ã ¥ ¦·¬ ´ «¼ ¥Í¦ ´ µ ®¨´ ¦´¡¥Í ( ¦³Á «Å ¥) ¶ ´ ¤¸ ´ ¸Ê ­ »¨

º°É 1. ¨»¤É ¨¸ ³ ¦¦ *

¶ ª ®» Ê

¦Ê°¥¨³

943,384,840

16.09

Name list of the top 10 shareholders on record as of December 18, 2008 (by Thailand Securities Depository Co.,Ltd.)

Sername

No. of shares

%

1. Leenabanchong Group*

943,384,840

16.09

Name

2. µ¥ ¦ª» ·

¨¸ ³ ¦¦

240,500,000

4.10

2. Mr.Koravut

Leenabanchong

240,500,000

4.10

3. µ¥Á ¦

¸¦ª· µ¦ µ »¨

231,823,900

3.95

3. Mr.Dechkajorn

Teeravijaranayankul

231,823,900

3.95

4. ¦·¬ ´ °¸­Á ·¦ Í Åª¦Í ¶ ´ (¤®µ )

179,588,500

3.06

4. Eastern Wire Public Co.,Ltd.

179,588,500

3.06

5. ¦·¬ ´ Å ¥Á°È ª¸ °¸ µ¦Í ¶ ´

139,610,582

2.38

5. Thai NVDR Co.,Ltd.

139,610,582

2.38

6. µ¥ µª¦

Á­¦¸ Á¸ ¨·«

117,486,500

2.00

6. Mr.Thavorn

Serideelert

117,486,500

2.00

7. µ¥°· ·

ª¨· ¶¦

112,629,200

1.92

7. Mr.Itti

Chaowalitthumrong

112,629,200

1.92

8. ¦·¬ ´ «¼ ¥Í¦ ´ µ ®¨´ ¦´¡¥Í ( ¦³Á «Å ¥) ¶ ´ Á¡º°É ¼ Ê µ

94,860,750

1.62

8. Thailand Securities Depository Co.,Ltd. for Depositors

94,860,750

1.62

9. µ¥ ´ ¡ ¬Í

¡´ ͦ ´ ¤ ¨

70,000,000

1.19

9. Mr.Nattaphong

Panratanamongkol

70,000,000

1.19

10. .­.¡¦¡¦¦

Á ¡ ¦³ µ¦¡¦

57,305,840

0.98

10. Ms.Pornpan

Theptrakanporn

57,305,840

0.98

* Á ¡µ³ ¸ÁÉ Êµ¤µ ¦µ 258

* Clause 258 Only

•

µ¥ ³ ´¥

¨¸ ³ ¦¦

•

Mr.Chanachai Leenabanchong

•

µ¥ª» · ¥´

¨¸ ³ ¦¦

•

Mr.Wuttichai Leenabanchong

•

µ¥ª¦ª· ¥Í

¨¸ ³ ¦¦

•

Mr.Worawit Leenabanchong

•

.­.£µ · µ

¨¸ ³ ¦¦

•

Ms.Phanicha Leenabanchong

•

.­.ª·¤¨

¨¸ ³ ¦¦

•

Ms.Wimol

­Éª » ¨ ¸ÁÉ È µ · ´ ¼ Ê °º ®» Ê ¦µ¥Ä® É ¦É¸ ³ »ÅªÊ µÊ Ê Â ÉŤÉÁ ʵÁ º°É Å µ¤¤µ ¦µ 258 ¦³ ° ʪ¥

Leenabanchong

Other persons that are related to the major shareholders specified above but do not fall into the condition section 258 are

1. µ¥ ¦ª» ·

¨¸ ³ ¦¦

240,500,000

4.10

1. Mr.Koravut

Leenabanchong

240,500,000

4.10

2. µ¥ ´ ª´ Í

¨¸ ³ ¦¦

15,000,000

0.26

2. Mr.Nattawat

Leenabanchong

15,000,000

0.26

3. µ ·¥ª ¸

¨¸ ³ ¦¦

3,038,230

0.05

3. Mrs.Piyawadee

Leenabanchong

3,038,230

0.05

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¦µ¥ µ ¦³ ¶ ¸ 2551

54

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

1.2 Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 1 (EMC-W1) ¨³ ESOP ¸ É ¦³ »¤ª·­µ¤´ ¼ Ê °º ®» Ê ¦´ Ê ¸É 1/2548 Á¤º°É ª´ ¸É 9 »¤£µ¡´ Í 2548 Šʤ¤¸ ·° »¤ ´ · ´ ¸Ê •

•

55

1.2 Issuance of ESOP and EMC-W1 EMC’s Extraordinary Meeting of Shareholders No.1/2005 held on February 9, 2005 resolved for the Company to issue and allocate warrants as follows:

Ä®Ê ¦·¬ ´ °° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ¶ ª 50,000,000 ® ɪ¥ Ä®ÊÂ É ¦¦¤ µ¦Â¨³/®¦º°¡ ´ µ ° ¦·¬ ´ ² £µ¥Ä Êà ¦ µ¦Á­ ° µ¥®¨´ ¦´¡¥ÍÄ®ÊÂ É ¦¦¤ µ¦Â¨³/®¦º°¡ ´ µ (ESOP) ¦µ µÄ Ê­ · · 1 µ É°®» Ê Ä °´ ¦µ µ¦Ä Ê­ · · 1 ® ɪ¥Ä ­¶ ´ ­ ­· ·­µ¤µ¦ Ä Ê­ · · °Êº ®» Ê ­µ¤´ Å Ê 1 ®» Ê °µ¥» ° Ä ­¶ ´ ­ ­· · 2 ¸ ´ Ê ¸Ê Ä ­¶ ´ ­ ­· · ´ ¨ÉµªÅ Ê®¤ °µ¥»Å ¨ʪÁ¤º°É ª´ ¸É 26 ´ ¥µ¥ 2550 à ¥¤¸ ¦¦¤ µ¦Â¨³¡ ´ µ Ä Ê­ · · º°Ê ®» Ê ­µ¤´ µ¤Ä ­¶ ´ ­ ­· · ´ ¨Éµª ¶ ª ´ Ê ­· Ê 49,399,003 ® ɪ¥ · Á È ¦Ê°¥¨³ 99 ° ¶ ª Ä ­¶ ´ ­ ­· · ¸ É ´ ­¦¦ ´ Ê ®¤ Ä®Ê ¦·¬´ °° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ¸É ³ ºÊ°®»Ê ­µ¤´ ° ¦·¬´ ² ¦´Ê ¸É 1 (EMC-W1) · ¦³ » ºÉ° ¼Ê º° ¨³ ­µ¤µ¦ ð Á ¨¸¥É ¤º°Å Ê ¶ ª 107,319,744 ® ɪ¥ à ¥ µ¦ ´ ­¦¦®» Ê Á¡·¤É » ¶ ª 131,389,488 ®» Ê Á¡º°É ­¶¦° ÅªÊ ­¶®¦´ µ¦Ä Ê­ · · ° ¼ Ê °º Ä ­¶ ´ ­ ­· · ¶® ¦µ µ µ¦Ä Ê­ · · 2 µ É°®» Ê °´ ¦µ µ¦Ä Ê­ · · 1 ® ɪ¥ Ä ­¶ ´ ­ ­· ·­µ¤µ¦ Ä Ê­ · · °Êº ®» Ê ­µ¤´ Å Ê 1 ®» Ê °µ¥» ° Ä ­¶ ´ ­ ­· · 3 ¸ ´Ê ¸Ê Ä ­¶ ´ ­ ­· · ´ ¨ÉµªÅ Ê®¤ °µ¥»Å ¨ʪÁ¤ºÉ°ª´ ¸É 26 ´ ¥µ¥ 2551 à ¥¤¸ ¼Ê º°®»Ê Ä Ê­· · ºÊ°®»Ê ­µ¤´ µ¤ Ä ­¶ ´ ­ ­· · ´ ¨Éµª ¶ ª ´ Ê ­· Ê 1,048,315,998 ® ɪ¥ · Á È ¦Ê°¥¨³ 98 ° ¶ ª Ä ­¶ ´ ­ ­· · ɸ ´ ­¦¦ ´ Ê ®¤

•

Altogether 50,000,000 units of non-transferable warrants were issued to the directors and/or employees under the Employee Stock Option Program. The warrants carry 2-year maturity as from the issuance date (September 27, 2005). The exercise ratio is 1 unit of warrant for 1 new ordinary share of 1 baht par value. The Warrants already expired on 26 September 2007 with the directors and employees exercised the right to purchase ordinary shares 49,399,003 units, equivalent to 99% of all the Warrants allocated.

•

Altogether 107,319,744 units of transferable warrants were issued to the existing shareholders. The warrants carry 3-year maturity. The exercise ratio is 1 unit of warrant for 1 new ordinary share at the exercise price of 2 baht per ordinary share. The Warrants already expired on 26 September 2008 with the directors and employees exercised the right to purchase ordinary shares 1,048,315,998 units, equivalent to 98% of all the Warrants allocated.

Issuance of EMC-W2

Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (EMC-W2)

EMC’s Annual General Meeting of Shareholders of 2008 held on April 3, 2008 resolved for the Company to issue and allocate warrants as follows :

¸ É ¦³ »¤­µ¤´ ¼ Ê °º ®» Ê ¦³ ¶ ¸ 2551 Á¤º°É ª´ ¸É 3 Á¤¬µ¥ 2551 Šʤ¤¸ ·° »¤ ´ ·

•

•

Ä®Ê ¦·¬ ´ °° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (EMC-W2) ¶ ª ŤÉÁ · 1,380,241,150 ® ɪ¥ Ä®ÊÂ É ¼Ê º°®»Ê Á ·¤Ä °´ ¦µ 3.5 ®»Ê Á ·¤ É° 1 Ä ­¶ ´ ­ ­· · à ¥Ä ­¶ ´ ­ ­· ·¤¸°µ¥» 3 ¸ ¨³Å¤É¤¸¦µ µ Á­ ° µ¥ ¶® ¦µ µ µ¦Ä Ê­· · 0.20 µ É°®»Ê °´ ¦µ µ¦Ä Ê­· · 1 ® ɪ¥Ä ­¶ ´ ­ ­· · ­µ¤µ¦ Ä Ê­· · ºÊ° ®» Ê ­µ¤´ Å Ê 1 ®» Ê (à ¥°´ ¦µ µ¦Ä Ê­ · ·Â¨³¦µ µ µ¦Ä Ê­ · ·°µ Á ¨¸¥É  ¨ Å Ê Ä ¦ ¸ ¤É¸ ¸ µ¦ ¦´ ­· ·)

The Company to issue and 2nd offer for sale (EMC-W2) the Warrants for purchase of ordinary shares for not exceeding 1,380,241,150 units to existing shareholders, with ratio 3.5 of existing shares for 1 warrant carrying 3-year maturity without offer for selling price. The exercise price is fixed for 0.20 Baht par value with exercise ratio of Warrant for 1 new ordinary share (changeable in case of right adjustment) Ratio of 2nd offer for sale of the Warrant is different from that has been approved as the Company has period of time and procedure for approval for issuance and offer for sale of such Warrants by Office of the Securities Exchange Commission and the Stock Exchange of Thailand, during which the Company still has give the right to the 1st Warrant holders (EMC-W1) for conversion according to the time fixed of EMC-W1, which change 2nd offer for sale (EMC-W2 ) in accordance with calculation of paid up capital of the Company resulting in the change of ratio from 3.5 of existing shares for 1 Warrant to 4 existing shares for 1 Warrant, and issuance of 1,378,262,892 units is permitted.

´ Ê ¸Ê °´ ¦µ­Éª µ¦Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (EMC-W2) Šʤ ¸ µ¦Á ¨¸¥É  ¨ Å µ ¸ÉŠʦ´ ° »¤´ · Á ºÉ° µ ¦·¬´ ¤¸¦³¥³Áª¨µÂ¨³ ´Ê ° µ¦ °° »¤´ ·Ä µ¦°° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ´ ¨Éµª µ ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í (­¶ ´ µ ¨ .) ¨³ ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ ( ¨ .) ¹ É Ä Éª Áª¨µ ´ ¨Éµª ¦·¬ ´ ¥´ ¤¸ µ¦Ä®Ê­ · ·Â É Ê¼ °º Ä ­¶ ´ ­ ­· · ¦´ Ê ¸É 1 (EMC-W1) ¶ µ¦ Ä Ê­· ·Â ¨ ­£µ¡ µ¤¦³¥³Áª¨µ ¸É ¶® ° EMC-W1 ¶Ä®Ê°´ ¦µ­Éª µ¦Á­ ° µ¥Ä ­¶ ´ ­ ­· · EMC-W2 Á ¨¸É¥  ¨ Å µ¤ µ¦ ¶ ª µ » ¶¦³ ° ¦·¬´ ­É ¨Ä®Ê°´ ¦µ­Éª Á ¨¸É¥  ¨ µ 3.5 ®»Ê Á ·¤ É° 1 Ä ­¶ ´ ­ ­· · Á È 4 ®» Ê Á ·¤ É° 1 Ä ­¶ ´ ­ ­· · ¨³­µ¤µ¦ °° Ä ­¶ ´ ­ ­· ·Á È ¶ ª 1,378,262,892 ® ɪ¥

0$1$*(0(17

´¥ ³ ´¥

2.1 MANAGEMENT STRUCTURE

2.1 à ¦ ­¦Êµ ¦¦¤ µ¦

The management structure consisted of 5 committees, i.e. the Board of Directors, the Audit Committee, the Nomination and Remuneration Committee, the Executive Committee and the Enterprise Risk Committee along with the management team as follows :

à ¦ ­¦Êµ ³ ¦¦¤ µ¦ ° ¦·¬´ ¦³ ° ʪ¥ ³ ¦¦¤ µ¦ ¶ ª 5 » º° ³ ¦¦¤ µ¦ ¦·¬´ ³ ¦¦¤ µ¦ ¦ª ­° ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  ³ ¦¦¤ µ¦ ¦·®µ¦ ¨³ ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É ¹ É ¤¸ ° Á °¶ µ ® ʵ ¸ÂÉ ¨³ ªµ¤¦´ · ° ° ¦¦¤ µ¦Â ɨ³ » ´ É°Å ¸Ê

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56

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

1. ³ ¦¦¤ µ¦ ¦·¬ ´

1. THE BOARD OF DIRECTOR

ª´ ¸É 31 ¤ ¦µ ¤ 2552 ³ ¦¦¤ µ¦ ¦·¬ ´ ¦³ ° ʪ¥ ¦¦¤ µ¦ ¼ Ê ¦ » ª» · ´ ¸Ê

ª´ ¸ É ¶¦ ¶Â® É

1. µ¥ ³ ´¥

¨¸ ³ ¦¦

¦³ µ ¦¦¤ µ¦

2. µ¥Á · «´ ·Í

ª· ¦¼ µ£¦ Í

¦¦¤ µ¦

14 ¡§« · µ¥ 2550

3. µ¥Á à ³ ¼Á ³

̡ ၡ

¦¦¤ µ¦

11 ¡§¬£µ ¤ 2550

4. µ¥«·¦¡· «Í

ªÉ° ª» ¡· ¦ ´¥

¦¦¤ µ¦

21 ­· ®µ ¤ 2550

5. µ¥Å¡ ¼¨¥Í

° ¦³°µ

¦¦¤ µ¦

11 ¡§¬£µ ¤ 2550

6. µ¥ » ´¥

­»¦¡´ ¦Í£ · Ã

¦¦¤ µ¦

27 »¤£µ¡´ Í 2551

7. µ ¸¦ »

¦³ °

¦¦¤ µ¦

13 ´ ¥µ¥ 2550

8. µ¥ §

·¤É ® ´¥ª» ·

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13 ´ ¥µ¥ 2550

9. µ¥ ´ Í ¸¦Í

«¦¸ª°É Å ¥

¦¦¤ µ¦

24 Á¤¬µ¥ 2551

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¦¦¤ µ¦

11 ­· ®µ ¤ 2551

10. µ¥­¤£¡

57

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27 Á¤¬µ¥ 2550

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13 ´ ¥µ¥ 2550

12. µ ­» ¥¸ Í

«¦Å ¥ ³­»

¦¦¤ µ¦ ¦ª ­° ¨³°·­¦³

21 ­· ®µ ¤ 2550*

13. µ¥ ¼¡ «Í

Á«¦¬ ¦

¦¦¤ µ¦ ¦ª ­° ¨³°·­¦³

21 ­· ®µ ¤ 2550*

Date of appointment

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

27 April 2007 14 November 2007 11 May 2007 21 August 2007 11 May 2007 27 February 2008 13 September 2007 13 September 2007 24 April 2008 11 August 2008 1 September 2008

Chairman of the Board Director Director Director Director Director Director Director Director Director, Company Secretary 11. Dr.Jurairat Uhaka Chairman of the Audit Committee and Independent Director 12. Mrs.Sunee Sornchaitanasuk Member of the Audit Committee and Independent Director 13. Mr.Chuphong Tanasettakorn Member of the Audit Committee and Independent Director Secretary of the Board of Director : Ms.Nottaporn Thiengprathes * These two directors have taken their offices since 2004 In 2008, altogether 7 Board meetings were held.

1 ´ ¥µ¥ 2551

11. ¦. »Å¦¦´ Í

As of January 31, 2009, the Board of Directors composed of 13 members below:

Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦·¬ ´ : µ ­µª £¦ Í Á ¸¥É ¦³Á « * ¦¦¤ µ¦ ´ Ê ­° ɵ ¸ÁÊ Êµ¦´ ¶Â® É ¦¦¤ µ¦ ¦·¬ ´ ´ Ê Â É ¸ 2547 Ä ¸ 2551 ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸ µ¦ ¦³ »¤ ¦ª¤ 7 ¦´ Ê ¦¦¤ µ¦ ¼¤Ê °¸ ¶ µ ¨ µ¤ ¼ ¡´ ¦·¬ ´

Mr.ChanachaiLeenabanchong Mr.Chirdsak Vitooraporn Mr.Kennosuke Ochiai Mr.Siriphong Vongvuttipornchai Mr.Paiboon Thong-ra-ar Mr.Boonchai Surapakpinyo Mrs.Neeranuch Na-ranong Mr.Trin Pimhataivut Mr.Pannatee Sriwongthai Mr.Somphop Prompanapitak

13 September 2007 21 August 2007* 21 August 2007*

AUTHORIZED DIRECTORS The directors authorized to sign and execute on behalf of the Company are Mrs.Neeranuch Na-Ranong or Mr.Siriphong Vongvuttipornchai or Mr.Somphop Prompanapitak co-sign with Mr.Chanachai Leenabanchong or Mr.Paiboon Thong-ra-ar or Mr.Chirdsak Witooraporn with the Company’s seal affixed.

“ µ ¸¦ » ¦³ ° ®¦º° µ¥«·¦¡· «Í ªÉ° ª» ¡· ¦ ´¥ ®¦º° µ¥­¤£¡ ¡¦®¤¡ µ¡· ´ ¬Í Ä ® ¹ É ¨ ¨µ¥¤º° º°É ¦Éª¤ ´ µ¥ ³ ´¥ ¨¸ ³ ¦¦ ®¦º° µ¥Å¡ ¼¨¥Í ° ¦³°µ ®¦º° µ¥Á · «´ ·Í ª· ¦¼ µ£¦ Í ¦ª¤Á È ­° ¨³ ¦³ ´ ¦µ­¶ ´ ° ¦·¬ ´ ”

SCOPE OF AUTHORITY, DUTIES AND RESPONSIBILITIES OF THE BOARD OF DIRECTORS The Board of Directors has the authority and duty to ensure the Company’s operations in compliance with the relevant laws, and the Company’s objectives and articles of association, together with the resolutions of the shareholders’ meeting, with integrity and prudence and with due regard for the interests of all the stakeholders. 1. The Board of Directors has the authority, and duty to ensure the Company’s operations to be in compliance with the relevant laws, the Company’s objectives, and articles of association, as well as the resolutions of the shareholders’ meeting with integrity and prudence and due regard for the interests of all the stakeholders. 2. Prescribe business operation policy, work planning and annual budget of the Company, supervise administration of Management Department to be in accordance with policy set forth with efficiency in order for increase of ultimate value to the Company and the shareholders. 3. To ensure that the Company complies with announcement, requirements, and guidelines to follow relating to Stock Exchange of Thailand, Office of the Securities Exchange Commission, and to take any steps prescribed by relevant laws.

° Á °¶ µ ® ʵ ¸É ¨³ ªµ¤¦´ · ° ° ³ ¦¦¤ µ¦ ¦·¬ ´ ³ ¦¦¤ µ¦ ¦·¬ ´ ² ¤¸® ʵ ¸ É · ´ Ä· ®ÊÁ È Å µ¤ ®¤µ¥ ª´ » ¦³­ Í Â¨³ Ê° ´ ´ ¦·¬ ´ ¨° ¤ · ɸ ¦³ »¤ ¼ Ê °º ®» Ê Êª¥ ªµ¤ º°É ­´ ¥Í­ » ¦· ¨³¦³¤´ ¦³ª´ à ¥ ¶ ¹ ¹ ¦³Ã¥ Í ° ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥ » ɵ¥ 1. Ê° · ´ ·® ʵ ¸ÉÄ®ÊÁ È Å µ¤ ®¤µ¥ ª´ » ¦³­ Í Â¨³ Ê° ´ ´ ¦·¬´ ¨° ¤ · ¸É ¦³ »¤ ¼Ê º°®»Ê ʪ¥ ªµ¤ ºÉ°­´ ¥Í­» ¦· ¨³¦³¤´ ¦³ª´ à ¥ ¶ ¹ ¹ ¦³Ã¥ Í ° ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥ » ɵ¥ 2. ¶® Ã¥ µ¥ µ¦ ¶Á · »¦ ·  µ ¨³ ¦³¤µ ¦³ ¶ ¸ ° ¦·¬´ ª »¤ ¶ ´ ¼Â¨ µ¦ ¦·®µ¦Â¨³ µ¦ ´ µ¦ ° ɵ¥ ¦·®µ¦Ä®ÊÁ È Å µ¤ Ã¥ µ¥ ¸ É ¶® Ūʰ¥Éµ ¤¸ ¦³­· ·£µ¡ Á¡º°É Á¡·¤É ¤¼¨ ɵ­¼ ­» Ä®ÊÂ É ¦·¬ ´ ¨³ ¼ Ê °º ®» Ê 3. ¶ ´ ¼Â¨Ä®Ê ¦·¬´ · ´ · µ¤ ¦³ µ« Ê° ¶® ¨³Â ª µ · ´ · ¸ÉÁ ¸É¥ª Ê° ° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í ¨³ µ¦ ¶Á · µ¦Ä Ç ¸ É ®¤µ¥ ¶®

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¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

4. ¡· µ¦ µ° »¤ ´ · ¨³/®¦º°Ä®Ê ªµ¤Á®È ° É°¦µ¥ µ¦ ¸ÁÉ ¸¥É ªÃ¥ ´ µ¦ º°Ê ®¦º° µ¥ ¦´¡¥Í­ · ¸­É ¶ ´ µ¦¨ » Ä »¦ · Ä®¤É®¦º°¨ » Ä ¦·¬ ´ °º É ¸ É °Ê · ´ · µ¤ Á Í ° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ ®¦º° ®¤µ¥ ¸ÁÉ ¸¥É ª Ê° ´ »¦ · ° ¦·¬ ´ ÁªÊ  ÉÄ Á¦º°É ´ É°Å ¸Ê ³ ¦¦¤ µ¦ ¦·¬ ´ Ê° Šʦ ´ ¤ ·° »¤ ´ · µ ¸ É ¦³ »¤ ¼ Ê °º ®» Ê É° µ¦ ¶Á · µ¦ Å ÊÂ É Á¦º°É ¸ É ®¤µ¥ ¶® Ä®Ê °Ê Šʦ ´ ¤ ·° »¤ ´ · µ ¸ É ¦³ »¤ ¼ Ê °º ®» Ê Á É µ¦Á¡·¤É » µ¦¨ » µ¦°° ®» Ê ¼Ê µ¦ µ¥®¦º°Ã° · µ¦ ° ¦·¬ ´ ´ Ê ®¤ ®¦º° µ ­Éª ¸­É ¶ ´ Ä®ÊÂ É » ¨°º É ®¦º° µ¦ º°Ê ®¦º°¦´ ð · µ¦ ° ¦·¬ ´ °º É ¤µÁ È ° ¦·¬ ´ µ¦Â ÊÅ ® ´ ­º° ¦· ®Í­ ·®¦º° Ê° ´ ´ Á È Ê 5. ¡· µ¦ µ° »¤ ´ · µ¦Á · Ä Â É¨³Å ¦¤µ­ ¨³ µ¦Á · ¦³ ¶ ¸ ɸ µÉ µ¦­° µ ¨³ ¦ª ­° µ ¼­Ê ° ´ ¸ ¨³ ɵ ªµ¤ Á®È ° µ ³ ¦¦¤ µ¦ ¦ª ­° ¨ʪ É° ¸ É ³Á · Á ¥ Ê°¤¼¨ É° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥Â¨³ » ¨ ´ªÉ Å 6. ¡· µ¦ µÃ ¦ ­¦Êµ µ¦ ¦·®µ¦ µ Â É ´ Ê ³ ¦¦¤ µ¦ ¦·®µ¦ ¦³ µ Á ʵ® ʵ ¸ É ¦·®µ¦ ¦¦¤ µ¦ ¼ Ê ´ µ¦Ä® É Â¨³ ³ ¦¦¤ µ¦°º É µ¤ ªµ¤Á®¤µ³­¤ 7. · µ¤ ¨ µ¦ ¶Á · µ Ä®ÊÁ È Å µ¤Â µ ¨³ ¦³¤µ °¥Éµ É°Á º°É 8. ¦¦¤ µ¦ ³ Ê° Å¤É ¦³ ° · µ¦°´ ¤¸­£µ¡°¥Éµ Á ¸¥ª ´ ¨³Á È µ¦Â É ´ ´ · µ¦ ° ¦·¬ ´ ®¦º°Á ʵÁ È ®» Ê ­Éª Ä ®Êµ ®» Ê ­Éª ­µ¤´ ®¦º°Á È ®» Ê ­Éª Å¤É ¶ ´ ªµ¤¦´ · Ä ®Êµ ®» Ê ­Éª ¶ ´ ®¦º°Á È ¦¦¤ µ¦ ° ¦·¬ ´ Á° ®¦º° ¦·¬ ´ °º É ¸ É ¦³ ° · µ¦ °´ ¤¸­£µ¡°¥Éµ Á ¸¥ª ´ ¨³Á È µ¦Â É ´ ´ · µ¦ ° ¦·¬ ´ ŤɪµÉ ³ ¶Á¡º°É ¦³Ã¥ Í ®¦º°Á¡º°É ¦³Ã¥ Í °Ê¼ ɺ ÁªÊ Â É ³Å ÊÂ Ê Ä®Ê É¸ ¦³ »¤ ¼ Ê °º ®» Ê ¦µ É° ¸ É ³¤¸¤ ·Â É ´ Ê 9. ¦¦¤ µ¦ Ê° Â Ê Ä®Ê ¦·¬´ ¦µ à ¥Å¤É ´ ʵ ®µ ¤¸­Éª Å ÊÁ­¸¥Å¤ÉªÉµÃ ¥ ¦ ®¦º°Ã ¥°Ê°¤Ä ­´ µ ¸É ¦·¬´ ¶ ¹Ê ®¦º° º°®»Ê ®¦º° ®¨´ ¦´¡¥Í° ɺ Á¡·¤É ¹ Ê ®¦º°¨ ¨ Ä ¦·¬ ´ ®¦º° ¦·¬ ´ Ä Á ¦º° 10. ³ ¦¦¤ µ¦ ¦·¬ ´ °µ ¤° °¶ µ Ä®Ê ¦¦¤ µ¦ ® ¹ É ®¦º°®¨µ¥ ®¦º° » ¨°º É Ä · ´ · µ¦°¥Éµ ® ¹ É °¥Éµ Ä Â ³ ¦¦¤ µ¦ ¦·¬ ´ Å Ê Ã ¥°¥¼£É µ¥Ä Ê µ¦ ª »¤ ° ³ ¦¦¤ µ¦ ¦·¬ ´ ®¦º°°µ ¤° °¶ µ Á¡º°É Ä®Ê » ¨ ´ ¨Éµª ¤¸°¶ µ µ¤ ¸ É ³ ¦¦¤ µ¦ ¦·¬´ Á®È ­¤ ª¦Â¨³£µ¥Ä ¦³¥³Áª¨µ ¸É ³ ¦¦¤ µ¦ ¦·¬´ Á®È ­¤ ª¦ ¹É ³ ¦¦¤ µ¦ ¦·¬´ °µ ¥ Á¨· Á¡· ° Á ¨¸É¥  ¨ ®¦º°Â ÊÅ » ¨ ¸ÅÉ Ê¦ ´ ¤° °¶ µ ®¦º°°¶ µ ´ Ê Ç Å ÊÁ¤º°É Á®È ­¤ ª¦

4. To consider approval and/or give comment to related transactions, purchase or sale important assets, investment in new enterprise, or in other companies that must comply with rules and standard of Stock Exchange of Thailand, or laws relating to business of the Company. Except the following matters: Board of Directors, as prescribed by laws, to obtainapproval of Shareholders Meeting before taking action on the issues, such as increase or decrease of capital, issuance of debentures, sale or transfer of the Company’s business, in whole or in important part to others, or purchase or taking transfer of business of another company, amendment made to memorandum of association or articles of association, for example. 5. To consider approval of financial statements of each quarter, and for each year reviewed and audited by the auditor and passed the approval of Audit Committee before revealing the information to Stock Exchange of Thailand and general public. 6. To consider administrative work structure, appoint administrative committee, chairman of executive officers, managing director, and other Board of Directors as deemed fit. 7. To follow up the operating result to be in accordance with work planning and the budget continuously. 8. Directors must not be engaged in business operation that has the same condition and in competition with the business of the Company, or become partner in ordinary partnership or unlimited liability partner in a limited partnership, or a director of private company, or another company having similar business operation, and in competition with the business of the Company, whether for own interest or for the benefit of others, with prior notice served to the Shareholders’ Meeting before the resolution is passed for appointment. 9. The director must notify the Company without delay, if he is an interested person, directly or indirectly in the Agreement made by the Company, or holding share or other asset either increase of decrease in the Company or affiliate. 10. Board of Directors may assign authority to a director or more than one director, or any other person to act on behalf of the Board of Directors under the supervision of the Board, or to authorize such person to have the power as deemed fit by the Board of Director and within the period of time deemed appropriate by the Board, whose power may be revoked or amended by the Board.

´Ê ¸Ê ³ ¦¦¤ µ¦ ¦·¬´ °µ ¤° °¶ µ Ä®Ê ³ ¦¦¤ µ¦ ¦·®µ¦¤¸°¶ µ ® ʵ ¸ÉÄ µ¦ · ´ · µ ɵ Ç Ã ¥¤¸¦µ¥¨³Á°¸¥ µ¦¤° °¶ µ µ¤ ° Á °¶ µ ® ʵ ¸É ° ³ ¦¦¤ µ¦ ¦·®µ¦ ¹É µ¦¤° °¶ µ ´Ê Ê° Ťɤ¸¨´ ¬ ³Á È µ¦¤° °¶ µ ¸É ¶Ä®Ê ³ ¦¦¤ µ¦ ¦·®µ¦­µ¤µ¦ ¡· µ¦ µÂ¨³° »¤´ ·¦µ¥ µ¦ ¸É ³ ¦¦¤ µ¦ ¦·®µ¦ ®¦º° » ¨ ¸É°µ ¤¸ ªµ¤ ´ Â¥Ê ¤¸­Éª Å ÊÁ­¸¥ ®¦º°¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í°ºÉ Ä ¶ ´ ¦·¬´ ®¦º° ¦·¬´ ¥É°¥ ¥ ÁªÊ Á È µ¦° »¤´ ·¦µ¥ µ¦ ¸ÉÁ È Å µ¤ Ã¥ µ¥Â¨³®¨´ Á Í ¸ É ³ ¦¦¤ µ¦ ¦·¬ ´ ¡· µ¦ µÂ¨³° »¤ ´ Å· ªÊ¨ʪ

The Board of Directors may authorize Administrative Committee to have the power in performing duties with detailed scope of authority and duties. Characteristics of Such authorization must not be for the Administrative Committee to be able to consider and approve the lists that the Administrative Committee, or a person who has the conflict of interest made with the Company of its subsidiaries, except approval on lists made in compliance with policy and standard that have already been approved by the Board of Directors of the Company.

2. ³ ¦¦¤ µ¦ ¦ª ­° 31 ¤ ¦µ ¤ 2552 1. ¦. »Å¦¦´ Í 2. µ¥ ¼¡ «Í 3. µ ­» ¥¸ Í

°» ® ³ Á«¦¬ ¦ «¦Å ¥ ³­»

59

2. THE AUDIT COMMITTEE (as of January 31, 2009) ¦³ µ ¦¦¤ µ¦ ¦ª ­° ¦¦¤ µ¦ ¦ª ­° ¦¦¤ µ¦ ¦ª ­°

1. Dr.Jurairat Uhaka 2. Mr.Chuphong Tanasettakorn 3. Mrs.Sunee Sornchaitanasuk

¦´ ¬µ µ¦ Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦ª ­° : µ ­µª°´ ·¨ »¤¡ª ¤· ¦

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

Acting – Secretary of the Audit Committee : Ms.Unchanil Kumpuakmit

¦¦¤ µ¦¨¶ ´ ¸É 1 ¨³ 3 Á È ¼ Ê ¤É¸ ¸ ªµ¤¦¼ÂÊ ¨³ ¦³­ µ¦ ÍÁ¡¸¥ ¡° ¸ É ³­µ¤µ¦ ¶® ʵ ¸ÄÉ µ¦­° µ ªµ¤ ɵÁ º°É º° ° µ¦Á · Å Ê

Committee member Nos. 1 and 3 shall be knowledgeable persons who have substantial experience to perform their duties in making the review the credibility of financial statements.

Ä ¸ 2551 ³ ¦¦¤ µ¦ ¦ª ­° ¤¸ µ¦ ¦³ »¤ ¦ª¤ 10 ¦´ Ê

In 2008, the Audit Committee had 10 meetings altogether.

° Á °¶ µ ® ʵ ¸É ¨³ ªµ¤¦´ · ° ° ³ ¦¦¤ µ¦ ¦ª ­°

SCOPE OF AUTHORITY, DUTIES AND RESPONSIBILITIES OF THE AUDIT COMMITTEE

1. ¡· µ¦ µ µ¦Á · Á ¥¦µ¥ µ¦ ¸ÉÁ ¸É¥ªÃ¥ ´ ¨³°µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ ÍÁ¡ºÉ°Ä®Ê¤´É Ä ªÉµ ¦·¬´ ² Å Ê ¶Á · µ¦ µ¤ Á ͨ³ Ê° ¶® ° ¨µ ®¨´ ¦´¡¥Í² °¥Éµ Á ¦É ¦´ ¨³¦µ¥ µ¦ ´ ¨Éµª¤¸ ªµ¤­¤Á® »­¤ ¨Â¨³Á È ¦³Ã¥ Í ­¼ ­» É° ¦·¬ ´

1. To make consideration for revealing the inter-transaction which may have conflict of interest to ensure performance of the Company to be strictly in compliance with rules and requirements of Stock Exchange of Thailand, and justification of such lists to be of ultimate benefit of the Company. ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

2. ¡· µ¦ µ µ¦Á · Ä Â É¨³Å ¦¤µ­ ¨³ µ¦Á · ¦³ ¶ ¸ ¸É ɵ µ¦­° µ ¨³ ¦ª ­° µ ¼Ê­° ´ ¸¦Éª¤ ´ ¼Ê­° ´ ¸Â¨³ ɵ¥ ¦·®µ¦ É° ¸É ³Á · Á ¥ Ê°¤¼¨ É° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥Â¨³ » ¨ ´ÉªÅ µ¦­° µ µ¦Á · Á¡ºÉ° ¦ª ­° ªµ¤ ¼ Ê° ° Ê°¤¼¨ µ µ¦Á · Įʤ¸ ªµ¤­¤ ¼¦ Í Á ºÉ° º°Å ʨ³¤¸ ªµ¤Ã ¦É Ä­ à ¥Á È Å µ¤¤µ ¦ µ µ¦ ´ ¸ ¦ª¤ ´ Ê ®¤µ¥Â¨³ Ê° ¶® ¸ÁÉ ¸¥É ª Ê° 3. ­° µ Ä®Ê ¦·¬´ ¤¸¦³ µ¦ ª »¤£µ¥Ä ¨³¦³ µ¦ ¦ª ­° £µ¥Ä ¨³¡· µ¦ µ ªµ¤Á È °·­¦³ ° ® ɪ¥ µ ¦ª ­° £µ¥Ä ¨° Ä®Ê ªµ¤Á®È ° Ä µ¦¡· µ¦ µÂ É ´Ê Ã¥ ¥Êµ¥ Á¨· ʵ ®´ª® ʵ® ɪ¥ µ ¦ª ­° £µ¥Ä ®¦º° ® ɪ¥ µ °º É Ä ¸¦É ´ · ° Á ¸¥É ª ´ µ¦ ¦ª ­° £µ¥Ä ¦ª¤ ¹ ­° µ ¦³ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É ° ¦·¬ ´ 4. ­° µ ¦µ¥ µ µ¦ ¦ª ­° £µ¥Ä ¸ÉÁ ¸É¥ª ´ µ¦ ¶Á · µ ° ¦·¬´ ² µ¤Â µ ¸É ¶® ÅªÊ Á¡ºÉ°Ä®Ê® ɪ¥ µ ɵ Ç ¤¸¦³ µ¦ ª »¤£µ¥Ä ¸ É ¸ ʹ ¹ É ³­É ¨Ä®Ê µ¦ ¶ µ ¤¸ ¦³­· ·£µ¡Â¨³ ¦³­· · ¨ 5. ­° µ Ä®Ê ¦·¬ ´ ² · ´ · µ¤ ®¤µ¥ªÉµ ʪ¥®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í Ê° ¶® ° ¨µ ®¨´ ¦´¡¥Í² ¨³ ®¤µ¥ ¸ÁÉ ¸¥É ª Ê° ´ ¦·¬ ´ ² 6. ¡· µ¦ µ ´ Á¨º° Á­ °Â É ´ Ê Á­ ° ɵ °  ¨³ ¦³Á¤· ¨ µ ° ¼­Ê ° ´ ¸ ° ¦·¬ ´ ² ¦ª¤ ´ Ê Á ʵ¦Éª¤ ¦³ »¤ ´ ¼­Ê ° ´ ¸ à ¥Å¤É¤ ¸ µÉ ¥ ´ µ¦Á ʵ¦Éª¤ ¦³ »¤ ʪ¥°¥Éµ Ê°¥ ¸¨³ 1 ¦´ Ê 7. ´ ¶¦µ¥ µ µ¦ ¶ ´ ¼Â¨ · µ¦ ° ³ ¦¦¤ µ¦ ¦ª ­° à ¥Á · Á ¥ÅªÊÄ ¦µ¥ µ ¦³ ¶ ¸ ° ¦·¬ ´ ¹ É ¦µ¥ µ ´ ¨Éµª Ê° ¨ µ¤Ã ¥ ¦³ µ ³ ¦¦¤ µ¦ ¦ª ­° ¨³ Ê° ¦³ ° ʪ¥ Ê°¤¼¨ ¸ É ¨µ ®¨´ ¦´¡¥Í ¶® °¥Éµ Ê°¥ ´ ¸Ê • ªµ¤Á®È Á ¸¥É ª ´ ªµ¤ ¼ Ê° ¦ ʪ Á È ¸ÁÉ º°É º°Å Ê ° ¦µ¥ µ µ µ¦Á · ° ¦·¬ ´ • ªµ¤Á®È Á ¸¥É ª ´ ªµ¤Á¡¸¥ ¡° ° ¦³ ª »¤£µ¥Ä ° ¦·¬ ´ • ªµ¤Á®È Á ¸É¥ª ´ µ¦ · ´ · µ¤ ®¤µ¥ªÉµ ʪ¥®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í Ê° ¶® ° ¨µ ®¨´ ¦´¡¥Í ®¦º° ®¤µ¥ ¸ÁÉ ¸¥É ª Ê° ´ »¦ · ° ¦·¬ ´ • ªµ¤Á®È Á ¸¥É ª ´ ªµ¤Á®¤µ³­¤ ° ¼­Ê ° ´ ¸ • ªµ¤Á®È Á ¸¥É ª ´ ¦µ¥ µ¦ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í • ¶ ª µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ¦ª ­° ¨³ µ¦Á ʵ¦Éª¤ ¦³ »¤ ° ¦¦¤ µ¦ ¦ª ­°  ɨ³ ɵ • ªµ¤Á®È ®¦º° Ê°­´ Á à ¥¦ª¤ ¸ É ³ ¦¦¤ µ¦ ¦ª ­° Šʦ ´ µ µ¦ · ´ ®· ʵ ¸ É µ¤ ´ ¦ • ¦µ¥ µ¦°ºÉ ¸ÉÁ®È ªÉµ ¼Ê º°®»Ê ¨³ ¼Ê¨ » ´ÉªÅ ª¦ ¦µ £µ¥Ä Ê ° Á ® ʵ ¸É¨³ ªµ¤¦´ · ° ¸ÉŠʦ´ ¤° ®¤µ¥ µ ³ ¦¦¤ µ¦ ¦·¬ ´ 8. · ´ · µ¦°º É Ä µ¤ ¸ É ³ ¦¦¤ µ¦ ° ¦·¬ ´ ¤° ®¤µ¥ ʪ¥ ªµ¤Á®È ° µ ³ ¦¦¤ µ¦ ¦ª ­° 3. ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  «¦Å ¥ ³­» ¦³ µ ¦¦¤ µ¦ 1. µ ­» ¥¸ Í 2. ¦. »Å¦¦´ Í °» ® ³ ¦¦¤ µ¦ 3 µ¥ ¼¡ «Í Á«¦¬ ¦ ¦¦¤ µ¦ 4. µ¥«·¦¡· «Í ªÉ° ª» ¡· ¦ ´¥ ¦¦¤ µ¦ Á¨ µ » µ¦ ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  : µ ­µª¡¦ ·£µ °£·­ · ·ªµ­ µ Ä ¸ 2551 ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  ¤¸ µ¦ ¦³ »¤ ¦ª¤ 1 ¦´ Ê ° Á °¶ µ ® ʵ ¸É ¨³ ªµ¤¦´ · ° ° ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  1. ¡· µ¦ µ­¦¦®µ ¦³Á¤· ´ Á¨º° » ¨ ¸¤É ¸ » ­¤ ´ Á· ®¤µ³­¤Á ʵ ¶¦ ¶Â® É Á È ¦¦¤ µ¦ ¦·¬ ´ 2. ¡· µ¦ µ » ¨ ¸ É ³¤µ ¶¦ ¶Â® É Á È ¦¦¤ µ¦ µ¤ ¸ÁÉ ­ °Ã ¥ ¼ Ê °º ®» Ê ° ¦·¬ ´ ² 3. ¡· µ¦ µÁ­ ° » ¨ ¸ É ³¤µ ¶¦ ¶Â® É ¦¦¤ µ¦ ¦·¬ ´ Á¡º°É Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¡· µ¦ µÁ­ ° °° »¤ ´ · É ´ Ê É° ¸ É ¦³ »¤ ¼ Ê °º ®» Ê ®¦º°Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¡· µ¦ µ° »¤ ´ · É ´ Ê Á È ¦¦¤ µ¦ ¦·¬ ´  ¶Â® É ¸ªÉ µÉ ¨ 4. ¡· µ¦ µ ª Á Í » ­¤ ´ · ° ¦¦¤ µ¦°·­¦³Â¨³Á­ ° ° »¤ ´ Á· ¨¸¥É  ¨ Ä Ç É° ³ ¦¦¤ µ¦ ¦·¬ ´ 5. ¡· µ¦ µÂ¨³ ª à ¦ ­¦Êµ ¦³ µ¦ ɵ¥Á · Á º° ° ¦·¬ ´ ¨° Á­ °Â ª µ ¨³ª· ¸ µ¦ µ¦ ɵ¥ ɵ °  ĮÊÂ É ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³ ³ ¦¦¤ µ¦ » ɵ Ç ¸ É ³ ¦¦¤ µ¦ ¦·¬ ´ Â É ´ Ê

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2. To make consideration of financial statements of each quarter and of each year that have been reviewed and audited by the auditor in conjunction with the auditor and Management before revealing the information to Stock Exchange of Thailand and general public. To review financial statements for correctness of financial information for completeness, reliability and transparency to be in accordance with accounting standard and relevant laws and requirements. 3. To ensure that the Company has internal control, and internal audit systems, and to make consideration of the independence of the internal auditing unit, as well as agreement in consideration of appointment, reshuffle, employment termination of internal unit chief, or other work units responsible for internal audit, including review of risk administration of the Company 4. To review lists of internal audit concerning operation of the Company to be consistent with work planning set forth for work units to have better internal audit system in order to facilitate efficient business management. 5. To review compliance of Company’s compliance with the law concerning assets and Stock Exchange Market, requirements of Stock Exchange Market of Thailand and related laws. 6. To consider selection, propose appointment, offer remuneration and assess work result of auditor of the Company, including participating in the meeting with the auditor at least once a year without Management in the meeting. 7. Make list of supervision on the performance of the Audit Committee by revealing in annual report of the Company to be signed by Chairman of the Audit Committee, which must be comprising the information required by Stock Exchange of Thailand at least as follows : • Comments on correctness, completeness, reliability of financial statements of the Company • Comments concerning sufficiency of internal control of the Company • Comments on performance in compliance with law concerning assets and Stock Exchange, requirement of Stock Exchange, or law relating to the business of the Company • Comment on suitability of the accounting auditor • Comments on lists that may have conflict of interest • Number of meetings of Audit Committee and attendance of each committee member • Comment of observation as a whole received by the Audit Committee from duty performance according to rules and regulations. • Other lists that should be notified to the shareholders and general investors within the scope of duties and responsibility assigned by the Board of Directors. 8. Any other performance as assigned by the Board of Director with approval of Audit Committee 3. THE NOMINATION AND REMUNERATION COMMITTEE 1. Mrs.Sunee Sornchaitanasuk Chairman of the Nomination and Remuneration Committee 2. Dr.Jurairat Uhaka Member of the Nomination and Remuneration Committee 3 Mr.Chuphong Tanasettakorn Member of the Nomination and Remuneration Committee 4. Mr.Siriphong Vongvuttipornchai Member of the Nomination and Remuneration Committee Secretary of The Nomitnation and Remuneration Committee : Ms.Porntipa Apisitwasana In 2008, altogether 1 The Nomitnation and Remuneration Committee meetings were held. SCOPE OF AUTHORITY, DUTIES AND RESPONSIBILITIES OF THE NOMINATION AND REMUNERATION COMMITTEE 1. Indentify, evaluate and recruit individuals qualified for Board membership 2. Consider nominees for directorships proposed by the Company’s shareholders 3. Recommend to the Board nominees to be proposed for election at the shareholders’ meetings or to be elected by the Board to fill vacancies 4. Periodically review the Company’s standards of director independence and recommend any proposed changes to the Board for approval 5. To consider and review the structure of salary and wage payment of the Company, and propose directions and methods for payments of remuneration to the Board of Directors and various committees appointed by the Board. ęô ăċüóĊæ

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¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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6. Á­ ° Ã¥ µ¥ µ¦¡· µ¦ µ ɵ °  ĮÊÂ É µÉ ¥ ´ µ¦ à ¥Ä®Ê­° ¨Ê° ´ ¨ µ¦ ¶Á · µ ° ¦·¬ ´ ¨³ ¨ µ¦ · ´ · µ ° ɵ¥ ´ µ¦ 7. ¡· µ¦ µ ¦³¤µ µ¦ ¹Ê ɵ ʵ µ¦Á ¨¸É¥  ¨ ɵ ʵ ¨³ ¨ °  Á · ¦µ ª´¨ ¦³ ¶ ¸ ° Á ʵ® ʵ ¸É¦³ ´ ¼Ê ¦·®µ¦ É° Á­ ° ³ ¦¦¤ µ¦ ¦·¬ ´ 4. ³ ¦¦¤ µ¦ ¦·®µ¦ 31 ¤ ¦µ ¤ 2552 1. µ¥ ³ ´¥ ¨¸ ³ ¦¦ ¦³ µ ¦¦¤ µ¦ ¦·®µ¦ ª· ¦¼ µ£¦ Í ¦¦¤ µ¦ ¦·®µ¦ 2. µ¥Á · «´ ·Í 3. µ¥Á à ³ ¼Á ³ ð ·Å° ¦¦¤ µ¦ ¦·®µ¦ 4. µ¥«·¦¡· «Í ªÉ° ª» ¡· ¦ ´¥ ¦¦¤ µ¦ ¦·®µ¦ 5. µ¥Å¡ ¼¨¥Í ° ¦³°µ ¦¦¤ µ¦ ¦·®µ¦ 6. µ¥­¤£¡ ¡¦®¤¡ µ¡· ´ ¬Í ¦¦¤ µ¦ ¦·®µ¦ 7. µ¥ » ´¥ ­»¦¡´ ¦Í£ · à ¦¦¤ µ¦ ¦·®µ¦ Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦·®µ¦ : µ ­µª £¦ Í Á ¸¥É ¦³Á « Ä ¸ 2551 ³ ¦¦¤ µ¦ ¦·®µ¦¤¸ µ¦ ¦³ »¤ ¦ª¤ 5 ¦´ Ê ° Á °¶ µ ® ʵ ¸É ¨³ ªµ¤¦´ · ° ° ³ ¦¦¤ µ¦ ¦·®µ¦ 1. ¶Á · · µ¦Â¨³ ¦·®µ¦ · µ¦ ° ¦·¬ ´ µ¤ª´ » ¦³­ Í Ê° ´ ´ Ã¥ µ¥ ¦³Á ¸¥ Ê° ¶® ¶­´ É Â¨³¤ · ° ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¨³ / ®¦º° ¤ · ɸ ¦³ »¤ ¼ Ê °º ®» Ê ° ¦·¬ ´ 2. ¡· µ¦ µ ¶® Ã¥ µ¥ ·« µ ¨³ ¨¥» Í Â µ¦ ¶Á · »¦ · ¨³ ¦³¤µ ¦³ ¶ ¸ ° ¦·¬ ´ µ¦ ¦·®µ¦ ¦´¡¥µ ¦ » ¨ µ¦¨ » ʵ Á à 襸­µ¦­ Á « µ¦ ¥µ¥ µ µ¦ ¦³ µ­´¤¡´ Í Â¨³ ª »¤ ¶ ´ ¼Â¨Ä®Ê µ¦ ¶Á · µ ° ³ ¶ µ ¸ÂÉ É ´ Ê ¦¦¨» µ¤Á ʵ®¤µ¥ Á¡º°É ¶Á­ ° É° ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ Á È ¼¡Ê · µ¦ µ° »¤ ´ · 3. ¡· µ¦ µÁ¦º°É µ¦ ´ ­¦¦ ¦³¤µ ¦³ ¶ ¸ µ¤ ¸ É µÉ ¥ ´ µ¦Á­ ° É° ¸ É ³ ¶Á­ °Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¡· µ¦ µÂ¨³° »¤ ´ · ´ Ê ¸Ê Įʦª¤ ¹ µ¦¡· µ¦ µÂ¨³° »¤ ´ · µ¦Á ¨¸¥É  ¨ ¨³Á¡·¤É Á ·¤ ¦³¤µ ¦³ ¶ ¸Ä ¦³®ªÉµ ¸ÅÉ ¤É¤ ¸ µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ Â É °Ê °¥¼£É µ¥Ä Ê ° Á °¶ µ ¸ÅÉ Ê¦ ´ ° »¤ ´ · µ ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³Ä®Ê ¶Á­ ° ³ ¦¦¤ µ¦ ¦·¬ ´ Á¡º°É ¦µ Ä µ¦ ¦³ »¤ ¦µª É°Å 4. ¡· µ¦ µ° »¤ ´ · ¨³ / ®¦º°Ä®Ê ªµ¤Á®È ° ¦µ¥ µ¦Á ¸¥É ª ´ µ¦¨ » µ¦ ¦·®µ¦ µ¦Á · µ¦ ¦·®µ¦ µ ´ªÉ Å µ¦ ´ ʵ ¨³ ´ º°Ê ¨³¦µ¥ µ¦°º É Ä ¸ÁÉ ¸¥É ª ´ »¦ · ° ¦·¬ ´ ² £µ¥Ä Ê ° Á °¶ µ ¸ÅÉ Ê¦ ´ ° »¤ ´ · µ ³ ¦¦¤ µ¦ ¦·¬ ´ 5. ¡· µ¦ µ° »¤ ´ · µ¦Ä Ê µÉ ¥Á · ¨ » ¸­É ¶ ´ Ç ¸ÅÉ Ê ¶® ŪÊÄ ¦³¤µ ¦³ ¶ ¸ µ¤ ¸ É ³Å ʦ ´ ¤° ®¤µ¥ µ ³ ¦¦¤ µ¦ ¦·¬ ´ ®¦º° µ¤ ¸ É ³ ¦¦¤ µ¦ ¦·¬ ´ Å ÊÁ ¥¤¸¤ ·° »¤ ´ Ä· ®¨´ µ¦ÅªÊ¨ʪ 6. Ä®Ê ¶Â ³ ¶ µ¦ ¥µ¥ »¦ · ¨³ µ¦¦Éª¤ » ´ » ¨°º É £µ¥Ä Ê ° Á °¶ µ ¸ÅÉ Ê¦ ´ ° »¤ ´ · µ ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³ ¶Á­ ° ³ ¦¦¤ µ¦ ¦·¬ ´ Á¡º°É Ä®Ê ªµ¤Á®È ° / Á¡º°É ¦µ Ä µ¦ ¦³ »¤ ¦µª É°Å 7. Á È ³ ¸ É ¦¹ ¬µ ɵ¥ ´ µ¦Ä Á¦º°É Á ¸¥É ª ´ Ã¥ µ¥ ʵ µ¦Á · µ¦ ¨µ µ¦ ¦·®µ¦ µ » ¨ ¨³ ʵ µ¦ · ´ · µ¦°º É Ç 8. ¡· µ¦ µ ¨ ¶Å¦Â¨³ µ » ° ¦·¬ ´ µ¦Á­ ° ɵ¥Á · ´ ¨¦³®ªÉµ µ¨®¦º°Á · ´ ¨ ¦³ ¶ ¸ Á¡º°É Á­ ° ³ ¦¦¤ µ¦ ¦·¬ ´ ° »¤ ´ · 9. ³ ¦¦¤ µ¦ ¦·®µ¦°µ ¤° °¶ µ ɪ Ä®Ê ¦¦¤ µ¦ ® ¹ É ®¦º°®¨µ¥ ®¦º° » ¨°º É Ä · ´ · µ¦°¥Éµ ® ¹ É °¥Éµ Ä Ã ¥°¥¼É £µ¥Ä Ê µ¦ ª »¤ ° ³ ¦¦¤ µ¦ ¦·®µ¦ ®¦º°°µ ¤° °¶ µ Á¡ºÉ°Ä®Ê » ¨ ´ ¨Éµª ¤¸°¶ µ µ¤ ¸É ³ ¦¦¤ µ¦ ¦·®µ¦ Á®È ­¤ ª¦ ¨³£µ¥Ä ¦³¥³Áª¨µ ¸ É ³ ¦¦¤ µ¦ ¦·®µ¦Á®È ­¤ ª¦ ¹ É ³ ¦¦¤ µ¦ ¦·®µ¦°µ ¥ Á¨· Á¡· ° Á ¨¸¥É  ¨ ®¦º°Â ÊÅ » ¨ ¸ÅÉ Ê¦ ´ ¤° °¶ µ ®¦º° µ¦¤° °¶ µ ´ Ê Ç Å Ê µ¤ ¸ÁÉ ®È ­¤ ª¦ ´Ê ¸Ê°¶ µ ° ³ ¦¦¤ µ¦ ¦·®µ¦ ¨³/®¦º° µ¦¤° °¶ µ ɪ Ê° ŤÉÁ È µ¦° »¤´ ·¦µ¥ µ¦ ¸ÉÁ ¸É¥ªÃ¥ ´ ®¦º°¦µ¥ µ¦Ä ¸É°µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í ®¦º°¦µ¥ µ¦Ä ¸É ³ ¦¦¤ µ¦ ¦·®µ¦ ®¦º° » ¨ ¸É°µ ¤¸ ªµ¤ ´ Â¥Ê ´ ³ ¦¦¤ µ¦ ¦·®µ¦¤¸­Éª Å ÊÁ­¸¥ ®¦º° ¨ ¦³Ã¥ ÍÄ ¨´ ¬ ³°ºÉ Ä ´ Â¥Ê ´ ¦·¬´ ®¦º° ¦·¬´ ¥É°¥ µ¤ Á Í ° ¨µ ®¨´ ¦´¡¥Í 娃 ¦³Á «Å ¥ ¨³/®¦º° ¦³ µ« ° ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í ¹ É µ¦° »¤ ´ ¦· µ¥ µ¦Ä ¨´ ¬ ³ ´ ¨Éµª ³ Ê° Á­ ° É° ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³/®¦º° ¸ É ¦³ »¤ ¼ Ê °º ®» Ê Á¡º°É ¡· µ¦ µÂ¨³° »¤ ´ ¦· µ¥ µ¦ ´ ¨Éµª µ¤ ¸ É °Ê ´ ´ ° ¦·¬ ´ ®¦º° ®¤µ¥ ¸ÁÉ ¸¥É ª Ê° ¶®

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6. To propose policy on consideration of management remuneration in line with the Company’s operating results and performance of the management. 7. To consider budgets for increase in salaries and wages, changes in salaries and wages as well as other remuneration, and annual bonus payments for senior executives before submission to the Board of Directors. 4. THE EXECUTIVE COMMITTEE (as of January 31, 2009) 1. Mr.Chanachai Leenabanchong Chairman of the executive committee 2. Mr.Chirdsak Vitooraporn Executive Director 3. Mr.Kennosuke Ochiai Executive Director 4. Mr.Siriphong Vongvuttipornchai Executive Director 5. Mr.Paiboon Thong-ra-ar Executive Director 6. Mr.Somphop Prompanapitak Executive Director 7. Mr.Boonchai Surapakpinyo Executive Director Secretary of the executive committee : Ms.Nottaporn Thiengprathes In 2008, altogether 5 Executive Committee meetings were held. SCOPE OF AUTHORITY, DUTIES AND RESPONSIBILITIES OF THE EXECUTIVE COMMITTEE 1. To carry out and administer the business of the Company in accordance with objectives, regulations, policy, requirements, orders, and resolution of Board of Directors Meeting, and/or resolution of Shareholders Meeting 2. To consider setting up policy, direction, and strategies, plan for operating business and annual budget of the Company, administration of human resources, investment on information technology, work expansion, public relation, and supervision of works carried out by Working Team appointed to achieve the target for submission to the Board of Directors Meeting for its approval. 3. To consider budget allocation for the year as proposed by Management before submission to Board of Directors for its approval. This includes consideration and approval of change and addition of annual budget while there is no Board of Directors meeting held, but will have to be under scope of duty approved by the Board of Director and to be submitted to the next Board of Directors meeting. 4. To consider approval, and/or give comment on lists concerning investment, financial administration, general works administration, employment and purchasing and any other list relating to the business of the Company under the scope of authority approved by the Board of Directors. 5. To consider approval of important investments, set up in annual budget as assigned by the Board of Directors, or used to be approved in principle by the Board. 6. To give comment on business expansion and joint investment with other persons within the scope of authority approved by the Board of Directors and submit it to the Board of Directors for approval/acknowledgement in the next meeting. 7. To be advising committee to Management concerning policies on finance, marketing, management of personnel administration, and other performances. 8. To consider profit and loss of the Company, proposal for payment of interim dividend or annual dividend for submission to the Board of Directors for approval. 9. Executive Committee may sub-authorize one or more than one director, or any person to perform any act under the supervision of Executive Committee, or to empower them and within the period of time as the Committee deems fit. The Committee may revoke, change or make amendment to the power given to them as appropriate. In this regard, the power of Executive Committee, and/or sub-authority must not be for approval of inter- transactions, or and list that may have conflict of interest, or with interested person who may have conflict with the Committee, or conflict of interest in any other manner with the Company or its subsidiaries according to rules of Stock Exchange of Thailand, and/or announcement of Office of Securities Exchange Commission and the Stock Exchange. Approval of such lists must be submitted to Board of Directors Meeting and/or Shareholders Meeting for consideration and approval in accordance with articles of association or related law. ęô ăċüóĊæ

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¦µ¥ µ ¦³ ¶ ¸ 2551

64

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

5. ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É 31 ¤ ¦µ ¤ 2552 ( µ¤¤ · ³ ¦¦¤ µ¦ ¦·¬ ´ ¦´ Ê ¸É 1/2552)

65

5. THE ENTERPRISE RISK COMMITTEE (appoint of January, 2009)

1. µ¥Á · «´ ·Í ª· ¦¼ µ£¦ Í ¦³ µ ¦¦¤ µ¦ 2. µ¥«·¦¡· «Í ªÉ° ª» ¡· ¦ ´¥ ¦¦¤ µ¦ 3. µ¥Å¡ ¼¨¥Í ° ¦³°µ ¦¦¤ µ¦ 4. µ¥­¤£¡ ¡¦®¤¡ µ¡· ´ ¬Í ¦¦¤ µ¦ 5. µ¥ » ´¥ ­»¦¡´ ¦Í£ · à ¦¦¤ µ¦ 6. µ¥¡· · µ · ¨» ¦¦¤ µ¦ 7. µ¥ ¦ § ¦³ ° ª· ¥µ ¦¦¤ µ¦ Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É : µ ­µª · µ¦´ Í Á ¬ à ·« ´ ·Í

1. Mr.Chirdsak Vitooraporn Chairman of the enterprise risk committee 2. Mr.Siriphong Vongvuttipornchai Member of the enterprise risk committee 3. Mr.Paiboon Thong-ra-ar Member of the enterprise risk committee 4. Mr.Somphop Prompanapitak Member of the enterprise risk committee 5. Mr.Boonchai Surapakpinyo Member of the enterprise risk committee 6. Mr.Pinit Karntikul Member of the enterprise risk committee 7. Mr.Kornkit Prakongwitaya Member of the enterprise risk committee Secretary of the enterprise risk committee: Ms.Tidarat Chetchotisak SCOPE OF AUTHORITY, DUTIES AND RESPONSIBILITIES OF THE ENTERPRISE RISK COMMITTEE

° Á °¶ µ ® ʵ ¸É ¨³ ªµ¤¦´ · ° ° ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É 1. ¶®  ª µ Ä µ¦ ¦·®µ¦Â¨³ ¦° ¶Á · µ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É

1. To set up guidelines of administration and frame of risk administration performance.

2. ¦³Á¤· ªµ¤Á­¸¥É ɵ Ç ´ Ê ¸ÁÉ · µ ´ ´¥£µ¥Ä ¨³ ´ ´¥£µ¥ °

2. To assess risks, both from internal and external factors.

3. Á­ °Â ³ª· ¸ °Ê ´ ¨³ª· ¨¸ ¦³ ´ ªµ¤Á­¸¥É Įʰ¥¼ÄÉ ¦³ ´ ¸¥É °¤¦´ Å Ê

3. To propose method of prevention and mitigation of risks to be at acceptable level.

4. · µ¤ ¦³Á¤· ¨ ¨³ ¦´ ¦»  µ¦ ¶Á · µ Á¡º°É ¨ ªµ¤Á­¸¥É °¥Éµ É°Á º°É ¨³Á®¤µ³­¤ ´ ­£µª³ µ¦ ¶Á · »¦ ·

4. To follow up, assess the result, and improve work planning for reduction of risks continuously and suitably with business operation circumstances.

5. ª ªµ¤Á¡¸¥ ¡° ° Ã¥ µ¥Â¨³¦³ µ¦ ¦·®µ¦ ªµ¤Á­¸É¥ à ¥¦ª¤ ¹ ªµ¤¤¸ ¦³­· · ¨ ° ¦³ ¨³ µ¦ · ´ · µ¤ Ã¥ µ¥ ¸ É ¶®

5. To review substantiality of the policy and risk administration system, including efficiency of the system and compliance with the policy set forth.

6. ³ ¼ Ê ¦·®µ¦

6. MANAGEMENT TEAM

1. µ¥ ³ ´¥ 2. µ¥Á · «´ ·Í 3. 4. 5. 6.

µ¥Á à ³ ¼Á ³ µ¥«·¦¡· «Í µ¥Å¡ ¼¨¥Í µ¥­¤£¡

7. µ¥ » ´¥ 8. µ¥¡· · 9. 10. 11. 12. 13. 14. 15.

µ¥ µÃ°¦» µ¥ §¬ ³ µ¥ª· · µ¥ª· ¦¼ ¥Í µ¥¡¦ ´¥ µ¥ É°Á ¸¥¦ · µ¥««·

¨¸ ³ ¦¦ ª· ¦¼ µ£¦ Í Ã° ·Å° ªÉ° ª» ¡· ¦ ´¥ ° ¦³°µ ¡¦®¤¡ µ¡· ´ ¬Í ­»¦¡´ ¦Í£ · à µ · ¨» ¢¼ ª· µ¦Éµ ­ ɵ­ Á ¸¥¦­ µª «Í ³ ³Â­ ­»ª¦¦ ¦¦ ·¡ ´ Í ´ ¡¦ ° ´¥«·¦ · ¨»

¦³ µ Á ʵ® ʵ ¸ É ¦·®µ¦ ¦¦¤ µ¦ ¼ Ê ´ µ¦Ä® É ¦´ ¬µ µ¦ ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ »¦ · £µ¥Ä ¦³Á « ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ »¦ · ɵ ¦³Á « ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ¦·®µ¦ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦°µª»Ã­ ­µ¥ µ ª·«ª ¦¦¤ É°­¦Êµ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦°µª»Ã­ ­µ¥ µ ´ ¸ µ¦Á · ¦´ ¬µ µ¦ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ɵ¥ ª »¤ ¦³¤µ ¨µ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦°µª»Ã­ ­µ¥ µ ª »¤ ¦³¤µ à ¦ µ¦Â¨³ ´ º°Ê ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ Á · ª·«ª ¦¦¤ ¦´ ¬µ µ¦ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ¦³Á¤· ¦µ µ µ É°­¦Êµ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ »¦ · ɵ ¦³Á « ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ¦³Á¤· ¦µ µ µ ¦³ ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ª·«ª ¦¦¤ É°­¦Êµ 1 ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ª·«ª ¦¦¤ É°­¦Êµ 2 ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ª·«ª ¦¦¤ É°­¦Êµ 3 ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ª·«ª ¦¦¤ É°­¦Êµ 4 ¦° ¦¦¤ µ¦ ¼ Ê ´ µ¦ ­µ¥ µ ª·«ª ¦¦¤¦³

1. Mr.Chanachai 2. Mr.Chirdsak

Leenabanchong Vitooraporn

3. 4. 5. 6.

Ochiai Vongvuttipornchai Thong-ra-ar Prompanapitak

Mr.Kennosuke Mr.Siriphong Mr.Paiboon Mr.Somphop

7. Mr.Boonchai 8. Mr.Pinit 9. 10. 11. 12. 13. 14. 15.

Mr.Kaoru Mr.Krissana Mr.Vinij Mr.Vitoon Mr.Pornchai Mr.Korkiat Mr.Sasin

Surapakpinyo Karntikul Fujiwara Sa-ngar-sang Jearsathawong Kanasaeng Suwanban Nipatnantaporn Korchaisirikul

Chief Executive Officer Senior Managing Director, Acting – Managing Director – Domestic Business Managing Director – International Business Managing Director – Operation Senior Executive Vice President – Civil Engineering Senior Executive Vice President & CFO, Acting – Executive Vice President – Budgeting Senior Executive Vice President – Project Control and Procurement Executive Vice President – Technical Engineering Acting – Executive Vice President – Civil Estimation Executive Vice President – International Business Executive Vice President – Mechanical & Electrical Estimation Executive Vice President – Civil Engineering 1 Executive Vice President – Civil Engineering 2 Executive Vice President – Civil Engineering 3 Executive Vice President – Civil Engineering 4 Executive Vice President – Mechanical & Electrical Engineering

®¤µ¥Á® » ¨¶ ´ ¸É 1-9 Á È Á ʵ® ʵ ¸ É ¦·®µ¦ µ¤ ¶ ·¥µ¤ “ ¼ Ê ¦·®µ¦” ° ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í

Note : The names in no. 1-9 are executives according to the definition of the “management” of the Office of the Securities and Exchange Commission and the Stock Exchange of Thailand.

Á¨ µ » µ¦ ³ ¼ Ê ¦·®µ¦ : µ Á¡¸¥ Á¡È ¦Í °·¤É ¦¦¥µ Ä ¸ 2551 ³ ¼ Ê ¦·®µ¦¤¸ µ¦ ¦³ »¤ ¦ª¤ 47 ¦´ Ê

Secretary of the Management Team : Mrs.Peangpetch Imchanya In 2008, altogether 47 Management team meetings were held. ęô ăċüóĊæ

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¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

2.2 µ¦­¦¦®µ ¦¦¤ µ¦Â¨³ ¼ Ê ¦·®µ¦ ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  ¶® ʵ ¸ÄÉ µ¦­¦¦®µ ¼ Ê ¤É¸ ¸ ªµ¤¦¼ Ê ªµ¤­µ¤µ¦ ¤¸ » ­¤ ´ · ¨³ ¦³­ µ¦ Í µ¤ ¸É ¦·¬´ ² Ê° µ¦ ¨³¤¸Áª¨µ°¥Éµ Á¡¸¥ ¡° ¸É ³ · ´ ·® ʵ ¸ÉÄ®ÊÂ É ¦·¬´ ² Šʤµ ¶¦ ¶Â® É Á È ¦¦¤ µ¦ Á¡ºÉ°Á­ °Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ° »¤ ´ · ¨³ / ®¦º°Á­ ° °° »¤ ´ · É ´ Ê É° ¸ É ¦³ »¤ ¼ Ê °º ®» Ê µ¤®¨´ Á ͨ³ª· ¸ µ¦ ´ ¸Ê 1. ¼ Ê °º ®» Ê ® ¹ É ¤¸ ³Â Á­¸¥ Á ɵ ´ ¶ ª ®» Ê ¸ É º° 2. ¼ Ê °º ®» Ê Â É¨³ ³Ä Ê ³Â Á­¸¥ ¸¤É °¸ ¥¼ É Ê´ ®¤ µ¤ 1. Á¨º° ´ Ê » ¨Á ¸¥ª®¦º°®¨µ¥ Á È ¦¦¤ µ¦ ÈÅ Ê Â É ³Â É ³Â Á­¸¥ Ä®ÊÂ É ¼ÄÊ ¤µ Ê°¥Á¡¸¥ Ä Å¤ÉÅ Ê 3. » ¨ ¸ÉŠʦ´ ³Â Á­¸¥ ­¼ ­» µ¤¨¶ ´ ¨ ¤µ Á È ¼Ê ¸ÉŠʦ´ µ¦Á¨º° ´Ê Á È ¦¦¤ µ¦ Á ɵ ´ ¶ ª ¦¦¤ µ¦ ¸É ³¡¹ ¤¸®¦º° ³¡¹ Á¨º° ´Ê Ä ¦´Ê ´Ê Ä ¦ ¸ ¸É » ¨ ¹É Šʦ´ µ¦Á¨º° ´Ê Ä ¨¶ ´ ´ ¨ ¤µ¤¸ ³Â Á­¸¥ Á ɵ ´ Á · ªÉµ ¶ ª ¦¦¤ µ¦ ¸É ³¡¹ ¤¸®¦º° ³¡¹ Á¨º° ´ Ê Ä ¦´ Ê ´ Ê Ä®Ê ¦³ µ ¸ É ¦³ »¤Á È ¼ Ê Ê¸ µ

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2.2 APPOINTMENT TO THE BOARD OF DIRECTORS / EXECUTIVE The Nomination and Remuneration Committee is responsible for nominating who are willing to contribute their time,knowledge and expertise to the Company. All nominations must receive the approval of the Board and / or shareholders’ meeting, in accordance with the regulations below as 1. Each shareholder has the number of vote equal to the number of shares held. 2. Each shareholder may exercise all votes applicable under (1) in voting for one or more persons to be directors but the votes cannot be split unequally, or specifically, for any particular nominee. 3. The persons obtaining the highest number of votes are, in the descending order, elected as directors to fill the number of seats available until the required number is met. In case of equality of votes and the number of elected directors will exceed the number of slots available at that time, the chairman of the meeting shall exercise the decisive vote.

¦¦¤ µ¦°·­¦³ ¦¦¤ µ¦°·­¦³ ®¤µ¥ ¹ » ¨ ¸¤É ¸ » ­¤ ´ · ¦ ʪ ¨³¤¸ ªµ¤Á È °·­¦³ µ¤ ¸ É ³ ¦¦¤ µ¦ ¦·¬ ´ Å Ê ¶® ŪÊÄ Ã¥ µ¥ µ¦ ¶ ´ ¼Â¨ · µ¦ ° ¦·¬ ´ ¨³­° ¨Ê° ´ ®¨´ Á Í ° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥Â¨³­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í ¨³ ¨µ ®¨´ ¦´¡¥Í ¨Éµª º° 1. º°®» Ê Å¤ÉÁ · ¦Ê°¥¨³ 1 ° ¶ ª ®» Ê ¸¤É ­¸ · ·°° Á­¸¥ ´ Ê ®¤ ° ¦·¬ ´ ² ¦·¬ ´ ¥É°¥ ¦·¬ ´ ¦Éª¤ · · » ¨ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê 2. Á È ¦¦¤ µ¦ ¸ÅÉ ¤É¤­¸ ªÉ ¦Éª¤Ä µ¦ ¦·®µ¦ µ ŤÉÁ È ¨¼ ʵ ¡ ´ µ ¸ É ¦¹ ¬µ ¸ÅÉ Ê¦ ´ Á · Á º° ¦³ ¶ ®¦º° ¼¤Ê °¸ ¶ µ ª »¤ ¦·¬ ´ ² ¦·¬ ´ ¥É°¥ ¦·¬ ´ ¦Éª¤ · · » ¨ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê ´ Ê Ä ´ » ´ ¨³ 2 ¸ É° ® ʵŠʦ ´ µ¦Â É ´ Ê 3. Á È ¦¦¤ µ¦ ¸ÅÉ ¤É¤ ¸ ¨ ¦³Ã¥ Í®¦º°­Éª Å ÊÁ­¸¥Å¤ÉªµÉ µ ¦ ®¦º° µ °Ê°¤ ´ Ê Ä Êµ µ¦Á · ¨³ µ¦ ¦·®µ¦ µ ¨³Å¤ÉÁ È ¼ÄÊ ®Ê ¦· µ¦ µ ª· µ ¸¡ Ä ¦·¬ ´ ² ¦·¬ ´ ¥É°¥ ¦·¬ ´ ¦Éª¤ · · » ¨ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê ´ Ê Ä ´ » ´ ¨³ 2 ¸ É° ® ʵŠʦ ´ µ¦Â É ´ Ê 4. Á È ¦¦¤ µ¦ ¸ÅÉ ¤ÉÄ ÉÁ È ¼ÁÊ ¸¥É ª Ê° ®¦º° µ ·­ · ° ¼ Ê ¦·®µ¦®¦º° ¼ Ê °º ®» Ê ¦µ¥Ä® É 5. Á È ¦¦¤ µ¦ ¸ÉŤÉŠʦ´ µ¦Â É ´Ê ¹Ê Á È ´ªÂ Á¡ºÉ°¦´ ¬µ ¨ ¦³Ã¥ Í ° ¦¦¤ µ¦ ¦·¬´ ¼Ê º°®»Ê ¦µ¥Ä® É ®¦º° ¼Ê º°®»Ê ¹É Á È ¼ Ê Áɸ ¸¥É ª Ê° ´ ¼ Ê °º ®» Ê ¦µ¥Ä® É

Independent Director Independent Director meaning fully qualified persons with independency as prescribed by the Board of Directors in supervision policy of the Company in compliance with rules of Stock Exchange of Thailand, and of Office of Securities Exchange Commission and Stock Market as follows : 1. Holding of shares not exceeding 1% of all of shares with the right to vote of the Company, subsidiaries, juristic person who may have conflict of interest. 2. Being a committee not participating in work administration, not an employee, or advisor receiving salary regularly, of having the power to control the Company, its subsidiaries, joint venture, juristic person who may have conflict both presently and within 2 years before appointment. 3. Not being interested person, directly or indirectly, either in financial or work administration areas, nor a person giving professional services in the Company, its subsidiaries, joint venture, or to juristic person who may have conflict both presently and within 2 years before appointment. 4. Not having relationship or close relative of executives or major shareholder 5. Not being appointed as representative for retaining benefit of directors, major shareholder, or shareholder relating to major shareholder

2.3 ɵ °  ¦¦¤ µ¦Â¨³ ¼ Ê ¦·®µ¦ ¦·¬ ´ ɵ¥ ɵ °  ¦¦¤ µ¦ ¸ 2551 ¶ ª ¦ª¤ 2.44 ¨Êµ µ (¦ª¤Á ¸¥Ê ¦³ »¤ ʵ ɵ¥ ¹ É Éµ¥ ¦· Ä Á º° ¤ ¦µ ¤ 2552 ¶ ª 390,000 µ ) ´ ¸Ê . ɵ °  ¸ÁÉ È ´ªÁ · ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ 2551

2.3 REMUNERATION FOR DIRECTOR AND EXECUTIVES The Company paid 2.44 million Baht remuneration to the Directors in 2008 (including pending meeting allowance actually paid in January 2009 in the amount of 390,000 Bath) as follows : A. Monetary remuneration, for the year ended December 31, 2008

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Name

Sername

Position

210,000

-

-

Mr.Chanachai Leenabanchong Chairman of the Board Chairman of the Executive Committee

210,000

-

-

120,000

-

-

Mr.Chirdsak Vitooraporn

Director Executive Director

120,000

-

-

140,000

-

-

Mr.Kennosuke Ochiai

Director Executive Director

140,000

-

-

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Name

Sername

120,000

-

20,000

140,000

-

-

Mr.Paiboon

120,000

-

-

Mr.Boonchai Surapakpinyo

60,000

-

-

Mr.Somphop Prompanapitak

140,000 60,000 140,000 120,000

300,000

20,000

Mr.Trin Pimhataivut Mr.Pannatee Sriwongthai Mrs.Neeranuch Na-ranong Dr.Jurairat Uhaka

140,000

200,000

30,000

Mrs.Sunee

140,000

200,000

20,000

Mr.Chuphong Tanasettakorn

1,650,000

700,000

90,000

Total remuneration

Mr.Siriphong Vongvuttipornchai

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Thong-ra-ar

Sornchaitanasuk

Position Director Executive Director Member of the Nomination and Remuneration Committee Director Executive Director Director Executive Director Director Executive Director Director Director Director Chairman of the Audit Committee Member of the Nomination and Remuneration Committee Chairman of the Nomination and Remuneration Committee Audit Committee Audit Committee Member of the Nomination and Remuneration Committee

69

The Nomination The Board The Audit and Remuneration of Directors Committee Committee 120,000

-

20,000

140,000

-

-

120,000

-

-

60,000

-

-

140,000 60,000 140,000 120,000

300,000

20,000

140,000

200,000

30,000

140,000

200,000

20,000

1,650,000

700,000

90,000

B. Remuneration for the management The remuneration in form of salary, bonus and others was in a total amount of 18.76 Million Baht. This comprised remuneration for 7 senior executives.

2.4 µ¦ ¶ ´ ¼Â¨ · µ¦ ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸ Ã¥ µ¥ µ¦ · ´ · µ¤ Ê°¡¹ · ´ · ɸ ¸ (Code of Best Practices) ­¶®¦´ ¦¦¤ µ¦ ¦·¬ ´ ³Á ¸¥ ¸ÁÉ È Å µ¤Â ª µ ° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥°¥Éµ É°Á ºÉ° ´Ê ¸Ê ³ ¦¦¤ µ¦ ¦·¬´ Å Ê ¦³® ´ ¹ ªµ¤­¶ ´ ° µ¦ ¶ ´ ¼Â¨ · µ¦ ¸É ¸Ã ¥ ´ Įʤ¸ ɵ¥ ´ µ¦ ¸É¦´ · ° µ ­Éª ¸Ê°¥Éµ ´ Á Á¡ºÉ°Ä®Ê µ¦ ¶Á · »¦ · Á È Å °¥Éµ ­³ ª ¦ª Á¦Èª ¨³¤¸ ¦³­· ·£µ¡¤µ ¥·É ¹Ê ¹É ­É ¨Ä®ÊÁ · ªµ¤Ã ¦É ĭ¨³Á ¦· Á · à °¥Éµ É°Á º°É ¨³¤´ É Ã ¥ ¦·¬´ Å Ê ¶® µ¦ ¶ ´ ¼Â¨ · µ¦ ´ É°Å ¸Ê

2.4 CORPORATE GOVERNANCE The Board of Directors has a policy to perform with on-going adherence to the code of best practices for listed companies in accordance with the requirement of the Stock Exchange of Thailand. The Board has full awareness of the significance of good corporate governance, having the management to clearly take charge of this matter to ensure that the business operations are facilitated with higher rapidity and efficiency, which will lead to transparency, continued growth and stability of the Company. The guidelines for good corporate governance are as below:

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1. POLICY ON CORPORATE GOVERNANCE The Board of Directors has realized the importance of good corporate governance to ensure continued growth and stability in the Company’s operations, which will bring about maximum benefits to the Company and the shareholders in overall. It has set out the policy on good corporate governance as follows :

³ ¦¦¤ µ¦ ¦·¬ ´ Å Ê ¦³® ´ ¹ ªµ¤­¶ ´ ° µ¦ ¶ ´ ¼Â¨ · µ¦Â¨³ µ¦¤¸ ¦¦¬´ £· µ¨ ¸ É ¸ Á¡º°É Ä®Ê µ¦ ¶Á · »¦ · ° ¦·¬ ´ ¤¸ ªµ¤Á ¦· Á · à °¥Éµ É°Á º°É ¨³¤´ É ¹ É ³ ¶Å ­¼ É ¦³Ã¥ Í­ ¼ ­» Â É ¦·¬ ´ ¨³ ¼ Ê °º ®» Ê Ã ¥¦ª¤ ´ Ê ¸ÅÊ Ê¤¤¸ · ¶® Ã¥ µ¥Á ¸¥É ª ´ µ¦ ¶ ´ ¼Â¨ · µ¦ ° ¦·¬ ´ ´ ¸Ê ęô ăċüóĊæ

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1. ³ ¦¦¤ µ¦ ¦·¬ ´ ³ ¦·®µ¦ µ ° ¦·¬ ´ ʪ¥ ªµ¤¦° ° ¨³¦³¤´ ¦³ª´ £µ¥Ä Ê ¦° Ê° ¶® ° ®¤µ¥ ¨³ ¦·¥ ¦¦¤ µ »¦ · ¦´ · ° É° µ¦ · ´ ®· ʵ ¸ É ªÊ ¥ ªµ¤­µ¤µ¦ ¨³ ¦³­· ·£µ¡ ¸ÁÉ ¡¸¥ ¡° Á¡º°É É°Ä®ÊÁ · ¦³Ã¥ Í­ ¼ ­» É° ¼ Ê °º ®» Ê Â¨³ ¼Â¨¤·Ä®ÊÁ · ´ ®µ ´ Â¥Ê µ ¨ ¦³Ã¥ Í 2. ³ ¦¦¤ µ¦ ¦·¬ ´ ¶Á · µ ʪ¥ ªµ¤Ã ¦É Ä­ ­µ¤µ¦ ¦ª ­° Šʨ³Á · Á ¥ Ê°¤¼¨°¥Éµ Á¡¸¥ ¡° Á¡º°É ­¦Êµ ªµ¤Á º°É ¤´ É Ä®ÊÂ É Ê¼ °º ®» Ê ´ ¨ » ¨³ ¼ Ê Áɸ ¸¥É ª Ê° °¥Éµ Á ɵÁ ¸¥¤ ´ 3. ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸ µ¦ ¶ ´ ¼Â¨ µ¦ · ´ · °É ¼ Ê °º ®» Ê ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥°¥Éµ Á ɵÁ ¸¥¤ ´ ¨³Á È ¦¦¤ É° » ɵ¥ Ä®Ê · ´ · µ¤ ´ ´ · ° ®¤µ¥ ¨³Á È Å µ¤ ¦³Á ¸¥ ° ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ ¨³ ®¤µ¥°º É ¸ÁÉ ¸¥É ª Ê° 4. ³ ¦¦¤ µ¦ ¦·¬ ´ ´ ´ Ê ³ ¶ µ Á ¡µ³Á¦º°É Á¡º°É ¡· µ¦ µ°¥Éµ ¤¸ ¦³­· ·£µ¡ °´ ¦³ ° ʪ¥ ³ ¦¦¤ µ¦ ¦ª ­° ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É ¨³¤¸ µ¦¤° ®¤µ¥® ʵ ¸É ªµ¤¦´ · ° Ä®ÊÂ É ³ ¦¦¤ µ¦ » ³ÅªÊ°¥Éµ ´ Á 5. ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸ µ¦ ¦³ »¤Ã ¥­¤É¶Á­¤°Á È ¦³ ¶ à ¥¤¸ µ¦ ¶® µ¦ ¦³ »¤Â¨³ªµ¦³ÅªÊ¨ªÉ ® ʵ°¥Éµ ´ Á 6. ³ ¼Ê ¦·®µ¦ ¤¸ µ¦ ¦³ »¤Á¡ºÉ° · µ¤Â¨³ ¶ ´ ¼Â¨ µ¦ ¶Á · µ¦Ã ¥¨³Á°¸¥ ° » à ¦ µ¦°¥Éµ ­¤É¶Á­¤° » ­´ µ®Í ¨³°µ ¤¸ µ¦ ¦³ »¤¡·Á«¬ µ¤ ªµ¤ ¶Á È Ã ¥¤¸ µ¦ ¶® µ¦ ¦³ »¤Â¨³¦³Á ¸¥ ªµ¦³ÅªÊ¨ªÉ ® ʵ°¥Éµ ´ Á 7. ³ ¦¦¤ µ¦ ¦·¬ ´ ¦³® ´ ¹ ªµ¤­¶ ´ ° ¦³ ª »¤£µ¥Ä ´ Ê µ¦ ª »¤ µ µ¦Á · µ¦ ¶Á · µ ¨³ µ¦ ¶ ´ ¼Â¨ · µ¦ ´ Ê ¸Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ´ Įʤ®¸ ɪ¥ µ ¦ª ­° £µ¥Ä Â¥ Á È ­Éª µ ® ¹ É ° ¦·¬ ´

71

1. The Board will administer the Company with prudence and care in the purview of laws and business ethics, and with adequate efficiency and accountability for the optimum benefits to the shareholders and ensure that there is no conflict of interest. 2. The Board will run the Company’s business with transparency, accountability, and adequate disclosure of data for the trust and confidence of shareholders, investors and all parties concerned. 3. The Board ensures that treatment to shareholders and stakeholders is on a equitable and fairness basis, in compliance with the relevant laws and rules and regulations of the Securities and Exchange Commission, the Stock Exchange of Thailand and other relevant laws. 4. The Board will have specific committees set up to consider relevant issues efficiently, comprising the Audit Committee, the Nomination and Remuneration Committee, and the Enterprise Risk Committee and clearly delegate duties and responsibilities to these committees. 5. The Board will have meetings held regularly, and with the meeting schedule and agenda clearly set out in advance. 6. The Management Team will have meetings held to monitor and supervise the implementation of all projects in detail and regularly every week, with special meeting determined when necessary, and with the meeting schedule and agenda clearly set out in advance. 7. The Board realizes the importance of internal control system, covering the finance, operations and corporate governance, and will have an internal audit work unit set up as a separate work unit. 2. RIGHTS OF SHAREHOLDERS

2. ­· · ° ¼ Ê °º ®» Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¦³® ´ ¹ ­· · ° ¼ Ê °º ®» Ê Ä µ¦Å ʦ ´ Ê°¤¼¨ ° ¦·¬ ´ ¸ É ¼ Ê° Á¡¸¥ ¡° ´ Áª¨µ ¨³Á ɵÁ ¸¥¤ ´ à ¥Ä µ¦ ¦³ »¤ ¼ Ê °º ®» Ê ¦·¬ ´ Šʤ° ®¤µ¥Ä®Ê µÉ ¥ ´ µ¦ ¶Á · µ¦ ´ ¸Ê 1. ɵ¥ ´ µ¦ ´ ­É ® ´ ­º°Á · ¦³ »¤¡¦Ê°¤ ´Ê Ê°¤¼¨ ¦³ ° µ¦ ¦³ »¤ µ¤ªµ¦³ ɵ Ç Ã ¥Ä  ɨ³ªµ¦³¤¸ ªµ¤Á®È ° ³ ¦¦¤ µ¦ ¦·¬´ ¦³ ° ¨³¤¸ µ¦ ´ ¹ µ¦ ¦³ »¤ ¼ Ê° ¦ ʪ Ä®Ê ¼Ê º°®»Ê ¦µ ¨Éª ® ʵ É° µ¦ ¦³ »¤ 7 ª´ ®¦º° 14 ª´ (Â¨ÊªÂ É ¦ ¸) Á¡º°É Ä®Ê Ê¼ °º ®» Ê ¤¸Áª¨µ«¹ ¬µ Ê°¤¼¨ ´ ¨ÉµªÅ Ê°¥Éµ ¨³Á°¸¥ ¦ª¤ ´ Ê ¤¸ µ¦Á · Á ¥ Ê°¤¼¨Ä Web Site ° ¦·¬ ´ ° µ ¸Ê ³¤¸® ´ ­º°¤° ´ ³Â Å ¡¦Ê°¤ ´ ® ´ ­º°Á · ¦³ »¤ Á¡º°É Ä®Ê Ê¼ °º ®» Ê ¸ É ¦³­ Í ³¤° ´ ³Ä®Ê °Ê¼ ɺ ¤µ ¦³ »¤Â ¤¸ µ Á¨º° Ä®Ê ¦¦¤ µ¦°·­¦³Á È ¼¦Ê ´ ¤° ´ ³ à ¥¤¸ °Ê ¤¼¨Á ¸¥É ª ´ ¦¦¤ µ¦°·­¦³ ¸ÁÉ È ¼¦Ê ´ ¤° ´ ³ Á É º°É ¦³ª´ · ¸°É ¥¼É Ê°¤¼¨ µ¦ º°®» Ê Â¨³ ¶ ª ¦´ Ê ¸ÁÉ Êµ¦Éª¤ ¦³ »¤¦³ »ÅªÊ Á¡º°É ¦³ ° µ¦ ´ ­· Ä 2. ɵ¥ ´ µ¦ ´ Įʤ¸ ´ ¦¨ ³Â Á­¸¥ Á¡ºÉ°Â Ä®Ê ¼ÊÁ ʵ¦Éª¤ ¦³ »¤¨ ³Â Á­¸¥ » ªµ¦³ ¨³Á · ð µ­Ä®Ê ¼Ê º°®»Ê Šʤ¸ µ¦ ­° µ¤ ¹ ¦³Á È Ê°­ ­´¥ ɵ Ç Ä ¦³®ªÉµ µ¦ ¦³ »¤Å Ê°¥Éµ Á¡¸¥ ¡°Â¨³Á ɵÁ ¸¥¤ ´

The Board of Directors is fully aware of the rights of shareholders to access accurate, adequate and timely information on an equitable basis. For the shareholders’ meetings, the management has been assigned to undertake the following: 1. The management will send to the shareholders seven days prior to the date of meeting notices with information according to each agenda supported by opinions of the Board and accompanied by minutes of the meetings so that shareholders can have enough time to study the issues on the agenda. Moreover, proxy forms will be enclosed with the notices for the shareholders who will have proxies attend the meetings on their behalf, thereby the shareholders may choose to have the independent directors as their proxies, to support which profile of such directors, i.e. their name, background, address and shareholding status as well as the frequency of meeting attendance. 2. The management will arrange to have voting cards prepared and distributed to the attending shareholders or proxies to indicate their voting for all the issues on the agenda. The shareholders will be allowed to raise questions during the meeting with adequate time allocated and on an equitable basis. 3. RIGHTS OF STAKEHOLDERS The Company places importance to all stakeholders. It has exchanged data with and paid attention to the suggestions of both internal and external stakeholders. The stakeholders are classified into six groups below : 1. Employees The Company has put in place, in addition to salary, incentive payment system based on the individual employees’ performance. The indicators used for measurement must be clear and fair, to bring about integration of the competency of the employees at all levels and hence the success of the Company as a whole. The Company has also made available welfare packages for the employees, such as accident insurance coverage, health care benefit and provident fund. There is an arrangement regarding security, sanitation and environment at the workplace, with a specific work unit set up to take charge of this issue, and with policy set out and strict implementation thereof. Personnel have been recruited for such jobs as security, professional, supervisors and management levels, with appointment of the security and sanitation committee for each project. Such committee has direct duty of pushing for and materializing the policy, following up the operating result and reporting to the Department of Labor Protection and Welfare on a quarterly basis. This also includes training for staff and workers in each project to stimulate their awareness of security, analysis and assessment of the workplace to identify any possible risk so as to prevent any accidents, inspection of tools and equipment before use, etc.

3. ­· · ° ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥ ¦·¬ ´ ² Å Ê Â¼ ¨Â¨³ ¶ ¹ ¹ ªµ¤­¶ ´ ° ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥ ¨³ ¦·¬ ´ ² Šʨ Á ¨¸¥É Ê°¤¼¨Â¨³¦´ ¢´ ¶Â ³ ¶ ° ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥ » ¨»¤É ´ Ê £µ¥Ä ¨³£µ¥ ° ¹ É ­µ¤µ¦ Â É °° Á È 6 ¨»¤É ´ ¸Ê 1. ¡ ´ µ ¦·¬ ´ ² Å Ê ´ Įʤ¦¸ ³ ɵ¥ ¨ °  µ¤ ¨ µ °  ɨ³ » ¨ ° Á® º°Å µ Á · Á º° µ¤ · à ¥¤¸ ª´ ª´ ¸ É ´ Á ¨³ Á È ¦¦¤ ¹ É É°Ä®ÊÁ · µ¦ ¼¦ µ µ¦ µ ªµ¤­µ¤µ¦ ° ¡ ´ µ Ä ¦³ ´ ´ Ê Éµ Ç ¶Å ­¼ É ªµ¤­¶Á¦È ° ¦·¬ ´ ² Ä ° ͦª¤ ° µ ¸Ê ¦·¬ ´ ² ¥´ Å Ê ´ ­ª´­ · µ¦ ɵ Ç Ä®Ê ɡ ´ µ Á É µ¦ ¦³ ´ °» ´ Á· ® » ­ª´­ · µ¦ µ¦¦´ ¬µ¡¥µ µ¨ ° » ­¶¦° Á¨¸¥Ê ¸¡ ¦ª¤ ¹ µ¦Ä®Ê ªµ¤­¶ ´ Ä Á¦º°É ªµ¤ ¨° £´¥ °µ ¸ª° µ¤´¥ ¨³­£µ¡Âª ¨Ê°¤Ä µ¦ ¶ µ ¹ É ¦·¬ ´ ²Å Ê ´ ´ Ê ® ɪ¥ µ Á ʵ¤µ ¼Â¨Ã ¥Á ¡µ³ ¦³ µ«Á È Ã¥ µ¥ ¨³ ¶Å · ´ °· ¥Éµ Á ¦É ¦´ ¤¸ µ¦ ´ ®µ » ¨µ ¦ Á ʵ® ʵ ¸É ªµ¤ ¨° £´¥¦³ ´ ª· µ ¸¡ ¦³ ´ ®´ª® ʵ µ ¨³¦³ ´ ¦·®µ¦ ¹É Šʦ´ µ¦Â É ´Ê Ä®ÊÁ È ³ ¦¦¤ µ¦ ªµ¤ ¨° £´¥ ¨³°µ ¸ª° µ¤´¥ ¦³ ¶ à ¦ µ¦ ɵ Ç » à ¦ µ¦ ¹É ³ ¦¦¤ µ¦² ¤¸® ʵ ¸Éà ¥ ¦ Ä µ¦ ¨´ ´ Ã¥ µ¥ µ ­Éª ¨µ Ä®Ê ¦¦¨»Á ʵ®¤µ¥ · µ¤ ¨ µ¦ ¶Á · µ ¨³¦µ¥ µ É° ¦¤­ª´­ · µ¦Â¨³ »Ê¤ ¦° ¦ µ » Å ¦¤µ­ ¹É ®¤µ¥¦ª¤ ¹ µ¦ ¹ ° ¦¤¡ ´ µ ¨³ µ Ä Ã ¦ µ¦Ä®Ê ¦³® ´ ¹ ªµ¤ ¨° £´¥ µ¦ª·Á ¦µ³®Í¨³ ¦³Á¤· » ¶ µ ¸ÉÁ­¸É¥ É°°´ ¦µ¥ Á¡ºÉ°®¨¸ Á¨¸É¥ µ¦Á · °» ´ Á· ® » µ¦ ¦ª ­° °» ¦ Í Â¨³Á ¦º°É ¤º° ɵ Ç É° ¶Å Ä Ê µ ¦· ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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¦·¬ ´ Å ÊÄ®Ê ªµ¤­¶ ´ É° ¦´¡¥µ ¦ » ¨ à ¥­É Á­¦·¤Ä®Ê¤ ¸ µ¦¡´ µ » ¨µ ¦°¥Éµ É°Á º°É Ä » ¦³ ´ ´ Ê Á É µ¦­É » ¨µ ¦ » ¦³ ´ Á ʵ ¹ ° ¦¤ / ­´¤¤ µÄ ®¨´ ­¼ ¦ ɵ Ç ¸ÁÉ ¸¥É ª Ê° ¨³­µ¤µ¦ ¶¤µ¡´ µ µ¦ · ´ · µ Å ÊÄ ° µ , µ¦ ´ ¹ ° ¦¤ ¡´ µ ¸¤°º ¦ µ ¦Éª¤ ´ ¦¤¡´ µ ¸¤°º ¦ µ °¥Éµ É°Á º°É Á È Ê Â¨³ ¦·¬ ´ ² Å ÊÁ¨È Á®È ¹ ªµ¤­¶ ´ ʵ ­» £µ¡Â¨³ ¡¨µ µ¤´¥ ° ¡ ´ µ ¹ Å Ê ¶® Įʡ ´ µ Á ʵ¦´ µ¦ ¦ª ­» £µ¡Á È ¦³ ¶ ¸ » ¸ ¸¨³ 1 ¦´ Ê ¼ Ê °º ®» Ê ¦·¬´ Å Ê ¶ µ¦ ¦·®µ¦ µ » à ¦ µ¦°¥Éµ Á Ȥ ¦³­· ·£µ¡ Á¡ºÉ°Ä®Ê » à ¦ µ¦¤¸ ¨ ¶Å¦ ¨³ ¶ ¨ ¶Å¦ ´Ê Å ´ ­¦¦Á È Á · ´ ¨Ä®ÊÂ É Ê¼ °º ®» Ê °¥Éµ É°Á º°É ¨³­¤É¶Á­¤° ¨¼ ʵ ¦·¬ ´ Å Ê ¦·®µ¦Ã ¦ µ¦ ɵ Ç °¥Éµ ¤¸ » £µ¡Â¨³ ¦³­· ·£µ¡ à ¥¤» É Á Ê µ¦ ¦·®µ¦Áª¨µÂ¨³ ¦³¤µ Á È ­¶ ´ ° µ ¸Ê µ ¦·¬ ´ ² ¥´ Å Ê ¶ µ¦­º°É ­µ¦ ´ ¨¼ ʵ à ¥ ¶® ª· ¸ µ¦ · ´ · ¨³ ´ ¸ ªÊ¸ ´ °¥Éµ ´ Á Á¡º°É ¶ µ¦¡´ µ¦³ ¨³ » £µ¡ °¥Éµ É°Á º°É ¼ É µÊ ¨³Á ʵ® ¸Ê ¦·¬´ Å Ê ´ ¶ Ê° ¨ ®¦º°­´ µ Á¡ºÉ°¦³ » ¹ Á ºÉ° Šɵ Ç °¥Éµ ¦ ʪ É° µ¦ ¶Á · µ¦ ¦· ¨³ ¦·¬´ Å Ê · ´ · µ¤ Ê° ¨ ®¦º°­´ µ ´ Ê Ç °¥Éµ Á ¦É ¦´ ¼ÂÉ É µ µ¦ ʵ ¦·¬´ Å Ê ¶ µ¦Â É ´ µ µ¦ ʵ°¥Éµ ­» ¦· ¨³Ã ¦É Ä­ à ¥Ä Ê Ê°Å ÊÁ ¦¸¥ Ä ¦³ µ¦ ´ µ¦Â¨³ µ¦ ¦·®µ¦ µ °¥Éµ ¤¸ ¦³­· ·£µ¡ Á ʵ ¦³¤¼¨Ã ¦ µ¦ ɵ Ç ­´ ¤­Éª ¦ª¤ ¦·¬ ´ Å Ê ¶ µ¦ ¦·®µ¦Ã ¦ µ¦ ɵ Ç Ã ¥ ¶ ¹ ¹ ¦³ µ¦ ´ µ¦ ʵ ªµ¤ ¨° £´¥°µ ¸ª° µ¤´¥Â¨³­· É Âª ¨Ê°¤ ´ ¸ É ¨Éµª¤µ ʵ Ê ¦ª¤ ¹ µ¦ ¦·®µ¦ ªµ¤­´¤¡´ Í ´ ¼ Ê °º ¦° °µ µ¦Â¨³ ¸ É · Ä ¦·Áª Ä ¨ÊÁ ¸¥

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In addition, the Company has undertaken on-going personnel development at all levels, for example, sending the employee to participate in other courses, skill development training in collaboration with Department of Skill Development, and so on. With awareness of the employees’ health, the Company has consistently arranged annual health check-up for the employees. Shareholders The Company has managed all projects with full efficiency to ensure profitability and appropriation of profit for dividend payment to the shareholders regularly and consistently. Clients The Company has managed all the projects with quality and efficiency, and with focus on time and budget management. Communication with the clients has been made, and procedure and indicators have been instituted clearly to ensure on-going system and quality development. Trade partners and creditors The Company has entered into agreements or contracts, thereby terms and conditions are clearly indicated, before the project implementation. The Company has strictly complied with such agreements or contracts. Competitors The Company compete with its peers honestly and transparently, making use of its advantage in efficient management system to bid for the projects. The society The Company has managed the projects with due regard for the security, sanitation and environment management system as described above. It also nurture relationship with the owners of the land and buildings nearby. Cooperation has also been rendered to the government sector in the solution of the flood problem in several areas.

4. SHAREHOLDERS’ MEETING The Company has held shareholders’ meetings at the date, time and place convenient for the shareholders. The procedures for the meetings have been determined according to the law, starting from sending notices, documents, agenda and proceedings, dispatches of minutes of the meetings in compliance with the regulations of the Securities and Exchange Commission and the Stock Exchange of Thailand as well as other relevant laws. The Company also ensures equal treatment for all the shareholders and allows the shareholders to make enquiries on all issues during the meeting, and adequate and appropriate explanation and clarification from the directors, along with exchanges of opinions.

5. £µª³ ¼ Ê ¶Â¨³ª·­¥´ ´« Í ¦·¬ ´ ¤¸ Ã¥ µ¥ ¶® Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸ µ ¸ÁÉ Ê¤ ª Á¡·¤É ¹ Ê Á¡º°É Ä®ÊÁ È Å µ¤¤µ ¦ µ µ¦ ¶ ´ ¼Â¨ · µ¦ ¸ É ¸ à ¥ ¦¦¤ µ¦ ° ¦·¬ ´ ³¤¸ µ ´ É°Å ¸Ê • ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸­ªÉ ¦Éª¤Ä µ¦ ¶® ª·­¥´ ´« Í £µ¦ · ¨¥» Í Á ʵ®¤µ¥  »¦ · ¨³ ¦³¤µ ° ¦·¬ ´ ¨° ¶ ´ ¼Â¨Ä®Ê µÉ ¥ ´ µ¦ ¶Á · µ¦Ä®ÊÁ È Å µ¤Â »¦ · ¨³ ¦³¤µ ¸ É ¶® Ūʰ¥Éµ ¤¸ ¦³­· ·£µ¡Â¨³ ¦³­· · ¨ Á¡º°É Á¡·¤É ¤¼¨ ɵ µ Á«¦¬ · ­¼ ­» Ä®ÊÂ É · µ¦Â¨³ ªµ¤¤´ É ­¼ ­» Ä®ÊÂ É Ê¼ °º ®» Ê ´Ê ¸Ê ³ ¦¦¤ µ¦ ¦·¬´ ³Ä®Ê ªµ¤Á®È ° Ä µ¦ ¶® ´ ¸ ¸Êª´ ¨³ µ¦ ´Ê ɵÁ ʵ®¤µ¥ (Key Performance Index : KPIs) µ µ¦Á · ¨³Â µ ɵ Ç ÅªÊ Ê´ Â É Ê ¸ ¦ª¤ ´ Ê · µ¤ ¨ µ¦ ¶Á · µ Á È ¦³¥³Ç à ¥Ä ɪ ­· Ê ¸ ³ ¦¦¤ µ¦ ¦·¬ ´ ³ ¶Á­ ° ¨ µ¦ ¶Á · µ Ä ­Éª ¸ÁÉ È ªµ¤¦´ · ° ° ³ ¦¦¤ µ¦ ¦·¬ ´ µ¤¦³ Ê° ¨ µ¦ ¦³Á¤· ¨ µ¦ ¶Á · µ ¦³ ¶ ¸ • ³ ¦¦¤ µ¦ ¦·¬´ Å ÊÂ É ´Ê ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸É¥ Á¡ºÉ° ¶® Ã¥ µ¥Â¨³¤µ ¦ µ¦ ¦·®µ¦ ªµ¤Á­¸É¥ ¸É¤¸ ¦³­· · ¨ ¦ª¤ ´Ê ¤¸ µ¦ · µ¤ µ¦ ¶Á · µ¦Ä Á¦ºÉ° ´ ¨Éµª°¥Éµ ­¤É¶Á­¤° à ¥ ¦·¬´ ¤¸¦³ µ¦ ª »¤£µ¥Ä ɵ¥ ¦ª ­° £µ¥Ä ¸É Ê° ¦µ¥ µ ¨ µ¦ · ´ · µ Ä µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ¦ª ­° Á¡ºÉ° ¨´É ¦° ¨³¡· µ¦ µÁ È ¦³ ¶ » Á º° ¡¦Ê°¤ ´Ê ¶Á­ °Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¡· µ¦ µ É°Å

5. LEADERSHIP AND VISION The Company maintains a policy whereby the Board of Directors undertakes more stringent roles to be in full compliance with good corporate governance, as follows: • The Board has participatory role in defining visions, missions, strategy, goals, business plans and budgets, to ensure that the management fulfills the business plans within the specified budgets with efficiency and effectiveness to achieve maximum economic value for the operations and optimum stability for the shareholders. By this, the Board will consider and approve the key performance indicators (KPIs) for financial and other plans during the early period of the year and monitor the operations from time to time. At the end of the year, the management will present the operating results under its responsibility in accordance with the annual performance evaluation system. • The Board will put in place effective the Risk Enterprise Committee, internal control, internal audit, and the follow-up procedure of which on a regular basis, at the Audit Committee’s meetings before submission to the Board of Directors’ meetings for final resolution. ęô ăċüóĊæ

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74

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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• The Board has to clearly define and separate the role, duty and responsibility for the Board, the Audit Committee and the management in accordance with the management structure. There should be regular communications of the role, duty and responsibility for the Board, the management and the employees. • The Board is required to supervise and ensure that the management fulfills the business objectives under clearly defined policy. This does not include cases of conflicts of interests and the transactions where opinions of the shareholders have to be sought under the rules and regulations of the Office of the Securities and Exchange Commission and the Stock Exchange of Thailand.

• ³ ¦¦¤ µ¦¤¸ µ¦ ¶ ´ ¼Â¨Ä®Ê µÉ ¥ ´ µ¦ ¦·®µ¦ µ µ¤ Ã¥ µ¥ ¸ É ¶® Ūʰ¥Éµ ´ Á ´ Ê ¸ÅÊ ¤É¦ª¤ ¹ ¦µ¥ µ¦ ¸¤É ¸ ªµ¤ ´ Â¥Ê ®¦º°¤¸­Éª Å ÊÁ­¸¥ ¦ª¤ ´Ê ¦µ¥ µ¦ ¸É Ê° ° ªµ¤Á®È µ ¼Ê º°®»Ê µ¤ Ê° ¶® ° ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ 6. ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í Á¡ºÉ° Ê° ´ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í ³ ¦¦¤ µ¦ ¦·¬´ Å Ê ¼Â¨°¥Éµ ¦° ° Á¤ºÉ°Á · ¦µ¥ µ¦ ¸É°µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í ¦ª¤ ´ Ê ¶® Ã¥ µ¥Â¨³ª· ¸ µ¦ ¼Â¨ ¤·Ä®Ê ¦¦¤ µ¦ ¼ Ê ¦·®µ¦ ¡ ´ µ ¨³¨¼ ʵ ¦ª¤ ´ Ê ¼­É ¤¦­Â¨³ » ¦ ¸¥É ´ Å¤É ¦¦¨» · £· µª³ ° » ¨ ´ ¨Éµª ¶ Ê°¤¼¨£µ¥Ä ° ¦·¬ ´ Å Ä ÊÁ¡º°É ¦³Ã¥ Í­ªÉ É° ¸ É °Ê ¤¼¨ ´ Ê ³Á · Á ¥ É°­µ µ¦ ´ ¸Ê •

¦µ¥ µ¦ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í : ³ ¦¦¤ µ¦ ¦·¬ ´ ¦Éª¤¡· µ¦ µ ´ ³ ¦¦¤ µ¦ ¦ª ­° Å Ê ¦µ ¹ ¦µ¥ µ¦ ¸¤É ¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í ¦µ¥ µ¦ ¸ÉÁ ¸É¥ªÃ¥ ´ ¨³Å Ê¡· µ¦ µ ªµ¤Á®¤µ³­¤°¥Éµ ¦° ° » ¦´Ê ¦ª¤ ´Ê ¤¸ µ¦ · ´ · µ¤ ®¨´ Á Í ° ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ à ¥¦µ µÂ¨³Á º°É Å Á­¤º° ¶¦µ¥ µ¦ ´ » ¨£µ¥ ° (Arm’s Length Basis)

6. CONFLICT OF INTERESTS In order to prevent conflict of interests, the Board performs with due care in case of possible conflict of interests, and determines the policy and procedures to prevent the directors, executives, and employees as well as their spouses and minors from making use of inside information for their own interests before disclosure to the public, as follows : • Issues of possible conflict of interests : The Board in collaboration with the Audit Committee acknowledges transactions with conflict of interests and connected transactions, and prudently considers the appropriateness thereof, as well as ensures the compliance with the rules of the Stock Exchange of Thailand in terms of prices and conditions on an arm’s length basis.

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µ¦ º°Ê µ¥ 𠮦º°¦´ 𠮨´ ¦´¡¥Í ¶® Ä®Ê ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³ ¼ Ê ¦·®µ¦ ¹ É ¦ª¤ ¹ ¼­É ¤¦­ ¨³ » ¦ ¸¥É ´ Å¤É ¦¦¨» · · £µª³ ¦µ¥ µ µ¦Á ¨¸¥É  ¨ µ¦ º°®¨´ ¦´¡¥Í °É ­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í µ¤¤µ ¦µ 59 娃 ¡¦³¦µ ´ ´ ®· ¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í ¡.«. 2535 ¨³¦µ¥ µ °º É ¸ÁÉ ¸¥É ª Ê°

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®Êµ¤Å¤ÉÄ®Ê Ê¼ ¦·®µ¦®¦º°® ɪ¥ µ ¸ÅÉ Ê¦ ´ ¦µ Ê°¤¼¨£µ¥Ä Á · Á ¥ Ê°¤¼¨£µ¥Ä Â É » ¨£µ¥ ° ®¦º° » ¨ ¸ÅÉ ¤É¤®¸ ʵ ¸ÁÉ ¸¥É ª Ê° ¨³Å¤É °Êº µ¥®¨´ ¦´¡¥Í ° ¦·¬ ´ Ä Éª 1 Á º° É° ¸ÁÉ ¥Â¡¦É µ¦Á · É°­µ µ¦

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Supervision on use of inside information: - In purchase, sale, or transfer of securities, the Board members and the management including spouses and minors are required to report changes in securities holding to the Office of the Securities and Exchange Commission under Section 59 of the Securities and Exchange Act B.E. 2535 and other relevant issues. - The management or work units with access to inside information are not permitted to disclose such information to outsiders or those not concerned, or to engage in transactions of the Company’s securities in a one month period prior to disclosure of financial statements to the public.

7. BUSINESS ETHICS The Company is in the process of defining the code of best practices on the ethics of the Board, the management and staff as guidelines for all the concerned parties to fulfill under the corporate mission with due loyalty, honesty and fairness in their role performance to the Company, as well as all the stakeholders, the public and the society. The supervisors are encouraged to behave properly as a good role model and urge the subordinates to follow suit. This requires the institution of a regular monitoring system and the determination of disciplinary penalty as well.

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8. BALANCE OF POWER FOR NON-EXECUTIVE DIRECTORS The Board of Directors is composed of 13 directors, of whom 7 directors are in management positions and 6 directors without management positions. Three of the Board members sit on the Audit Committee. Of the total 13 directors, there are 6 authorized directors. It can be seen that the number of non-executive directors is more than half of the total Board members, leading to a balance of power.

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9. AGGREGATION AND SEGREGATION OF POSITIONS The Chairman is not the same person as the Managing Director. The Company has clearly defined separate roles, authority and scope of responsibilities for them. Besides, it has formed the Audit Committee comprising three independent directors to counter balance and review the Company’s management.

¦³ µ ¦¦¤ µ¦ ¦·¬ ´ ¤·Å ÊÁ È » ¨Á ¸¥ª ´ ´ ¦¦¤ µ¦ ¼ Ê ´ µ¦ ¹ É ¦·¬ ´ Šʤ ¸ µ¦ ¶® µ °¶ µ ¨³® ʵ ¸ É ªµ¤¦´ · ° ¸ÂÉ ¥ µ ´ °¥Éµ ´ Á ¦³®ªÉµ ¦³ µ ¦¦¤ µ¦ ¦·¬ ´ ¨³ ¦¦¤ µ¦ ¼ Ê ´ µ¦ ° µ ¸Ê ¦·¬ ´ Šʤ ¸ µ¦Â É ´ Ê ³ ¦¦¤ µ¦ ¦ª ­° ¹ É ¦³ ° ʪ¥ ¦¦¤ µ¦°·­¦³ 3 ɵ Á¡º°É ¶® ʵ ¸ÄÉ µ¦ ɪ »¨Â¨³ µ¦­° µ µ¦ ¦·®µ¦ µ ° ¦·¬ ´ 10. ɵ °  ° ¦¦¤ µ¦Â¨³ ¼ Ê ¦·®µ¦

10. REMUNERATION FOR DIRECTORS AND THE MANAGEMENT The Board has appointed the Nomination and Remuneration Committee to map out a clear policy on remuneration for directors and the management with transparency and fairness. By this, their remuneration will be on a par with that of the industry and commensurate with their assigned duties and responsibilities. The rate will also be attractive enough to retain the directors with the desired qualifications. In 2008, the Company paid remuneration to the Board of Directors and the management as detailed in Item 2.3 on remuneration.

³ ¦¦¤ µ¦ ¦·¬ ´ Å ÊÂ É ´ Ê ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  Á¡º°É Ä®Ê ¶® ʵ ¸ É ¶® Ã¥ µ¥ ɵ °  ¦¦¤ µ¦ ¨³ ¼Ê ¦·®µ¦°¥Éµ ´ Á ¼ Ê° à ¦É Ä­ ¨³Á È ¦¦¤ à ¥ ɵ °  °¥¼ÉÄ ¦³ ´ Á ¸¥ª ´ °» ­µ® ¦¦¤Â¨³Á®¤µ³­¤ ´ ® ʵ ¸É¨³ ªµ¤¦´ · ° ¸ÅÉ Ê¦ ´ ¤° ®¤µ¥ ¦ª¤ ´ Ê °¥¼ÄÉ ¦³ ´ ¸­É ¼ Á¡¸¥ ¡° ¸ É ³ ¹ ¼ ¨³¦´ ¬µ ¦¦¤ µ¦ ¸¤É ¸ » ­¤ ´ · ɸ °Ê µ¦Å Ê Ã ¥Ä ¸ 2551 ¦·¬ ´ ɵ¥ ɵ °  ³ ¦¦¤ µ¦ ¦·¬ ´ ¨³ ¼ Ê ¦·®µ¦ ´ ¦µ¥¨³Á°¸¥ ¦µ Ä ®´ª Ê° 2 µ¦ ´ µ¦ Ê°¥É°¥ 2.3 ęô ăċüóĊæ

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76

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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11. µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ Å Ê ¶® ª´ Áª¨µ ¦³ »¤¨Éª ® ʵ ¨° ´ Ê ¸ ¹ É ³ ¶® ªµ¦³®¨´ ¨³ªµ¦³¡· µ¦ µ · µ¤ ¨ µ¦ ¶Á · µ Á È ¦³ ¶ °¸ ´Ê ¤¸ µ¦ ´ ­É ® ´ ­º°Á · ¦³ »¤¡¦Ê°¤¦³Á ¸¥ ªµ¦³ µ¦ ¦³ »¤Â¨³Á° ­µ¦ µ¦ ¦³ »¤¨Éª ® ʵÁ È ¦³¥³Áª¨µ 7 ª´ É° ª´ ¦³ »¤ Á¡º°É Ä®Ê ³ ¦¦¤ µ¦Å ʤÁ¸ ª¨µ«¹ ¬µ Ê°¤¼¨°¥Éµ Á¡¸¥ ¡° É° Á ʵ¦Éª¤ ¦³ »¤ ´ Ê ¸Ê °µ ³¤¸ µ¦ ¦³ »¤Á¡·¤É Á ·¤Á¡º°É ¡· µ¦ µÁ® » µ¦ Í­¶ ´ ɵ Ç µ¤ ªµ¤ ¶Á È Â¨³Á¦É ɪ à ¥Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦·¬´ ¤¸® ʵ ¸ÉÄ µ¦¥º ¥´ ¶® ´ ®¤µ¥ µ¦ ¦³ »¤Â ɨ³ ¦´Ê ®¦º° ¶ µ¦ ´ ®¤µ¥Ä®¤ÉÄ ¦ ¸ ¤É¸ ¸ µ¦Á¨º°É ¶® Á ·¤ ®¦º°Á¦¸¥ ¦³ »¤ªµ¦³Á¦É ɪ ¨³ ¶ µ¦ ´ Á ¦¸¥¤Á° ­µ¦ ¦³ ° µ¦ ¦³ »¤ ´ ­É Ä®Ê ¦¦¤ µ¦ µ¦ ¦³ »¤Â ɨ³ ¦´Ê ³Ä ÊÁª¨µ ¦³¤µ 2 ´ÉªÃ¤ ¹É ¦¦¤ µ¦ » ɵ ¤¸°·­¦³Ä µ¦Ä®Ê ªµ¤Á®È ¨³Á­ °Â ³Â ª µ · ´ · ¹ É Á¨ µ » µ¦ ³ ¦¦¤ µ¦ ¦·¬ ´ ¤¸® ʵ ¸ÄÉ µ¦ ´ ¹ ¨³ ´ ¶¦µ¥ µ µ¦ ¦³ »¤Ä®Ê¨ʪÁ­¦È £µ¥Ä 14 ª´ ¶Á · µ¦­É ¦µ¥ µ µ¦ ¦³ »¤ ¸ É µÉ µ¦¦´ ¦° µ ³ ¦¦¤ µ¦ ¦·¬ ´ ¡¦Ê°¤ ´ Ê ´ Á È ¦´ ¬µ¦µ¥ µ µ¦ ¦³ »¤Â¨³Á° ­µ¦ ¦³ ° µ¦ ¦³ »¤ ¦¦¤ µ¦ Á¡º°É ¡¦Ê°¤­¶®¦´ µ¦ ¦ª ­° µ ³ ¦¦¤ µ¦ ¼ Ê °º ®» Ê ¼ Ê ¦ª ­° ´ ¸ ¨³ ¼ Ê Áɸ ¸¥É ª Ê° Ä ¸ 2551 ¦·¬ ´ Å Ê ´ ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ ¦ª¤ 7 ¦´ Ê ³ ¦¦¤ µ¦ ¦ª ­° ¦ª¤ 10 ¦´ Ê ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  ¦ª¤ 1 ¦´ Ê Ã ¥¤¸¦µ¥¨³Á°¸¥ µ¦Á ʵ¦Éª¤ ¦³ »¤ ° ¦¦¤ µ¦Â ɨ³ ɵ ´ ¸Ê ­µ¤´ ¼Ê º°®»Ê ¦³ ¶ ¸ 2551 º°É

µ¤­ »¨

³ ¦¦¤ µ¦ ¦·¬ ´

³ ¦¦¤ µ¦ ¦ª ­°

³ ¦¦¤ µ¦­¦¦®µÂ¨³ ¡· µ¦ µ ɵ ° Â

µ¦¦Éª¤ ¦³ »¤ / µ¦ ¦³ »¤ ´ Ê ®¤ ( ¦´ Ê )

µ¦¦Éª¤ ¦³ »¤ / µ¦ ¦³ »¤ ´ Ê ®¤ ( ¦´ Ê )

µ¦¦Éª¤ ¦³ »¤ / µ¦ ¦³ »¤ ´ Ê ®¤ ( ¦´ Ê )

77

11. BOARD OF DIRECTORS’ MEETING The Company fixed dates and times for the meeting to be held for the whole year in advance with main agenda, consideration agenda and follow-up of routine operation. Letters of invitation to the meetings shall be sent accompanies with agenda and supporting documents 7 days in advance of the meetings, allowing time adequately for the Board of Directors to study information before attending the meetings. There may be additional meetings for consideration of important incidents according to necessity and urgency. In this regard, the Company has the duty to confirm each appointment for the meeting, or making new appointment in case of postponement of the former appointment date, or calling for the meeting in urgency, and making preparation of supporting documents for delivery to the directors. In each meeting, it takes about 2 hours for each independent director in giving his comments, and proposing the guidelines for practice, to be recorded by Secretary to the Board of Directors, and prepare minutes of meeting for completion within 14 days, sending the minutes certified by the Board of Directors, and maintaining minutes of the meeting and supporting documents to be ready for inspection by the Board of Directors, shareholders, accounting auditor, and related persons. In 2008, Board of Directors meetings were held 7 times, Audit Committee meetings 10 times, Nomination and Remuneration Committee 1 time with details of participation of each director as follows : AGM

Name

Board of Director

Audit Committee

Nomination and Remuneration Committee

Attend / Total Meeting

Attend / Total Meeting

Sername Attend / Total Meeting

µ¥ ³ ´¥

¨¸ ³ ¦¦

Á ʵ

7/7

-

-

Mr.Chanachai Leenabanchong

Attend

7/7

-

-

µ¥Á · «´ ·Í

ª· ¦¼ µ£¦ Í

Á ʵ

6/7

-

-

Mr.Chirdsak

Attend

6/7

-

-

µ¥Á à ³ »Á ³ ð ·Å°

Á ʵ

7/7

-

-

Mr.Kennosuke Ochiai

Attend

7/7

-

-

µ¥«·¦¡· «Í

ªÉ° ª» ¡· ¦ ´¥

Á ʵ

6/7

-

1/1

Mr.Siriphong

Vongvuttipornchai

Attend

6/7

-

1/1

µ¥Å¡ ¼¨¥Í

° ¦³°µ

Á ʵ

7/7

-

-

Mr.Paiboon

Thong-ra-ar

Attend

7/7

-

-

µ¥ » ´¥

­»¦¡´ ¦Í£ · à *

Á ʵ

6/7

-

-

Mr.Boonchai

Surapakpinyo*

Attend

6/7

-

-

µ¥­¤£¡

¡¦®¤¡ µ¡· ´ ¬Í**

Á ʵ

7/7

9/10

-

Mr.Somphop

Prompanapitak**

Attend

7/7

9/10

-

µ¥ §

·¤É ® ´¥ª» ·

Á ʵ

7/7

-

-

Mr.Trin

Pimhataivut

Attend

7/7

-

-

ŤÉÁ ʵ

3/7

-

-

Mr.Pannatee

Sriwongthai***

Absent

7/7

-

-

Mrs.Neeranuch Na-ranong

Attend

7/7

-

-

µ¥ ´ Í ¸¦Í «¦¸ª°É Å ¥***

Vitooraporn

µ ¸¦ »

¦³ °

Á ʵ

7/7

-

-

¦. »Å¦¦´ Í

°» ® ³

Á ʵ

6/7

10/10

1/1

Dr.Jurairat

Uhaka

Attend

6/7

10/10

1/1

µ ­» ¥¸ Í

«¦Å ¥ ³­»

ŤÉÁ ʵ

7/7

10/10

1/1

Mrs.Sunee

Sornchaitanasuk

Absent

7/7

10/10

1/1

µ¥ ¼¡ «Í

Á«¦¬ ¦

ŤÉÁ ʵ

7/7

10/10

1/1

Mr.Chuphong

Tanasettakorn

Absent

7/7

10/10

1/1

* Á ʵ¦´ ¶Â® É Á¤º°É ª´ ¸É 27 »¤£µ¡´ Í 2551 ** Á ʵ¦´ ¶Â® É Á¤º°É ª´ ¸É 11 ­· ®µ ¤ 2551 *** Á ʵ¦´ ¶Â® É Á¤º°É ª´ ¸É 24 Á¤¬µ¥ 2551

* Took his position on 27 February 2008 ** Took his position on 11 August 2008 *** Took his position on 24 April 2008

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To Content

78

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

79

12. ³ ¦¦¤ µ¦ » ¥É°¥ ³ ¦¦¤ µ¦ ¦·¬ ´ Å ÊÂ É ´ Ê ³ ¦¦¤ µ¦ » ¥É°¥ ¶ ª 4 ³ Å ÊÂ É ³ ¦¦¤ µ¦ ¦ª ­° ³ ¦¦¤ µ¦­¦¦®µÂ¨³¡· µ¦ µ ɵ °  ³ ¦¦¤ µ¦ ¦·®µ¦ ¨³ ³ ¦¦¤ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É ´ ¦µ¥¨³Á°¸¥ ¦µ Ä ® ʵ 56, 58, 60, 62 ¨³ 64

12. BOARD COMMITTEES The Board of Directors has appointed 4 Board committees, comprising the Audit Committee, the Nomination and Remuneration Committee, the Executive Committee and the Enterprise Risk Committee.

13. ¦³ µ¦ ª »¤Â¨³ µ¦ ¦ª ­° £µ¥Ä ¦·¬ ´ Å ÊÄ®Ê ªµ¤­¶ ´ É°¦³ ª »¤£µ¥Ä ´ Ê Ä ¦³ ´ ¦·®µ¦Â¨³¦³ ´ · ´ · µ Á¡º°É Ä®Ê µ¦ ¶Á · µ Á È Å °¥Éµ ¤¸ ¦³­· ·£µ¡ ¹ Å Ê ¶® £µ¦³® ʵ ¸ÂÉ ¨³°¶ µ µ¦ ¶Á · µ¦ ° ¡ ´ µ » ŪÊÁ È ¨µ¥¨´ ¬ Í° ´ ¬¦°¥Éµ ´ Á ¤¸ µ¦ ª »¤ ¼Â¨ µ¦Ä Ê ¦´¡¥Í­ · ° ¦·¬ ´ Ä®ÊÁ · ¦³Ã¥ Í Â É Â¥ ® ʵ ¸ É ° ¼ Ê · ´ · µ ¼ Ê · µ¤ ª »¤Â¨³ ¼ Ê ¦³Á¤· ¨°° µ ´ à ¥Â É ´ Ê ³ ¦¦¤ µ¦ ¦ª ­° ¨³® ɪ¥ µ ¦ª ­° £µ¥Ä ¦Éª¤¡· µ¦ µ ¨´É ¦° ¶® ʵ ¸É­° µ ¦³ ª »¤£µ¥Ä ¨³ µ¦ ¦ª ­° £µ¥Ä ¸ÉÁ®¤µ³­¤ ¨³¤¸ ¦³­· · ¨ ¦·¬ ´ Å Ê ´ Įʤ¦¸ ³ · µ¤Â¨³ ¦³Á¤· ¨ ¸ É ¸ à ¥¤° ®¤µ¥Ä®Ê ɨ³ ɵ¥ ¶® ´ ¸ ªÊ¸ ´ (Key Performance Index, KPIs) Á¡º°É ¨ ªµ¤Á­¸¥É µ »¦ · ɪ¥Ä®Ê µ¦ ¶Á · »¦ · Á È Å °¥Éµ ¤¸ ¦³­· ·£µ¡ ¤¸ µ¦ ´ ­¦¦ ¦´¡¥µ ¦°¥Éµ Á®¤µ³­¤Â¨³ ¦¦¨»Á ʵ®¤µ¥ ¸ É Ê´ ÅªÊ Ê° ´ µ¦¦´ªÉ Å®¨ ° ¦´¡¥Í­ · µ¦­¼ ®µ¥¦ª¤ ¹ µ¦ » ¦· ¨³ ¦³¡§ ·¤ · ° ° µ ¸Ê ¥´ ¤¸¦³ ª »¤£µ¥Ä ʵ ¦³ µ¦Á · à ¥ µ¦ ´ Įʤ¸¦³ ¦µ¥ µ Ê°¤¼¨ µ µ¦Á · Á­ ° É° ¼Ê ¦·®µ¦ » ­µ¥ µ ¸É¦´ · ° Å Ê¡· µ¦ µ Ê°¤¼¨¦Éª¤ ´ Á¡ºÉ° ɪ¥Ä®Ê ¦µ¥ µ µ µ¦Á · ¤¸ ªµ¤ ¼ Ê° Á º°É º°Å Ê Â¨³ »¤Ê ¦° Á · ¨ » ° ¼ Ê °º ®» Ê

13. INTERNAL CONTROL AND AUDIT The Company lends due significance to internal control system at both the management and the operational levels to ensure efficiency. Duties and authority have clearly been defined in writing for the management and the operating officers to manage the use of assets for the optimum benefits. Therefore, there is clear separation of duties among the operating officers, the monitoring officers and the evaluating officers from one another. The Company has appointed the Audit Committee to review the internal control and audit system to ensure appropriateness and efficiency. The Company has instituted an efficient monitoring and evaluation system with all parties adhering to the KPIs to reduce business risks and facilitate efficient business management and operations with proper resource management to achieve the targets set forth. The system also helps protect the assets from any losses, irregularities and misconduct. There is an internal control on the financial system with regular financial reports to the executives in the function lines in charge to ensure accuracy and reliability as a means to protect the investments of the shareholders. 14. BOARD OF DIRECTOR’S REPORT Board of Directors is responsible for financial statements of the Company, and financial information technology appeared in annual report. Such financial statements prepared according to accounting standard acceptable across Thailand and uses careful discretion and best estimation in preparation, including revelation of information substantially in Notes to Financial Statements for creating confidence of interested persons. In the past, Board of Directors appointed Audit Committee comprising Independent committees as resource persons, fully qualified according to requirements of Stock Exchange of Thailand to have the duties of making review of financial report and internal control system of the Company to ensure confidence of showing financial status, revenue and expenses and cash flow is actual and justified. To review performance in conformity with requirements of Stock Exchange of Thailand, obligations with outsiders and related laws by preparing record of information correctly and completely for retaining assets, including prevention of dishonest activities and irregularities of practice with meetings held with Accounting Department. Comments of Audit Committee appeared in Audit Committee Report and in Annul Report.

14. ¦µ¥ µ ° ³ ¦¦¤ µ¦ ³ ¦¦¤ µ¦ ¦·¬ ´ Á È ¼¦Ê ´ · ° É° µ¦Á · ° ¦·¬ ´ ¨³­µ¦­ Á « µ µ¦Á · ¸ É ¦µ Ä ¦µ¥ µ ¦³ ¶ ¸ µ¦Á · ´ ¨Éµª Å Ê ´ ¶ ¹Ê µ¤¤µ ¦ µ µ¦ ´ ¸ ¸É¦´ ¦° ´ÉªÅ Ä ¦³Á «Å ¥ ¨³Ä Ê »¨¥¡· · °¥Éµ ¦³¤´ ¦³ª´ ¨³ ¦³¤µ µ¦ ¸É ¸ ¸É­» Ä µ¦ ´ ¶ ¦ª¤ ´ Ê ¤¸ µ¦Á · Á ¥ Ê°¤¼¨°¥Éµ Á¡¸¥ ¡°Ä ®¤µ¥Á® » ¦³ ° µ¦Á · Á¡º°É Ä®ÊÁ · ªµ¤Á º°É ¤´ É ° ¼¤Ê ­¸ ªÉ Å ÊÁ­¸¥ É°¦µ¥ µ µ¦Á · ° ¦·¬ ´ ² à ¥ ¸ É µÉ ¤µ ³ ¦¦¤ µ¦ ¦·¬ ´ Å ÊÂ É ´ Ê ³ ¦¦¤ µ¦ ¦ª ­° ¹ É ¦³ ° ʪ¥ ¦¦¤ µ¦°·­¦³ ¸ÁÉ È ¼ Ê ¦ » ª» · ¤¸ » ­¤ ´ · ¦ ʪ µ¤ Ê° ¶® ° ¨µ ®¨´ ¦´¡¥Í² Ä®ÊÁ ʵ¤µ ¶® ʵ ¸­É ° µ ¦µ¥ µ µ µ¦Á · ¨³¦³ ª »¤£µ¥Ä ° ¦·¬ ´ Á¡º°É Ä®ÊÁ · ªµ¤¤´ É Ä ªÉµ µ¦Â­ µ ³ µ¦Á · ¦µ¥Å ʨ³ ÉµÄ Ê µÉ ¥ ¨³ ¦³Â­Á · ­ Á È ¦· ¨³­¤Á® »­¤ ¨ ­° µ µ¦ · ´ · µ¤ Ê° ¶® ¨µ ®¨´ ¦´¡¥Í² Ê° ¼ ¡´ ¸É¤¸ÅªÊ ´ » ¨£µ¥ ° ¨³ ®¤µ¥ ¸ÉÁ ¸É¥ª Ê° à ¥Å Ê ´ Įʤ¸ µ¦ ´ ¹ Ê°¤¼¨ µ ´ ¸ ¸É ¼ Ê° ¦ ʪ Á¡¸¥ ¡° ¸ É ³¦´ ¬µÅªÊ ɹ ¦´¡¥Í­ · ¦ª¤ ´ Ê Ê° ´ µ¦ » ¦· ¨³ µ¦ ¶Á · µ¦ ¸ É · · à ¥¤¸ µ¦ ¦³ »¤¦Éª¤ ´ ɵ¥ ´ ¸ ¹ É ªµ¤Á®È ° ³ ¦¦¤ µ¦ ¦ª ­° Å Ê ¦µ °¥¼ÄÉ ¦µ¥ µ ° ³ ¦¦¤ µ¦ ¦ª ­° ¨³Â­ ŪÊÄ ¦µ¥ µ ¦³ ¶ ¸

15. RELATIONSHIP WITH INVESTORS The Board of Directors places importance to the disclosure of data that are complete, factual, reliable, consistent and timely on the part of both financial and non-financial data with impact on the decision making of the shareholders, investors and all parties concerned who need to access such data on a equitable basis. The Board has all along placed high degree of importance and strictly adhered to this issue and practice. An investor relations work unit and investor relations officers are appointed to be the center for communications with investors, institutions, shareholders, analysts and the public sector concerned. Newsletters on the Company’s operations are also sent to the shareholders on a quarterly basis. Moreover, investors may also access information at the Company’s website.

15. ªµ¤­´¤¡´ Í ´ ¼¨Ê » ³ ¦¦¤ µ¦ ¦·¬ ´ Ä®Ê ªµ¤­¶ ´ É° µ¦Á · Á ¥ Ê°¤¼¨ ¸ É ¦ ʪ ¦ É° ªµ¤Á È ¦· Á º°É º°Å Ê ­¤É¶Á­¤° à ¦É Ä­ ¨³ ´ Áª¨µ ´ Ê Ä ­Éª ° Ê°¤¼¨ µ ʵ µ¦Á · ¨³ ¸¤É Ä· É µ µ¦Á · ¸¤É ¸ ¨ É° ¦³ ª µ¦ ´ ­· Ä ° ¼ Ê °º ®» Ê ¨° ¼¨Ê » ¨³ ¼ Ê Áɸ ¸¥É ª Ê° Šʦ ´ ¦µ °¥Éµ Á ɵÁ ¸¥¤ ´ ¹ É ³ ¦¦¤ µ¦ ¦·¬ ´ Å ÊÄ®Ê ªµ¤­¶ ´ ¨³¥¹ º° · ´ ¤· µÃ ¥ ¨° ¦·¬ ´ Å ÊÁ ¥Â¡¦É °Ê ¤¼¨ ɵª­µ¦ ɵ Ç ´ ¨Éµª Á¡º°É Ä®Ê ¨Ê¼ » ¨³ ¼ Ê Áɸ ¸¥É ª Ê° Šʦ ´ ¦µ ɵ µ ­º°É µ¦Á ¥Â¡¦É °Ê ¤¼¨ ɵ Ç ° ¨µ ®¨´ ¦´¡¥Í² ¨³ Website ° ¦·¬ ´

2.5 SUPERVISION OF THE USE OF INSIDE INFORMATION The Company has a policy of prohibiting the directors and the management, including their spouses and minors, to make use of inside information not yet known or disclosed to the public for their own interests. Also for the trading of securities, the directors and executives have to report their securities holding, changes in their securities holding resulting from purchases, sales, transfers, or acceptance of transfers, to the Office of the Securities and Exchange Commission in accordance with Section 59 and penalty clause under Section 275 of the Securities and Exchange Act B.E. 2535.

2.5 µ¦ ¼Â¨Á¦º°É µ¦Ä Ê °Ê ¤¼¨£µ¥Ä ¦·¬ ´ ¤¸ Ã¥ µ¥®Êµ¤ ¦¦¤ µ¦Â¨³ ¼ Ê ¦·®µ¦ ¦ª¤ ¹ ¼­É ¤¦­Â¨³ » ¦ ¸¥É ´ Å¤É ¦¦¨» · £· µª³ ¶ Ê°¤¼¨£µ¥Ä ° ¦·¬ ´ ¸¥É ´ ¤·Å ÊÁ · Á ¥ É° ¦³ µ Å Ä ÊÁ¡ºÉ°Â­ª ®µ ¦³Ã¥ ͭɪ ´ª ¦ª¤ ´Ê µ¦ ºÊ° µ¥®¨´ ¦´¡¥Í à ¥ ¦¦¤ µ¦Â¨³ ¼Ê ¦·®µ¦ Ê° ¦µ¥ µ µ¦ º°®¨´ ¦´¡¥Í µ¦Á ¨¸É¥  ¨ µ¦ º°®¨´ ¦´¡¥Í°´ Á ºÉ° ¤µ µ µ¦ ºÊ° µ¥ 𠮦º°¦´ 𠮨´ ¦´¡¥Í É°­¶ ´ µ ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í ¨³ ¨µ ®¨´ ¦´¡¥Í µ¤¤µ ¦µ 59 ¨³ ¶® à ¬ µ¤¤µ ¦µ 275 娃 ¡¦³¦µ ´ ´ ®· ¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥Í ¡.«. 2535

2.6 INTERNAL CONTROL Three members of the Audit Committee attended the meeting to assess the Company’s internal control system through inquiries with the management members and considered that the Company’s internal control system was appropriate and adequate. In the transactions with major shareholders, directors, executives and the parties concerned, the Company can prevent the executives’ use of the Company’s assets for their own interests. The protection of the Company’s interests is undertaken in the following areas:

2.6 µ¦ ª »¤£µ¥Ä ¦¦¤ µ¦ ¦ª ­° ¶ ª 3 ɵ Å ÊÁ ʵ¦Éª¤ ¦³ »¤Á¡º°É ¦³Á¤· ¦³ µ¦ ª »¤£µ¥Ä à ¥ µ¦ ´ µ¤ Ê°¤¼¨ µ ɵ¥ ¦·®µ¦ ¨³ ªµ¤Á®È ªÉµ ¦·¬ ´ ¤¸¦³ µ¦ ª »¤£µ¥Ä °¥Éµ Á¡¸¥ ¡°Â¨³Á®¤µ³­¤ Ä Á¦º°É µ¦ ¶ »¦ ¦¦¤ ´ ¼ Ê °º ®» Ê ¦µ¥Ä® É ¦¦¤ µ¦ ¼ Ê ¦·®µ¦Â¨³ ¼ Ê Áɸ ¸¥É ª Ê° ­µ¤µ¦ Ê° ´ ¼ Ê ¦·®µ¦°µ ¶ ¦´¡¥Í­ · ° ¦·¬ ´ Å Ä Ê ¦³Ã¥ Í­ªÉ à ¥Å Ê ¶ µ¦ ¦³Á¤· µ¦ Ê° »¤Ê ¦° ¨ ¦³Ã¥ Í ° ¦·¬ ´ ² Ä ®´ª Ê°®¨´ Ç ´ ¸Ê ęô ăċüóĊæ

To Content

80

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

1. ° Í ¦Â¨³­£µ¡Âª ¨Ê°¤ ¦·¬´ ¤¸ µ¦ ¶® Á ʵ®¤µ¥ µ¦ ¶Á · »¦ · ¸É ´ Á ¨³­µ¤µ¦ ª´ ¨Å Ê Ã ¥ ¶® ŪÊÄ ª´ » ¦³­ Í » £µ¡ ° ¦·¬´ ¤¸ µ¦ ¶® ´ ¸ ¸Êª´ Á¡ºÉ°Á È Â ª µ Ä µ¦ · ´ · µ ° ¡ ´ µ ´ ¶ ¼É¤º° » £µ¡ ¹É Á È Á° ­µ¦¦³ ´ Ã¥ µ¥ µ ¼Ê ¦·®µ¦ Å ­¼¦É ³ ´ · ´ · µ ¶® à ¦ ­¦Êµ ° Í ¦ ¸ É ªÉ ¥Ä®Ê µÉ ¥ ¦·®µ¦­µ¤µ¦ ª »¤ µ¦ ¶Á · µ Å Ê°¥Éµ ¤¸ ¦³­· ·£µ¡Â¨³ ¦³­· · ¨ ° ¦³ °¥Éµ É°Á º°É Ä®ÊÁ È Å µ¤ Ê° ¶® ´ ¨Éµª Á É ¶¦³ ISO 9001-2000 ¤µÄ ÊÁ È Á ¦º°É ¤º°Ä µ¦ ¶Á · µ ¨³ªµ  ¤¸¦³ ª »¤ µ¦ ´ º°Ê µ¦ ¶ »¦ ¦¦¤ ʵ µ¦Á · ¨³ µ¦ ¦·®µ¦ ´ªÉ Å ¸¦É ´ »¤­µ¤µ¦ Ê° ´ µ¦ » ¦· Å ÊÁ È °¥Éµ ¸ ¶Ã ¦Â ¦¤ °¤¡·ªÁ °¦Í¦³ °° Ũ Í ­É¸ µ¤µ¦ Á º°É ¤Ã¥ µ¦ ¶ µ ¤µÄ Ê Á¡º°É Ä®ÊÅ Ê °Ê ¤¼¨ ¸¦É ª Á¦Èª ´ Ê ­¶ ´ µ Ä® ɨ³® ɪ¥ µ à ¦ µ¦ ɵ Ç ° ¦·¬ ´ ¹ É Á È ¦³Ã¥ Í °É µ¦ ´ ­· Ä Ä µ¦ ¦·®µ¦ µ ¨³ ¶ µ¦ ¦´ ¦» ¦³­· ·£µ¡°¥Éµ É°Á º°É

81

1. Organizational and environmental control EMC has formulated clear and measurable business operational targets as part of its corporate quality objectives. It has worked out relevant indices as guidelines for staff’s performance, and quality handbook has been prepared as a policy-level, top-down document for the staff to follow. The Company has instituted the organization structure that allows for efficient operational control using, for example, the ISO 9001-2000 as a tool in the planning and operations. There is strict control of purchasing, financial transactions and general administration that can well prevent any misconduct. Online computer program has been adopted, linking all work units in the work process, hence rapidity in access to information for both the head office and the work units at project sites and benefit to management decision making. Improvement to the system will be made on a systematic and on-going basis.

ʪ¥Á¨È Á®È ªµ¤­¶ ´ ° ¨­´¤§ ·ÍÄ µ¦ ¶ µ ° ¡ ´ µ ¦·¬´ ¹ ¶ µ¦ ª Á ʵ®¤µ¥Ä µ¦ · ´ · µ °¥Éµ ­¤É¶Á­¤° ¤¸ µ¦ª·Á ¦µ³®Í ¹ µ¦Ä®Ê­·É ¼ Ä Â É¡ ´ µ °¥Éµ ­¤Á® »­¤ ¨ à ¥ ¶ ¹ ¹ ¨ ¦³Ã¥ Í ° ¼Ê º°®»Ê Á È ­¶ ´ Ä®Ê ¨ °  ¸­É µ¤µ¦ ¼ Ä Ä®Ê¡ ´ µ ¶ µ °¥Éµ Á Ȥ ¦³­· ·£µ¡ ¨³­µ¤µ¦ ­¦Êµ ¨ ¶Å¦­¼ ­» Ä®ÊÂ É ¦·¬ ´ ° µ ¸Ê Á¡º°É ¦³Ã¥ Í ° ° Í ¦Ä ¦³¥³¥µª ¦·¬ ´ ¤¸ °Ê ¶® ®Êµ¤ ɵ¥ ¦·®µ¦Â¨³¡ ´ µ · ´ · Ä ¨´ ¬ ³ ¸°É µ É°Ä®ÊÁ · ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í ´ · µ¦Á È ¨µ¥¨´ ¬ Í°´ ¬¦¦ª¤ ´Ê ¨ à ¬ ° ¦·¬´ ´Ê ¸Ê ¦·¬´ °¥¼É¦³®ªÉµ µ¦ ¶® ®¨´ ¦·¥ ¦¦¤ ¸É¨³Á°¸¥ ¥·É ¹Ê ­¶®¦´ ¡ ´ µ Á¡º°É Á È Â ª µ Ä ° µ ¦·¬ ´ ¥´ ¥¹ ¤´ É Ä » ¦¦¤ É° ¼ É µÊ Ä®Ê µ¦ ¼Â¨Â¨³­ ´ ­ » µ¦ ¶ µ ¶¦³Á · ¦ É°Áª¨µ ŤÉÁ°µ ¦´ Á°µÁ ¦¸¥ ¼ É µÊ

Having realized the importance of the personnel performance achievement, the Company has regularly reviewed its operational targets, with analysis of staff incentive schemes that are reasonable with the shareholders’ interests taken into account. These schemes are meant to motivate the staff to perform their duties with dedication and best efforts, to bring about maximum profit to the organization. Also on the long run basis, the Company has adhered to the code of ethics toward its trade partners, with due care for the works in hand, punctual payments and fair treatment for the trade partners.

2. µ¦ ¦·®µ¦ ªµ¤Á­¸¥É

2. Risk management

¦·¬´ ´ Įʤ¸ µ¦ ¦³ »¤Á¡ºÉ° µ¦ ¦³Á¤· ´ ´¥ ªµ¤Á­¸É¥ °¥Éµ ­¤É¶Á­¤° ´Ê ´ ´¥ ªµ¤Á­¸É¥ ¸É¤µ µ £µ¥Ä ¨³£µ¥ ° ¹ É °µ ¤¸ ¨ ¦³ É° µ¦ ¶Á · »¦ · ° ¦·¬ ´ °¥Éµ ¤¸ ¥´ ­¶ ´ à ¥¤¸ µ¦ ¶ ´ ®µ ɵ Ç Á ʵ¡· µ¦ µÂ¨³ª·Á ¦µ³®Í ¹ Á® » µ¦ Í É¸ Á È ´ ´¥ ªµ¤Á­¸¥É Ä ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·®µ¦ » ­´ µ®Í Á¡º°É ³Å Ê ¶® ¤µ ¦ µ¦Â ÊŠ¨³ Ê° ´ ªµ¤Á­¸¥É ¸ É ³Á · ¹ Ê Ä ° µ ¦·¬ ´ ¤¸ µ¦ ¶® ¤µ ¦ µ¦ ´ Ê ° ¦ª¤ ´ Ê ® ɪ¥ µ ¸¦É ´ · ° Ä µ¦ · µ¤Á® » µ¦ Í Áɸ È ­µÁ® » ° ´ ´¥ ªµ¤Á­¸¥É Á¡º°É ³Å Ê ¶¤µ · ´ · ¨³ Ê° ´ ªµ¤Á­¸¥É ¸ É ³Á · ¹ Ê Ä ° µ ¡¦Ê°¤ ´ Ê Å ÊÂ Ê Ä®Ê¡ ´ µ » ¸ÁÉ ¸¥É ª Ê° ¦´ ¦µ ¨³ · ´ · µ¤ ¤µ ¦ µ¦ ¦·®µ¦ ªµ¤Á­¸É¥ ¸É ¶® ÅªÊ ¦ª¤ ´Ê ´ ° ¦¤¡ ´ µ ¸ÉÁ ¸É¥ª Ê° Įʦ´ ¦µ ¤µ ¦ µ¦ ¦·®µ¦ ªµ¤Á­¸É¥ ¨³ º° · ´ · µ¤ ¸ É ¶® ŪÊ

Meetings are held by the Company consistently to assess the risk factors, both internal and external, that may pose material impacts on its operations. Problems arising are addressed and analysis of the events that are risk factors are made at the Executive Committee meeting every week, to figure out measures to follow up the risk factors and the implementation to prevent any possible risks. The Company has provided training to the relevant staff for them to be aware of and perform in accord with the risk management measures set forth. 3. Management control EMC has mapped out clearly and in writing the scope of authority and approval limits of the executives of each level. The authority in the approval of transactions is delegated in the supervision lines under strict inspection. The Company has account entry documents and those of information memorandum filed and assets registered with certain work units assigned to take charge. Transactions with major shareholders, directors, executives or persons relevant thereto are subject to consideration by the concerned board or committees to prevent any abuse of power for own benefits, taking into account the Company’s optimum benefits and treating them just like transactions with outside parties. Moreover, the Company has taken measures to ensure that it complies with relevant laws to reduce business risk and retain its good reputation.É

3. µ¦ ª »¤ µ¦ · ´ · µ ° ɵ¥ ¦·®µ¦ ¦·¬ ´ ¶® ° Á °¶ µ ® ʵ ¸É ¨³ª Á · °¶ µ ° »¤ ´ · ° ɵ¥ ¦·®µ¦Ä  ɨ³¦³ ´ Ūʰ¥Éµ ´ Á Á È ¨µ¥¨´ ¬ Í° ´ ¬¦ à ¥Â É Â¥ ® ʵ ¸É ªµ¤¦´ · ° Ä µ¦° »¤´ ·¦µ¥ µ¦ µ¤¨¶ ´ ­µ¥ µ ¨³¤¸ µ¦ ¦ª ­° °¥Éµ Á ʤ ª ¤¸ µ¦ ´ Á È Á° ­µ¦ ¦³ ° µ¦ ´ ¹ ¦µ¥ µ¦ ´ ¸Â¨³ Ê°¤¼¨­µ¦­ Á « ¨³ ¼Â¨ ´ Á È ¦´¡¥Í­ · à ¥Â É Â¥ ® ɪ¥ µ ¼¤Ê ®¸ ʵ ¸ É ¶ ´ ¼Â¨°¥Éµ ´ Á ¦ ¸ ɸ ¦·¬ ´ ¤¸ ¦» ¦¦¤ ´ ¼ Ê °º ®» Ê ¦µ¥Ä® É ¦¦¤ µ¦ ¼ Ê ¦·®µ¦ ®¦º° ¼ Ê Áɸ ¸¥É ª Ê° ´ » ¨ ´ ¨Éµª ³ ¦¦¤ µ¦ ¼¤Ê ®¸ ʵ ¸ É ¶ ´ ¼Â¨ ¨³ ³¤¸ µ¦ ¦³ »¤¡· µ¦ µ ¦ ¸ Áɸ · ¹ Ê Á¡º°É Ê° ´ µ¦ ɵ¥Á ¨ ¦³Ã¥ Í Ã ¥ ¶ ¹ ¹ ¦³Ã¥ Í­ ¼ ­» ° ¦·¬ ´ Á È ­¶ ´ ¨³ ¡· µ¦ µÃ ¥ º°Á­¤º° Á È ¦µ¥ µ¦ ¸ É ¦³ ¶ ´ » ¨£µ¥ ° ° µ ¸Ê ¦·¬ ´ ¥´ Å Ê ¶® ¤µ ¦ µ¦ ¸ É ³ · µ¤Ä®Ê µ¦ ¶Á · µ ° ¦·¬´ Á È Å µ¤ ®¤µ¥ ¸ÉÁ ¸É¥ª Ê° Á¡ºÉ°¨ ªµ¤Á­¸É¥ Ä µ¦ ¦³ ° »¦ · ¨³¦´ ¬µÅªÊ ¹É ºÉ°Á­¸¥ ¨³Á ¸¥¦ ·£¼¤· ° ¦·¬´ ¦ª¤ ¹ µ¦ ¶ »¦ ¦¦¤ » ¦µ¥ µ¦ Å ÊÂ Ê ³ ¦¦¤ µ¦ ¦ª ­° Á¡º°É ªµ¤Ã ¦É ĭ¨³ ¦ª ­° ŠʪµÉ Á È »¦ · · ° ¦·¬ ´ ®¦º°Å¤É

4. Information and communication The Company has made available key information that is adequate and of good quality to support the decision making of directors, executives, shareholders or concerned persons. Information as such should be that with contents necessary for decision making; being accurate, complete and updated; having understandable format; and having good filing. This will allow for efficient internal control. Before each Board of Directors’ meeting, the directors will receive the notices together with meeting documents at least within the minimum time limit set out by the law. There are reasonable details in the minutes so that the shareholders can look into the way the directors perform their duties. There is complete and categorized filing of account entry documents. The Executive Committee will monitor the operations of the work units, with meetings held weekly to discuss the progress, problems and obstacles arisen and complete and well rounded information proposed to support consideration, covering such areas as administration, technical competence, finance - accounting, and law, etc.

4. ¦³ ­µ¦­ Á «Â¨³ µ¦­º°É ­µ¦ Ê°¤¼¨ ¦·¬´ ´ Įʤ¸ µ¦Á ʵ ¹ Ê°¤¼¨ ¸É­¶ ´ ɵ Ç °¥Éµ Á¡¸¥ ¡° ¨³¤¸ » £µ¡Á¡ºÉ°Ä®Ê ¦¦¤ µ¦ ¼Ê ¦·®µ¦ ¼Ê º°®»Ê ®¦º° ¼Ê ¸ÉÁ ¸É¥ª Ê° Ä Ê ¦³ ° µ¦ ´ ­· Ä Ã ¥Å Ê ¶® » ­¤ ´ · ° Ê°¤¼¨ ¸¤É ¸ » £µ¡ÅªÊ ´ ¸Ê ¤¸Á º°Ê ®µ ¸ É ¶Á È Á¡¸¥ ¡° É° µ¦ ´ ­· Ä ¤¸ ªµ¤ ¼ Ê° ­¤ ¼¦ Í ¤¸ ªµ¤Á È ´ » ´ ¤¸¦ ¼  ¸ÁÉ ÊµÄ Éµ¥ ¨³¤¸ µ¦ ´ Á È ¸ É ¸ ¹ É Á È ­· É ¶Á È °¥Éµ ¥· É ¸ É ³ ɪ¥­É Á­¦·¤ ¦³­· ·£µ¡ ° ¦³ µ¦ ª »¤£µ¥Ä Ä µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ ¦¦¤ µ¦ ³Å ʦ ´ ® ´ ­º° ´ ¦³ »¤ ¨³Á° ­µ¦ ¦³ ° µ¦ ¦³ »¤£µ¥Ä ¦³¥³Áª¨µ ¦µ¥ µ µ¦ ¦³ »¤¤¸¦µ¥¨³Á°¸¥ ¸ É Ê¼ °º ®» Ê ­µ¤µ¦ ¦ª ­° ªµ¤Á®¤µ³­¤Ä µ¦ · ´ ®· ʵ ¸ É ° ¦¦¤ µ¦Å Ê Á° ­µ¦ ¦³ ° µ¦ ´ ¹ ´ ¸Â¨³ ´ ¸ ɵ Ç ¤¸ µ¦ ´ Á È ÅªÊ°¥Éµ ¦ ʪ Á È ®¤ª ®¤¼É ¨³Å¤ÉÁ ¥Å ʦ´ Â Ê µ ¼Ê ¦ª ­° ´ ¸ªÉµ ¤¸ Ê° ¡¦É° Ä Á¦ºÉ° ¸Ê ° µ ¸Ê ¦·¬´ ¥´ Å Ê ¶® Įʤ¸ µ¦ ¦³ »¤ ³ ¦¦¤ µ¦ ¦·®µ¦ » Á º° Á¡ºÉ° · µ¤ µ¦ ¦·®µ¦ µ ° ęô ăċüóĊæ

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83

5. Monitoring

³ ¼ Ê ¦·®µ¦ à ¥ ³ ¼ Ê ¦·®µ¦ ³¤¸ µ¦ ¦³ »¤Á È ¦³ ¶ » ­´ µ®Í ¹ É ³¤¸ µ¦ ¶Á­ ° Ê°¤¼¨Á¡º°É Ä®Ê ¼ Ê ¦·®µ¦¡· µ¦ µ°¥Éµ ¦ ʪ »  ɤ¤» ´ Ê Ê°¤¼¨ ʵ µ¦ ¦·®µ¦ Ê°¤¼¨ µ Á · ʵ µ¦Á · µ¦ ´ ¸ ®¤µ¥ Á È Ê

The Company has set out business operational targets, to achieve which the Board of Directors will regularly monitor and supervise the operations, review and compare the performance of the management with the targets. This is in line with the procedure and practice under the ISO 9001-2000. In case of any irregularities and deviations from the targets set forth, the Board will give instructions for any rectification within a reasonable period of time. There are presentations and follow-up of operations by the relevant work units. The Company will ensure that there is inspection of implementation under the internal control system on a regular basis, the result of which is reported directly to the Board of Directors or the Audit Committee. It also has a policy for the management to report to the Board in case of any events that are or may be regarded as misconduct, violation of the laws and/or any irregularities that may materially affect the reputation and the financial status of the Company.

5. ¦³ µ¦ · µ¤ ¦·¬´ ¤¸ µ¦ ¶® Á ʵ®¤µ¥Ä µ¦ ¶Á · »¦ · ¤¸ ³ ¦¦¤ µ¦ · µ¤ µ¦ · ´ · µ ª ¨³Á ¦¸¥ Á ¸¥ ¨ µ¦ ¶Á · µ ° ɵ¥ ¦·®µ¦Ä®ÊÁ È Å µ¤Á ʵ®¤µ¥ ¸ É ¶® Ūʰ¥Éµ ­¤É¶Á­¤° µ¤ ´ Ê ° ¸¦É ³ »ÅªÊÄ ¦³Á ¸¥ · ´ · ° ¦³ ISO 9001-2000 ¦ ¸ ɸ ¨ µ¦ ¶Á · µ ¤¸ ªµ¤ ¡¦É° ¨³Â ɵ µ Á ʵ®¤µ¥ ¸ É ¶® ÅªÊ ³ ¦¦¤ µ¦ ¦·®µ¦¤¸ µ¦°¶ µ ­´ É µ¦Ä®Ê ¶Á · µ¦Â ÊÅ Å ÊÄ ¦³¥³Áª¨µ ¸ÉÁ®¤µ³­¤ ¨³ » ɵ¥ ¸ÉÁ ¸É¥ª Ê° ³¤¸ µ¦ ¦³ »¤ ¸Ê · µ¤ µ¦ ¶Á · µ °¥¼É ¨° Áª¨µ ° µ ¸Ê ¦·¬´ Å Ê ´ Įʤ¸ µ¦ ¦ª ­° µ¦ · ´ · µ¤¦³ ª »¤£µ¥Ä ¸Éªµ Ūʰ¥Éµ ­¤É¶Á­¤° à ¥Ä®Ê ¼Ê ¦ª ­° £µ¥Ä Á È ¼Ê¦´ · ° ¹É ¤¸ ªµ¤Á È °·­¦³ ¸ É ³ ¦ª ­° ´ µ¤ Ê°¤¼¨ µ ® ɪ¥ µ ɵ Ç Á¡º°É ¦µ¥ µ ¨ É° ³ ¦¦¤ µ¦ ¦·¬ ´ ®¦º° ³ ¦¦¤ µ¦ ¦ª ­° à ¥ ¶® Ã¥ µ¥Ä®Ê µÉ ¥ ¦·®µ¦¦µ¥ µ É° ³ ¦¦¤ µ¦ ¦·¬ ´ ´ ¸ Ä ¦ ¸ ¸ÉÁ · Á® » µ¦ Í®¦º°­ ­´¥ªÉµ¤¸ µ¦ » ¦· ¤¸ µ¦ ɵ º ®¤µ¥ ¨³/®¦º°¤¸ µ¦ ¦³ ¶ ¸É · ·Ä Ç ¹ É °µ ­É ¨ ¦³ É° º°É Á­¸¥ ¨³ µ ³ µ µ¦Á · ° ¦·¬ ´

32/,&< 21 ',9,'(1' 3$<0(17 Ĥ ´¤ Ê´¤Â ¶ ³ §

The Company has the policy on a dividend payment of at least 40% of the net profit.

¦·¬ ´ ¤¸ Ã¥ µ¥ ɵ¥Á · ´ ¨Ä®ÊÂ É Ê¼ °º ®» Ê Å¤É ¶É ªÉµ¦Ê°¥¨³ 40 ° ¶Å¦­» ·

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85

¥´¤ ´¥¥²­©Ê´ ³ ¦µ¥ µ¦¦³®ªÉµ ´ ° ¦·¬ ´ ´ » ¨ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í

» ¨ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í 1. ¤ . µ µ¦ ¦» Á ¡

ªµ¤­´¤¡´ Í

Á È ¼ Ê °º ®» Ê Ä® É ° ¦·¬ ´

® ɪ¥ : ¡´ µ

¨´ ¬ ³ ° ¦µ¥ µ¦

2550

7,670

2,975

-

-

¦µ¥ µ¦ ¸ÁÉ · ¹ Ê Á È Éµ ¦¦¤Á ¸¥¤ ¹ É µ µ¦ ¦» Á ¡ · ɵ ¦¦¤Á ¸¥¤ Á¤º°É ¦·¬ ´ °Ä Ê ¦· µ¦ ¹ É Á È Éµ ¦¦¤Á ¸¥¤ µ¤­´ µ ¸ É ¨ ¦Éª¤ ´ ¹ É Á È °´ ¦µ ¸ É · ´ ¨¼ ʵ ´ªÉ Å

12,996

20,911

-

-

37,807 50,810

20,410

-

-

-

17,999 1,996 4,692

-

-

-

42,615

-

-

4,932

-

-

-

ªµ¤ ¶Á È Â¨³ ªµ¤­¤Á® »­¤ ¨Ä µ¦ ¶¦µ¥ µ¦

1. Á È Éµ ° Á ¸¥Ê ɵ¥ ¹ É ¦·¬ ´ ɵ¥Ä®ÊÂ É µ µ¦ ¦» Á ¡ µ µ¦ ¸ É ¦·¬ ´ ¼¥Ê ¤º Á · ¦³¥³­´ Ê µ µ µ¦ ¦» Á ¡ Á¡º°É Ä ÊÄ µ¦ ¶Á · µ ° ¦·¬ ´ 2. Á È Éµ ¦¦¤Á ¸¥¤ ¹ É ¦·¬ ´ ¶¦³Ä®ÊÂ É µ µ¦Ä µ¦ °Ä®Ê µ µ¦ ¦» Á ¡°° Bank Guarantee, Letter of Guarantee ( ®¤µ¥¦´ ¦° µ µ µ¦Á¡º°É Ä ÊÄ µ¦ ¦³¤¼¨ µ ) ¨³ ɵ ¦¦¤Á ¸¥¤°º É Ç

¦µ¥ µ¦ ¸ÁÉ · ¹ Ê Á È µ¦ ¼¥Ê ¤º Á · Á¡º°É Ä ÊÄ µ¦ ¦³ ° »¦ · · ° ¦·¬ ´ ¹ É °´ ¦µ ° Á ¸¥Ê Á È Å µ¤­´ µ ¹ É Á È ¦µ µ ¨µ

2. ¤ . · · °¦Í °Á¦ ´ É

¼ Ê °º ®» Ê ¦Éª¤ ´

1. Á ʵ® ¸ Ê ¦Ê¼ ´ Á®¤µ 2. Ê » µ¦ É°­¦Êµ ¸ É ¦·¬ ´ ªÉµ ʵ ¤ . · · °¦Í °Á¦ ´ É Á È ¼¦Ê ´ Á®¤µ ɪ Á¡º°É ¶Á · µ µ¦ É°­¦Êµ à ¦ µ¦Â ¦·¬ ´ ²

Á È ¦µ¥ µ¦ ¸¥É ´ Å¤É ¦ ¶® ¶¦³ ¦µ¥ µ¦ ¸ÁÉ · ¹ Ê Á È Éµ °  µ¦¦´ Á®¤µ ¹ É Á È »¦ · · ° ¦·¬ ´ à ¥ µ¦ ¶® ¦µ µ ɵ É°­¦Êµ Á È ¦µ µ µ¤­´ µ º° ¦³¤µ ¦Ê°¥¨³ 97 ° ¤¼¨ ɵ­´ µ ¸ É ¦·¬ ´ ¶ ´ ¨¼ ʵ

3. .à ¨ Í¡¨ ¸Áª¨¨° Á¤Ê Í

¼ Ê °º ®» Ê ¦Éª¤ ´

1. Á · ɵ¥¨Éª ® ʵĮÊÂ É ¦Ê¼ ´ Á®¤µ Á È Å µ¤­´ µ ¸ÅÉ Ê¦ ´ ´ ¼ªÊ µÉ ʵ ° ¦·¬ ´ 2. Á ʵ® ¸ÁÊ · ¦´ ¦³ ´ ¨ µ ¼¦Ê ´ Á®¤µ ɪ 3. Á ʵ® ¸ Ê ¦Ê¼ ´ Á®¤µ 4. Ê » µ¦ É°­¦Êµ ¸ É ¦·¬ ´ ªÉµ ʵ .à ¨ Í¡¨ ¸Áª¨¨° Á¤Ê Í Á È ¼¦Ê ´ Á®¤µ ɪ Á¡º°É ¶Á · µ µ¦ É°­¦Êµ à ¦ µ¦Â ¦·¬ ´ ²

Á È ¦µ¥ µ¦ ¸ É ¦·¬ ´ ɵ¥Á · ¨Éª ® ÊµÄ®Ê ´ ¼¦Ê ´ Á®¤µÁ¡º°É Ä Ê µ¦ ¶Á · µ µ¤ ­´ µ ¹ É ¶ ª Á · ´ ¨ÉµªÁ È Å µ¤ Ê° ¨ Ä ­´ µÂ¨³Á È · ¦» · Á È ¦µ¥ µ¦ ¸ É ¦·¬ ´ Å Ê® ´ Á · ¦³ ´ ¨ µ µ¤­´ µ ʵ Á È ¦µ¥ µ¦ ¸¥É ´ Å¤É ¦ ¶® ¶¦³ ¦µ¥ µ¦ ¸ÁÉ · ¹ Ê Á È Éµ °  µ¦¦´ Á®¤µ ¹ É Á È »¦ · · ° ¦·¬ ´ à ¥ µ¦ ¶® ¦µ µ ɵ É°­¦Êµ Á È ¦µ µ µ¤­´ µ ¸ É ¨ ¦Éª¤ ´

4. ¦·¬ ´ ª¸.¡¸. °­Á ­Í ¶ ´

¼ Ê °º ®» Ê ¦Éª¤ ´ ( µ¥ ¦³Á­¦· Á ¬¤Ã Á¤« ° ¸ ¦³ µ ¦¦¤ µ¦ ° ¦·¬ ´ Ä ¸ 2549)

Á È ¦µ¥Å Ê µ µ¦ ¸ É ¦·¬ ´ ¦´ µ É°­¦Êµ ´ªÉ Š¨³ µ ¦³ ª·«ª ¦¦¤Å¢¢ÊµÂ¨³Á ¦º°É ¨Ä®ÊÂ É ¦·¬ ´ ª¸.¡¸. °­Á ­Í ¶ ´  Éà ¦ µ¦ ´ ¨Éµª Å Ê ¼ ¥ Á¨· Å Ä ¦³®ªÉµ ¸ 2549

¦µ¥ µ¦ ¸ÁÉ · ¹ Ê Á È µ¦¦´ É°­¦Êµ µ¤ · ¦» ·

®¤µ¥Á® » : ¦µ¥ µ¦¦³®ªÉµ ´ ° ¦·¬ ´ ´ » ¨ ¸°É µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ ÍÄ ¦³®ªÉµ ¸ 2551 ¨³ ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2551 Ťɤ¸¦µ¥ µ¦Á ºÉ° µ Ťɤ¸ ¦·¬´ ¸É°µ ¤¸ ªµ¤ ´ Â¥Ê µ ¨ ¦³Ã¥ Í

¦µ¥ µ¦Á ¨º°É Å®ª ° Á · ¼¥Ê ¤º ¦³¥³­´ Ê ¸ É ¦·¬ ´ ¶ µ¦ ¼¥Ê ¤º µ µ µ¦ ¦» Á ¡ ¶ ´ (¤®µ ) Ä ¸ 2551

Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ µ µ¦ ¦» Á ¡ ¶ ´ (¤®µ )

® ɪ¥ : ¨Êµ µ

£µ¦³® ¸Ê ª´ ¸É 1 ¤. . 2551

Ä®Ê ¼ÊÁ¡·É¤

¶¦³ º

£µ¦³® ¸Ê ª´ ¸É 31 . . 2551

37.37

418.30

438.63

17.04

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¥° Á ʵ® ¸Ê ʵ 2551 31 . . 51

2549 ( µ¦Á · Á ¡µ³ ¦·¬ ´ )

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87

&211(&7(' 75$16$&7,216 Connected transactions of the Company with parties that may have conflicts of interest

Parties with possible Conflicts of interest

1. Bangkok Bank Public Company Limited

2. Picnic Corporation Public Company Limited

3. Gold Plan Development Company Limited

4. V. P. Assets Company Limited

Relationship

Unit : Thousand baht

Necessity and rationale

Nature of transactions

The major shareholder of the company

The shareholder of the company

The shareholder of the company

The shareholder of the company (Mr. Prasert Kasemkomes, the former president of the director board of the company, 2006)

The total amount of 2008 the unpaid loan 31 Dec.2008

1. The interest that the company has been paying to the bank by dint of the short term loan that the company received from the bank in order to support the work process of the company.

The loan was for the regular business activities of the company, and the interest rate has been the contracted one complied with general market rate.

7,670

2,975

-

-

2. The fee that the company has to pay to the bank for the issurance of the Bank Guarantee and Letter of Guarantee (to be used in the bidding for jobs) and other fees.

The expense was the fee charged by Bangkok Bank when the bank gave the service to the company, which was the fee that the company and the bank had mutual agreed, and was in the regular rate that the bank had been charged to its regular customers.

12,996

20,911

-

-

1. The debt from the contractor.

Undue payment

37,807

-

-

-

2. The cost for the construction that the company had hired Picnic Corporation Co., Ltd to do for the company as the sub-contractor.

The expense was the regular remuneration for sub-contractor that had been hired to work for the company. The cost of the construction was the basis of the contracted remuneration rate or about 97 percent of the value of the contract that the company had made with the client.

50,810

20,410

-

-

1. The advanced money paid to the sub-contractor was complied complied with the contract that the company had made with the client.

The expense was the advanced money that the company had paid the sub-contractor for working accordingly to the contract. The amount of such money was complied with the agreement in the contract, and was the regular expense in the business.

-

17,999

-

-

2. The guarantee money from the sub - contractor

The transaction was deducted for the work done.

-

1,996

-

-

3. The debt from the contractor

The undue payment

-

4,692

-

-

4. The cost for the construction that the company had hired the Picnic Corporation Co., Ltd to do for the company as the sub - contractor working on behalf of the company.

Transactions arisen were paid to sub contractor.

-

42,615

-

-

4,932

-

-

-

The revenue from to performing regular constructional the M&E job in the field of electronics and mechanics engineering for V. P. Assets Company Limited, nevertheless, the project was cancelled in 2006.

Transactions arisen on regular basis.

Remarks : Inter-transactions between the Company and persons or companies that might have conflict of interest during 2008 and balance as of 31 December 2008. There were no inter-transactions, as there were no persons or companies that might have conflict of interest.

The movement of the short - term loan that the company had received from Bangkok Bank Public Company Limited in 2008.

Short-term loan from Bangkok Bank (Public) Co., Ltd.

2006 (Specific financial 2007 budget of the company)

Obligation st On 1 January 2008

Additional Loan

37.37

418.30

Paid money

438.63

Unit : Mil.Baht

Obligation On 31st December 2008

17.04

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¦·¬´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) Á È ¦·¬´ ¸É ¶Á · »¦ · ®¨´ Ä µ¦Ä®Ê ¦· µ¦ µ¤­´ µ É°­¦Êµ ¦³¥³¥µª Ä ¸ 2551 ¦·¬´ ²¤¸¦µ¥Å ʦª¤ 2,756.10 ¨Êµ µ Á È ¦µ¥Å Ê µ¦ É°­¦Êµ µ 2 ­µ¥ µ ®¨´ ¹ É Å ÊÂ É ­µ¥ µ É°­¦Êµ ´ªÉ Š¨³­µ¥ µ É°­¦Êµ µ ¦³ ¹ É ¦ª¤ ´ ´ Ê ­· Ê 2,737.03 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 99.31 µ ¦µ¥Å ʦª¤

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Public Co., Ltd. is the company conducting main business in rendering services under construction business in accordance with long term contract. In 2008, total revenue of the Company was 2,756.10 million Baht, generated from 2 major lines, i.e. general construction line, and system construction line, totally 2,737.03 million Baht, or equivalent to 99.31% of total income.

Ê » µ¦ É°­¦Êµ ­¶®¦´ ¸ 2551 · Á È ¶ ª 2,549.35 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 93.14 µ ¥° ¦µ¥Å Ê µ µ¦ É°­¦Êµ ¤¸ ¶Å¦ ´ Ê Ê µ µ¦ É°­¦Êµ ¶ ª 187.68 ¨Êµ µ ®¦º° · Á È °´ ¦µ ¶Å¦ ´ Ê Ê Á ɵ ´ ¦Ê°¥¨³ 6.86

Construction cost for 2008 was approximately 2,549.35 million Baht or equivalent to 93.14% of total income from construction, with gross profit of 187.68 million Baht or equivalent to 6.86%

ÉµÄ Ê Éµ¥Ä µ¦ ¦·®µ¦ ° ¦·¬´ ² · Á È ¶ ª 117.00 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 4.25 µ ¥° ¦µ¥Å ʦª¤ ¨³Ä ¸ 2551 ¤¸ µ¦Ã° ¨´ ­¶¦° ɵ Ç ¹ É Å ÊÂ É µ¦Ã° ¨´ ɵÁ º°É ­¶¦° µ » ¸ É µ ªÉµ ³Á · ¹ Ê µ µ¦ É°­¦Êµ ¨³ µ¦Ã° ¨´ ¦µ¥ µ¦ ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ¦ª¤ ´ Á È ¶ ª 18.63 ¨Êµ µ

Administration cost was 117.00 million Baht or equivalent to 4.25% of total revenue, and in 2008 there was a transfer back for reserve fund, i.e. for loss allowance expected to occur sometimes from construction, and transfer back of bad debt allowance, totaling 18.63 million Baht. In 2008, net profit after interest payable of 9.62 million Baht was equivalent to 98.76 million Baht or 3.58% of total sale.

Ä ¸ 2551 ¦·¬ ´ ²¤¸ ¶Å¦­» ·®¨´ µ ®´ ° Á ¸¥Ê ɵ¥ ¶ ª 9.62 ¨Êµ µ ¨ʪÁ ɵ ´ 98.76 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 3.58 µ ¥° ¦µ¥Å ʦª¤

Income

¦µ¥Å Ê

In 2008, income from construction in the amount of 2,737.03 million Baht was less than that of the preceding year 245.93 million Baht, or 8.24% . The decrease of income was due to economic slowdown within the country resulting in the slowdown of investment of both government and private sectors in construction works which affected directly to the income of the Company.

Ä ¸ 2551 ¦·¬ ´ ² ¤¸¦µ¥Å Ê µ µ¦ É°­¦Êµ ¶ ª 2,737.03 ¨Êµ µ ¨ ¨ µ ¸ °É 245.93 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 8.24 µ¦¨ ¨ ° ¦µ¥Å ÊÁ · µ £µª³ µ¦ ³¨° ´ª µ Á«¦¬ · Ä ¦³Á « ¶Ä®Ê Ê´ Ä £µ ¦´ µ¨Â¨³Á° ³¨° µ¦¨ » Ä µ É°­¦Êµ ­É ¨ ¦³ à ¥ ¦ ´ ¦µ¥Å Ê ° ¦·¬ ´ ²

Other income for 2008 in the amount of 19.07 million Baht was revenue from interest receivable 9.46 million Baht, and other incomes in the amount of 9.61 million Baht, an increase over other incomes of 14.83 million Baht in 2007. This was due to the increase of market interest rate that resulted in larger amount of interest the Company received from cash deposited in financial institutes, both with guarantee-free and with more guarantee burden.

¦µ¥Å Ê°ºÉ ­¶®¦´ ¸ 2551 ¶ ª 19.07 ¨Êµ µ Á È ¦µ¥Å Ê µ ° Á ¸Ê¥¦´ 9.46 ¨Êµ µ ¨³¦µ¥Å Ê° ɺ Ç ¶ ª 9.61 ¨Êµ µ Á¡·¤É ¹ Ê µ ¸ 2550 ¹ É ¤¸¦µ¥Å Ê° ɺ ¦ª¤ 14.83 ¨Êµ µ ­µÁ® » µ¦Á¡·¤É ¹ Ê ° ¦µ¥Å Ê° ɺ Ä ¸ Áʸ · µ µ¦ ¦´ ´ªÁ¡·¤É ¹ Ê ° °´ ¦µ ° Á ¸¥Ê Ä Ê° ¨µ ¶Ä®Ê ¦·¬ ´ ² Šʦ ´ ° Á ¸¥Ê ¦´ µ Á · ­ Á®¨º° ¸ É ¦·¬ ´ ² µ ÅªÊ ´ ­ µ ´ µ¦Á · ´ Ê Ä ­Éª ¸ É ¨° £µ¦³ ʶ ¦³ ´ ¨³Ä ­Éª ¸¤É £¸ µ¦³ ʶ ¦³ ´ ¤µ ¹ Ê

Construction cost and sale Ê » É°­¦Êµ ¨³ µ¦ µ¥

In 2008, the Company had construction cost 2,549.35 million Baht in total, comparing to that of the preceding year which was 2,735.63 million Baht, coming down from that of preceding year 186.28 million Baht, or 6.81%. In consideration of the decrease of income, it can be seen that decrease of construction cost was less than decrease of income, making the rate of gross profit in 2008 reduced from 8.29% in the preceding year to 6.86%, because the Company acquired more general civil jobs which was important reason, as normally gross profit from this kind of job was not high, coupled with the early half of the present year, important construction material, such as steel costed more than 100% up.

Ä ¸ 2551 ¦·¬ ´ ² ¤¸ Ê » É°­¦Êµ ¦ª¤ ´ Ê ­· Ê 2,549.35 ¨Êµ µ Á ¸¥ ´ Ê » É°­¦Êµ ° ¸ °É ¶ ª 2,735.63 ¨Êµ µ ³Á®È ŠʪµÉ Ê » É°­¦Êµ ¨ ¨ µ ¸ °É 186.28 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 6.81 ¹É ®µ ¡· µ¦ µ ´ ¥° ¦µ¥Å Ê ¸É¨ ¨ ³Á®È Šʪɵ­´ ­Éª µ¦¨ ¨ ° Ê » ³ Ê°¥ ªÉµ µ¦¨ ¨ ° ¦µ¥Å Ê ¶Ä®Ê° ´ ¦µ­Éª ¶Å¦ ´ Ê Ê ° ¸ 2551 ¨ ¨ µ ¦Ê°¥¨³ 8.29 Ä ¸ °É Á È ¦Ê°¥¨³ 6.86 ¹É ­µÁ® »­¶ ´ Á ºÉ° ¤µ µ µ¦ ¦´ ­´ ­Éª µ¦¦´ µ ° ¦·¬´ ² ¸É¤¸ µ¦¦´ µ É°­¦Êµ ´ªÉ Å (Civil) ¹ É Ã ¥ ·Â¨Êª ³¤¸° ´ ¦µ­Éª ¶Å¦ ´ Ê Ê ¸ÅÉ ¤É­ ¼ ´ ¦ª¤ ´ Ê Ä Éª ¦¹ É Â¦ ° ¸ ´ » ´ ¦µ µª´­ » Äɸ ÊÄ µ¦ É°­¦Êµ ¸­É ¶ ´ Á É ¦µ µÁ®¨È ¤¸ µ¦ ¦´ ¦µ µ ¹ Ê ªÉµ¦Ê°¥Á °¦ÍÁ È Í

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90

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

91

ÉµÄ Ê µÉ ¥Ä µ¦ µ¥Â¨³ ¦·®µ¦

Sale and administrative expenses

ÉµÄ Ê µÉ ¥Ä µ¦ µ¥Â¨³ ¦·®µ¦­¶®¦´ ¸ 2551 ¶ ª 117.00 ¨Êµ µ ¦³ ° ʪ¥ ɵ ʵ ¨³ Á · Á º° ° ¼ Ê ¦·®µ¦Â¨³¡ ´ µ ɵ ʶ ɵŢ ɵÁ­º°É ¤¦µ µ ¨³°º É Ç · Á È ­´ ­Éª ¦Ê°¥¨³ 4.17 ° ¦µ¥Å Ê µ µ¦ É°­¦Êµ Á ¸¥ ´ ¸ 2550 ¸É¤¸ ÉµÄ Ê Éµ¥Ä µ¦ µ¥Â¨³ ¦·®µ¦ ¶ ª 85.57 ¨Êµ µ ®¦º° · Á È ­´ ­Éª ¦Ê°¥¨³ 2.87 ° ¦µ¥Å Ê µ µ¦ É°­¦Êµ Ä ¸ ´Ê ³Á®È Šʪɵ ÉµÄ Ê Éµ¥Ä µ¦ µ¥ ¨³ µ¦ ¦·®µ¦ ³Á¡·É¤ ¹Ê Á ºÉ° µ ɵÁ­ºÉ°¤¦µ µ­· ¦´¡¥Í ¸ÉÁ¡·É¤ ¹Ê µ µ¦ ºÊ°°µ µ¦­¶ ´ µ Ä®¤É ¨³ µ¦ ¦´ ¦» à ¦ ­¦Êµ » ¨µ ¦£µ¥Ä ¦·¬ ´ ² Á¡º°É ¦° ¦´ µ¦ ¥µ¥ ´ª ° ¦·¬ ´ ² Ä ° µ

Sale and administrative expenses for 2008 in the amount of 117.00 million Baht, comprising wages, and salaries of executives and employees, costs of water supply, electricity, equipment depreciation and so on, calculated to be in ratio of 4.17% of revenue from construction. Comparing to those in 2007, with sale and administrative expenses of 85.57 million Baht or 2.87% of revenue from construction in that year. It can be seen that the increase of sale and administrative expenses was due to purchase of the new office building, and improvement of personnel structure within the Company to cope with the expansion of the Company’s business in the future.

ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ¨³­¶¦° °º É

Bad debt allowance and other reserves

Ä ¸ 2551 ¦·¬´ ² Å Ê ¶ µ¦Ã° ¨´ ¦µ¥ µ¦­¶¦° ® ¸Ê­ ­´¥ ³­¼ ­¶®¦´ ¨¼ ® ¸Ê°ºÉ ¸É ¦·¬´ ² Å ÊÁ ¥­¶¦° ® ¸­Ê ­´¥ ³­¼ ÅªÊ Ê´ ¶ ª Â¨ÊªÄ ¸ °É ¶ ª 16.41 ¨Êµ µ Á º°É µ Ä ¦³®ªÉµ ¸ «µ¨¨Ê¤¨³¨µ¥ ¨µ Å Ê° »¤ ´ ­· ´ µ ¦´ à ¦ ­¦Êµ ® ¸ Ê ° ¨¼ ® ¸¦Ê µ¥ ´ ¨Éµª ¶Ä®Ê ¦·¬ ´ ² Šʦ ´ ð ®» Ê ­µ¤´ ° Amata (Vietnam) Company Limited ®» Ê ­µ¤´ ¨³Ä ­¶ ´ ­ ­· · ° ¦·¬ ´ ²

In 2008, the Company transferred back allowance for bad debt of a Debtor, reserved in preceding year in the amount of 16.41 million Baht, as during the year, the Central Bankruptcy Court approved Agreement for debt restructuring of such Debtor, allowing the Company to receive transfer of ordinary shares of Amata (Vietnam) Co., Ltd., and the Warrant of the company.

¨³Ä ¦³®ªÉµ ¸ ¦·¬´ ² ¤¸ µ¦ ´Ê ­¶¦° ® ¸Ê­ ­´¥ ³­¼ ­¶®¦´ ¨¼ ® ¸Ê µ¦ ʵ ¸É ʵ ¶¦³Á È ¦³¥³Áª¨µ µ Á¡·¤É ¹ Ê 3.87 ¨Êµ µ Á¡º°É Įʨ ¼ ® ¸ Ê µ¦ 浀 »¨ ° ¦·¬ ´ ² ­ ¤¼¨ ɵ ¸ÄÉ ¨ÊÁ ¸¥ ´ ¤¼¨ ɵ­» · ɸ ¦·¬ ´ ² ³Å ʦ ´ ¦· ¶Ä®ÊÄ ¶Å¦ µ » ° ¦·¬ ´ ² ­¶®¦´ ¸ 2551 ­ ¥° ­¶¦° ® ¸­Ê ­´¥ ³­¼ ð ¨´ ­» ·Á È ¦µ¥ µ¦¨ ÉµÄ Ê µÉ ¥ ¶ ª 12.53 ¨Êµ µ

During the year, the Company instituted 3.87 million Baht for Bad Debt Reserve with long term outstanding debt of 3.87 million in the Balance Sheet, showing value close to net value receivable, resulting in Profit and Loss Statement for 2008 showing Bad Debt allowance transferred back as reduction of expenses in the amount of 12.53 million Baht.

­¶¦° µ » ¸ É µ ªÉµ ³Á · ¹ Ê µ µ¦ É°­¦Êµ Ä ¸ 2550 ¶ ª 8.25 ¨Êµ µ Á È µ¦¦´ ¦¼Ê ¨ µ » ¸É µ ªÉµ ³Á · ¹Ê ° à ¦ µ¦Ä ɵ ¦³Á « ¹É ®¨´ µ ¸É ¦·¬´ ² Å Ê ¶ µ¦ ¦´ ¦» ¦³¤µ µ¦ Ê » ´ Ê ®¤ ° à ¦ µ¦ ¸Ê ª´ ¸É 31 ´ ªµ ¤ 2550 Ä ¦³®ªÉµ ¸ 2551 Šʤ ¸ µ¦ ¦´ ¦» ð ¨´ ¦µ¥ µ¦­¶¦° µ » ¸ É µ ªÉµ ³Á · ¹ Ê ´ ¨Éµª 6.10 ¨Êµ µ Á º°É µ à ¦ µ¦ Å Ê ¶Á · µ¦ É°­¦Êµ Á º° ¨ʪÁ­¦È ¶Ä®Ê ¨ µ » ° à ¦ µ¦ ¼ ¦´ ¦¼ÁÊ È Ê » µ¦ É°­¦Êµ Ä ª ´ ¸Â¨Êª

Reserve for loss, expected to occur from construction in 2007 in the amount of 8.25 million Baht recognized as loss result expected to occur in Projects overseas, which, after the Company made adjustment of all the fund of this Project as of 31 December 2007, during 2008 the amount of 6.10 million Baht of Loss Reserve was transferred back as the Project works almost completed, instituting the Project loss result to be recognized as Construction Fund in the following accounting period.

° Á ¸¥Ê ɵ¥

Interest payable

° Á ¸¥Ê ɵ¥¤¸Â ªÃ ʤÁ¡·¤É ¹ Ê µ 3.94 ¨Êµ µ Ä ¸ 2550 Á È 9.62 ¨Êµ µ Ä ¸ 2551 ­µÁ® » ®¨´ Á ºÉ° ¤µ µ ¦·¬´ ² Šʤ¸ µ¦ ¶ ¦³Â­Á · ­ Á®¨º° µ ­Éª ¤µ ° ºÊ°ª´­ » É°­¦Êµ ¸É¦µ µ ¤¸Â ªÃ ʤ ³­¼ ¹ Ê Á¡º°É Ê° ´ ªµ¤Á­¸¥É ¸ É ³ µ » µ µ¦ É°­¦Êµ ¶Ä®ÊÄ ¦³®ªÉµ ¸ ¦·¬ ´ ² Ê° ¤¸ µ¦Ä Ê­ · Á º°É µ ­ µ ´ µ¦Á · Á¡·¤É ¹ Ê Á È ¨Ä®Ê ° Á ¸¥Ê ɵ¥Ä ¸ ­Ê¸ ¼ ¹ Ê

Interest payable had tendency to increase from 3.94 million Baht in 2007 to 9.62 million Baht in 2008, the main reason for which was because the Company used part of remaining cash flow for purchase of construction materials costs of which tended to go up higher, in order to prevent risk of loss from construction therefore during the year, the Company had to obtain more loan from financial institute, causing the increase of interest payable this year.

¶Å¦ ´ Ê Ê Â¨³ ¶Å¦­» · °´ ¦µ­Éª ¶Å¦ ´ Ê Ê ° ¦·¬ ´ ² ¨ ¨ µ ¦Ê°¥¨³ 8.29 Ä ¸ 2550 Á È ¦Ê°¥¨³ 6.86 Ä ¸ ´ » ´ ¨³°´ ¦µ­Éª ¶Å¦­» ·¨ ¨ µ ¦Ê°¥¨³ 4.91 Á È ¦Ê°¥¨³ 3.61 ­µÁ® » µ µ¦ ³¨° ´ª ° £µª³ Á«¦¬ · Ä ¦³Á «

Gross profit and net profit Gross profit of the Company decreased from 8.29% in 2007 to 6.86% in the present year, and net profit decreased from 4.91% to 3.61% due to slowdown of economic situation in the country.

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­· ¦´¡¥Í ­· ¦´¡¥Í¦ª¤ ° ¦·¬ ´ Á¡·¤É ¹ Ê µ 1,879.95 ¨Êµ µ Ä ¸ 2550 Á È 2,025.06 ¨Êµ µ Ä ¸ 2551 ®¦º°Á¡·¤É ¹ Ê µ ¸ °É Á È °´ ¦µ¦Ê°¥¨³ 7.77 ­· ¦´¡¥Í¦ª¤ ° ¦·¬ ´ ² Â É Á È ­· ¦´¡¥Í®¤» Áª¸¥ ¶ ª 1,514.76 ¨Êµ µ ¨³­· ¦´¡¥ÍŤɮ¤» Áª¸¥ 510.30 ¨Êµ µ · Á È ­´ ­Éª É°­· ¦´¡¥Í¦ª¤ Á È ¦Ê°¥¨³ 74.80 ¨³ 25.20 µ¤¨¶ ´

Asset Total assets of the Company increased from 1,879.95 million Bath in 2007 to 2,025.06 million Bath in 2008 or 7.77% from preceding year. Assets of the Company were divided into current assets in the amount of 1,514.76 million Baht and non-current asset of 510.30 million Baht or 74.80% and 25.20% respectively. ęô ăċüóĊæ

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92

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­

Cash and items equivalent to cash

Ä ¸ 2551 Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ ¨ ¨ µ ¸ °É 8.51 ¨Êµ µ ¤ʪµÉ ¨ ¦³ ° µ¦ ° ¦·¬´ ² ³Á È ¶Å¦ ­µÁ® »¤µ µ µ¦ ¸É ¦·¬´ ² ¶Á · ­ ­Éª ® ¹É Å µ ´ ­ µ ´ µ¦Á · Á¡º°É Á È ®¨´ ¦³ ´ ­· Á º°É ° ¦·¬ ´ ² ¨³ ¶Å ¨ » º°Ê ­· ¦´¡¥Í µª¦Â¨³ Â É °µ µ¦­¶ ´ µ Â®É Ä®¤É

In 2008, cash and items equivalent to cash decreased from preceding year 8.51 million although operation result of the company was profitable. This was due to the Company using part of cash deposited it had with financial institute as guarantee against loan taken for use to purchase permanent asset and decoration of new office building. Account receivable - Trade Debtors

¨¼ ® ¸ Ê µ¦ ʵ

In 2008, net account receivable after deduction by Bad Debt of 63.91 million Baht equals to 508.04 million Baht, increased from that in 2007 for 182.81 million Baht, or 56.21%. This was because by the end of the year, the Company handed over large volume of work to the customers. Although period of time spent in collecting debts increased a little from that of the preceding year, i.e. from 57.04 days to 64.68, but in consideration of schedule showing duration of the debts, you will see that most of the trade debtors; more than 80% were those not yet due for repayment, and the outstanding period of not longer than 3 months, and Bad Debt allowance was in place sufficiently for the Debtors with unpaid amounts of longer than 12 months. However, in order for reducing the risk from non-payment, the Company had in place the policy for consideration of the debt repayment ability of the debtor prior to taking the job, and also tried to obtain loan from the same bank with the customer to facilitate the control and application for the loan of the Company. (Unit : million Baht) 2008 2007 Quantity Quantity % %

Ä ¸ 2551 ¨¼ ® ¸ Ê µ¦ ʵ­» ·®¨´ µ ®´ ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ 63.91 ¨Êµ µ ¨ʪ¤¸ ¶ ª 508.04 ¨Êµ µ Á¡·¤É ¹ Ê µ ¸ 2550 Á È ¶ ª 182.81 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 56.21 ¸¨É ¼ ® ¸ Ê µ¦ ʵ ¤¸ ¶ ª Á¡·É¤ ¹Ê ¤µ Á ºÉ° ¤µ µ Ä Éª Ä ¨Ê­·Ê ¸ ¦·¬´ ² ¤¸ µ¦­É ¤° µ Á È ¶ ª ¤µ Ä®Ê ´ µ ¨¼ ʵ ¤ʪµÉ ¦³¥³Áª¨µÄ µ¦Á È ® ¸ÃÊ ¥Á ¨¸¥É ° ¸ ʸ ³Á¡·¤É ¹ Ê µ ¸ °É Á¨È Ê°¥ º°Á¡·¤É µ 57.04 ª´ Á È 64.68 ª´  ɮµ ¡· µ¦ µ µ µ¦µ ­ °µ¥»® ¸ Ê Âɸ ­ ÅªÊ °É Å ³Á®È ŠʪµÉ ¨¼ ® ¸ Ê µ¦ ʵ ­Éª Ä® É ° ¦·¬´ ² ªÉµ¦Ê°¥¨³ 80 Á È ¨¼ ® ¸Ê µ¦ ʵ ¸É¥´ Å¤É ¹ ¶® ¶¦³ ¨³ ¸É ʵ ¶¦³Å¤ÉÁ · 3 Á º° ¨³ ¦·¬´ ² Å Ê ¶ µ¦ ´Ê ­¶¦° ɵÁ ºÉ°® ¸Ê­ ­´¥ ³­¼ Ūʰ¥Éµ Á¡¸¥ ¡°­¶®¦´ ¨¼ ® ¸Ê µ¦ ʵ ¸¤É ¸¥° ʵ ¶¦³ µ ªÉµ 12 Á º° °¥Éµ Ŧ È µ¤Á¡º°É ¨ ªµ¤Á­¸¥É ¸ É ³Á¦¸¥ Á È Á · µ ¨¼ ® ¸ÅÊ ¤ÉÅ Ê µ ¦·¬´ ² ¤¸ Ã¥ µ¥Ä µ¦¡· µ¦ µ ªµ¤­µ¤µ¦ Ä µ¦ ¶¦³® ¸Ê ° ¨¼ ʵ É° ¡· µ¦ µ¦´ µ ¨³¡¥µ¥µ¤Ä Ê­ · Á º°É µ µ¦Á ¸¥ª ´ ¸¨É ¼ 浀 ÊÁ¡º°É ɵ¥ É° µ¦ ª »¤Â¨³ µ¦ °­· Á º°É ° ¦·¬ ´ ²

¶ ª

%

(® ɪ¥ : ¨Êµ µ ) 2550 ¶ ª %

390.87

68%

209.20

87.04 28.59 3.23 62.22 571.95 (63.91) 508.04

15% 5% 1% 11% 100% -11% 89%

2551 ¥´ Å¤É ¹ ¶® ¶¦³ ʵ ¶¦³ ŤÉÁ · 3 Á º° 3 -6 Á º° 6 - 12 Á º° ¤µ ªÉµ 12 Á º° ¦ª¤ ®´ : ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ¨¼ ® ¸ Ê µ¦ ʵ - ­» ·

93

54%

Not yet due for payment Outstanding Not exceeds 3 months 3-6 months 6-12 months Longer than 12 months Total Less : Bad debt allowance Net account receivable-Trade

98.21 25% 10.41 3% 4.27 1% 63.17 16% 385.26 100% (60.03) -16% 325.23 85%

390.87

68%

87.04 28.59 3.23 62.22 571.95 (63.91) 508.04

15% 5% 1% 11% 100% -11% 89%

209.20

54%

98.21 25% 10.41 3% 4.27 1% 63.17 16% 385.26 100% (60.03) -16% 325.23 85%

All the amount the business was entitled to claim from the owner for the construction work under the Contract – Net

¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ - ­» · ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ¨ ¨ µ 322.89 ¨Êµ µ Ä ¸ 2550 Á È 235.15 ¨Êµ µ Ä ¸ 2551 ®¦º° · Á È ¦Ê°¥¨³ 27.02 ­µÁ® »¤µ µ Ä Éª Å ¦¤µ­­» ʵ¥ ° ¸ ´ » ´ ¦·¬ ´ ² ­µ¤µ¦ ¶Á · µ É°­¦Êµ Å Ê ªµ¤ ʵª® ʵ ° µ Á È ¶ ª ¤µ ¨³­µ¤µ¦ °° Ä Â Ê ® ¸ÅÊ Ê ´ £µ¥Ä ¸ ¶Ä®Ê ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ ª´ ¸É 31 ´ ªµ ¤ 2551 ¤¸¥° Á®¨º°°¥¼ÄÉ ´ ¸¨ ¨

All the net amounts the business was entitled to claim from the owners for the construction works under the Contract, decreased from 322.89 in 2007 to 235.15 million Baht in 2008, or 27.02% as during the last quarter, the Company completed large volume of works and issued invoices for which within the year, therefore the remaining amounts in the book that the business was entitled to claim for construction works was decreased as of 31 December 2008

¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ

Debtors-Work guarantee under Construction Contract

¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ ­» ·Ä ¸ 2551 ¶ ª 204.76 ¨Êµ µ Á¡·¤É ¹ Ê µ ¸ É° Á¨È Ê°¥ Á¡¦µ³Â¤ÊªÉµÄ ¦³®ªÉµ ¸ ¦·¬´ ² ³Å Ê­É ¤° µ Á È ¶ ª ¤µ Ä®Ê ´ µ ¨¼ ʵ

Net debts of work guarantee under Construction Contract in 2008 in the amount of 204.76 million Baht, was a little more than that of the preceding year. This was because although the ęô ăċüóĊæ

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94

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

Â É ¤È ø ¦ µ¦ µ à ¦ µ¦ ¸ É µ ¦·¬ ´ ² Šʦ ´ º Á · ʶ ¦³ ´ ¨ µ Á º°É µ ¦ ¶® µ¤­´ µ ¶Ä®Ê¨ ¼ ® ¸ÁÊ · ¦³ ´ ¨ µ Á®¨º° ª´ ­· Ê ¸ 2551 Á¡·¤É ¹ Ê µ ¸ °É Á¡¸¥ Á¨È Ê°¥

95

Company handed over many jobs during the year, it received back some work guarantees which were the matured only.

¸ É · °µ µ¦Â¨³°» ¦ Í

Land and equipment

Ä ¦³®ªÉµ ¸ 2550 - 2551 ¦·¬ ´ ² ¤¸ µ¦¨ » Ä ­· ¦´¡¥Í µª¦Á È ¶ ª ¤µ 110.15 ¨Êµ µ Ä ¸ 2550 ¨³ 30.68 ¨Êµ µ Ä ¸ 2551 Á º°É µ ¦·¬ ´ ² ¤¸ µ¦ º°Ê ­¶ ´ µ Â®É Ä®¤É ɸ ­¸¨¤Â¨³ ¤¸ µ¦¨ » Â É ­¶ ´ µ Â®É Ä®¤ÉÁ¡º°É ¥Êµ¥­¶ ´ µ Ä® ɤµ ¦³ ¶ ¸­É ¶ ´ µ Ä®¤É ¹ É ­³ ª Ä µ¦ Á · µ ¨³ · É° ¦³­µ µ ¤µ ªÉµ ¤ʪµÉ µ¦¨ » Á¡º°É ­¶ ´ µ Ä®¤É ³­¼  ɦ³¥³¥µªÂ¨ÊªÁ È µ¦ ɪ¥¨ ÉµÄ Ê µÉ ¥ µ µ¦Á ɵ°µ µ¦­¶ ´ µ ¸¤É ¸ ªÃ ʤ­¼ ¹ Ê » ¸

During 2007-2008, a lot of investment made by the Company in permanent assets was for 110.15 million Baht in 2007, and 30.68 million Baht in 2008. This was because the Company bought the new office on Silom Road, and invested the money in decorating the new office where it was more convenient in term of transport and work coordination. Although investment for the new office was high but it would be beneficial in the long run as the Company could save the rental for the former office which was going higher every year.

® ¸­Ê ·

Debt

® ¸­Ê · ¦ª¤ ° ¦·¬ ´ ² ¨ ¨ µ 1,097.04 ¨Êµ µ Ä ¸ 2550 Á È 1,005.67 ¨Êµ µ Ä ¸ 2551 ®¦º°¨ ¨ ¦Ê°¥¨³ 8.33 ® ¸­Ê · ¦ª¤ ° ¦·¬ ´ ² Â É Á È ® ¸­Ê · ®¤» Áª¸¥ 1,002.95 ¨Êµ µ ¨³ ® ¸­Ê · Ťɮ¤» Áª¸¥ 2.72 ¨Êµ µ · Á È ­´ ­Éª É°® ¸­Ê · ¦ª¤Á È ¦Ê°¥¨³ 99.73 ¨³ 0.27 µ¤¨¶ ´ ¤ʪµÉ ­´ ­Éª ° ® ¸­Ê · ®¤» Áª¸¥ ° ¦·¬ ´ ² ¤¸Á È ­´ ­Éª ¸­É ¼  ɮµ Á ¸¥ ´ ­· ¦´¡¥Í®¤» Áª¸¥ ¸ É ¦·¬ ´ ² ¤¸°¥¼ É ³¡ ªÉµ ³Å¤ÉÁ · ´ ®µÁ¦º°É ­£µ¡ ¨É° Ä ° µ

Total debt of the Company decreased from 1,097.04 million Baht in 2007 to 1,005.67 million Baht in 2008, equivalent to 8.33% of the total debt, divided into current liability of 1,002.95 million Baht and non-current liability of 2.72 million Baht or 99.73% and 0.27% of the total debt. Although ratio of current liability was high but after comparing to the existing current liability, there would we no problem with liquidity in the future.

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

Bank overdraft and short term loan from financial institutes

Ä ¸ 2551 Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ­ µ ´ µ¦Á · Á¡·¤É ¹ Ê µ 66.49 ¨Êµ µ Ä ¸ °É Á È 138.68 ¨Êµ µ Á º°É µ Ä ¦³®ªÉµ ¸ ¦·¬ ´ ² Å Ê ¶Á · ­ ­Éª ® ¹ É Å Ä ÊÄ µ¦ ° º°Ê ª´­ » Äɸ ÊÄ µ¦ É°­¦Êµ ¸¤É ¸ ªÃ ʤ µ¦ ¦´ ¦µ µ°¥Éµ É°Á º°É Á¡º°É Ê° ´ ªµ¤Á­¸¥É µ µ¦ µ » µ µ¦ É°­¦Êµ ¶Ä®Ê ¦·¬ ´ ² Ê° ¤¸ µ¦Ä Ê­ · Á º°É µ ­ µ ´ µ¦Á · Á¡º°É Á¡·¤É ­£µ¡ ¨É° ¤µ ¹ Ê ªÉµ ¸ °É

In 2008, short term loan from financial institutes increased from 66.49 million Baht in the preceding year to 138.68 million Baht, as during the year, in prevention of the risk from construction loss, the Company spent part of cash for purchase of construction materials the costs of which had the tendency to go up continuously. This cause the increase of loan obtained from financial institutes for more liquidity than that of the preceding year.

Á ʵ® ¸ Ê µ¦ ʵ

Account payable – Trade creditors

Á ʵ® ¸ Ê µ¦ 浀 ¸ 2551 ¶ ª 335.39 ¨Êµ µ ¨ ¨ µ 426.78 ¨Êµ µ Ä ¸ 2550 Á È ¶ ª 91.39 ¨Êµ µ ®¦º° · Á È ¦Ê°¥¨³ 21.41 µ¦ ¸ÁÉ Êµ® ¸ Ê µ¦ ʵ¨ ¨ µ Á ·¤Á · µ ¦·¬ ´ ² ¤¸ µ¦ ° º°Ê ª´­ » Äɸ ÊÄ µ¦ É°­¦Êµ µ ­Éª ¸¤É ¸ ªÃ ʤ µ¦ ¦´ ­¼ ¹ Ê ° ¦µ µ°¥Éµ É°Á º°É ŪÊÂ¨ÊªÄ ¦³®ªÉµ ¸

Account payable of 335.39 million Baht in 2008 came down from 426.78 million Baht in 2007 with the difference of 91.39 million Baht, or 21.41%, due to reservation, during the year, for purchase of construction materials the costs of which had the tendency to go up continuously

Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³

Cost of work not yet due for payment

Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³¨ ¨ µ 281.98 ¨Êµ µ Ä ¸ 2550 Á È 210.87 ¨Êµ µ Ä ¸ 2551 ®¦º° · Á È ¦Ê°¥¨³ 25.22 Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³ ´ ¨ÉµªÁ È Éµ ªµ¤ ʵª® ʵ ° µ ª´ ¸É 31 ´ ªµ ¤ 2551 ¹ É µ ¼¦Ê ´ Á®¤µÂ¨³Á ʵ® ¸ Ê ° ¦·¬ ´ ² Å Ê ¶Á · µ¦ É°­¦Êµ ®¦º°­É ¤° ª´­ » ¸ÉÄ ÊÄ µ¦ É°­¦Êµ Ä®Ê ´ µ ¦·¬´ ² Á¦¸¥ ¦Ê°¥Â¨ÊªÂ¨³ ³ ¶Á · µ¦­É ¤° µ ¨³Â Ê ® ¸Ê ´ µ ¦·¬ ´ ² Ä Å ¦¤µ­ ¸É 1 ° ¸ 2552

Cost of work not yet due for payment decreased from 281.98 million Baht in 2007 to 210.87 million Baht in 2008, or 25.22%. Such cost of work not yet due for payment was the progress value of work as of 31 December 2008, which the Contractor and the Creditor of the Company had already proceeded with construction or delivery of the construction materials to the Company, and was going to hand over the work and provide the Company with their invoices during the first quarter of 2009.

ɵÁ º°É ¨ µ » ¸ É µ ªÉµ ³Á · ¹ Ê µ µ¦ É°­¦Êµ ɵÁ º°É ¨ µ » ¸ É µ ªÉµ ³Á · ¹ Ê µ µ¦ É°­¦Êµ ¶ ª 8.25 ¨Êµ µ Á È µ¦­¶¦° Á¡º°É ¦´ ¦¼Ê ¨ µ » ¸ É µ ªÉµ ³Á · ¹ Ê ° à ¦ µ¦Ã ¦ µ¦® ¹ É Ä Éµ ¦³Á « µ¤¤µ ¦ µ µ¦ ´ ¸ Äɸ ®Ê¦ ´ ¦¼Ê ¨ µ » ¸É µ ªÉµ ³Á · ¹Ê ´Ê ¶ ª ´ ¸ ¸É ¦·¬´ ² ¡ ªÉµ¤¸ ªµ¤Á È Å Å Ê ¸É Ê » µ¦ É°­¦Êµ ³¤µ ªÉµ¦µ¥Å Ê µÉ É°­¦Êµ ¹ É ¤¸ µ¦ ¨´ ¦µ¥ µ¦ ɵÁ º°É ¨ µ » ´ ¨ÉµªÄ ¦³®ªÉµ ¸ 2551 ¶ ª 6.10 ¨Êµ µ Á º°É µ ¤¸ µ¦¦´ ¦¼ Ê ¨ µ » ¸ÁÉ · ¹ Ê Â¨ÊªÄ ¶Å¦ µ » ­¶®¦´ ¸

Loss allowance expected to occur from the construction Allowance for Loss expected to occur from the construction in the amount of 8.25 million Baht was the reserve for recognition of loss expected to occur in one of the Project overseas according to accounting standard for recognition of amount of loss expected to incur as soon as it came to the knowledge that the construction cost was greater than the revenue thereof. During 2008, allowance for loss of 6.10 million Baht returned back, as the loss result has already been recognized in Profit and Loss Statement for the year. ęô ăċüóĊæ

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96

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

­£µ¡ ¨É°

97

Liquidity

¦³Â­Á · ­ :

Cash flow :

µ µ¦ ³¨° ´ª µ Á«¦¬ · £µ¥Ä ¦³Á « ¶Ä®Ê¦µ¥Å Ê ° ¦·¬ ´ ² Ä ¸ 2551 ¨ ¨ µ ¸ °É Á¨È Ê°¥ ° µ ¸Ê Ä ¦³®ªÉµ ¸ µ¦ ¦´ ¦µ µ ° ¦µ µª´­ » Äɸ ÊÄ µ¦ É°­¦Êµ ¤¸ µ¦Á ¨¸¥É  ¨ ­¼ ¹ Ê °¥Éµ ¦ª Á¦Èª ¶Ä®Ê ¦·¬ ´ ² ´ ­· Ä ¶Á · ­ µ µ¦ ¶Á · µ ­Éª ® ¹ É Å Ä ÊÄ µ¦ ° º°Ê ª´­ » Äɸ Ê Ä µ¦ É°­¦Êµ ¸¤É ¸ ªÃ ʤ µ¦ ¦´ ¦µ µ­¼ ¹ Ê Á¡º°É ¨ ªµ¤Á­¸¥É µ £µª³ µ » ¶Ä®Ê ¦·¬ ´ ² Ê° Ä Ê ¦³Â­Á · ­ Ä · µ¦ ¶Á · µ Á È ¶ ª ¤µ ¹ 181.42 ¨Êµ µ  ɰ¥Éµ Ŧ È µ¤ Á º°É µ ¨ µ¦ ¶Á · µ ° ¦·¬ ´ ² Ä ¸ ¤Ê¸ ¸ ¶Å¦­» · 98.76 ¨Êµ µ °¸ ´ Ê ¥´ ¤¸ µ¦¦´ Á · µ µ¦Â ¨ ­£µ¡ Ä ­¶ ´ ­ ­· · ¹ ¶Ä®Ê ¦³Â­Á · ­ ­» · ° ¦·¬ ´ ² Ä ¸ 2551 ¨ ¨ µ ¸ °É Á¡¸¥ Á¨È Ê°¥ º° ¨ ¨ Á¡¸¥ 8.51 ¨Êµ µ ¹ º°Å ʪµÉ ­£µ¡ ¨É° ° · µ¦¥´ °¥¼ÄÉ Á Í ¸

Due to slowdown of economy within the country, the revenue of the Company in 2008 decreased a little from the preceding year. Other than that, during the year costs of construction materials went up rapidly, therefore the Company, in order to reduce risk from construction loss, decided to spend part of cash from working capital up to 181.42 million Baht for purchase of construction materials that had tendency of price hike. However, as net profit from the operating result of the Company was 98.76 million Baht, coupled with the Company receiving money from conversion of Warrants, net cash flow in 2008 therefore decreased only a little, which was only 8.51 million Baht. The Liquidity of the Company was therefore considered to be still good.

°´ ¦µ­Éª ­£µ¡ ¨É° :

Liquidity ratio :

°´ ¦µ­Éª ­£µ¡ ¨É° °´ ¦µ­Éª ­£µ¡ ¨É° ¦³Â­Á · ­ ¦³¥³Áª¨µÁ È ® ¸ÁÊ ¨¸¥É ¦³¥³Áª¨µ ¶¦³® ¸ÁÊ ¨¸¥É

2550

2551

1.28 0.30 57.04 53.21

1.51 (0.17) 62.95 53.81

Current liquidity ratio Cash flow liquidity ratio Average debt collection period Loan repayment period

2007

2008

1.28 0.30 57.04 53.21

1.51 (0.17) 62.95 53.81

µ µ¦µ ʵ Ê ³Á®È ŠʪµÉ ¦·¬ ´ ² ¤¸­£µ¡ ¨É° °¥¼ÄÉ Á Í ¸ º°¤¸­ · ¦´¡¥Í®¤» Áª¸¥ Á¡¸¥ ¡° ¸ É ³ ɵ¥ ¶¦³® ¸­Ê · ®¤» Áª¸¥ ¡· µ¦ µÅ Ê µ °´ ¦µ­Éª ­£µ¡ ¨É° ° ¦·¬ ´ ² ¸¤É µ ªÉµ 1 » ¸ °¸ ´ Ê ­£µ¡ ¨É° Ȥ¸ ªÃ ʤ ¸ ʹ ¤ʪµÉ °´ ¦µ­Éª ­£µ¡ ¨É° ¦³Â­Á · ­ ³ Ê°¥¨ Á º°É ¤µ µ µ¦ ¶Á · Å ° º°Ê ª´­ » Äɸ ÊÄ µ¦ É°­¦Êµ Â É ¦·¬ ´ ² ȤÁ¸ · ¦´ µ µ¦Â ¨ ­£µ¡Ä ­¶ ´ ­ ­· ·

From the above table, liquidity of the Company was on good standard, i.e. with sufficient current asset for payment of current liability. Although cash flow liquidity decreased due to booking for purchase of construction materials, but the Company had money coming in from conversion of Warrants.

®¨É ¸¤É µ ° Á · »

Source of capital fund 2550

® ¸­Ê · ®¤» Áª¸¥ ® ¸­Ê · Ťɮ¤» Áª¸¥ ® ¸­Ê · ¦ª¤ ­Éª ° ¼ Ê °º ®» Ê ¦ª¤

¶ ª

%

1,091.11 5.93 1,097.04 782.91 1,873.45

58% 0% 58% 42% 100%

(® ɪ¥ : ¨Êµ µ ) 2551 ¶ ª % 1,002.95 2.72 1,005.67 1,019.39 2,025.06

2007

50% 0% 50% 50% 100%

Current liability Non-current liability Total liability Shareholders equity Total

µ µ¦µ ʵ Ê ³Á®È ŠʪµÉ ®¨É Á · » ° ¦·¬ ´ ² ­Éª ® ¹ É º° ¦³¤µ ¦Ê°¥¨³ 50-60 ¤µ µ ® ¸­Ê · ®¤» Áª¸¥ Á º°É ¤µ µ ¨´ ¬ ³ µ¦ ¶Á · »¦ · ° ¦·¬ ´ ² Ê° Ä ÊÁ · » Á È ¶ ª ¤µ Á¡º°É º°Ê ª´­ »° » ¦ ÍÄ µ¦ É°­¦Êµ µ¦ ɵ¥ ɵ ʵ ¨³ ɵ¦ µ¦ É°­¦Êµ à ¦ µ¦ ɵ Ç Á¡º°É ­É ¤° Ä®Ê ´ ¨¼ ʵ ¨´ ¬ ³ ° Á · » ­Éª ¤µ ¹ °¥¼ÄÉ ¦¼ ° ­· Á º°É ¸ÅÉ Ê¦ ´ µ Á ʵ® ¸ Ê µ¦ ʵ Á · ¦´ ¨Éª ® ʵ µ ¨¼ ʵ Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³ Á ʵ® ¸ÁÊ · ¦³ ´ ¨ µ ¨³ µ Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ­ µ ´ µ¦Á · ¦·¬ ´ ² ŤÉÁ Ê µ¦¨ » Ä °» ¦ ͨ³Á ¦º°É ¤º°Á ¦º°É ´ ¦ µ Ä® É ´ ´ Ê ¹ Ťɤ ¸ ªµ¤ ¶Á È Ê° Ä Ê

Quantity

%

1,091.11 5.93 1,097.04 782.91 1,873.45

58% 0% 58% 42% 100%

(Unit : Million Baht) 2008 Quantity % 1,002.95 2.72 1,005.67 1,019.39 2,025.06

50% 0% 50% 50% 100%

From the above table you will see that financial source of the company, one part, approximately 50-60 % derived from current liability due to the nature of business operation requiring large amount of capital fund for purchase of materials and equipment for use in construction, payment of wages and labor in various projects, with characteristics of most capital fund in the form of loan from the trade creditor, advanced money received from the customers, construction costs not yet mature for payment, creditors from w guarantee for work result and short term loan from financial institutes. The Company placed no stress on the investment made ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

®¨É Á · » ¦³¥³¥µª ¨³Á º°É µ ¸ 2551 Á È ¸­ » ʵ¥Ä µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· · (EMC W1) ¹ ¶Ä®ÊÄ ¦³®ªÉµ ¸ µ¦Á¡·¤É » µ µ¦Ä Ê­ · · ° Ä ­¶ ´ ­ ­· · ¹ 201.59 ¨Êµ µ ­É ¨Ä®Ê ­´ ­Éª ° ­Éª ° ¼ Ê °º ®» Ê Ä ¸ 2551 Á¡·¤É ¹ Ê Á È ¦Ê°¥¨³ 50

99

in equipment and large machineries, therefore it was not necessary to use long term financial source, and as 2008 was the last year for exercise the rights under the Warrants (EMC-W1), increase of capital fund from exercise of the Warrant was up to 201.59 million Baht, resulting in Shareholders’ Equity increase to 50%

£µ¦³ ¼ ¡´

Obligation

£µ¦³ ¼ ¡´ ° ¦·¬ ´ ² ª´ ¸É 31 ´ ªµ ¤ 2551Á È £µ¦³ ¼ ¡´ µ¤­´ µÁ ɵ ¶Á · µ ¸ É ¦·¬ ´ ² Ťɭµ¤µ¦ ¥ Á¨· Å Ê Ê´ ­· Ê 6.60 ¨Êµ µ ¹ É ¤¸ ¶® µ¦ ¶¦³ ɵÁ ɵÁ È ¦µ¥Á º° °µ¥»­ ´ µ­· Ê ­» £µ¥Ä ¦³¥³Áª¨µÅ¤ÉÁ · 5 ¸

Obligation of the Company as of 31 December 2008, was obligation to Lease Contract which could not be cancelled, totaling 6.60 million Baht to be paid monthly. The lease term will end for not exceeding 5 years.

® ´ ­º° ʶ ¦³ ´

Bank guarantee

• ¦·¬ ´ ² ¤¸® ´ ­º° ʶ ¦³ ´ ¸°É ° à ¥ µ µ¦Â¨³­ µ ´ µ¦Á · Ä µ¤ ¦·¬ ´ ² ¹ É Á ¸¥É ªÁ º°É ´ £µ¦³ ¼ ¡´ µ · ´ · µ ¦³ µ¦ µ¤ · ¦» · ¤¸¥° Á®¨º°°¥¼É ª´ ¸É 31 ´ ªµ ¤ 2551 Á È ¶ ª 876.35 ¨Êµ µ

• The Company had Bank Guarantee issued by the bank and financial institute in the name of the Company, relating to some normal obligations to meet by the Company, with balance as of 31 December 2008 876.35 million Baht.

• ¦·¬´ Å Ê°° ® ´ ­º° ʶ ¦³ ´ Á È ¶ ª Á · ¦³¤µ 30.34 ¨Êµ µ °´ Á ¸É¥ªÁ ºÉ° ´ µ¦ ʶ ¦³ ´ ® ¸­Ê ¶®¦´ µ É°­¦Êµ Įʠɰ ¸ ¦·¬ ´ ¥É°¥Â®É ® ¹ É ¸ É ¦·¬ ´ Á È ¼ Ê ¦·®µ¦Ã ¦ µ¦Ä®Ê ¹ É Á È µ ¸ÁÉ ¸¥É ªÁ º°É ¤µ É° µ¦ µ¥ ¦·¬ ´ ¥É°¥ ´ ¨Éµª

• The Company issued Bank Guarantee of 30.34 million for guaranteeing the debt for construction work for one subsidiary in the past when the Company administered the Project for such subsidiary. This occurred before sale of such subsidiary.

­Éª ° ¼ Ê °º ®» Ê

Shareholders’ equity

• ª´ ¸É 31 ´ ªµ ¤ 2551 ¦·¬ ´ ¤¸­ªÉ ° ¼ Ê °º ®» Ê Á ɵ ´ 1,019.39 ¨Êµ µ Á¡·¤É ¹ Ê µ ª´ ¸É 31 ´ ªµ ¤ 2550 ¸¤É ­¸ ªÉ ° ¼ Ê °º ®» Ê Á ɵ ´ 798.91 ¨Êµ µ °¥¼É 220.48 ¨Êµ µ ­µÁ® » ­É¸ ªÉ ° ¼ Ê °º ®» Ê Á¡·¤É ¹ Ê Á º°É µ Ä ¦³®ªÉµ ¸ 2551 ¦·¬ ´ Šʤ ¸ µ¦ ³Á ¸¥ Á¡·¤É » ¸°É ° ¨³ ¶¦³Â¨Êª 103.24 ¨Êµ µ Á¡º°É ¦° ¦´ µ¦Ä Ê­ · · ° ¼ Ê °º Ä ­¶ ´ ­ ­· · (EMC-W1) ¹ É ¸ Áʸ È ¸­ » ʵ¥Ä µ¦Ä Ê­ · · ° ¼ Ê °º Ä ­¶ ´ ­ ­· · ¨³°¸ ­Éª ® ¹ É Á È ­Éª ¸ÁÉ ¡·¤É ¹ Ê µ ¨ µ¦ ¶Á · µ ¦³ ¶ ¸ ¸¤É ¸ ¨ ¶Å¦ ´ Ê ­· Ê 98.78 ¨Êµ µ ¤ʪµÉ Ä ¦³®ªÉµ ¸ ¦·¬ ´ ² Šʤ ¸ µ¦ ɵ¥Á · ´ ¨ µ ¨ ¶Å¦ ° ¸ 2550 Ä®Ê ´ ¼ Ê °º ®» Ê Á È ¶ ª Á · 48.30 ¨Êµ µ È µ¤

• As of 31 December 2008, there was shareholders’ equity of 1,019.39 million Baht, increased from 798.91 million Baht as of 31 December 2007 in the amount of 220.48 Baht, because during 2008, the Company registered increase of the Warrant holders (EMC-W1), which 2008 was the last year for exercising such right. The other part was increase from annual operating result with total profit of 98.78 million Baht. Although during the year, the company had already paid dividend from the profit of 2007 to the shareholders in the amount of 48.30 million Baht. Warrant for purchase of shares

Ä ­¶ ´ ­ ­· · °Êº ®» Ê ¸ É ¦³ »¤ª·­µ¤´ ¼ Ê °º ®» Ê ¦´ Ê ¸É 1/2548 Á¤º°É ª´ ¸É 9 »¤£µ¡´ Í 2548 Šʤ¤¸ ·Á È Á° ´ Í° »¤ ´ · ´ ¸Ê

The extraordinary shareholders meeting No. 1/2548, held on 9 February 2005 passed resolution for approval as follows :

• ° »¤ ´ Ä· ®Ê°° Ä ­¶ ´ ­ ­· · ¶ ª 50 ¨Êµ ® ɪ¥ Ä®ÊÂ É ¦¦¤ µ¦Â¨³®¦º°¡ ´ µ ° ¦·¬ ´ £µ¥Ä Êà ¦ µ¦Á­ ° µ¥®¨´ ¦´¡¥ÍÄ®ÊÂ É ¦¦¤ µ¦Â¨³/®¦º°¡ ´ µ (ESOP Scheme) à ¥ ´ ­¦¦Ä®Ê ¦¦¤ µ¦ ¦·¬ ´ ² ¶ ª 33.6 ¨Êµ ® ɪ¥ · Á È ¦Ê°¥¨³ 67.2 ° ¶ ª Ä ­¶ ´ ­ ­· · Ê´ ®¤

• On issuance of Warrants for 50 million units to directors and/or employees of the Company under the asset sale proposal project to directors and/or employees (ESOP Scheme), by allotment of 33.6 million unit for the directors, which was 67.2% of total Warrants.

µ¦ ´ ­¦¦Ä ­¶ ´ ­ ­· · Ê´  ɦ°Ê ¥¨³ 5 ¹ Ê Å ° ¶ ª Ä ­¶ ´ ­ ­· · Ê´ ®¤ ¸ É ° ° » µ £µ¥Ä Êà ¦ µ¦Á­ ° µ¥®¨´ ¦´¡¥ÍÄ®ÊÂ É ¦¦¤ µ¦Â¨³/®¦º°¡ ´ µ (ESOP Scheme) µ¤¤ · ´ ¨Éµª ¦·¬ ´ Å Ê ´ ­¦¦Ä ­¶ ´ ­ ­· ·Ä®ÊÂ É ¦¦¤ µ¦ ¼ Ê ´ µ¦Á È ¶ ª 30 ¨Êµ ® ɪ¥ · Á È ¦Ê°¥¨³ 60 ° ¶ ª Ä ­¶ ´ ­ ­· · Ê´ ®¤

Allotment of Warrants from 5% up of the total Warrants applied for permission under the asset proposal for sale to the directors and /or employees (ESOP Scheme), under such resolution, the Company allocated the Warrants of 30 million units for directors, which was 60% of total Warrants.

• ¤¸¤ ·° »¤ ´ · µ¦°° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ · ¦³ » °Éº ¼ Ê °º ¨³Ã° Á ¨¸¥É ¤º°Å Ê °µ¥» ° Ä ­¶ ´ ­ ­· · 3 ¸ ´ ´ Ê Â Éª ´ ¸°É ° Ä ­¶ ´ ­ ­· · ¶ ª ŤÉÁ · 131.39 ¨Êµ ® ɪ¥ à ¥Å¤É · ¤¼¨ ɵÁ¡º°É ´ ­¦¦Ä®ÊÂ É Ê¼ °º ®» Ê Á ·¤ °´ ¦µ µ¦Ä Ê­ · · °º Ä ­¶ ´ ­ ­· · 1 ® ɪ¥ É°®» Ê ­µ¤´ 1 ® ɪ¥ (°µ Á ¨¸¥É  ¨ Ä £µ¥®¨´ µ¤Á º°É Å µ¦ ¦´ ­· ·) ¦µ µ µ¦Ä Ê­· · ° Ä ­¶ ´ ­ ­· · ³Á ɵ ´ 2 µ É°®»Ê ÁªÊ Â É ³¤¸ µ¦ ¦´ ¦µ µ µ¦Ä Ê­· · µ¤Á º°É Å µ¦ ¦´ ­· · ¦³¥³Áª¨µ µ¦Ä Ê­ · ·Á¤º°É ¦ ¶® 1 ¸ ´  ɪ ´ ¸°É ° Ä ­¶ ´ ­ ­· ·

• Resolution was for approval on issuance and offer for sale of Warrants for purchase of ordinary named and transferable shares. The Warrants carry 3-year maturity from the date of issue of not to exceed 131.39 million units without allocation charge for existing shareholders. The exercise ratio was 1 unit of Warrant for 1 new ordinary share (changeable subsequently as per condition of right adjustment) of 2 Baht par value, except with adjustment of the exercise cost according to the condition of right adjustment. Duration of exercise ; after 1 year from date of ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

101

¼ Ê °º Ä ­¶ ´ ­ ­· ·­µ¤µ¦ Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Å ÊÄ ª´ ¶ µ¦­» ʵ¥ ° » Å ¦¤µ­®¦º° ª´ ¶ µ¦­» ʵ¥ ° Á º° ¤¸ µ ¤ ¤· » µ¥ ´ ¥µ¥ ¨³ ´ ªµ ¤ °  ɨ³ ¸ ¨° °µ¥» ° Ä ­¶ ´ ­ ­· ·

issue, the holders were entitled to exercise their rights on the last working day of each quarter, or the last days of March, June, September and December of each year throughout the validity of the Warrants.

Á¤º°É ª´ ¸É 20 ´ ¥µ¥ 2548 ¦·¬ ´ Šʦ ´ ° » µ °° Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ´ ¨Éµª µ µ ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥

On 20 September 2005, the Company was permitted to issue Warrants for purchase of shares by Stock Exchange of Thailand.

µ¤ ¸ É ¦³ »¤­µ¤´ ¼ Ê °º ®» Ê ¦³ ¶ ¸ ¡.«. 2551 Á¤º°É ª´ ¸É 3 Á¤¬µ¥ ¡.«. 2551 Šʤ¤¸ ·Ä®Ê¨ ¤¼¨ ɵ ®» Ê ­µ¤´ µ Á ·¤®» Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ à ¥ » ³Á ¸¥ ° ¦·¬ ´ ¥´ Á ɵÁ ·¤ Á È ¨ ¶Ä®ÊÄ ­¶ ´ ­ ­· · EMC-W1 ¸É ¶ µ¦°° ¨³Á­ ° µ¥Á¡·É¤ ¹Ê µ 82,688,058 ® ɪ¥ Á È 826,880,580 ® ɪ¥ ʪ¥¦µ µ µ¦Ä Ê­ · · ° Ä ­¶ ´ ­ ­· ·Á ɵ ´ 0.20 µ É°®» Ê

The Resolution of Annual General Meeting for 2008, held on 3 April 2008 was for reduction of the par value from 1 Baht each of existing ordinary shares to 0.10 Baht, resulting in the increase of EMC-W1 Warrant from 82,688,058 units to 826,880,580 units, with 0.20 Bath of par value.

µ¤ ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ ¦´ Ê ¸É 5/2551 Á¤º°É ª´ ¸É 11 ­· ®µ ¤ ¡.«. 2551 Šʤ¤¸ ·° »¤ ´ · ¶® Įʪ ´ ¸É 25 ­· ®µ ¤ ¡.«. 2551 Á È ª´ ¸°É ° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬´ ¦´Ê ¸É 2 (“EMC-W2”) · ¦³ » ºÉ° ¼Ê º°Â¨³Ã° Á ¨¸É¥ ¤º°Å Ê °µ¥» ° Ä ­¶ ´ ­ ­· · 3 ¸ ´ ´ Ê Â Éª ´ ¸°É ° Ä ­¶ ´ ­ ­· · ¶ ª ŤÉÁ · 1,380,241,150 ® ɪ¥ à ¥Å¤É · ¤¼¨ ɵ Á¡º°É ´ ­¦¦Ä®ÊÂ É Ê¼ °º ®» Ê Á ·¤Ä °´ ¦µ º° Ä ­¶ ´ ­ ­· · 1 ® ɪ¥ É°®» Ê ­µ¤´ 4 ®» Ê °´ ¦µ µ¦Ä Ê­ · · º° Ä ­¶ ´ ­ ­· · 1 ® ɪ¥ É°®» Ê ­µ¤´ 1 ®» Ê ¦µ µ µ¦Ä Ê­ · · ° Ä ­¶ ´ ­ ­· · ³Á ɵ ´ 0.20 µ É°®»Ê ÁªÊ Â É ³¤¸ µ¦ ¦´ ¦µ µ µ¦Ä Ê­· · µ¤Á ºÉ° Å µ¦ ¦´ ­· · ¦³¥³Áª¨µ µ¦Ä Ê­· · Á¤º°É ¦ ¶® 1 ¸ ´  ɪ ´ ¸°É ° Ä ­¶ ´ ­ ­· · ¼ Ê °º Ä ­¶ ´ ­ ­· ·­µ¤µ¦ Ä Ê­ · · µ¤ Ä ­¶ ´ ­ ­· ·Å ÊÄ ª´ ¶ µ¦­» ʵ¥ ° » Å ¦¤µ­ ®¦º°ª´ ¶ µ¦­» ʵ¥ ° Á º° ¤¸ µ ¤ ¤· » µ¥ ´ ¥µ¥ ¨³ ´ ªµ ¤ °  ɨ³ ¸ ¨° °µ¥» ° Ä ­¶ ´ ­ ­· ·

The Resolution of Board of Directors Meeting No. 5/2551 held on 11 August 2008 was for 25 August 2008 to be the date of issue and offer for sale of the Warrants for purchase of ordinary named and transferable shares No.2 (“EMC-W2”), carrying 3 year-maturity from the date of issue for not more than 1,380,241,150 units with no charge for allocation for existing shareholders at the ratio of 1 Unit of Warrant for 4 ordinary shares, and exercise ratio of 1 unit of Warrant for 1 ordinary share, 4 ordinary shares of 0.20 Baht par value, except with adjustment of the exercise cost according to the condition of right adjustment. After 1 year from date of issue, the holders were entitled to exercise their rights on the last working day of each quarter, or the last days of March, June, September and December of each year throughout the validity of the Warrants.

Á¤º°É ª´ ¸É 24 ´ ¥µ¥ ¡.«. 2551 ¦·¬ ´ Šʦ ´ ° » µ Ä®ÊÁ¦·¤É ¶ µ¦ º°Ê µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (“EMC-W2”) ¶ ª 1,378,262,892 ® ɪ¥ µ ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥

On 24 September 2008, the Company was permitted by Stock Exchange of Thailand to start purchase and sale of Warrant No.2 (EMC-W2) for 1,378,262,892 units As of 31 December 2008, quantity of the Warrant can be summarized as follows :

ª´ ¸É 31 ´ ªµ ¤ 2551 ¶ ª ° Ä ­¶ ´ ­ ­· ·­µ¤µ¦ ­¦» Å Ê ´ ¸Ê ESOP

EMC-W1

EMC-W2

50,000,000

107,307,458

1,378,262,892

(49,399,003)

(24,619,400)

-

Quantity used before reduction of par value

(600,997)

-

-

Expired quantityExpired quantity

¶ ª ¸ É Á®¨º° ¸¥É ´ ŤÉÅ ÊÄ Ê °É µ¦¨ ¤¼¨ ɵ®» Ê

-

82,688,058

1,378,262,892

¶ ª Á®¨º°®¨´ µ µ¦¨ ¤¼¨ ɵ®» Ê

-

826,880,580

¶ ª ¸ÄÉ ÊÅ

-

¶ ª ¸®É ¤ °µ¥» ¶ ª Á®¨º°

¶ ª ¸ É ´ ­¦¦ ¶ ª ¸ÄÉ ÊÅ É° µ¦¨ ¤¼¨ ɵ®» Ê ¶ ª ¸®É ¤ °µ¥»

ESOP

EMC-W1

EMC-W2

50,000,000

107,307,458

1,378,262,892

(49,399,003)

(24,619,400)

-

(600,997)

-

-

Remaining quantity

-

82,688,058

1,378,262,892

-

Remaining quantity after reduction of par value

-

826,880,580

-

(802,121,998)

-

Quantity used

-

(802,121,998)

-

-

(24,758,582)

-

Quantity expired

-

(24,758,582)

-

-

-

1,378,262,892

Remaining quantity

-

-

1,378,262,892

Quantity allocated

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102

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

Á® » µ¦ Í£µ¥®¨´ ª´ ¸ÄÉ µ¦Á ·

Incident after the date in Financial Statements

®¨´ µ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦·¬ ´ º°Ê ®» Ê ­µ¤´ º Á¡·¤É Á ·¤ à ¥¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê

18 »¤£µ¡´ Í ¡.«. 2552 22 »¤£µ¡´ Í ¡.«. 2552 23 »¤£µ¡´ Í ¡.«. 2552 2 ¤¸ µ ¤ ¡.«. 2552 ¦ª¤

103

¶ ª ®» Ê (®» Ê )

¶ ª Á · ( µ )

20,000,000 10,000,000 10,000,000 2,000,000 42,000,000

2,400,000 1,200,000 1,200,000 220,000 5,020,000

After 31 December 2008, the Company purchased additional ordinary shares detailed as follows : Quantity of shares (Shares) 18 February 2009 22 February 2009 23 February 2009 2 March 2009 Total

20,000,000 10,000,000 10,000,000 2,000,000 42,000,000

Amount (Baht) 2,400,000 1,200,000 1,200,000 220,000 5,020,000

Factors and major influence that may have adversely affect to business operation or financial status in the future

´ ´¥Â¨³°· ·¡¨®¨´ ¸°É µ ¤¸ ¨ ¦³ É° µ¦ ¶Á · µ ®¦º° µ ³ µ¦Á · Ä ° µ ´ ´¥ ¸ É ³¤¸ ¨ É° µ¦ ¶Á · µ ®¦º° µ ³ µ¦Á · Ä ° µ ° ¦·¬ ´ º° ªµ¤ ´ ª ° ¦µ µ ª´­ » °É ­¦Êµ ¦µ µ ʶ¤´ £µª³Á«¦¬ · ° ¦³Á «Â¨³ Ã¥ µ¥ ° £µ ¦´ µ¨Á È Ê ¦µ µª´­ » °É ­¦Êµ ¤¸ ¨ ¦³ à ¥ ¦ É° Ê » µ¦ É°­¦Êµ ° ¦·¬´ ² à ¥Ä ¸ 2551 ¦µ µª´­ » °É ­¦Êµ ¤¸ µ¦ ¦´ ´ª Á¡·¤É ¹ Ê °¥Éµ É°Á º°É ¨° ɪ ¦¹ É Â¦ ° ¸ Ä ³ ¸ÄÉ Éª ¨µ¥ ¸Â ªÃ ʤ¦µ µª´­ » °É ­¦Êµ ¦´ ´ª ¨ ¨ °¥Éµ Ŧ È µ¤ ¦·¬ ´ ² ³ ¶ µ¦ · µ¤£µª³¦µ µª´­ » °É ­¦Êµ °¥Éµ Ä ¨Ê · Á¡º°É ¦³Ã¥ ÍÄ µ¦ ªµ  µ ¨³ ª »¤ Ê » Ä®ÊÁ È Å µ¤Á ʵ®¤µ¥ ¸ªÉ µ ŪÊÄ Â É¨³Ã ¦ µ¦

Factors that may adversely affect the operation, or financial status in the future are fluctuation of costs of construction material, oil price, economic situation of the country, and policy of government sector, etc. Costs of construction material affect construction cost directly. During the first half of 2008, costs of construction material were adjusted higher continuously while during the later half of the year they had the tendency to go down. However, the Company would follow up costs of construction material closely for the benefit of work planning and control of construction cost for achievement of the target set forth for each project.

£µª³Á«¦¬ · ¨³ Ã¥ µ¥ ° £µ ¦´ µ¨ ° ¦³Á « º°Å ʪµÉ Á È °¸ ´ ´¥® ¹ É ¸¤É ¸ ¨ ¦³ É° µ¦ ¶Á · µ ° ¦·¬ ´ ®µ £µª³Á«¦¬ · ° ¦³Á «¤¸Â ªÃ ʤ ¸ ʹ µ¦¨ » ¤¸ µ¦ ¥µ¥ ´ª ´ Ê Ä £µ ¦´ ¨³£µ Á° ³­É ¨Ä®Ê ¦·¤µ µ ° ¦·¬ ´ Á¡·¤É ¹ Ê ° µ ¸Ê µ Ã¥ µ¥ ° £µ ¦´ µ¨ ¸É ³Ä®Ê¤¸ µ¦ É°­¦Êµ ¦³ ­É ¤ª¨ ¨³¦³ ¤ µ ¤ ° ¦³Á «Ä ° µ °´ Ä ¨Ê ³­É ¨Ä®Ê¤¸ · ¦¦¤ ¸ÉÁ ¸É¥ªÁ ºÉ° ´ µ¦ É°­¦Êµ ¤µ ¹Ê ¹É ³­É ¨ ¸ É° µ¦ ¶Á · µ ° ¦·¬´ ®µ ¦·¬ ´ Å ÊÁ ʵ¦Éª¤Ä µ¦ ¶Á · µ ´ ¨Éµª

Economic situation and policy of State Sector can be considered another factor that affects operation of the Company. If the country had better economic tendency, with investment expansion in both State Sector and Private Sector, it will be conductive to good operation of the Company, if the Company participate in such business operation

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104

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

¯³ ¥´¬Ê© ´ ´¥Â ¶

),1$1&,$/ 5$7,2

2551 °´ ¦µ­Éª ­£µ¡ ¨É° °´ ¦µ­Éª ­£µ¡ ¨É° °´ ¦µ­Éª ­£µ¡ ¨É° ®¤» Á¦Èª °´ ¦µ­Éª ­£µ¡ ¨É° ¦³Â­Á · ­ °´ ¦µ­Éª ®¤» Áª¸¥ ¨¼ ® ¸ Ê µ¦ ʵ ¦³¥³Áª¨µÁ È ® ¸ÁÊ ¨¸¥É °´ ¦µ­Éª ®¤» Áª¸¥ ­· ʵ Á®¨º° ¦³¥³Áª¨µ µ¥­· ʵÁ ¨¸¥É °´ ¦µ­Éª ®¤» Áª¸¥ Á ʵ® ¸ Ê µ¦ ʵ ¦³¥³Áª¨µ ¶¦³® ¸ÁÊ ¨¸¥É Cash Cycle °´ ¦µ­Éª ­ ªµ¤­µ¤µ¦ Ä µ¦ ¶ ¶Å¦ °´ ¦µ ¶Å¦ ´ Ê Ê °´ ¦µ ¶Å¦ µ µ¦ ¶Á · µ °´ ¦µ ¶Å¦­» · °´ ¦µ °  ¼ Ê °º ®» Ê °´ ¦µ­Éª ­ ¦³­· ·£µ¡Ä µ¦ ¶Á · µ °´ ¦µ ¨ °  µ ­· ¦´¡¥Í °´ ¦µ ¨ °  µ ­· ¦´¡¥Í µª¦ °´ ¦µ®¤» ° ­· ¦´¡¥Í °´ ¦µ­Éª ª·Á ¦µ³®Í Ã¥ µ¥ µ µ¦Á · °´ ¦µ­Éª ® ¸­Ê · É°­Éª ° ¼ Ê °º ®» Ê °´ ¦µ­Éª ªµ¤­µ¤µ¦ ¶¦³ ° Á ¸¥Ê °´ ¦µ µ¦ ɵ¥Á · ´ ¨ Ê°¤¼¨ É°®» Ê ¤¼¨ ɵ®» Ê µ¤ ´ ¸ ¶Å¦­» · °É ®» Ê Á · ´ ¨ É°®» Ê

105

2550

2008

2549

(Á ɵ) (Á ɵ) (Á ɵ) (Á ɵ) (ª´ ) (Á ɵ) (ª´ ) (Á ɵ) (ª´ ) (ª´ )

1.51 0.81 (0.17) 5.72 62.95 N/A N/A 6.69 53.81 N/A

1.28 0.58 0.30 6.31 57.04 N/A N/A 6.77 53.21 N/A

1.47 0.84 0.23 5.57 64.68 N/A N/A 7.76 46.39 N/A

(%) (%) (%) (%)

6.86% 3.96% 3.57% 10.96%

8.29% 5.04% 4.88% 20.10%

4.92% 1.99% 1.60% 5.78%

(%) (%) (Á ɵ)

5.06% 88.13% 1.42

8.18% 174.24% 1.68

2.39% 102.96% 1.49

(Á ɵ) (Á ɵ) (%)

0.99 (18.86) 0.00

1.40 79.39 0.49

1.52 25.06 0.52

( µ ) ( µ ) (%)

0.19 0.02 0.00

1.63 0.31 0.15

1.53 0.08 0.04

Liquidity Ratio Current Liquidity Ratio Quick Liquidity Ratio Cash Flow Liquidity Ratio Account Receivable Turnover Average Debt Collection Period Inventory Turnove Average Selling Period Account Payable Turnover Loan Repayment Period Cash Cycle Profitability Ratio Gross Profit Margin Operating Profit Margin Net Profit Margin Return on Equity Efficiency Ratio Return on Assets Return on Fixed Assests Current Assets Financial Policy Ratio Debts to Equity Ratio Interest Coverage Ratio Dividend Payment Ratio Per Share Data Book Value Per Share Earning Per Share Dividend Per Share

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2007

2006

1.51 0.81 (0.17) 5.72 62.95 N/A N/A 6.69 53.81 N/A

1.28 0.58 0.30 6.31 57.04 N/A N/A 6.77 53.21 N/A

1.47 0.84 0.23 5.57 64.68 N/A N/A 7.76 46.39 N/A

6.86% 3.96% 3.57% 10.96%

8.29% 5.04% 4.88% 20.10%

4.92% 1.99% 1.60% 5.78%

5.06% 88.13% 1.42

8.18% 174.24% 1.68

2.39% 102.96% 1.49

0.99 (18.86) 0.00

1.40 79.39 0.49

1.52 25.06 0.52

0.19 0.02 0.00

1.63 0.31 0.15

1.53 0.08 0.04

106

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

107

¥´¤ ´ ´¥ ¥© ¬¯ ´¥Â ¶ Ä ¤ »¬Ë ¯ ³ ·¥ ³ ¯ º ´ Á­ ° ¼ Ê °º ®» Ê ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) µ¡Á ÊµÅ Ê ¦ª ­° »¨ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¶Å¦ µ » ­ µ¦Á ¨¸¥É  ¨ Ä ­Éª ° ¼ Ê °º ®» Ê Â¨³ ¦³Â­Á · ­ ­¶®¦´ ¸­ Ê· ­» ª´ Á ¸¥ª ´ ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) ¹ É ¼ Ê ¦·®µ¦ ° · µ¦Á È ¼¦Ê ´ · ° É° ªµ¤ ¼ Ê° ¨³ ¦ ʪ ° Ê°¤¼¨Ä µ¦Á · Á®¨Éµ ¸Ê ­Éª ʵ¡Á ʵ Á È ¼¦Ê ´ · ° Ä µ¦Â­ ªµ¤Á®È É° µ¦Á · ´ ¨Éµª µ ¨ µ¦ ¦ª ­° ° ʵ¡Á ʵ ʵ¡Á ʵ¤·Å Ê ¦ª ­° µ¦Á · ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤¡.«. 2551 ° ­µ µÄ ɵ ¦³Á « 1 娃 µ¤ ¸ É ¨Éµª ŪÊÄ ®¤µ¥Á® » ¦³ ° µ¦Á · Ê° 1 µ¦Á · ° ­µ µÄ ɵ ¦³Á « ´ ¨ÉµªÅ ʦª¤°¥¼ÄÉ µ¦Á · ¸Ê à ¥¦ª¤­· ¦´¡¥Í¦ª¤ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¶ ª 41.2 ¨Êµ µ · Á È ¦Ê°¥¨³ 2.03 ¨³¥° ¦µ¥Å ʦª¤­¶®¦´ ¸­ Ê· ­» ª´ Á ¸¥ª ´ ¶ ª 126.1 ¨Êµ µ · Á È ¦Ê°¥¨³ 4.6 µ¦Á · ° ­µ µÄ ɵ ¦³Á « ´ ¨Éµª ¦ª ­° à ¥ ¼­Ê ° ´ ¸° ɺ à ¥ ʵ¡Á ʵŠʦ ´ ¦µ¥ µ µ¦ ¦ª ­° ° ¼­Ê ° ´ ¸° ɺ ¹ É ¦µ¥ µ °¥Éµ ¤¸Á º°É Å Á ¸¥É ª ´ µ¦Å¤ÉŠʦ ´ ® ´ ­º°¥º ¥´ ¥° Á®¨º° µ ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · · Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ ¶ ª 28 ¨Êµ µ · Á È ¦Ê°¥¨³ 68 ° ­· ¦´¡¥Í¦ª¤ ° µ¦Á · ° ­µ µÂ¨³ · Á È ¦Ê°¥¨³ 1.38 ° ­· ¦´¡¥Í¦ª¤ ° µ¦Á · ʵ¡Á ʵŠʡ · µ¦ µÂ¨³ ¦´ ¦» ¨ ¦³ ¸ÁÉ È ­µ¦³­¶ ´ ¨ʪ à ¥ º° Ê°¤¼¨Ä µ¦Á · µ¤¦µ¥ µ ° ¼­Ê ° ´ ¸° ɺ ¨³ ªµ¤Á®È ° ʵ¡Á 浀 ­Éª ¸ÁÉ ¸¥É ª Ê° ´ ¶ ª Á · ° ¦µ¥ µ¦ ɵ Ç ° ­µ µÄ ɵ ¦³Á « ´ ¨Éµª ¹ É ¦ª¤ °¥¼ÄÉ µ¦Á · Å Ê °º µ¤¦µ¥ µ ° ¼­Ê ° ´ ¸° ɺ ´ Ê

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ʵ¡Á ÊµÅ Ê · ´ · µ ¦ª ­° µ¤¤µ ¦ µ µ¦­° ´ ¸ ¦É¸ ´ ¦° ´ªÉ Å ¹ É ¶® Ä®Ê µÊ ¡Á ʵ Ê° ªµ  ¨³ · ´ · µ Á¡º°É Ä®ÊÅ Ê ªµ¤Á º°É ¤´ É °¥Éµ ¤¸Á® » ¨ªÉµ µ¦Á · ­ Ê°¤¼¨ ¸ É ´ É° Ê°Á È ¦· °´ Á È ­µ¦³ ­¶ ´ ®¦º°Å¤É µ¦ ¦ª ­° ¦ª¤ ¹ µ¦Ä ʪ · ¸ µ¦ ­° ®¨´ µ ¦³ ° ¦µ¥ µ¦ ´ Ê ¸ÁÉ È ¶ ª Á · ¨³ µ¦ Á · Á ¥ Ê°¤¼¨Ä µ¦Á · µ¦ ¦³Á¤· ªµ¤Á®¤µ³­¤ ° ®¨´ µ¦ ´ ¸ ɸ · µ¦Ä ʨ³ ¦³¤µ µ¦Á ¸¥É ª ´ ¦µ¥ µ¦ µ µ¦Á · ¸ÁÉ È ­µ¦³­¶ ´ ¹ É ¼ Ê ¦·®µ¦Á È ¼ Ê ´ ¶ ¹ Ê ¨° µ¦ ¦³Á¤· ¹ ªµ¤Á®¤µ³­¤ ° µ¦ ­ ¦µ¥ µ¦ ¸ É ¶Á­ °Ä µ¦Á · à ¥¦ª¤ ʵ¡Á ʵÁ º°É ªÉµ µ¦ ¦ª ­° ´ ¨Éµª ¦³ ° ´ ¦µ¥ µ ° ¼­Ê ° ´ ¸° ɺ ¸ É ¨Éµª ¹ Ä ª¦¦ ¦ Ä®Ê °Ê ­¦» ¸ÁÉ È Á Í°¥Éµ Á®¤µ³­¤Ä µ¦Â­ ªµ¤Á®È ° ʵ¡Á ʵ µ µ¦ ¦ª ­° ° ʵ¡Á ʵ¨³¦µ¥ µ ° ¼­Ê ° ´ ¸° ɺ ʵ¡Á ʵÁ®È ªÉµ ¥ ÁªÊ ¨ É° µ¦Á · ° Á¦º°É ¸É ¨ÉµªÅªÊÄ ª¦¦ ¦ µ¦Á · ʵ Ê ¸ÂÊ ­ µ ³ µ¦Á · ° ¦·¬ ´ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¨ µ¦ ¶Á · µ ¨³ ¦³Â­Á · ­ ­¶®¦´ ¸­ Ê· ­» ª´ Á ¸¥ª ´ ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) à ¥ ¼ Ê° µ¤ ¸ É ª¦Ä ­µ¦³­¶ ´ µ¤®¨´ µ¦ ´ ¸ ¦É¸ ´ ¦° ´ªÉ Š¨³Ã ¥°µ«´¥¦µ¥ µ ° ¼­Ê ° ´ ¸° ɺ ­»¦ ´¥ ¶Á · ª «Í ¼­Ê ° ´ ¸¦ ´ ° » µ Á¨ ¸É 4721 ¦·¬ ´ °µ¦ÍÁ°­Á°È¤ °° · Á °¦Íª­· Á ­ ( ¦³Á «Å ¥) ¶ ´

¦» Á ¡¤®µ ¦ 2 ¤¸ µ ¤ ¡.«. 2552

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µ¦Á · ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 ¸ É ¶¤µÂ­ Á ¦¸¥ Á ¸¥ ¦ª ­° à ¥ ¼­Ê ° ´ ¸° ɺ µ¤¦µ¥ µ ¨ ª´ ¸É 27 »¤£µ¡´ Í ¡.«. 2551 ¹ É Â­ ªµ¤Á®È °¥Éµ ŤɤÁ¸ º°É Š¨³Å ÊÄ®Ê °Ê ­´ Á Á ¸¥É ª ´ ¸ ªµ¤¢Ê° ¦Ê° ¦³®ªÉµ ¦·¬ ´ ´ ° ¸ ¦·¬ ´ ¥É°¥ ¹ É Á · ¹ Ê Ä ¦³®ªÉµ ¸ ¡.«. 2549 à ¥° ¸ ¦·¬ ´ ¥É°¥Á¦¸¥ ¦Ê° Ä®Ê ¦·¬ ´ ¦´ · ° ¨ µ » ¸ÁÉ · ¹ Ê ´ Ê ®¤ µ à ¦ µ¦ ¸ É ¦·¬ ´ Á È ¼ Ê ¦·®µ¦Ã ¦ µ¦ ¸ É ¦¹ ¬µ µ ®¤µ¥ ° ¦·¬ ´ Ä®Ê ªµ¤Á®È ªÉµ ¦·¬ ´ Ťɤ®¸ ʵ ¸ É µ¤ ®¤µ¥ Ä µ¦¦´ · ° É° ¨ µ » ´ ¨Éµª °¥Éµ Ŧ È µ¤ Á¡º°É ¦³ ´ ¸ ªµ¤ ´ ¨Éµª ¸ É ¦³ »¤­µ¤´ ¼ Ê °º ®» Ê ¦³ ¶ ¸ ¡.«. 2550 Šʤ¤¸ ·Ä®Ê ¦·¬ ´ ¦´ · ° ¨ µ » ¦¹ É ® ¹ É ° ¤¼¨® ¸¢Ê °Ê Á È ¶ ª 67.7 ¨Êµ µ ¹ É ¦·¬ ´ Å Ê ¶¦³Á · ¦ ʪ ¨ʪ£µ¥Ä ª´ ¸É 5 ­· ®µ ¤ ¡.«. 2550 »¨ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 ¶Å¦ µ » ­ µ¦Á ¨¸¥É  ¨ Ä ­Éª ° ¼ Ê °º ®» Ê Â¨³ ¦³Â­Á · ­ ­¶®¦´ ¸­ Ê· ­» ª´ Á ¸¥ª ´ ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) ¸ÂÉ ­ Á ¦¸¥ Á ¸¥ ŪÊÁ È ­Éª ® ¹ É ° µ¦Á · ´ ¨Éµª

108

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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EMC ­· ¦´¡¥Í ­· ¦´¡¥Í®¤» Áª¸¥ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ ¨¼ ® ¸ Ê µ¦ ʵ - ­» · ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ - ­» · ¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ - ­» · Á · Ä®Ê ¥Ê¼ ¤º ¦³¥³­´ Ê Â É ¦·¬ ´ °º É µ ¦³®ªÉµ ¶ ­· ¦´¡¥Í®¤» Áª¸¥ °º É ¦ª¤­· ¦´¡¥Í®¤» Áª¸¥ ­· ¦´¡¥ÍŤɮ¤» Áª¸¥ Á · µ ­ µ ´ µ¦Á · ¸ÄÉ ÊÁ È ®¨´ ¦³ ´ Á · ¨ » ¦³¥³¥µª°º É - ­» · Á · Ä®Ê ¥Ê¼ ¤º ¦³¥³¥µªÂ É ¦·¬ ´ °º É ¸ É · °µ µ¦Â¨³°» ¦ Í - ­» · ­· ¦´¡¥ÍŤɮ¤» Áª¸¥ °º É ¦ª¤­· ¦´¡¥ÍŤɮ¤» Áª¸¥ ¦ª¤­· ¦´¡¥Í

(® ɪ¥ : µ ) ®¤µ¥Á® »

5 6 7 8 9

10 11 12 13 14

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300,490,104 508,038,019

EMC

¡.«. 2550

® ¸­Ê · ¨³­Éª ° ¼ Ê °º ®» Ê ® ¸­Ê · ®¤» Áª¸¥ Á · Á · Á · ´ ¸Â¨³Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ­ µ ´ µ¦Á · Á ʵ® ¸ Ê µ¦ ʵ ® ¸­Ê · µ¤­´ µÁ ɵ µ¦Á · ¸ É ¹ ¶® ¶¦³Ä ® ¹ É ¸ Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ¦·¬ ´ °º É Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³ Á ʵ® ¸ÁÊ · ¦³ ´ ¨ µ Á · ¦´ ¨Éª ® ʵ µ ¨¼ ʵ ɵÁ º°É ¨ µ » ¸ É µ ªÉµ ³Á · ¹ Ê µ µ¦ É°­¦Êµ ® ¸­Ê · ®¤» Áª¸¥ °º É ¦ª¤® ¸­Ê · ®¤» Áª¸¥

308,996,788 325,230,149

235,146,334 204,761,766 2,000,000 45,710,819 218,614,552 1,514,761,594

322,894,024 203,111,601 73,645,723 158,469,394 1,392,347,679

326,801,448 274,047 30,000,000 144,367,444 8,859,651 510,302,590 2,025,064,184

308,854,131 274,047 30,000,000 139,660,219 8,816,043 487,604,440 1,879,952,119

® ¸­Ê · Ťɮ¤» Áª¸¥ ® ¸­Ê · µ¤­´ µÁ ɵ µ¦Á · - ­» · ¦ª¤® ¸­Ê · Ťɮ¤» Áª¸¥ ¦ª¤® ¸­Ê ·

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

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109

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15 16 17

18 19

16

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138,684,885 335,386,556 3,207,141 12,000,000 210,867,294 101,227,279 131,735,730 2,153,011 67,686,384 1,002,948,280

66,493,979 426,779,478 3,783,379 281,984,439 76,237,060 178,395,424 8,250,252 49,189,975 1,091,113,986

2,721,142 2,721,142 1,005,669,422

5,928,283 5,928,283 1,097,042,269

110

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EMC

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­Éª ° ¼ Ê °º ®» Ê » Á¦º° ®» Ê » ³Á ¸¥ ®» Ê ­µ¤´ 7,243,434,760 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 0.1 µ (2550 : ®» Ê ­µ¤´ 631,668,465 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 1 µ ) » ¸°É ° ¨³ ¶¦³Â¨Êª ®» Ê ­µ¤´ 5,863,193,610 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 0.1 µ (2550 : ®» Ê ­µ¤´ 483,084,403 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 1 µ ) ­Éª Á · ¤¼¨ ɵ®» Ê ®» Ê » º°Ê º ­Éª ¦´ ¦» µ µ¦Â ¨ ɵ µ¦Á · ¶Å¦­³­¤ ´ ­¦¦Â¨Êª - ­¶¦° µ¤ ®¤µ¥ ´ ­¦¦Â¨Êª - ­¶¦° ­¶®¦´ ®» Ê » º°Ê º ¥´ ŤÉÅ Ê ´ ­¦¦ ¦ª¤­Éª ° ¼ Ê °º ®» Ê ¦ª¤® ¸­Ê · ¨³­Éª ° ¼ Ê °º ®» Ê

¡.«. 2551

EMC

¡.«. 2550

20

724,343,476

631,668,465

21 21 22

586,319,361 248,358,325 -11,090,000 (7,459,356)

483,084,403 150,003,340 (2,990,593)

23 24

15,282,883 11,090,000 176,893,549 1,019,394,762 2,025,064,184

10,230,293 142,582,407 782,909,850 1,879,952,119

®¤µ¥Á® »

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¦µ¥Å Ê ¦µ¥Å Ê µ µ¦ É°­¦Êµ ¨³ µ¦ µ¥ ° Á ¸¥Ê ¦´ °º É Ç ¦ª¤¦µ¥Å Ê

2,737,031,292 9,459,294 9,606,350 2,756,096,936

2,982,960,374 9,062,791 5,767,625 2,997,790,790

ÉµÄ Ê µÉ ¥ Ê » É°­¦Êµ ¨³ µ¥ ÉµÄ Ê µÉ ¥Ä µ¦ ¦·®µ¦ ­¶¦° ® ¸­Ê ­´¥ ³­¼ ð ¨´ ­» · ɵÁ º°É ¨ µ » ¸ É µ ªÉµ ³Á · ¹ Ê µ µ¦ É°­¦Êµ (ð ¨´ ) ¨ µ » µ à ¦ µ¦ ¦·®µ¦ ¦ª¤ ÉµÄ Ê µÉ ¥

2,549,347,543 117,003,952 -12,532,097 (6,097,240) 2,647,722,158

2,735,631,789 85,574,092 -1,282,560 8,250,252 19,300,000 2,847,473,573

108,374,778 (9,617,762) 98,757,016

150,317,217 (3,941,188) 146,376,029

¶Å¦ É°®» Ê ¶Å¦ É°®» Ê ´ Ê ¡º Ê µ ¶Å¦­» ·­¶®¦´ ¸ ¶Å¦ É°®» Ê ¦´ ¨ ¶Å¦­» ·­¶®¦´ ¸

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111

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25 25 18

15 ¹ 17

27 0.02

0.03

0.02

0.03

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EMC

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¦³Â­Á · ­ µ · ¦¦¤ ¶Á · µ ¶Å¦­» ·­¶®¦´ ¸

¡.«. 2551

98,757,016

146,376,029

25,741,748 8,827,555 9,617,763 3,874,658 (16,406,755) (9,459,294) (232,781) (6,097,240)

16,468,566 3,941,188 (1,282,560) (9,062,791) (1,049,137) 8,250,252

¦µ¥ µ¦ ¦´ ¦³ ¥° ¶Å¦­» ·Á È Á · ­ ­» ·¦ ´ ( ɵ¥) µ · ¦¦¤ ¶Á · µ : ɵÁ­º°É ¤¦µ µ ¨ µ » µ µ¦ ¦´ à ¦ ­¦Êµ ® ¸Ê ° Á ¸¥Ê ɵ¥ ­¶¦° ® ¸­Ê ­´¥ ³­¼ ð ¨´ ­¶¦° ® ¸­Ê ­´¥ ³­¼ ¦µ¥Å Ê ° Á ¸¥Ê ¦´ ¶Å¦ µ µ¦ ¶® ɵ¥ ¦´¡¥Í­ · ɵÁ º°É ¨ µ » à ¦ µ¦ ¶Å¦ µ µ¦ ¶Á · µ É° µ¦Á ¨¸¥É  ¨ Ä ­· ¦´¡¥Í¨³® ¸­Ê · ¶Á · µ

114,622,670

163,641,547

­· ¦´¡¥Í ¶Á · µ (Á¡·¤É ¹ Ê ) ¨ ¨ ¨¼ ® ¸ Ê µ¦ ʵ ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ - ­» · ¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ µ ¦³®ªÉµ ¶ ­· ¦´¡¥Í®¤» Áª¸¥ °º É ­· ¦´¡¥ÍŤɮ¤» Áª¸¥ °º É Á · ¦´ µ µ¦ ¦´ à ¦ ­¦Êµ ® ¸Ê

(186,682,528) 87,747,690 (1,650,165) 27,934,904 635,356 (43,608) 7,579,200

174,806,692 (39,039,208) (37,528,798) (4,245,344) 50,817,846 1,305,182 -

® ¸­Ê · ¶Á · µ Á¡·¤É ¹ Ê (¨ ¨ ) Á ʵ® ¸ Ê µ¦ ʵ Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³ Á ʵ® ¸ÁÊ · ¦³ ´ ¨ µ Á · ¦´ ¨Éª ® ʵ µ ¨¼ ʵ ® ¸­Ê · ®¤» Áª¸¥ °º É Á · ­ Šʤµ µ (Ä ÊÅ Ä ) · ¦¦¤ ¶Á · µ

(91,392,922) (71,117,145) 24,990,219 (46,659,694) 15,775,729 -118,260,294

44,919,895 122,110,083 17,355,272 (65,253,650) (33,471,475) 395,418,042

(63,162,706) (181,423,000)

(82,524,914) 312,893,128

ɵ¥£µ¬¸Á · Å Ê · · » ¨ Á · ­ ­» ·Å ʤµ µ (Ä ÊÅ Ä ) · ¦¦¤ ¶Á · µ ®¤µ¥Á® » ¦³ ° µ¦Á · Á È ­Éª ® ¹ É ° µ¦Á · ¸Ê

EMC

¡.«. 2550

(® ɪ¥ : µ ) ®¤µ¥Á® »

¡.«. 2551

¡.«. 2550

¦³Â­Á · ­ µ · ¦¦¤¨ » Á · Ä®Ê ¥Ê¼ ¤º ¦³¥³­´ Ê Â É ¦·¬ ´ °º É Á¡·¤É ¹ Ê Á · µ ­ µ ´ µ¦Á · ¸¤É £¸ µ¦³ ʶ ¦³ ´ Á¡·¤É ¹ Ê Á · ¨ » Ä ¨»¤É ¦·¬ ´ ¦Éª¤ ¶ µ ­Éª ¦´ ¦» µ µ¦Â ¨ ɵ µ¦Á · º°Ê ¸ É · °µ µ¦Â¨³°» ¦ Í Á · ­ ¦´ µ µ¦ µ¥ ¦´¡¥Í­ · ¦´ ° Á ¸¥Ê Á · ­ ­» ·Ä ÊÅ Ä · ¦¦¤¨ »

(2,000,000) (17,947,317) (4,468,763) (30,683,219) 467,027 11,841,486 (42,790,786)

(220,127,313) (20,000,000) (2,990,592) (110,146,152) 3,817,581 7,688,750 (341,757,726)

¦³Â­Á · ­ µ · ¦¦¤ ´ ®µÁ · Á · Á · ´ ¸Â¨³Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ­ µ ´ µ¦Á · Á¡·¤É ¹ Ê (¨ ¨ ) Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ¦·¬ ´ °º É Á¡·¤É ¹ Ê ´ µÁ ɵ º°Ê ¨ ¨ ® ¸­Ê · £µ¥Ä Ê­ ɵ¥Á · ´ ¨ Á · ­ ¦´ µ µ¦Â ¨ ­£µ¡Ä ­¶ ´ ­ ­· · Á · ­ ɵ¥ µ µ¦ º°Ê ®» Ê º ɵ¥ ° Á ¸¥Ê Á · ­ ­» ·Å ʤµ µ (Ä ÊÅ Ä ) · ¦¦¤ ´ ®µÁ ·

72,190,906 12,000,000 (3,783,379) (45,806,660) 201,589,943 (11,090,000) (9,393,708) 215,707,102

(44,041,386) (2,044,745) (42,893,028) 30,992,625 (3,941,188) (61,927,722)

Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ Á¡·¤É ¹ Ê ­» · Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ ª´ Ê ª Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ ª´ ¨µ¥ ª

(8,506,684) 308,996,788 300,490,104

(90,792,320) 399,789,108 308,996,788

60,000 300,430,104 300,490,104

66,636 308,930,152 308,996,788

Ê°¤¼¨Á¡·¤É Á ·¤ ¦³ ° ¦³Â­Á · ­ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ ª´ ¨µ¥ ª Á · ­ Á · µ µ µ¦

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

ęô ăċüóĊæ

113

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¦µ¥ µ ¦³ ¶ ¸ 2551

114

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

142,582,407 782,909,850 (4,468,763) 201,589,943 (11,090,000) (11,090,000) 98,757,016 98,757,016 (48,303,284) (48,303,284) (5,052,590) 176,893,549 1,019,394,762

115

­£´¤Â­ º ¥² ¯ ´¥Â ¶ ¥¶« ³ ¯·Â¯É£ · µ ³ £­´

©³ · Ê ³ ©´ £ ª ç² ª ˯£»§ ³Ê©Æ ¦·¬´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) (“ ¦·¬´ ”) Á È ¦·¬´ ¤®µ ¶ ´ ¹É ³Á ¸¥ ´ ´Ê ¤¸£¼¤·¨¶Á µ Ä ¦³Á «Å ¥Â¨³Å Ê ³Á ¸¥ Ä ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥ à ¥¤¸ °É¸ ¥¼ É µ¤ ¸ É ³Á ¸¥ ÅªÊ ´ ¸Ê

11,090,000 11,090,000

673,737,643 (2,990,593) 30,992,625 146,376,029 (43,200,913) (22,004,941) 782,909,850 46,726,092 146,376,029 (43,200,913) (7,318,801) 142,582,407

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10,230,293 5,052,590 15,282,883 (2,990,593) (4,468,763) (7,459,356) -

µ¦Á · ¸ÅÊ Ê¦ ´ µ¦° »¤ ´ · µ ³ ¦¦¤ µ¦ ° ¦·¬ ´ Á¤º°É ª´ ¸É 2 ¤¸ µ ¤ ¡.«. 2552

´¥ ¥² ´ªÅ Ë£´ ¥ ´ ´¥ ³ · ³ Å­£Ê (11,090,000) (11,090,000)

­£µª· µ ¸¡ ´ ¸Å Ê°° ¦³ µ«Á ¸¥É ª ´ ¤µ ¦ µ µ¦ ´ ¸ ´ ¦´ ¦» Ä®¤É 2550 ¨³ ´ Ä®¤É ´ É°Å ¸Ê ) ¤µ ¦ µ µ¦ ´ ¸ ´ ¦´ ¦» Ä®¤É ¤É¸ ¸ ¨ ´ ´ Ä ÊÄ ¸ ¡.«. 2551 ´ ¸É 25 “ ¦³Â­Á · ­ ” ´ ¸É 29 “­´ µÁ ɵ” ´ ¸É 31 “­· ʵ Á®¨º°” ´ ¸É 33 “ Ê » µ¦ ¼¥Ê ¤º ” ´ ¸É 35 “ µ¦ ¶Á­ ° µ¦Á · ” ´ ¸É 39 “ Ã¥ µ¥ µ¦ ´ ¸ µ¦Á ¨¸¥É  ¨ ¦³¤µ µ¦ µ ´ ¸ ¨³ Ê° · ¡¨µ ” ´ ¸É 41 “ µ¦Á · ¦³®ªÉµ µ¨” ´ ¸É 43 “ µ¦¦ª¤ »¦ · ” ´ ¸É 49 “­´ µ É°­¦Êµ ” “­· ¦´¡¥ÍŤɤ ¸ ª´ ” ´ ¸É 51

483,084,403 103,234,958 586,319,361 ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 ­Éª ¦´ ¦» µ µ¦Â ¨ ɵ µ¦Á · Á¡·É¤ » µ µ¦Â ¨ ­£µ¡Ä ­¶ ´ ­ ­· · 21 ºÊ°®»Ê º 22 ­¶¦° ­¶®¦´ ®»Ê » ºÊ° º 24 ¶Å¦­» ·­¶®¦´ ¸ Á · ´ ¨ ɵ¥ 28 ­¶¦° µ¤ ®¤µ¥ 23 ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551

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

452,091,778 30,992,625 483,084,403

150,003,340 98,354,985 248,358,325

2,911,492 7,318,801 10,230,293 (2,990,593) (2,990,593) 22,004,941 (22,004,941) -

¦·¬ ´ ¦³ ° »¦ · ®¨´ Á ¸¥É ª ´ µ¦Ä®Ê ¦· µ¦ µ¤­´ µ ¦· µ¦¦³¥³¥µª ¨³­´ µ É°­¦Êµ ¨³ µ¦ µ¥ª´­ »Â¨³°» ¦ ÍÄ µ¦ · ´ Ê µ ¦³ µ¦Á · ° ­µ µÄ ɵ ¦³Á «Å Ê ¨ ɵÁ È Á · µ à ¥Ä Ê° ´ ¦µÂ¨ Á ¨¸¥É ª´ ¸ÄÉ »¨ ­¶®¦´ ¦µ¥ µ¦­· ¦´¡¥Í¨³® ¸Ê­· ¨³°´ ¦µÂ¨ Á ¨¸É¥ ´ªÁ ¨¸É¥¦µ¥Á º° ­¶®¦´ ¦µ¥ µ¦ ¸ÉÁ È ¦µ¥Å ʨ³ ÉµÄ Ê µÉ ¥ ¨ ɵ ¹ É Á · ¹ Ê µ µ¦Â ¨ ɵ ´ ¨ÉµªÅ Ê­ ŪÊÁ È ¦µ¥ µ¦ “­Éª ¦´ ¦» µ µ¦Â ¨ ɵ µ¦Á · ” Ä ­Éª ° ¼ Ê °º ®» Ê

¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ 2549 ­Éª ¦´ ¦» µ µ¦Á ¨¸É¥  ¨ ɵ µ¦Á · Á¡·É¤ » µ µ¦Â ¨ ­£µ¡Ä ­¶ ´ ­ ­· · 21 ¶Å¦­» ·­¶®¦´ ¸ ɵ¥Á · ´ ¨ Á · ¦´ ¨Éª ® ʵ ɵ®»Ê ­¶¦° µ¤ ®¤µ¥ 23 ¥° Á®¨º° ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550

150,003,340 150,003,340

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¤µ ¦ µ ¸ É ¦³ µ«Ä ÊŤɤ ¸ ¨°¥Éµ Á È ­µ¦³­¶ ´ É° µ¦Á · ° ¦·¬ ´ ÁªÊ  ɤµ ¦ µ µ¦ ´ ¸ ´ ¸É 35 ¹ É ¤¸ ¨Ä µ¦Á ¨¸¥É  ¨ µ¦ ¶Á­ ° µ¦Á · Á ¸¥É ª ´ µ¦Â­ ¦µ¥ µ¦ Ä ¦³Â­Á · ­ ° µ ¸Ê ¤µ ¦ µ ´  ÊÅ ´ ¨ÉµªÅ Ê ¶® Ä®Ê µÉ ¥ ¦·®µ¦° · µ¥ Ê°¤¼¨ Á¡·¤É Á ·¤Á ¸¥É ª ´ ¦³¤µ µ¦ µ ´ ¸ ­É¸ ¶ ´ ¨³ µ¦Ä Ê ¨» ¥¡· · ° ɵ¥ ¦·®µ¦ ¨³ µ¦ ´ µ¦ ªµ¤Á­¸¥É Ä ­Éª ° » µ¤ ¸ É ¶® Ä ¤µ ¦ µ µ¦ ´ ¸ ´ ¸É 35 Á¦º°É µ¦ ¶Á­ ° µ¦Á · ( ¼®¤µ¥Á® » °Ê 3.14) ) ¤µ ¦ µ µ¦ ´ ¸ ´ ¦´ ¦» Ä®¤É ¥É¸ ´ Ťɤ ¸ ¨ ´ ´ Ä ÊÄ ¸ ¡.«. 2551 “ µ¦ Ê°¥ ɵ ° ­· ¦´¡¥Í” ´ ¸É 36 ´ ¸É 54 “­· ¦´¡¥ÍŤɮ¤» Áª¸¥ ¸ É °º ŪÊÁ¡º°É µ¥Â¨³ µ¦ ¶Á · µ ¸¥É Á¨· ” ęô ăċüóĊæ

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116

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¤µ ¦ µ µ¦ ´ ¸ µÊ Ê Ä®Ê º° · ´ · ´ µ¦Á · ­¶®¦´ ¦° ¦³¥³Áª¨µ ´ ¸ ¸ÉÁ¦·É¤Ä ®¦º°®¨´ ª´ ¸É 1 ¤ ¦µ ¤ ¡.«. 2552 Á È Ê Å °¥Éµ Ŧ È µ¤ ɵ¥ ¦·®µ¦ ° ¦·¬ ´ Å Ê ¦³Á¤· ¨³Á®È ªÉµ ¤µ ¦ µ µ¦ ´ ¸ ´ ´ ¨Éµª ³Å¤É¤ ¸ ¨ ¦³ °¥Éµ Á È ­µ¦³­¶ ´ É° µ¦Á · ­¶®¦´ ¸ Áɸ ¦·¤É Ä Ê¤µ ¦ µ µ¦ ´ ¸ ´ ´ ¨Éµª

117

3.6 ¸ É · °µ µ¦Â¨³°» ¦ Í ¸ É · ­ Ä »¨ ʪ¥¦µ µ » ®´ ʪ¥ ɵÁ º°É µ¦ Ê°¥ ɵ ( ʵ¤¸) °µ µ¦Â¨³°» ¦ Í­ Ä »¨ ʪ¥¦µ µ » ®´ ɵÁ­º°É ¤¦µ µ ­³­¤Â¨³ ɵÁ º°É µ¦ Ê°¥ ɵ ( ʵ¤¸)

Ĥ ´¤ ´¥ ³ · ·Ê¬µ ³

ɵÁ­º°É ¤¦µ µ ¶ ª à ¥ª· Á¸ ­Ê ¦ Á¡º°É ¨ ¦µ µ µ¤ ´ ¸ ° ¦´¡¥Í­ ·  ɨ³ · µ¤°µ¥» µ¦Ä Ê µ à ¥ ¦³¤µ ° ­· ¦´¡¥Í ´ Ê Ç ´ É°Å ¸Ê ¥ ÁªÊ ¸ É · ¹ É °µ¥» µ¦Ä Ê µ Å¤É ¶ ´

µ¦Á · Å Ê ´ ¶ ¹ Ê µ¤®¨´ µ¦ ´ ¸ ¦É¸ ´ ¦° ´ªÉ Å £µ¥Ä Ê¡¦³¦µ ´ ´ · µ¦ ´ ¸ ¡.«. 2543 ¹ É ®¤µ¥ ªµ¤ ¹ ¤µ ¦ µ µ¦ ´ ¸ ¸¤É ¤¸ ·Ä®Ê ¦³ µ«Ä Êà ¥ ³ ¦¦¤ µ¦ ª »¤ µ¦ ¦³ ° ª· µ ¸¡­° ´ ¸° ɺ Â É ´ Ê Ã ¥¦´ ¤ ¦¸ªµÉ µ¦ ¦³ ¦ª ¡µ · ¥Í ¨³ µ¤ Ê° ¶® ° ³ ¦¦¤ µ¦ ¶ ´ ®¨´ ¦´¡¥Í¨³ ¨µ ®¨´ ¦´¡¥ÍªµÉ ʪ¥ µ¦ ´ ¶Â¨³ ¶Á­ °¦µ¥ µ µ µ¦Á ·

°µ µ¦ Á ¦º°É ¤º° Á ¦º°É ´ ¦Â¨³°» ¦ Í Á ¦º°É Â É · ´ Ê °» ¦ ͨ³Á ¦º°É Ä Ê­¶ ´ µ ¥µ ¡µ® ³

Ã¥ µ¥ µ¦ ´ ¸ ­É¸ ¶ ´ ° ¦·¬ ´ à ¥­¦» ¤¸ ´ É°Å ¸Ê 3.1 µ¦¦´ ¦¼¦Ê µ¥Å Ê

20 5 - 10 3 - 10 5

¸ ¸ ¸ ¸

Ä ¦ ¸ ¦É¸ µ µ µ¤ ´ ¸­ ¼ ªÉµ ¸ É µ ªÉµ ³Å ʦ ´ º ¹ É ¶ ª µ ¤¼¨ ɵ ´ » ´ ° ¦³Â­Á · ­ ¸ É µ ªÉµ ³Á · Ä ° µ µ µ¦ Ä Ê­ · ¦´¡¥Í°¥Éµ É°Á º°É ®¦º° ¶ ª ¸ É ³Å ʦ ´ µ µ¦ µ¥­· ¦´¡¥Í® ´ ʪ¥ Ê » µ µ¦ ¶® ɵ¥­· ¦´¡¥Í Ê´ Â¨ÊªÂ É ¶ ª Ä ³­¼ ªÉµ ¦µ µ µ¤ ´ ¸ ³ ¼ ¦´ ¨ Ä®ÊÁ ɵ ´ ¤¼¨ ɵ ¸ É µ ªÉµ ³Å ʦ ´ º

¦µ¥Å ʨ³ Ê » µ É°­¦Êµ ¨³ µ¦ · ´ Ê µ¤­´ µ¦³¥³¥µª ´ ¹ µ¤ª· ¸ ´ ¸¦°Ê ¥¨³ ° µ ¸ÂÉ ¨ÊªÁ­¦È ¶ ª Á · ´ Ê ­· Ê ¸ É ¦·¬ ´ ¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ à ¥¡· µ¦ µ µ Ê » ¸ÁÉ · ¹ Ê ª ¶Å¦ ¸¦É ´ ¦¼Ê (®´ ʪ¥ µ » ¸¦É ´ ¦¼)Ê Ä ­Éª ¸ÁÉ · ªÉµÁ · ª ¸ÁÉ ¦¸¥ Á È Â­ ŪÊÄ “ ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ” Ä »¨ ­Éª ¶ ª Á · ´ Ê ­· Ê ¸ É Ê¼ µÊ ¤¸­ · ·Á¦¸¥ ¦Ê° µ ¦·¬ ´ à ¥¡· µ¦ µ µ Á · ª ¸ÁÉ ¦¸¥ Á È Ä ­Éª ¸ÁÉ · ªÉµ Ê » ¸ÁÉ · ¹ Ê ª ¶Å¦ ¸¦É ´ ¦¼Ê (®´ ʪ¥ µ » ¸¦É ´ ¦¼)Ê Â­ ŪÊÄ “ ¶ ª Á · ´ Ê ­· Ê ¸É ʼ µÊ ¤¸­ · ·Á¦¸¥ ¦Ê° µ · µ¦­¶®¦´ µ É°­¦Êµ µ¤­´ µ” Ä »¨

¶Å¦ µ » µ µ¦ ¶® ɵ¥­· ¦´¡¥Í ³ ¶ ª µ ¤¼¨ ɵ µ¤ ´ ¸ ° ­· ¦´¡¥Í ¨³ ´ ¹ Á È ¶Å¦ µ » µ µ¦ ¶Á · µ ¦µ¥ ɵ¥Á ¸¥É ª ´ µ¦ É°Á ·¤ µ¦ É°°µ¥» ®¦º° µ¦ ¦´ ¦» ­· ¦´¡¥ÍÄ®Ê ¸ ʹ ¹ É ¶Ä®Ê¦µ µÁ ¨¸¥É Â Ä ´ » ´ ° ­· ¦´¡¥ÍÁ¡·¤É ¹ Ê °¥Éµ Á È ­µ¦³­¶ ´ ³¦ª¤Á È ¦µ µ » ° ­· ¦´¡¥Í ­Éª ɵ É°¤Â ¤Â¨³ ɵ ¶¦» ¦´ ¬µ¦´ ¦¼ÁÊ È ÉµÄ Ê µÉ ¥Ä ¦° ¦³¥³Áª¨µ ´ ¸ ¸ÁÉ · ¹ Ê

¦·¬´ ¦´ ¦¼Ê¦µ¥ µ¦ µ » ¸É µ ªÉµ ³Á · ¹Ê µ ­´ µ ¸É¥´ ŤÉ¨ʪÁ­¦È Á È ÉµÄ Ê Éµ¥Ä ¦° ¦³¥³Áª¨µ ¸É­µ¤µ¦ ¦³¤µ ¨ µ » ´ Ê Å Ê Â¨³¦´ ¦¼ Ê Ê » ɵ¦´ ¦³ ´ » £µ¡­· ʵ ¨³ ɵ ¦´ µ¤Á Í Êµ ° Á ¸¥Ê ¦´ ´ ¹ Ä ¶Å¦ µ » µ¤Á Í Êµ

3.7 ¦µ¥ µ¦ »¦ · ´ » ¨®¦º° · µ¦ ¸ÁÉ ¸¥É ª Ê° ´

3.2 Ê » É°­¦Êµ

» ¨®¦º° · µ¦ ¸ÁÉ ¸¥É ª Ê° ´ ´ ¦·¬ ´ ®¤µ¥ ¹ » ¨®¦º° · µ¦ ¸¤É °¸ ¶ µ ª »¤ ¦·¬ ´ ®¦º° ¼ ª »¤Ã ¥ ¦·¬ ´ ŤɪµÉ ³Á È Ã ¥ µ ¦ ®¦º° µ °Ê°¤ ®¦º°°¥¼£É µ¥Ä Ê µ¦ ª »¤Á ¸¥ª ´ ´ ¦·¬ ´

Ê » É°­¦Êµ µ¤­´ µ ¦· µ¦¦³¥³¥µª ¨³­´ µ É°­¦Êµ ´ ¹ µ¤°´ ¦µ­Éª ¦Ê°¥¨³ ° µ ¸É ¶Á­¦È ° Ê » à ¥ ¦³¤µ

° µ ¸Ê » ¨®¦º° · µ¦ ¸ÁÉ ¸¥É ª Ê° ´ ¥´ ®¤µ¥¦ª¤ ¹ ¦·¬ ´ ¦Éª¤Â¨³ » ¨ ¹ É ¤¸° · ·¡¨°¥Éµ Á È ­µ¦³­¶ ´ ´ ¦·¬ ´ ¼ Ê ¦·®µ¦ ­¶ ´ ¦¦¤ µ¦®¦º°¡ ´ µ ° ¦·¬ ´ ¸¤É °¸ ¶ µ Ä µ¦ªµ  ¨³ ª »¤ µ¦ ¶Á · µ ° ¦·¬ ´

Ê » µ É°­¦Êµ ¸ É ´ ­¦¦Á ʵÁ È Ê » ¨ʪ  ɥ ´ Å¤É ¹ ¶® ¶¦³ µ¤­´ µÂ­ ŪÊÁ È “ Ê » µ ¸¥É ´ Å¤É ¹ ¶® ¶¦³” Ä »¨

3.8 ­´ µÁ ɵ¦³¥³¥µª

Ê » µ É°­¦Êµ ¸ÁÉ · ¹ Ê ¦·  ɥ ´ ¤·Å Ê ´ ­¦¦Á ʵÁ È Ê » Ä µ¦Ä®Ê ¦· µ¦ Ä ¶Å¦ µ » Å Ê­ ŪÊÁ È “ µ ¦³®ªÉµ ¶” Ä »¨

­´ µÁ ɵ ¦´¡¥Í­ · ¸ É ªµ¤Á­¸¥É ¨³ ¨ °  ° ªµ¤Á È Á ʵ ° ­Éª Ä® É Å Êð Å Ä®Ê ´ ¼ÁÊ Éµ º°Á È ­´ µÁ ɵ µ¦Á · ­´ µÁ ɵ µ¦Á · ³ ´ ¹ Á È ¦µ¥ ɵ¥ ɵ¥ » ʪ¥¤¼¨ ɵ¥» · ¦¦¤ ° ­· ¦´¡¥Í Áɸ ɵ ®¦º°¤¼¨ ɵ ´ » ´ ­» · ° ¶ ª Á · ¸ É °Ê ɵ¥ µ¤­´ µÁ ɵ ¨ʪ ɤ¨¼ ÉµÄ ³ ɶ ªÉµ £µ¦³ ¼ ¡´ µ¤­´ µÁ ɵ®´ ÉµÄ Ê µÉ ¥ µ µ¦Á · ³ ´ ¹ Á È ® ¸­Ê · ¦³¥³¥µª ­Éª ° Á ¸¥Ê ɵ¥ ³ ´ ¹ Ä ¶Å¦ µ » ¨° °µ¥» ° ­´ µÁ ɵ­· ¦´¡¥Í Åɸ ʤµ µ¤­´ µÁ ɵ µ¦Á · ³ · ɵÁ­º°É ¤¦µ µ ¨° °µ¥» µ¦Ä Ê µ ° ­· ¦´¡¥Í Áɸ ɵ

µ ¦³®ªÉµ ¶ ¦³ ° ʪ¥ Ê » ° ª´ » · ɵ¦ µ ¦ ¨³ ÉµÄ Ê µÉ ¥°º É ¸ÁÉ · ¹ Ê Ä Â É¨³Ã ¦ µ¦ ¹ É Â­ µ¤¦µ µ » ®¦º°¤¼¨ ɵ­» · ɸ ³Å ʦ ´ ¨ʪ ɦµ µÄ ³ ɶ ªÉµ 3.3 Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­

3.9 µ¦Â ¨ ɵÁ · ¦µ ɵ ¦³Á «

Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ Å Ê­ °¥¼ÄÉ »¨ ʪ¥¦µ µ » ­¶®¦´ Á¡¸°É µ¦Â­ ¦³Â­Á · ­ Á · ­ ¨³¦µ¥ µ¦ Á ¸¥ Á ɵÁ · ­ ¦³ ° ʪ¥ Á · ­ Ä ¤º° Á · µ µ µ¦ ¦³Á£ ɵ¥ º Á¤º°É ª µ¤ Á · ¨ » ¦³¥³­´ Ê °º É ¸¤É ­¸ £µ¡ ¨É° Ä µ¦ Á ¨¸¥É ¤º°­¼ ¹ É ¤¸°µ¥»Å¤ÉÁ · ­µ¤Á º° ´ µ ª´ ¸ÅÉ Ê¤µÂ¨³ ¦µ« µ £µ¦³ ¼ ¡´

¦µ¥ µ¦ ¸ÁÉ È Á · ¦µ ɵ ¦³Á «Â ¨ ɵÁ È Á · µ à ¥Ä Ê° ´ ¦µÂ¨ Á ¨¸¥É ª´ ¸ É Áɸ · ¦µ¥ µ¦­· ¦´¡¥Í ¨³® ¸­Ê · ¸ÁÉ È Á · ¦µ ɵ ¦³Á « Á®¨º°°¥¼É ª´ ¸ÄÉ »¨Â ¨ ɵÁ È Á · µ à ¥Ä Ê° ´ ¦µÂ¨ Á ¨¸¥É ª´ ¸ÄÉ »¨ ÁªÊ  ɦµ¥ µ¦ ¸ÅÉ Ê ¨ °´ ¦µ ¨ Á ¨¸¥É ¨Éª ® ʵ ´ µ µ¦ÅªÊ ³Ä Ê° ´ ¦µ ¸ É ¨ ´ ´ Ê Â

3.4 ¨¼ ® ¸ Ê µ¦ ʵ

¶Å¦Â¨³ µ » ¸ÁÉ · µ µ¦Á ¨¸¥É  ¨ Ä °´ ¦µÂ¨ Á ¨¸¥É ¦ª¤°¥¼ÄÉ µ¦ ¶ ª ¨ µ¦ ¶Á · µ

¨¼ ® ¸ Ê µ¦ ʵ­ µ¤¤¼¨ ɵ­» · ɸ ³Å ʦ ´ ¦·¬ ´ ´ ¹ ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ­¶®¦´ ¨ µ » à ¥ ¦³¤µ ¸°É µ Á · ¹ Ê µ µ¦ Á È Á · ¨¼ ® ¸ÊŤÉÅ Ê ¹É à ¥ ´ÉªÅ ¡· µ¦ µ µ ¦³­ µ¦ Í µ¦Á È Á · ¨³ µ¦ª·Á ¦µ³®Í°µ¥»¨ ¼ ® ¸Ê

3.10 µ¦ Ê°¥ ɵ ° ­· ¦´¡¥Í

3.5 Á · ¨ » ¦³¥³¥µª°º É

» ª´ ¸ÄÉ »¨ ¦·¬ ´ ³ ¶ µ¦ ¦³Á¤· ªÉµ¤¸ °Ê É ¸ Ê É¹ ­ ªÉµ­· ¦´¡¥Í ° ¦·¬ ´ Ê°¥ ɵ¨ ®¦º°Å¤É ®µ ¤¸ °Ê É ¸ Ê ° µ¦ Ê°¥ ɵ ¦·¬ ´ ³ ¶ µ¦ ¦³¤µ ¤¼¨ ɵ ¸ É µ ªÉµ ³Å ʦ ´ º ° ­· ¦´¡¥Í

Á · ¨ » Ä ¦µ­µ¦ » ¸ÅÉ ¤É°¥¼ÄÉ ªµ¤ Ê° µ¦ ° ¨µ º°Á È Á · ¨ » ´ªÉ Å ¹ É Â­ Ä ¦µ µ » ­» · µ ɵÁ º°É µ¦ Ê°¥ ɵ ( ʵ¤¸) ęô ăċüóĊæ

To Content

118

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

119

µ¦ Ê°¥ ɵ ° Á · ¨ »

µ¦¦´ ¦¼ Ê µ » µ µ¦ Ê°¥ ɵ Á¤º°É ¤¼¨ ɵ µ¤ ´ ¸ ° ­· ¦´¡¥Í ®¦º°¤¼¨ ɵ µ¤ ´ ¸ ° ® ɪ¥­· ¦´¡¥Í ɸ °É Ä®ÊÁ · Á · ­ ­¼ ªÉµ ¤¼¨ ɵ ¸ É ³Å ʦ ´ º µ » µ µ¦ Ê°¥ ɵ ´ ¹ Ä ¶Å¦ µ » ÁªÊ  ÉÁ¤º°É ¤¸ µ¦ ¨´ ¦µ¥ µ¦ µ¦ ¦³Á¤· ¤¼¨ ɵ ° ­· ¦´¡¥ÍÁ¡·¤É ¸ÁÉ ¥¦´ ¦¼ÄÊ ­Éª ° ¼ Ê °º ®» Ê Ä ª É° Ä ¦ ¸ Äʸ ®Ê¦ ´ ¦¼ÄÊ ­Éª ° ¼ Ê °º ®» Ê

ɵ¥ ¦·®µ¦ ° ¦·¬ ´ ³¤¸ µ¦ ¦³Á¤· µ¦ Ê°¥ ɵ ° Á · ¨ » ¦³¥³¥µª°º É Á¤º°É ¡ ªÉµ¤¼¨ ɵ¥» · ¦¦¤ ´ ¨Éµª ¨ ¨ °¥Éµ ¤¸­µ¦³ ­¶ ´ ¨³Á È ¦³¥³Áª¨µ µ à ¥ ¦³Á¤· µ ¨ µ¦ ¶Á · µ ¨³Â µ Ä ° µ ° ¦·¬ ´ ´ Ê Ç ¹ É µ¦¡· µ¦ µ ´ ¨Éµª Ê° Ä Ê ¨» ¥¡· · ° ¼ Ê ¦·®µ¦

¤¼¨ ɵ ¸ É µ ªÉµ ³Å ʦ ´ º ®¤µ¥ ¹ ¦µ µ µ¥­» · ° ­· ¦´¡¥Í ®¦º°¤¼¨ ɵ µ µ¦Ä Ê ° ­· ¦´¡¥Í ¨ʪ ɤ¨¼ ÉµÄ ³­¼ ªÉµÄ µ¦ ¦³Á¤· ¤¼¨ ɵ µ µ¦Ä Ê ° ­· ¦´¡¥Í ¦³¤µ µ¦ ¦³Â­Á · ­ ¸ É ³Å ʦ ´ Ä ° µ ³ · ¨ Á È ¤¼¨ ɵ ´ » ´ à ¥Ä Ê° ´ ¦µ · ¨ É° ¶ ¹ £µ¬¸Á · Å Ê Á¡º°É Įʭ³ Ê° ¤¼¨ ɵ ¸°É µ ¦³Á¤· Å ÊÄ ¨µ ´ » ´ ¹ É Â ¦Å µ¤Áª¨µÂ¨³ ªµ¤Á­¸¥É ¸¤É ¸ °É ­· ¦´¡¥Í ­¶®¦´ ­· ¦´¡¥Í ¸ÅÉ ¤É °É Ä®ÊÁ · ¦³Â­Á · ­ ¦´ ¹ É ­Éª Ä® ÉÁ È ® ɪ¥Â¥ °·­¦³ µ ­· ¦´¡¥Í° ɺ Įʡ · µ¦ µ¤¼¨ ɵ ¸ É µ ªÉµ ³Å Ê ¦´ º Įʭ° ¨Ê° ´ ® ɪ¥­· ¦´¡¥Í ɸ °É Ä®ÊÁ · Á · ­ ¸­É · ¦´¡¥Í Ê´ ¤¸ ªµ¤Á ¸¥É ª Ê° ʪ¥

¸ É · °µ µ¦ ¨³°» ¦ Í Éµ¥ ¦·®µ¦Á È ¼ Ê ¦³¤µ µ¦°µ¥» µ¦Ä Ê µ ¨³¤¼¨ ɵ µ ­¶®¦´ °µ µ¦Â¨³°» ¦ Í ° ¦·¬ ´ à ¥ ɵ¥ ¦·®µ¦ ³ ª ɵÁ­º°É ¤¦µ µÁ¤º°É °µ¥» µ¦Ä Ê µ ¤¸ ªµ¤Â ɵ Å µ ¦³¤µ µ¦Á ·¤ ®¦º° ´ ¶® ɵ¥­· ¦´¡¥Í Áɸ ­º°É ¤­£µ¡®¦º°Å¤ÉÅ ÊÄ Ê µ à ¥ µ¦ µ¥®¦º°Á¨· Ä Ê

¦·¬ ´ ³ ¨´ ¦µ¥ µ¦ µ » µ µ¦ Ê°¥ ɵ ®µ ¤¸ µ¦Á ¨¸¥É  ¨ ¦³¤µ µ¦ ¸ÄÉ ÊÄ µ¦ ¶ ª ¤¼¨ ɵ ¸ É µ ªÉµ ³Å ʦ ´ º

2) µ¦ ´ µ¦ ªµ¤Á­¸¥É Ä ­Éª ° »

¦·¬ ´ ³ ¨´ ¦µ¥ µ¦ ´ ¸ µ » µ µ¦ Ê°¥ ɵ Á¡¸¥ Á¡º°É Įʤ¨¼ ɵ µ¤ ´ ¸ ° ­· ¦´¡¥ÍŤÉÁ · ªÉµ¤¼¨ ɵ µ¤ ´ ¸ £µ¥®¨´ ®´ ɵÁ­º°É ¤¦µ µ®¦º° ɵ ´ ¶® ɵ¥ Á É Á ¸¥ª ´ Ä ¦ ¸ Åɸ ¤ÉÁ ¥¤¸ µ¦ ´ ¹ µ » µ µ¦ Ê°¥ ɵ¤µ É°

ª´ » ¦³­ Í ° ¦·¬ ´ Ä µ¦ ¦·®µ¦ » ° ¦·¬ ´ ´ Ê Á¡º°É ¶¦ ÅªÊ É¹ ªµ¤­µ¤µ¦ Ä µ¦ ¶Á · µ °¥Éµ É°Á º°É ° ¦·¬ ´ Á¡º°É ­¦Êµ ¨ °  ɰ ¼ Ê °º ®» Ê Â¨³Á È ¦³Ã¥ Í °É ¼ Ê ¤É¸ ­¸ ªÉ Å ÊÁ­¸¥°º É Â¨³Á¡º°É ¶¦ ÅªÊ É¹ à ¦ ­¦Êµ ° » ¸ÁÉ ®¤µ³­¤ Á¡º°É ¨ Ê » µ µ¦Á · ° » Ä µ¦ ¶¦ ÅªÊ ®¦º° ¦´ à ¦ ­¦Êµ ° » ¦·¬ ´ °µ ¦´ Ã¥ µ¥ µ¦ ɵ¥Á · ´ ¨Ä®Ê ´ ¼ Ê °º ®» Ê µ¦ º » Ä®ÊÂ É Ê¼ °º ®» Ê µ¦°° ®» Ê Ä®¤É®¦º° µ¦ µ¥ ¦´¡¥Í­ · Á¡º°É ¨ £µ¦³® ¸Ê

3.11 ¨ ¦³Ã¥ Í¡ ´ µ ¦·¬ ´ ¦´ ¦¼Ê Á · Á º° ɵ ʵ à ´­ ¨³Á · ­¤ ° » ¦³ ´ ­´ ¤Â¨³ ° » ­¶¦° Á¨¸¥Ê ¸¡Á È ÉµÄ Ê µÉ ¥Á¤º°É Á · ¦µ¥ µ¦

3.15 £µ¬¸Á · Å Ê · · » ¨

3.12 ¦³¤µ µ¦® ¸­Ê ·

¦·¬ ´ ¶ ª £µ¬¸Á · Å Ê · · » ¨ µ¤Á Í É¸ ¶® ŪÊÄ ¦³¤ª¨¦´¬ µ ¦ ¨³ ´ ¹ µ¤Á Í Êµ ¦·¬ ´ ŤÉÅ Ê ´ ¹ £µ¬¸ Á · Šʦ° ´ ´ ¸Ä ­Éª ¸ÁÉ ¸¥É ª ´ ¨Â ɵ ´ªÉ ¦µªÄ ° µ

¦·¬ ´ ³ ´ ¹ ¦³¤µ µ¦® ¸­Ê · ŪÊÄ ´ ¸Á¤º°É £µ¦³ ¼ ¡´ ¹ É Á È ¨¤µ µ Á® » µ¦ ÍÄ ° ¸ Å ÊÁ · ¹ Ê Â¨Êª ¨³¤¸ ªµ¤Á È Å Å Ê É° ʵ Â É ° ªÉµ ¦·¬ ´ ³Á­¸¥ ¦´¡¥µ ¦Á · Á«¦¬ · Å Á¡º°É ¨ Á ¨º°Ê £µ¦³ ¼ ¡´ ´ Ê Â¨³ ¦·¬ ´ ­µ¤µ¦ ¦³¤µ ¤¼¨ ɵ£µ¦³ ¼ ¡´ ´ Ê Å Ê°¥Éµ ɵÁ º°É º°

¥´¤ ´¥ º¥ ¶ ³ ¶ ´¥ ·Ê ·Ê¤© ˯ ³

3.13 µ¦Ä Ê ¦³¤µ µ¦ µ ´ ¸

¦·¬ ´ ¤¸¦µ¥ µ¦ »¦ · ¦³®ªÉµ ´ ´ » ¨®¦º° · µ¦ ¸ÁÉ ¸¥É ª Ê° ´ » ¨®¦º° · µ¦ ¸ÁÉ ¸¥É ª Ê° ´ Å ÊÂ É » ¨®¦º° · µ¦ ɵ Ç ¸¤É ¸ ªµ¤Á ¸¥É ª Ê° ´ ¦·¬ ´ à ¥ µ¦¤¸ ʼ °º ®» Ê ¦Éª¤ ´ ®¦º°¤¸ ¦¦¤ µ¦¦Éª¤ ´ ¤¸ ´ ¸Ê

Ä µ¦ ´ ¶ µ¦Á · µ¤®¨´ µ¦ ´ ¸ ¦É¸ ´ ¦° ´ªÉ Å Ä µ ­ µ µ¦ Í µÉ ¥ ¦·®µ¦°µ Ê° Ä Ê µ¦ ¦³¤µ ¨³ µ¦ ´ Ê ­¤¤ · µ ¹ É ¤¸ ¨ ¦³ É° ¶ ª Á · ¸ÂÉ ­ Ä µ¦Á · ¨³®¤µ¥Á® » ¦³ ° µ¦Á · ʪ¥Á® » ʸ ¨ ¸ÁÉ · ¹ Ê ¦· ¹ °µ  ɵ Å µ ¶ ª ¸ É ¦³¤µ ŪÊ

µ¦Ä Ê ¦³¤µ µ¦ µ ´ ¸

º°É ¦·¬ ´ ¦·¬ ´ à ¨ Í¡¨ ¸Áª¨¨° Á¤Ê Í ¶ ´ ( ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551: Á È ¦·¬ ´ ¸ÅÉ ¤ÉÁ ¸¥É ª Ê° ´ ) µ µ¦ ¦» Á ¡ ¶ ´ (¤®µ ) ( ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551: Á È ¦·¬ ´ ¸ÅÉ ¤ÉÁ ¸¥É ª Ê° ´ )

Ä µ¦ ´ ¶ µ¦Á · µ¤®¨´ µ¦ ´ ¸ ¦É¸ ´ ¦° ´ªÉ Å Ä µ ¦ ¸ µÉ ¥ ¦·®µ¦°µ Ê° Ä Ê µ¦ ¦³¤µ µ¦¦µ¥ µ¦ ´ ¸ µ ¦µ¥ µ¦ ¹ É ¤¸ ¨ ¦³ É° ¶ ª Á · ¸ÂÉ ­ Ä µ¦Á · ¨³®¤µ¥Á® » ¦³ ° µ¦Á · ʪ¥Á® » ʸ ¨ ¸ÁÉ · ¹ Ê ¦· Ä £µ¥®¨´ ¹ °µ  ɵ Å µ ¶ ª ¸ É ¦³¤µ ŪÊ

¦µ¥ µ¦ µ »¦ · ¸¤É ­¸ µ¦³­¶ ´ ¦³®ªÉµ ¦·¬ ´ ´ ¦·¬ ´ ¸ÁÉ ¸¥É ª Ê° ´ ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¤¸ ´ ¸Ê (® ɪ¥ : ¡´ µ ) ¡.«. 2551 ¡.«. 2550

ɵ¥ ¦·®µ¦ ° ¦·¬ ´ Å Ê ¦³Á¤· ¨³ ª °¥Éµ É°Á º°É Ä Á¦º°É ° µ¦ ¦³¤µ µ¦ Ê°­¤¤ · µ ¨³ µ¦Ä Ê ¨» ¥¡· · à ¥ µ¦ ¦³Á¤· °¥¼ É ¡º Ê µ ° ¦³­ µ¦ ÍÄ ° ¸ ¨³ ´ ´¥°º É Ç ¹ É ¦ª¤ ¹ µ¦ µ µ¦ ÍÁ® » µ¦ ÍÄ ° µ ¸ É Ê¼ ¦·®µ¦ Á º°É ªÉµ ¦³ ¶°¥Éµ ¤¸Á® » ¨£µ¥Ä Ê­ µ µ¦ ÍÄ ³ ´ Ê

¦·¬ ´ à ¨ Í¡¨ ¸Áª¨¨° Á¤Ê Í ¶ ´ ( ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 : Á È ¦·¬ ´ ¸ÅÉ ¤ÉÁ ¸¥É ª Ê° ´ ) Ê » É°­¦Êµ µ µ¦ ¦» Á ¡ ¶ ´ (¤®µ ) ( ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551: Á È ¦·¬ ´ ¸ÅÉ ¤ÉÁ ¸¥É ª Ê° ´ ) ° Á ¸¥Ê ɵ¥ ɵ ¦¦¤Á ¸¥¤ µ µ¦ ¦¦¤ µ¦Â¨³ ¼ Ê ¦·®µ¦ ɵ °  Á · Á º° ɵÁ ¸¥Ê ¦³ »¤Â¨³Á · ¶Á® È

3.14 ¦³¤µ µ¦ µ ´ ¸ ­É¸ ¶ ´ Ê°­¤¤ · µ µ¦Ä Ê ¨» ¥¡· · ¨³ µ¦ ´ µ¦ ªµ¤Á­¸¥É Ä ­Éª ° » 1) ¦³¤µ µ¦ µ ´ ¸ ­É¸ ¶ ´ Ê°­¤¤ · µ ¨³ µ¦Ä Ê ¨» ¥¡· ·

µ¦ Ê°¥ ɵ ° ¨¼ ® ¸ Ê µ¦ ʵ ¦·¬ ´ Å Ê ¶® ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ Á¡º°É Įʭ³ Ê° ¹ µ¦ Ê°¥ ɵ¨ ° ¨¼ ® ¸ Ê µ¦ ʵ ¹ É Á ¸¥É ª¡´ ´ ¦³¤µ µ¦ ¨ µ » °´ Á È ¨¤µ µ µ¦ ¸¨É ¼ ʵŤɤ ¸ ªµ¤­µ¤µ¦ Ä µ¦ ¶¦³® ¸Ê ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ´ Ê Á È ¨¤µ µ µ¦ ¸ É ¦·¬ ´ Å Ê ¦³Á¤· ¦³Â­Á · ­ Å®¨Á 浀 ° µ ¹ É µ¦ ¦³Á¤· ´ Ê °¥¼ É ¡º Ê µ Á ¸¥É ª ´ ¦³­ µ¦ ÍÄ ° ¸ ° µ¦ · µ¤ ª µ¤ ªµ¤¤¸ º°É Á­¸¥ ¨³ µ¦ · ¶¦³® ¸Ê ¨³ µ¦¡· µ¦ µÂ ªÃ ʤ ° ¨µ ęô ăċüóĊæ

To Content

¨´ ¬ ³ ªµ¤­´¤¡´ Í ¼ Ê °º ®» Ê ¦Éª¤ ´

Ã¥ µ¥ µ¦ ¶® ¦µ µ ¦µ µ ¸ É ¨ ¦Éª¤ ´

¼ Ê °º ®» Ê

¦µ µ ¨µ

ŤÉÁ ¸¥É ª Ê° ´

42,615

ŤÉÁ ¸¥É ª Ê° ´ ŤÉÁ ¸¥É ª Ê° ´

2,975 12,611

18,762

13,812

120

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

(® ɪ¥ : ¡´ µ )

¥° ʵ ¦³®ªÉµ ¦·¬ ´ ¨³ ¦·¬ ´ ¸ÁÉ ¸¥É ª Ê° ´ ª´ ¸É 31 ´ ªµ ¤ ¤¸ ´ ¸Ê

¡.«. 2551 ¦·¬ ´ à ¨ Í¡¨ ¸Áª¨¨° Á¤Ê Í ¶ ´ ( ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551: Á È ¦·¬ ´ ¸ÅÉ ¤ÉÁ ¸¥É ª Ê° ´ ) Á · ɵ¥¨Éª ® ʵĮÊÂ É ¦Ê¼ ´ Á®¤µ ɪ Á ʵ® ¸ÁÊ · ¦´ ¦³ ´ ¨ µ ¼¦Ê ´ Á®¤µ ɪ Á ʵ® ¸ Ê ¦Ê¼ ´ Á®¤µ µ µ¦ ¦» Á ¡ ¶ ´ (¤®µ ) ( ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551: Á È ¦·¬ ´ ¸ÅÉ ¤ÉÁ ¸¥É ª Ê° ´ ) Á · ¼¥Ê ¤º ¦³¥³­´ Ê

§» ­ · Ë ´¥ Ë´ ¬º ¶ ¨¼ ® ¸ Ê µ¦ ʵ ¥´ Å¤É ¹ ¶® ¶¦³ Ê°¥ ªÉµ®¦º°Á ɵ ´ 3 Á º° ¤µ ªÉµ 3 Á º° ¹ 6 Á º° ¤µ ªÉµ 6 Á º° ¹ 12 Á º° ¤µ ªÉµ 12 Á º° ¹ Ê Å ¦ª¤ ®´ ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ¨¼ ® ¸ Ê µ¦ ʵ - ­» ·

ŤÉÁ ¸¥É ª Ê° ´ ŤÉÁ ¸¥É ª Ê° ´ ŤÉÁ ¸¥É ª Ê° ´

§» ­ ·ÂË ¶ ¥² ³ § ´ ´£¬³ ´ ʯ¬¥Ë´ ¬º ¶

¡.«. 2550 ¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ ¥´ Å¤É ¹ ¶® ¶¦³ ¤µ ªÉµ 12 Á º° ¦ª¤ ®´ ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ - ­» ·

17,999 1,996 4,706

ŤÉÁ ¸¥É ª Ê° ´

37,370

204,761,766 894,914 205,656,680 (894,914) 204,761,766

203,111,601 894,914 204,006,515 (894,914) 203,111,601

Á · Ä®Ê ¥Ê¼ ¤º ¦³¥³­´ Ê Â É ¦·¬ ´ °º É Á È Á · Ä®Ê ¥Ê¼ ¤º ¸ÅÉ ¤É¤®¸ ¨´ ¦´¡¥Í ¶Ê ¦³ ´ Â É ¦·¬ ´ 娃 ® ¹ É Á · Ä®Ê ¥Ê¼ ¤º ´ ¨Éµª ¦ ¶® ¶¦³ º Á¤º°É ª µ¤ ¨³ · ° Á ¸¥Ê Ä °´ ¦µ¦Ê°¥¨³ 8 É° ¸

(® ɪ¥ : µ ) ¡.«. 2550 ¡.«. 2551 390,872,566 87,042,323 28,585,852 3,226,450 62,220,805 571,947,996 (63,909,977) 508,038,019

¬¶ ¥³ ¤Î­£º ©·¤ ¯¹Ê

209,200,291 98,211,861 10,412,387 4,273,741 63,167,188 385,265,468 (60,035,319) 325,230,149

£µ¬¸Á · Å Ê ¼ ®´ ¸ É µÉ ¥ Á · ɵ¥¨Éª ® ʵ ɵª´­ »° » ¦ Í Á · ɵ¥¨Éª ® ʵĮÊÂ É ¦Ê¼ ´ Á®¤µ ɪ £µ¬¸¤¨¼ ɵÁ¡·¤É ¦°Á¦¸¥ º Á · ¦° ɵ¥­¶®¦´ µ¦ ¶Á · µ Â É ¦¦¤ µ¦Â¨³¡ ´ µ °º É Ç

5,613,721,947 449,048,557 6,062,770,504 (5,827,624,170) 235,146,334

235,146,334 72,582,441 307,728,775 (72,582,441) 235,146,334

(® ɪ¥ : µ ) ¡.«. 2551

¡.«. 2550

63,162,705 72,075,248 50,489,233 8,353,668 4,164,450 20,369,248 218,614,552

82,524,914 15,085,295 37,065,666 5,163,089 3,273,530 15,356,900 158,469,394

 ¶ ´ ¬ ´ ³ ´¥Â ¶ ·ÊÅ ËÂ É ­§³ ¥² ³  ¶

(® ɪ¥ : µ ) ¡.«. 2550 ¡.«. 2551

¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ ¥´ Å¤É ¹ ¶® ¶¦³ ¤µ ªÉµ 12 Á º° ¹ Ê Å ¦ª¤ ®´ ɵÁ º°É ® ¸­Ê ­´¥ ³­¼ ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ µ¤­´ µ - ­» ·

(® ɪ¥ : µ ) ¡.«. 2551 ¡.«. 2550

 ¶ Å­Ë »Ë¤¹£¥²¤²¬³Ë Ã Ê ¥¶«³ ¯¹Ê

µ ©  ¶ ³ Ë ¬¶ Ë · Ê ¶ ´¥ » Ë ´Ë £·¬ ¶ ¶Â¥·¤ ¥Ë¯ ¬µ­¥³ ´ ʯ¬¥Ë´ ´£¬³ ´ ¬º ¶

Ê » µ¦ É°­¦Êµ ¸ÁÉ · ¹ Ê ¹ ´ » ´ ¦´ ¦» ʪ¥ ¶Å¦ ¸¦É ´ ¦¼ Ê ¹ ´ » ´ ¦µ¥Å Ê µ µ¦ É°­¦Êµ ¸ÁÉ · ¹ Ê ¹ ´ » ´ ®´ Á · ª ¸ÁÉ ¦¸¥ Á È µ ¼ Ê µÊ ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦/ ¼ Ê µÊ ¤¸­ · ·Á¦¸¥ ¦Ê° ­¶®¦´ µ É°­¦Êµ µ¤­´ µ ­» ·

121

Á · µ µ µ¦ ¸ÄÉ ÊÁ È ®¨´ ¦³ ´ Á È Á · µ ¦³ ¶ ´ µ µ¦®¨µ¥Â®É Á¡º°É Ä ÊÁ È ®¨´ ¦´¡¥Í ¶Ê ¦³ ´ ­· Á º°É ¸ÅÉ Ê¦ ´ µ ­ µ ´ µ¦Á · ¨³® ´ ­º° ʶ ¦³ ´ ¸­É µ ´ µ¦Á · °° Ä®ÊÄ µ¤ ° ¦·¬ ´

6,536,300,909 549,164,712 7,085,465,621 (6,762,571,597) 322,894,024

 ¶ § º ¥²¤²¤´©¯¹ Ê ¬º ¶  ¶ Á · ¨ » ¦³¥³¥µª°º É Å ÊÂ É Á · ¨ » Ä ®» Ê ­µ¤´ ° ¦·¬ ´ °º É ¹ É Â­ ¤¼¨ ɵ µ¤¦µ µ » ´ ¸Ê

(® ɪ¥ : µ ) ¡.«. 2551 ¡.«. 2550

Á · ¨ » Ä ®» Ê ­µ¤´ ¦·¬ ´ Áª¢ ¸Áª¨¨° Á¤Ê Í ¶ ´ ¦·¬ ´ «¼ ¥Í µ¦Â¡ ¥ÍÅ ¥ ¶ ´ (¤®µ ) ¦·¬ ´ µ ° ¨´ ¶ ´ °º É Ç ¦ª¤ ®´ ɵÁ º°É µ¦ Ê°¥ ɵ ° Á · ¨ » ­» ·

322,894,024 72,582,441 395,476,465 (72,582,441) 322,894,024

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To Content

10,000,000 5,000,100 1,000,000 65,444 16,065,544 (15,791,497) 274,047

10,000,000 5,000,100 1,000,000 65,444 16,065,544 (15,791,497) 274,047

ęô ăċüóĊæ

To Content

144,367,444 14,284,338 16,229,409 17,600,075 22,836,132

(2,324,975) (1,481,000)

29,932,326

®´ ɵÁ º°É µ¦ Ê°¥ ɵ

¤¼¨ ɵ µ¤ ´ ¸ – ­» ·

(843,975)

(58,373,252) (16,381,854) (13,262,463) (17,496,383) (5,062,691) (6,169,861) -

30,666,192 29,491,872 35,096,458 27,898,823 50,499,000 31,413,326 ¦µ µ »

ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551

123

®´ ɵÁ­º°É ¤¦µ µ­³­¤

205,065,671

144,367,444 14,284,338 16,229,409 17,600,075 22,836,132 43,485,164 29,932,326 ¤¼¨ ɵ µ¤ ´ ¸ ¨µ¥ ¸ – ­» ·

21,125 14,096 64,088 ¨ ɵ µ µ¦Â ¨ ɵ µ¦Á ·

-

(25,841,057) (6,033,407) (5,909,631) (6,362,853) (5,062,691) ɵÁ­º°É ¤¦µ µ

(2,472,475)

(234,246) (63,646) (170,600) ¶® ɵ¥

-

30,683,219 12,102,833 5,377,594 13,202,792 -

10,085,757 18,691,846 14,696,031 45,957,639 29,932,326 ¤¼¨ ɵ µ¤ ´ ¸ Ê ¸ – ­» ·

­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551

º°Ê ­· ¦´¡¥Í

139,660,219 20,296,620

139,660,219 20,296,620 10,085,757 18,691,846 14,696,031 29,932,326 ¤¼¨ ɵ µ¤ ´ ¸ – ­» ·

45,957,639

(2,324,975) (1,481,000)

(843,975)

(73,800,292) (10,337,418) (44,208,629) (15,556,859) -

®´ ɵÁ º°É µ¦ Ê°¥ ɵ

· Ê ¶ ¯´ ´¥Ã§²¯º ¥ Î ¬º ¶

4. Ťɪɵ ¦ ¸ ³Á È °¥Éµ Ŧ È µ¤ ¼Ê ¼Ê­´ µªÉµ ³ ¶¦³® ¸ÊÄ®ÊÂ É µ µ¦Â¨³ ¦·¬´ Ä®ÊÁ­¦È ­·Ê £µ¥Ä Á º° ¤· » µ¥ ¡.«.2553

¸ É ·

2. Á¤º°É Á ʵ ° à ¦ µ¦Å ʦ ´ ¶¦³® ¸ Ê µ ¨¼ ʵ µ¤­´ µ ³ º°Ê ³ µ¥ ¸¤É °¸ ¥¼É ª´ ¶ ´ ¹ Ê° ¨ ´ ¸Ê ¦·¬ ´ ¤¸­ · · ɸ ³Å ʦ ´ ¶¦³® ¸ Ê µ à ¦ µ¦ ´ ¨Éµª É° µ µ¦ Á È ¶ ª Á · ŤÉÁ · 69 ¨Êµ µ

(3,697,386)

1. ¦·¬´ ³¨ » É°­¦Êµ Á¡·É¤Á ·¤ µ¤­´ µ É°­¦Êµ Á¨ ¸É 001/2551 ´ ¨ ª´ ¸É 14 »¤£µ¡´ Í ¡.«. 2551 à ¦ µ¦ ´ ¨Éµª Á­¦È ­· Ê ¡¦Ê°¤ ¸ É ³ µ¥Å Ê£µ¥Ä Á º° ¦ µ ¤ ¡.«. 2552 à ¥ µ ªÉµ ³Ä ÊÁ · » ¦³¤µ 69 ¨Êµ µ

3. Ä ¦ ¸ ¤É¸ ¸ µ¦¦´ ¶¦³® ¸­Ê ¶®¦´ ­´ µ ³ º°Ê ³ µ¥ ¸ É ´ ¶®¨´ ª´ ¸ É ´ ¹ Ê° ¨ ´ ¸Ê ¦·¬ ´ ¨³ µ µ¦ ¨ ¸ É ³¦´ ¶¦³Á · µ¤¤¼¨ ɵ ° ­´ µ µ¥ (­» · µ Á · ° ¨³Á · µª Í ¦Ê°¥¨³ 20) Ä °´ ¦µ¦Ê°¥¨³ 25 ¨³ 75 µ¤¨¶ ´

54,294,386

°µ µ¦Ã¦ µ

ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 Á ʵ ° à ¦ µ¦ ´ ¨Éµª ¦³­ ´ ®µ µ¦ µ ­£µ¡ ¨É° ¶Ä®ÊÁ · ªµ¤¨Éµ ʵ ¹É ¶Ä®Êà ¦ µ¦ ´ ¨ÉµªÅ¤É­µ¤µ¦ É°­¦Êµ Á­¦È µ¤ ¶® Á ·¤ É°¤µ ¦·¬´ Á ʵ ° à ¦ µ¦Â¨³ µ µ¦ ¼Ê ¨É°¥ ¼Êà ¦ µ¦ ´ ¨Éµª (“ µ µ¦”) Å Ê ´ ¶ ´ ¹ Ê° ¨ Á¡·É¤Á ·¤ ´ ¨ ª´ ¸É 26 »¤£µ¡´ Í ¡.«. 2552 Á¡ºÉ° ¸É ³Ä®Ê µ¦ É°­¦Êµ ¶Á · É°Å Á­¦È µ¤Á ºÉ° Š¨³ Ê° ¨ ¸¦É ³ »ÅªÊÄ ´ ¹ Ê° ¨ ´ ¨Éµª ´ ¸Ê

14,696,031

­Éª ¦´ ¦» °µ µ¦Â¨³Ã¦ µ

° µ ¸Ê ´ ¹ Ê° ¨ Á¡·É¤Á ·¤ ¦³®ªÉµ ¦·¬ ´ ´ Á ʵ ° à ¦ µ¦ª´ ¸É 19 ¤ ¦µ ¤ ¡.«. 2550 ¦³ »ªµÉ Ä ¦ ¸ ¤É¸ ¸ µ¦Â É ´ ¶Å¦ ³ ¦³ ¶Å Ê È É°Á¤ºÉ° ¤¸ µ¦ ¶¦³ º Á · ¼Ê ´Ê ®¤ ° à ¦ µ¦¡¦Ê°¤ ° Á ¸Ê¥Ä®Ê ´ ­ µ ´ µ¦Á · ¨³®´ ɵ ¦·®µ¦ ´ µ¦ ¹É ³ ¼ ¶® à ¥Á ʵ ° à ¦ µ¦Á¤ºÉ° à ¦ µ¦ à ¥Á ʵ ° à ¦ µ¦Å ÊĮʭ´ µªÉµ ¦·¬´ ³Å ʦ´ ¨ °  Á¤ºÉ°Á­¦È ­·Ê à ¦ µ¦ Å¤É °Ê ¥ ªÉµ ¶ ª Á · 20 ¨Êµ µ

34,248,705

µ¤ ´ ¹ Ê° ¨ ´ ¨ ª´ ¸É 9 ¡§« · µ¥ ¡.«. 2549 ¼ Ê Ê¼ (“Á ʵ ° à ¦ µ¦”) ³ ¶Á · ´ ¨ÉµªÅ ¡´ µÃ ¦ µ¦°­´ ®µ¦·¤ ¦´¡¥Í (“à ¦ µ¦”) ¹ É µ ªÉµÃ ¦ µ¦ ´ ¨Éµª ³ É°­¦Êµ Á­¦È ­· Ê ¡¦Ê°¤ ´ Ê ¶® ɵ¥Å Ê®¤ £µ¥Ä Á º° ´ ªµ ¤ ¡.«. 2551

50,499,000

ʶ ¦³ ´ à ¥ ¼ Ê °º ®» Ê Ä® É ° ¼ Ê Ê¼

31,413,326

¶¦³Á · Ê Á¤º°É ¦ ¶® ª´ ¸É Ä ´ªÌ ­´ µÄ ÊÁ · ¨³ ° Á ¸¥Ê ¤¸ ¶® ¶¦³ » 12 Á º°

ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550

30,000,000

-

¥µ ¡µ® ³

¦Ê°¥¨³ 8 É° ¸

30,000,000

®¨´ ¦³ ´

Á ¦º°É ¤º° ¨³°» ¦ Í

´ªÌ ­´ µÄ ÊÁ · °µ¥» 2 ¸ 2 ´

Á º°É Å µ¦ ¶¦³

(® ɪ¥ : µ )

°´ ¦µ ° Á ¸¥Ê

Á ¦º°É Â É Â¨³ Á ¦º°É Ä Ê­¶ ´ µ

¦µ¥¨³Á°¸¥ Á · Ä®Ê ¥Ê¼ ¤º ¦³¥³¥µªÂ É ¦·¬ ´ °º É ª´ ¸É 31 ´ ªµ ¤ ¤¸ ´ ¸Ê ¥° Á®¨º° ( µ ) ¦³Á£ Á · Ä®Ê ¥Ê¼ ¤º ¡.«. 2551 ¡.«. 2550

30,634,038

 ¶ Å­Ë »Ë¤¹£¥²¤²¤´©Ã Ê ¥¶«³ ¯¹Ê  ¶

®´ ɵÁ­º°É ¤¦µ µ­³­¤

215,785,486

¦ª¤

Á¤º°É ª´ ¸É 3 »¤£µ¡´ Í ¡.«. 2540 ¦·¬ ´ Šʨ » Ä ®» Ê ­µ¤´ ° ¦·¬ ´ Áª¢ ¸Áª¨¨° Á¤Ê Í ¶ ´ ¶ ª 150,000 ®» Ê Ä ¦µ µ®» Ê ¨³ 130 µ (¤¼¨ ɵ ¸ É ¦µÅªÊ® Ê» ¨³ 100 µ ) ¦ª¤¤¼¨ ɵ 19.5 ¨Êµ µ à ¥Å Ê ¶¦³Á · ª ¦ ª´ ð ®» Ê ¶ ª 10 ¨Êµ µ ­Éª ¸ÁÉ ®¨º° ³ ¶¦³Á¤º°É ¤¸ µ¦Á¦¸¥ Á È

99,309

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

43,485,164

¦µ¥ µ ¦³ ¶ ¸ 2551

¦µ µ »

122

124

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

Ä ¸ ¡.«. 2544 ¦·¬ ´ Å ÊÁ · ª Á · ® ´ ­º° ʶ ¦³ ´ ´ ° ¸ ­ µ ´ µ¦Á · ¸ÁÉ ¸¥É ª Ê° ´ 娃 ® ¹ É Ä ª Á · ¦ª¤ 150 ¨Êµ µ Ä ¦³®ªÉµ ¸ ¡.«. 2549 ­ µ ´ µ¦Á · ´ ¨ÉµªÅ Ê° »¤´ ·ª Á · Á¡·É¤ ¶ ª 200 ¨Êµ µ ¦ª¤Á È ª Á · ´Ê ­·Ê 350 ¨Êµ µ ¹É ʶ ¦³ ´ à ¥ ° ¸ ¦¦¤ µ¦ ° ¦·¬ ´ ¨³ ¸ É · µ ­Éª ¨³°µ µ¦ ¸°É ¥¼ É ¸ É · ´ Ê µ¤®¤µ¥Á® » °Ê 13 ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦·¬ ´ Å Ê Á · Ä Êª Á · ® ´ ­º° ʶ ¦³ ´ ´ ¨ÉµªÂ¨ÊªÁ È ¶ ª 72.98 ¨Êµ µ (¡.«. 2550 : 95.05 ¨Êµ µ )

ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦µ µ µ¤ ´ ¸ °É ®´ ɵÁ­º°É ¤¦µ µ­³­¤ ° °µ µ¦Â¨³°» ¦ Í ¹ É ®´ ɵÁ­º°É ¤¦µ µ ´ Ê ¶ ª ¨ʪ  ɥ ´ Ä Ê µ °¥¼¤É ¸ ¶ ª 4.21 ¨Êµ µ (¡.«. 2550: 41.53 ¨Êµ µ ) ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦µ µ µ¤ ´ ¸­ » · ° à ¦Â ¦¤ °¤¡·ªÁ °¦Í ɹ ¦ª¤°¥¼ÄÉ Á ¦º°É Â É Â¨³Á ¦º°É Ä Ê­¶ ´ µ ¤¸ ¶ ª 355,672 µ

­ · ­ ·¬Ë ¶ ´£¬³ ´Â Ê´ ´¥Â ¶ ¬º ¶

¦·¬´ Å Ê ¶ ¸É · ¨³°µ µ¦¦µ µ µ¤ ´ ¸ ¶ ª 56.10 ¨Êµ µ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 (¡.«. 2550: 57.73 ¨Êµ µ ) Å ¶ ° ÅªÊ ´ ­ µ ´ µ¦Á · 娃 ® ¹ É Á¡º°É ʶ ¦³ ´ ª Á · ­· Á º°É ° ¦·¬ ´ µ¤®¤µ¥Á® » °Ê 15 ɵÁ­ºÉ°¤¦µ µ­¶®¦´ ¸­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 Å Ê­ ¦ª¤°¥¼ÉÄ Ê » É°­¦Êµ ¨³ µ¥ ¶ ª 11,079,659 µ (¡.«. 2550 : 8,984,520 µ )

¬¶¬¶ ¥³ ¤Îƣʭ£º ©·¤ ¯¹Ê

8,791,439 68,212 8,859,651

(® ɪ¥ : µ ) ¡.«. 2550 ¡.«. 2551

® ¸­Ê · µ¤­´ µÁ ɵ µ¦Á · ®´ ° Á ¸¥Ê ɵ¥¦° ´ ´ ¸

6,271,278 (342,995) 5,928,283 (3,207,141) 2,721,142

®´ ­Éª ¸ É ¹ ¶® ¶¦³£µ¥Ä ® ¹ É ¸ ® ¸­Ê · µ¤­´ µÁ ɵ µ¦Á · - ­» ·

(® ɪ¥ : ¡´ µ ) ¡.«. 2551 ¡.«. 2550

Á · ¤´ ¶ °º É Ç

¦·¬ ´ ¤¸® ¸­Ê · ¸ É ³ Ê° ¶¦³ µ¤­´ µÁ ɵ µ¦Á · Ä Â É¨³ ª ´ ¸Ê

8,743,386 72,657 8,816,043

3,580,483 2,690,795 6,271,278

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

Á · Á · Á · ´ ¸ (ª Á · 20 ¨Êµ µ ) ´Ìª­´ µÄ ÊÁ ·

-

65,160,748

6,500,339 Á¡ºÉ°Á È Á · » ®¤» Áª¸¥ Ä µ¦ ¦³ ° »¦ · 22,623,868 Á¡ºÉ°Á È Á · » ®¤» Áª¸¥ Ä µ¦ ¦³ ° »¦ ·

°´ ¦µ ° Á ¸¥Ê

MOR É° ¸ (7.25% 7.50% ­¶®¦´ ¸) MLR +1% É° ¸ (6.75% -7.25 % ­¶®¦´ ¸)

Á º°É Å µ¦ ¶¦³

-

®¨´ ¦³ ´

¦µ¥¨³Á°¸¥ Á · ¼¥Ê ¤º ¦³¥³­´ Ê µ ¦·¬ ´ °º É ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¤¸ ´ ¸Ê ¥° Á®¨º°

ʶ ¦³ ´ à ¥ ¸É · ¡¦Ê°¤­·É ¨¼ ­¦Êµ ¸É · °¶Á£° ¦³Áª«

´ªÌ ­´ µÄ ÊÁ ·

¶¦³ ° Á ¸Ê¥Á¤ºÉ° ʶ ¦³ ´ à ¥ ¸É · ¡¦Ê°¤ ¦ ¶® ª´ ¸ÉÄ °µ µ¦ ¸É · ¸É°µ µ¦ ´Ìª­´ µÄ ÊÁ · Å° ¸Á°¢ ´ Ê 29-30 ¦ª¤ ´ Ê µ¦Ã° ­· · µ¦¦´ Á · µ ¨¼ ® ¸Ê ° ¦·¬´

46,157,629

- Á¡ºÉ°Á È Á · » ®¤» Áª¸¥ Ä µ¦ ¦³ ° »¦ ·

MLR - 1% É° ¸ (6.00% -6.75% ­¶®¦´ ¸)

¶¦³ ° Á ¸Ê¥Á¤ºÉ° ʶ ¦³ ´ à ¥ ¦¦¤ µ¦ ° ¦ ¶® ª´ ¸ÉÄ ¦·¬´ ¦ª¤ ´Ê µ¦Ã° ­· · µ¦ ´Ìª­´ µÄ ÊÁ · µ¦¦´ Á · µ ¨¼ ® ¸ Ê ° ¦·¬ ´

´Ìª­´ µÄ ÊÁ ·

17,041,508

37,369,772 Á¡ºÉ°Á È Á · » ®¤» Áª¸¥ Ä µ¦ ¦³ ° »¦ ·

MLR +1% É° ¸ (6.75% -7.25 % ­¶®¦´ ¸)

¶¦³ ° Á ¸Ê¥Á¤ºÉ° ʶ ¦³ ´ à ¥ ¸É · ¸É°¶Á£° ¦ ¶® ª´ ¸ÉÄ ¡¦³Ã ¦ª¤ ´Ê µ¦Ã° ­· · ´Ìª­´ µÄ ÊÁ · µ¦¦´ Á · µ ¨¼ ® ¸ Ê ° ¦·¬ ´

´Ìª­´ µÄ ÊÁ ·

10,325,000

- Á¡ºÉ°Á È Á · » ®¤» Áª¸¥ Ä µ¦ ¦³ ° »¦ · 66,493,979

MLR - 0.625% É° ¸ ¶¦³ ° Á ¸Ê¥Á¤ºÉ° µ¦Ã° ­· · µ¦¦´ Á · (7.225-7.85% ¦ ¶® ª´ ¸ÉÄ µ ¨¼ ® ¸Ê ° ¦·¬´ ­¶®¦´ ¸) ´Ìª­´ µÄ ÊÁ ·

138,684,885

4,255,638 6,271,278 10,526,916

 ¶ »Ë¤¹£¥²¤²¬³Ë ´ ¥¶«³ ¯¹Ê  ¶

´Ìª­´ µÄ ÊÁ ·

¦ª¤

10,526,916 (815,254) 9,711,662 (3,783,379) 5,928,283

(® ɪ¥ : µ ) ¡.«. 2550 ¡.«. 2551

£µ¥Ä 1 ¸ 1 - 5 ¸

 ¶  ¶  ¶  ¶ ³ ·Ã§²Â ¶ »Ë¤¹£¥²¤²¬³Ë ´ ¬ ´ ³ ´¥Â ¶ ¥° Á®¨º° ( µ ) ¡.«. 2551 ¡.«. 2550 ª´ » ¦³­ Í

125

(® ɪ¥: µ )

ª´ » ¦³­ Í

°´ ¦µ ° Á ¸¥Ê

ª´ ¦ ¶® ¶¦³

®¨´ ¦³ ´

12,000,000

Á¡º°É Á È Á · » ®¤» Áª¸¥ Ä µ¦ ¦³ ° »¦ ·

4.5%

31 ´ ªµ ¤ ¡.«. 2551

Ťɤ¸

¦·¬ ´ ¶¦³ º Á · ¼¥Ê ¤º ´ ¨Éµª¡¦Ê°¤ ° Á ¸¥Ê · ´ ¶¦³Á¤º°É ª´ ¸É 14 ¤ ¦µ ¤ ¡.«. 2552

Ê Ê´Â ¹Ê¯ § ´ º ·Ê ´ ©Ê´ ²Â ¶ ¸Ë ´ ´¥ ʯ¬¥Ë´ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¨³ ¡.«. 2550 ¦·¬´ ´ ¹ ɵÁ ºÉ° ¨ µ » ¸É µ ªÉµ ³Á · ¹Ê µ µ É°­¦Êµ ­¶®¦´ à ¦ µ¦Ä ¦³Á « µ µ¦Í ¶ ª 2 ¨Êµ µ ¨³ 8 ¨Êµ µ µ¤¨¶ ´ à ¦ µ¦ ´ ¨Éµª µ ªÉµ ³ É°­¦Êµ Á­¦È £µ¥Ä ¸ ¡.«. 2552 ɵÁ ºÉ° ¨ µ » ´ ¨Éµª ³ ¼ ¨´ ¦µ¥ µ¦ Á¤º°É Ê » µ¦ É°­¦Êµ Å ÊÁ · ¹ Ê ¦·

­ ·¬Ë ¶ ­£º ©·¤ ¯¹ Ê ÉµÄ Ê µÉ ¥ ʵ ɵ¥ £µ¬¸¤¨¼ ɵÁ¡·¤É ʵ ɵ¥ Á ʵ® ¸°Ê ɺ °º É Ç

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(® ɪ¥ : µ ) ¡.«. 2550 ¡.«. 2551 35,686,422 29,723,378 1,589,402 687,182 67,686,384

22,925,079 20,436,655 5,068,623 759,618 49,189,975

126

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

º º Â¥¹¯ ­ºË ¶ ª ®» Ê ­µ¤´ ª´ ¸É 1 ¤ ¦µ ¤ ¡.«. 2550 Á¡·¤É ¹ Ê Á º°É µ µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· · ESOP ¶ ª ®» Ê ­µ¤´ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 Á¡·¤É ¹ Ê Á º°É µ µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· · EMC W1 É° µ¦¨ ¤¼¨ ɵ®» Ê

30,992,625 483,084,403 20,546,900

¶ ª ®» Ê ­µ¤´ ®¨´ µ¦¨ ¤¼¨ ɵ®» Ê

5,036,313,030

¶ ª ®» Ê ­µ¤´ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551

µ¤ ¸É ¦³ »¤­µ¤´ ¼Ê º°®»Ê ¦³ ¶ ¸ ¡.«. 2551 Á¤ºÉ°ª´ ¸É 3 Á¤¬µ¥ ¡.«. 2551 Šʤ¸¤ ·Ä®Ê¨ ¤¼¨ ɵ®»Ê ­µ¤´ µ Á ·¤®»Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ à ¥ » ³Á ¸¥ ° ¦·¬ ´ ¥´ Á ɵÁ ·¤ Á È ¨ ¶Ä®ÊÄ ­¶ ´ ­ ­· · EMC W1 ¸ É ¶ µ¦ °° ¨³ Á­ ° µ¥Á¡·¤É ¹ Ê µ 82,688,058 ® ɪ¥ Á È 826,880,580 ® ɪ¥ ʪ¥¦µ µ µ¦Ä Ê­ · · ° Ä ­¶ ´ ­ ­· ·Á ɵ ´ 0.20 µ É°®» Ê

452,091,778

503,631,303

Á¡·¤É ¹ Ê Á º°É µ µ¦Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· · EMC W1

Á¤ºÉ°ª´ ¸É 20 ´ ¥µ¥ ¡.«. 2548 ¦·¬´ Šʦ´ ° » µ °° Ä ­¶ ´ ­ ­· · ¸É ³ ºÊ°®»Ê ´ ¨Éµª µ µ ¨µ ®¨´ ¦´¡¥Í 娃 ¦³Á «Å ¥

(® ɪ¥ : ®» Ê )

¶ ª ®» Ê ­µ¤´ É° µ¦¨ ¤¼¨ ɵ®» Ê

127

µ¤ ¸É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬´ ¦´Ê ¸É 5/2551 Á¤ºÉ°ª´ ¸É 11 ­· ®µ ¤ ¡.«. 2551 Šʤ¸¤ ·° »¤´ · ¶® Įʪ´ ¸É 25 ­· ®µ ¤ ¡.«.2551 Á È ª´ ¸°É ° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (“EMC W2”) · ¦³ » °Éº ¼ Ê °º ¨³ ð Á ¨¸É¥ ¤º°Å Ê °µ¥» ° Ä ­¶ ´ ­ ­· · 3 ¸ ´ ´Ê  ɪ´ ¸É°° Ä ­¶ ´ ­ ­· · ¶ ª ŤÉÁ · 1,380,241,150 ® ɪ¥ à ¥Å¤É · ¤¼¨ ɵÁ¡ºÉ° ´ ­¦¦Ä®ÊÂ É ¼Ê º°®»Ê Á ·¤Ä °´ ¦µ º° Ä ­¶ ´ ­ ­· · 1 ® ɪ¥ É°®»Ê ­µ¤´ 4 ®»Ê °´ ¦µ µ¦Ä Ê­· · º° Ä ­¶ ´ ­ ­· · 1 ® ɪ¥ É°®» Ê ­µ¤´ 1 ®» Ê ¦µ µ µ¦Ä Ê­ · · ° Ä ­¶ ´ ­ ­· · ³Á ɵ ´ 0.20 µ É°®» Ê ÁªÊ Â É ³¤¸ µ¦ ¦´ ¦µ µ µ¦Ä Ê­ · · µ¤Á º°É Å µ¦ ¦´ ­· · ¦³¥³Áª¨µ µ¦Ä Ê­ · · Á¤º°É ¦ ¶® 1 ¸ ´  ɪ ´ ¸°É ° Ä ­¶ ´ ­ ­· · ʼ °º Ä ­¶ ´ ­ ­· ·­µ¤µ¦ Ä Ê­ · · µ¤Ä ­¶ ´ ­ ­· ·Å ÊÄ ª´ ¶ µ¦­» ʵ¥ ° » Å ¦¤µ­ ®¦º°ª´ ¶ µ¦­» ʵ¥ ° Á º° ¤¸ µ ¤ ¤· » µ¥ ´ ¥µ¥ ¨³ ´ ªµ ¤ °  ɨ³ ¸ ¨° °µ¥» ° Ä ­¶ ´ ­ ­· ·

826,880,580 5,863,193,610

µ¤ ¸ É ¦³ »¤­µ¤´ ¼ Ê °º ®» Ê ¦³ ¶ ¸ ¡.«. 2551 Á¤º°É ª´ ¸É 3 Á¤¬µ¥ ¡.«. 2551 Šʤ¤¸ · ´ É°Å ¸Ê 1. ° »¤´ · µ¦¨ » ³Á ¸¥ à ¥ µ¦¥ Á¨· ®»Ê ³Á ¸¥ ¸É¥´ ¤·Å Ê ¶°° ¶® ɵ¥ ¶ ª 45,349,104 ®»Ê ¤¼¨ ɵ®»Ê ¨³ 1 µ · Á È ¶ ª Á · 45,349,104 µ µ » ³Á ¸¥ Á ·¤ ¶ ª 631,668,465 µ £µ¥®¨´ µ¦¨ » ³Á ¸¥ ¦·¬ ´ ³¤¸ » ³Á ¸¥ ´ Ê ­· Ê ¶ ª 586,319,361 µ · Á È ®» Ê ­µ¤´ ¶ ª 586,319,361 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 1 µ

Á¤º°É ª´ ¸É 24 ´ ¥µ¥ ¡.«. 2551 ¦·¬ ´ Šʦ ´ ° » µ Ä®ÊÁ¦·¤É ¶ µ¦ º°Ê µ¥Ä ­¶ ´ ­ ­· · ɸ ³ º°Ê ®» Ê ­µ¤´ ° ¦·¬ ´ ¦´ Ê ¸É 2 (“EMC W2”) ¶ ª 1,378,262,892 ® ɪ¥ µ ¨µ ®¨´ ¦´¡¥Í娃 ¦³Á «Å ¥

2. ° »¤ ´ · µ¦¨ ¤¼¨ ɵ®» Ê ­µ¤´ µ Á ·¤®» Ê ¨³ 1 µ Á È ®» Ê ¨³ 0.10 µ à ¥ » ³Á ¸¥ ° ¦·¬ ´ ¥´ Á ɵÁ ·¤ ¶Ä®Ê ¶ ª ®» Ê ­µ¤´ ³Á ¸¥ ° ¦·¬ ´ Á¡·¤É ¹ Ê µ 586,319,361 ®» Ê Á È 5,863,193,610 ®» Ê ¦·¬ ´ Å Ê ¦´ ¦» ¶ ª ®» Ê ­µ¤´ ´ªÁ ¨¸¥É ɪ ʶ® ´ ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 Ä®¤É Á¡º°É Ä ÊÄ µ¦ ¶ ª ¶Å¦ É°®» Ê ´ Ê ¡º Ê µ ¨³ ¶Å¦ É°®» Ê ¦´ ¨ Á¡º°É ¦³Ã¥ ÍÄ µ¦Á ¦¸¥ Á ¸¥ µ¤ ¸ É ¨ÉµªÅªÊÄ ®¤µ¥Á® » °Ê 27 3. ° »¤ ´ · µ¦Á¡·¤É » ³Á ¸¥ ¶ ª 138,024,115 µ à ¥ µ¦°° ®» Ê ­µ¤´ Ä®¤É ¶ ª 1,380,241,150 ®» Ê ¤¼¨ ɵ®» Ê ¨³ 0.10 µ Á¡º°É ¦° ¦´ µ¦Ä Ê­ · · °Êº ®» Ê µ¤Ä ­¶ ´ ­ ­· · ɸ ³ ¶ µ¦°° ¨³Á­ ° µ¥ ¶Ä®Ê » ³Á ¸¥ ° ¦·¬ ´ Á¡·¤É ¹ Ê µ 586,319,361 µ Á È 724,343,476 µ

Å ¬µ ³ Å ¬µ ³ ì ¬¶ ¶ ¹Ë¯­ºË ¸ É ¦³ »¤ª·­µ¤´ ¼ Ê °º ®» Ê ¦´ Ê ¸É 1/2548 Á¤º°É ª´ ¸É 9 »¤£µ¡´ Í ¡.«. 2548 Šʤ¤¸ ·Á È Á° ´ Í° »¤ ´ · ´ ¸Ê 1. ¤¸¤ ·° »¤´ ·Ä®Ê°° Ä ­¶ ´ ­ ­· · ¶ ª 50,000,000 ® ɪ¥Ä®ÊÂ É ¦¦¤ µ¦Â¨³ / ®¦º°¡ ´ µ ° ¦·¬´ £µ¥Ä Êà ¦ µ¦ Á­ ° µ¥®¨´ ¦´¡¥ÍÄ®ÊÂ É ¦¦¤ µ¦Â¨³/®¦º°¡ ´ µ (ESOP Scheme) à ¥ ´ ­¦¦Ä®Ê ¦¦¤ µ¦ ¦·¬´ ¶ ª 33,600,000 ® ɪ¥ · Á È ¦Ê°¥¨³ 67.2 ° ¶ ª Ä ­¶ ´ ­ ­· · Ê´ ®¤ µ¦ ´ ­¦¦Ä ­¶ ´ ­ ­· · Ê´  ɦ°Ê ¥¨³ 5 ¹ Ê Å ° ¶ ª Ä ­¶ ´ ­ ­· · ´Ê ®¤ ¸É °° » µ £µ¥Ä Êà ¦ µ¦Á­ ° µ¥®¨´ ¦´¡¥ÍÄ®ÊÂ É ¦¦¤ µ¦Â¨³/®¦º°¡ ´ µ (ESOP Scheme) µ¤¤ · ´ ¨Éµª ¦·¬´ Å Ê ´ ­¦¦Ä ­¶ ´ ­ ­· ·Ä®ÊÂ É ¦¦¤ µ¦ ¼Ê ´ µ¦Á È ¶ ª 30,000,000 ® ɪ¥ · Á È ¦Ê°¥¨³ 60 ° ¶ ª Ä ­¶ ´ ­ ­· · Ê´ ®¤ 2. ¤¸¤ ·° »¤´ · µ¦°° ¨³Á­ ° µ¥Ä ­¶ ´ ­ ­· · ¸É ³ ºÊ°®»Ê ­µ¤´ ° ¦·¬´ · ¦³ » ºÉ° ¼Ê º°Â¨³Ã° Á ¨¸É¥ ¤º°Å Ê °µ¥» ° Ä ­¶ ´ ­ ­· · 3 ¸ ´ ´ Ê Â Éª ´ ¸°É ° Ä ­¶ ´ ­ ­· · ¶ ª ŤÉÁ · 131,389,488 ® ɪ¥ à ¥Å¤É · ¤¼¨ ɵ Á¡º°É ´ ­¦¦ Ä®ÊÂ É ¼ Ê °º ®» Ê Á ·¤ °´ ¦µ µ¦Ä Ê­ · · °º Ä ­¶ ´ ­ ­· · 1 ® ɪ¥ É°®» Ê ­µ¤´ 1 ®» Ê (°µ Á ¨¸¥É  ¨ Ä £µ¥®¨´ µ¤Á º°É Å µ¦ ¦´ ­· ·) ¦µ µ µ¦Ä Ê­· · ° Ä ­¶ ´ ­ ­· · ³Á ɵ ´ 2 µ É°®»Ê ÁªÊ Â É ³¤¸ µ¦ ¦´ ¦µ µ µ¦Ä Ê­· · µ¤Á ºÉ° Å µ¦ ¦´ ­· · ¦³¥³Áª¨µ µ¦Ä Ê­· ·Á¤ºÉ° ¦ ¶® 1 ¸ ´  ɪ´ ¸É°° Ä ­¶ ´ ­ ­· · (27 ´ ¥µ¥ ¡.«. 2548) ¼Ê º°Ä ­¶ ´ ­ ­· · ­µ¤µ¦ Ä Ê­· · µ¤Ä ­¶ ´ ­ ­· ·Å ÊÄ ª´ ¶ µ¦­» ʵ¥ ° » Å ¦¤µ­ ®¦º°ª´ ¶ µ¦­» ʵ¥ ° Á º° ¤¸ µ ¤ ¤· » µ¥ ´ ¥µ¥ ¨³ ´ ªµ ¤ °  ɨ³ ¸ ¨° °µ¥» ° Ä ­¶ ´ ­ ­· · ęô ăċüóĊæ

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¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

551,462,411 9 ¦ µ ¤ ¡.«. 2551 16 ¦ µ ¤ ¡.«. 2551 586,319,361 9 »¨µ ¤ ¡.«. 2551 14 »¨µ ¤ ¡.«. 2551

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

129

­º­ºË ¬´£³ ¹Ë¯ ¹ µ¤ ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ ¦´ Ê ¸É 6/2551 Á¤º°É ª´ ¸É 22 ­· ®µ ¤ ¡.«. 2551 ¸ É ¦³ »¤Å ʤ¤¸ ·° »¤ ´ Ä· ®Ê °Êº ®» Ê ­µ¤´ ¸°É ° ¶® ɵ¥ º Á È ¶ ª Á · ŤÉÁ · 192 ¨Êµ µ ¨³ ¶ ª ®»Ê ŤÉÁ · ¦Ê°¥¨³ 10 ° ®»Ê ¸É ¶® ɵ¥Å ʨʪ ´Ê ®¤ à ¥¤¸ ¶® ¦³¥³Áª¨µÄ Áª¨µÄ µ¦ º°Ê ®» Ê º ´ Ê Â Éª ´ ¸É 8 ´ ¥µ¥ ¡.«. 2551 ¹ ª´ ¸É 7 ¤¸ µ ¤ ¡.«. 2552 µ¤ ¸ É ¦³ »¤ ³ ¦¦¤ µ¦ ¦·¬ ´ ¦´Ê ¸É 7/2551 Á¤ºÉ°ª´ ¸É 14 ¡§« · µ¥ ¡.«. 2551 ¸É ¦³ »¤Å ʤ¸¤ ·° »¤´ ·Ä®Ê ÊÅ ª Á · µ¦ ºÊ° º ®» Ê ­µ¤´ µ Á ·¤ ¶ ª Á · ŤÉÁ · 192 ¨Êµ µ Á È ¶ ª Á · ŤÉÁ · 145 ¨Êµ µ ¦·¬ ´ º°Ê ®» Ê ­µ¤´ º à ¥¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê ª´ ¸É

¶ ª ®» Ê (®» Ê )

218,381,348 248,358,325

14 »¨µ ¤ ¡.«. 2551 22 »¨µ ¤ ¡.«. 2551 28 »¨µ ¤ ¡.«. 2551 ¦ª¤

44,000,000 3,000,000 20,000,000 67,000,000

¶ ª Á · ( µ ) 7,810,000 480,000 2,800,000 11,090,000

®¨´ µ ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦·¬ ´ º°Ê ®» Ê ­µ¤´ º Á¡·¤É Á ·¤ à ¥¤¸¦µ¥¨³Á°¸¥ ´ ¸Ê ª´ ¸É 18 »¤£µ¡´ Í ¡.«. 2552 22 »¤£µ¡´ Í ¡.«. 2552 23 »¤£µ¡´ Í ¡.«. 2552 2 ¤¸ µ ¤ ¡.«. 2552 ¦ª¤

¶ ª ®» Ê (®» Ê )

¶ ª Á · ( µ )

20,000,000 10,000,000 10,000,000 2,000,000 42,000,000

2,400,000 1,200,000 1,200,000 220,000 5,020,000

- 826,880,580 - (802,121,998) - (24,758,582) - 1,378,262,892

¬µ¥¯ ´£ ­£´¤ ¬µ¥¯ ´£ ­£´¤ Á¡º°É Ä®ÊÁ È Å µ¤¤µ ¦µ 116 娃 ¡¦³¦µ ´ ´ · ¦·¬ ´ ¤®µ ¶ ´ ¡.«. 2535 ¦·¬ ´ ² Ê° ´ ­¦¦ ¶Å¦­» · ¦³ ¶ ¸­ªÉ ® ¹ É ÅªÊÁ È » ­¶¦° µ¤ ®¤µ¥ Å¤É Ê°¥ ªÉµ¦Ê°¥¨³ 5 ° ¶Å¦­» · ¦³ ¶ ¸®´ ʪ¥¥° µ » ­³­¤¥ ¤µ ( ʵ¤¸) ªÉµ » ­¶¦° ¸Ê ³¤¸ ¶ ª Å¤É °Ê ¥ ªÉµ¦Ê°¥¨³ 10 ° » ³Á ¸¥ ­¶¦° µ¤ ®¤µ¥ ´ ¨ÉµªÅ¤É­µ¤µ¦ ¶Å ɵ¥Á · ´ ¨Å Ê

¬µ¥¯ ¬µ­¥³ ¬µ¥¯ ¬µ­¥³ ­ºË º ¹Ë¯ ¹ Á¡ºÉ°Ä®ÊÁ È Å µ¤ ´ ¹ ° ­¶ ´ µ ³ ¦¦¤ µ¦ §¬ ¸ µ Á¨ ¸É 756/2547 ¦·¬´ Ê° ´ ¶Å¦­³­¤ÅªÊÁ È Á · ­¶¦° Á ɵ ´ ¶ ª Á · ¸ÉÅ Ê Éµ¥ ºÊ°®»Ê º ªÉµ ³¤¸ µ¦ ¶® ɵ¥®»Ê ¸É ºÊ° º Å Ê®¤ £µ¥Ä ¦³¥³Áª¨µÅ¤ÉÁ · 3 ¸ ´ µ ª´ ¸É ºÊ°®»Ê º Á­¦È ­·Ê ®¦º°¨ » ¸ É ¶¦³Â¨ÊªÃ ¥ª· ¸ ´ ®» Ê º°Ê º ¸ É ¶® ɵ¥Å¤É®¤ Â¨ÊªÂ É ¦ ¸ ¹ É Á È µ¤ Ê° ¶® ° ¡¦³¦µ ´ ´ · ¦·¬ ´ ¤®µ ¶ ´ ( ´ ¸É 2) ¡.«. 2544 ­¶¦° ´ ¨ÉµªÅ¤É­µ¤µ¦ ¶Å º°Ê ®» Ê º Á¡·¤É Á ·¤®¦º° ¶Å ɵ¥Á · ´ ¨Å Ê ­¶¦° ­¶®¦´ ®» Ê » º°Ê º ¸ Ê ³ ¼ ¨´ ¦µ¥ µ¦Á¤º°É ¦·¬ ´ Šʤ ¸ µ¦ ¶® ɵ¥®» Ê » º°Ê º ®¦º°¨ » ´ ¨Éµª ʵ Ê

´¥ ¥³ ´¥ ¥³ Ä ¥ ¬¥Ë´ ­ ·Ë ·Ê£· ³ ­´

¶ ª Á®¨º°®¨´ µ µ¦¨ ¤¼¨ ɵ®»Ê ¶ ª ¸ÉÄ ÊÅ ¶ ª ¸É®¤ °µ¥» ¶ ª Á®¨º°

¶ ª ¸É ´ ­¦¦ 50,000,000 ¶ ª ¸ÉÄ ÊÅ É° µ¦¨ ¤¼¨ ɵ®»Ê (49,399,003) ¶ ª ¸É®¤ °µ¥» (600,997) ¶ ª Á®¨º° ¸É¥´ ŤÉÅ ÊÄ Ê É° µ¦¨ ¤¼¨ ɵ®»Ê -

107,307,458 1,378,262,892 (24,619,400) 82,688,058 1,378,262,892

47,831,108 34,856,950 478,311,080 348,569,500

4,072,500 20,546,900 24,619,400 478,311,080 323,810,918 826,741,398 18,406,378 24,404,941 6,324,185 263,499 49,399,003 49,399,003 ¥° ¥ ¤µ É° µ¦Ä Ê­· · 30 ´ ¥µ¥ ¡.«. 2549 2 »¨µ ¤ ¡.«. 2549 3 ¤ ¦µ ¤ ¡.«. 2550 2 ¦ µ ¤ ¡.«. 2550 26 ´ ¥µ¥ ¡.«. 2550 31 ¤¸ µ ¤ ¡.«. 2551 ¦ª¤ ¶ ª ¸ÉÄ ÊÅ É° µ¦¨ ¤¼¨ ɵ®»Ê 30 ¤· » µ¥ ¡.«. 2551 26 ´ ¥µ¥ ¡.«. 2551 ¦ª¤ ´Ê ­·Ê

ESOP (® ɪ¥) ª´ ¸ÄÉ Ê­ · ·

¶ ª ¸ÄÉ ÊÅ EMC W1 (® ɪ¥)

¶ ª ®»Ê ¤¼¨ ɵ®» Ê ­µ¤´ ­Éª Á · ¤¼¨ ɵ ­µ¤´ ¸É¤µ µ ­µ¤´ ¸ÁÉ · µ ®»Ê ¸ÉÁ · µ ª´ ¸ÅÉ Ê¦ ´ ° »¤ ´ Á· È ª´ ¸ É ³Á ¸¥ Á¡·¤É » EMC W2 µ¦Ä Ê­ · · ®¨´ ¦´¡¥Í ³Á ¸¥ µ¦Ä Ê­ · · » ¶¦³Â¨Êª ´ ¦³ ¦ª ¡µ · ¥Í µ¦Ä Ê­ · · ( µ ) (® ɪ¥) (®» Ê ) ( µ ) ( µ ) 145,930,840 429,612,900 18,406,378 18,406,378 145,930,840 448,019,278 6 ¦ µ ¤ ¡.«. 2549 19 ¦ µ ¤ ¡.«. 2549 4,072,500 4,072,500 150,003,340 452,091,778 6 »¨µ ¤ ¡.«. 2549 12 »¨µ ¤ ¡.«. 2549 24,404,941 24,404,941 150,003,340 476,496,719 5 ¤ ¦µ ¤ ¡.«. 2550 15 ¤ ¦µ ¤ ¡.«. 2550 6,324,185 6,324,185 150,003,340 482,820,904 12 ¦ µ ¤ ¡.«. 2550 20 ¦ µ ¤ ¡.«. 2550 263,499 263,499 150,003,340 483,084,403 15 »¨µ ¤ ¡.«. 2550 24 »¨µ ¤ ¡.«. 2550 20,546,900 20,546,900 170,550,240 503,631,303 3 Á¤¬µ¥ ¡.«. 2551 10 Á¤¬µ¥ ¡.«. 2551

ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¼ Ê °º Ä ­¶ ´ ­ ­· ·Å Ê °Ä Ê­ · ·Ã ¥­µ¤µ¦ ­¦» Å Ê ´ ¸Ê

¥° Á®¨º°

128

µ¤­´ µ ¦´ à ¦ ­¦Êµ ® ¸ Ê É¹ «µ¨¨Ê¤¨³¨µ¥ ¨µ ° »¤ ´ · ´ ¨ ª´ ¸É 18 ¤¸ µ ¤ ¡.«. 2551 ¦·¬ ´ Šʦ ´ ð ®» Ê µ ¨¼ ® ¸ Ê ¶ ª 1 ¦µ¥ ´ ¸Ê ¦¼  µ¦ ¦´ à ¦ ­¦Êµ µ¦Ã° ­· ¦´¡¥Í

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¶ ª ® ¸ Ê µ¤ ´ ¸ É° ¦´ à ¦ ­¦Êµ ® ¸ ( µ ) 16,406,755

· ° ­· ¦´¡¥Í ¸¦É ´ ð ®» Ê ­µ¤´ ° Amata (Vietnam) Company Limited

¤¼¨ ɵ¥» · ¦¦¤ ( µ ) 7,579,200

µ » µ µ¦ ¦´ à ¦ ­¦Êµ ® ¸Ê ( µ ) 8,827,555

130

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

° µ ¸Ê µ¤­´ µ µ¦ ¦´ à ¦ ­¦Êµ ® ¸ Ê ´ ´ ¨Éµª ¦³ »ªµÉ ¦·¬ ´ ³Å ʦ ´ ®» Ê ­µ¤´ ¨³Ä ­¶ ´ ­ ­· · ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) ¶ ª 2,385,284 ®» Ê Â¨³ 596,321 ® ɪ¥ µ¤¨¶ ´ à ¥ ¼ Ê ¦·®µ¦Â ³Á È ¼ Ê ¶Á · µ¦ µ¥®¨´ ¦´¡¥Í ´ ¨Éµª µ¤ ¶­´ É ° ¦·¬ ´ Á¡º°É ¶Á · ¤µ ¶¦³® ¸ÄÊ ®ÊÂ É ¦·¬ ´ É°Å Á º°É µ ¦·¬ ´ Ťɭµ¤µ¦ ¦´ ð ®» Ê ° ¦·¬ ´ Á° Å Ê ¼ Ê ¦·®µ¦ ° ¦·¬ ´ µ ªÉµ ®» Ê ­µ¤´ ¨³Ä ­¶ ´ ­ ­· · ° ¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) ´ ¨Éµª ³ ¼ ¶® ɵ¥Ä®Ê ´ » ¨£µ¥ ° ¨³Å ʦ ´ ¶¦³® ¸Ê £µ¥Ä ¸ ¡.«. 2552

 ¶  ¶ ³ § µ¤ ¸É ¦³ »¤ª·­µ¤´ ¼Ê º°®»Ê ¦³ ¶ ¸ ¡.«. 2551 Á¤ºÉ°ª´ ¸É 3 Á¤¬µ¥ ¡.«. 2551 Šʤ¸¤ ·°¥Éµ Á È Á° ´ Í° »¤´ · µ¦ ɵ¥Á · ´ ¨ ­¶®¦´ ¨ ¦³ ° µ¦ ¦³ ¶ ¸ ¡.«. 2550 Á¡·É¤ ¹Ê °¸ Ä °´ ¦µ®»Ê ¨³ 0.10 µ Ä®ÊÂ É ¼Ê º°®»Ê ° ¦·¬´ à ¥ ¶® · ­¤» ³Á ¸¥ ¡´ µ¦Ã° ®»Ê Á¡ºÉ° ¶® ­· · ° ¼Ê º°®»Ê Ä µ¦¦´ Á · ´ ¨Ä ª´ ¸É 13 ¤¸ µ ¤ ¡.«. 2551 ¨³ ¶® ª´ ɵ¥Á · ´ ¨Ä ª´ ¸É 2 ¡§¬£µ ¤ ¡.«. 2551

¢´«· ¢´«·Â ¶ Æ Ë ¶ ¶ º §

¯ º ¯ º ¬µ¥¯ §·Ë¤ ·

¦·¬ ´ Ťɤ£¸ µ¦³£µ¬¸Á · Å Ê · · » ¨­¶®¦´ ¸ ¡.«. 2551 ¨³¡.«. 2550 Á º°É µ ¦·¬ ´ ¤¸ ¨ µ » µ £µ¬¸¥ ¤µ µ ¸ °É

¦·¬ ´ ¨³¡ ´ µ ¦·¬ ´ ŠʦªÉ ¤ ´ ´ ´ Ê ° » ­¶¦° Á¨¸¥Ê ¸¡ ¹ Ê µ¤¡¦³¦µ ´ ´ · ° » ­¶¦° Á¨¸¥Ê ¸¡ ¡.«. 2530 à ¥ ¦·¬ ´ ¨³ ¡ ´ µ ³ ɵ¥­¤ Á ʵ ° » Á È ¦µ¥Á º° Ä °´ ¦µ¦Ê°¥¨³ 2 ¨³ 3 ° Á · Á º° ° » ­¶¦° Á¨¸Ê¥ ¸¡ ¸Ê ¦·®µ¦Ã ¥ ° » ­¶¦° Á¨¸Ê¥ ¸¡Å ¥¡µ · ¥Í¦ª¤ ¦´¡¥Í ¹É ³Á ¸¥ ¨ʪ ¨³ ³ ɵ¥Ä®Ê ɡ ´ µ Á¤ºÉ°¡ ´ µ ´Ê °° µ µ µ¤¦³Á ¸¥ ªÉµ ʪ¥ ° » ° ¦·¬ ´ Ä ¦³®ªÉµ ¸ ¡.«. 2551 ¦·¬ ´ Å Ê µÉ ¥Á · ­¤ ° » Á È ¶ ª 867,655 µ (¡.«. 2550 : 1,398,142 µ )

µÆ¥ ʯ­ºË µÆ¥ Ê ¶Å¦ É°®» Ê ´ Ê ¡º Ê µ ¶Å¦ É°®» Ê ´ Ê ¡º Ê µ ¶ ª à ¥®µ¦ ¶Å¦­» ·­¶®¦´ ª ʪ¥ ¶ ª ´ªÁ ¨¸¥É ɪ ʶ® ´ ° ®» Ê ­µ¤´ ¸°É ° °¥¼ÄÉ ¦³®ªÉµ ª

´¥Â¬ ¯ Ë ´¥Â¬ ¯ ˯£»§ ´ ´¥Â ¶ µÃ ´£¬Ê© ´

¶Å¦ É°®» Ê ¦´ ¨

¦·¬´ ¶Á · · µ¦Ä ­Éª µ ®¨´ µ »¦ · º° µ¦Ä®Ê ¦· µ¦ µ¤­´ µ É°­¦Êµ ¦³¥³¥µªÂ¨³ µ¦ µ¥ª´­ »Â¨³°» ¦ ÍÄ µ¦ · ´ Ê µ ¦³ ¨³ ¶Á · »¦ · Ä ­Éª µ µ £¼¤«· µ­ ¦Í­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¨³ ¡.«. 2550 ­ Å Ê ´ ¸Ê

¶Å¦ É°®» Ê ¦´ ¨ ¶ ª à ¥®µ¦ ¶Å¦­» ·­¶®¦´ ª ʪ¥ ¨¦ª¤ ° ¶ ª ®» Ê ­µ¤´ ´ªÁ ¨¸¥É ɪ ʶ® ´ ¸°É ° °¥¼ÄÉ ¦³®ªÉµ ª ´ ¶ ª ´ªÁ ¨¸¥É ɪ ʶ® ´ ° ®» Ê ­µ¤´ ¸ É ¦·¬ ´ °µ Ê° °° Á¡º°É  ¨ ®» Ê ­µ¤´ Á ¸¥ Á ɵ ¦´ ¨ ´ Ê ­· Ê Ä®ÊÁ È ®» Ê ­µ¤´ à ¥­¤¤ · ªÉµÅ ʤ ¸ µ¦Â ¨ Á È ®» Ê ­µ¤´ ª´ Ê ª ®¦º° ª´ °° ®» Ê ­µ¤´ Á ¸¥ Á ɵ

(® ɪ¥: ¨Êµ µ ) ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ´ ¦µ¥ µ¦ ´ ¸¦³®ªÉµ ´ ¦ª¤ ­Éª µ Ä ¦³Á « ­Éª µ ɵ ¦³Á « ¡.«. 2551 ¡.«. 2550 ¡.«. 2551 ¡.«. 2550 ¡.«. 2551 ¡.«. 2550 ¡.«. 2551 ¡.«. 2550

µ¦ ¦³ ¥° ¦³®ªÉµ ¶Å¦ É°®»Ê ´Ê ¡ºÊ µ ¨³ ¶Å¦ É°®»Ê ¦´ ¨ ­¶®¦´ ¸­·Ê ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¨³ ¡.«. 2550 ­ Å Ê ´ ¸Ê ­¶®¦´ ª ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¶Å¦­» · (¡´ µ )

¶ ª ®» Ê ­µ¤´ ´ªÁ ¨¸¥É ɪ ʶ® ´ (¨Êµ ®» Ê )

¶Å¦ É°®» Ê ( µ )

¡.«. 2550 ¡.«. 2550 ( µ¤ ¸É ( µ¤ ¸É ¦µ¥ µ ÅªÊ ¡.«. 2550 ¦µ¥ µ ÅªÊ ¡.«. 2550 ¡.«. 2551 ¡.«. 2550 ¡.«. 2551 Ä ª É° ) ( ¦´ Ä®¤É) ¡.«. 2551 Ä ¸ É° ) ( ¦´ Ä®¤É) ¶Å¦ É°®»Ê ´Ê ¡ºÊ µ ¶Å¦­» ·

98,757.0 146,376.0

5,319.9

479.7

4,797.0

0.02

0.31

0.03

-

-

2.7

27.0

-

-

-

43.0

430.0

98,757.0 146,376.0

5,319.9

525.4

5,254.0

Ä ­¶ ´ ­ ­· · ¸É ³ ºÊ°®»Ê ­µ¤´ ¸É°° Ä®Ê ´ ¼Ê º°®»Ê Á ·¤

2,814

126

184

-

-

2,756

2,998

¦µ¥Å Ê ´Ê ­·Ê

2,630

2,814

126

184

-

-

2,756

2,998

¶Å¦( µ » ) µ µ¦ ¶Á · µ µ¤­Éª µ

164

172

(56)

(22)

-

-

108

150

° Á ¸Ê¥ ɵ¥

(10)

(4)

-

-

-

-

(10)

(4)

¶Å¦( µ » )­» ·

154

168

(56)

(22)

-

-

98

146

¸ É · °µ µ¦Â¨³°» ¦ Í

141

136

3

4

-

-

144

140

­· ¦´¡¥Í°ºÉ

1,908

1,562

38

198

(65)

(20)

1,881

1,740

¦ª¤­· ¦´¡¥Í

2,049

1,698

41

202

(65)

(20)

2,025

1,880

31.2 ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦·¬´ ¤¸® ´ ­º° ʶ ¦³ ´ ¸É°° Įʠɰ ¸ ¦·¬´ ¥É°¥Â®É ® ¹É ¶ ª 30.34 ¨Êµ µ (¡.«. 2550 : 30.34 ¨Êµ µ ) °´ Á ¸É¥ªÁ ºÉ° ´ µ¦ ʶ ¦³ ´ ® ¸Ê­¶®¦´ µ É°­¦Êµ ¸É ¦·¬´ Á È ¼Ê ¦·®µ¦Ã ¦ µ¦Ä®Ê ¹É Á È µ ¸É Á ¸¥É ªÁ º°É ¤µ É° µ¦ µ¥° ¸ ¦·¬ ´ ¥É°¥ ´ ¨Éµª

¶Å¦ É°®»Ê ¦´ ¨ ¶Å¦ ¸ÉÁ È ° ¼Ê º°®»Ê ­µ¤´ ­¤¤ ·ªÉµ¤¸ µ¦Â ¨ Á È ®»Ê ­µ¤´

2,630

31.1 ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ¦·¬´ ¤¸® ´ ­º° ʶ ¦³ ´ ¸É°° à ¥ µ µ¦Â¨³­ µ ´ µ¦Á · Ä µ¤ ¦·¬´ ¹É Á ¸É¥ªÁ ºÉ° ´ £µ¦³ ¼ ¡´ µ · ´ · µ ¦³ µ¦ µ¤ · ¦» · ¹ É ¤¸¥° Á®¨º° ¶ ª 876.35 ¨Êµ µ (¡.«. 2550: 1,041.03 ¨Êµ µ ¨³ 2.9 ¨Êµ Á®¦¸¥ ­®¦´ ²)

Ä ­¶ ´ ­ ­· · ¸É ³ ºÊ°®»Ê ­µ¤´ ¸É°° -

¦µ¥Å Ê µ £µ¥ °

­ · ­ ·Ë¬¶ ·Ê¯´ ²Â ¶ ¸Ë

¨ ¦³ ° ®»Ê ­µ¤´ Á ¸¥ Á ɵ ¦´ ¨ Ä®ÊÂ É ¦¦¤ µ¦Â¨³¡ ´ µ ° ¦·¬´

131

0.02

0.28

31.3 Á¤ºÉ°ª´ ¸É 1 »¤£µ¡´ Í ¡.«. 2551 ¦·¬´ ¼ ¢Ê° µ ¦·¬´ µ¦ · Å ¥ ¶ ´ (¤®µ ) Ä Ê°®µ ¸É ¶Ä®ÊÁ · Á¡¨· Å®¤Ê°µ µ¦ ¦´ª µ¦ · ­ µ¤ · ­»ª¦¦ £¼¤· à ¥ ¦·¬´ µ¦ · Å ¥ ¶ ´ (¤®µ ) Å ÊÁ¦¸¥ ¦Ê° Ä®Ê ¦·¬´ ¶¦³ ɵÁ­¸¥®µ¥ ¶ ª 73.07 ¨Êµ µ ¡¦Ê°¤ ° Á ¸¥Ê ¦Ê°¥¨³ 7.5 É° ¸ ´ µ ª´ ¸ÁÉ · Á® » (ª´ ¸É 18 ¤ ¦µ ¤ ¡.«. 2549) ¹ ª´ ¢Ê° ¶ ª 11.14 ¨Êµ µ ¦ª¤Á È Á · ´ Ê ­· Ê ¶ ª 84.21 ¨Êµ µ à ¥ ¸°¥¼¦É ³®ªÉµ µ¦¡· µ¦ µ ° «µ¨Â¡É ¹ É ¥´ Å¤É ¦µ ¨Ä ³ ¸Ê °¥Éµ Ŧ È µ¤

0.03

¦·¬ ´ Å Ê ¦´ Ä®¤É ¶Å¦ É°®» Ê ´ Ê ¡º Ê µ ¨³ ¶Å¦ É°®» Ê ¦´ ¨ ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 Á º°É µ ¤¸ µ¦¨ ¤¼¨ ɵ ®» Ê ­µ¤´ µ 1 µ Á È 0.10 µ µ¤ ¸ É ¨ÉµªÅªÊÄ ®¤µ¥Á® » 20 ęô ăċüóĊæ

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132

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

(® ɪ¥: ¨Êµ µ )

ɵ¥ ¦·®µ¦ ° ¦·¬´ Á º°É ªÉµ ³Å¤É¤®¸ ¸­Ê · ¸ÁÉ È ­µ¦³­¶ ´ Á · ¹ Ê µ ¨ ° ¸ ¨³ ¦·¬ ´ ŤÉÅ Ê Ê´ ¦³¤µ µ¦® ¸­Ê · ¸°É µ ³Á · ¹ Ê µ µ¦ ¼ ¢Ê° ¦Ê° ´ ¨Éµª

°´ ¦µ ° Á ¸Ê¥

¢´¥² » ³ ¢´¥² »

2,085,756 2,085,756 2,429,789 6,601,301

Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­

Á · Á º° ɵ¦ ¨³ ¨ ¦³Ã¥ Í° ɺ ° ¡ ´ µ ɵÁ­º°É ¤¦µ µ ¶Å¦ ( µ » ) µ °´ ¦µÂ¨ Á ¨¸¥É

Ťɤ¸ ° Á ¸Ê¥

¦ª¤

-

-

-

289

11

300

-

-

-

-

-

508

508

µ ¼Ê ʵ ­¶®¦´ µ É°­¦Êµ -­» ·

-

-

-

-

-

235

235

¨¼ ® ¸ÊÁ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ

-

-

-

-

-

205

205

Â É ¦¦¤ µ¦Â¨³¡ ´ µ

-

-

-

-

-

4

4

Á · ɵ¥¨Éª ® ʵĮÊÂ É ¼Ê¦´ Á®¤µ ɪ

-

-

-

-

-

50

50

Á · ɵ¥¨Éª ® ʵ ɵª´­ »°» ¦ Í

-

-

-

-

-

72

72

Á · µ ­ µ ´ µ¦Á · ¸É¤¸Ä ÊÁ È ®¨´ ¦³ ´ 0.75%-4.00%

310

-

-

17

-

327

30

-

-

-

-

30

340

-

-

306

1,085

1,731

6.25%-8.2%

-

-

-

139

-

139

Á ʵ® ¸Ê µ¦ ʵ

-

-

-

-

-

335

335

Á ʵ® ¸ÊÁ · ¦³ ´ ¨ µ

-

-

-

-

-

101

101

Á · ¦´ ¨Éª ® ʵ µ ¨¼ ʵ

-

-

-

-

-

132

132

3.3%

3

2

-

-

-

5

3

2

-

139

568

712

¶ ª Á · ´Ê ­·Ê ¸É · µ¦¤¸­· ·Á¦¸¥ ¦Ê°

-

Á · ¦° ɵ¥­¶®¦´ µ¦ ¶Á · µ

(® ɪ¥ : µ ) ¡.«. 2550 ¡.«. 2551 249,747,512 25,741,748 117,402

°´ ¦µ ° Á ¸Ê¥ ¦´ µ¤ ¦µ µ ¨µ

0.75%-2.25%

¨¼ ® ¸Ê µ¦ ʵ-­» ·

Ê Ê´Å Ë Ê´¤ ´£§³ « ² ÉµÄ Ê µÉ ¥ µ¤¨´ ¬ ³ ¸­É ¶ ´ ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ Å Ê É

°´ ¦µ ° Á ¸Ê¥ ¸É £µ¥Ä ¤µ ªÉµ ¤µ ªÉµ 1 ¸ 1 ¹ 5 ¸ 5 ¸

­· ¦´¡¥Í µ µ¦Á ·

ª´ ¸É 31 ´ ªµ ¤ ¶ ª Á · ´ Ê É¶ ¸ É °Ê ɵ¥Ä ° µ µ¤­´ µÁ ɵ ¶Á · µ ¸ÅÉ ¤É­µ¤µ¦ ¥ Á¨· Å Ê ° ¦·¬ ´ ¤¸ ´ ¸Ê (® ɪ¥ : µ ) ¡.«. 2551 ¡.«. 2550 ŤÉÁ · 1 ¸ Á · ªÉµ 1 ¸  ɥ ´ ŤÉÁ · 2 ¸ Á · ªÉµ 2 ¸  ɥ ´ ŤÉÁ · 5 ¸

133

Á · ¨ » Ä ¨»É¤ ¦·¬´ ¦Éª¤ ¶ µ

8.00%

® ¸Ê­· µ µ¦Á ·

206,757,927 16,468,566 -

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

 ¥¹Ê¯ £¹¯ ´ ´¥Â ¶  ¥¹ 34.1 Ã¥ µ¥ µ¦ ¦·®µ¦ ªµ¤Á­¸¥É

® ¸Ê­· µ¤­´ µÁ ɵ µ¦Á ·

Á ¦ºÉ° ¤º° µ µ¦Á · ¸É­¶ ´ ° ¦·¬´ µ¤ ¸É ·¥µ¤Ä ¤µ ¦ µ µ¦ ´ ¸ ´ ¸É 48 “ µ¦Â­ ¦µ¥ µ¦ ¨³ µ¦Á · Á ¥ Ê°¤¼¨ ­¶®¦´ Á ¦ºÉ° ¤º° µ µ¦Á · ” ¦³ ° ʪ¥ Á · ­ ¨³¦µ¥ µ¦Á ¸¥ Á ɵÁ · ­ ¨¼ ® ¸Ê µ¦ ʵ Á · ¨ » ¨³Á · ¼Ê¥º¤¦³¥³­´Ê ¦·¬ ´ ¤¸ ªµ¤Á­¸¥É ¸ÁÉ ¸¥É ª Ê° ´ Á ¦º°É ¤º° µ µ¦Á · ´ ¨Éµª ¨³¤¸ Ã¥ µ¥Ä µ¦ ¦·®µ¦ ªµ¤Á­¸¥É ´ ¸Ê

34.4 ªµ¤Á­¸¥É µ °´ ¦µÂ¨ Á ¨¸¥É

34.2 ªµ¤Á­¸¥É ʵ µ¦Ä®Ê­ · Á º°É

¦·¬ ´ Ťɤ ¸ ªµ¤Á­¸¥É µ °´ ¦µÂ¨ Á ¨¸¥É Á º°É µ ¦·¬ ´ Ťɤ¦¸ µ¥ µ¦ ʵ ¸ÁÉ È Á · ¦µ ɵ ¦³Á « ¸ÁÉ È ­µ¦³­¶ ´

¦·¬ ´ ¤¸ ªµ¤Á­¸¥É ʵ µ¦Ä®Ê­ · Á º°É ¸ÁÉ ¸¥É ªÁ º°É ´ ¨¼ ® ¸ Ê µ¦ ʵ ¶ ª Á · ´ Ê ­· Ê ¸ É · µ¦¤¸­ · ·Á¦¸¥ ¦Ê° µ ¼ Ê µÊ ­¶®¦´ µ É°­¦Êµ ¨¼ ® ¸ÁÊ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ ¨¼ ® ¸ Ê µ µ¦Ã° ­· · µ¦¦´ Á · ɵ¥ ¦·®µ¦ ª »¤ ªµ¤Á­¸¥É ¸Ê à ¥ µ¦ ¶® Įʤ ¸ Ã¥ µ¥Â¨³ª· ¸ µ¦Ä µ¦ ª »¤­· Á º°É ¸ÁÉ ®¤µ³­¤ ´ ´ Ê ¦·¬ ´ ¹ Å¤É µ ªÉµ ³Å ʦ ´ ªµ¤Á­¸¥®µ¥ ¸ÁÉ È ­µ¦³­¶ ´ µ µ¦Ä®Ê­ · Á º°É ° µ ¸Ê µ¦Ä®Ê­ · Á º°É ° ¦·¬ ´ Ťɤ ¸ µ¦ ¦³ » ´ª Á º°É µ ¦·¬ ´ ¤¸ µ ° ¨¼ ʵ ¸®É ¨µ ®¨µ¥ ¨³¤¸°¥¼É ¶ ª ¤µ ¦µ¥ ¶ ª Á · ­¼ ­» ¸ É ¦·¬ ´ °µ Ê° ­¼ Á­¸¥ µ µ¦Ä®Ê­ · Á º°É º°¤¼¨ ɵ µ¤ ´ ¸ ° ¨¼ ® ¸ Ê µ¦ ʵ ¶ ª Á · ´ Ê ­· Ê ¸É · µ¦¤¸­· ·Á¦¸¥ ¦Ê° µ ¼Ê ʵ ­¶®¦´ µ É°­¦Êµ ¨¼ ® ¸ÊÁ · ¦³ ´ ¨ µ µ¤­´ µ É°­¦Êµ ¨¼ ® ¸Ê µ µ¦Ã° ­· · µ¦ ¦´ Á · ¸ÂÉ ­ °¥¼ÄÉ »¨

34.5 ¤¼¨ ɵ¥» · ¦¦¤ ° Á ¦º°É ¤º° µ µ¦Á · Á º°É µ ­· ¦´¡¥Í¨³® ¸­Ê · µ µ¦Á · ­Éª Ä® É ° ¦·¬ ´ ´ °¥¼ÄÉ ¦³Á£ ¦³¥³­´ Ê Á · Ä®Ê ¥Ê¼ ¤º ¨³Á · ¼¥Ê ¤º ¹ É ¤¸° ´ ¦µ ° Á ¸¥Ê Ä ¨ÊÁ ¸¥ ´ °´ ¦µ ° Á ¸¥Ê Ä ¨µ ¦·¬ ´ ¹ ¦³¤µ ¤¼¨ ɵ¥» · ¦¦¤ ° ­· ¦´¡¥Í ¨³® ¸­Ê · µ µ¦Á · Ä ¨ÊÁ ¸¥ ´ ¤¼¨ ɵ µ¤ ´ ¸ Âɸ ­ Ä »¨ ¤¼¨ ɵ¥» · ¦¦¤ ®¤µ¥ ¹ ¶ ª Á · ¸É ¼Ê ºÊ°Â¨³ ¼Ê µ¥ ¨ ¨ Á ¨¸É¥ ­· ¦´¡¥Í ´ Ä ³ ¸É ´Ê ­° ɵ¥¤¸ ªµ¤¦° ¦¼Ê¨³Á È¤Ä Ä µ¦Â¨ Á ¨¸¥É ¨³­µ¤µ¦ É°¦° ¦µ µ ´ Å Ê°¥Éµ Á È °·­¦³Ä ¨´ ¬ ³ ¸ÅÉ ¤É¤ ¸ ªµ¤Á ¸¥É ª Ê° ´ ª· ¸ µ¦ ¶® ¤¼¨ ɵ¥» · ¦¦¤ ¹Ê °¥¼É ´ ¨´ ¬ ³ ° Á ¦º°É ¤º° µ µ¦Á · ¤¼¨ ɵ¥» · ¦¦¤ ³ ¶® µ ¦µ µ ¨µ ¨Éµ­» ®¦º° ¶® ¹ Ê Ã ¥Ä ÊÁ Í µ¦ª´ ¤¼¨ ɵ ¸ÁÉ ®¤µ³­¤

34.3 ªµ¤Á­¸¥É µ °´ ¦µ ° Á ¸¥Ê ¦·¬´ ¤¸ ªµ¤Á­¸É¥ µ °´ ¦µ ° Á ¸Ê¥ ¸É­¶ ´ °´ Á ¸É¥ªÁ ºÉ° ´ Á · µ ­ µ ´ µ¦Á · Á · Á · Á · ´ ¸ ¨³Á · ¼Ê¥º¤¦³¥³­´Ê µ ­ µ ´ µ¦Á · °¥Éµ Ŧ È µ¤ Á º°É µ ­· ¦´¡¥Í¨³® ¸­Ê · µ µ¦Á · ­Éª Ä® ɤ°¸ ´ ¦µ ° Á ¸¥Ê ¸ É ¦´ ¹ Ê ¨ µ¤°´ ¦µ ¨µ ®¦º°¤¸° ´ ¦µ ° Á ¸¥Ê ¸ É É¹ Ä ¨ÊÁ ¸¥ ´ °´ ¦µ ¨µ Ä ´ » ´ ªµ¤Á­¸¥É µ °´ ¦µ ° Á ¸¥Ê ° ¦·¬ ´ ¹ °¥¼ÄÉ ¦³ ´ ɶ

´¥ ³ ´¥ ³ ¥²Â¢ ¥´¤ ´¥Å ´¥Â ¶

ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2551 ­· ¦´¡¥Í¨³® ¸Ê­· µ µ¦Á · ¸É­¶ ´ ­µ¤µ¦ ´ µ¤ ¦³Á£ °´ ¦µ ° Á ¸Ê¥ ¨³­¶®¦´ ­· ¦´¡¥Í¨³® ¸­Ê · µ µ¦Á · ¸¤É °¸ ´ ¦µ ° Á ¸¥Ê ¸­É µ¤µ¦ Â¥ µ¤ª´ ¸ É ¦ ¶® ®¦º° ª´ ¸¤É ¸ µ¦ ¶® °´ ¦µ ° Á ¸¥Ê Ä®¤É (®µ ª´ ¸¤É ¸ µ¦ ¶® °´ ¦µ ° Á ¸¥Ê Ä®¤É ¹ É° ) Å Ê ´ ¸Ê

¦·¬ ´ Šʤ ¸ µ¦ ´ ¦³Á£ ¦µ¥ µ¦ ´ ¸ µ ¦µ¥ µ¦Ä µ¦Á · ­¶®¦´ ¸­ Ê· ­» ª´ ¸É 31 ´ ªµ ¤ ¡.«. 2550 Ä®¤É Á¡º°É Įʭ° ¨Ê° ´ µ¦ ´ ¦³Á£ ¦µ¥ µ¦ ´ ¸ ° ¸ ´ » ´ ¹ É Å¤É¤ ¸ ¨ ¦³ É° ¶Å¦­» ·®¦º°­Éª ° ¼ Ê °º ®» Ê µ¤ ¸ÅÉ Ê¦µ¥ µ Š¨ʪ ęô ăċüóĊæ

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134

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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135

$8',725t6 5(3257 To the Shareholders of EMC Public Company Limited have audited the accompanying balance sheet of EMC Public Company Limited as at 31 December 2008, and the related statements of income, changes in I shareholders’ equity and cash flows for the year then ended. The Company’s management is responsible for the correctness and completeness of information presented in these financial statements. My responsibility is to issue a report on these financial statements based on my audit. I did not audit the financial statement of an overseas branch for the year ended 31 December 2008 as discussed in Note 1 to financial statements. As at 31 December 2008, an overseas branch’s financial statements as included in the financial statements present total assets of Baht 41.2 million or 2.03%, and revenues for the year then ended of Baht 126.1 million or 4.6%. The financial statements of the above overseas branch were audited by another auditor whose report, which has been furnished to me, expressed a qualified opinion in respect of non-receipt of gross amounts due from customers for contract work confirmation of Baht 28 million or 68% of total assets of the branch and 1.38% of total assets in the financial statements. I have considered and adjusted the material effects based on the information in the audited financial statements as reported by that other auditor. My opinion in so far as it relates to the amounts of the various transactions of this branch included in the financial statements is based on the report of this auditor.

(0& 38%/,& &203$1< /,0,7(' ),1$1&,$/ 67$7(0(176 '(&(0%(5 $1'

I conducted my audit in accordance with the generally accepted auditing standards. Those standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. I believe that my audit provides a reasonable basis for my opinion. In my opinion, based on my audits and the report of another auditor, except for the effects to the financial statements as discussed in the first paragraph the financial statements referred to above present fairly, in all material respects, the financial position of EMC Public Company Limited as at 31 December 2008, and the results of its operation and cash flows for the year then ended in accordance with generally accepted accounting principles. The financial statements of EMC Public Company Limited for the year ended 31 December 2007 were audited by another auditor, from a different firm to myself, whose report dated 27 February 2008 expressed an unqualified opinion on those statements and drew attention regarding that during 2006, the Company was sued by the former subsidiary, claiming for compensation of losses on the project of which the Company was project manager. The Company’s legal advisor has confirmed that the Company has no legal responsibility for the losses under the principal contract. However, the 2007 annual general meeting of the shareholders of the Company passed a resolution to settle the dispute, whereby each party would be responsible for the half of the claimed amount of Baht 67.7 million. The Company fully settled the indebtedness amounts on 5 August 2007. ęô ăċßóÄŠĂŚ

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136

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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EMC ASSETS Current assets Cash and cash equivalents Trade accounts receivable, net Gross amounts due from customers for contract work, net Retentions receivable, net Short-term loan to other company Work in progress Other current assets Total current assets Non-current assets Deposits at financial institutions used as collateral Other long-term investments, net Long-term loan to other company Property, plant and equipment, net Other non-current assets Total non-current assets TOTAL ASSETS

EMC

(Unit : Baht) Notes

5 6 7 8 9

10 11 12 13 14

2008

2007

300,490,104 508,038,019 235,146,334 204,761,766 2,000,000 45,710,819 218,614,552 1,514,761,594

308,996,788 325,230,149 322,894,024 203,111,601 73,645,723 158,469,394 1,392,347,679

326,801,448 274,047 30,000,000 144,367,444 8,859,651 510,302,590 2,025,064,184

308,854,131 274,047 30,000,000 139,660,219 8,816,043 487,604,440 1,879,952,119

(Unit : Baht) Notes

LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Bank overdrafts and short-term loans from financial institutions Trade accounts payable Current portion of finance lease obligations, net Short-term loan from other company Unbilled payable - cost of construction Retentions payable Advance received from customers Provision for loss on construction project Other current liabilities Total current liabilities Non-current liability Finance lease obligations, net Total non-current liability TOTAL LIABILITIES

15 16 17

18 19

16

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

The accompanying notes form an integral part of these financial statements. ęô ăċßóÄŠĂŚ

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137

2008

2007

138,684,885 335,386,556 3,207,141 12,000,000 210,867,294 101,227,279 131,735,730 2,153,011 67,686,384 1,002,948,280

66,493,979 426,779,478 3,783,379 281,984,439 76,237,060 178,395,424 8,250,252 49,189,975 1,091,113,986

2,721,142 2,721,142 1,005,669,422

5,928,283 5,928,283 1,097,042,269

138

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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67$7(0(176 2) ,1&20(

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EMC

EMC

(Unit : Baht) Notes

Shareholders’ equity 20 Share capital Registered 7,243,434,760 ordinary shares of Baht 0.1 each (2007 : 631,668,465 ordinary shares of Baht 1 each) Issued and paid-up 5,863,193,610 ordinary shares of Baht 0.1 each (2007: 483,084,403 ordinary shares of Baht 1 each) 21 Share premium 21 Treasury stock 22 Translation adjustment Retained earnings Appropriated - statutory reserve 23 Appropriated - reserve for treasury stocks 24 Unappropriated Total shareholders’ equity TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

2008

724,343,476

2007

631,668,465

586,319,361 248,358,325 -11,090,000 (7,459,356)

483,084,403 150,003,340 (2,990,593)

15,282,883 11,090,000 176,893,549 1,019,394,762 2,025,064,184

10,230,293 142,582,407 782,909,850 1,879,952,119

(Unit : Baht) Notes

2007

2,737,031,292 9,459,294 9,606,350 2,756,096,936

2,982,960,374 9,062,791 5,767,625 2,997,790,790

Expenses Cost of sales and construction Administrative expenses Reserve of doubtful debt (reversal), net Provision for loss on construction project (Reversal) Loss on project management Total expenses

2,549,347,543 117,003,952 -12,532,097 (6,097,240) 2,647,722,158

2,735,631,789 85,574,092 (1,282,560) 8,250,252 19,300,000 2,847,473,573

108,374,778 (9,617,762) 98,757,016

150,317,217 (3,941,188) 146,376,029

Earnings per share Basic earnings per share Net income for the year

25 25 18

15 to 17

27

Diluted earnings per share Net income for the year

The accompanying notes form an integral part of these financial statements. ęô ăċßóÄŠĂŚ

2008

Revenues Sales and construction revenues Interest income Others Total revenues

Income before interest expenses Interest expenses Net income for the year

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

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0.02

0.03

0.02

0.03

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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67$7(0(176 2) &$6+ )/2:6 &RQWLQXHG

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EMC

EMC

(Unit : Baht) Notes

Cash flows from operating activities Net income for the year

2008

2007

98,757,016

146,376,029

25,741,748 8,827,555 9,617,763 3,874,658 (16,406,755) (9,459,294) (232,781) (6,097,240)

16,468,566 3,941,188 (1,282,560) (9,062,791) (1,049,137) 8,250,252

Adjustments to reconcile net income to net cash provided by (paid from) operating activities: Depreciation Loss on debt restructuring Interest expenses Allowance for doubtful debt Reversal of allowance for doubtful debt Interest income Gain on sales of assets Loss on project management Income from operating activities before changes in operating assets and liabilities

114,622,670

163,641,547

(Increase) decrease in operating assets: Trade accounts receivable Gross amounts due from customers for contract work Retentions receivable Work in progress Other current assets Other non-current assets Cash received from troubled debt restructuring

(186,682,528) 87,747,690 (1,650,165) 27,934,904 635,356 (43,608) 7,579,200

174,806,692 (39,039,208) (37,528,798) (4,245,344) 50,817,846 1,305,182 -

Increase (decrease) in operating liabilities: Trade accounts payable Unbilled payable - cost of construction Retentions payable Advance received from customers Other current liabilities Cash from (used in) operating activities

(91,392,922) (71,117,145) 24,990,219 (46,659,694) 15,775,729 (118,260,294)

44,919,895 122,110,083 17,355,272 (65,253,650) (33,471,475) 395,418,042

Corporate income tax paid (63,162,706) Net cash from (used in) operating activities (181,423,000) The accompanying notes form an integral part of these financial statements.

(82,524,914) 312,893,128

(Unit : Baht) Notes

2008

2007

Cash flows from investing activities Increase short-term loan to other company Increase in pledged deposits at financial institution Investment in consortium Translation adjustment Acquisition of property, plant and equipment Proceeds of assets Interest received Net cash used in investing activities

(2,000,000) (17,947,317) (4,468,763) (30,683,219) 467,027 11,841,486 (42,790,786)

(220,127,313) (20,000,000) (2,990,592) (110,146,152) 3,817,581 7,688,750 (341,757,726)

Cash flows from financing activities Increase (decrease) in bank overdraft and short-term loans from financial institutions Increase in short-term loan from other company Decrease in finance lease obligations Dividend paid Cash received from conversion warrants to ordinary shares Cash paid for repurchase its ordinary shares Interest expenses paid Net cash from (used in) financing activities

72,190,906 12,000,000 (3,783,379) (45,806,660) 201,589,943 (11,090,000) (9,393,708) 215,707,102

(44,041,386) (2,044,745) (42,893,028) 30,992,625 (3,941,188) (61,927,722)

Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year

(8,506,684) 308,996,788 300,490,104

(90,792,320) 399,789,108 308,996,788

60,000 300,430,104 300,490,104

66,636 308,930,152 308,996,788

Supplemental cash flows information: Cash and cash equivalents at ended of year: Cash on hand Deposits at banks

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

ęô ăċßóÄŠĂŚ

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142

142,582,407 782,909,850 (4,468,763) 201,589,943 (11,090,000) (11,090,000) 98,757,016 98,757,016 (48,303,284) (48,303,284) (5,052,590) 176,893,549 1,019,394,762

(0& 38%/,& &203$1< /,0,7(' )25 7+( <($56 (1'(' '(&(0%(5 $1' )25 7+( <($56 (1'(' '(&(0%(5 $1' *(1(5$/ ,1)250$7,21 EMC Public Company Limited (“the Company�) is incorporated as a public company domiciled in Thailand and is registered on the Stock Exchange of Thailand. The address of its registered office is as follows:

11,090,000 11,090,000

673,737,643 (2,990,593) 30,992,625 146,376,029 (43,200,913) (22,004,941) 782,909,850 46,726,092 146,376,029 (43,200,913) (7,318,801) 142,582,407 -

Total

127(6 72 ),1$1&,$/ 67$7(0(176

10,230,293 5,052,590 15,282,883 (2,990,593) (4,468,763) (7,459,356)

22,004,941 (22,004,941) -

-

The financial statements were approved by the Board of Directors on 2 March 2009.

(11,090,000) (11,090,000)

The Federation of Accounting Professions has issued Notifications in respect with adoption of Thai Accounting Standards (Revised 2007) and new Thai Accounting Standards are as follows: a)

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

28 23

21 22 24

483,084,403 103,234,958 586,319,361

150,003,340 98,354,985 248,358,325

$'237,21 2) 1(: $&&2817,1* 67$1'$5'6

Balance as at 31 December 2007 Translation adjustment Conversion of warrants of ordinary shares Treasury stock Reserve for treasury stocks Net income for the year Dividend paid Legal reserve Balance as at 31 December 2008

23

21

452,091,778 150,003,340 30,992,625 483,084,403 150,003,340 Balance as at 31 December 2006 Transalation adjustment Conversion of warrants of ordinary shares Net income for the year Dividend paid Share subscription received in advance Legal reserve Balance as at 31 December 2007

Share premium Issued and paid-up Notes share capital

2,911,492 7,318,801 10,230,293 (2,990,593) (2,990,593)

The financial statements of an overseas branch translated into Thai Baht at the closing exchange rate as to assets and liabilities, and at monthly average exchange rates as to revenues and expenses. The resultant differences have been shown under the caption of “Translation adjustment� in shareholders’ equity.

Treasury stock

The principal business of the Company is engaged in the provision of services under longterm service agreements and construction agreement and sales of equipment for the installation.

-

28-30th Floor, ITF Tower, 140/66-67 Silom Road, Bangrak, Bangkok.

Translation adjustment

Retained Reserve for earnings treasury Legal reserve Unappropriated stocks

143

Share subscription received in advance

(Unit: Baht)

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

Thai Accounting Standards (revised version) which are effective for the year 2008 No. 25 “Cash Flows Statements� No. 29 “Lease Agreement� No. 31 “Inventory� No. 33 “Borrowing Costs� No. 35 “Presentation of Financial Statements� No. 39 “Accounting Policies, Changes in Accounting Estimates and Errors� No. 41 “Interim Financial Reporting� No. 43 “Business Combination� No. 49 “Construction Contracts� No. 51 “Intangible Assets� These accounting standards do not result in substantial effect to the Group’s financial statements except for TAS 35 which requires the changes for presentation of statement of cash flows as well as the disclosure of critical accounting estimation, assumption and judgments and capital risk management as required by the revised standard TAS 35. (See note 3.14)

b)

ęô ăċßóÄŠĂŚ

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Thai Accounting Standards (revised version) which are not effective for the year 2008 No. 36 “Impairment of Assets� No. 54 “Non-Current Assets Held for sale and Discontinued Operations�

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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These accounting standards will become effective for the financial statements for fiscal years beginning on or after 1 January 2009. The management has assessed the effect of these revised accounting standards and believes that they will not have any significant impact on the financial statements for the year in which they are initially applied.

145

3.6 Property, plant and equipment Land is stated at cost less provision for impairment (if any). Plant and equipment is stated at cost less accumulated depreciation and provision for impairment (if any).

%$6,6 2) 35(3$5$7,21 $1' 6,*1,),&$17 $&&2817,1* 32/,&,(6

Depreciation is calculated on the straight line method to write off the cost or the revalued amount of each asset, except for land which is considered to have an indefinite life, to its residual value over the estimated useful lives as follows:

The Company financial statements have been prepared in accordance with Thai generally accepted accounting principles under the Accounting Act B.E. 2543, being those Thai Accounting Standards issued by the Institute of Certified Accountants and Auditors of Thailand and approved under the law by the Board of Supervision of Auditing Practice appointed by the Minister of Commerce, and the financial reporting requirements of the Securities and Exchange Commission.

Building Tools, machinery and equipment Furniture, fixture and office equipment Motor vehicles

Significant accounting policies adopted by the Company and the subsidiary companies are summarised below:

20 5-10 3-10 5

years years years years

Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. Estimated recoverable amount is the higher of the anticipated discounted cash flows from the continuing use of the asset and the amount obtainable from the sale of the asset less any costs of disposal.

3.1 Revenue Revenue from and cost of long-term construction and installation contracts are recognized using the percentage of completion method. The gross amount due from customers for long-term contracts pertaining to the excess of costs incurred plus recognised profits (less the sum of recognised losses) over progress billings is presented as “Gross amounts due from customers for contract work” in the balance sheets. The gross amount due to customers for longterm contracts pertaining to the excess of progress billings over costs incurred plus recognised profits (less the sum of recognised losses) is presented as “Gross amount due to customers for contract work” in the balance sheets.

Gains and losses on disposal of property and equipment are determined by reference to their carrying amount and are taken into account in determining profit/loss from operations. Expenditures for additions, renewals and improvements, which result in substantial increase in an asset’s current replacement value, are capitalised. Repair and maintenance costs are recognised as an expense when incurred.

Expected losses on uncompleted contracts are recognised as expenses in the period in which such losses are determined. Warranty and penalty costs are recognised on an accrual basis.

3.7 Related party transactions Related parties comprise enterprises and individuals that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company.

Interest income is recognised in the statement of income as it accrues. 3.2 Cost of construction

They also include associated companies and individuals which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Company’s operations.

Cost of construction provided under service and construction contracts is recognised in accordance with the percentage of work completed based on total estimated cost. Recognised costs of services which are not yet due as per the contracts have been shown under the caption of “Unbilled payable - cost of construction” in the balance sheets. The actual cost of construction incurred but not yet recognised as cost of services in the income statements has been regarded as “Work in progress” in the balance sheets.

3.8 Leases Leases of assets where the Company assumes substantially all the benefits and risk of ownership are classified as finance leases. Finance leases are capitalised at the estimated present value of the underlying lease payments. Each lease payment is allocated between the liability and finance charges so as to achieve a constant rate on the finance balance outstanding. The corresponding rental obligations, net of finance charges, are included under longterm lease payable. The interest element of the finance charge is charged to the income statement over the lease period. The equipment acquired under finance leasing contracts is depreciated over the useful life of the asset.

Work in progress includes the cost of raw material, direct labour and other expenses incurred for each project. Such work in progress is valued at the lower of cost or net realisable value. 3.3 Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of the statement of cash flows, cash and cash equivalents comprise cash on hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and not subject to restriction.

3.9 Foreign currency translation Transactions denominated in foreign currencies are translated into Baht at the approximate rates of exchange ruling on the transaction dates. Realised gains and losses on exchange are recognised as income or expense in the statements of income as incurred. Monetary assets and liabilities at the balance sheet date denominated in foreign currencies are translated into Baht at the approximate rates of exchange ruling at balance sheet date.

3.4 Trade accounts receivable Trade accounts receivable are stated at the net realisable value. Allowance for doubtful debts is provided for the estimated collection losses that may incur in collection of receivables. The allowance is based on collection experience and current status of receivables outstanding at the balance sheet date.

Unrealised gains and losses on exchange are recognised in the statements of income as incurred.

3.5 Other long-term investments

3.10 Impairment

Investments in non-marketable equity securities, which the Company classifies as other investments, are stated at cost net of allowance for loss on impairment (if any).

The carrying amounts of the Company’s assets are reviewed at each balance sheet date to determine whether there is any indication of impairment. If any such indication exists, the assets’ recoverable amounts are estimated. ęô ăċüóĊæ

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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147

Impairment of investment

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit exceeds its recoverable amount. The impairment loss is recognised in the statement of income unless it reverses a previous revaluation credited to equity, in which case it is charged to equity.

Management regularly evaluated the impairment of investment in other companies when there has been a significant or prolonged decline in the fair value below their cost or where other objective evidence of impairment exists. The evaluation is based on results of operation and future plan of the other companies. Such consideration requires the use of estimate and judgment by the management.

The recoverable amount is the greater of the assets’ net selling price and value in use. 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.

Property, plant and equipment Management determines the estimated useful lives and residual values for the property, plant and equipment. Management will revise the depreciation charge where useful lives and residual values are different to previously estimated, or it will write off or write down technically obsolete or assets that have been abandoned or sold.

An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.

2) Capital risk management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital.

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. 3.11 Employee benefits

In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.

Salary, wages, bonuses and contributions to the social security fund and provident fund are recognised as expenses when incurred.

3.15 Corporate income tax The Company calculates corporate income tax according to Revenue Code and records corporate income tax on the accruals basis. The Company does not recognise corporate income tax in respect of temporary differences in future periods.

3.12 Provisions for liabilities and charges Provisions are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made.

5(/$7(' 3$57< 75$16$&7,216 The Company has transactions with its related parties which are related in respect of shareholding or common shareholders or common directors are as follow.

3.13 Use of accounting estimates Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions in certain circumstances, affecting amounts reported in these financial statements and related notes. Actual results could differ from these estimates.

Company’s name Gold Plan Development Company Limited (As at 31 December 2008: not related company) Bangkok Bank Public Company Limited (As at 31 December 2008: not related company)

3.14 Critical accounting estimates, assumption, judgments and capital risk management 1) Critical accounting estimates, assumption and judgements Use of accounting estimates

Relationship Common Shareholder

Pricing Policy Agreed upon contract price

Shareholder

Market price

Significant business transactions with related companies for the year ended 31 December as follow: (Unit : Million Baht) 2007 2008 Gold Plan Development Company Limited

Preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates for certain accounting transactions, affecting amounts reported in the financial statements and notes related thereto. Subsequent actual results may differ from these estimates.

(As at 31 December 2008: not related company) Cost of construction Bangkok Bank Public Company Limited (As at 31 December 2008: not related company) Interest expenses Bank charge Directors and management Salaries, meeting allowance and gratuities

Estimates, assumption and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Allowance for doubtful accounts The Company maintains an allowance for doubtful accounts to reflect impairment of trade receivables relating to estimated losses resulting from the default or inability of customers to make required payments. The allowance is based on consideration of historical collection experience, known and identified instances of default of each customer. ęô ăċüóĊæ

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N/A

42,615

N/A N/A

2,975 12,611

18,762

13,812

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

The balances with related companies as at 31 December were as follows:

5(7(17,216 5(&(,9$%/( 1(7

(Unit : Million Baht) 2007 2008

Gold Plan Development Company Limited (As at 31 December 2008: not related company) Advance payments to sub-contractors Retentions payable - sub-contractors Account payable - sub-contractors Bangkok Bank Public Company Limited (As at 31 December 2008: not related company) Short-term loans

N/A N/A N/A

Retentions receivable, net Not yet due Over 12 months Total Less : Allowance for doubtful accounts Retentions receivable, net

17,999 1,996 4,706

N/A

2008

2007

204,761,766 894,914 205,656,680 (894,914) 204,761,766

203,111,601 894,914 204,006,515 (894,914) 203,111,601

37,370

Short-term loan to other company represented unsecured loan to a company. The loan will be due at call and bear interest at the rate of 8% per annum.

(Unit : Baht)

Trade accounts receivable Not yet due Not over 3 months 3 - 6 months 6 - 12 months Over 12 months Total Less : Allowance for doubtful accounts Trade accounts receivable, net

2008

2007

390,872,566 87,042,323 28,585,852 3,226,450 62,220,805 571,947,996 (63,909,977) 508,038,019

209,200,291 98,211,861 10,412,387 4,273,741 63,167,188 385,265,468 (60,035,319) 325,230,149

27+(5 &855(17 $66(76

Withholding tax deducted at source Advance payment for purchase supplies Advance payments to sub - contractors Input vat refundable Advances for operation to directors and employees Others

(Unit : Baht) 2008

2007

63,162,705 72,075,248 50,489,233 8,353,668 4,164,450 20,369,248 218,614,552

82,524,914 15,085,295 37,065,666 5,163,089 3,273,530 15,356,900 158,469,394

'(326,76 $7 ),1$1&,$/ ,167,787,216 86(' $6 &2//$7(5$/ '(326,76

*5266 $028176 '8( )520 72 &86720(56 )25 &2175$&7 :25. 1(7 (Unit : Baht)

Gross amounts due from customers for contract work Not yet due Over 12 months Total Less : Allowance for doubtful accounts Gross amounts due from customers for contract work, net

(Unit : Baht)

6+257 7(50 /2$1 72 27+(5 &203$1<

75$'( $&&28176 5(&(,9$%/( 1(7

Aggregate amount of construction costs incurred to date Adjust with the recognised profits to date Aggregate amount of construction incomes incurred to date Less : Sum of progress billings Gross amounts due from/to customers for contract work, net

149

2008

2007

5,613,721,947 449,048,557 6,062,770,504 (5,827,624,170) 235,146,334

6,536,300,909 549,164,712 7,085,465,621 (6,762,571,597) 322,894,024

235,146,334 72,582,441 307,728,775 (72,582,441) 235,146,334

Deposits at financial institutions used as collateral represents the fixed deposit with banks which has been pledged as security for bank guarantee facilities.

27+(5 /21* 7(50 ,19(670(176 1(7 27+(5 /21* 7(50 ,19(670(176 1(7 Other long-term investments represent investments in common share of other companies which stated at cost as follows: (Unit : Baht) 2007 2008 Investments in common shares Wave Development Company Limited Thai Medical Center Public Company Limited The Bangkok Club Company Limited Others Total Less : Allowance for impairment of investments Net

322,894,024 72,582,441 395,476,465 (72,582,441) 322,894,024

ęô ăċßóÄŠĂŚ

To Content

10,000,000 5,000,100 1,000,000 65,444 16,065,544 (15,791,497) 274,047

10,000,000 5,000,100 1,000,000 65,444 16,065,544 (15,791,497) 274,047

ęô ăċßóÄŠĂŚ

To Content

144,367,444 14,284,338 16,229,409 17,600,075 22,836,132

(2,324,975) (1,481,000)

29,932,326

Less : Allowance for impairment

Net book value, net

(843,975)

(58,373,252) (16,381,854) (13,262,463) (17,496,383) (5,062,691) (6,169,861) -

29,491,872 35,096,458 27,898,823 50,499,000 31,413,326 Cost

As at 31 December 2008

151

Less : Accumulated depreciation

205,065,671 30,666,192

144,367,444 14,284,338 16,229,409 17,600,075 22,836,132 43,485,164 29,932,326 Closing net book value, net

21,125 14,096 64,088 Translation adjustment

-

(25,841,057) (6,033,407) (5,909,631) (6,362,853) (5,062,691) Depreciation

(2,472,475)

(234,246) (63,646) (170,600) Disposal, net

-

30,683,219 12,102,833 5,377,594 13,202,792 -

20,296,620 10,085,757 18,691,846 14,696,031 45,957,639 29,932,326 Opening net book amount, net

For the year ended 31 December 2008

Additions

139,660,219

139,660,219 20,296,620 10,085,757 18,691,846 14,696,031 45,957,639

(2,324,975) (843,975)

(73,800,292) (10,337,418) (44,208,629) (15,556,859) -

29,932,326

4. No matter of any situation arising to this project, the Project owner agreed to settle all outstanding to the Bank and the Company by June 2010.

Net book value, net

3. In the event that, the Project owner received the settlements from the customers which were engaged into sale agreements after the date of memorandum of understanding, the Company and the bank are entitled to receive the settlement based on the sale price (net off deposit and down payments) in the proportion of 25% and 75% respectively.

(1,481,000)

2. In the event that, the Project owner received the settlement from the customers which have been engaged into sale agreements before the date of memorandum of understanding, the Company is exclusively entitled before the bank to receive the settlement from the Project owner in the amount not exceeding Baht 69 million.

Less : Allowance for impairment

3523(57< 3/$17 $1' (48,30(17 1(7

Land

1. The Company will additionally invest in construction of the Project based on the original construction contract no. 001/ 2551 dated 14 February 2008 until the Project will be complete for sales with the expected additional funding of the construction by Baht 69 million.

(3,697,386)

Buiiding improvement

As at 31 December 2008, the Project’s construction has been delayed since the Project owner has inadequate cash flows to continue the construction of the Project to be complete as the original schedule. Subsequently, the Company, the Project owner and the bank of the Project (“the Bank�) have mutually agreed to formalise the additional memorandum of understanding dated 26 February 2009 to resume the construction until completion of the Project in accordance with the terms and conditions outlined in the memorandum of understanding as follows :

-

54,294,386

Building

Moreover, in accordance with the addendum to the Memorandum of understanding between the Company and the Project owner dated 19 January 2007, the operating profits of the Project can be distributed provided that all loans and accrued interest of the Project are fully settled with the related financial institutions. The Project owner is entitled to charge management fees, which are to be determined upon completion of the Project. The Project owner agreed to provide the benefits from the Project in the amount of not less than Baht 20 million to the Company upon completion of the Project.

Less : Accumulated depreciation

In accordance with the Memorandum dated 9 November 2006, the borrower (“the Project owner�) will utilize the funds in its real estate project development which was initially expected to be complete for sale by December 2008.

34,248,705

Guaranteed by a major shareholder of borrower.

14,696,031

Principals due within the respective promissory notes’ date and interest was payable on 12-month basis.

50,499,000

30,000,000 8% per annum

Securities

31,413,326

30,000,000

Payment conditions

As at 31 December 2007

2 promissory notes due within 2 years

Interest Rate

(Unit : Baht)

Type of loan

Cost

The details of long-term loan to other company as at 31 December as follows:

30,634,038

Motor vehicles

/21* 7(50 /2$1 72 27+(5 &203$1< /21* 7(50 /2$1 72 27+(5 &203$1<

Balance (Baht) 2008 2007

215,785,486

Total

On 3 February 1997, the Company purchased 150,000 ordinary shares of Wave Development Company Limited at Baht 130 each (par value of Baht 100 each) totaling Baht 19.5 million, and made an initial payment of Baht 10 million. The rest is to be paid on demand.

99,309

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

43,485,164

Œ¾¼ÂŠÂľÂœÂžÂŚÂłÂ‹ÂśÂž¸ 2551

Tools, machinery Furniture, fixture and and equipment office equipment

150

152

Œ¾¼ÂŠÂľÂœÂžÂŚÂłÂ‹ÂśÂž¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

In 2001, the Company opened a bank guarantee facility of Baht 150 million with a former related financial institution. During the year 2006, the financial institution approved the additional facility of Baht 200 million, increasing the total facility to Baht 350 million. This is guaranteed by the former director of the Company and some plots of land and buildings thereon as described in Note 13. As at 31 December 2008, the Company has utilised the bank guarantee facilities of Baht 72.98 million (2007: Baht 95.05 million).

As at 31 December 2008, certain equipment items have been fully depreciated but are still in use. The original cost, before deducting accumulated depreciation, of those assets amounted to Baht 4.21 million (2007: Baht 41.53 million). As at 31 December 2008, net book value of computer software included in furniture, fixture and office equipment of Baht 355,672. The Company has mortgaged certain plots of land and building with a total net book value of Baht 56.10 million as at 31 December 2008 (2007: Baht 57.73 million) with banks to secure credit facilities obtained from those financial institutions as described in Note 15.

),1$1&( /($6( 2%/,*$7,216 1(7 ),1$1&(

Depreciation for the year ended 31 December 2008 amounting to Baht 11,079,659 (2007 : Baht 8,984,520) was included in cost of sales and construction.

financial lease obligations Less: Deferred interest expense

27+(5 121 &855(17 $66(76 27+(5

Refundable deposits Others

8,791,439 68,212 8,859,651

(Unit : Baht)

Less: Current portion of finance lease obligations Finance lease obligation, net

(Unit : Baht) 2008

2007

Objective

Interest Rate

6,271,278 (342,995) 5,928,283 (3,207,141) 2,721,142

10,526,916 (815,254) 9,711,662 (3,783,379) 5,928,283

2007

2008 3,580,483 2,690,795 6,271,278

The details of bank overdrafts and short-term loans from financial institutions as at 31 December as follows:

Type of loan

2007

(Unit : Baht)

Within 1 year 1 – 5 years

Payment conditions

2008

The Company has finance lease obligations in each year as follow:

8,743,386 72,657 8,816,043

%$1. 29(5)5$)76 $1' 6+257 7(50 /2$16 )520 ),1$1&,$/ ,167,787,216 %$1. Balance (Baht) 2008 2007

153

4,255,638 6,271,278 10,526,916

6+257 7(50 /2$1 )520 27+(5 &203$1< 6+257 7(50 Securities Short-term loan from other company as at 31 December 2008 is detailed below.

Bank over reaft (Credit Baht 20 million) Promissory notes

Promissory notes

Promissory notes

-

6,500,339 To use as

Secured with land and building at Prawate, District. Installment of interest Secured with land, building and principals due at IFT Tower,29th -30th floors within the respective and the transfer of the rights promissory notes’ date over collections from the debtors of the Company.

46,157,629

Installment of interest and principals due within the respective promissory notes’ date

Secured with director and the transfer of the rights over collections from the debtors of the Company

Installment of interest and principals due within the respective promissory notes’ date

Secured with land at Prakanong District and the transfer of the rights over collections from the debtors of the Company.

Installment of interest and principals due within the respective promissory notes’ date

Secured with the transfer of the rights over collections from the debtors of the Company.

- To use as

MLR + 1% working capital per annum (6.00% - 6.75% per annum)

17,041,508 37,369,772 To use as

MLR + 1% working capital per annum

(6.75% -7.25% per annum) Promissory notes

10,325,000

- To use as

MLR - 0.625%

working capital per annum

(7.225-7.85% per annum) Total

-

MOR per annum working capital (7.25% - 7.50% per annum) 65,160,748 22,623,868 To use as MLR + 1% working capital per annum (6.75%- 7.25% per annum)

Balance (Unit : Baht) Promissory note 12,000,000

Objective

Interest rate

Maturity date

Collateral

Working capital

4.5%

31 December 2008

None

The Company repaid the loan and default interest expenses on 14 January 2009.

3529,6,21 )25 /266 21 &216758&7,21 352-(&7 3529,6,21 As at 31 December 2008 and 2007, the Company has recorded the provision for loss on construction of Qatar project of Baht 2 million and Baht 8 million, respectively. The Qatar project is expected to complete in 2009. The provision for loss on construction will be reversed when the costs of construction were incurred.

27+(5 &855(17 /,$%,/,7,(6 27+(5 (Unit : Baht) 2008 Accrued expenses Value added tax payable Other payables Others

138,684,885 66,493,979

ęô ăċßóÄŠĂŚ

To Content

35,686,422 29,723,378 1,589,402 687,182 67,686,384

2007 22,925,079 20,436,655 5,068,623 759,618 49,189,975

154

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

6+$5( &$3,7$/ 6+$5( Number of ordinary shares as at 1 January 2007 Increased from the exercise of ESOP Warrant Number of ordinary shares as at 31 December 2007 Increased from the exercise of Warrant EMC W1 before split par value

On 20 September 2005, the Stock Exchange of Thailand authorised the issue of the warrants by the Company. (Unit : Shares)

30,992,625

At the board of director’s meeting no. 5/2008 held on 11 August 2008, it was unanimously resolved to issue 1,380,241,150 warrants (“EMC W2”) with the exercise period of 3-year after the date of issuance on 25 August 2008 to the existing shareholders at no charge in the proportion of ratio 1 warrant per 4 ordinary shares. The warrants represented an identified bearer and transferable warrants at the exercise price of Baht 0.20 per share subject to the adjustment of the exercised price in accordance with the terms of adjustments of exercise price. The warrants are to be exercisable in a ratio of 1 warrant per 1 ordinary share. The exercise period begins 1 year after the date of issue and the warrants can be exercised on the last working day of each quarter, or the last working day of March, June, September, December, of each year throughout the life of the warrants.

483,084,403 20,546,900 503,631,303

Number of ordinary shares after decrease in par value

5,036,313,030

Number of ordinary shares as at 31 December 2008

The Meeting of the Annual General Meeting of the Company’s shareholders to be held on 3 April 2008, it was unanimously resolved to reduce the par value of a ordinary share from Baht 1 to Baht 0.10, the total value of registered capital is still the same, that resulted in, the numbers of its listed warrant, EMC-W1 will be adjusted from 82,688,058 to 826,880,580 at exercise a price of Baht 0.20 per share.

452,091,778

Number of ordinary shares before decrease in par value

Increased from the exercise of Warrant EMC W1

155

826,880,580 5,863,193,610

On 24 September 2008, the Stock Exchange of Thailand authorised the trade of the warrants (“EMC W2”) of 1,378,262,892 unit issued by the Company.

At the annual general meeting of the shareholders held on 3 April 2008, it was unanimously resolved as follows: 1. Resolved to reduce the registered capital from Baht 631,668,465 by cancellation of the 45,349,104 undistributed shares with a par value of Baht 1 per share totaling Baht 45,349,104. After the reduction of the registered capital, the Company’s registered capital represented at Baht 586,319,361 comprising 586,319,361 shares of Baht 1 each. 2. Resolved to reduce the par value of ordinary share from Baht 1 to Baht 0.10, the total value of registered capital was unchanged, the number of ordinary shares was increased from 586,319,361 shares to 5,863,193,610 shares. As such, the Company restated the weighted average number of ordinary shares in issue for the year ended 31 December 2007 to calculate the basic earnings per share and diluted earnings per share for comparative purpose as described in Note 27. 3. Resolved to increase the registered capital of Baht 138,024,115 by issuance of the new shares of 1,380,241,150 shares at the par value of Baht 0.10 per share to support the exercise of the newly issued warrants. The total registered capital was increased from Baht 586,319,361 to Baht 724,343,476.

:$55$176 :$55$176 The extraordinary general meeting of shareholders No. 1/2005 held on 9 February 2005, passed the following resolutions: 1. A resolution to issue 50,000,000 warrants to the Company’s directors and/or employees under the ESOP Scheme, with 33,600,000 warrants, or 67.2 percent of all warrants issued, to be allocated to the Company’s directors. According to the resolution the Company will allocate excess 5 percent of such warrants under the ESOP Scheme, 30,000,000 warrants, or 60 percent of all warrants issued will be allocated to the Company’s managing director. 2. A resolution to issue up to 131,389,488 3-year warrants, comprising both bearer and transferable warrants, to the existing shareholders at no charge. The warrants are to be exercisable in a ratio of 1 warrant per 1 ordinary share (the ratio may be adjusted in accordance with the conditions of conversion), at a price of Baht 2 per share, unless the exercise price is adjusted under certain stipulated conditions. The exercise period begins 1 year after the date of issue (27 September 2005) and the warrants can be exercised on the last working day of each quarter, or the last working day of March, June, September and December, of each year throughout the life of the warrants.

ęô ăċüóĊæ

To Content

¦µ¥ µ ¦³ ¶ ¸ 2551

551,462,411 9 July 2008 16 July 2008 586,319,361 9 October 2008 14 October 2008

At the board of director’s meeting no. 6/2008 held on 22 August 2008, it was unanimously resolved to repurchase the issued ordinary shares in the amount not exceeding of Baht 192 million and not more than 10% of total issued shares for the period from 8 September 2008 to 7 March 2009. At the board of director’s meeting no. 7/2008 held on 14 November 2008, it was unanimously resolved to revise the repurchase of the issued ordinary shares from the amount not exceeding Baht 192 million to the amount not exceeding of Baht 145 million. The Company repurchased its ordinary shares as at 31 December 2008 as follows: Repurchased Date

No. of share (shares) Amount (Baht)

218,381,348 248,358,325

14 October 2008 22 October 2008 28 October 2008 Total

44,000,000 3,000,000 20,000,000 67,000,000

7,810,000 480,000 2,800,000 11,090,000

47,831,108 34,856,950

The Company additionally repurchased its ordinary shares subsequent to 31 December 2008 as follows: No. of share (shares) Amount (Baht)

1,378,262,892

18 February 2009 22 February 2009 23 February 2009 2 March 2009 Total

20,000,000 10,000,000 10,000,000 2,000,000 42,000,000

2,400,000 1,200,000 1,200,000 220,000 5,020,000

/(*$/ 5(6(59( /(*$/

- 826,880,580 - (802,121,998) - (24,758,582) -

The legal reserve of the Company is established in accordance with the provisions of the Public Company Limited Act B.E. 2535, which requires the appropriation as legal reserve of at least 5% of net income for the year until the reserve reaches 10% of the authorised share capital. The reserve is not available for dividend declaration.

5(6(59( )25 75($685< 672&.6 5(6(59( The Company has set up reserve for treasury stocks in accordance with memorandum of the Office of the Council of State of Thailand No. 756/2547 by appropriation of retained earnings to reserve for treasury stocks with the same amounts of treasury stocks. The reserve for treasury stocks will be reversed provided that all treasury stocks sold out within 3 years from the acquisition date of treasury stocks or decrease of the paid-up share capital in respect of the outstanding treasury stocks. The reserves for treasury stocks are not allowed for additional purchase of treasury stocks and dividend declaration in accordance with the Public Limited Companies Act (No. 2) B.E. 2544.

Outstanding number of warrants after decrease in par value Number of exercised warrants Number of expired warrants Outstanding number of unexercised warrants

107,307,458 (24,619,400) 82,688,058 Number of issued warrants 50,000,000 Number of exercised warrants before decrease in par value (49,399,003) Number of expired warrants (600,997) Total unexercised warrants before decrease in par value -

1,378,262,892 1,378,262,892

Repurchased Date

478,311,080 323,810,918 826,741,398

478,311,080 348,569,500

157

75($685< 672&. 75($685<

49,399,003 30 June 2008 26 September 2008 Total

6 July 2006 19 July 2006 6 October 2006 12 October 2006 5 January 2007 15 January 2007 12 July 2007 20 July 2007 15 October 2007 24 October 2007 3 April 2008 10 April 2008

Registration date with the Ministry of Commerce

Paid up capital (Baht) 429,612,900 448,019,278 452,091,778 476,496,719 482,820,904 483,084,403 503,631,303 Number of Amount of Premium on ordinary shares ordinary shares shares capital Number of exercised warrants from exercising from exercising from exercising EMC W1 warrants EMC W2 warrants ESOP warrants Exercised date (Unit) (Share) (Unit) (Baht) (Unit) (Baht) Balance before exercised 145,930,840 30 September 2006 18,406,378 18,406,378 18,406,378 145,930,840 2 October 2006 4,072,500 4,072,500 4,072,500 150,003,340 3 January 2007 24,404,941 24,404,941 24,404,941 150,003,340 2 July 2007 6,324,185 6,324,185 6,324,185 150,003,340 26 September 2007 263,499 263,499 263,499 150,003,340 31 March 2008 20,546,900 20,546,900 20,546,900 170,550,240 Total exercise number of warrants before decrease in par value 49,399,003 24,619,400

Balance

As at 31 December 2008, the holders of the warrants had warrants had exercised their rights as summarised below;

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ ) Approval date as listed securities

156

7528%/(' '(%7 5(6758&785,1* 7528%/(' In accordance with the debt restructuring agreement dated 18 March 2008 approved by the Central Bankruptcy Court, the Company received ordinary shares from a debtor to settle the indebtedness amount as follows: Type of restructuring Transferring of asset

ęô ăċüóĊæ

To Content

Book value of debt before restructuring (Baht) 16,406,755

Type of transferred asset Ordinary shares of Amata (Vietnam) Company Limited

Fair value (Baht)

Loss on debt restructuring (Baht)

7,579,200

8,827,555

158

Œ¾¼ÂŠÂľÂœÂžÂŚÂłÂ‹ÂśÂž¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

Â?Œ¡Âš´ °¸à °Ăˆ¤ÂŽ¸ ‹œ„´Â— (¤Ž¾Â?Âœ)

',9,'(1' ',9,'(1'

In addition, the Company is also entitled to receive ordinary shares and warrants of EMC Public Company Limited of 2,385,284 shares and 596,321 units respectively, as specified in the debt restructuring agreement. The plan administrator will offer these securities to the public for settlement of the debts in accordance with the Company’s instruction. The Company’s management is of opinion that both ordinary shares and warrants of EMC Public Company Limited will be sold to a third party with the receipt of settlement in 2009.

At the extraordinary shareholders’ meeting for the year 2008 held on 3 April 2008, it was animously resolved to declare the dividend for the year 2007 result of operations to shareholders at Baht 0.10 per share. The closing date of registered book to determine the right to receive dividends was on 13 March 2008, and the dividend will be settled on 2 May 2008.

3529,'(17 )81' 3529,'(17

&25325$7( ,1&20( 7$; &25325$7( The Company is not liable to corporate income tax for the years 2008 and 2007 due to tax loss brought forward.

The Company and its employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both employees and the Company contributed to the fund monthly at the rate of 2 and 3 percent of basic salary. The fund, which is managed by Provident Fund Thaipanitruamsub Already Registered, will be paid to employees upon termination in accordance with the fund rules. During the year 2008, the Company contributed Baht 867,655 to the fund (2007 : 1,398,142).

($51,1*6 3(5 6+$5( ($51,1*6 Basic earnings per share Basic earnings per share is calculated by dividing the net income for the period by the weighted average number of ordinary shares in issue during the period.

6(*0(17 ,1)250$7,21 6(*0(17

Diluted earnings per share

The Company’s business operations, for the years ended 31 December 2008 and 2007 involve principally a single industry segment, construction services, and are conducted in the following geographical segments.

Diluted earnings per share is calculated by dividing net income for the period by the weighted average number of ordinary shares in issue during the period plus the weighted average number of ordinary shares which would need to be issued to convert all dilutive potential ordinary shares into ordinary shares. The calculation assumes that the conversion took place either at the beginning of the period or on the date the potential ordinary shares were issued.

Local

Reconciliation between basic earnings per share and diluted earnings per share for the years ended 31 December 2008 and 2007 were presented below: For the year ended 31 December Weighted average number of ordinary shares (Million Shares)

Net income (Thousand Baht)

2007

2008

Earnings per share (Baht)

2007 2007 (Previously (Previously 2007 2007 reported) (Restated) 2008 reported) (Restated)

2008

Basic earnings per share Net income

159

98,757.0 146,376.0

5,319.9

479.7

4,797.0

0.02

0.31

(Unit: Million Baht) For the year ended 31 December Elimination of inter-segment revenues Overseas 2008 2007 2008 2007

2008

2007

Revenue from external customers

2,630

2,814

126

184

-

Total revenues

2,630

2,814

126

184

Segment income (loss)

164

172

(56)

Interest expense

(10)

(4)

Net income (loss)

154

Property, plant and equipment

Total 2008

2007

-

2,756

2,998

-

-

2,756

2,998

(22)

-

-

108

150

-

-

-

-

(10)

(4)

168

(56)

(22)

-

-

98

146

141

136

3

4

-

-

144

140

Other assets

1,908

1,562

38

198

(65)

(20)

1,881

1,740

Total assets

2,049

1,698

41

202

(65)

(20)

2,025

1,880

&217,1*(17 /,$%,/,7,(6 &217,1*(17

0.03

Effect of dilutive potential ordinary shares ordinary shareholders

-

-

-

2.7

27.0

-

-

-

43.0

430.0

31.1 As at 31 December 2008, there were outstanding bank guarantees of approximately Baht 876.35 million (2007: Baht 1,041.03 million and USD 2.9 million) issued by banks and financial institutions on behalf of the Company in respect of certain performance bonds as required in the normal course of business.

ESOP Warrants EMC-W1

31.2 As at 31 December 2008, the Company has issued the letter of guarantee to a former subsidiary totaling Baht 30.34 million (2007: Baht 30.34 million) is respect of guarantees provided on project which are managed by the Company. These projects were commenced before the Company disposed of its interests in this company.

Diluted earnings per share Net income of ordinary shareholders assuming the conversion of dilutive potential ordinary shares

98,757.0 146,376.0

5,319.9

525.4

5,254.0

0.02

0.28

31.3 On 1 February 2008, the Company has been claimed for the losses from the fire event at the Thai Airway’s Kitchen Department at the Suvarnabhumi Airport. Thai Airway International Public Company Limited has requested for indemnities from the fire event in the amount of Baht 73.07 million plus interest charges at the rate of 7.5% per annum from the date of fire event (18 January 2006) to the litigation date of Baht 11.14 million totaling Baht 84.21 million. The case is

0.03

The Company restated basic and diluted earnings per share for the year ended 31 December 2007 in accordance with the reduction of par value from Baht 1 to 0.10 as discussed in Note 20. ęô ăċßóÄŠĂŚ

To Content

160

¦µ¥ µ ¦³ ¶ ¸ 2551

Annual Report 2008 EMC PUBLIC COMPANY LIMITED

¦·¬ ´ °¸Á°È¤ ¸ ¶ ´ (¤®µ )

161

(Unit : Million Baht)

currently consideration of the Civil Court. However, the Company’s management believes that no material liability is likely to arise as a result of the case; accordingly, no provision for any liability that may result has been made in the financial statements.

Interest rate (% p.a.)

23(5$7,1* /($6( &200,70(176 23(5$7,1*

Fixed interest rates Within 1-5 Over 5 1 years years Years

Floating interest rate

Non interest rate

Total

Financial Assets

As at 31 December, future minimum lease payments under non-cancellable operating lease agreements of the Company are as follows : (Unit : Baht) 2008 2007

Cash and cash equivalent

0.75%-2.25%

-

-

-

289

11

300

-

-

-

-

-

508

508

-

-

-

-

-

235

235

-

-

-

-

-

205

205

-

-

-

-

-

4

4

Advance payments to sub-contractors

-

-

-

-

-

50

50

Advance payments for purchase supplies

-

-

-

-

-

72

72

Deposits at financial institutions used as collateral 0.75%-4.00%

310

-

-

17

-

327

30

-

-

-

-

30

340

-

-

306

1,085

1,731

6.25%-8.2%

-

-

-

139

-

139

Trade accounts payable

-

-

-

-

-

335

335

Retentions payable

-

-

-

-

-

101

101

Advance received from customers

-

-

-

-

-

132

132

3.3%

3

2

-

-

-

5

3

2

-

139

568

712

Trade accounts receivable, net Gross amounts due from customers

Within 1 year More than 1 year but not over 2 years More than 2 years but not over than 5 years

2,085,756 2,085,756 2,429,789 6,601,301

-

for contract work, net Retentions receivable Advance for operation to directors and employees

(;3(16(6 %< 1$785( (;3(16(6 Significant expenses by nature for the year ended 31 December are as follows :

(Unit : Baht) 2008

2007

Investment in consortium

Salary, wages and other employee benefits Depreciation expenses Gain (loss) on exchange rate

249,747,512 25,741,748 117,402

206,757,927 16,468,566 -

8.00%

Financial liabilities Bank over drafts and short-term loans from financial institutions

),1$1&,$/ ,167580(176 ),1$1&,$/ 34.1 Financial risk management The Company’s financial instruments, as defined under Thai Accounting Standard No. 48 “Financial Instruments : Disclosure and Presentations”, principally comprise cash and cash equivalents, trade accounts receivable, investments, and short- term loan. The financial risks associated with these financial instruments and how they are managed is described below.

Finance lease obligation

34.2 Credit risk

34.4 Foreign currency risk

The Company is exposed to credit risk primarily with respect to trade accounts receivable, gross amounts due from customers for contract work, retentions receivable and receivable from transfer of right of claim. The Company’s management manages the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur material financial losses. In addition, the Company does not have high concentration of credit risk since it has a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of trade accounts receivable, gross amounts due from customers for contract work, retentions receivable and receivable from transfer of right of claim as stated in the balance sheet.

The Company’s exposure to foreign currency risk because no significant trading transactions are denominated in foreign currencies. 34.5 Fair values of financial instruments Since the majority of the Company’s financial instruments are short-term in nature or bear floating interest rates, their fair value is not expected to be materially different from the amounts presented in the balance sheets.

34.3 Interest rate risk

A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. The fair value is determined by reference to the market price of the financial instrument or by using an appropriate valuation technique, depending on the nature of the instrument.

The Company’s exposure to interest rate risk relates primarily to its cash at banks, bank overdrafts and short-term loan from financial institutions. However, since most of the Company’s financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected to be minimal.

5(&/$66,),&$7,21 5(&/$66,),&$7,21

Significant financial assets and liabilities as at 31 December 2008 classified by type of interest rates are summarized in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date or the re-pricing date if this occurs before the maturity date.

Certain other amounts in the financial statements for the year ended 31 December 2007 have been reclassified to conform to the current year’s classifications but with no effect to previously reported net income or shareholders’ equity. ęô ăċüóĊæ

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162

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Annual Report 2008 EMC PUBLIC COMPANY LIMITED

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The Company paid 1,050,000 Baht audit fee to RSM Audit Services (Thailand) Co.,Ltd. for account audit the past financial year.

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