RATCH: Annual Report 2002

Ratchaburi Electricity G

enerating Holding Public C

ompany Lim

itedAnnual Report 2002

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)Ratchaburi Electricity Generating Holding Public Company Limited

19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900

‚∑√»—æ∑å 0 2978 5000 ‚∑√ “√ 0 2937 932119 SCB Park Plaza, Tower 3 East,

20th Floor, Ratchadapisek Rd., Ladyao, Jatujak, Bangkok 10900Tel. (66) 2978 5000 Fax. (66) 2937 9321

www.ratch.co.th

CorporateGovernanceGood

Annual Report 2002√“¬ß“πª√–®”ªï 2545

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’


æ≈—ß √â“ß √√§åÕπ“§µ ë Powering the Future

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)√“¬ß“πª√–®”ªï 2545

Public

Government

Customers

BusinessPartners

Shareholders

Employees

Fairness

Transparency Best Practice

Accountability

Value


Public

Government

Customers

BusinessPartners

Shareholders

Employees

Fairness


Accountability

Value

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’

ç°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’é ‡ªìπ‡ªÑ“À¡“¬¢Õß°“√¥”‡π‘πß“π¢Õß °≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∑’Ë®—°µâÕß ªØ‘∫—µ‘ „Àâ —¡ƒ∑∏‘º≈ ∫πæ◊Èπ∞“π·Ààß°“√¬÷¥¡—Ëπ„π®√‘¬∏√√¡ ∑’Ë§”π÷ß∂÷ßª√–‚¬™πå¢Õß à«π√«¡‡ªìπ ”§—≠ §«“¡√—∫º‘¥™Õ∫ µàÕª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈¢Õß°“√¥”‡π‘πß“π ¥â«¬°“√ §«∫§ÿ¡§«“¡‡ ’Ë¬ßÕ¬à“ß√Õ∫§Õ∫·≈–√Õ∫¥â“π °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ “√ π‡∑»∑’Ë ”§—≠¢Õß∫√‘…—∑œ Õ¬à“ß∂Ÿ°µâÕß·≈–∑—Ë«∂÷ß µ≈Õ¥®π °“√¥Ÿ·≈·≈–ªØ‘∫—µ‘µàÕºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°§πÕ¬à“ß‡∑à“‡∑’¬¡°—π

‘Ëß‡À≈à“π’ÈÀ≈Õ¡√«¡‡ªìπ§à“π‘¬¡Õß§å°√∑’Ë§«√§à“·°à°“√ªØ‘∫—µ‘ ◊∫∑Õ¥µ≈Õ¥‰ª ‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∑ÿ°ΩÉ“¬ π—∫µ—Èß·µà ºŸâ∂◊ÕÀÿâπ æπ—°ß“π ¿“§√—∞ ºŸâ√à«¡§â“ ≈Ÿ°§â“ ·≈– “∏“√≥™π „π∞“π–ºŸâ¡’ à«π‰¥â à«π‡ ’¬¢Õß∫√‘…—∑œ

Ratchaburi Electricity Generating Holding PCL. Group aims to comply with Good Corporate Governance based on adherance to best practice as essential with integrity, accountability to efficiency of operation with thorough risk management, transparency to information disclosure on accurate and coverage basis and fairness to all stakeholders on equal manner.

All of these are the Groupûs value in maximizing benefit to all stakeholders including shareholders, employees, government, business partners, customers and public.

¿“æ√«¡∑“ß¥â“π°“√‡ß‘πFinancial Overview

º≈°“√¥”‡π‘πß“π‡¥àπ„π√Õ∫ªï 2545Highlights of Operations in 2002

“√®“°ª√–∏“π°√√¡°“√Message from the Chairman

§≥–°√√¡°“√∫√‘…—∑Board of Directors

§≥–ºŸâ∫√‘À“√Executive Officers

‚§√ß √â“ß°“√∫√‘À“√Organization Chart

‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπManagement and Shareholding Structure

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

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—πThe Industry and Competition

ªí®®—¬§«“¡‡ ’Ë¬ßRisk Factors

‚§√ß°“√„πÕπ“§µFuture Projects

√“¬°“√√–À«à“ß°‘®°“√∑’Ë‡°’¬«¢âÕß°—πTransactions with Related Companies

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘πManagement Discussion & Analysis

°“√√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’Report on Compliance with Principles of Good Corporate Governance

§«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡Responsibilities to Environment and Society

ß∫°“√‡ß‘πFinancial Statements

¢âÕ¡Ÿ≈Õ◊ËπÊOther Facts

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊOther Reference Persons

¥√√™π’Index

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2 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 3Ratchaburi Electricity Generating Holding Public Company Limited Ratchaburi Electricity Generating Holding Public Company Limited∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

Shareholders Employees Government Business Partners Customers Public

°“√ √â“ß§«“¡‡®√‘≠‡µ‘∫‚µ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â√—∫º≈µÕ∫·∑π ∑’Ë‡À¡“– ¡ ‡ªìπ«—µ∂ÿª√– ß§åÀ≈—° ¢Õß∫√‘…—∑œ πÕ°®“°π’È ∫√‘…—∑œ ®–‡ªî¥‡º¬¢âÕ¡Ÿ≈‡°’Ë¬«°—∫ º≈ª√–°Õ∫°“√Õ¬à“ß∂Ÿ°µâÕß µ“¡§«“¡‡ªìπ®√‘ß √«¡∑—Èß√“¬ß“π ∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ µàÕºŸâ∂◊ÕÀÿâπÕ¬à“ß ¡Ë”‡ ¡Õ‡æ◊ËÕ„ÀâºŸâ∂◊ÕÀÿâπ‰¥â∑√“∫·≈–„™â‡ªìπ¢âÕ¡Ÿ≈ª√–‡¡‘π°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ

æπ—°ß“π§◊ÕÀ—«„®¢Õß∫√‘…—∑œ´÷Ëß∫√‘…—∑œ ®– àß‡ √‘¡„Àâæπ—°ß“π¡’§«“¡√Ÿâ§«“¡ “¡“√∂∑’Ë‡À¡“– ¡°—∫∏ÿ√°‘® ·≈–®–¥Ÿ·≈æπ—°ß“π∑ÿ°§π¥â«¬§«“¡‡ ¡Õ¿“§ ¬ÿµ‘∏√√¡ √«¡∑—Èß„Àâº≈µÕ∫·∑π∑’Ë‡ªìπ∏√√¡·≈–‡À¡“– ¡

∫√‘…—∑œ ‡™◊ËÕ¡—Ëπ«à“°“√ª√–°Õ∫ ∏ÿ√°‘®Õ¬à“ß´◊ËÕµ√ß ¡’®√‘¬∏√√¡ ·≈–§ÿ≥∏√√¡ ‡ªìπ·π«∑“ß°“√ ª√–°Õ∫∏ÿ√°‘®∑’Ë∂Ÿ°µâÕß·≈–¬—Ëß¬◊π ¥—ßπ—Èπ ∫√‘…—∑œ ®–§”π÷ß∂÷ßÀπâ“∑’Ë §«“¡√—∫º‘¥™Õ∫∑’Ë¡’µàÕ™“µ‘ »“ π“ æ√–¡À“°…—µ√‘¬å·≈–®–¬÷¥∂◊Õ°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬∑’Ë „™â°”°—∫∏ÿ√°‘®°“√§â“Õ¬à“ß‡§√àß§√—¥ ‚ª√àß„ ¡’§ÿ≥∏√√¡ ·≈–§«“¡√—∫º‘¥™Õ∫

°“√∑’Ë®–º≈—°¥—π„Àâ∫√‘…—∑œ ‡µ‘∫‚µ °â“«Àπâ“µàÕ‰ª‰¥â §«√®–‰¥â√—∫ °“√ π—∫ πÿπ®“°æ—π∏¡‘µ√∑“ß ∏ÿ√°‘® ¥—ßπ—Èπ ∑ÿ°∏ÿ√°√√¡¢Õß ∫√‘…—∑œ ®–¥”‡π‘π°“√Õ¬à“ß ‚ª√àß„ µ√ß‰ªµ√ß¡“ ·≈–‡ªìπ∏√√¡ Õ’°∑—Èß¬—ß®–ªØ‘∫—µ‘ µàÕ°—π·∫∫æ—π∏¡‘µ√ ‡æ◊ËÕ√à«¡¡◊Õ °—π √â“ß§«“¡‡®√‘≠°â“«Àπâ“ „Àâ°—∫∫√‘…—∑œ

∫√‘…—∑œ µ√–Àπ—°¥’«à“≈Ÿ°§â“‡ªìπ ¥—ß‡ âπ‡≈◊Õ¥∑’ËÀ≈àÕ‡≈’È¬ß∫√‘…—∑œ „Àâ‡®√‘≠‡µ‘∫‚µÕ¬à“ß¡—Ëπ§ß ´÷Ëß ∫√‘…—∑œ µâÕßµ‘¥µ“¡·≈– µ√«® Õ∫ª√– ‘∑∏‘¿“æ°“√∑”ß“π¢Õß∫√‘…—∑œ ‡æ◊ËÕ„Àâ¡—Ëπ„®«à“º≈º≈‘µ¡’§ÿ≥¿“æ·≈–∫√‘°“√‡ªìπ∑’Ëæ÷ßæÕ„®¢Õß≈Ÿ°§â“

‰øøÑ“‡ªìπªí®®—¬∑’Ë®”‡ªìπµàÕ°“√ ¥”√ß™’«‘µ¢Õß∑ÿ°§π„π —ß§¡ ·≈–¬—ß‡ªìπªí®®—¬ ”§—≠µàÕ°“√ æ—≤π“‡»√…∞°‘®·≈– —ß§¡¢Õß ª√–‡∑» „π∞“π–∑’ËºŸâº≈‘µ‰øøÑ“ √“¬„À≠à¢Õßª√–‡∑» ∫√‘…—∑œ®÷ß¡’§«“¡√—∫º‘¥™Õ∫∑’Ë®–™à«¬√—°…“‡ ∂’¬√¿“æ¢Õß√–∫∫‰øøÑ“ ‡æ◊ËÕ„ÀâºŸâ „™â‰øøÑ“¡’‰øøÑ“„™âÕ¬à“ß¡—Ëπ§ß √«¡∑—Èß¬—ßµâÕßª°ªÑÕß¥Ÿ·≈·≈–√—°…“ ‘Ëß·«¥≈âÕ¡Õ¬à“ßµàÕ‡π◊ËÕß

The Company's main objective is to create growth and appropriate return toshareholders. Operating performance is disclosed on accurate and consistent basis for shareholders to acknowledge and evaluate overall administration ofthe Company.

The Company's major assets are employees. The Company will support and foster employees to enhance their abilities suited to its business. Employees will be treated on equal and fair manner together with appropriate compensation.

In operating the businessfor continuous success,the Company believes that honesty, integrity and ethic need to be maintained.The Company is responsible for communities and society and compliance with all relevant rule and regulation applicable.

Due to the fact that business partners could support the Company's growth, all business transactions needto be fair, transparent and straight-forward. In addition, business partners are treated well for mutual benefits.

As the Company is customer-oriented,operational efficiency needs to be monitored and reviewed to ensure quality service for customer's satisfaction.

As electricity is a main factor for people and economicand social development of the country. The Company, as a major independent power producer, is responsible for assistingthe country in maintaining electricity stability and for taking care of environment.

4 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)Ratchaburi Electricity Generating Holding Public Company Limited

5∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)Ratchaburi Electricity Generating Holding Public Company Limited

∞“π–°“√‡ß‘π/Financial Position ‘π∑√—æ¬å√«¡ Total Assets 67,784.038 39,849.880Àπ’È ‘π√«¡ Total Liabilities 45,209.889 20,554.671∑ÿπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« Issued and Paid-up

Capital 14,500.000 14,500.000 à«π¢ÕßºŸâ∂◊ÕÀÿâπ Shareholdersû Equity 22,574.149 19,295.209

º≈°“√¥”‡π‘πß“π/Operating Results√“¬‰¥â§à“¢“¬‰øøÑ“ Electricity Sales 27,493.217 17,422.697√“¬‰¥âÕ◊Ëπ Other Income 661.645 491.604√“¬‰¥â√«¡ Total Revenues 28,154.862 17,914.301µâπ∑ÿπ¢“¬ Cost of Sales 20,833.211 12,802.869§à“„™â®à“¬„π°“√∫√‘À“√ Selling and

Administrative Expenses 422.900 377.167¥Õ°‡∫’È¬®à“¬ Interest Expenses 1,966.882 1,386.276§à“„™â®à“¬√«¡ Total Expenses 23,222.993 14,566.312¿“…’‡ß‘π‰¥â Income Tax 202.929 288.449°”‰√ ÿ∑∏‘ Net Profit 4,728.940 3,059.540

‘π∑√—æ¬å√«¡/Total Assets °”‰√ ÿ∑∏‘/Net Profit

80,000

60,000

40,000

20,000

0

2543/2000 2544/2001 2545/2002 2543/2000 2544/2001 2545/2002

5,000

4,000

3,000

2,000

1,000

0

≈â“π∫“∑Million Baht

≈â“π∫“∑Million Baht

67,784.04

36,946.89 39,849.88

4,728.94

3,059.54

203.89

Õ—µ√“ à«π∑“ß°“√‡ß‘π/Financial RatiosÕ—µ√“ à«π· ¥ß ¿“æ§≈àÕß/Liquidity RatioÕ—µ√“ à«π ¿“æ§≈àÕß (‡∑à“) Current Ratio (Times) 1.82 3.46Õ—µ√“ à«π ¿“æ§≈àÕß Acid Test Ratio orÀ¡ÿπ‡√Á« (‡∑à“) Quick Ratio (Times) 1.59 3.11Õ—µ√“ à«π ¿“æ§≈àÕß Cash Flow from Operation°√–· ‡ß‘π ¥ (‡∑à“) to Current Liabilities Ratio (Times) 0.93 1.58Õ—µ√“ à«πÀ¡ÿπ‡«’¬π Accounts Receivable≈Ÿ°Àπ’È°“√§â“ (‡∑à“) Turnover Ratio (Times) 5.93 6.04√–¬–‡«≈“‡°Á∫Àπ’È‡©≈’Ë¬ («—π) Average Collection Period (Days) 60.68 59.56Õ—µ√“ à«πÀ¡ÿπ‡«’¬π‡®â“Àπ’È (‡∑à“) Accounts Payable Turnover Ratio (Times) 7.23 6.80√–¬–‡«≈“™”√–Àπ’È («—π) Average Payment Period (Days) 49.82 52.96

Õ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√À“°”‰√/Profitability RatioÕ—µ√“°”‰√¢—Èπµâπ (%) Ratio of Gross Profit to Net Sales (%) 24.22 26.52Õ—µ√“°”‰√ ÿ∑∏‘ (%) Ratio of Net Profit to Net Sales (%) 16.80 17.08Õ—µ√“º≈µÕ∫·∑πºŸâ∂◊ÕÀÿâπ (%) Rate of Return on Equity (%) 22.59 17.22

Õ—µ√“ à«π· ¥ßª√– ‘∑∏‘¿“æ„π°“√¥”‡π‘πß“π/Efficiency RatioÕ—µ√“º≈µÕ∫·∑π®“° Rate of Return ‘π∑√—æ¬å√«¡ (%) on Assets (%) 8.79 7.97Õ—µ√“º≈µÕ∫·∑π®“° Rate of Return on ‘π∑√—æ¬å∂“«√ (%) Fixed Assets (%) 16.11 14.83Õ—µ√“°“√À¡ÿπ¢Õß ‘π∑√—æ¬å (‡∑à“) Assets Turnover Ratio (Times) 0.52 0.47°”‰√ ÿ∑∏‘°àÕπÀ—° ¥Õ°‡∫’È¬ EBITDA (Million Baht)¿“…’‡ß‘π‰¥â §à“‡ ◊ËÕ¡√“§“·≈–§à“µ—¥®à“¬ (EBITDA) (≈â“π∫“∑) 8,774.22 5,970.14Õ—µ√“º≈µÕ∫·∑π EBITDA Ratio of EBITDA to Assets (%)µàÕ ‘π∑√—æ¬å√«¡ (%) 16.30 15.55Õ—µ√“º≈µÕ∫·∑π EBITDA Ratio of EBITDA to Fixed Assets (%)µàÕ ‘π∑√—æ¬å∂“«√ (%) 21.58 20.88

Õ—µ√“ à«π«‘‡§√“–Àåπ‚¬∫“¬∑“ß°“√‡ß‘π/Financial Policy RatioÕ—µ√“ à«πÀπ’È ‘πµàÕ Debt to Equity Ratio (Times) à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) 2.00 1.07Õ—µ√“ à«π· ¥ß§«“¡ “¡“√∂„π°“√ Debt Service Coverage™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬ (‡∑à“) Ratio (DSCR) (Times) 2.60 3.55

¢âÕ¡Ÿ≈µàÕÀÿâπ/Per Share Data¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ (∫“∑) Book Value Per Share (Baht) 15.57 13.31°”‰√ ÿ∑∏‘µàÕÀÿâπ (∫“∑) Earnings Per Share (Baht) 3.26 2.11

¿“æ√«¡∑“ß¥â“π°“√‡ß‘π

FinancialOverview

( ) ( )

Àπà«¬ : ≈â“π∫“∑ / Unit : Million Baht

2545/2002 2544/2001 2545/2002 2544/2001



º≈°“√¥”‡π‘πß“π‡¥àπ„π√Õ∫ªï 2545

HighlightsOperations in 2002of

°“√¥”‡π‘π∏ÿ√°‘®°“√√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-2 ®“°°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬(°øº.) ·≈–√—∫‚Õπ™ÿ¥∑’Ë 3 ‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 àßº≈„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπ∫√‘…—∑º≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë ÿ¥¢Õßª√–‡∑» ¡’°”≈—ßº≈‘µµ‘¥µ—Èß√«¡ 3,645 ‡¡°–«—µµå À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ß°“√º≈‘µ∑—Èßª√–‡∑» ª√–°Õ∫¥â«¬ ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ®”π«π 2 ‡§√◊ËÕß °”≈—ß°“√º≈‘µ‡§√◊ËÕß≈– 735 ‡¡°–«—µµå√«¡°”≈—ß°“√º≈‘µ 1,470 ‡¡°–«—µµå ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡®”π«π 3 ™ÿ¥ °”≈—ß°“√º≈‘µ™ÿ¥≈– 725 ‡¡°–«—µµå √«¡°”≈—ß°“√º≈‘µ 2,175 ‡¡°–«—µµå

°“√‡®√®“ª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“‡ß‘π°Ÿâ©∫—∫·°â‰¢Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ°—∫ ∂“∫—π°“√‡ß‘π´÷Ëß‡ªìπ‡®â“Àπ’È®”π«π 19 √“¬ ‡¡◊ËÕ«—π∑’Ë 20 ¡‘∂ÿπ“¬π 2545 ´÷Ëßµ“¡ —≠≠“©∫—∫·°â‰¢¥—ß°≈à“«‰¥âª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ‡ªìπ√–¬–‡«≈“ 6 ªï ®“°‡¥‘¡Õ—µ√“¥Õ°‡∫’È¬≈Ÿ°§â“™—Èπ¥’ (MLR: Minimum Lending Rate) ‡©≈’Ë¬¢Õß 4 ∏π“§“√ §◊Õ∏π“§“√°√ÿß‰∑¬ ∏π“§“√°√ÿß‡∑æ ∏π“§“√‰∑¬æ“≥‘™¬å ·≈–∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“µ≈Õ¥Õ“¬ÿ —≠≠“ ‡ªìπÕ—µ√“„À¡à ¥—ßπ’È1) Õ—µ√“¥Õ°‡∫’È¬ MLR -1.50% √–¬–‡«≈“ 3 ªï·√° µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2545

∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 25482) Õ—µ√“¥Õ°‡∫’È¬ MLR -1.125% √–¬–‡«≈“ 3 ªï∂—¥‰ª µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡

2548 ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 25513) Õ—µ√“¥Õ°‡∫’È¬ MLR µ“¡ —≠≠“‡ß‘π°Ÿâ‡¥‘¡ µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2551

®π ‘Èπ ÿ¥√–¬–‡«≈“ —≠≠“‡ß‘π°Ÿâ

§«“¡ ”‡√Á®„π°“√ª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬™à«¬≈¥¿“√–§à“¥Õ°‡∫’È¬·°à∫√‘…—∑¬àÕ¬„π™à«ß√–À«à“ß«—π∑’Ë 1 °√°Æ“§¡2545 ∂÷ß«—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π‡ß‘πª√–¡“≥ 287 ≈â“π∫“∑ ·≈–µ≈Õ¥√–¬–‡«≈“ 6 ªï µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2545 ∂÷ß «—π∑’Ë 30 ¡‘∂ÿπ“¬π 2551 ∫√‘…—∑¬àÕ¬ “¡“√∂≈¥¿“√–¥Õ°‡∫’È¬®à“¬‡ªìπ®”π«π‡ß‘πª√–¡“≥ 2,734 ≈â“π∫“∑

OperationTransfer of Ratchaburi Combined Cycle Power Plant Blocks 1-3Ratchaburi Electricity Generating Co., Ltd., its subsidiary, completed the transferof Combined Cycle Power Plant Blocks 1-2 and Block 3 from the ElectricityGenerating Authority of Thailand (EGAT) on April 18, 2002 and November 1,2002, respectively. Currently, Ratchaburi Electricity Generating Co., Ltd. is Thailandlargest independent power producer with total capacity of 3,645 megawatts or14% of total installed capacity in Thailand, comprising of two thermal units of1,470 megawatts and three combined-cycle blocks of 2,175 megawatts.

Interest Rates Reduction on DebtRatchaburi Electricity Generating Co., Ltd. has signed a revised loan agreement with 19 financialinstitution creditors on June 20, 2002. The amendment has reduced interest rate from the originalMLR, which is an average rate of Krung Thai Bank, Bangkok Bank, Siam Commercial Bank andBank of Ayudhaya to the new rates with following details1) MLR- 1.50% in the first 3 years, starting from July 1, 2002 to June 30, 2005.2) MLR- 1.125% for the next 3 years, beginning from July 1, 2005 to June 30, 2008.3) MLR as agreed in the original agreement, beginning from July 1, 2008 until the contract

expires.

Ratchaburi Electricity Generating Co., Ltd. would save approximately Baht 2,734 million ininterest payment for the 6 years beginning from July 1, 2002 to June 30, 2008 and Baht 287million for 6-month period of July 1, 2002 to December 31, 2002.

√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ 3 ™ÿ¥

√«¡°”≈—ßº≈‘µ2,175 ‡¡°–«—µµå

Transfer of RatchaburiCombined Cycle PowerPlant Blocks 1-3 withtotal capacity of2,175 megawatts

≈¥¿“√–¥Õ°‡∫’È¬√«¡ 6 ªï ‡ªìπ‡ß‘π2,734 ≈â“π∫“∑

Save approximatelyBaht 2,734 million

in interest paymentfor the 6 years



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°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡µ“¡¡“µ√∞“π ISO 14001‡¡◊ËÕ«—π∑’Ë 13 ‘ßÀ“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â·µàßµ—Èß °øº. ‡ªìπ∑’Ëª√÷°…“°“√®—¥∑”√–∫∫°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡µ“¡¡“µ√∞“π ISO 14001 √«¡∂÷ß°“√µ√«®µ‘¥µ“¡º≈°“√¥”‡π‘πß“π¿“¬À≈—ß‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π √«¡√–¬–‡«≈“ 8ªï ∑—Èßπ’È §“¥«à“∫√‘…—∑¬àÕ¬®– “¡“√∂π”¡“µ√∞“π°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡¡“ªØ‘∫—µ‘„™â„π°“√¥”‡π‘πß“π¢Õß‚√ß‰øøÑ“√“™∫ÿ√’‰¥âª√–¡“≥‡¥◊Õπ‡¡…“¬π 2546

Solar Cells ProjectOn August 5, 2002, Ratchaburi Electricity Generating Co., Ltd. signed a memorandum ofunderstanding with EGAT to participate in Phase 2 of a demonstration project to produce anddistribute solar energy rooftops.

The project seeks support in its installation of solar panels from the EnergyConservation Fund of the National Energy Policy Office (changed name toEnergy Policy and Planning Office or EPPO). The solar panels will be installedon the office building of Ratchaburi Electricity Generating Co., Ltd.

Public Participation for Mini Hydro Power Plant ProjectRatchaburi Energy Co., Ltd. organized five public participations regarding theinstallation of three mini hydro generators to be located at Pasak Chonlasit Damin Lopburi Province, Chao Phraya Dam in Chainat Province, and Khlong Tha DanDam in Nakhon Nayok Province. More than 73% of those attendances agreed tothe projects.

A Site Visit at Ratchaburi Power PlantDuring 2002 the Ratchaburi Power Plant was visited by a large number ofinterested people. Ratchaburi Electricity Generating Co., Ltd. welcomed more

than 5,000 persons who came on site visits. Most of the groups consisted of students, governmentemployees, private organizations, local residents, and general public.

ManagementGood Corporate Governance PolicyOn December 23, 2002, the Companyûs Board of Directors approved a policy of good corporategovernance and declared them effective for the entire Group of companies on January 14, 2003.This policy incorporates the principles of good corporate governance advocated by theStock Exchange of Thailand, by which it covers high ethical values, maintains standard ofhonesty, adheres to strict system of internal control. The disclosure of significant informationconcerning its group are accurate and coverage. The treatment of all shareholders and otherstakeholders are on equal manner.

Application for Environment Management Standard of ISO 14001On August 13, 2002, Ratchaburi Electricity Generating Co., Ltd. signed an 8-year contract withEGAT as a consultant in organizing the ISO 14001 standard system of environmental managementfor the Ratchaburi Power Plant. Ratchaburi Electricity Generating Co., Ltd. plans to implementthis system from April 2003 onwards.

§≥–°√√¡°“√∫√‘…—∑œ‰¥â‡ÀÁπ™Õ∫„Àâ¡’°“√

°”Àπ¥π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß°≈ÿà¡∫√‘…—∑œ

The Companyûs Boardof Directors approveda policy of good

corporate governance



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√“ß«—≈∫√‘…—∑∑’Ë¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‰¥â√—∫√“ß«—≈∫√‘…—∑∑’Ë¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπ À√◊Õ DisclosureAward 2002 ®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°.≈.µ.) ´÷Ëß‰¥âæ‘®“√≥“®“°°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï (·∫∫ 56-1) ¢Õß∫√‘…—∑®¥∑–‡∫’¬π„πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∑’Ë „Àâ¢âÕ¡Ÿ≈§√∫∂â«π ‡æ’¬ßæÕ ·≈–‡ªìπª√–‚¬™πåµàÕºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ

∫√‘…—∑æ≈—ßß“π∑’Ë¡’°“√°”°—∫°‘®°“√¥’‡¥àπÕ—π¥—∫ 3 ¢Õß‡Õ‡™’¬∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‰¥â√—∫°“√®—¥Õ—π¥—∫„Àâ‡ªìπ∫√‘…—∑æ≈—ßß“π∑’Ë¡’°“√°”°—∫°‘®°“√¥’‡¥àπ (Best Corporate Governance Scores: Utilities Sector) Õ—π¥—∫ 3 ¢Õß¿Ÿ¡‘¿“§‡Õ‡™’¬ ®“°π‘µ¬ “√‡Õ‡™’¬¡—ππ’Ë (©∫—∫‡¥◊Õπµÿ≈“§¡) ÷Ëß‡ªìπ°“√√«∫√«¡§–·ππ∑’Ë‰¥â®“° ”√«®§«“¡§‘¥‡ÀÁπ∫√‘…—∑À≈—°∑√—æ¬å™—Èππ”¢Õß‚≈° ·≈–π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å„π¿Ÿ¡‘¿“§‡Õ‡™’¬ æ√âÕ¡°—ππ’È ∫√‘…—∑œ ¬—ß‰¥â√—∫°“√®—¥Õ—π¥—∫„Àâ‡ªìπ∑’Ë 1¢Õßª√–‡∑»‰∑¬ ¥â«¬

°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡¥’‡¥àπª√–®”ªï 2545∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫§—¥‡≈◊Õ°„Àâ‡ªìπ ∂“πª√–°Õ∫°“√∑’ËªØ‘∫—µ‘µ“¡¡“µ√°“√„π√“¬ß“π°“√«‘‡§√“–Àåº≈°√–∑∫ ‘Ëß·«¥≈âÕ¡·≈–°“√®—¥°“√ ¿“æ·«¥≈âÕ¡¥’‡¥àπ ª√–®”ªï 2545 À√◊Õ EIA Award2002 ®“° ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡ °√–∑√«ß∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡ ∑—Èßπ’È √“ß«—≈¥—ß°≈à“«‰¥âæ‘®“√≥“§—¥‡≈◊Õ°®“° ∂“πª√–°Õ∫°“√®”π«π°«à“ 400 ·Ààß

«ππ«√“™∫ÿ√’√¡¬å - «π “∏“√≥–·Ààß§ÿ≥¿“æ «ππ«√“™∫ÿ√’√¡¬å ÷ËßÕ¬Ÿà¿“¬„µâ°“√¥Ÿ·≈·≈–∫”√ÿß√—°…“¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫√“ß«—≈ç ÿ¢¿“æ ¥„ „π ‘Ëß·«¥≈âÕ¡∑’Ë‡À¡“– ¡ «π “∏“√≥– ( «π ÿ¢¿“æ) πà“√◊Ëπ√¡¬åé ®“°°√¡Õπ“¡—¬ °√–∑√«ß “∏“√≥ ÿ¢ ÷Ëß√“ß«—≈¥—ß°≈à“«‡ªìπ°“√√—∫√Õß «ππ«√“™∫ÿ√’√¡¬å„π∞“π– «π§ÿ≥¿“æ√–¥—∫¥’¡“°¢Õßª√–‡∑»

Social & EnvironmentThe Mobile Medical Unit ServiceRatchaburi Electricity Generating Co., Ltd., together with Ratchaburi Hospital and DamnoenSaduak Hospital, have organized a mobile medical unit and covered all related expenses for

general medical problems and dentistry to serve 2,365 patients in 8 subdistrictsfor the total 15 expeditions.

The Quality of Living for Sustainable Development ProjectRatchaburi Electricity Generating Co., Ltd. organized a course entitled çTheLifestyles for Sustainable Development Project, according to His Majestyûs Principleof Economic Self-Sufficiencyé at which it educated the implementation of how tolive with quality of life. 371 participants were interested members of the governmentemployees, community leaders from the eight subdistricts surrounding the plant,local members of the mass media, the general public, and employees of EGATworking at the plant.

AwardsDisclosure Award 2002The Company was given the 2002 Disclosure Award from the Securities and

Exchange Commission (SEC) by which consideration made based on the disclosure of Form 56-1 from all registered companies on the Stock Exchange of Thailand for completed, sufficient andbeneficial information to shareholders and investors.

The Third Best Corporate Governance in AsiaThe October 2002 issue of Asiamoney magazine awarded Ratchaburi Electricity GeneratingHolding PCL. the third best corporate governance scores in the energy sector in Asia, based ona survey of views from the world leading securities companies and analysts in Asia. TheCompany, in addition, obtained first ranking in the energy sector in Thailand.

EIA Award 2002Ratchaburi Electricity Generating Co., Ltd. won recognition as an industrial sitethat has complied with rules for environmental impact assessments and for goodenvironmental management in 2002 or EIA Award 2002 from the Office of NaturalResources and Environmental Policy and Planning in the Ministry of NaturalResources and Environment. In this year, selection process was made from over400 applicants.

Navaratchaburirom - High Quality of Public ParkRatchaburi Electricity Generating Co., Ltd. was presented with an award formaintaining a health park that promotes good health, environmental excellence,and public recreation and pleasant surroundings from the Department of Health,Ministry of Public Health. The park was selected as one of the best in Thailand.



“√®“°ª√–∏“π°√√¡°“√

MessageChairman

from the

‡√’¬π ºŸâ∂◊ÕÀÿâπ∑ÿ°∑à“π

º¡¡’§«“¡¬‘π¥’‡ªìπÕ¬à“ß¬‘Ëß∑’Ë®–‡√’¬π„Àâ∑à“π∑√“∫∂÷ßº≈°“√¥”‡π‘πß“πª√–®”ªï 2545 ¢Õß°≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ÷Ëß‡ªìπÕ’°ªïÀπ÷Ëß∑’Ë∫√‘…—∑œ ¡’º≈ß“π‡ªìπ∑’Ëπà“æÕ„® ‡æ√“–„πªïπ’È ¿“√°‘®À≈—°¢Õß∫√‘…—∑œ §◊Õ°“√√—∫‚Õπ‚√ß‰øøÑ“®“°°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ∑’Ë‰¥â¥”‡π‘π°“√¡“µ—Èß·µàªï 2543 ‰¥â ”‡√Á®≈ÿ≈à«ß¥â«¬¥’ ‚¥¬∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1 ·≈–™ÿ¥∑’Ë 2 ®“° °øº. ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 3 ´÷Ëß‡ªìπ™ÿ¥ ÿ¥∑â“¬‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545

§«“¡ ”‡√Á®¥—ß°≈à“«∑”„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπºŸâº≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë ÿ¥¢Õßª√–‡∑»ª√–°Õ∫¥â«¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ 2 ‡§√◊ËÕß ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ 3 ™ÿ¥ ¡’°”≈—ß°“√º≈‘µµ‘¥µ—Èß√«¡ 3,645 ‡¡°–«—µµå §‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ßº≈‘µµ‘¥µ—Èß∑—Èßª√–‡∑» (24,949 ‡¡°–«—µµå)Õ’°∑—Èß¬—ß‡ªìπº≈„Àâ∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬·¢Áß·°√àß¬‘Ëß¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545∫√‘…—∑œ ¡’ ‘π∑√—æ¬å√«¡®”π«π 67,784 ≈â“π∫“∑ Àπ’È ‘π√«¡®”π«π 45,210 ≈â“π∫“∑ ·≈– à«π¢Õß

ºŸâ∂◊ÕÀÿâπ®”π«π 22,574 ≈â“π∫“∑

º≈°“√¥”‡π‘πß“π ªï 2545ªï 2545 π—∫‡ªìπªï∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’º≈°“√¥”‡π‘πß“π‚¥¥‡¥àπ¡“° ‚¥¬¡’°”‰√ ÿ∑∏‘‡æ‘Ë¡¢÷Èπ®“°ªï2544 √âÕ¬≈– 54.56 ®“°®”π«π 3,060 ≈â“π∫“∑ (2.11 ∫“∑µàÕÀÿâπ) ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π 4,729 ≈â“π∫“∑§‘¥‡ªìπ°”‰√ ÿ∑∏‘µàÕÀÿâπ 3.26 ∫“∑

∑—Èßπ’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ√“¬‰¥â®“°°“√¢“¬‰øøÑ“„Àâ·°à °øº. ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 √âÕ¬≈– 57.80‡ªìπ‡ß‘π®”π«π 27,493 ≈â“π∫“∑ ‚¥¬®”·π°‡ªìπ§à“§«“¡æ√âÕ¡®à“¬®”π«π 9,360 ≈â“π∫“∑ ·≈–§à“æ≈—ßß“π‰øøÑ“ 18,133 ≈â“π∫“∑ πÕ°®“°π’È¬—ß¡’√“¬‰¥âÕ◊ËπÊ Õ’°®”π«π 662 ≈â“π∫“∑ ÷Ëß¡“®“°¥Õ°‡∫’È¬√—∫·≈–‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“ ¢≥–∑’Ë§à“„™â®à“¬¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬¡’®”π«π23,426 ≈â“π∫“∑ ·¬°‡ªìπµâπ∑ÿπ¢“¬®”π«π 20,833 ≈â“π∫“∑ §à“„™â®à“¬„π°“√¢“¬·≈–°“√∫√‘À“√®”π«π423 ≈â“π∫“∑ ¥Õ°‡∫’È¬®à“¬®”π«π 1,967 ≈â“π∫“∑ ·≈–¿“…’‡ß‘π‰¥â®”π«π 203 ≈â“π∫“∑

„πªï∑’Ëºà“π¡“ ∫√‘…—∑œ ¬—ß§ß¬÷¥π‚¬∫“¬°“√§«∫§ÿ¡·≈–∫√‘À“√§à“„™â®à“¬µà“ßÊ „Àâ¡’ª√– ‘∑∏‘¿“æÕ¬à“ßµàÕ‡π◊ËÕß÷Ëß§«“¡æ¬“¬“¡¥—ß°≈à“«ª√“°Ø„Àâ‡ÀÁπ‡¥àπ™—¥®“°§«“¡ ”‡√Á®„π°“√‡®√®“≈¥¥Õ°‡∫’È¬‡ß‘π°Ÿâ®“°‡®â“Àπ’È´÷Ëß

‡ªìπ ∂“∫—π°“√‡ß‘π∑—Èß 19 √“¬ ‡ªìπ√–¬–‡«≈“ 6 ªï ¡’º≈∫—ß§—∫„™âµ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2545 ÷Ëß™à«¬„Àâ¿“√–¥Õ°‡∫’È¬®à“¬¢Õß∫√‘…—∑¬àÕ¬≈¥≈ß‰ª‰¥â∂÷ß 2,734 ≈â“π∫“∑

„πªï∑’Ëºà“π¡“ ∫√‘…—∑¬àÕ¬ “¡“√∂≈¥§à“¥Õ°‡∫’È¬‡ªìπ‡ß‘π®”π«π 287 ≈â“π∫“∑ ¢≥–∑’Ë§«“¡ “¡“√∂„π°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬§≈àÕßµ—«¡“°¬‘Ëß¢÷Èπ ¥—ß®–‡ÀÁπ®“°Õ—µ√“ à«π ¿“æ§≈àÕßÕ¬Ÿà∑’Ë√–¥—∫ 1.82‡∑à“ ·≈–§«“¡ “¡“√∂„π°“√™”√–§◊π‡ß‘πµâπ·≈–¥Õ°‡∫’È¬Õ¬Ÿà∑’Ë√–¥—∫ 2.60 ‡∑à“

To All Shareholders,I am very pleased to inform the 2002 operating performance for the Group ofRatchaburi Electricity Generating Holding PCL. It was another satisfactory yearsince the Company achieved its major duty by completing the transfer ofownership of all power plants from the Electricity Generating Authority of Thailand(EGAT) at which the efforts have been commenced since 2000. The Companyûssubsidiary, Ratchaburi Electricity Generating Co., Ltd. completed the transfer ofCombined Cycle Power Plant Blocks 1 and 2 on April 18, 2002, while the Block3 was transferred on November 1 of the same year.

With the success completion of these transfers, Ratchaburi Electricity GeneratingCo., Ltd became the largest independent power producer in the country, namely

2 Thermal Power Plant Units and 3 Combined Cycle Power Plant Blocks for the total capacityof 3,645 megawatts or 14 percent of Thailandûs total installed capacity (24,949 megawatts). Asof December 31, 2002, the Company and its subsidiaries were in a stable financial position withtotal assets amounted to Baht 67,784 million; total liabilities were Baht 45,210 million; and totalshareholdersû equity of Baht 22,574 million.

Operating Performance in 2002The operating performance was remarkable for the Company and its subsidiaries, net profitrose from 2001 by 54.56 percent at which Baht 3,060 million was reported in 2001(Baht 2.11 pershare) and Baht 4,729 million was (Baht 3.26 per share) for 2002.

Income from sales of electricity for the Company and its subsidiaries increased from 2001 by57.80 percent to the amount of Baht 27,493 million, divided into availability payment ofBaht 9,360 million and energy payment of Baht 18,133 million. In addition, other incomes ofBaht 662 million were received from interest income and compensation for late transfer ofCombined Cycle Power Plants. Total expenses amount to Baht 23,426 million comprised of costof sales Baht 20,833 million, selling and administrative expenses of Baht 423 million, interestexpenses of Baht 1,967 million and income taxes of Baht 203 million.

In 2002, the Company continued adhering to the policy of controls andmanages expense on efficiency basis. This effort could be clearly seen onthe successful negotiation of an interest rate reduction on the loans with the19 financial institutions for 6 years beginning from July 1, 2002. As a resultof this transaction, total saving is Baht 2,734 million.

The subsidiary was able to save interest expense of Baht 287 million in 2002;whereas, the liquidity ratio of the Company and its subsidiaries was at 1.82 times and the debtservice coverage ratio was at 2.60 times.



°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¬—ß§ß¬÷¥·π«∑“ß°“√∑”ß“π·∫∫‚ª√àß„ ‡ªìπ∏√√¡ ·≈–µ√«® Õ∫‰¥â ‚¥¬¡’§≥–°√√¡°“√µ√«® Õ∫ ·≈–Àπà«¬ß“πµ√«® Õ∫¿“¬„π‡ªìπ°≈‰° ”§—≠„π°“√µ‘¥µ“¡µ√«® Õ∫°“√∑”ß“π¢Õß∫√‘…—∑œ ‡æ◊ËÕª√–‚¬™πå¢ÕßºŸâ¡’ à«π‰¥â à«π‡ ’¬∑ÿ°ΩÉ“¬ πÕ°®“°π’È ∫√‘…—∑œ ¬—ß¡’π‚¬∫“¬∑’Ë®–π”À≈—°°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬¡“„™â ‚¥¬‰¥â®—¥µ—Èß§≥–∑”ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õß°≈ÿà¡∫√‘…—∑ ‡æ◊ËÕ»÷°…“·≈–π”À≈—°‡°≥±å°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬¡“„™â„π°“√æ—≤π“·≈–ª√—∫ª√ÿß√–∫∫°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ „Àâ¥’¬‘Ëß¢÷Èπ

‡¡◊ËÕ«—π∑’Ë 14 ¡°√“§¡ 2546 §≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ‡æ◊ËÕ„Àâ°√–∫«π°“√°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’∑’Ë∫√‘…—∑œ °”≈—ß¥”‡π‘π°“√Õ¬Ÿà¡’ª√– ‘∑∏‘¿“æ¬‘Ëß¢÷Èπ ¢≥–‡¥’¬«°—π¬—ß‡ªìπ°“√‡µ√’¬¡§«“¡æ√âÕ¡ Ÿà°“√®—¥Õ—π¥—∫°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’„πªï 2546 ¥â«¬

√“ß«—≈°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπ À√◊Õ Disclosure Award 2002 ®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å (°.≈.µ.) ·≈– √“ß«—≈∫√‘…—∑æ≈—ßß“π∑’Ë¡’°“√°”°—∫¥Ÿ·≈°‘®°“√¥’‡¥àπ (BestCorporate Governance: Utilities sector) Õ—π¥—∫ 3 ¢Õß¿Ÿ¡‘¿“§‡Õ‡™’¬ ·≈–Õ—π¥—∫∑’Ë 1 ¢Õßª√–‡∑»‰∑¬®“°π‘µ¬ “√‡Õ‡™’¬¡—ππ’Ë ‡ªìπ‡§√◊ËÕßæ‘ Ÿ®πå „Àâ‡ÀÁπ∂÷ß§«“¡µ—Èß„®·≈–§«“¡®√‘ß„®¢Õß§≥–°√√¡°“√∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√∑’Ë®–¬°√–¥—∫°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ „Àâ¡’¡“µ√∞“π‡∑’¬∫‡∑à“ “°≈

§«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡·¡â®–µ√–Àπ—°¥’«à“‰øøÑ“‡ªìπªí®®—¬∑’Ë¡’§«“¡ ”§—≠µàÕ°“√‡µ‘∫‚µ∑“ß‡»√…∞°‘®·≈– —ß§¡¢Õßª√–‡∑» ·µà∫√‘…—∑œ °Á¬—ß§ß¡ÿàß¡—Ëπ¥Ÿ·≈√—°…“ ‘Ëß·«¥≈âÕ¡ æ√âÕ¡∑—Èß„ à„®„π§ÿ≥¿“æ™’«‘µ¢Õß™ÿ¡™π‡ ¡Õ¡“ πÕ°‡Àπ◊Õ®“°°“√‡§“√æ·≈–ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬ √–‡∫’¬∫ ¢âÕ∫—ß§—∫∑’Ë‡°’Ë¬«¢âÕßµà“ßÊ Õ¬à“ß‡§√àß§√—¥

Good Corporate GovernanceThe Companyûs and its subsidiariesûs commitment to transparency, fairness, and accountabilityremains intact. The Audit Committee monitors general adherence to the commitment whichbeneficial to all stakeholders. In addition, the Company has a policy to implement the principlesof good corporate governance advocated by the Stock Exchange of Thailand (SET). A working

group for this has been set up to study and implement SETûs guideline on goodcorporate governance for development and improvement of management for theentire group of the companies.

On January 14, 2003, the Companyûs Board of Directors announced the policy ofgood corporate governance to improve the current corporate governance procedureand to prepare for Corporate Governance Rating in 2003.

The Disclosure Award 2002 from the Securities and Exchange Commission andthe third best corporate governance scores in the power sector of Asia, andthe first ranking in Thailand from Asiamoney magazine were the proofsof the Board of Directorsû and managementûs determination to standardize theCompanyûs corporate governance.

Responsibilities to Environment and SocietyThe Company has recognized that electricity is important to social and economic

development of the country; however, it is dedicated to strict observance of environmentalintegrity besides the adherence to all environmental laws and regulations.

√“ß«—≈ EIA AWARD 2002 ®“°°√–∑√«ß∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡ ‚¥¬ ”π—°ß“ππ‚¬∫“¬·≈–·ºπ∑√—æ¬“°√∏√√¡™“µ‘·≈– ‘Ëß·«¥≈âÕ¡∑’Ë¡Õ∫„Àâ°—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ π—∫‡ªìπ√“ß«—≈·Ààß§«“¡¿“§¿Ÿ¡‘„®¢Õß∫√‘…—∑œ ∑’Ë –∑âÕπ„Àâ‡ÀÁπ∂÷ß‡®µπ“√¡≥å¢Õß∫√‘…—∑œ ∑’Ë‰¥â∑ÿà¡‡∑∑√—æ¬“°√µà“ßÊ ‡æ◊ËÕ„Àâ°“√∑”ß“π¥â“π ‘Ëß·«¥≈âÕ¡¢Õß∫√‘…—∑¬àÕ¬‡ÀÁπº≈Õ¬à“ß‡ªìπ√Ÿª∏√√¡ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß°“√≈ß∑ÿπµ‘¥µ—Èß√–∫∫Õÿª°√≥å ‡∑§‚π‚≈¬’∑’Ë∑—π ¡—¬‡™◊ËÕ∂◊Õ‰¥â‡æ◊ËÕµ‘¥µ“¡·≈–µ√«® Õ∫§ÿ≥¿“æÕ“°“» §ÿ≥¿“æπÈ”º‘«¥‘π πÈ”„µâ¥‘π·≈–∫àÕπÈ”µ◊Èπ πÈ”∫“¥“≈ ‡ ’¬ß ‘Ëß¡’™’«‘µ„ππÈ” ∑√—æ¬“°√ —µ«åªÉ“ °“√°”®—¥¢Õß‡ ’¬ ¢≥–‡¥’¬«°—π°Á¡’°“√µ√«® Õ∫ ∑¥ Õ∫ ·≈–ª√—∫ª√ÿßª√– ‘∑∏‘¿“æ¢ÕßÕÿª°√≥å √–∫∫·≈–°√–∫«π°“√ªÑÕß°—π√—°…“ ‘Ëß·«¥≈âÕ¡„ÀâÕ¬Ÿà „π ¿“æ∑’Ë„™âß“π‰¥â¥’Õ¬à“ß ¡Ë”‡ ¡Õ

πÕ°®“°π’È ∫√‘…—∑¬àÕ¬¬—ß‰¥â‡√‘Ë¡®—¥∑”√–∫∫°“√®—¥°“√¥â“π ‘Ëß·«¥≈âÕ¡µ“¡¡“µ√∞“π ISO 14001 ‚¥¬‰¥â≈ßπ“¡·µàßµ—Èß °øº. ‡ªìπ∑’Ëª√÷°…“°“√®—¥∑”√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ ·≈–§“¥«à“®–‰¥â√—∫°“√√—∫√Õß¡“µ√∞“π ISO 14001 „πªï 2546

”À√—∫°“√¥”‡π‘πß“π¥â“π —ß§¡„πªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â®—¥‚§√ß°“√Àπà«¬·æ∑¬å‡§≈◊ËÕπ∑’ËÕÕ°„Àâ∫√‘°“√„πæ◊Èπ∑’Ë „°≈â‡§’¬ß‚√ß‰øøÑ“√“™∫ÿ√’ ®”π«π 8 µ”∫≈ ‚§√ß°“√™’««‘∂’‡æ◊ËÕ°“√æ—≤π“Õ¬à“ß¬—Ëß¬◊πµ“¡·π«æ√–√“™¥”√‘‡»√…∞°‘®æÕ‡æ’¬ß °“√™à«¬‡À≈◊ÕºŸâª√– ∫Õÿ∑°¿—¬ °“√„Àâ§«“¡ π—∫ πÿπ‚§√ß°“√ “∏“√≥°ÿ»≈µà“ß Ê Õ’°∑—Èß¬—ß‰¥âª√—∫ª√ÿß «ππ«√“™∫ÿ√’√¡¬å „Àâ‡ªìπ «π “∏“√≥–∑’Ë¡’§ÿ≥¿“æ ”À√—∫™ÿ¡™π„Àâ ¡°—∫∑’Ë‰¥â√—∫°“√¬°¬àÕß®“°°√–∑√«ß “∏“√≥ ÿ¢„Àâ‡ªìπ «π “∏“√≥–§ÿ≥¿“æ¬Õ¥‡¬’Ë¬¡ ¿“¬„µâ™◊ËÕ√“ß«—≈ç ÿ¢¿“æ ¥„ „π ‘Ëß·«¥≈âÕ¡∑’Ë‡À¡“– ¡ «π “∏“√≥– ( «π ÿ¢¿“æ) πà“√◊Ëπ√¡¬å é ÷Ëß «ππ’È‰¥â®—¥ √â“ß¢÷Èπ‡¡◊ËÕªï 2543 ∫πæ◊Èπ∑’Ë 72 ‰√à ∫√‘‡«≥¥â“πÀπâ“‚√ß‰øøÑ“√“™∫ÿ√’ ‚¥¬¡ÿàßÀ«—ß„Àâ‡ªìπ ∂“π∑’Ëæ—°ºàÕπÀ¬àÕπ„®¢Õß™ÿ¡™π„°≈â‡§’¬ß‚√ß‰øøÑ“·≈–ª√–™“™π∑—Ë«‰ª„π®—ßÀ«—¥√“™∫ÿ√’

EIA Award 2002 from the Ministry of Natural Resources and Environment, presented by theOffice of Natural Resources and Environment Policy and Planning was of proud for the Companyon environmental concerns. The Company invested in modern technology equipment for constantmonitoring of environmental conditions including meticulous surveys for quality of air, surfacewater, underground water, shallow well water, artesian well water, noise levels, marine life,wildlife, as well as waste management while environmental conservation systems anddevices have been carefully and regularly maintained.

The subsidiary has, moreover, a policy to implement ISO 14001 standards of environmentalmanagement, and has hired the EGAT as a consultant, aiming to achieve ISO 14001certificates by 2003.

In 2002 the Company and its subsidiaries enhanced the amount of care lavished on theenvironment and society. Among the socially beneficial activities of the Group duringthe year were organization of a mobile clinic to provide medical services to residentsof 8 districts in the vicinity of Ratchaburiûs plant, sponsorship of a developmentprogram promoting lifestyles in keeping with His Majestyûs doctrine of economicsufficiency, aid to victims of flooding, and other charity projects. In addition, theCompany improved the conditions of the Navaratchaburirom Park; of 72 Rais arealocated in front of the Companyûs power plants and built in 2000. As a result, thepark was given an award from Ministry of Public Health on nationwide basis for itsatmosphere of favorable health, appropriateness of its environmental design, and pleasantsurroundings.



®“°∑’Ë°≈à“«¡“¢â“ßµâπ®–‡ÀÁπ«à“ªï 2545 ‡ªìπªï·Ààß§«“¡ ”‡√Á®„π∑ÿ°¥â“π¢Õß∫√‘…—∑œ ´÷Ëß‡ªìπ‡§√◊ËÕß∫àß™’È«à“∫√‘…—∑œ¡’√“°∞“π∑’Ë·¢Áß·°√àß·≈–æ√âÕ¡∑’Ë®–°â“« Ÿà°“√‡µ‘∫‚µÕ¬à“ß¡—Ëπ§ß„πÕπ“§µ ‡æ√“–π—∫®“°π’È‰ª ¿“√°‘®À≈—°¢Õß∫√‘…—∑œ §◊Õ°“√ √â“ß§«“¡‡µ‘∫‚µ·°à°‘®°“√·≈–‡æ‘Ë¡¡Ÿ≈§à“∑“ß‡»√…∞°‘®„Àâ°—∫ºŸâ¡’ à«π‰¥â‡ ’¬µà“ßÊ‚¥¬∫√‘…—∑œ ®–· «ßÀ“‚Õ°“ °“√≈ß∑ÿπ‡æ◊ËÕ‡æ‘Ë¡√“¬‰¥â πÕ°‡Àπ◊Õ®“°°“√§«∫§ÿ¡√“¬®à“¬ ·≈–∫√‘À“√§«“¡‡ ’Ë¬ßµà“ßÊ „ÀâÕ¬Ÿà „π√–¥—∫∑’Ë§«∫§ÿ¡‰¥â æ√âÕ¡∑—ÈßµâÕß¥Ÿ·≈√—°…“ ¡√√∂π–¢Õß‚√ß‰øøÑ“∑—ÈßÀ¡¥„Àâ “¡“√∂‡¥‘π‡§√◊ËÕß‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈– “¡“√∂√Õß√—∫§«“¡µâÕß°“√„™â‰øøÑ“¢Õßª√–™“™π‰¥âÕ¬à“ß¡—Ëπ§ß

ªï∑’Ëºà“π¡“ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß®—¥µ—Èß¢÷Èπ‡æ◊ËÕ‡ªìπ°≈‰°„π°“√¢¬“¬∏ÿ√°‘®‡¢â“ Ÿà∏ÿ√°‘®º≈‘µ‰øøÑ“¢π“¥‡≈Á°·≈–∏ÿ√°‘®Õ◊ËπÊ ∑’Ë‡°’Ë¬«¢âÕß ‰¥â√à«¡°—∫ °øº. ¥”‡π‘π‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°®”π«π 3 ·Ààß§◊Õ ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ®—ßÀ«—¥≈æ∫ÿ√’ ‡¢◊ËÕπ‡®â“æ√–¬“ ®—ßÀ«—¥™—¬π“∑ ·≈–‡¢◊ËÕπ§≈Õß∑à“¥à“π ®—ßÀ«—¥π§√π“¬° √«¡°”≈—ßº≈‘µµ‘¥µ—Èßª√–¡“≥ 28 ‡¡°–«—µµå ´÷Ëß‚§√ß°“√∑—Èß 3 ·Ààß ‰¥â√—∫°“√‡ÀÁπ™Õ∫„π‡∫◊ÈÕßµâπ®“°§≥–°√√¡°“√°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π ·≈–§“¥«à“®–‡√‘Ë¡¥”‡π‘π°“√°àÕ √â“ß‰¥â„πªï 2546

„ππ“¡¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) º¡¢Õ™◊Ëπ™¡·≈–¢Õ∫§ÿ≥„π§«“¡∑ÿà¡‡∑ ‡ ’¬ ≈–·≈–µ—Èß„®∑”ß“π¢Õßæπ—°ß“π ºŸâ∫√‘À“√ ·≈–§≥–°√√¡°“√∫√‘…—∑ ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥(¡À“™π) ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ·≈–∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ∑’Ë√à«¡·√ß√à«¡„®‡ªìπÀπ÷Ëß‡¥’¬«°—ππ”æ“∫√‘…—∑œ ∫√√≈ÿ‡ªÑ“À¡“¬‰¥âÕ¬à“ßπà“¬‘π¥’¬‘Ëß æ√âÕ¡°—ππ’È º¡¢Õ¢Õ∫§ÿ≥ºŸâ∂◊ÕÀÿâπ ·≈–ª√–™“™π∑ÿ°§π∑’Ë‰¥â π—∫ πÿπ°“√¥”‡π‘πß“π¢Õß°≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ¥â«¬¥’‡ ¡Õ¡“

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿåª√–∏“π°√√¡°“√

As aforementioned, 2002 was the successful year for the Company on every aspects, which willbe a strong foundation for the growth in the future. From the current onwards, the major duty ofthe company is to increase values to all stakeholders by investments, cost controls and riskmanagements. In addition, the Company has to maintain the availability and operating characteristicsof the power plants in order to operate efficiency and securely serve power demands.

In 2002, Ratchaburi Energy Co., Ltd., set up as an arm for investment in small power producerand other related business, has jointed with EGAT to invest in the mini hydro power plants atthree locations, i.e. Pasak Chonlasit, Lopburi Province, Chao Phraya Dam, Chainat Province,and Khlong Tha Dan Dam, Nakhon Nayok Province. The total installed capacity at these threesites will be around 28 megawatts. These projects obtained preliminary consent from the EnergyConservation Fund and constructions expected to commence in 2003

On behalf of the Company, I would like to express my gratitude to all our employees, executives,and the Board of Directors at Ratchaburi Electricity Generating Holding PCL., RatchaburiElectricity Generating Co., Ltd., and Ratchaburi Energy Co., Ltd. for their great efforts andachievements. My appreciation is also extended to our shareholders and all citizens who havesupported and encouraged the Company continuously.

Mr. Somchai RichupanChairman

§≥–°√√¡°“√∫√‘…—∑

BoardDirectors

of

Mr. Somchai RichupanChairmanChairman of Remuneration CommitteeAge 64Educationë Ph.D. (Economics), University of Florida, U.S.A.ë M.A. (Economics), University of Florida, U.S.A.ë Bachelor of Economics, Thammasat UniversityWorking Experiencesë Current- President, Siam Development Institute (SDI)- Chairman, Electricity Generating Authorityof Thailand (EGAT)

- Chairman, Thai Bond Dealer Centerë Previous- Chairman, Ratchaburi Electricity Generating Co., Ltd.- Director-General, The Fiscal PolicyOffice, Ministry of Finance (MOF)

- Director-General, The Excise Department, MOF- Economist, International Monetary Fund (IMF)- Chairman, Export-Import Bank of Thailand(EXIM Bank)

- Chairman, Bangchak Petroleum PCL.- Chairman, Government Housing Bank- Director, National Economic & SocialDevelopment Board

- Director, Bank of Thailand

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿåª√–∏“π°√√¡°“√ª√–∏“π°√√¡°“√°”Àπ¥§à“µÕ∫·∑πÕ“¬ÿ 64 ªï°“√»÷°…“ë Ph.D. (Economics), University of Florida, U.S.A.ë M.A. (Economics), University of Florida, U.S.A.ë ª√‘≠≠“µ√’ ‡»√…∞»“ µ√∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√åª√–«—µ‘°“√∑”ß“πë ªí®®ÿ∫—π- ª√–∏“π ∂“∫—πæ—≤π“ ¬“¡- ª√–∏“π°√√¡°“√ °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.)

- ª√–∏“π°√√¡°“√»Ÿπ¬å´◊ÈÕ¢“¬µ√“ “√Àπ’È‰∑¬ë Õ¥’µ- ª√–∏“π°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥- ºŸâÕ”π«¬°“√ ”π—°ß“π‡»√…∞°‘®°“√§≈—ß °√–∑√«ß°“√§≈—ß- Õ∏‘∫¥’°√¡ √√æ “¡‘µ- π—°‡»√…∞»“ µ√å ª√–®”°Õß∑ÿπ°“√‡ß‘π√–À«à“ßª√–‡∑» (IMF)- ª√–∏“π°√√¡°“√∏π“§“√‡æ◊ËÕ°“√ àßÕÕ°·≈–π”‡¢â“·Ààßª√–‡∑»‰∑¬

- ª√–∏“π°√√¡°“√ ∫√‘…—∑ ∫“ß®“°ªî‚µ√‡≈’¬¡ ®”°—¥ (¡À“™π)- ª√–∏“π°√√¡°“√∏π“§“√Õ“§“√ ß‡§√“–Àå- °√√¡°“√„π§≥–°√√¡°“√æ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘

- °√√¡°“√∏π“§“√·Ààßª√–‡∑»‰∑¬



Mr. Tawee ButrsoonthornDirectorMember of Remuneration CommitteeAge 63Educationë Advanced Management Program,Harvard University, U.S.A.

ë Honorary Doctorate Degree in Engineering,Chulalongkorn University, King Mongkuts Institute ofTechnology Ladkrabang and Burapha University

ë Bachelor of Mechanical Engineering (1st Class Honor),Chulalongkorn University

Working Experiencesë Current- Chairman, Ratchaburi Electricity Generating Co., Ltd.- Chairman of Executive Board of The ThaiMilitary Bank

- Chairman, Payathai AssetManagement Co., Ltd.

- Director of EGAT

Mr. Norkun SitthiphongDirectorAge 49Educationë Ph.D. (M.E.) Oregon State University, U.S.A.ë M.S. (M.E.) Oregon State University, U.S.A.ë Bachelor of Mechanical Engineering,Chulalongkorn University

Working Experiencesë Current- Vice President for Academic Affairs,Chiang Mai University

- Director of EGAT- Advisor, Board of Directors, The EngineeringInstitute of Thailand (Northern)

- Secretary of The Chiang Mai University Councilë 1998-2000 Vice President for Research and Property

Affairs, Chiang Mai Universityë 1986-1995 Director and Secretary of The Engineering

Institute of Thailand (Northern)ë 1985-1997 Dean, Faculty of Engineering,

Chiang Mai University

Mr. Boonchoo DireksathaponDirectorManaging DirectorAge 56Educationë Diploma, Fellow Member Thai Institute ofDirectors Association

ë Diploma, National Defence Collegeë Diploma, the Finance for Senior Executives Courseand the Program for Management Development(PMD), Harvard Business School, U.S.A.

ë Diploma, the Senior Executive Program, SASINGraduate Institute of Business Administration ofChulalongkorn University

ë Fellow Member of the Institute of CharteredAccountants in England & Wales

ë Bachelor Degree of Accounting (2nd Class Honor),Chulalongkorn University

Working Experiencesë Current- Director, Ratchaburi Energy Co., Ltd.- Director and Acting Managing Director ofRatchaburi Electricity Generating Co., Ltd.

ë 1999-2000 Deputy Governor-Account and Finance andActing Deputy Governor-Administration, EGAT

ë 1997-1999 Deputy Governor-Account andFinance, EGAT

ë 1994-1997 Assistant Governor-New BusinessVentures, EGAT

ë 1986-1994 Director, Controller Department, EGAT

π“¬∑«’ ∫ÿµ√ ÿπ∑√°√√¡°“√°√√¡°“√°”Àπ¥§à“µÕ∫·∑πÕ“¬ÿ 63 ªï°“√»÷°…“ë Advanced Management Program®“°¡À“«‘∑¬“≈—¬Œ“√å«“√å¥ À√—∞Õ‡¡√‘°“

ë ª√‘≠≠“¥ÿ…Æ’∫—≥±‘µ°‘µµ‘¡»—°¥‘Ï “¢“«‘»«°√√¡»“ µ√å®“° ∂“∫—π‡∑§‚π‚≈¬’æ√–®Õ¡‡°≈â“‡®â“§ÿ≥∑À“√ ≈“¥°√–∫—ß®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ ·≈–¡À“«‘∑¬“≈—¬∫Ÿ√æ“

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π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å°√√¡°“√Õ“¬ÿ 49 ªï°“√»÷°…“ë Ph.D. (M.E.) Oregon State University, U.S.A.ë M.S. (M.E.) Oregon State University, U.S.A.ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ “¢“‡§√◊ËÕß°≈®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

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- ‡≈¢“πÿ°“√ ¿“¡À“«‘∑¬“≈—¬‡™’¬ß„À¡àë 2541-2543 √ÕßÕ∏‘°“√∫¥’ ΩÉ“¬«‘®—¬·≈–∑√—æ¬å ‘π

¡À“«‘∑¬“≈—¬‡™’¬ß„À¡àë 2529-2538 °√√¡°“√·≈–‡≈¢“πÿ°“√«‘»«°√√¡ ∂“π

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ë 2528-2540 §≥∫¥’§≥–«‘»«°√√¡»“ µ√å¡À“«‘∑¬“≈—¬‡™’¬ß„À¡à

π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√°√√¡°“√°√√¡°“√ºŸâ®—¥°“√Õ“¬ÿ 56 ªï°“√»÷°…“ë «ÿ≤‘∫—µ√ ¡“™‘°Õ“«ÿ‚ ∂“∫—π°√√¡°“√∫√‘…—∑‰∑¬ë ª√‘≠≠“∫—µ√«‘∑¬“≈—¬ªÑÕß°—π√“™Õ“≥“®—°√ë ª√–°“»π’¬∫—µ√ À≈—° Ÿµ√°“√‡ß‘π ”À√—∫ºŸâ∫√‘À“√√–¥—∫ Ÿß·≈–À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß Harvard BusinessSchool, U.S.A.

ë ª√–°“»π’¬∫—µ√ À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ë ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ¢Õßª√–‡∑»Õ—ß°ƒ…(Fellow Chartered Accountant-England & Wales)

ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2)®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

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ë 2542-2543 √ÕßºŸâ«à“°“√∫—≠™’·≈–°“√‡ß‘π·≈–∑”Àπâ“∑’Ë√ÕßºŸâ«à“°“√∫√‘À“√ °øº.

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Mr. Vitaya KotcharugDirectorAge 60Educationë Bachelor of Engineering (Electrical PowerEngineering), Chulalongkorn University

Working Experiencesë Current- Chairman, Ratchaburi Energy Co., Ltd.- Director, Ratchaburi Electricity Generating Co., Ltd.- Director and Governor of EGAT

ë 1997-2000 President-Generation Business 2, EGATë 1996-1997 President, Mae Moh Thermal Plant, EGATë 1993-1996 Manager, Mae Moh Power Plant

Operation Division, EGAT

Mr. Suporn HotimavorakulDirectorAge 59Educationë Master of Mechanical Engineering,Chulalongkorn University

ë Bachelor of Mechanical Engineering (2nd Class Honor),Chulalongkorn University

Working Experiencesë Current- President, Engineering Business, EGAT

ë 1998-2000 Vice President, Engineering Business, EGATë 1997-1998 Vice President, Engineering Business,

Acting Director, Gas-fired and Oil-firedPower Plant Engineering Division Phase 1, EGAT

ë 1996-1997 Manager, Mechanical Engineering Division,Acting Director, Gas-fired and Oil-firedPower Plant Engineering Division Phase 1, EGAT

ë 1996 Director, Mechanical Engineering Division,Acting Lignite-fired Power Plant EngineeringDivision Phase 1, EGAT

Mr. Udom ThuvavongDirectorMember of Remuneration CommitteeAge 59Educationë Master of Electronic EngineeringThe Netherlands Universities Foundation ForInternational Co-operation

ë Bachelor of Electrical Engineering (2nd Class Honor),Chulalongkorn University

Working Experiencesë Current- Director, Ratchaburi Energy Co., Ltd.- Director, Ratchaburi Electricity Generating Co., Ltd.- President, Generation Business 2, EGAT

ë 1998-2000 President, Maintenance Business, EGATë 1997-1998 Vice President, Maintenance

Business, EGATë 1992-1997 Manager, Electrical Maintenance

Division, EGAT

Mr. Areepong Bhoocha-oomIndependent DirectorMember of Remuneration CommitteeAge 45Educationë Ph.D. Finance, University of Mississippi, U.S.A.ë MBA Finance, Marshall University, U.S.A.ë B.S. International Management, BostonUniversity, U.S.A.

Working Experiencesë Current- Director, Ratchaburi Electricity Generating Co., Ltd.- Director, Airport Authority of Thailand- Deputy Director General

ë 2000 Director of Privatisation, Office of StateEnterprise & Government Securities,Ministry of Finance

ë 1998 Fiscal Analyst 9, Office of State Enterprise &Government Securities, Ministry of Finance

ë 1996 Division Director for Government PortfolioManagement, Ministry of Finance

π“¬«‘∑¬“ §™√—°…å°√√¡°“√Õ“¬ÿ 60 ªï°“√»÷°…“ë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√∫—≥±‘µ («‘»«°√√¡‰øøÑ“°”≈—ß)®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

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·¡à‡¡“– °øº.

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ª√–«—µ‘°“√∑”ß“πë ªí®®ÿ∫—π- ºŸâ®—¥°“√„À≠à∏ÿ√°‘®«‘»«°√√¡ °øº.

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ë 2539-2540 √ÕßºŸâ®—¥°“√„À≠à∏ÿ√°‘®«‘»«°√√¡ √—°…“°“√ºŸâ®—¥°“√‚§√ß°“√«‘»«°√√¡ ‚√ß‰øøÑ“πÈ”¡—π·≈–°ä“´ √–¬–∑’Ë 1 °øº.

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ë 2541-2543 ºŸâ®—¥°“√„À≠à∏ÿ√°‘®∫”√ÿß√—°…“ °øº.ë 2540-2541 ºŸâ™à«¬ºŸâ®—¥°“√„À≠à∏ÿ√°‘®∫”√ÿß√—°…“ °øº.ë 2535-2540 ºŸâ®—¥°“√ΩÉ“¬∫”√ÿß√—°…“‰øøÑ“ °øº.

π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡°√√¡°“√Õ‘ √–°√√¡°“√°”Àπ¥§à“µÕ∫·∑πÕ“¬ÿ 45 ªï°“√»÷°…“ë ª√‘≠≠“‡Õ°¥â“π°“√‡ß‘π University of Mississippi, U.S.A.ë ª√‘≠≠“‚∑¥â“π°“√‡ß‘π Marshall University, U.S.A.ë ª√‘≠≠“µ√’¥â“π°“√®—¥°“√√–À«à“ßª√–‡∑» BostonUniversity, U.S.A.

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ë 2539 ºŸâÕ”π«¬°“√ à«π∫√‘À“√À≈—°∑√—æ¬å¢Õß√—∞°√¡∫—≠™’°≈“ß °√–∑√«ß°“√§≈—ß



Mrs. Pimolsri SiripaibulIndependent DirectorChairman of Audit CommitteeAge 66Educationë Diploma, Advanced Management Program :The International Senior Managersû Program(AMP: ISMP), Harvard Business School, U.S.A.

ë Master of Business Administration (Accounting),Syracuse University, U.S.A.

ë Bachelor of Accountancy, Chulalongkorn UniversityWorking Experiencesë 1997-2000 Advisor, Gulf Electric Public

Company Limitedë 1993-1997 Deputy Governor- Account and Finance, EGATë 1989-1993 Assistant Governor-Account and

Finance, EGATë 1987-1989 Treasurer, Finance Department, EGATë 1986-1987 Director, Budget Department, EGATë 1985-1986 Treasurer, Finance Department, EGAT

Mr. Picharn SatapanajaruIndependent DirectorMember of Audit CommitteeAge 66Educationë Master of Political Science (Public Administration),Thammasat University

ë Bachelor of Law, Thammasat UniversityWorking Experiencesë 1993-1996 Senior Legal Advisor, Office of the

Permanent Secretary, Ministry of Industryë 1992-1993 Senior Expert, Office of the

Permanent Secretary, Ministry of Industryë 1989-1991 Inspector General, Department of

Mineral Resources

Mr. Narong WongpaiboonIndependent DirectorMember of Audit CommitteeAge 66Educationë Bachelor of Mechanical Engineering (2nd Class Honor)Chulalongkorn University

Working Experiencesë Current- Director, Ratchaburi Electricity Generating Co., Ltd.

ë 1996 President, Maintenance Business, EGATë 1995-1996 Deputy Governor- Bang Pakong

Power Plant, EGATë 1993-1995 Assistant Governor-Bang Pakong

Power Plant, EGATë 1990-1993 Assistant Governor-Maintenance, EGATë 1985-1990 Superintendent, Bang Pakong

Power Plant, EGATë 1983-1985 Superintendent, South Bangkok

Power Plant, EGAT

π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å°√√¡°“√Õ‘ √–ª√–∏“π°√√¡°“√µ√«® Õ∫Õ“¬ÿ 66 ªï°“√»÷°…“ë ª√–°“»π’¬∫—µ√À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ ŸßHarvard Business School, U.S.A.

ë ª√‘≠≠“‚∑ ∫√‘À“√∏ÿ√°‘® (∫—≠™’) Syracuse University, U.S.A.ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√–«—µ‘°“√∑”ß“πë 2540-2543 ∑’Ëª√÷°…“ ∫√‘…—∑ °—≈øáÕ‘‡≈Á§µ√‘° ®”°—¥ (¡À“™π)ë 2536-2540 √ÕßºŸâ«à“°“√∫—≠™’·≈–°“√‡ß‘π °øº.ë 2532-2536 ºŸâ™à«¬ºŸâ«à“°“√ΩÉ“¬∫—≠™’·≈–°“√‡ß‘π °øº.ë 2530-2532 ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π °øº.ë 2529-2530 ºŸâÕ”π«¬°“√ΩÉ“¬ß∫ª√–¡“≥ °øº.ë 2528-2529 ºŸâÕ”π«¬°“√ΩÉ“¬°“√‡ß‘π °øº.

π“¬æ‘™“≠ ∂“ªπ®“√ÿ°√√¡°“√Õ‘ √–°√√¡°“√µ√«® Õ∫Õ“¬ÿ 66 ªï°“√»÷°…“ë √—∞»“ µ√¡À“∫—≥±‘µ (∫√‘À“√√—∞°‘®)¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

ë π‘µ‘»“ µ√∫—≥±‘µ ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√åª√–«—µ‘°“√∑”ß“πë 2536-2539 ºŸâ∑√ß§ÿ≥«ÿ≤‘¥â“π„Àâ§”ª√÷°…“∑“ß°ÆÀ¡“¬

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ë ªí®®ÿ∫—π

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ë 2536-2538 ºŸâ™à«¬ºŸâ«à“°“√‚√ß‰øøÑ“∫“ßª–°ß °øº.

ë 2533-2536 ºŸâ™à«¬ºŸâ«à“°“√ΩÉ“¬∫”√ÿß√—°…“ °øº.

ë 2528-2533 ºŸâÕ”π«¬°“√‚√ß‰øøÑ“∫“ßª–°ß °øº.

ë 2526-2528 ºŸâÕ”π«¬°“√‚√ß®—°√æ√–π§√„µâ °øº.



§≥–ºŸâ∫√‘À“√Executive

Officers

1. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√°√√¡°“√ºŸâ®—¥°“√Õ“¬ÿ 56 ªï°“√»÷°…“ë ª√–°“»π’¬∫—µ√ À≈—° Ÿµ√°“√‡ß‘π ”À√—∫ºŸâ∫√‘À“√√–¥—∫ Ÿß·≈–À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß Harvard BusinessSchool, U.S.A.

ë ª√–°“»π’¬∫—µ√ À≈—° Ÿµ√π—°∫√‘À“√√–¥—∫ Ÿß ∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2)®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ª√–«—µ‘°“√∑”ß“πë ªí®®ÿ∫—π- °√√¡°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥- °√√¡°“√·≈–√—°…“°“√°√√¡°“√ºŸâ®—¥°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥

Mr. Thoedpan IndramahaDirector, Office of Internal AuditAge 47Educationë Bachelor of Accountancy (Costing),Chulalongkorn University

Working Experiencesë 1997-2000 Chief, Computer Audit Department,

Internal Audit Division, EGATë 1996-1997 Assistant Chief, Computer Audit

Department, Internal Audit Division, EGATë 1992-1996 Assistant Chief, Audit Department 4,

Internal Audit Division, EGATë 1987-1992 Head, Computer Audit Section, Audit

Department 4, Internal Audit Division, EGATë 1985-1987 Head, Materials, Supplies and Property

Audit Section 3, Audit Department 3,Internal Audit Division, EGAT

4. π“¬‡∑Õ¥æ—π∏ÿå Õ‘π∑√¡À“ºŸâ®—¥°“√ ”π—°µ√«® Õ∫¿“¬„πÕ“¬ ÿ 47 ªï°“√»÷°…“ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ( “¢“µâπ∑ÿπ)

®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√–«—µ‘°“√∑”ß“πë 2540-2543 À—«Àπâ“°Õßµ√«® Õ∫√–∫∫ß“π§Õ¡æ‘«‡µÕ√å

ΩÉ“¬µ√«® Õ∫¿“¬„π °øº.ë 2539-2540 ºŸâ™à«¬À—«Àπâ“°Õßµ√«® Õ∫√–∫∫ß“π

§Õ¡æ‘«‡µÕ√å ΩÉ“¬µ√«® Õ∫¿“¬„π °øº.ë 2535-2539 ºŸâ™à«¬À—«Àπâ“°Õßµ√«® Õ∫ 4 ΩÉ“¬µ√«® Õ∫

¿“¬„π °øº.ë 2530-2535 À—«Àπâ“·ºπ°µ√«® Õ∫√–∫∫ß“π§Õ¡æ‘«‡µÕ√å

°Õßµ√«® Õ∫ 4 ΩÉ“¬µ√«® Õ∫¿“¬„π °øº.ë 2528-2530 À—«Àπâ“·ºπ°µ√«® Õ∫«— ¥ÿ·≈–∑√—æ¬å ‘π 3

°Õßµ√«® Õ∫ 3 ΩÉ“¬µ√«® Õ∫¿“¬„π °øº.

3. π“ß “««—®π“ Õ—ß»ÿ‚°¡ÿ∑°ÿ≈√Õß°√√¡°“√ºŸâ®—¥°“√∫—≠™’·≈–°“√‡ß‘πÕ“¬ÿ 56 ªï°“√»÷°…“ë ª√‘≠≠“‚∑ Master of Management

∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2)®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ª√–«—µ‘°“√∑”ß“πë °.æ. 43-°.æ. 44 °√√¡°“√„π§≥–°√√¡°“√¥”‡π‘π°“√

À°√≥åÕÕ¡∑√—æ¬å °øº. ®”°—¥ë 2540-2543 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬°”°—∫·≈–«‘‡§√“–Àå

∫—≠™’·≈–°“√‡ß‘π °øº.ë 2538-2540 À—«Àπâ“°Õßª√–¡«≈·≈–«‘‡§√“–Àå∫—≠™’

°“√‡ß‘π·≈–ß∫ª√–¡“≥ ΩÉ“¬°”°—∫·≈–«‘‡§√“–Àå∫—≠™’·≈–°“√‡ß‘π °øº.

Ms. Vajana AngsukomutkulDeputy Managing Director-Accounting and FinanceAge 56Educationë Master of Management, SASIN Graduate Institute of

Business Administration of Chulalongkorn Universityë Bachelor of Accountancy (2nd Class Honor),

Chulalongkorn UniversityWorking Experiencesë Feb. 00-Feb. 01 Member of The Board of Directors,

The Saving Cooperative of EGAT.ë 1997-2000 Assistant Director, Controller Division,

EGATë 1995-1997 Chief, Account Finance and Budget

Report and Analysis Department,Controller Division, EGAT

Mr. Boonchoo DireksathaponManaging DirectorAge 56Educationë Diploma, the Finance for Senior Executives Courseand the Program for Management Development(PMD), Harvard Business School, U.S.A.

ë Diploma, the Senior Executive Program, SASINGraduate Institute of Business Administration ofChulalongkorn University

ë Bachelor Degree of Accounting (2nd Class Honor),Chulalongkorn University

Working Experiencesë Current- Director, Ratchaburi Energy Co., Ltd.- Director and Acting Managing Director ofRatchaburi Electricity Generating Co., Ltd.

2. π“¬ ¡“π æß…åª√–¿“æ—π∏å√Õß°√√¡°“√ºŸâ®—¥°“√æ—≤π“∏ÿ√°‘®Õ“¬ÿ 58 ªï°“√»÷°…“ë ª√‘≠≠“‚∑ «‘»«°√√¡æ—≤π“·À≈àßπÈ”

∂“∫—π‡∑§‚π‚≈¬’·Ààß‡Õ‡´’¬ë ª√‘≠≠“µ√’ «‘»«°√√¡‚¬∏“ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√–«—µ‘°“√∑”ß“πë 2544-ªí®®ÿ∫—π °√√¡°“√·≈–√—°…“°“√°√√¡°“√

ºŸâ®—¥°“√ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ë 2542-2543 ºŸâ™à«¬ºŸâ«à“°“√æ—≤π“∏ÿ√°‘® °øº.ë 2538-2542 ºŸâÕ”π«¬°“√ΩÉ“¬®—¥°“√∏ÿ√°‘®„π‡§√◊Õ °øº.ë 2533-2538 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬«“ß·ºπ

√–∫∫‰øøÑ“ °øº.ë 2525-2533 ºŸâ™à«¬À—«Àπâ“°Õß»÷°…“§«“¡‡À¡“– ¡

‚§√ß°“√ °øº.

Mr. Smarn PhongprapaphanDeputy Managing Director-Business VenturesAge 58Educationë Master of Engineering (Water Resource Development),Asian Institute of Technology

ë Bachelor of Engineering (Civil Engineering),Chulalongkorn University

Working Experiencesë 2001-Current Director and Acting Managing Director of

the Ratchaburi Energy Co., Ltd.ë 1999-2000 Assistant Governor-Business

Ventures, EGATë 1995-1999 Director-Portfolio Management

Division, EGATë 1990-1995 Assistant Director-System

Planning Division, EGATë 1982-1990 Assistant Chief-Department of

Project Feasibility Study, EGAT



Mrs. Arunee RojanapenkulDirector Accounting DivisionAge 55Educationë Certificate in Senior Executive Program,Sasin Graduate Institute of BusinessAdministration in Chulalongkorn University.

ë Certificate in Advanced Mini MBA,Chulalongkorn University.

ë Certificate in Mini MBA, Chulalongkorn University.ë Bachelor of Accountancy, Chulalongkorn University.Working Experiencesë 1997-2000 Accountant Level 10, Chief, Finance

Analysis and Budgeting Group, DomesticPower Purchase Division, EGAT

ë 1994-1997 Accountant Level 10, Chief, FinanceAnalysis Group, Business VentureDivision, EGAT

ë 1993-1994 Assistant Chief, Accounting Department,Accounting Division, EGAT

Mr. Prayut ThongsuwanDirector, General Administration DivisionAge 44Educationë Master of Public and Private Management,The National Institute of Development Administration

ë Certificate in Advanced Mini MBA,Chulalongkorn University

ë Bachelor of Political Science (Public Administration),Thammasat University

Working Experiencesë 1998-2000 Chief, Procurement and General Services

Department, Demand Side Management andPlanning Division, EGAT

ë 1997-1998 Assistant Chief, Appliances EfficiencyImprovement Project, Demand SideImplementation Division, EGAT

ë 1995-1997 Head, Personnel Section, Demand SideManagement Office, EGAT

5. π“ßÕ√ÿ≥’ ‚√®π‡æÁ≠°ÿ≈ºŸâ®—¥°“√ΩÉ“¬∫—≠™’Õ“¬ÿ 55 ªï°“√»÷°…“ë ª√–°“»π’¬∫—µ√ Senior Executive Program

∂“∫—π∫—≥±‘µ∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ë ª√–°“»π’¬∫—µ√ Advanced Mini MBA ®ÿÃ“≈ß°√≥å

¡À“«‘∑¬“≈—¬ë ª√–°“»π’¬∫—µ√ Mini MBA ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√–«—µ‘°“√∑”ß“πë 2540-2543 π—°∫—≠™’√–¥—∫ 10 À—«Àπâ“°≈ÿà¡«‘‡§√“–Àå°“√‡ß‘π

·≈–ß∫ª√–¡“≥ΩÉ“¬´◊ÈÕ‰øøÑ“„πª√–‡∑» °øº.ë 2537-2540 π—°∫—≠™’√–¥—∫ 10 À—«Àπâ“°≈ÿà¡«‘‡§√“–Àå°“√‡ß‘π

ΩÉ“¬æ—≤π“∏ÿ√°‘® °øº.ë 2536-2537 ºŸâ™à«¬À—«Àπâ“°Õßª√–¡«≈∫—≠™’ ΩÉ“¬∫—≠™’ °øº.

7. π“¬ª√–¬ÿ∑∏ ∏ß ÿ«√√≥ºŸâ®—¥°“√ΩÉ“¬∫√‘À“√ß“π∑—Ë«‰ªÕ“¬ÿ 44 ªï°“√»÷°…“ë Master of Public and Private Management

∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√åë Advanced Mini MBA ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ë ª√‘≠≠“µ√’ √—∞»“ µ√å “¢“∫√‘À“√√—∞°‘®

¡À“«‘∑¬“≈—¬∏√√¡»“ µ√åª√–«—µ‘°“√∑”ß“πë 2541-2543 À—«Àπâ“°Õß®—¥À“·≈–∫√‘°“√ ΩÉ“¬∫√‘À“√·≈–

·ºπß“π¥â“π°“√„™â‰øøÑ“ °øº.ë 2540-2541 «‘∑¬“°√√–¥—∫ 9 ºŸâ™à«¬À—«Àπâ“‚§√ß°“√

ª√—∫ª√ÿßª√– ‘∑∏‘¿“æÕÿª°√≥å‰øøÑ“ ΩÉ“¬ªØ‘∫—µ‘°“√¥â“π°“√„™â‰øøÑ“ °øº.

ë 2538-2540 À—«Àπâ“·ºπ°∫√‘À“√ß“π∫ÿ§§≈ ”π—°ß“π°“√®—¥°“√¥â“π°“√„™â‰øøÑ“ °øº.

8. π“ß¥√ÿ≥’ Õ¿‘π√‡»√…∞åºŸâ®—¥°“√ΩÉ“¬°“√‡ß‘πÕ“¬ÿ 52 ªï°“√»÷°…“ë ª√‘≠≠“‚∑ Master of Management ∂“∫—π∫—≥±‘µ

∫√‘À“√∏ÿ√°‘®»»‘π∑√å ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ë ª√‘≠≠“µ√’ ∫—≠™’∫—≥±‘µ (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2)

®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬ª√–«—µ‘°“√∑”ß“πë 2538-2544 ºŸâ™à«¬ºŸâÕ”π«¬°“√ΩÉ“¬®—¥°“√∏ÿ√°‘®

„π‡§√◊Õ °øº.ë 2537-2538 π—°∫—≠™’√–¥—∫ 10 ΩÉ“¬®—¥°“√∏ÿ√°‘®

„π‡§√◊Õ °øº.ë 2536-2537 À—«Àπâ“°Õßª√–¡«≈∫—≠™’ ΩÉ“¬∫—≠™’ °øº.

Mr. Peerawat PumthongDirector, Business Management DivisionAge 44Educationë Master of Business Administration, Monash University,Australia, Certificate of Merit in International Business

ë Master of Engineering, Asian Institute of Technologyë Bachelor of Engineering (2nd Class Honor),Khonkaen University

ë Certificate in Electric Power Development from SwedishBoard of Investment and Technical Support (BITS), Sweden

Working Experiencesë Current Acting Deputy Managing Director of

the Ratchaburi Energy Co., Ltd.ë 2000 Chief, Business Venture Group Portfolio

Management Division, EGATë 1998-1999 Chief, Contract Negotiation and Management

Group, Domestic Power Purchase Division, EGATë 1996-1997 Chief, Engineering and Project Implementation

Group, Business Venture Division, EGATë 1994-1996 Engineer Level 9, Acting Chief, Engineering

and Project Implementation Group, BusinessVenture Division, EGAT

6. π“¬æ’√–«—≤πå æÿà¡∑ÕßºŸâ®—¥°“√ΩÉ“¬®—¥°“√∏ÿ√°‘®Õ“¬ÿ 44 ªï°“√»÷°…“ë Master of Business Administration, Monash University,

Australia, Certificate of Merit in International Businessë Master of Engineering, Asian Institute of Technologyë ª√‘≠≠“µ√’ «‘»«°√√¡»“ µ√å (‡°’¬√µ‘π‘¬¡Õ—π¥—∫ 2)

¡À“«‘∑¬“≈—¬¢Õπ·°àπë Certificate in Electric Power Development from Swedish

Board of Investment and Technical Support (BITS), Swedenª√–«—µ‘°“√∑”ß“πë 2545 √—°…“°“√√Õß°√√¡°“√ºŸâ®—¥°“√

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ë 2543 «‘»«°√√–¥—∫ 10 À—«Àπâ“°≈ÿà¡»÷°…“·≈–ª√– “πß“π

æ—≤π“∏ÿ√°‘® ΩÉ“¬®—¥°“√∏ÿ√°‘®„π‡§√◊Õ °øº.ë 2541-2542 «‘»«°√√–¥—∫ 10 À—«Àπâ“°≈ÿà¡‡®√®“·≈–∫√‘À“√

—≠≠“ ΩÉ“¬´◊ÈÕ‰øøÑ“„πª√–‡∑» °øº.ë 2539-2540 «‘»«°√√–¥—∫ 10 À—«Àπâ“§≥–‡®√®“´◊ÈÕ¢“¬‰øøÑ“

®“° IPP ·≈– ªª. ≈“« ΩÉ“¬æ—≤π“∏ÿ√°‘® °øº.ë 2537-2539 «‘»«°√√–¥—∫ 9 À—«Àπâ“§≥–‡®√®“´◊ÈÕ¢“¬‰øøÑ“

®“° ªª. ≈“« ΩÉ“¬æ—≤π“∏ÿ√°‘® °øº.

Mrs. Darunee AbhinorasethDirector, Finance DivisionAge 52Educationë Master of Management, SASIN GraduateInstitute of Business Administration ofChulalongkorn University

ë Bachelor of Accountancy (2nd Class Honor),Chulalongkorn University

Working Experiencesë 1995-2001 Assistant Director, Portfolio Management

Division, EGATë 1994-1995 Accountant Level 10, Portfolio Management

Division, EGATë 1993-1994 Chief, General Accounting Department,

Accounting Division, EGAT

28 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 29Ratchaburi Electricity Generating Holding Public Company Limited Ratchaburi Electricity Generating Holding Public Company Limited∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

OrganizationChart

‚§√ß √â“ß°“√∫√‘À“√

§≥–°√√¡°“√∫√‘…—∑Board of Directors

§≥–°√√¡°“√µ√«® Õ∫Audit Committee

°√√¡°“√ºŸâ®—¥°“√Managing Director

ΩÉ“¬®—¥°“√∏ÿ√°‘®

Business Management Division

à«π√–∫∫ “√ π‡∑»

Information TechnologyDepartment

à«πª√–¡«≈∫—≠™’

General AccountingDepartment

à«π«‘‡§√“–Àå∫—≠™’·≈–ß∫ª√–¡“≥

Management Accounting andBudgeting Department

à«π°“√‡ß‘π

Finance Department

à«π∫√‘À“√·≈–«“ß·ºπ°“√‡ß‘π

Financial Planning andManagement Department

à«ππ—°≈ß∑ÿπ —¡æ—π∏å·≈–«‘‡§√“–Àå∏ÿ√°‘®

Investor Relations andBusiness Analysis Department

à«π®—¥°“√·≈–æ—≤π“∏ÿ√°‘®

Business Management andDevelopment Department

ΩÉ“¬∫—≠™’Accounting Division

ΩÉ“¬°“√‡ß‘πFinance Division

ΩÉ“¬∫√‘À“√ß“π∑—Ë«‰ªGeneral Administration

Division

à«π∏ÿ√°“√·≈–ß“π∫ÿ§§≈Administration and Human

Resource Department

à«π®—¥À“·≈–∫√‘°“√Procurement and Service

Department

à«π°ÆÀ¡“¬Legal Department

à«πª√–™“ —¡æ—π∏åPublic Relations

Department

”π—°µ√«® Õ∫¿“¬„πOffice of Internal Audit

√Õß°√√¡°“√ºŸâ®—¥°“√æ—≤π“∏ÿ√°‘®

Deputy Managing DirectorBusiness Ventures

√Õß°√√¡°“√ºŸâ®—¥°“√∫—≠™’·≈–°“√‡ß‘π

Deputy Managing DirectorAccounting and Finance

§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π

Remuneration Committee



¥â«¬π‚¬∫“¬¢Õß∫√‘…—∑œ „π°“√¡ÿàß‡πâπ°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·≈–§«“¡¡ÿàß¡—Ëπ∑’Ë®–∏”√ßµπ‡ªìπ∫√√…—∑¿‘∫“≈ (Good Corporate Governance) µ“¡‡®µπ“√¡≥å¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ∫√‘…—∑œ®÷ß‰¥â¥”‡π‘π°“√®—¥µ—Èß§≥–°√√¡°“√µ“¡¢âÕ°”Àπ¥¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡‚ª√àß„ ·≈–√—∫º‘¥™Õ∫µàÕºŸâ∑’Ë‡°’Ë¬«¢âÕß∑ÿ°ΩÉ“¬Õ¬à“ß‡∑à“‡∑’¬¡

§≥–°√√¡°“√∫√‘…—∑ªí®®ÿ∫—π ∫√‘…—∑œ ¡’§≥–°√√¡°“√®”π«π 11 ∑à“π ¥—ß¡’√“¬π“¡µàÕ‰ªπ’È1. π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ª√–∏“π°√√¡°“√·≈–ª√–∏“π°√√¡°“√°”Àπ¥§à“µÕ∫·∑π2. π“¬∑«’ ∫ÿµ√ ÿπ∑√ °√√¡°“√·≈–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π3. π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å °√√¡°“√4. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ °√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√5. π“¬«‘∑¬“ §™√—°…å °√√¡°“√6. π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ °√√¡°“√7. π“¬Õÿ¥¡ ∏ÿ««ß»å °√√¡°“√·≈–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π8. π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ °√√¡°“√Õ‘ √–·≈–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π9. π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å °√√¡°“√Õ‘ √–·≈–ª√–∏“π°√√¡°“√µ√«® Õ∫10.π“¬æ‘™“≠ ∂“ªπ®“√ÿ °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫11.π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å °√√¡°“√Õ‘ √–·≈–°√√¡°“√µ√«® Õ∫

With the policies committed to the principles of good corporate governance in accordancewith the Stock Exchange of Thailand (SET) requirements, the Company has organized its Boardof Directors in accordance with SET guidelines that provide for greater transparency and accountabilityto all stakeholders on equitability basis.

The Board of DirectorsThe Board of Directors is composed of 11 persons, as follows:1. Mr. Somchai Richupan Chairman of the Board of Directors and

Chairman of Remuneration Committee2. Mr. Tawee Butrsoonthorn Director and Member of Remuneration Committee3. Mr. Norkun Sitthiphong Director4. Mr. Boonchoo Direksathapon Director and Managing Director5. Mr. Vitaya Kotcharug Director6. Mr. Suporn Hotimavorakul Director7. Mr. Udom Thuvavong Director and Member of Remuneration Committee8. Mr. Areepong Bhoocha-oom Independent Director and Member of Remuneration Committee9. Mrs. Pimolsri Siripaibul Independent Director and Chairman of Audit Committee10.Mr. Picharn Satapanajaru Independent Director and Member of Audit Committee11.Mr. Narong Wongpaiboon Independent Director and Member of Audit Committee

‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπManagement

Shareholding Structureand

§≥–°√√¡°“√∫√‘…—∑œ ¡’Àπâ“∑’Ë°”Àπ¥π‚¬∫“¬·≈–∑∫∑«π„Àâ§«“¡‡ÀÁπ™Õ∫π‚¬∫“¬·≈–·ºπ°“√¥”‡π‘πß“π ¢≥–‡¥’¬«°—π¬—ß∑”Àπâ“∑’Ë°”°—∫¥Ÿ·≈°“√∑”ß“π¢ÕßΩÉ“¬∫√‘À“√„ÀâªØ‘∫—µ‘µ“¡π‚¬∫“¬∑’Ë‰¥â«“ß‰«âÕ¬à“ß‡§√àß§√—¥·≈–„Àâ‡°‘¥ª√– ‘∑∏‘º≈ Ÿß ÿ¥

µ“¡ª°µ‘ ∫√‘…—∑œ ‰¥â°”Àπ¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ‡¥◊Õπ≈– 1 §√—Èß ‚¥¬®–®—¥ àß«“√–°“√ª√–™ÿ¡·≈–‡Õ° “√°“√ª√–™ÿ¡„Àâ§≥–°√√¡°“√æ‘®“√≥“≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ ‡æ◊ËÕ„Àâ¡’°“√æ‘®“√≥“Õ¬à“ß√Õ∫§Õ∫ ·≈–®—¥ √√‡«≈“‰«âÕ¬à“ß‡æ’¬ßæÕ°—∫«“√–°“√ª√–™ÿ¡ ·≈–¡“°æÕ∑’Ë§≥–°√√¡°“√®–Õ¿‘ª√“¬ª√–‡¥Áπ ”§—≠µà“ßÊ ‚¥¬∑—Ë«°—π „πªï 2545 §≥–°√√¡°“√∫√‘…—∑œ ¡’°“√ª√–™ÿ¡√«¡®”π«π 12 §√—Èß

°√√¡°“√Õ‘ √–„π§≥–°√√¡°“√∫√‘…—∑œ ®”π«π 11 ∑à“π ¡’®”π«π 4 ∑à“π ¥”√ßµ”·Àπàß°√√¡°“√Õ‘ √– ÷Ëß∑”Àπâ“∑’Ëæ‘®“√≥“¥â«¬¥ÿ≈æ‘π‘®∑’Ë‡ªìπÕ‘ √–‡æ◊ËÕ„Àâπ‚¬∫“¬ ·ºπ°“√¥”‡π‘πß“π ·≈–°“√∫√‘À“√ß“π¢Õß∫√‘…—∑œ ∂Ÿ°µâÕß Õ¥§≈âÕß°—∫°ÆÀ¡“¬ «—µ∂ÿª√– ß§å ¢âÕ∫—ß§—∫ ·≈–¡µ‘ºŸâ∂◊ÕÀÿâπ ÷Ëß∂◊Õ‡ªìπ°“√ª°ªÑÕßº≈ª√–‚¬™πå¢ÕßºŸâ∂◊ÕÀÿâπ„Àâ¡’§«“¡‡∑à“‡∑’¬¡°—π

The Board of Directors is responsible for overseeing the Companyûs overall business strategiesand operations and determining the Companyûs statutory and non-statutory policies.Furthermore, the Board directly supervises executive managementûs procedures, ensuringthat all of these produces are consistent with pre-determines policies and objectives.

Board meeting are held once a month. The meeting agenda and pertinent documentation arepresented to all members of the board, for consideration and to enable each director to preparefor discussion, in advance before the meeting date. In 2002, there were a total of 12 boardmeetings.

Independent DirectorsOf the eleven directors on the Board of Directors four members are independent directors.The independent directors are designated to independent scrutinize the Companyûs policy,business plan and management to ensure that each complies with the laws, goals, regulationsand resolutions of the shareholderûs meetings. This ensures that the interests of all shareholdersare equally protected.



§≥–°√√¡°“√µ√«® Õ∫„π§≥–°√√¡°“√∫√‘…—∑œ ®”π«π 11 ∑à“π ¡’ 3 ∑à“π¥”√ßµ”·Àπàß„π§≥–°√√¡°“√µ√«® Õ∫ ∑”Àπâ“∑’Ë Õ∫∑“π√“¬ß“π∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ „Àâ∂Ÿ°µâÕß·≈–‡æ’¬ßæÕ πÕ°®“°π’È ¬—ß®—¥„Àâ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π·≈–µ√«® Õ∫¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ ·≈– “¡“√∂∫√‘À“√§«“¡‡ ’Ë¬ß‰¥âÕ¬à“ß‡À¡“– ¡ πÕ°‡Àπ◊Õ®“°°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å °Æ√–‡∫’¬∫¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬·≈–°ÆÀ¡“¬∏ÿ√°‘®∑’Ë‡°’Ë¬«¢âÕßµà“ßÊ

πÕ°®“°π’È ¬—ß∑”Àπâ“∑’Ë§—¥‡≈◊Õ° ‡ πÕ·µàßµ—Èß ·≈–‡ πÕ§à“µÕ∫·∑πºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„Àâ·°à§≥–°√√¡°“√¢Õß∫√‘…—∑œ „Àâ§«“¡‡ÀÁπ™Õ∫ ·≈–π”‡ πÕµàÕ∑’ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπæ‘®“√≥“Õπÿ¡—µ‘Õ’°∑—Èß¬—ßæ‘®“√≥“°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ „π°√≥’∑’Ë‡°‘¥√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π À√◊Õ√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå „Àâ¡’§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π √«¡∑—Èß√—∫º‘¥™Õ∫°“√®—¥∑”√“¬ß“π°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß§≥–°√√¡°“√µ√«® Õ∫ ∑’Ë≈ßπ“¡‚¥¬ª√–∏“π°√√¡°“√µ√«® Õ∫ ‚¥¬‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï¢Õß∫√‘…—∑œ

§≥–°√√¡°“√µ√«® Õ∫ ¬—ß¡’∫∑∫“∑ ”§—≠„π°“√µ√«® Õ∫¥Ÿ·≈°“√¥”‡π‘πß“π¢Õß ”π—°µ√«® Õ∫¿“¬„π„π‡√◊ËÕßµà“ßÊ √«¡∂÷ß¢Õ∫‡¢µ°“√ªØ‘∫—µ‘ß“π ·ºπ°“√µ√«® Õ∫ª√–®”ªïß∫ª√–¡“≥ µ≈Õ¥®π∫ÿ§≈“°√‚¥¬®–æ‘®“√≥“„Àâ¡’§«“¡‡À¡“– ¡°—∫∫∑∫“∑§«“¡√—∫º‘¥™Õ∫„πß“π ¢≥–‡¥’¬«°—π¬—ßæ‘®“√≥“°“√·µàßµ—Èß ‚¬°¬â“¬À√◊Õ‡≈‘°®â“ß ºŸâ®—¥°“√ ”π—°µ√«® Õ∫¿“¬„π√«¡∑—Èßæ‘®“√≥“√“¬ß“πº≈°“√ªØ‘∫—µ‘ß“π ·≈–§«“¡‡ªìπÕ‘ √–¢Õß ”π—°µ√«® Õ∫¿“¬„π¥â«¬

Audit CommitteeOf the eleven directors on the Board of Director three members hold positions as directors ofthe Audit Committee. The committee is responsible for auditing financial reports for accuracy andadequacy. It also monitors and controls efficiency in the internal control system and internalaudit system to ensure that all risks are being properly managed. The committeeûs roles andresponsibilities are in compliance with the Securities and Exchange Act, the SETûs regulationsand other related business laws.

The committee also proposes to the Board of Directors and later to the Shareholder AnnualMeeting for approval of the companyûs and its subsidiariesû appointment of the auditor and theirauditing fees. The committee, furthermore, considers for reviewing the Companyûsdisclosure of connected transactions or other transactions to guarantee that no conflict of interestexists. The committee is also responsible for preparing the report on auditing results, which issigned by the Audit Committee Chairman and incorporates in the Companyûs annual report.

The Audit Committee also plays a key role in monitoring and reviewing the performance ofthe Office of Internal Audit in various areas, including the scope of work, the auditing plan,budgeting and manpower based on job description and qualifications. It also reviews theappointment or transfer or dismissal of Director of the Office of Internal Audit; and reviewsreports on the performance and independence of the Office of Internal Audit.

§≥–°√√¡°“√µ√«® Õ∫®–√“¬ß“π‡√◊ËÕß∑’Ëµ√«®æ∫ À√◊Õ¢âÕ ß —¬µà“ßÊ „Àâ§≥–°√√¡°“√∫√‘…—∑œ √—∫∑√“∫‡æ◊ËÕÀ“·π«∑“ß„π°“√·°â‰¢ª√—∫ª√ÿßÀ≈—ß®“°∑’Ë‰¥â√—∫√“¬ß“π°“√µ√«® Õ∫·≈â«

§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π„π§≥–°√√¡°“√∫√‘…—∑œ ®”π«π 11 ∑à“π ¡’ 4 ∑à“π ¥”√ßµ”·Àπàß„π§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π¡’Àπâ“∑’Ëæ‘®“√≥“°”Àπ¥§à“µÕ∫·∑π ‰¥â·°à ‡ß‘π‡¥◊Õπ ‡∫’È¬ª√–™ÿ¡ ‡∫’È¬‡≈’È¬ß ‚∫π— À√◊Õº≈ª√–‚¬™πåµÕ∫·∑π„π≈—°…≥–Õ◊ËπÊ ¢Õß§≥–°√√¡°“√∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

°√√¡°“√ºŸâ¡’Õ”π“®≈ßπ“¡·∑π∫√‘…—∑œºŸâ¡’Õ”π“®≈ßπ“¡·∑π∫√‘…—∑œ §◊Õ π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ª√–∏“π°√√¡°“√ À√◊Õ π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√°√√¡°“√ºŸâ®—¥°“√ §π„¥§πÀπ÷Ëß≈ß≈“¬¡◊Õ™◊ËÕ·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ À√◊Õ π“¬≥Õ§ÿ≥ ‘∑∏‘æß»åπ“¬«‘∑¬“ §™√—°…å π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ π“¬Õÿ¥¡ ∏ÿ««ß»å π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬åπ“¬æ‘™“≠ ∂“ªπ®“√ÿ π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å Õß„π·ª¥§π≈ß≈“¬¡◊Õ™◊ËÕ√à«¡°—π·≈–ª√–∑—∫µ√“ ”§—≠¢Õß∫√‘…—∑œ

°“√ √√À“°√√¡°“√∫ÿ§§≈∑’Ë¥”√ßµ”·Àπàß°√√¡°“√¢Õß∫√‘…—∑œ µâÕß¡’§ÿ≥ ¡∫—µ‘·≈–‰¡à¡’≈—°…≥–µâÕßÀâ“¡µ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥‚¥¬§≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π‰¡àπâÕ¬°«à“‡®Á¥§π·≈–‰¡à‡°‘π°«à“ ‘∫‡ÕÁ¥§π ¡“®“°°“√‡≈◊Õ°µ—Èß¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ·≈–°√√¡°“√‰¡àπâÕ¬°«à“°÷ËßÀπ÷Ëß¢Õß®”π«π°√√¡°“√∑—ÈßÀ¡¥µâÕß¡’∂‘Ëπ∑’ËÕ¬Ÿà „π√“™Õ“≥“®—°√

The Audit Committee will report the results or any doubts of the audit to the Board of Directorsfor acknowledgement and guidelines for further improvement.

Remuneration CommitteeOf the eleven directors on the Board of Directors four members of members of the RemunerationCommittee. The committee is responsible for determining the compensation of the Board ofDirectors and executives of the Company and its subsidiaries, including salaries, meetingallowances, living allowances, bonuses or other forms of benefits.

Authorized DirectorsThe authorized directors of the Company are either Mr. Somchai Richupan, Chairman of theBoard, or Mr. Boonchoo Direksathapon, Managing Director, who can validate documents byaffixing their signatures and the Companyûs seal, or any two of the following eightpersons, namely Mr. Norkun Sitthiphong, Mr. Vitaya Kotcharug, Mr. Suporn Hotimavorakul,Mr. Udom Thuvavong, Mr. Areepong Bhoocha-oom, Mrs. Pimolsri Siripaibul, Mr. PicharnSatapanajaru, or Mr. Narong Wongpaiboon, who jointly can validate documents by affixing theirsignatures and the Companyûs seal.

Selection of DirectorsThe Directors of the Company shall be a qualified person and not prohibited by laws. The Boardof Directors has a minimum of seven directors but not more than eleven. All of them have beenselected and formally appointed by the shareholders meeting. No fewer than half of all directorsshall domicile in the Kingdom of Thailand.



°√≥’∑’Ëµ”·Àπàß°√√¡°“√«à“ß≈ß¥â«¬‡ÀµÿÕ◊Ëπ πÕ°‡Àπ◊Õ®“°∂÷ß§√“«ÕÕ°µ“¡«“√– „Àâ§≥–°√√¡°“√∫√‘…—∑‡≈◊Õ°ºŸâ∂◊ÕÀÿâπ À√◊Õ∫ÿ§§≈„¥∫ÿ§§≈Àπ÷Ëß´÷Ëß¡’§ÿ≥ ¡∫—µ‘·≈–‰¡à¡’≈—°…≥–µâÕßÀâ“¡µ“¡°ÆÀ¡“¬«à“¥â«¬∫√‘…—∑¡À“™π®”°—¥‡ªìπ°√√¡°“√·∑π„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ §√“«∂—¥‰ª ‡«âπ·µà«“√–¢Õß°√√¡°“√®–‡À≈◊ÕπâÕ¬°«à“ Õß‡¥◊Õπ ∫ÿ§§≈ ÷Ëß‡¢â“‡ªìπ°√√¡°“√·∑π¥—ß°≈à“« ®–Õ¬Ÿà„πµ”·Àπàß°√√¡°“√‰¥â‡∑à“«“√–∑’Ë‡À≈◊ÕÕ¬Ÿà¢Õß°√√¡°“√∑’Ë·∑π ∑—Èßπ’È §≥–°√√¡°“√∫√‘…—∑œ ®–µâÕß¡’¡µ‘¥â«¬§–·ππ‡ ’¬ß‰¡àπâÕ¬°«à“ “¡„π ’Ë¢Õß®”π«π°√√¡°“√∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà

À“°°√√¡°“√∑’Ë‡À≈◊ÕÕ¬Ÿà¡’®”π«ππâÕ¬°«à“Õß§åª√–™ÿ¡ „Àâ°√√¡°“√∑’Ë‡À≈◊ÕÕ¬Ÿà°√–∑”°“√„ππ“¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µà‡©æ“–°“√®—¥„Àâ¡’°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡æ◊ËÕ‡≈◊Õ°µ—Èß°√√¡°“√·∑πµ”·Àπàß∑’Ë«à“ß‡∑à“π—Èπ °“√ª√–™ÿ¡¥—ß°≈à“«„Àâ°√–∑”¿“¬„πÀπ÷Ëß‡¥◊Õππ—∫·µà«—π∑’Ë®”π«π°√√¡°“√∑’Ë‡À≈◊ÕÕ¬ŸàπâÕ¬°«à“®”π«π∑’Ë‡ªìπÕß§åª√–™ÿ¡ ∫ÿ§§≈∑’Ë‡¢â“‡ªìπ°√√¡°“√·∑ππ—Èπ®–Õ¬Ÿà „πµ”·Àπàß‰¥â‡∑à“«“√–∑’Ë¬—ß‡À≈◊ÕÕ¬Ÿà¢Õß°√√¡°“√∑’Ë·∑π‡∑à“π—Èπ

If the director resigns for other reasons, other than the expiry of the term, the Board of Directorsmust select one shareholder, who is qualified and is not prohibited by the laws applying to publiccompany limited to replace the vacant position at the next Board meeting. In the case of anydirector having less than two months remaining on their term, the replaced director must benominated as a director for the period of time, which the previous director has left. In addition,the Board of Directors of Company shall approve such case with the vote of three forth of theremaining directors.

If the number of directors is less than the quorum, the remaining directors are allowed to act onbehalf of the board only to conduct shareholder meeting specifically for the purpose of electingdirectorships, which are vacant. The meeting must be held within one month since the dateon which the number of directors has been less than the quorum. The replacement will beposted in the position for the remaining term of the former directors.

”À√—∫À≈—°‡°≥±å·≈–«‘∏’°“√‡≈◊Õ°µ—Èß°√√¡°“√‰¥â¥”‡π‘π°“√µ“¡¢âÕ∫—ß§—∫¢Õß∫√‘…—∑œ ‚¥¬°√√¡°“√¡“®“°°“√‡≈◊Õ°µ—Èß¢Õß∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¥—ßπ’È1. ºŸâ∂◊ÕÀÿâπ§πÀπ÷Ëß¡’§–·ππ‡ ’¬ß‡∑à“°—∫®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà ‚¥¬Àπ÷ËßÀÿâπ¡’Àπ÷Ëß‡ ’¬ß2. ºŸâ∂◊ÕÀÿâπ·µà≈–§π®–„™â ‘∑∏‘‡≈◊Õ°∫ÿ§§≈‡¥’¬«À√◊ÕÀ≈“¬§π‡ªìπ°√√¡°“√°Á‰¥â ·µàµâÕß‰¡à‡°‘π®”π«π°√√¡°“√

∑’Ë‰¥â√—∫°“√‡ πÕ™◊ËÕ‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ3. „π°√≥’∑’ËºŸâ∂◊ÕÀÿâπ„™â ‘∑∏‘‡≈◊Õ°À≈“¬§π‡ªìπ°√√¡°“√ ºŸâ∂◊ÕÀÿâπµâÕß≈ß§–·ππ‡ ’¬ß„Àâ·µà≈–∫ÿ§§≈‡∑à“°—∫

®”π«π§–·ππ‡ ’¬ß∑’Ë¡’Õ¬Ÿà ·µà®–·∫àß§–·ππ‡ ’¬ß„Àâ·°àºŸâ „¥¡“°πâÕ¬‡æ’¬ß„¥‰¡à‰¥â4. ∫ÿ§§≈´÷Ëß‰¥â√—∫§–·ππ‡ ’¬ß Ÿß ÿ¥µ“¡≈”¥—∫≈ß¡“ ‡ªìπºŸâ‰¥â√—∫‡≈◊Õ°µ—Èß‡ªìπ°√√¡°“√‡∑à“®”π«π°√√¡°“√

∑’Ë®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „π°√≥’∫ÿ§§≈ ÷Ëß‰¥â√—∫°“√‡≈◊Õ°µ—Èß„π≈”¥—∫∂—¥≈ß¡“¡’§–·ππ‡ ’¬ß‡∑à“°—π‡°‘π®”π«π°√√¡°“√∑’Ë®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ „Àâª√–∏“π∑’Ëª√–™ÿ¡‡ªìπºŸâÕÕ°‡ ’¬ß™’È¢“¥‡æ‘Ë¡¢÷ÈπÕ’°Àπ÷Ëß‡ ’¬ß‡æ◊ËÕ„Àâ‰¥â®”π«π°√√¡°“√∑’Ë®–æ÷ß‡≈◊Õ°µ—Èß„π§√—Èßπ—Èπ

„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï∑ÿ°§√—Èß ®–¡’°√√¡°“√æâπ®“°µ”·ÀπàßÀπ÷Ëß„π “¡‡ªìπÕ—µ√“ À“°®”π«π°√√¡°“√∑’Ë¡’Õ¬Ÿà‰¡à “¡“√∂·∫àß‡ªìπ “¡ à«π‰¥â≈ßµ—« „Àâ°√√¡°“√®”π«π∑’Ë „°≈â‡§’¬ß∑’Ë ÿ¥°—∫ à«πÀπ÷Ëß„π “¡æâπ®“°µ”·Àπàß

°“√æâπ®“°µ”·Àπàß¢Õß°√√¡°“√„πªï·√°·≈–ªï∑’Ë Õß¿“¬À≈—ß°“√®¥∑–‡∫’¬π∫√‘…—∑ „Àâ„™â«‘∏’®—∫ ≈“° à«πªïµàÕ‰ª°√√¡°“√∑’Ë¥”√ßµ”·Àπàßπ“π∑’Ë ÿ¥®–µâÕßæâπ®“°µ”·Àπàß ∑—Èßπ’È °√√¡°“√∑’Ëæâπ®“°µ”·Àπàßµ“¡«“√–Õ“®‰¥â√—∫‡≈◊Õ°µ—Èß‡¢â“¡“¥”√ßµ”·Àπàß„À¡à‰¥â

The selection criteria and procedures of the Board of Directors are provided below:1. Each Shareholder has the voting right equally to the shares that one owns. One share has one vote.2. Each Shareholder can vote for one or more directors but shall not exceed the number of

directors who has nominated as the director(s.)3. In the event of exercising voting rights for more than one director, the shareholder has the

right to vote for each director in a ratio that is consistent with the voting right that one hasacquired. However, such voting right shall not be divided by given fewer or more votes toparticular candidate.

4. The candidates who acquire the highest vote arranged by respective order are elected asthe Companyûs directors for that particular election. In the event that there is more thanone candidate in the subsequent level have equal votes, the Chairman will be grantedone more voting right to make the final decision to appoint who is the director in the meeting.

At the every Shareholders Annual Meeting, one third of the directors are obliged to resign. If theexisting number of directors cannot be divided precisely, the number of directors, which isnearest to one third, will be asked to resign.

The resignation of directors in the first and second year after the Company has registered willbe implemented according to a drawing method. In the following years, the directors whohave stayed for the longest period of time in their posts will be required to resign. However,there are no restrictions against the re-election of directors who were previously directors of theCompany.



√–∫∫°“√§«∫§ÿ¡¿“¬„π§≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡ÀÁπ™Õ∫„Àâ ”π—°µ√«® Õ∫¿“¬„π ¡’Àπâ“∑’Ë√“¬ß“πº≈°“√¥”‡π‘πß“πµàÕ§≥–°√√¡°“√µ√«® Õ∫·≈–°√√¡°“√ºŸâ®—¥°“√ ‚¥¬°”Àπ¥∫∑∫“∑·≈–§«“¡√—∫º‘¥™Õ∫¢Õß ”π—°µ√«® Õ∫¿“¬„π √ÿª‰¥â¥—ßπ’È1. Õ∫∑“π·≈–ª√–‡¡‘π§«“¡‡æ’¬ßæÕ ·≈–ª√– ‘∑∏‘¿“æ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬2. Õ∫∑“π§«“¡‡™◊ËÕ∂◊Õ‰¥â ·≈–§«“¡∂Ÿ°µâÕß¢Õß¢âÕ¡Ÿ≈ “√ π‡∑»∑“ß¥â“π°“√‡ß‘π °“√ªØ‘∫—µ‘ß“π ·≈–

°“√√“¬ß“π¢âÕ¡Ÿ≈ “√ π‡∑»¥—ß°≈à“«3. Õ∫∑“π«‘∏’°“√¥Ÿ·≈√—°…“∑√—æ¬å ‘π √«¡∂÷ß°“√µ√«® Õ∫°“√¡’Õ¬Ÿà®√‘ß¢Õß∑√—æ¬å ‘ππ—Èπ4. Õ∫∑“π·≈–ª√–‡¡‘π°“√„™â∑√—æ¬“°√µà“ßÊ ¢Õß∫√‘…—∑œ „Àâ¡’ª√– ‘∑∏‘¿“æ·≈–ª√–À¬—¥5. µ‘¥µ“¡º≈°“√µ√«® Õ∫ ·≈–°“√ªØ‘∫—µ‘µ“¡¢âÕ‡ πÕ·π–

°“√§«∫§ÿ¡°“√„™â¢âÕ¡Ÿ≈¿“¬„πµ“¡√–‡∫’¬∫¢Õß∫√‘…—∑œ ‰¥â°”Àπ¥„Àâ¡’°“√ªÑÕß°—π°“√· «ßÀ“º≈ª√–‚¬™πå®“°°“√„™â¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑œ ∑’Ë¬—ß‰¡à¡’°“√‡ªî¥‡º¬µàÕ “∏“√≥™π ·≈–¢âÕ¡Ÿ≈∑’Ë¡’º≈µàÕ°“√‡§≈◊ËÕπ‰À«¢Õß√“§“´◊ÈÕ¢“¬À≈—°∑√—æ¬å¢Õß∫√‘…—∑œ „πµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ‚¥¬„ÀâºŸâ∑’Ë‡°’Ë¬«¢âÕß∂◊ÕªØ‘∫—µ‘Õ¬à“ß‡§√àß§√—¥ ¥—ßπ’È

Internal Control SystemThe Board of Directors has agreed that the Office of Internal Audit has the responsibilities toreport operating performance of the Company to the Audit Committee and Managing Director.Additionally, the Office of Internal Audit is designated to perform other functions as follows:1. Review and evaluate the internal control system of the company and its subsidiaries for

sufficiency and efficiency.2. Review financial and operating information, and financial and operating reports for reliability

and accuracy.3. Review the asset custody procedures, and determine that these assets exist in the stated condition.4. Review and evaluate the Companyûs resource utilization for efficiency and economical use.5. Monitor results of auditing and offer appropriate recommendations.

Control on Inside InformationThe Companyûs regulation identifies the beneficial protection of the Companyûs insideinformation that has not yet been disclosed to the public, and the information that has influenceon share price movement in the Stock Exchange of Thailand. Related persons must strictlyperform the following rules:

çDirectors, executives, and employees including spouses and children who have not attainedto manhood, shall not use inside information to buy or sell or transfer or receive the Companyûssecurities before that information is disclosed to the public. Any person who breaks this rule willbe penalized in accordance with the Companyûs regulations.é

çFor the purchase or sales or transfer or receipt of the Companyûs securities, the Companyûsdirectors and executives must report changes in shareholding to office of the Securities ExchangeCommission (SEC) and the Stock Exchange of Thailand (SET) within 3 business days from thebuying or selling or transferring or receiving date. If not, they shall be penalized by Section 275of Securities Act B.E. 2535: provided that they shall be liable to a fine not exceeding Baht500,000 and a further fine not exceeding Baht 10,000 for everyday during which the contraventioncontinues. Directors and executives must submit one copy of such report to Company as anevidence.é

In addition to good corporate governance, the Company employs good business ethics in itsoperations. The Board of Directors has instituted a code of ethics for the group of companiescomprised under Ratchaburi Electricity Generating Holding PCL. for both management and staff.

çÀâ“¡¡‘„Àâ°√√¡°“√ ºŸâ∫√‘À“√ ·≈–æπ—°ß“π √«¡∂÷ß§Ÿà ¡√ ·≈–∫ÿµ√∑’Ë¬—ß‰¡à∫√√≈ÿπ‘µ‘¿“«–¢Õß∫ÿ§§≈¥—ß°≈à“«„™â¢âÕ¡Ÿ≈¿“¬„π ´÷Ëß¬—ß¡‘‰¥â‡ªî¥‡º¬ ‡æ◊ËÕ∑”°“√ ◊ÈÕ ¢“¬ ‚Õπ À√◊Õ√—∫‚ÕπÀ≈—°∑√—æ¬å¢Õß∫√‘…—∑œ °àÕπ∑’Ë¢âÕ¡Ÿ≈π—Èπ®–‡ªî¥‡º¬µàÕ “∏“√≥™π ºŸâΩÉ“Ωóπ®–¡’‚∑…µ“¡√–‡∫’¬∫¢Õß∫√‘…—∑œé

ç°“√ ◊ÈÕ ¢“¬ ‚Õπ À√◊Õ√—∫‚ÕπÀ≈—°∑√—æ¬å¢Õß∫√‘…—∑œ °√√¡°“√·≈–ºŸâ∫√‘À“√¢Õß∫√‘…—∑œ ®–µâÕß√“¬ß“π°“√‡ª≈’Ë¬π·ª≈ß°“√∂◊ÕÀ≈—°∑√—æ¬åµàÕ ”π—°ß“π °.≈.µ. ·≈–µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¿“¬„π 3 «—π∑”°“√ π—∫®“°«—π∑’Ë¡’°“√´◊ÈÕ ¢“¬ ‚Õπ ·≈–√—∫‚Õπ À“°‰¡à¥”‡π‘π°“√¥—ß°≈à“«®–¡’‚∑…µ“¡¡“µ√“ 275·Ààß æ.√.∫. À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å æ.». 2535 µâÕß√–«“ß‚∑…ª√—∫‰¡à‡°‘π 500,000 ∫“∑ ·≈–ª√—∫Õ’°«—π≈–‰¡à‡°‘π 10,000 ∫“∑ µ≈Õ¥‡«≈“∑’Ë¬—ß¡‘‰¥âªØ‘∫—µ‘„Àâ∂Ÿ°µâÕß °√√¡°“√·≈–ºŸâ∫√‘À“√ ®–µâÕß®—¥ àß ”‡π“√“¬ß“π¥—ß°≈à“« ®”π«π 1 ™ÿ¥ „Àâ·°à∫√‘…—∑œ ‡æ◊ËÕ‡°Á∫‰«â‡ªìπÀ≈—°∞“πé

πÕ°‡Àπ◊Õ®“°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’·≈â« ∫√‘…—∑œ ¬—ß‰¥âπ”À≈—°·Ààß§ÿ≥∏√√¡¡“„™â„π°“√ªØ‘∫—µ‘ß“π¥â«¬∑—Èßπ’È §≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥®√√¬“∫√√≥„π°“√¥”‡π‘πß“π¢Õß°≈ÿà¡∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) √«¡∑—Èß®√√¬“∫√√≥¢ÕßºŸâ∫√‘À“√ ·≈–®√√¬“∫√√≥¢Õßæπ—°ß“π ‡æ◊ËÕ„™â‡ªìπ¡“µ√∞“π„π°“√ªØ‘∫—µ‘ß“π



∑’Ë¡“ : ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥Source : Thailand Securities Depository Company Limited

5 State Street Bank and Trust Company 31,326,300 2.166 Morgan Stanley & Co International Limited 26,888,000 1.817 HSBC (Singapore) Nominees Pte., Ltd. 24,104,500 1.668 °Õß∑ÿπ∫”‡ÀπÁ®∫”π“≠¢â“√“™°“√

The Government Pension Fund 11,219,000 0.779 Oversea-Chinese Bank Nominees Pte., Ltd. 5,301,300 0.37

10 ∫√‘…—∑À≈—°∑√—æ¬å ‰∑¬æ“≥‘™¬å ®”°—¥SCB Securities Co., Ltd. 5,000,000 0.34

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)Ratchaburi Electricity Generating Holding PCL.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥Ratchaburi Electricity Generating Company Limited

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥Ratchaburi Energy Company Limited

100%

100%

‚§√ß √â“ßºŸâ∂◊ÕÀÿâπShareholding

Structure

√“¬™◊ËÕ 10 Õ—π¥—∫ºŸâ∂◊ÕÀÿâπ„À≠à¢Õß∫√‘…—∑œ ≥ «—π∑’Ë 2 ‡¡…“¬π 2545The Companyûs top ten largest shareholders as at April 2, 2002

1 °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand 652,500,000 45.00

2 °≈ÿà¡∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π)Banpu Group of Companies 217,400,000 14.99

3 °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æπ—°ß“π °øº.EGAT Employeeûs Provident Fund 48,485,396 3.34

4 ∏π“§“√ÕÕ¡ ‘πGovernment Saving Bank 38,000,000 2.62

45.00%

°≈ÿà¡∫√‘…—∑ ∫â“πªŸ ®”°—¥ (¡À“™π)Banpu Group of Companies 14.99%

26.94%ºŸâ≈ß∑ÿπ∑—Ë«‰ª

General Public

°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æπ—°ß“π °øº.

EGAT Employee’s Provident Fund 3.34%

∏π“§“√ÕÕ¡ ‘πGovernment Saving Bank 2.62%

State Street Bank and Trust Company 2.16%

Morgan Stanley & Co International Limited 1.81%

HSCB (Singapore)Nominees Pte., Ltd. 1.66%

°Õß∑ÿπ∫”‡ÀπÁ®∫”π“≠¢â“√“™°“√The Government Pension Fund 0.77%

Oversea-Chinese Bank Nominees Pte., Ltd. 0.37%∫√‘…—∑À≈—°∑√—æ¬å‰∑¬æ“≥‘™¬å ®”°—¥SCB Securities Co., Ltd. 0.34%

®”π«πÀÿâπ / Number of Shares √âÕ¬≈– / % ®”π«πÀÿâπ / Number of Shares √âÕ¬≈– / %



∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) °àÕµ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 7 ¡’π“§¡ 2543 ªí®®ÿ∫—π¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â«®”π«π 14,500 ≈â“π∫“∑ ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑œ ‡ªìπ°“√≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬„π√Ÿª¢Õß∫√‘…—∑‚Œ≈¥‘Èß ÷Ëß√“¬‰¥âÀ≈—°¡“®“°‡ß‘πªíπº≈¢Õß∫√‘…—∑¬àÕ¬ §◊Õ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’®”°—¥ ´÷Ëß°“√®à“¬‡ß‘πªíπº≈¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–„™âÀ≈—°‡°≥±å·≈–‡ß◊ËÕπ‰¢µ“¡¢âÕ∫—ß§—∫∫√‘…—∑®”°—¥ °≈à“«§◊Õ ®–®à“¬‡ß‘πªíπº≈®“°‡ß‘π°”‰√ πÕ°®“°π’È¬—ßµâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢¢Õß —≠≠“‡ß‘π°Ÿâ∑’Ë°”Àπ¥„Àâ∫√‘…—∑¬àÕ¬µâÕß ”√Õß‡ß‘π‰«â„π∫—≠™’‡ß‘π ”√Õß‡æ◊ËÕ°“√™”√–Àπ’ÈÕ’°¥â«¬

ªí®®ÿ∫—π∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∂◊ÕÀÿâπ√âÕ¬≈– 100 „π∫√‘…—∑¬àÕ¬ 2 ·Ààß §◊Õ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ·≈–∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ∑—Èßπ’È ∫√‘…—∑œ ‰¥â°”Àπ¥∑‘»∑“ß°“√¥”‡π‘πß“π ·≈–·ºπ°≈¬ÿ∑∏åµà“ßÊ „Àâ Õ¥§≈âÕß°—∫‡ªÑ“À¡“¬°“√æ—≤π“ ·≈–°“√¢¬“¬°‘®°“√¢Õß∫√‘…—∑œ∑’Ë¡ÿàß≈ß∑ÿπ„π∏ÿ√°‘®º≈‘µ‰øøÑ“·≈–∏ÿ√°‘®∑’Ë‡°’Ë¬«¢âÕß ‚¥¬∫√‘…—∑œ ®– π—∫ πÿπ‡ß‘π∑ÿπ„Àâ‡æ’¬ßæÕµàÕ°“√¥”‡π‘πß“π√«¡∑—Èß¡’ à«π√à«¡„π°“√°”Àπ¥π‚¬∫“¬·≈–µ‘¥µ“¡µ√«® Õ∫°“√¥”‡π‘πß“π¢Õß∫√‘…—∑∑’Ë≈ß∑ÿπ

Ratchaburi Electricity Generating Holding PCL. is, a holding company set up on March 7, 2000with the current registered and paid-up share capital of Baht 14,500 million, committed toinvesting in its subsidiaries. Its core income derives from dividends acquired from one of itssubsidiaries, Ratchaburi Electricity Generating Co., Ltd. The prevailing criteria of dividend paymentsby Ratchaburi Electricity Generating Co., Ltd. follow the dividend payment terms and conditions

applicable to a limited company. Dividends are paid in proportion to earningsand in conformity with the terms stipulated in a loan agreement for debt serviceaccount.

At present, the Company owns 100 percent of Ratchaburi Electricity GeneratingCo., Ltd. and Ratchaburi Energy Co., Ltd.. The Company sets a clear corporatestrategy and direction to facilitate its development and expansion in businesses,which mainly focuses on investing in power generating and related businesses.The Company will provide adequate financial supports to those invested companiesas well as direct the appropriate policies together with thorough operational auditsimplemented to ensure its stable foundation and growth in order to maximize thereturns to shareholders, employees, and society.

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®Nature

Businessof

Subsidiaries1. Ratchaburi Electricity Generating Co., Ltd.Ratchaburi Electricity Generating Co., Ltd. was set up on March 20, 2000 with the currentregistered capital of Baht 18,275 million for electricity generating business. The power plantsoccupy the area of 2,158 Rai covering 3 districts in Ratchaburi province.The modern technology power plants with total value of Baht 60,700 million usenatural gas from Yadana and Yetakun of Union of Myanmar as their primary fuel.The plants comprise of

1. Two Thermal Power Plant Units with an installed capacity of 735 megawattseach and the total capacity of 1,470 megawatts, were transferred fromEGAT on October 31, 2000. Natural gas is the primary fuel whereas fuel oilis the secondary source.

2. Three Combined Cycle Power Plant Blocks with an installed capacity of725 megawatts each and the total capacity of 2,175 megawatts use naturalgas as their primary fuel and diesel as secondary. Blocks 1 and 2 weretransferred from EGAT on April 18, 2002, and Block 3 on November 1,2002.

∫√‘…—∑¬àÕ¬1. ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ °àÕµ—Èß‡¡◊ËÕ«—π∑’Ë 20 ¡’π“§¡ 2543 ªí®®ÿ∫—π¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â«®”π«π18,275 ≈â“π∫“∑ ¥”‡π‘π∏ÿ√°‘®º≈‘µ‰øøÑ“ ‚¥¬¡’‚√ß‰øøÑ“µ—ÈßÕ¬Ÿà∑’Ë®—ßÀ«—¥√“™∫ÿ√’ ∫πæ◊Èπ∑’Ë 2,158 ‰√à §√Õ∫§≈ÿ¡3 Õ”‡¿Õ §◊Õ Õ”‡¿Õ¥”‡π‘π –¥«° Õ”‡¿Õ‚æ∏“√“¡ ·≈–Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥√“™∫ÿ√’

‚√ß‰øøÑ“√“™∫ÿ√’ ¡’¡Ÿ≈§à“ª√–¡“≥ 60,700 ≈â“π∫“∑ ‡ªìπ‚√ß‰øøÑ“∑’Ë¡’‡∑§‚π‚≈¬’°“√º≈‘µÕ—π∑—π ¡—¬„™â°ä“´∏√√¡™“µ‘®“°·À≈àß¬“¥“π“ ·≈–·À≈àß‡¬µ“°ÿπ ª√–‡∑» À¿“æ‡¡’¬π¡“√å‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—°„π°“√º≈‘µ‰øøÑ“ ª√–°Õ∫¥â«¬

1. ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ 2 ‡§√◊ËÕß ¢π“¥°”≈—ßº≈‘µ‡§√◊ËÕß≈– 735 ‡¡°–«—µµå √«¡ 1,470 ‡¡°–«—µµå„™â°ä“´∏√√¡™“µ‘‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—° ·≈–πÈ”¡—π‡µ“‡ªìπ‡™◊ÈÕ‡æ≈‘ß ”√Õß ‰¥â√—∫‚Õπ®“° °øº.‡¡◊ËÕ«—π∑’Ë31 µÿ≈“§¡ 2543

2. ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1-3 ¢π“¥°”≈—ßº≈‘µ™ÿ¥≈– 725 ‡¡°–«—µµå √«¡ 2,175 ‡¡°–«—µµå„™â°ä“´∏√√¡™“µ‘‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—° ·≈–πÈ”¡—π¥’‡´≈‡ªìπ‡™◊ÈÕ‡æ≈‘ß ”√Õß ∑—Èßπ’È ™ÿ¥∑’Ë 1 ·≈–™ÿ¥∑’Ë 2‰¥â√—∫‚Õπ®“° °øº. ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 à«π™ÿ¥∑’Ë 3 ‰¥â√—∫‚Õπ¡“®“° °øº. ‡¡◊ËÕ«—π∑’Ë 1æƒ»®‘°“¬π 2545



‚§√ß°“√ «—π∑’Ë®—¥ª√–™ÿ¡ ∂“π∑’Ë®—¥ª√–™ÿ¡√—∫øíß§«“¡§‘¥‡ÀÁπ

Projects Public Participation Date Venue

1. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï 3 °√°Æ“§¡ 2545 ®.≈æ∫ÿ√’Mini hydro power plant at Pasak Chonlasit Dam July 3, 2002 Lopburi Province

4 °√°Æ“§¡ 2545 ®. √–∫ÿ√’July 4, 2002 Saraburi Province

2. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ‡®â“æ√–¬“ 5 °√°Æ“§¡ 2545 ®.™—¬π“∑Mini hydro power plant at Chao Phraya Dam July 5, 2002 Chainat Province

1 µÿ≈“§¡ 2545 ®.™—¬π“∑October 1, 2002 Chainat Province

3. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ§≈Õß∑à“¥à“π 8 °√°Æ“§¡ 2545 ®.π§√π“¬°Mini hydro power plant at Khlong Tha Dan Dam July 8, 2002 Nakhon Nayok Province

Currently Ratchaburi Electricity Generating Co., Ltd. is the largest independent power producerin Thailand with a total installed capacity of 3,645 megawatts or 14 percent of the country's totalinstalled capacity.

2. Ratchaburi Energy Co., Ltd.Ratchaburi Energy Co., Ltd. was set up on September 4, 2001 with the registered capital of Baht190 million (as of January 22, 2003). Its primary objective is to study and invest in projects accordingto the Companyûs plan which emphasizing on electricity generating business and increasingshareholders value.

On October 15, 2001, EGAT and the Company submitted the project proposal to the EnergyConservation Fund for obtaining a support for the 3 projects namely Pasak Chonlasit Dam inLopburi Province, Chao Phraya Dam in Chainat Province and Khlong Tha Dan Dam in NakhonNayok Province (as described in Table below), and on March 21, 2002 the Fund approved inprinciple to financially support the projects by Baht 0.20 per unit of electricity generate under thecondition of public participation from the communities living within the distance of 10 kilometersfrom the projects. The public participation for residents in the vicinity of the projects have been

conducted at the 3 location as table above:

After public participation have been conducted the Company and EGAT submittedthe reports to the Fund for consideration and expected to obtain the consent andto begin the construction in 2003.

The Company has transferred the rights and duties on operating of the 3 minihydro generator projects to Ratchaburi Energy Co., Ltd.

ªí®®ÿ∫—π ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπºŸâº≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë¡’°”≈—ß°“√º≈‘µ Ÿß ÿ¥„πª√–‡∑»‰∑¬ ¡’°”≈—ß°“√º≈‘µ√«¡ 3,645 ‡¡°–«—µµå À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ßº≈‘µ∑—Èßª√–‡∑»

2. ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ °àÕµ—Èß‡¡◊ËÕ«—π∑’Ë 4 °—π¬“¬π 2544 ¡’∑ÿπ®¥∑–‡∫’¬π™”√–·≈â« 190 ≈â“π∫“∑(≥ «—π∑’Ë 22 ¡°√“§¡ 2546) ¡ÿàß‡πâπ°“√≈ß∑ÿπ„π°‘®°“√‰øøÑ“ ´÷Ëß Õ¥§≈âÕß°—∫‡ªÑ“À¡“¬·≈–·ºπ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ∑’Ë¡ÿàßÀ«—ß®– √â“ß¡Ÿ≈§à“‡æ‘Ë¡„Àâ°—∫ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑œ

‡¡◊ËÕ«—π∑’Ë 15 µÿ≈“§¡ 2544 ∫√‘…—∑œ √à«¡°—∫ °øº. ‰¥â¬◊Ëπ¢Õ√—∫‡ß‘π π—∫ πÿπ®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π„π‚§√ß°“√‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á° ®”π«π 3 ‚§√ß°“√ ‰¥â·°à ‡¢◊ËÕπ‡®â“æ√–¬“ ®—ßÀ«—¥™—¬π“∑ ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ®—ßÀ«—¥≈æ∫ÿ√’ ·≈–‡¢◊ËÕπ§≈Õß∑à“¥à“π ®—ßÀ«—¥π§√π“¬° (¥Ÿ√“¬≈–‡Õ’¬¥„πµ“√“ß)·≈–‡¡◊ËÕ«—π∑’Ë 21 ¡’π“§¡ 2545 §≥–°√√¡°“√°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π ‰¥âæ‘®“√≥“·≈–¡’¡µ‘‡ÀÁπ™Õ∫„πÀ≈—°°“√„Àâ°“√ π—∫ πÿπ‡ß‘π®“°°Õß∑ÿπœ ‡ªìπ§à“æ≈—ßß“π‰øøÑ“∑’Ë àß‡¢â“√–∫∫‰øøÑ“®”π«π 0.20∫“∑µàÕÀπà«¬ ‚¥¬°”Àπ¥„ÀâµâÕß¥”‡π‘π°“√√—∫øíß§«“¡§‘¥‡ÀÁπ®“°ª√–™“™π ‚¥¬√Õ∫æ◊Èπ∑’Ëµ—Èß‚§√ß°“√∑’ËÕ¬Ÿà „π√—»¡’√–¬–∑“ßª√–¡“≥ 10 °‘‚≈‡¡µ√

∑—Èßπ’È ∫√‘…—∑œ ‰¥â¥”‡π‘π°“√®—¥ª√–™ÿ¡√—∫øíß§«“¡§‘¥‡ÀÁπ®“°™ÿ¡™π„πæ◊Èπ∑’Ë°àÕ √â“ß‚§√ß°“√ ∑—Èß 3 ·Ààßµ“¡‡ß◊ËÕπ‰¢¥—ß°≈à“«¢â“ßµâπ ¥—ß√“¬≈–‡Õ’¬¥„πµ“√“ß¢â“ß≈à“ßπ’È

¿“¬À≈—ß°“√ª√–™ÿ¡√—∫øíß§«“¡§‘¥‡ÀÁπ®“°™ÿ¡™π ∫√‘…—∑œ ·≈– °øº. ‰¥â‡ πÕ√“¬ß“πº≈°“√ª√–™ÿ¡·°à§≥–°√√¡°“√°Õß∑ÿπœ ‡æ◊ËÕª√–°Õ∫°“√æ‘®“√≥“Õπÿ¡—µ‘‚§√ß°“√ ´÷Ëß§“¥«à“®–‰¥â√—∫°“√Õπÿ¡—µ‘·≈–‡√‘Ë¡¥”‡π‘π°“√°àÕ √â“ß‰¥â„πªï 2546

∫√‘…—∑œ ‰¥â‚Õπ ‘∑∏‘·≈–Àπâ“∑’Ë°“√¥”‡π‘π‚§√ß°“√‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑—Èß 3 ·Ààß ·°à∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ‡ªìπºŸâ¥”‡π‘π°“√µàÕ‰ª

‚§√ß°“√ ∑’Ëµ—Èß °”≈—ßº≈‘µ (‡¡°–«—µµå)Projects Location Capacity (megawatts)

1. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë ®.≈æ∫ÿ√’ 6‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘ÏMini hydro power plant at Lopburi ProvincePasak Chonlasit Dam

2. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë ®.™—¬π“∑ 12‡¢◊ËÕπ‡®â“æ√–¬“Mini hydro power plant at Chainat ProvinceChao Phraya Dam

3. ‚√ß‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë ®.π§√π“¬° 10‡¢◊ËÕπ§≈Õß∑à“¥à“πMini hydro power plant at Nakhon Nayok ProvinceKhlong Tha Dan Dam

√«¡°”≈—ßº≈‘µ 28Total Capacity



Revenue Structure of the Company and its SubsidiariesThe basic income of Ratchaburi Electricity Generating Co., Ltd. can be divided into two main parts.1) Availability Payment (AP)Availability payments have been arranged to cover all fixed costs and operating expenses,

such as fixed operating and maintenance costs, selling and administrative expenses,debt servicing, and return on investments for shareholders. These availabilitypayments are subjected to the power plantsû availability to generate poweraccording to the order of EGAT, whether dispatch is made or not.

2) Energy Payment (EP)Energy payments are paid monthly to compensate Ratchaburi Electricity GeneratingCo., Ltd. for the net amount of electricity generated and transmitted to EGAT.These payments consist of two main parts:

1. Fuel payments.2. Variable operating and maintenance payments.

‚§√ß √â“ß√“¬‰¥â¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‚§√ß √â“ß√“¬‰¥âæ◊Èπ∞“π¢Õß∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¿“¬„µâ —≠≠“´◊ÈÕ¢“¬‰øøÑ“¢Õß‚√ß‰øøÑ“√“™∫ÿ√’·∫àßÕÕ°‡ªìπ 2 à«πÀ≈—° Ê §◊Õ1)§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ (Availability Payment çAPé)§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ °”Àπ¥¢÷Èπ‡æ◊ËÕ„Àâ§√Õ∫§≈ÿ¡§à“„™â®à“¬§ß∑’Ë∑—ÈßÀ¡¥ ÷Ëß‰¥â·°à §à“„™â®à“¬§ß∑’Ë„π°“√¥”‡π‘π°“√·≈–∫”√ÿß√—°…“ §à“„™â®à“¬∫”√ÿß√—°…“À≈—° §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ °“√™”√–§◊π¥Õ°‡∫’È¬‡ß‘π°Ÿâ·≈–‡ß‘π°Ÿâ ·≈–º≈µÕ∫·∑π°“√≈ß∑ÿπµàÕºŸâ∂◊ÕÀÿâπ ‚¥¬∑—Ë«‰ª·≈â«§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“®–¢÷ÈπÕ¬Ÿà°—∫«à“‚√ß‰øøÑ“¡’§«“¡æ√âÕ¡∑’Ë®–º≈‘µ ·≈–®à“¬°√–· ‰øøÑ“‰¥âµ“¡∑’Ë °øº. µâÕß°“√‚¥¬‰¡à§”π÷ß∂÷ß«à“ °øº. ®– —Ëß„Àâ‚√ß‰øøÑ“®à“¬‰øøÑ“À√◊Õ‰¡à°Áµ“¡

2)§à“æ≈—ßß“π‰øøÑ“ (Energy Payment çEPé)§à“æ≈—ßß“π‰øøÑ“∂Ÿ°°”Àπ¥¢÷Èπ‡æ◊ËÕ‡ªìπ°“√™¥‡™¬„Àâ°—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ”À√—∫æ≈—ßß“π‰øøÑ“ ÿ∑∏‘∑’Ëº≈‘µ‰¥â·≈–π” àß„Àâ °øº. „π·µà≈–‡¥◊Õπ §à“æ≈—ßß“π‰øøÑ“¡’ à«πª√–°Õ∫À≈—° Õß à«π§◊Õ

1. §à“‡™◊ÈÕ‡æ≈‘ß (Fuel Payment)2. §à“„™â®à“¬º—π·ª√„π°“√ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“ (Variable Operating and Maintenance Payment)

‚§√ß √â“ß√“¬‰¥â¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ªï 2544-2545Revenue Structure of the Company and its Subsidiaries 2001-2002

°“√∂◊ÕÀÿâπ √“¬‰¥â/Revenue¢Õß∫√‘…—∑œ 2545/2002 2544/2001

ª√–‡¿∑¢Õß√“¬‰¥â ¥”‡π‘π°“√‚¥¬ (√âÕ¬≈–) ≈â“π∫“∑ √âÕ¬≈– ≈â“π∫“∑ √âÕ¬≈–Type of Revenue Company Companyûs Million % Million %

Shareholding Baht Baht(%)

√“¬‰¥â§à“¢“¬‰øøÑ“ ∫√‘…—∑ º≈‘µ‰øøÑ“Electricity sales √“™∫ÿ√’ ®”°—¥ 100- §à“§«“¡æ√âÕ¡ Ratchaburi Electricity®à“¬æ≈—ß‰øøÑ“ Generating Co., Ltd. 9,360.022 33.24 6,444.079 35.97

- AvailabilityPayment (AP)

- §à“æ≈—ßß“π‰øøÑ“ 18,133.195 64.41 10,978.618 61.29- EnergyPayment (EP)

¥Õ°‡∫’È¬√—∫ ∫¡®. º≈‘µ‰øøÑ“Interest Income √“™∫ÿ√’‚Œ≈¥‘Èß 25.971 0.09 21.136 0.12

Ratchaburi ElectricityGenerating Holding PCL.∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ 100 148.480 0.53 105.883 0.59Ratchaburi ElectricityGenerating Co., Ltd.∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ 100 0.238 - 0.091 -RatchaburiEnergy Co., Ltd.

‡ß‘π™¥‡™¬®“°°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß √“™∫ÿ√’ ®”°—¥§«“¡√âÕπ√à«¡≈à“™â“ 100 322.302 1.14 353.720 1.97Compensation for Ratchaburi Electricitylate transfer of Generating Co., Ltd.Combined CyclePower Plant

‡ß‘π™¥‡™¬®“°°“√ ∫√‘…—∑ º≈‘µ‰øøÑ“ª√—∫ª√ÿß√–∫∫ √“™∫ÿ√’ ®”°—¥‡º“‰À¡â‚√ß‰øøÑ“ 100 132.110 0.47 - -Compensation for Ratchaburi Electricitycombustion system Generating Co., Ltd.improvement ofpower plants

Õ◊ËπÊ ∫¡®. º≈‘µ‰øøÑ“Others √“™∫ÿ√’‚Œ≈¥‘Èß 0.019 - 0.193 -

Ratchaburi ElectricityGenerating Holding PCL.∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ 100 32.525 0.12 10.581 0.06Ratchaburi ElectricityGenerating Co., Ltd.

√«¡√“¬‰¥â 28,154.862 100.00 17,914.301 100.00Total Revenues



¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—πThe Industry

Competitionand

1. §«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥¢Õßªï 2545 ‡∑’¬∫°—∫ªï 2544„πªï 2545 §«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥‡æ‘Ë¡¢÷Èπ®“°ªï 2544 ª√–¡“≥√âÕ¬≈– 3.44 ‡¡◊ËÕ‡¥◊Õπ‡¡…“¬π 2545∑’Ë√–¥—∫ 16,681 ‡¡°–«—µµå ‡æ‘Ë¡¢÷Èπ®“° 16,126.40 ‡¡°–«—µµå „π‡¥◊Õπ‡¡…“¬π 2544

§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥ªï 2545 ‡∑’¬∫°—∫ªï 2544Peak Demand in Fiscal Year 2002 and 2001

µ.§./Oct. æ.¬./Nov. ∏.§./Dec. ¡.§./Jan. °.æ./Feb. ¡’.§./Mar. ‡¡.¬./Apr. æ.§./May ¡‘.¬./June °.§./July .§./Aug. °.¬./Sep.

2544/2001

2545/2002

‡¥◊Õπ/Month

1. Peak Demand in Fiscal Year 2002 and 2001In 2002 the peak demand was in April at 16,681 megawatts. This was 3.44% higher thandemand in April 2001, which was at 16,126.40 megawatts.

‡¡°–«—µµå/Megawatt

17,000

16,500

16,000

15,500

15,000

14,500

14,000

13,500

13,000

12,500

∑’Ë¡“ : °øº.Source : EGAT

2. °“√æ¬“°√≥å§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥·≈–æ≈—ßß“π‰øøÑ“§«“¡µâÕß°“√‰øøÑ“æ¬“°√≥å‚¥¬§≥–Õπÿ°√√¡°“√°“√æ¬“°√≥å§«“¡µâÕß°“√‰øøÑ“®—¥∑”‡¡◊ËÕ‡¥◊Õπ ‘ßÀ“§¡2545 „™â¢âÕ ¡¡ÿµ‘∞“π∑“ß‡»√…∞°‘® Õ¥§≈âÕß°—∫°“√§“¥°“√≥å¿“«–‡»√…∞°‘®‰∑¬¢Õß ”π—°ß“π§≥–°√√¡°“√æ—≤π“°“√‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ ( »™.) ´÷Ëß°”Àπ¥«à“‡»√…∞°‘®‰∑¬®–¢¬“¬µ—«„πÕ—µ√“‡©≈’Ë¬√âÕ¬≈– 4-5 µàÕªï „π™à«ß·ºπæ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ ©∫—∫∑’Ë 9 ·≈–®–¢¬“¬µ—« Ÿß¢÷Èπ„πªï∂—¥Ê ‰ª

º≈°“√æ¬“°√≥å§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥·≈–æ≈—ßß“π‰øøÑ“¢Õß§≥–Õπÿ°√√¡°“√°“√æ¬“°√≥å§«“¡µâÕß°“√‰øøÑ“ §“¥«à“®–‡æ‘Ë¡¢÷Èπ„π™à«ß·ºπæ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ ©∫—∫∑’Ë 9 ∂÷ß©∫—∫∑’Ë 11 ¥—ßπ’È

2. Forecast of Peak Demand and Energy GenerationThe forecast of peak demand and engey generation by Thailand Load Forecasting Sub-committeewas prepared in August 2002 using economic assumptions based on forecast by the Office ofNational Economic and Social Development Board. The expectation is that the Thai economywill grow by 4-5% per year during the period of the 9th National Economic and Social DevelopmentPlan, and, this rate will increase subsequently.

Estimates of peak demand and energy generation made by Thailand Load ForecastingSub-committee predict a rise during the period of the 9th to the 11th National Economic andSocial Development Plans, as follows:

·ºπæ—≤π“‡»√…∞°‘®·≈– —ß§¡·Ààß™“µ‘ §«“¡µâÕß°“√„™â‰øøÑ“ Ÿß ÿ¥ (‡¡°–«—µµå)National Economic Peak Demand (Megawatt)

and Social Development Plan

©∫—∫∑’Ë ªïß∫ª√–¡“≥ ‡æ‘Ë¡®“° ‡ªìπ ‡æ‘Ë¡¢÷Èπ ‡æ‘Ë¡¢÷Èπ‡©≈’Ë¬ (%)No. Fiscal Year (B.E) From To Increase Average Increase (%)

9 2545-2549 16,126 21,648 5,522 6.07

10 2550-2554 21,648 29,321 7,673 6.26

11 2555-2559 29,321 38,851 9,530 5.79

1

À¡“¬‡Àµÿ / Note 1 µÿ≈“§¡-30 °—π¬“¬π / 1 October-30 September1



ªï/Year

Peak Demand (MW)

Energy Generation (GWh)

°√“ø· ¥ß°“√æ¬“°√≥å§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥·≈–æ≈—ßß“π‰øøÑ“Forecasts of Peak Demand and Energy Generation

‡¡°–«—µµå/Megawatt

3. Õÿµ “À°√√¡‰øøÑ“ ”π—°ß“ππ‚¬∫“¬·≈–·ºπæ≈—ßß“π ( πæ.) ‡ πÕ√à“ßæ√–√“™∫—≠≠—µ‘°“√ª√–°Õ∫°‘®°“√æ≈—ßß“π„Àâ¡’°“√ª√—∫‚§√ß √â“ß°‘®°“√‰øøÑ“·≈–°“√®—¥µ—Èßµ≈“¥°≈“ß´◊ÈÕ¢“¬‰øøÑ“ (Power Pool) ¿“¬„πªï 2546 ‡æ◊ËÕ„Àâ‡°‘¥°“√·¢àß¢—π„π√–¥—∫§â“ àß (Wholesale Competition) ·≈–§â“ª≈’° (Retail Competition) ‚¥¬ºŸâ„™â‰øøÑ“∑ÿ°√“¬¡’∑“ß‡≈◊Õ°„π°“√ ◊ÈÕ‰øøÑ“·µà¬—ß‰¡à¡’¢âÕ¬ÿµ‘ µàÕ¡“ πæ. ‰¥âπ”ª√–‡¥Áπ§«“¡‡ÀÁπ¢ÕßÀ≈“¬ΩÉ“¬¡“ª√—∫ª√ÿß‚§√ß √â“ß°‘®°“√‰øøÑ“ ‚¥¬‡ πÕ‚§√ß √â“ß·∫∫ New Electricity Supply Arrangement(NESA)

3. The Power IndustryEnergy Policy and Planning Office (EPPO) has proposed that new legislation is enacted torestructure the power industry and to establish a power pool by 2003. This would stimulatecompetition in the wholesale and retail sectors and gives greater choice to consumers.However, no decision has been reached. The EPPO drew upon the ideas of many parties topropose a restructuring of the power industry in the form of a New Electricity Supply Arrangement(NESA).

§«“¡µâÕß°“√æ≈—ß‰øøÑ“ Ÿß ÿ¥ (‡¡°–«—µµå)

°“√º≈‘µæ≈—ßß“π (≈â“π°‘‚≈«—µµå™—Ë«‚¡ß)

≈â“π°‘‚≈«—µµå™—Ë«‚¡ß/GWh

°“√´◊ÈÕ¢“¬‰øøÑ“·∫∫ NESA ‡ªìπ°“√∑” —≠≠“≈à«ßÀπâ“´◊ÈÕ¢“¬‰øøÑ“πÕ°µ≈“¥√–À«à“ßºŸâ ◊ÈÕ·≈–ºŸâ¢“¬„π√“§“∑’Ëµ°≈ß°—π ·µàºŸâ´◊ÈÕ·≈–ºŸâ¢“¬®–µâÕß·®âßª√‘¡“≥∑’Ë∑” —≠≠“‰«â°—∫Àπà«¬ß“π∫√‘À“√ —≠≠“ ÷Ëß‡ªìπÀπà«¬ß“π°≈“ß ºŸâ√à«¡µ≈“¥ “¡“√∂´◊ÈÕ¢“¬‰øøÑ“„πµ≈“¥´◊ÈÕ¢“¬‰øøÑ“ (Power Exchange) ‡æ◊ËÕª√—∫ª√‘¡“≥‰øøÑ“µ“¡§«“¡µâÕß°“√∑’Ë‡°‘¥¢÷Èπ®√‘ß

¢≥–‡¥’¬«°—π °øº. ‡ πÕ‚§√ß √â“ß°‘®°“√‰øøÑ“·∫∫ Third Party Access ‚¥¬„π√–¬–·√° °øº. ¬—ß§ß‡ªìπ‡®â“¢Õß·≈–¥”‡π‘π°‘®°“√º≈‘µ‰øøÑ“ °‘®°“√√–∫∫ àß‰øøÑ“ ·≈–»Ÿπ¬å§«∫§ÿ¡√–∫∫‰øøÑ“ ‚§√ß √â“ß·∫∫π’È®–‡ªî¥‚Õ°“ „Àâ≈Ÿ°§â“√“¬„À≠à “¡“√∂´◊ÈÕ‰øøÑ“µ√ß®“°ºŸâº≈‘µ‰øøÑ“‡Õ°™π∑’Ë‰¡à¡’ —≠≠“ ◊ÈÕ¢“¬‰øøÑ“√–¬–¬“«°—∫ °øº. ‚¥¬‡ ’¬§à“∏√√¡‡π’¬¡ºà“π “¬∑’Ë‡√’¬°«à“ Third Party Access Fee

„π¥â“π°“√‡µ√’¬¡§«“¡æ√âÕ¡ ∫√‘…—∑œ ‰¥â¡’°“√®—¥‡µ√’¬¡Ωñ°Õ∫√¡∫ÿ§≈“°√ ‡æ◊ËÕ√Õß√—∫°“√·¢àß¢—π®“°°“√ª√—∫‡ª≈’Ë¬π‚§√ß √â“ß°‘®°“√‰øøÑ“„πÕπ“§µ ‰¡à«à“√Ÿª·∫∫‚§√ß √â“ß„πÕπ“§µ®–‡ªìπ·∫∫„¥

With NESA, forward contracts would be made off-market at an agreed price, but the amount tobe purchased by contract would be declared to a central contract administering body. Marketparticipants can trade for imbalance demand in Power Exchange to adjust the real-timedemand/ supply of the market.

At the same time, EGAT proposed a power business structure involving ThirdParty Access. In its initial stage, EGAT would continue to own and operateenergy generation and transmission facilities and dispatching centers but large-scale consumers would be able to purchase power directly from private producerswho have no long-term power purchase agreement with EGAT. However, theywould pay third party access fees for utilizing EGATûs assets.

The Company has been training its personnel to be ready for the competition tobe engendered by this restructuring of the power industry, whatever form it takes.



ªí®®—¬§«“¡‡ ’Ë¬ß

RiskFactors§«“¡‡ ’Ë¬ß¢Õß∫√‘…—∑œ ®–‡°‘¥®“°°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑¬àÕ¬ ·µà‡π◊ËÕß®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’®”°—¥ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 3 ‡√’¬∫√âÕ¬·≈â« ∑”„Àâ§«“¡‡ ’Ë¬ß„π°“√‚Õπ‚√ß‰øøÑ“ à«π∑’Ë‡À≈◊ÕÀ¡¥‰ª·≈–æ√âÕ¡∑’Ë®–√—∫√Ÿâ√“¬‰¥â‡æ‘Ë¡¢÷Èπ®“°ªï 2544 ∑—Èßπ’È ∫√‘…—∑œ ‰¥â¡’ —≠≠“´◊ÈÕ¢“¬‰øøÑ“√–¬–¬“« 25 ªï °—∫ °øº. ‚¥¬ —≠≠“¥—ß°≈à“«√–∫ÿ∂÷ß§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“·≈–§à“æ≈—ßß“π‰øøÑ“∑’Ë∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫®–§√Õ∫§≈ÿ¡ªí®®—¬§«“¡‡ ’Ë¬ß‰«â∑ÿ°¥â“π·≈â«

”À√—∫∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß¢≥–π’ÈÕ¬Ÿà „π√–À«à“ß¥”‡π‘π‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ¢Õß°√¡™≈ª√–∑“π 3 ·Ààß §“¥«à“®–‡æ‘Ë¡°”≈—ß°“√º≈‘µª√–¡“≥ 28 ‡¡°–«—µµå ‚¥¬‚§√ß°“√§“¥«à“®–‡√‘Ë¡¥”‡π‘π°“√°àÕ √â“ß„πªï 2546 ·≈–·≈â«‡ √Á®„πªï 2548 ·≈–®–∑” —≠≠“´◊ÈÕ¢“¬‰øøÑ“√–¬–¬“«°—∫ °øº. ‡™àπ‡¥’¬«°—π°—∫ºŸâ¢“¬‰øøÑ“√“¬‡≈Á°

¥—ßπ—Èπ ‚¥¬√«¡·≈â«∫√‘…—∑œ ®–¡’§«“¡‡ ’Ë¬ßµË” ·µàÕ¬à“ß‰√°Áµ“¡∫√‘…—∑œ ¬—ß¡’§«“¡‡ ’Ë¬ß„π°“√¥”‡π‘π∏ÿ√°‘®¢Õß∫√‘…—∑¬àÕ¬ ¥—ßµàÕ‰ªπ’È

For The Company, risk potential is mainly in the business of its subsidiaries. Since RatchaburiElectricity Generating Co., Ltd. has already acquired the combined cycle power plant block 3,the risk of ownership transfer is no longer appeared, and the income recognition has increasedfrom 2001. The subsidiary has 25-year power purchase agreements with EGAT, in which boththe energy payments and the availability payments taking all risk factors into account.

At this time, Ratchaburi Energy Co., Ltd. is installing mini hydro generators in the Royal IrrigationDepartment’s dam sites at three locations. Construction of these projects, which will add around28 megawatts of capacity to the Company, is due to begin in 2003 and be completed by 2005.A long-term power purchase agreement with EGAT, similar to those signed by other small powerproducers, will be made.

In general, the Companyûs risk level is low, however, there are some operational and financialrisks of the subsidiaries as follows:

1. ¥â“πªØ‘∫—µ‘°“√√–¥—∫§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“‡π◊ËÕß®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ √—∫‚Õπ‚√ß‰øøÑ“®“° °øº. °àÕπ°“√∑¥ Õ∫§à“°”≈—ßº≈‘µµ“¡ —≠≠“ ·≈–§à“§ÿ≥≈—°…≥–¢ÕßÀπà«¬º≈‘µ‰øøÑ“ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®÷ß‰¥â√—∫§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“µ“¡§à“°”≈—ß°“√º≈‘µ·≈–§à“§ÿ≥≈—°…≥–¢ÕßÀπà«¬º≈‘µ‰øøÑ“∑’ËÕ¬Ÿà „π —≠≠“°àÕπ ·≈–‰¥â√—∫§à“æ≈—ßß“π‰øøÑ“µ“¡§à“„™â®à“¬·≈–ª√–¡“≥°“√„™â‡™◊ÈÕ‡æ≈‘ß∑’Ë‡°‘¥¢÷Èπ®√‘ß ∑”„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥‰¡à¡’§«“¡‡ ’Ë¬ß„π°“√µâÕßªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√º≈‘µ‰øøÑ“„π™à«ß√–¬–‡«≈“¥—ß°≈à“« ¿“¬À≈—ß®“°∑’Ë °øº.‰¥â∑”°“√∑¥ Õ∫ª√– ‘∑∏‘¿“æ‡§√◊ËÕß‡æ◊ËÕ°”Àπ¥§à“§ÿ≥ ¡∫—µ‘∑“ß‡∑§π‘§·≈â«‡ √Á® ®π∂÷ß«—π∑’Ë‰¥â¡’°“√ÕÕ°Àπ—ß ◊Õ√—∫√Õß°“√°àÕ √â“ß (Final Acceptance Date) ¢Õß‚√ß‰øøÑ“·µà≈–Àπà«¬·≈â« °øº. ®–®à“¬§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“µ“¡§à“°”≈—ß°“√º≈‘µ·≈–§à“§ÿ≥≈—°…≥–¢ÕßÀπà«¬º≈‘µ‰øøÑ“µ“¡§à“∑’Ë‰¥â√—∫®“°°“√∑¥ Õ∫ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√¥”√ß§à“§ÿ≥ ¡∫—µ‘¥—ß°≈à“« ·≈–‡ªìπºŸâ√—∫§«“¡‡ ’Ë¬ß„π‡√◊ËÕß§à“ª√—∫ À“°§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“≈¥≈ß‚¥¬¡‘‰¥â‡°‘¥¢÷Èπ®“°§«“¡∫°æ√àÕß¢Õß‡§√◊ËÕß®—°√

Õ¬à“ß‰√°Áµ“¡ ‡æ◊ËÕ‡ªìπ°“√≈¥§«“¡‡ ’Ë¬ß®“°°“√≈¥≈ß¢Õß√“¬‰¥â‡π◊ËÕß®“°§à“ª√—∫∑’ËÀ—°≈¥®“°§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ —≠≠“ ◊ÈÕ¢“¬‰øøÑ“°”Àπ¥„Àâ¡’¢âÕ®”°—¥¢Õß∫∑ª√—∫ ‚¥¬°”Àπ¥«à“ ∂â“§à“ª√—∫®“°∫∑ª√—∫∫“ßª√–‡¿∑µË”°«à“§à“°”Àπ¥¢—ÈπµË” (√âÕ¬≈– 0.5 ¢Õß§à“§«“¡æ√âÕ¡®à“¬√“¬ªï) °“√ª√—∫®–‰¡à‡°‘¥¢÷Èπ ·≈–®–ª√—∫‰¡à‡°‘π°«à“§à“°”Àπ¥ Ÿß ÿ¥ (√âÕ¬≈– 2 ¢Õß§à“§«“¡æ√âÕ¡®à“¬√“¬ªï)

1. Operational RisksAvailability of the Power PlantSince Ratchaburi Electricity Generating Co., Ltd. has been transferred from EGAT before performingthe completed performance testing, it shall receive availability payments based on contractedcapacity and Contracted Operating Characteristics (COC) which previously set in the contracts,and energy payments are based on actual variable operation expenses and actual fuelconsumption cost. Thus, the company did not experience any risk from operations during theabove-mentioned period. From the time that the performance testing has already completed andthe Final Acceptance Date (FAD) certificate was issued by EGAT, Ratchaburi ElectricityGenerating Co., Ltd. will obtain availability payments according to the test record and it shall beresponsible for maintaining the availability and operating characteristics of the power plant andtake the risk for penalties if the availability of power declines for any reasons other than degradein the machinery.

To reduce this risk of diminished income due to penalties deducted from availability payments,the power purchase agreements specifies limits to these penalties, which there are no anypenalties deduction if the total penalties are not more than 0.5% of annual availability paymentsand the total penalties deducted from the availability payment shall not exceed 2%.



‚§√ß°“√„πÕπ“§µFuture

Projects√–¥—∫§à“Õ—µ√“§«“¡√âÕπ (Heat Rate)µ—Èß·µà«—π∑’Ë∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ √—∫‚Õπ‚√ß‰øøÑ“®“° °øº. ®π∂÷ß«—π∑’Ë °øº. ¥”‡π‘π°“√∑¥ Õ∫ª√– ‘∑∏‘¿“æ‡§√◊ËÕß ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®–¬—ß‰¡à¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“§«“¡√âÕπ„π™à«ßπ’È ‡π◊ËÕß®“°°øº. ®–®à“¬§à“‡™◊ÈÕ‡æ≈‘ß„Àâ·°à∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ µ“¡ª√‘¡“≥∑’Ë„™â®√‘ß À≈—ß®“°∑’Ë “¡“√∂«—¥Õ—µ√“§«“¡√âÕπ®“°°“√∑¥ Õ∫ª√– ‘∑∏‘¿“æ‡§√◊ËÕß·≈â« °øº. ®–®à“¬§à“‡™◊ÈÕ‡æ≈‘ß„π°“√º≈‘µæ≈—ßß“π‰øøÑ“∑’Ë√–¥—∫Õ—µ√“§«“¡√âÕπ∑’Ë√–¥—∫Àπ÷Ëß‡∑à“π—Èπ À“°∫√‘…—∑¬àÕ¬‰¡à “¡“√∂√—°…“Õ—µ√“§«“¡√âÕπ„π√–¥—∫∑’Ëµ°≈ß‰¥â∫√‘…—∑¬àÕ¬®–µâÕß√—∫º‘¥™Õ∫µâπ∑ÿπ§à“‡™◊ÈÕ‡æ≈‘ß∑’Ë‡æ‘Ë¡¢÷Èπ‡Õß

2. §«“¡‡ ’Ë¬ß¥â“π°“√‡ß‘π‡ß‘π°Ÿâ√–¬–¬“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπÕ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« ´÷Ëßµ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“‚§√ß √â“ß¢Õß‡ß‘π√“¬‰¥â¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∑’Ë‰¥â√—∫®“° °øº. ‰¥â™¥‡™¬§«“¡º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬‰«â¥â«¬ ·≈–‡ß‘π°Ÿâ√–¬–¬“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπ‡ß‘π°Ÿâ °ÿ≈∫“∑ ®÷ß‰¡à¡’§«“¡‡ ’Ë¬ß∑“ß¥â“πÕ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»

Õ¬à“ß‰√°Áµ“¡ §à“„™â®à“¬ à«π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ‰¥â·°à §à“Õ–‰À≈àÕÿª°√≥å∑’ËµâÕßπ”‡¢â“®“°µà“ßª√–‡∑»À“°¡’°“√ª√—∫√“§“‡æ‘Ë¡ Ÿß¢÷Èπ°«à“¥—™π’√“§“ºŸâº≈‘µ (Manufacturing Unit Value Index; MUV) ∑’Ëª√–°“»‚¥¬∏π“§“√‚≈° °øº. ®–™à«¬√—∫¿“√– à«π‡æ‘Ë¡®“°√“§“∑’Ë‡æ‘Ë¡µ“¡∑’Ëµ°≈ß°—π„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“

Heat RateFrom the date on which the power plant has transferred from EGAT until the date that theperformance tests commenced, Ratchaburi Electricity Generating Co., Ltd. did not experienceany risk related to the heat rate, since EGAT paid for actual fuel costs. After the FAD, heat ratehas been verified from the performance testing; therefore, EGAT will pay fuel costs for

energy generation at one definite heat rate from such testing. If this new verifiedheat rate cannot be maintained, Ratchaburi Electricity Generating Co., Ltd. will beresponsible for any corresponding increases in fuel costs.

2. Financial RisksThe interest rate on the subsidiaryûs long-term loan is floating rate. In conjunction,in the structure of revenue, interest payment has been paid to RatchaburiElectricity Generating Co., Ltd. through the availability payments which indexed tothe market minimum lending rate to mitigate the risk from interest rate fluctuation.According to the contract, compensation for interest rate instability is taken intoaccount. This long-term loan, moreover, is denominated in Thai Baht, and thus isnot subject to exchange rate volatility.

There are, nonetheless, expenses related to foreign currency, such as the cost ofspare parts that must be imported. If these costs rise above the costs which

escalated by the Manufacturing Unit Value Index (MUV) declared by the World Bank, EGAT willhelp to bear the burden of the increasing cost as agreed in the Power Purchase Agreement.

‡π◊ËÕß®“°‡¥‘¡‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’‰¥â∂Ÿ°ÕÕ°·∫∫„Àâ√Õß√—∫°”≈—ßº≈‘µª√–¡“≥ 5,820 ‡¡°–«—µµå ÷Ëß¢≥–π’È‰¥â¥”‡π‘π°“√µ‘¥µ—Èß‚√ß‰øøÑ“¢π“¥°”≈—ßº≈‘µ√«¡ 3,645 ‡¡°–«—µµå·≈â« ¥—ßπ—Èπ ‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’®÷ß¡’»—°¬¿“æ·≈–§«“¡æ√âÕ¡„π°“√¢¬“¬°”≈—ß°“√º≈‘µ‡æ‘Ë¡ ‡π◊ËÕß®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥¬—ß¡’∑’Ë¥‘π·≈–∑√—æ¬å ‘π à«π°≈“ß ‡™àπ √–∫∫πÈ” ∑àÕ°ä“´ ‡ªìπµâπ ‡µ√’¬¡æ√âÕ¡‰«â·≈â« µ—Èß·µà«—π∑’Ë∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ √—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ‡§√◊ËÕß∑’Ë 1 ·≈–‡§√◊ËÕß∑’Ë 2

∫√‘…—∑œ ‚¥¬ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ °”≈—ßÕ¬Ÿà „π√–À«à“ß°“√¥”‡π‘π°“√‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“æ≈—ßπÈ”¢π“¥‡≈Á°∑’Ë‡¢◊ËÕπ¢Õß°√¡™≈ª√–∑“π ®”π«π 3 ·Ààß‰¥â·°à ‡¢◊ËÕπªÉ“ —°-™≈ ‘∑∏‘Ï ®.≈æ∫ÿ√’ ‡¢◊ËÕπ‡®â“æ√–¬“ ®.™—¬π“∑ ·≈–‡¢◊ËÕπ§≈Õß∑à“¥à“π ®.π§√π“¬° √«¡°”≈—ßº≈‘µª√–¡“≥28 ‡¡°–«—µµå ¿“¬„µâ —≠≠“ ◊ÈÕ¢“¬‰øøÑ“‚¥¬ºŸâº≈‘µ‰øøÑ“¢π“¥‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ‚§√ß°“√¥—ß°≈à“«‰¥â√—∫°“√ π—∫ πÿπ®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π·≈–§“¥«à“°“√°àÕ √â“ß®–·≈â«‡ √Á®æ√âÕ¡®à“¬°√–· ‰øøÑ“‡™‘ßæ“≥‘™¬å‰¥â„πªï 2548

EGAT designed Ratchaburi Power Plant to have a total capacity of 5,820 megawatts; however,only the capacity of 3,645 megawatts was installed. Thus, Ratchaburi Power Plant has capabilityto expand its capacity by which Ratchaburi Electricity Generating Co., Ltd. acquired commonfacilities, such as water systems and gas pipelines, for such an expansion on the date it receivedownership of the two thermal units.

Ratchaburi Energy Co., Ltd., meanwhile, is installing mini hydro generators in theRoyal Irrigation Departmentûs damsites at three locations, namely Pasak ChonlasitDam, Lopburi Province, Chao Phraya Dam, Chainat Province, and Khlong ThaDan Dam, Nakhon Nayok Province. The three projects will add approximately 28megawatts to the Companyûs capacity, as per Power Purchase Agreement appliedto the renewable small power producers. These projects are receiving subsidyfrom the Energy Conservation Fund, and are due for completion and commercialoperation date by 2005.



√“¬°“√√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πTransactions

Related Companies∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) (∫√‘…—∑œ) ¡’√“¬°“√√–À«à“ß°—π°—∫∫ÿ§§≈∑’ËÕ“®¡’§«“¡¢—¥·¬âß°—π ‚¥¬¡’≈—°…≥–§«“¡ —¡æ—π∏å¥—ßπ’È

1. ∫√‘…—∑œ °—∫∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’§«“¡‡°’Ë¬«æ—π‚¥¬°√√¡°“√∫√‘…—∑œ ‡ªìπ°√√¡°“√·≈–ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’√“¬°“√∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È1.1 ¢âÕµ°≈ß°“√„Àâ∫√‘°“√ (Provision of Management Services)

‡¡◊ËÕ«—π∑’Ë 20 µÿ≈“§¡ 2543 ∫√‘…—∑œ ‰¥â≈ßπ“¡„π¢âÕµ°≈ß°“√„Àâ∫√‘°“√¥â“π°“√∫√‘À“√®—¥°“√·°à∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‚¥¬‡√’¬°‡°Á∫§à“∫√‘°“√≈à«ßÀπâ“‡ªìπ‡«≈“ 18 ‡¥◊Õπ Õ—µ√“§à“∫√‘°“√‡¥◊Õπ≈– 48.600 ≈â“π∫“∑ ‡√‘Ë¡µ—Èß·µà‡¥◊Õπæƒ»®‘°“¬π 2543 ·≈– ‘Èπ ÿ¥‡¥◊Õπ‡¡…“¬π 2545

‡¡◊ËÕ«—π∑’Ë 1 °√°Æ“§¡ 2545 ∫√‘…—∑œ ‰¥â≈ßπ“¡„π¢âÕµ°≈ß°“√„Àâ∫√‘°“√·≈–®—¥°“√°—∫∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡æ◊ËÕ„Àâ∫√‘°“√ß“πµ√«® Õ∫¿“¬„π ß“π¥â“π°ÆÀ¡“¬ ß“π‡∑§‚π‚≈¬’ “√ π‡∑»·≈–√–∫∫ ◊ËÕ “√ ·≈–ß“π∫√‘À“√°“√‡ß‘π ‡ªìπ√–¬–‡«≈“ 8 ‡¥◊Õπ µ—Èß·µà‡¥◊Õπæƒ…¿“§¡2545 ∂÷ß‡¥◊Õπ∏—π«“§¡ 2545 ‚¥¬§‘¥§à“∫√‘°“√µ“¡∑’Ë‡°‘¥¢÷Èπ®√‘ß ‡ªìπ®”π«π 0.731 ≈â“π∫“∑

2. ∫√‘…—∑œ °—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ¡’≈—°…≥–§«“¡‡°’Ë¬«æ—π°—π‚¥¬ °øº. ‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ ·≈–°√√¡°“√ °øº. ∫“ß∑à“π‡ªìπ°√√¡°“√∫√‘…—∑œ ¡’ —≠≠“∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È

2.1 —≠≠“‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â„π°“√¢¬“¬‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’∫√‘…—∑œ ‰¥â≈ßπ“¡ —≠≠“®â“ß °øº. ‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â„π°“√¢¬“¬‚§√ß°“√‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 4, 5 ·≈– 6 ‡¡◊ËÕ«—π∑’Ë 22 °ÿ¡¿“æ—π∏å 2545 ‚¥¬ —≠≠“‡√‘Ë¡¡’º≈µ—Èß·µà«—π∑’Ë≈ßπ“¡„π —≠≠“ ·≈– ‘Èπ ÿ¥≈ß‡¡◊ËÕ °øº. ‰¥â¥”‡π‘π°“√»÷°…“·≈â«‡ √Á®µ“¡ —≠≠“ ª√–¡“≥°≈“ßªï 2546 √“§“ —≠≠“ 5.200 ≈â“π∫“∑ (‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡)

2.2 —≠≠“‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â‚§√ß°“√‚√ß‰øøÑ“·°≈∫∑’Ë®—ßÀ«—¥Õ¬ÿ∏¬“∫√‘…—∑œ ‰¥â≈ßπ“¡ —≠≠“®â“ß °øº. ‡æ◊ËÕ»÷°…“§«“¡‡ªìπ‰ª‰¥â¢Õß‚§√ß°“√‚√ß‰øøÑ“·°≈∫∑’Ë®—ßÀ«—¥Õ¬ÿ∏¬“ ‡¡◊ËÕ«—π∑’Ë 29 µÿ≈“§¡ 2545 —≠≠“‡√‘Ë¡¡’º≈µ—Èß·µà«—π∑’Ë≈ßπ“¡„π —≠≠“®π∂÷ß«—π∑’Ë 4 °—π¬“¬π2546 ‡ªìπ‡ß‘π®”π«π 1.600 ≈â“π∫“∑ ∑—Èßπ’È‚§√ß°“√¥—ß°≈à“«‡ªìπ°“√»÷°…“√à«¡°—π√–À«à“ß∫√‘…—∑œ°—∫∫√‘…—∑ TOYOTA TSUSHO ·≈–‰¥âµ°≈ß®â“ß °øº. ¥”‡π‘π°“√»÷°…“·≈–®à“¬§à“®â“ß∑’Ëª√÷°…“§π≈–§√÷Ëß‚¥¬∑” —≠≠“®â“ß·¬°°—π§π≈–©∫—∫

3. ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ °—∫ °øº. ‡°’Ë¬«æ—π°—π‚¥¬ °√√¡°“√¢Õß °øº. ∫“ß∑à“π‡ªìπ°√√¡°“√¢Õß ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’ —≠≠“∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È3.1 —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈– 2

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â®à“¬‡ß‘π≈à«ßÀπâ“·°à °øº. ”À√—∫√–∫∫¢π àßπÈ”¡—π‡µ“ ®”π«π400 ≈â“π∫“∑ (‡ªìπ à«πÀπ÷Ëß¢Õß√“§“∑√—æ¬å ‘π„π°“√‚Õπ‚√ß‰øøÑ“µ“¡ —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈– 2 ‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543) ¢≥–π’È °øº. ‰¥â¥”‡π‘π°“√®—¥À“∑’Ë¥‘π·≈–®â“ß∑’Ëª√÷°…“‡æ◊ËÕ»÷°…“º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡‡√’¬∫√âÕ¬·≈â« ·≈–°”≈—ß§—¥‡≈◊Õ°ºŸâ√—∫‡À¡“°àÕ √â“ß√–∫∫¢π àßπÈ”¡—π‡µ“„Àâ·≈â«‡ √Á®·≈– àß¡Õ∫„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥µàÕ‰ª

The Company and its subsidiaries have engaged in transactions with the potential for conflictsof interest, as follows:

1. The Company and Ratchaburi Electricity Generating Co., Ltd. are related throughcommon shareholdings and directorships. Connected transaction between thesetwo parties comprised of:1.1 An agreement for the provision of management services. On October 20, 2000, the

Company signed an agreement whereby it would provide management servicesto Ratchaburi Electricity Generating Co., Ltd. at a cost of Baht 48.6 million per month,to be paid 18 months in advance, for the period from November 2000 to April 2002.On July 1, 2002, moreover, the Company signed an agreement to provide the subsidiarywith management and services related to internal audit, legal affair, information technologyand communication system, and financial management for a period of 8 months, fromMay 2002 to December 2002, at actual operating costs, amounting to Baht 0.731 million

2. The Company and EGAT are related as EGAT is a major shareholder of the Companyand some of EGAT's directors are directors of the Company. Related agreementbetween these two parties comprised of:

2.1 A contract hiring EGAT to conduct a feasibility study for expanding the RatchaburiPower Plant's Combined Cycle Blocks 4, 5, and 6, effective from February 22, 2002, thedate of signing, and will end when EGAT completes the feasibility study as contracted(mid-2003), at a cost of Baht 5.2 million (excluding VAT).

2.2 A contract hiring EGAT to conduct a feasibility study of a rice huskfiring power plant in Ayutaya effective from October 29, 2002, thedate of signing until on September 4, 2003. The cost of Baht 1.6million is split evenly between the Company and its study partnerToyota Tsusho, with each of the partners holding contract withEGAT seperately.

3. Ratchaburi Electricity Generating Co., Ltd. and EGAT are related assome directors of Ratchaburi Electricity Generating Co., Ltd. are EGAT's directors.Related agreement between these two parties comprised of:3.1 Due to the Assets Purchase Agreement of Thermal Power Plant Units 1 and 2. The

subsidiary made an advance payment of Baht 400 million (part of a transfer of assetspertaining to Thermal Power Plant Units 1 and 2 on October 31, 2000) to EGAT for thefuel oil delivery system. EGAT has already acquired land and hired a consultant toconduct an environmental impact assessment, and is now in the process of selecting acontractor for the construction of the fuel oil delivery system, which will then betransferred to the subsidiary.

with



3.2 —≠≠“´◊ÈÕ¢“¬‰øøÑ“ - ‚√ß‰øøÑ“√“™∫ÿ√’∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“´◊ÈÕ¢“¬‰øøÑ“®“°‚√ß‰øøÑ“√“™∫ÿ√’ °—∫ °øº.‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ¡’Õ“¬ÿ —≠≠“ 25 ªï ”À√—∫ªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥¡’√“¬‰¥â®“°°“√®”Àπà“¬æ≈—ßß“π‰øøÑ“ ‡ªìπ‡ß‘π®”π«π 27,493.217 ≈â“π∫“∑

3.3 —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-33.3.1 —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â∑” —≠≠“ ◊ÈÕ¢“¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 °—∫ °øº. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ´÷Ëßµ“¡ —≠≠“œ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’®”°—¥ ®–‰¥â√—∫‚Õπ°√√¡ ‘∑∏‘Ï „π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1 ·≈– 2 ¿“¬„π«—π∑’Ë 31 ‘ßÀ“§¡ 2544 ·≈–«—π∑’Ë 30 ‡¡…“¬π 2545 ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 3

‡π◊ËÕß®“° °øº. ‰¡à “¡“√∂ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ „Àâ·°à∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥âµ“¡°”Àπ¥ ‚¥¬‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-2‰¥â àß¡Õ∫„π«—π∑’Ë 18 ‡¡…“¬π 2545 ·≈– ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 3 ‰¥â àß¡Õ∫„π«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ¥—ßπ—Èπ „πªï 2545 ∫√‘…—∑œ ®÷ß‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’≈à“™â“ ®“° °øº. ‡ªìπ‡ß‘π®”π«π 322.302 ≈â“π∫“∑

3.3.2 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â„Àâ °øº. ‡™à“æ◊Èπ∑’Ë ”À√—∫∑”°“√°àÕ √â“ß‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 ∑—Èßπ’È‡√‘Ë¡µ—Èß·µà‡¥◊Õπæƒ»®‘°“¬π 2543 ®π∂÷ß«—π∑’Ë‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 3 ‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 §à“‡™à“æ◊Èπ∑’Ë„πªï 2545 ‡ªìπ‡ß‘π®”π«π 4.760 ≈â“π∫“∑

3.4 —≠≠“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“ «—π∑’Ë 26µÿ≈“§¡ 2543 ‚¥¬«à“®â“ß °øº.‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“√“™∫ÿ√’√«¡∂÷ß°“√∫”√ÿß√—°…“∑—Ë«‰ª·≈–°“√ àÕ¡∫”√ÿß√—°…“À≈—° ‡ªìπ‡«≈“ª√–¡“≥ 9 ªï ”À√—∫ªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’§à“„™â®à“¬¥â“πªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‡ªìπ®”π«π 579.762 ≈â“π∫“∑

3.5 —≠≠“®â“ß¥”‡π‘πß“πµ‘¥µ“¡µ√«® Õ∫§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡‚√ß‰øøÑ“√“™∫ÿ√’∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â∑” —≠≠“®â“ß °øº. ‡æ◊ËÕ„Àâ¥”‡π‘πß“πµ‘¥µ“¡µ√«® Õ∫§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡‚√ß‰øøÑ“√“™∫ÿ√’ ‡¡◊ËÕ«—π∑’Ë 25 °ÿ¡¿“æ—π∏å 2545 √–¬–‡«≈“¥”‡π‘πß“π 12 ‡¥◊Õπ ‡√‘Ë¡µ—Èß·µà¡°√“§¡ 2545-∏—π«“§¡ 2545 √“§“ —≠≠“∑—Èß ‘Èπ‡ªìπ®”π«π 2.455 ≈â“π∫“∑ (‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡)

3.6 —≠≠“„Àâ∫√‘°“√®—¥∑”·≈–µ√«®µ‘¥µ“¡¿“¬„π√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ (ISO 14001)∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“®â“ß °øº. ‡æ◊ËÕ„Àâ∫√‘°“√®—¥∑”·≈–µ√«®µ‘¥µ“¡√–∫∫°“√®—¥°“√ ‘Ëß·«¥≈âÕ¡ (ISO 14001) ‡¡◊ËÕ«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ‚¥¬ —≠≠“π’È¡’√–¬–‡«≈“µ—Èß·µà«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ∂÷ß«—π∑’Ë 31 °√°Æ“§¡ 2553 À√◊Õ«—π∑’Ë —≠≠“„Àâ∫√‘°“√ß“π‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“ (Operation and Maintenance Agreement : OMA) °“√„Àâ∫√‘°“√¢Õß °øº. ·∫àßÕÕ°‡ªìπ 2 √–¬– §◊Õ

3.2 According to the 25-year Power Purchase Agreement signed on October 9, 2000, thesubsidiary earned Baht 27,493.217 million from electricity sales in 2002.

3.3 The Assets Purchase Agreement of Combined Cycle Power Plant Blocks 1-33.3.1 On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd. signed the Assets

Purchase Agreement for Combined Cycle Power Plant Blocks 1-3, whereby ownershipof Blocks 1-2 would be transferred on August 31, 2001 and of Block 3 on April 30,2002. As EGAT was unable to make these transfers on the agreed dates, withBlocks 1-2 transferred on April 18, 2002 and Block 3 transferred on November 1,2002, EGAT compensated the subsidiary for the delay with a payment of Baht322.302 million

3.3.2 Ratchaburi Electricity Generating Co., Ltd. leased land to EGAT for the constructionof Combined Cycle Power Plant Blocks 1-3. The lease period was from November2000 until the transfer of Combined Cycle Power Plant Block 3 on November 1,2002. In 2002, the rent paid for this lease was Baht 4.760 million.

3.4 According to Operation and Maintenance Agreement. Ratchaburi Electricity GeneratingCo., Ltd. signed the contract on October 26, 2000 hiring EGAT to operate and maintainthe power plants as well as carry out general and major maintenance for a period ofapproximately 9 years. In 2002, operating and maintenance expenses were Baht 579.762million.

3.5 A contract to investigate environmental quality at the Ratchaburi Power Plant. Thesubsidiary hired EGAT to investigate the Plant's environmental quality on February 25,2002, for a sum of Baht 2.455 million (excluding VAT). The period of the contract wasfrom January to December 2002.

3.6 A contract to provide services, operations, and monitoring in accordance with theISO 14001 environmental management system. Ratchaburi Electricity GeneratingCo., Ltd. hired EGAT on August 1, 2002 for a period lasting from August 1, 2002 to July31, 2010, or until the expiry of the Operation and Maintenance Agreement.The EGAT's services may be divided into two phases:



- √–¬–∑’Ë 1 ‡ªìπ°“√®—¥∑”·≈–π”√–∫∫ ISO 14001 ‡¢â“„™âß“π°àÕπ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥‰¥â√—∫„∫√—∫√Õß√–∫∫¡“µ√∞“π “°≈¥â“π ‘Ëß·«¥≈âÕ¡ °øº. §‘¥§à“∫√‘°“√‡ªìπ®”π«π 3.600 ≈â“π∫“∑

- √–¬–∑’Ë 2 ‡ªìπ°“√µ√«®ª√–‡¡‘π·≈–µ√«®µ‘¥µ“¡¿“¬„π√–∫∫°“√®—¥°“√ À≈—ß®“°∑’Ë∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫„∫√—∫√Õß√–∫∫¡“µ√∞“π “°≈¥â“π ‘Ëß·«¥≈âÕ¡ °øº. §‘¥§à“∫√‘°“√‡ªìπ®”π«π 0.400 ≈â“π∫“∑µàÕªï

3.7 —≠≠“°“√∫√‘À“√®—¥°“√ Parts of GAS Turbine Model MS9001FA∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â≈ßπ“¡„π —≠≠“®â“ß °øº. ‡æ◊ËÕ∫√‘À“√®—¥°“√ Parts of GASTurbine Model MS9001FA ‡¡◊ËÕ«—π∑’Ë 1 ‘ßÀ“§¡ 2545 √–¬–‡«≈“ —≠≠“µ—Èß·µà«—π∑’Ë 1 ‘ßÀ“§¡2545 ∂÷ß«—π∑’Ë 31 °√°Æ“§¡ 2557 §à“∫√‘°“√µ“¡ —≠≠“π’È·∫àßÕÕ°‡ªìπ 2 à«π §◊Õ §à“∫√‘°“√√“¬‡¥◊Õπ„πÕ—µ√“‡¥◊Õπ≈– 1.000 ≈â“π∫“∑ (‰¡à√«¡¿“…’¡Ÿ≈§à“‡æ‘Ë¡) ·≈–§à“¥”‡π‘π°“√‡æ◊ËÕ°“√®—¥À“·≈– àÕ¡ ÷Ëß®–§‘¥§à“„™â®à“¬µ“¡∑’Ë‡°‘¥¢÷Èπ®√‘ß

3.8 °“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’1)∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’ ≈ß«—π∑’Ë 29 ‘ßÀ“§¡ 2545 √–À«à“ß

°øº. ∫√‘…—∑ ªµ∑. ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‚¥¬∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ µ°≈ß„Àâ ªµ∑. «à“®â“ß °øº. ‡æ◊ËÕ¥”‡π‘π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1 ∂÷ß 3 ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈– 2√«¡∂÷ß°“√∫√‘À“√ —≠≠“·≈–„Àâ§”ª√÷°…“°“√ª√—∫ª√ÿß·≈–¥”‡π‘π°“√ Tuning √–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’ ‡æ◊ËÕ„Àâ‚√ß‰øøÑ“√“™∫ÿ√’ “¡“√∂√—∫°ä“´∏√√¡™“µ‘∑’Ë¡’§à“§«“¡√âÕπ 803-858∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ (Gross Calorific Value based on saturated basis) ‚¥¬§à“„™â®à“¬∑—ÈßÀ¡¥„π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â ªµ∑.‡ªìπºŸâ√—∫¿“√–

2)∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’¿“¬À≈—ßªï æ.». 2545≈ß«—π∑’Ë 30 °—π¬“¬π 2545 ®—¥∑”¢÷Èπ√–À«à“ß ∫√‘…—∑ ªµ∑. ®”°—¥ (¡À“™π) °—∫ ∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‚¥¬ ªµ∑. µ°≈ß™”√–‡ß‘π„Àâ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡æ◊ËÕ™¥‡™¬§à“ ÷°À√Õ §à“‡ ’¬À“¬¢ÕßÕÿª°√≥å §à“‡™◊ÈÕ‡æ≈‘ß·≈–Õ◊ËπÊ

„πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’ √«¡‡ªìπ®”π«π 132.110 ≈â“π∫“∑

4. ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–ºŸâ„Àâ°Ÿâ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥¡’§«“¡‡°’Ë¬«æ—π°—π‚¥¬°√√¡°“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡ªìπª√–∏“π°√√¡°“√∫√‘À“√∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π)∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π) π—∫ πÿπ‡ß‘π°Ÿâ·°à ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ „π√Ÿª —≠≠“‡ß‘π°Ÿâ√–¬–¬“« ‚¥¬¡’¬Õ¥‡ß‘π°Ÿâ§ß‡À≈◊Õ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π‡ß‘π 2,519.469 ≈â“π∫“∑·≈–¡’¬Õ¥¥Õ°‡∫’È¬®à“¬„πªï 2545 ‡ªìπ®”π«π 103.875 ≈â“π∫“∑

5. ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ °—∫°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ‡°’Ë¬«æ—π°—π‚¥¬ °√√¡°“√¢Õß °øº. ∫“ß∑à“π‡ªìπ°√√¡°“√¢Õß ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ¡’ —≠≠“∑’Ë‡°’Ë¬«¢âÕß°—π ¥—ßπ’È

- Phase 1: Setting up and implementation of the ISO 14001 system for the subsidiarybefore the system is certified as compliant with international environmental standards.EGAT will charge Baht 3.6 million for this phase.

- Phase 2: Assessment and monitoring of the system after the subsidiary receives thecertification. EGAT will charge Baht 0.400 million per year.

3.7 A contract to service parts of GAS Turbine Model MS9001FA. The subsidiary signeda contract on August 1, 2002 hiring EGAT from August 1, 2002 to July 31, 2014. Thework is divided in two parts. The servicing part is paid at a rate of Baht 1 million permonth (excluding VAT), while procurement and repairment are paid for as occurred, atactual cost.

3.8 Improvement of the combustion system at the Ratchaburi Power Plant.1) A memorandum of agreement was signed on August 29, 2002, whereby Ratchaburi

Electricity Generating Co., Ltd. agrees to have PTT PLC. (PTT) hiring EGAT toimprove the Combined Cycle Power Plant Blocks 1-3 and Thermal Power Plant Units1-2 and to serve as a contract manager and consultant in the improvement andtuning of the system so that the plants can take natural gas with a gross calorificvalue on a saturated basis of 803-858 BTU per cubic foot. PTT bears all expensesrelated to this improvement.

2) A memorandum of agreement was signed on September 30, 2002, whereby thesubsidiary agrees to have PTT Public Co., Ltd. (PTT) compensate the subsidiary forany losses due to deterioration or damage of equipment, consumption of fuel, andthe like. In 2002 the subsidiary received the payments amounting to Baht 132.110million.

4. The Company and Ratchaburi Electricity Generating Co., Ltd.'s lenders related as adirector of the Company is the Executive Chairman of Thai Military Bank PCL.The bank provided a long-term loan to Ratchaburi Electricity Generating Co., Ltd. of whichBaht 2,519.469 million remain to be paid as of December 31, 2002, and interest paymentof Baht 103.875 million in 2002.

5. Ratchaburi Energy Co., Ltd. and the EGAT are related as some ofthe EGAT's directors are also directors of Ratchaburi EnergyCo., Ltd. The two parties have related agreement as follows:



§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘πManagementDiscussion & Analysis5.1 ∫—π∑÷°¢âÕµ°≈ß‚§√ß°“√ àß‡ √‘¡ºŸâº≈‘µ‰øøÑ“√“¬‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π

‡¡◊ËÕ«—π∑’Ë 12 µÿ≈“§¡ 2544 ∫√‘…—∑œ °—∫ °øº. ‰¥â≈ßπ“¡„π∫—π∑÷°¢âÕµ°≈ß‚§√ß°“√ àß‡ √‘¡ºŸâº≈‘µ‰øøÑ“√“¬‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ‚¥¬‰¥â√à«¡°—π¬◊Ëπ¢âÕ‡ πÕµàÕ ”π—°ß“ππ‚¬∫“¬·≈–·ºπæ≈—ßß“π ( πæ.) ‡æ◊ËÕ¢Õ√—∫°“√ π—∫ πÿπ∑“ß°“√‡ß‘π®“°°Õß∑ÿπ‡æ◊ËÕ àß‡ √‘¡°“√Õπÿ√—°…åæ≈—ßß“π„π‚§√ß°“√ àß‡ √‘¡ºŸâº≈‘µ‰øøÑ“√“¬‡≈Á°∑’Ë „™âæ≈—ßß“πÀ¡ÿπ‡«’¬π ´÷Ëß∫√‘…—∑œ °—∫ °øº. ®–√à«¡°—π¥”‡π‘π‚§√ß°“√»÷°…“§«“¡‡À¡“– ¡·≈–≈ß∑ÿπµ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“∑’Ë‡¢◊ËÕπ¢Õß°√¡™≈ª√–∑“π®”π«π 4 ·Ààß ‰¥â·°à ‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï ‡¢◊ËÕπ§≈Õß∑à“¥à“π ‡¢◊ËÕπ‡®â“æ√–¬“ ·≈–‡¢◊ËÕππ‡√»«√

5.2 ∫—π∑÷°¢âÕµ°≈ß°“√‡¢â“∂◊ÕÀÿâπ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ √–À«à“ß°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ ·≈– ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

‡¡◊ËÕ«—π∑’Ë 25 °—π¬“¬π 2545 ∫√‘…—∑œ ‰¥â≈ßπ“¡„π∫—π∑÷°¢âÕµ°≈ß°“√‡¢â“∂◊ÕÀÿâπ∫√‘…—∑ √“™∫ÿ√’-æ≈—ßß“π ®”°—¥ °—∫ °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ ‡æ◊ËÕ∑”§«“¡‡¢â“„®°—π√–À«à“ß °øº. ·≈–∫√‘…—∑œ ‡°’Ë¬«°—∫°“√‡¢â“∂◊ÕÀÿâπ„π∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ‚¥¬„Àâ °øº. ¡’ ‘∑∏‘‡¢â“∂◊ÕÀÿâπ„π∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ‡æ◊ËÕ¥”‡π‘π‚§√ß°“√µ‘¥µ—Èß‡§√◊ËÕß°”‡π‘¥‰øøÑ“∑’Ë‡¢◊ËÕπªÉ“ —°™≈ ‘∑∏‘Ï‡¢◊ËÕπ§≈Õß∑à“¥à“π ·≈–‡¢◊ËÕπ‡®â“æ√–¬“ „π —¥ à«π‰¡à‡°‘π√âÕ¬≈– 49 ¢ÕßÀÿâπ∑’Ë®”Àπà“¬·≈â«∑—ÈßÀ¡¥¢Õß∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥

∑—Èßπ’È¢âÕ¡Ÿ≈√“¬≈–‡Õ’¬¥√“¬°“√√–À«à“ß°—π‰¥â‡ªî¥‡º¬‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ 4 ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ´÷Ëß§≥–°√√¡°“√µ√«® Õ∫‰¥â Õ∫∑“π√“¬°“√√–À«à“ß°—π¢Õß∫√‘…—∑œ·≈â« ¡’§«“¡‡ÀÁπ«à“√“¬°“√√–À«à“ß°—π∑’Ë‡°‘¥¢÷Èπ‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢‚¥¬∑—Ë«‰ª ·≈–‡ªìπ‰ªµ“¡ª°µ‘¢Õß∏ÿ√°‘®º≈‘µ‰øøÑ“¢Õßª√–‡∑»

1. √“¬ß“π«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π„πªï 2545 °“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ª√– ∫§«“¡ ”‡√Á®‡ªìπ∑’Ëπà“æÕ„® ‚¥¬„π√–À«à“ßªï∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬À≈—°‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë1-2 ·≈–™ÿ¥∑’Ë 3 ®“° °øº. ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ·≈–«—π∑’Ë 1 æƒ»®‘°“¬π 2545 µ“¡≈”¥—∫ àßº≈„Àâ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡ªìπºŸâº≈‘µ‰øøÑ“‡Õ°™π√“¬„À≠à∑’Ë ÿ¥¢Õßª√–‡∑» ‚¥¬¡’°”≈—ßº≈‘µ√«¡3,645 ‡¡°–«—µµå À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 14 ¢Õß°”≈—ßº≈‘µ√«¡¢Õßª√–‡∑»

πÕ°®“°π’È∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥âæ¬“¬“¡À“·π«∑“ß„π°“√≈¥µâπ∑ÿπ∑“ß°“√‡ß‘π‡æ◊ËÕ‡ √‘¡ √â“ß∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑œ „Àâ·¢Áß·°√àß¬‘Ëß¢÷Èπ ‚¥¬„πªïπ’È∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥âª√– ∫§«“¡ ”‡√Á®„π°“√‡®√®“ª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‡ß‘π°Ÿâ ‚¥¬‡®â“Àπ’È‡ß‘π°Ÿâ‰¥âª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬®“°Õ—µ√“ MLR ‡ªìπMLR -1.50% „π™à«ß√–¬–‡«≈“ 3 ªï·√°√–À«à“ß«—π∑’Ë 1 °√°Æ“§¡ 2545 ∂÷ß 30 ¡‘∂ÿπ“¬π 2548 Õ—µ√“¥Õ°‡∫’È¬ MLR -1.125% „π√–À«à“ß«—π∑’Ë 1 °√°Æ“§¡ 2548 ∂÷ß 30 ¡‘∂ÿπ“¬π 2551 ·≈–§ßÕ—µ√“¥Õ°‡∫’È¬MLR µ“¡ —≠≠“‡ß‘π°Ÿâ‡¥‘¡µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2551 ®π ‘Èπ ÿ¥Õ“¬ÿ —≠≠“‡ß‘π°Ÿâ ‡ªìπº≈„Àâ„πªï 2545∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ “¡“√∂ª√–À¬—¥¥Õ°‡∫’È¬‡ß‘π°Ÿâ„π™à«ß 6 ‡¥◊ÕπÀ≈—ß‰¥â‡ªìπ®”π«π 287 ≈â“π∫“∑

1.1 °“√«‘‡§√“–Àå√“¬‰¥âº≈°“√¥”‡π‘πß“π„πªï 2545 ¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’√“¬‰¥â√«¡∑—Èß ‘Èπ 28,154.862≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (17,914.301 ≈â“π∫“∑) ‡ªìπ®”π«π 10,240.561 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 57.16 ‚¥¬¡’ “‡ÀµÿÀ≈—° ¥—ßπ’È

5.1 A memorandum of agreement to support renewable small power producers. On October12, 2001, Ratchaburi Energy Co., Ltd. signed a memorandum of agreement with EGATwhereby the two parties would submit a proposal to the Energy Policy and PlanningOffice (EPPO) seeking financial support from the Energy Conservation Fund. EGAT andRatchaburi Energy Co., Ltd. would jointly study the appropriateness and the investmentin installing mini hydro generators at four Royal Irrigation Department's damsitesnamely Pasak Chonlasit Dam, Khlong Tha Dan Dam and Chao Phraya Dam andNaresuan Dam.

5.2 A memorandum of agreement on holding shares in Ratchaburi Energy Co., Ltd. betweenthe EGAT and the Company. On September 25, 2002, the Company signed a memorandum

of agreement whereby EGAT would hold no more than 49% of all issuedshares in Ratchaburi Energy Co., Ltd. for the installation of mini hydro generatorsat Pasak Chonlasit Dam, Khlong Tha Dan Dam, and Chao Phraya Dam.

All of these related transactions have been disclosed in Note 4 of the notesto the financial statements for the year ending December 31, 2002. TheAudit Committee has reviewed these transactions and is of the opinion thatthey are in accordance with prevailing conditions and normal for Thailand'spower industry.

1. Analysis of Operating PerformanceIn 2002 the operational results of the Company and its subsidiaries were highly satisfactory.During the year, Ratchaburi Electricity Generating Co., Ltd., the main subsidiary of the Company,acquired the Combined Cycle Power Plant Blocks 1-3 from EGAT, with blocks 1-2 transferred onApril 18, 2002 and block 3 on November 1, 2002. Thus, the subsidiary became the largestindependent power producer in the country, with an installed capacity of 3,645 megawatts or14% of the nation's total capacity.

The Company and its subsidiaries made major efforts to reduce their financial costs in order toimprove their financial strength. The subsidiary successfully negotiated a lower interest rate onits loan, with creditors agreeing to reduce the rate from MLR to MLR -1.50% for the first threeyears during the period July 1, 2002 to June 30, 2005, and from MLR to MLR -1.125% duringthe period July 1, 2005 to June 30, 2008, and to maintain the original MLR rate from July 1,2008 until the end of the contract. As a result of this agreement, the subsidiary was able to saveBaht 287 million in interest expenses during the second haft of 2002.

1.1 Analysis of IncomeIn 2002 the Company and its subsidiaries earned Baht 28,154.862 million, increased byBaht 10,240.561 million or 57.16% from Baht 17,914.301 million in 2001. The mainreasons for this are as follows:



1) √“¬‰¥â§à“¢“¬‰øøÑ“ ÿ∑∏‘ ®”π«π 27,493.217 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (17,422.697≈â“π∫“∑) ‡ªìπ®”π«π 10,070.520 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 57.80 ‡π◊ËÕß®“° „πªï 2545∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“°°øº. ‡√’¬∫√âÕ¬·≈â« ‚¥¬¡’ª√‘¡“≥æ≈—ßß“π‰øøÑ“∑’Ë®”Àπà“¬„πªï 2545 ‡ªìπ®”π«π 13,802.777≈â“π°‘‚≈«—µµå-™—Ë«‚¡ß ÷Ëß‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (7,337.304 ≈â“π°‘‚≈«—µµå-™—Ë«‚¡ß) ‡ªìπ®”π«π6,465.473 ≈â“π°‘‚≈«—µµå-™—Ë«‚¡ß ‡π◊ËÕß®“° ªï 2544 ¡’°“√‡¥‘π‡§√◊ËÕß‡©æ“–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’‡§√◊ËÕß∑’Ë 1 ·≈– 2 ‡∑à“π—Èπ

2) ¥Õ°‡∫’È¬√—∫ „πªï 2545 ®”π«π 174.689 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (127.110 ≈â“π∫“∑)‡ªìπ®”π«π 47.579 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 37.43 “‡ÀµÿÀ≈—°‡π◊ËÕß®“°„πªï 2545 ∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π‰ª≈ß∑ÿπ„πµ√“ “√∑“ß°“√‡ß‘π¡“°¢÷Èπ

3) ‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“∑’Ë‰¥â√—∫®“° °øº. „πªï 2545 ®”π«π 322.302 ≈â“π∫“∑ µË”°«à“ªï 2544 (353.720 ≈â“π∫“∑) ‡ªìπ®”π«π 31.418 ≈â“π∫“∑ ‡π◊ËÕß®“°„πªï 2544∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-2 ≈à“™â“‡ªìπ‡«≈“ 4 ‡¥◊Õπ Õ—µ√“§à“ª√—∫‡¥◊Õπ≈– 88.430 ≈â“π∫“∑ „π¢≥–∑’Ëªï 2545‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-2 ≈à“™â“‡ªìπ‡«≈“3 ‡¥◊Õπ 18 «—π (1 ¡°√“§¡ 2545-18 ‡¡…“¬π 2545) ·≈–‰¥â√—∫‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 3 ≈à“™â“‡ªìπ‡«≈“ 6 ‡¥◊Õπ Õ—µ√“§à“ª√—∫‡¥◊Õπ≈– 0.659≈â“π∫“∑

1) Income from electricity sales amounted to Baht 27,493.217 million, increased by Baht10,070.520 million or 57.80% from Baht 17,422.697 million in 2001. This was becausein 2002 Ratchaburi Electricity Generating Co., Ltd. acquired Combined Cycle PowerPlant Blocks 1-3 from EGAT. In 2002 the subsidiary sold 13,802.777 million kWh ofpower generation, 6,465.473 million kWh more than 7,337.304 million kWh sold in2001, when only its Thermal Power Plant Units 1 and 2 were operated.

2) Interest income amounted to Baht 174.689 million, increased by Baht 47.579million 37.43% from Baht 127.110 million in 2001. This was because theCompany and its subsidiaries invested more in financial instruments.

3) Income from compensation paid by EGAT for late transfer of power plants in2002 amounted to Baht 322.302 million, Baht 31.418 million lower than theBaht 353.720 million received in 2001. This was because the RatchaburiElectricity Generating Co., Ltd. received payment for a 4-month delay in thetransfer of two blocks of Combined Cycle Power Plant at a rate of Baht88.430 million per month in 2001, while in 2002 the delay was three monthsand eighteen days (January 1, 2002 to April 18, 2002) for the Blocks 1-2 andsix months for Block 3, at a rate of Baht 0.659 million per month.

4) ‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“ „πªï 2545 ®”π«π 132.110 ≈â“π∫“∑ ‡¡◊ËÕ«—π∑’Ë 29 ‘ßÀ“§¡ 2545 ·≈–«—π∑’Ë 30 °—π¬“¬π 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â∑”∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’ °—∫ °øº. ·≈–∫√‘…—∑ ªµ∑. ®”°—¥(¡À“™π) ‡æ◊ËÕ¥”‡π‘π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’„Àâ “¡“√∂√—∫°ä“´∏√√¡™“µ‘∑’Ë¡’§à“§«“¡√âÕπ 803-858 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ ´÷Ëß·µ°µà“ß‰ª®“°∑’Ë°”Àπ¥„π —≠≠“´◊ÈÕ¢“¬°ä“´∏√√¡™“µ‘ (730-800 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ) ©∫—∫«—π∑’Ë 27 µÿ≈“§¡ 2543 ‚¥¬∫√‘…—∑®–‰¥â√—∫§à“™¥‡™¬ ”À√—∫§à“ ÷°À√Õ §à“‡ ’¬À“¬¢ÕßÕÿª°√≥å §à“‡™◊ÈÕ‡æ≈‘ß·≈–Õ◊ËπÊ

5) √“¬‰¥âÕ◊ËπÊ ®”π«π 32.544 ≈â“π∫“∑ Ÿß°«à“ªï 2544 ‡ªìπ®”π«π 21.770 ≈â“π∫“∑ “‡ÀµÿÀ≈—°‡π◊ËÕß®“° °”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥¢÷Èπ®√‘ß ®”π«π 21.760 ≈â“π∫“∑

1.2 °“√«‘‡§√“–Àåµâπ∑ÿπ·≈–§à“„™â®à“¬µâπ∑ÿπ·≈–§à“„™â®à“¬„πªï 2545 ®”π«π√«¡∑—Èß ‘Èπ 23,425.922 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544(14,854.761 ≈â“π∫“∑) ‡ªìπ®”π«π 8,571.161 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 57.70 ‡π◊ËÕß®“° “‡Àµÿ¥—ßµàÕ‰ªπ’È1) µâπ∑ÿπ¢“¬ „πªï 2545 ®”π«π 20,833.211 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï 2544 (12,802.869

≈â“π∫“∑) ‡ªìπ®”π«π 8,030.342 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 62.72 “‡ÀµÿÀ≈—°‡π◊ËÕß®“°„πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â√—∫‚Õπ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 ®“° °øº. ·≈â« ®÷ß∑”„Àâ¡’°“√‡¥‘π‡§√◊ËÕßº≈‘µ‰øøÑ“‡æ‘Ë¡¢÷Èπ

4) Income from compensation paid for improvements of the power plant's combustionsystem, amounting to Baht 132.110 million. On August 29, 2002 and September 30,2002 Ratchaburi Electricity Generating Co., Ltd. signed a memorandum of agreementto improve the Ratchaburi Power Plant's combustion system with EGAT and PTT sothat it could take natural gas with heating value of 803-858 BTU per cubic foot.This differs from the specified value in Gas Sale Agreement (730-800 BTU per cubicfoot) of October 27, 2000. Thus, the subsidiary will be compensated for any lossesdue to deterioration or damage of equipment, consumption of fuel, and the like.

5) Other incomes amounted to Baht 32.544 million, higher than Baht 21.770 million in2001. Main reason was derived from realized foreign exchange gain of Baht 21.760million.

1.2 Analysis of Costs and ExpensesIn 2002 costs and expenses amounted to Baht 23,425.922 million, increased by Baht8,571.161 million or 57.70% from Baht 14,854.761 million in 2001. The main reasons forthis are as follows:1) The cost of sales amounted to Baht 20,833.211 million, increased by Baht 8,030.342

million or 62.72% from Baht 12,802.869 million in 2001. This was mainly because in2002 Ratchaburi Electricity Generating Co., Ltd. received ownership of CombinedCycle Power Plant Blocks 1-3 from EGAT, resulting in higher power generation.



2) §à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ „πªï 2545 ®”π«π 400.187 ≈â“π∫“∑ Ÿß°«à“ªï 2544 (358.732≈â“π∫“∑) ‡ªìπ®”π«π 41.455 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 11.56 “‡ÀµÿÀ≈—°‡π◊ËÕß®“° „πªï2545 ¡’§à“„™â®à“¬∑’Ëª√÷°…“∑“ß°“√‡ß‘π·≈–°ØÀ¡“¬‡°’Ë¬«°—∫°“√·°â‰¢ —≠≠“‡ß‘π°Ÿâ‡æ◊ËÕª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬

3) ¥Õ°‡∫’È¬®à“¬ ªï 2545 ®”π«π 1,966.882 ≈â“π∫“∑ Ÿß°«à“ªï 2544 (1,386.276 ≈â“π∫“∑) ‡ªìπ®”π«π 580.606 ≈â“π∫“∑ §‘¥‡ªìπ√âÕ¬≈– 41.88 ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑¬àÕ¬¡’°“√‡∫‘°‡ß‘π°Ÿâ√–¬–¬“«‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-2 „π«—π∑’Ë 18 ‡¡…“¬π 2545®”π«π 18,715.965 ≈â“π∫“∑ ·≈–‡∫‘°‡ß‘π°Ÿâ√–¬–¬“«‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 3 „π«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ®”π«π 5,246.541 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ Õ—µ√“¥Õ°‡∫’È¬‡©≈’Ë¬¢Õßªï 2545 ‡∑à“°—∫√âÕ¬≈– 6.33 ÷ËßµË”°«à“Õ—µ√“¥Õ°‡∫’È¬‡©≈’Ë¬¢Õßªï 2544 ÷Ëß‡∑à“°—∫√âÕ¬≈–7.51 ‡π◊ËÕß®“°¡’°“√·°â‰¢ —≠≠“‡ß‘π°Ÿâ‡æ◊ËÕª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‚¥¬¡’º≈µ—Èß·µà 1 °√°Æ“§¡ 2545

1.3 √ÿªº≈°“√¥”‡π‘πß“πº≈°“√¥”‡π‘πß“π„πªï 2545 ¡’°”‰√ ÿ∑∏‘ ®”π«π 4,728.940 ≈â“π∫“∑ §‘¥‡ªìπ°”‰√µàÕÀÿâπ‡∑à“°—∫3.26 ∫“∑µàÕÀÿâπ ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫º≈°“√¥”‡π‘πß“πß«¥‡¥’¬«°—π¢Õßªï 2544 ∑’Ë¡’°”‰√ ÿ∑∏‘ ®”π«π3,059.540 ≈â“π∫“∑ ª√“°Ø«à“°”‰√ ÿ∑∏‘‡æ‘Ë¡¢÷Èπ®”π«π 1,669.400 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ§‘¥‡ªìπ√âÕ¬≈– 54.56 ‚¥¬¡’√“¬‰¥â√«¡∑—Èß ‘Èπ 28,154.862 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π10,240.561 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 57.16 µâπ∑ÿπ·≈–§à“„™â®à“¬„πªï 2545 ®”π«π√«¡∑—Èß ‘Èπ23,425.922 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ 8,571.161 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ§‘¥‡ªìπ√âÕ¬≈– 57.70

2) Sales and administrative expenses amounted to Baht 400.187 million, 41.455 millionor 11.56% higher than Baht 358.732 million in 2001. This was mainly because of theincrease in financial and legal advisory fees related to the revisions of the loanagreement for interest rate reduction.

3) Interest payments amounted to Baht 1,966.882 million, Baht 580.606 million or 41.88%higher than Baht 1,386.276 million in 2001 because the subsidiary made the long-termloans drawdown for the purchase of Combined Cycle Power Plant Blocks 1-2 onApril 18, 2002 and block 3 on November 1, 2002, amounting Baht 18,715.965 millionand Baht 5,246.541 million, respectively. The average rate of interest paid in 2002,however, was 6.33%, lower than the average of 7.51% in 2001, due to the revisionsof the loan agreement with a lower rate of interest effective from July 1, 2002.

1.3 Summary of Operating PerformanceIn 2002 net profits amounted to Baht 4,728.940 million, or Baht 3.26 per share. Thisrepresents an increase of Baht 1,669.400 million or 54.56% from Baht 3,059.540 millionin 2001. Total income in 2002 amounted to Baht 28,154.862 million, increased by Baht10,240.561 million or 57.16% from 2001. Costs and expenses in 2002 amounted to Baht23,425.922 million, increased by Baht 8,571.161 million or 57.70% from 2001.

2. √“¬ß“π«‘‡§√“–Àå∞“π–°“√‡ß‘π2.1 °“√«‘‡§√“–Àå ‘π∑√—æ¬å

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’ ‘π∑√—æ¬å√«¡∑—Èß ‘Èπ ®”π«π 67,784.038≈â“π∫“∑ ‚¥¬‡∑’¬∫°—∫ªï°àÕπ‡æ‘Ë¡¢÷Èπ‡ªìπ®”π«π 27,934.158 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 70.10 “‡ÀµÿÀ≈—°‡π◊ËÕß®“°1) ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ®”π«π 95.342 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ‡ªìπ®”π«π 159.369

≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 62.57 ‡π◊ËÕß®“°π”‡ß‘π‰ª≈ß∑ÿπ„πµ√“ “√∑“ß°“√‡ß‘π¡“°¢÷Èπ

2) ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ®”π«π 3,789.277 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ‡ªìπ®”π«π 2,629.796≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 40.97

3) ≈Ÿ°Àπ’È°“√§â“ ®”π«π 6,451.600 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 3,634.595 ≈â“π∫“∑À√◊Õ‡æ‘Ë¡¢÷Èπ 1.3 ‡∑à“ ‡π◊ËÕß®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’√“¬‰¥â§à“¢“¬‰øøÑ“‡æ‘Ë¡¢÷Èπ®“°‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3

4) «— ¥ÿ§ß‡À≈◊Õ ®”π«π 1,370.962 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 577.100 ≈â“π∫“∑À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 72.70 ‡π◊ËÕß®“°„πªï 2545 ¡’«— ¥ÿÕÿª°√≥åÕ–‰À≈à¢Õß‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3

5) ‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π ®”π«π 1,548.144 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 1,424.954 ≈â“π∫“∑ À√◊Õ‡æ‘Ë¡¢÷Èπ 11.6 ‡∑à“ ª√–°Õ∫¥â«¬

2. Analysis of Financial Status2.1 Analysis of Assets

As at December 31, 2002, the total assets of the Company and its subsidiariesamounted to Baht 67,784.038 million, increased by Baht 27,934.158 million or 70.10%from the previous year. The main reasons are as follows:1) Cash and cash equivalents amounted to Baht 95.342 million, decreased by Baht

159.369 million or 62.57% from 2001 because more investments were made infinancial instruments.

2) Short-term investments amounted to Baht 3,789.277 million, Baht 2,629.795 millionor 40.97% lower than in 2001.

3) Trade receivable amounted to Baht 6,451.600 million, Baht 3,634.595 million or1.3 times higher than in 2001 because Ratchaburi Electricity Generating Co., Ltd.earned more income from electricity sales by its Combined Cycle Power PlantBlocks 1-3.

4) Inventory amounted to Baht 1,370.962 million, Baht 577.100 million or 72.70%higher than in 2001 because of the acquisition of equipment and parts for CombinedCycle Power Plant Blocks 1-3.

5) Long-term investments used as collateral amounted to Baht 1,548.144 million, Baht1,424.954 million or 11.6 times higher than in 2001. These investments comprised of:



2) Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬π ´÷Ëßª√–°Õ∫¥â«¬ ‡ß‘π°Ÿâ√–¬–¬“«·≈–Õ◊ËπÊ ®”π«π 38,654.161 ≈â“π∫“∑‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 21,155.627 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 1.2 ‡∑à“ ‡π◊ËÕß®“° ∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡∫‘°‡ß‘π°Ÿâ√–¬–¬“«‡æ◊ËÕ ◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë1-3 ®”π«π 23,962.506 ≈â“π∫“∑ ·µà„π√–À«à“ßªï‰¥â¡’°“√™”√–§◊π‡ß‘πµâπ‡ß‘π°Ÿâ 1,331.1447≈â“π∫“∑ πÕ°®“°π’È‡ß‘π°Ÿâ√–¬–¬“« à«π∑’Ë§√∫°”Àπ¥™”√–„πÀπ÷Ëßªï ÷Ëß∂◊Õ‡ªìπÀπ’È ‘πÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 1,473.346 ≈â“π∫“∑

2.3 °“√«‘‡§√“–Àå à«π¢ÕßºŸâ∂◊ÕÀÿâπ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’ à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡∑—Èß ‘Èπ ®”π«π 22,574.149≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 3,278.940 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 16.99 ‡π◊ËÕß®“°º≈°”‰√®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬„πªï 2545 ®”π«π 4,728.940 ·≈–‰¥â®à“¬‡ß‘πªíπº≈·°àºŸâ∂◊ÕÀÿâπ®”π«π 1,450 ≈â“π∫“∑

∫√‘…—∑œ ¡’∑ÿπ®¥∑–‡∫’¬π·≈–Àÿâπ∑’ËÕÕ°·≈–‡√’¬°™”√–·≈â« ®”π«π 14,500 ≈â“π∫“∑ ¡’ à«π‡°‘π¡Ÿ≈§à“Àÿâπ ®”π«π 1,531.778 ≈â“π∫“∑ ”√Õßµ“¡°ÆÀ¡“¬ ®”π«π 399.619 ≈â“π∫“∑ °”‰√ – ¡∑’Ë¬—ß‰¡à‰¥â®—¥ √√ ®”π«π 6,142.752 ≈â“π∫“∑

3. √“¬ß“π«‘‡§√“–Àå°√–· ‡ß‘π ¥ß∫°√–· ‡ß‘π ¥· ¥ß°√–· ‡ß‘π ¥∑’Ë‡ª≈’Ë¬π·ª≈ß®“°°‘®°√√¡¥”‡π‘πß“π °‘®°√√¡≈ß∑ÿπ·≈–°‘®°√√¡®—¥À“‡ß‘π ≥ «—π ‘Èπß«¥∫—≠™’ ·≈–· ¥ß°√–· ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥§ß‡À≈◊Õª≈“¬ªï¢Õß∫√‘…—∑œ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π 95.342 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ‡ªìπ®”π«π159.369 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 62.57 “‡Àµÿ √ÿª‰¥â¥—ßπ’È

- µ—Î« —≠≠“„™â‡ß‘π ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ®”π«π 531.817 ≈â“π∫“∑- µ—Î«·≈°‡ß‘π ÿ∑∏‘ ®”π«π 672.500 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 628.535 ≈â“π∫“∑- Àÿâπ°Ÿâ∑’Ë®–∂◊Õ‰«â®π§√∫°”Àπ¥ ®”π«π 343.846 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 264.602

≈â“π∫“∑

6) ∑’Ë¥‘π ‘Ëßª≈Ÿ° √â“ß ·≈–Õÿª°√≥å- ÿ∑∏‘ ®”π«π 53,279.115 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 25,228.500 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 89.94 ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑¬àÕ¬‰¥â´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“° °øº.

2.2 °“√«‘‡§√“–ÀåÀπ’È ‘π≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¡’Àπ’È ‘π√«¡∑—ÈßÀ¡¥ ®”π«π 45,209.889≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 24,655.218 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 119.95 “‡ÀµÿÀ≈—°‡π◊ËÕß®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â‡∫‘°‡ß‘π°Ÿâ√–¬–¬“«∑—ÈßÀ¡¥®”π«π 23,962.506≈â“π∫“∑ ‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3

Àπ’È ‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ª√–°Õ∫¥â«¬1) Àπ’È ‘πÀ¡ÿπ‡«’¬π ®”π«π 6,555.728 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 3,499.591

≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 1.1 ‡∑à“ ‡π◊ËÕß®“° ‡®â“Àπ’È°“√§â“‡æ‘Ë¡¢÷Èπ ®”π«π 2,197.522 ≈â“π∫“∑´÷Ëß‡ªìπº≈®“°°“√„™â°ä“´∏√√¡™“µ‘‡æ‘Ë¡¢÷Èπ ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë1-3 ∑’Ë‰¥â√—∫‚Õπ®“° °øº. „π√–À«à“ßªï 2545 πÕ°®“°π’È Àπ’È ‘π∑’Ë§√∫°”Àπ¥™”√–„πÀπ÷Ëßªï‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ ‡ªìπ®”π«π 1,473.346 ≈â“π∫“∑

- promissory notes amounting Baht 531.817 million more than the previous year.- bills of exchange (net) amounting Baht 672.500 million, Baht 628.535 million more

than the previous year.- debentures held until their maturity, amounting Baht 343.846 million, Baht 264.602

million more than the previous year.

6) Land, plant, and equipment (net), amounted to Baht 53,279.115 million, increased byBaht 25,228.500 million or 89.94% from 2001 because the subsidiary purchasedCombined Cycle Power Plant Blocks 1-3 from EGAT.

2.2 Analysis of LiabilitiesAs at 31 December, 2002, the total liabilities of the Company and its subsidiariesamounted to Baht 45,209.889 million, increased by Baht 24,655.218 million or 119.95%from the previous year. The main reason is that Ratchaburi Electricity GeneratingCo., Ltd. made the long-term loan drawdown amounting Baht 23,962.506 million topurchase Combined Cycle Power Plant Blocks 1-3. The total liabilities of the Companyand its subsidiaries comprised of:1) Current liabilities amounted to Baht 6,555.728 million, Baht 3,499.591 million or 1.1

times higher than in 2001. This was because trade payable increased by Baht2,197.522 million, the result of using more natural gas during 2002 for CombinedCycle Power Plant Blocks 1-3 transferred from EGAT. In addition, debt due withinone year increased by Baht 1,473.346 million.

2) Non-current liabilities amounted to Baht 38,654.161 million, Baht 21,155.627 millionor 1.2 times higher than in 2001 due to the fact that a long-term loan of Baht23,962.506 million was incurred for the purchase of Combined Cycle Power PlantBlocks 1-3 from EGAT. However, during 2002 a principal repayment was Baht1,331.447 million. In addition, current portion of long-term loans due within oneyear as current liabilities, Baht 1,473.346 million higher than in 2001.

2.3 Analysis of Shareholders' EquityAs at December 31, 2002, total shareholders' equity in the Company and its subsidiariesamounted to Baht 22,574.149 million, increased by Baht 3,278.940 million or 16.99%from 2001. This was attributed to profits from the operations of the Company and itssubsidiaries amounting Baht 4,728.940 million and Baht 1,450 million in dividendsbeing paid out.

The Companyûs issued and paid-up capital amounted to Baht 14,500 million, with Baht1,531.778 million in premiums on shares. The legal reserve amounted to Baht 399.619million, and unappropriated retained earnings amounted to Baht 6,142.752 million.

3. Analysis of Cash FlowThe statement of cash flow refers to the changes of cash flow from operations, investments, andfinancing activities as at the end of a fiscal period. The ending balance of cash equivalents forthe Company and its subsidiaries as at December 31, 2002 was Baht 95.342 million, decreasedby Baht 159.369 million or 62.57% from the previous year. The reasons are as follows:



1)°√–· ‡ß‘π ¥ ÿ∑∏‘∑’Ë‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π ®”π«π 4,479.284 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 143.581 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ√âÕ¬≈– 3.31 ‡π◊ËÕß®“°≈Ÿ°Àπ’È°“√§â“·≈–«— ¥ÿ§ß‡À≈◊Õ‡æ‘Ë¡¢÷Èπ

2)°√–· ‡ß‘π ¥ ÿ∑∏‘∑’Ë®à“¬ÕÕ°®“°°‘®°√√¡≈ß∑ÿπ ®”π«π 25,820.167 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 21,395.324 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 4.8 ‡∑à“ ‡π◊ËÕß®“° „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’®”°—¥ ◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®“° °øº.

3)°√–· ‡ß‘π ¥ ÿ∑∏‘∑’Ë‰¥â¡“®“°°‘®°√√¡®—¥À“‡ß‘π ®”π«π 21,181.514 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ®“°ªï°àÕπ‡ªìπ®”π«π 21,409.601 ≈â“π∫“∑ À√◊Õ§‘¥‡ªìπ 93.9 ‡∑à“ ‡π◊ËÕß®“°„πªï 2545 ¡’°√–· ‡ß‘π‡¢â“¡“®“°‡ß‘π°Ÿâ¬◊¡√–¬–¬“«‡æ◊ËÕ´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’ ™ÿ¥∑’Ë 1-3 ®”π«π 23,962.506 ≈â“π∫“∑·≈–¡’°“√®à“¬§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ®”π«π 1,331.447 ≈â“π∫“∑

1) Net cash flow from operations amounted to Baht 4,479.284 million, Baht 143.581 millionbaht or 3.31% higher than in 2001 due to trade receivable and inventories increased.

2) Net cash flow from investments amounted to Baht 25,820.167 million, increased by Baht21,395.324 million or 4.8 times from 2001 because Ratchaburi Electricity GeneratingCo., Ltd. purchased Combined Cycle Power Plant Blocks 1-3 from EGAT in 2002

3) Net cash flow from financing amounted to Baht 21,181.514 million, Baht 21,409.601million or 93.9 times higher than in 2001 because of an inflow of Baht 23,962.506 millionin long-term loans for the purchase of Combined Cycle Power Plant Blocks 1-3 and thelong-term loans repayment of Baht 1,331.447 million.

°“√√“¬ß“π°“√ªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’Report

Good Corporate Governanceon Compliance with Principles of

∫√‘…—∑œ ‰¥âµ√–Àπ—°∂÷ß§«“¡ ”§—≠¢ÕßÀ≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’Õ—π‡ªìπªí®®—¬À≈—°„π°“√¥”‡π‘π°“√¢Õß∫√‘…—∑œ ÷Ëß®–‡ √‘¡ √â“ß„ÀâÕß§å°√¡’√–∫∫∑’Ë¡’ª√– ‘∑∏‘¿“æ ¡’§«“¡‚ª√àß„ ·≈–¡’§«“¡¬ÿµ‘∏√√¡µàÕºŸâ¡’ à«π‰¥â‡ ’¬∑ÿ°ΩÉ“¬ „πªï 2545 ∫√‘…—∑œ ‰¥âªØ‘∫—µ‘µ“¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ¥—ßπ’È

1. π‚¬∫“¬‡°’Ë¬«°—∫°“√°”°—∫¥Ÿ·≈°‘®°“√‡¡◊ËÕ«—π∑’Ë 23 ∏—π«“§¡ 2545 §≥–°√√¡°“√∫√‘…—∑œ ‰¥â„Àâ§«“¡‡ÀÁπ™Õ∫„π°“√°”Àπ¥π‚¬∫“¬°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß∫√‘…—∑œ ·≈–§≥–°√√¡°“√∫√‘…—∑œ ‰¥â¡’ª√–°“»°”Àπ¥À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√¢Õß°≈ÿà¡∫√‘…—∑œ ‡¡◊ËÕ«—π∑’Ë 14 ¡°√“§¡ 2546 ÷Ëß§√Õ∫§≈ÿ¡À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ¥—ßπ’È

1)®—¥„Àâ¡’°“√∫√‘À“√ß“π·≈–¥”‡π‘πß“π‚¥¬¬÷¥À≈—°°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ (Good CorporateGovernance) ¢®—¥ªí≠À“§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πåÕ¬à“ß√Õ∫§Õ∫¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ Õ¬à“ß¡’‡Àµÿ¡’º≈ ·≈–‡ªìπÕ‘ √– ¿“¬„π°√Õ∫®√‘¬∏√√¡∑’Ë¥’

2) ®—¥„Àâ¡’√–∫∫§«∫§ÿ¡ ∑—Èß°“√§«∫§ÿ¡∑“ß°“√‡ß‘π °“√¥”‡π‘πß“π °“√°”°—∫¥Ÿ·≈°“√ªØ‘∫—µ‘ß“π °“√µ√«® Õ∫¿“¬„π °“√§«∫§ÿ¡·≈–°“√®—¥°“√§«“¡‡ ’Ë¬ß∑’Ë¡’ª√– ‘∑∏‘¿“æ·≈–∑—Ë«∂÷ß

3) àß‡ √‘¡°”°—∫¥Ÿ·≈‡æ◊ËÕ„Àâ¡—Ëπ„®«à“ ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈·≈– “√ π‡∑»∑’Ë ”§—≠¢Õß°≈ÿà¡∫√‘…—∑œ Õ¬à“ß∂Ÿ°µâÕß∑—π‡«≈“ ·≈–‚ª√àß„

4) àß‡ √‘¡·≈– π—∫ πÿπ„ÀâªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—πµ“¡À≈—°°“√¢Õß∫√‘…—∑¡À“™π®”°—¥5) àß‡ √‘¡¥Ÿ·≈„Àâ¡—Ëπ„®«à“ ‘∑∏‘µ“¡°ÆÀ¡“¬¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬ Õ“∑‘ ≈Ÿ°§â“ ≈Ÿ°®â“ß §Ÿà§â“ ºŸâ∂◊ÕÀÿâπ ºŸâ≈ß∑ÿπ

‡®â“Àπ’È §Ÿà·¢àß ºŸâ Õ∫∫—≠™’Õ‘ √– ¿“§√—∞ ·≈–™ÿ¡™π∑’Ë∫√‘…—∑œ µ—ÈßÕ¬Ÿà‰¥â√—∫°“√§ÿâ¡§√Õß·≈–ªØ‘∫—µ‘¥â«¬¥’

The Company is well aware of the importance of good corporate governance to the Companyûsoperations in terms of promoting efficient, transparent systems that are fair to all stakeholders.In 2002 the Company implemented principles of good corporate governance as follows:

1. Policies of Good Corporate GovernanceOn December 23, 2002, the Companyûs Board of Directors approved a policy of good corporategovernance and declared them effective for the entire Group of companies on January 14, 2003.This policy incorporates the principles of good corporate governance advocated by the StockExchange of Thailand, namely:

1) To establish a system of management and operations adhering to good corporate governance,the Company must eliminate conflicts of interest and maintain standards of honesty,integrity, rationality, independence, and high ethical values.

2) To establish a system of financial, operational, administrative, internal audit,and risk management and controls that are effective and comprehensive.

3) To promote and ensure the accurate, timely and transparent disclosure ofsignificant information concerning its group activities.

4) To support the treatment of all shareholders on an equal manner, accordingto the code of conduct for public companies.

5) To ensure that all stakeholders, such as customers, employees, business partners,shareholders, investors, creditors, competitors, independent auditors, the State, and thecommunity in the Companyûs vicinity, obtain their legal rights, protection, and good treatment.



2. ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ∫√‘…—∑œ ‰¥âÕ”π«¬§«“¡ –¥«°„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬¡’°“√ªØ‘∫—µ‘µàÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬Õ¬à“ß‡∑à“‡∑’¬¡°—πºŸâ∂◊ÕÀÿâπ “¡“√∂„™â ‘∑∏‘ÕÕ°‡ ’¬ß≈ß§–·ππ‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π°“√‡≈◊Õ°§≥–°√√¡°“√∫√‘…—∑œ °“√≈ß¡µ‘°“√· ¥ß§«“¡§‘¥‡ÀÁπ ·≈–°“√µ—Èß§”∂“¡„¥Ê µàÕ∑’Ëª√–™ÿ¡ µ“¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–‡√◊ËÕß∑’Ë‡ πÕºŸâ∂◊ÕÀÿâπ∑ÿ°√“¬¡’ ‘∑∏‘·≈–§«“¡‡∑à“‡∑’¬¡°—π„π°“√√—∫∑√“∫ “√ π‡∑»∑’Ë∂Ÿ°µâÕß ∑—π°“≈ ‡ªî¥‡º¬ §√∫∂â«π·≈– “¡“√∂µ√«® Õ∫¢âÕ¡Ÿ≈µà“ßÊ ‰¥â ‚¥¬„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2544 (ª√–™ÿ¡‡¡◊ËÕ«—π∑’Ë22 ‡¡…“¬π 2545) ∫√‘…—∑œ ‰¥â®—¥‡µ√’¬¡¢âÕ¡Ÿ≈·≈–‡Õ° “√„πÀπ—ß ◊Õπ—¥ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‚¥¬¡’§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√„π·µà≈–«“√–‡æ◊ËÕæ‘®“√≥“ àß„ÀâºŸâ∂◊ÕÀÿâπ∑√“∫≈à«ßÀπâ“°àÕπ«—πª√–™ÿ¡ 7 «—π∑”°“√

„π«“√–æ‘®“√≥“‡≈◊Õ°µ—Èß°√√¡°“√·∑π°√√¡°“√∑’ËÕÕ°µ“¡«“√–·≈–≈“ÕÕ° ∫√‘…—∑œ ‰¥â®—¥∑”¢âÕ¡Ÿ≈‡∫◊ÈÕßµâπ¢Õß∫ÿ§§≈∑’Ë‡ πÕ„Àâ∑’Ëª√–™ÿ¡æ‘®“√≥“‡≈◊Õ°µ—Èß ª√–°Õ∫¥â«¬ Õ“¬ÿ °“√»÷°…“ §«“¡√Ÿâ ª√– ∫°“√≥å ‡ªìπµâπ·≈–‡æ◊ËÕª√–°Õ∫°“√æ‘®“√≥“°”Àπ¥§à“µÕ∫·∑π°√√¡°“√ ∫√‘…—∑œ ‰¥â™’È·®ß„Àâ∑’Ëª√–™ÿ¡∑√“∫√“¬≈–‡Õ’¬¥‡°’Ë¬«°—∫®”π«π‡ß‘π ·≈– ‘∑∏‘ª√–‚¬™πåÕ◊Ëπ„¥∑’Ë‰¥â√—∫„π∞“π–°√√¡°“√ πÕ°®“°π’È „π«“√–æ‘®“√≥“·µàßµ—ÈßºŸâ Õ∫∫—≠™’·≈–°”Àπ¥§à“∏√√¡‡π’¬¡„π°“√ Õ∫∫—≠™’ ‰¥â¡’°“√√–∫ÿ™◊ËÕ·≈– ”π—°ß“π Õ∫∫—≠™’ ·≈–§à“µÕ∫·∑π¢ÕßºŸâ Õ∫∫—≠™’

„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2545 (11 ‡¡…“¬π 2546) ∫√‘…—∑œ ¡’π‚¬∫“¬®–ª√—∫ª√ÿß¢âÕ¡Ÿ≈ª√–°Õ∫°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕ„Àâ¡’√“¬≈–‡Õ’¬¥¡“°¬‘Ëß¢÷Èπ ‡π◊ËÕß®“°∫√‘…—∑œ µ√–Àπ—°∂÷ß§«“¡ ”§—≠¢Õß ‘∑∏‘¢ÕßºŸâ∂◊ÕÀÿâπ „π°“√‡¢â“∂÷ß¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ‚¥¬„π‡√◊ËÕß‡æ◊ËÕæ‘®“√≥“®–‡æ‘Ë¡√“¬≈–‡Õ’¬¥ ‡Àµÿº≈ §«“¡®”‡ªìπ º≈°√–∑∫∑—Èß¥â“π∫«°·≈–≈∫„π·µà≈–«“√–

2. Rights of ShareholdersThe Company has facilitated shareholders meetings on equal treatment basis. Shareholders havebeen free to vote as they pleased in appointing the Companyûs Board of Directors, in passingresolutions, in expressing their opinions, and in voicing questions and concerns at meetings inaccordance with meeting procedures and the agenda of the meeting. All shareholders have hadequal access to accurate, timely, disclose, complete, and verifiable information. During theGeneral Meeting of Shareholders for 2001 (held on April 22, 2002), the Company prepared allrelevant information in the Notice of the General Meeting of Shareholders, and included therewiththe Board of Directorsû views on each agenda. This Notice was sent to shareholders sevenworking days before the appointed date of meeting.

In the agenda to consider appointment of directors in place of those retiring by rotating andresinging, the Company provided such information regarding candidates as their ages, education,

background, knowledge, and experience. The Shareholders Meeting were informedthe directorûs remuneration both in monetary and non-monetary terms. And withregard to the appointment of Companyûs Auditor and determination of theAuditorûs remuneration, the Company named the Auditors, their Auditing Office,and the remuneration they would obtain.

For the 2002 General Meeting of Shareholders (on April 11, 2003), the Companywill provide more details on each agenda in accordance with its commitment to

the right of shareholders on complete access to all necessary information, particularly on detailsfor consideration, rationale and positively or negatively impact to the Company.

3. ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬∫√‘…—∑œ √—∫√Ÿâ∂÷ß ‘∑∏‘¢ÕßºŸâ¡’ à«π‰¥â‡ ’¬µ“¡∑’Ë°ÆÀ¡“¬°”Àπ¥·≈–¡’π‚¬∫“¬∑’Ë®–¥Ÿ·≈„Àâ¡—Ëπ„®«à“ ‘∑∏‘¥—ß°≈à“«‰¥â√—∫°“√§ÿâ¡§√Õß·≈–ªØ‘∫—µ‘¥â«¬¥’ ∑—Èßæπ—°ß“π §Ÿà§â“ ™ÿ¡™π §Ÿà·¢àß ‡®â“Àπ’È µ≈Õ¥®π “∏“√≥™π·≈– —ß§¡‚¥¬√«¡Õ¬à“ß‡À¡“– ¡ ·≈–®–„Àâ¡’°“√√à«¡¡◊Õ°—π√–À«à“ß∫√‘…—∑œ ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬„π°≈ÿà¡µà“ßÊ µ“¡∫∑∫“∑·≈–Àπâ“∑’Ë ‡æ◊ËÕ„Àâ°‘®°“√¢Õß∫√‘…—∑œ ¥”‡π‘π‰ª¥â«¬¥’ ¡’§«“¡¡—Ëπ§ß·≈–¡’º≈ª√–‚¬™πå∑’Ë‡ªìπ∏√√¡·°à∑ÿ°ΩÉ“¬

µ≈Õ¥°“√¥”‡π‘πß“π∑’Ëºà“π¡“ ∫√‘…—∑œ ‰¥â¡’°“√ªØ‘∫—µ‘µàÕæπ—°ß“πÕ¬à“ß‡∑à“‡∑’¬¡ ‡ªìπ∏√√¡ ·≈–„Àâº≈µÕ∫·∑π∑’Ë‡À¡“– ¡ °“√ ◊ÈÕ ‘π§â“·≈–∫√‘°“√®“°§Ÿà§â“‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢∑“ß°“√§â“ √«¡∂÷ß°“√ªØ‘∫—µ‘µ“¡ —≠≠“µàÕ§Ÿà§â“¡’°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢°“√°Ÿâ¬◊¡‡ß‘πµ“¡¢âÕµ°≈ßÕ¬à“ß‡§√àß§√—¥ ¡’§«“¡‡Õ“„®„ à·≈–√—∫º‘¥™Õ∫µàÕ≈Ÿ°§â“√—°…“§«“¡≈—∫¢Õß≈Ÿ°§â“ Õ’°∑—Èß„π®√√¬“∫√√≥¢Õß∫√‘…—∑œ ‰¥â¡’°“√√–∫ÿ∂÷ß°“√ª√–æƒµ‘ªØ‘∫—µ‘¿“¬„µâ°√Õ∫°µ‘°“¢Õß°“√·¢àß¢—π∑’Ë¥’ ‰¡à· «ßÀ“¢âÕ¡Ÿ≈∑’Ë‡ªìπ§«“¡≈—∫¢Õß§Ÿà·¢àß∑“ß°“√§â“¥â«¬«‘∏’°“√∑’Ë‰¡à ÿ®√‘µÀ√◊Õ‰¡à‡À¡“– ¡ ·≈–∫√‘…—∑œ ¡’π‚¬∫“¬∑’Ë®–ª√–°Õ∫∏ÿ√°‘® ‚¥¬§”π÷ß∂÷ß ¿“æ·«¥≈âÕ¡‡ªìπ ”§—≠ ∫√‘…—∑œ ¡’§«“¡√—∫º‘¥™Õ∫µàÕ ¿“æ·«¥≈âÕ¡¢Õß™ÿ¡™π ·≈– —ß§¡ ¥—ß√“¬≈–‡Õ’¬¥∑’Ë√–∫ÿ„πÀπâ“ 84

4. °“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ª√–∏“π∑’Ëª√–™ÿ¡¡’Àπâ“∑’Ë®—¥ √√‡«≈“„ÀâÕ¬à“ß‡À¡“– ¡·≈– àß‡ √‘¡„ÀâºŸâ∂◊ÕÀÿâπ¡’‚Õ°“ ‚¥¬‡∑à“‡∑’¬¡°—π„π°“√· ¥ß§«“¡‡ÀÁπ·≈–µ—Èß§”∂“¡„¥Ê µàÕ∑’Ëª√–™ÿ¡ µ“¡√–‡∫’¬∫«“√–°“√ª√–™ÿ¡·≈–

3. Rights of StakeholdersThe Company acknowledges the stakeholdersû rights as defined by law, and its policies aremeant to ensure that these rights - of employees, business partners, the community, competitors,creditors, and the public as a whole - are protected and enforced. The Company co-operateswith these groups in ways appropriate their status and function so that corporate operations mayproceed in a manner consonant with stability and justice to all.

In all of its operations, the Company has consistently treated its employees fairly andequitably and given them appropriate remuneration. Its purchase of goods and services frombusiness partners has been conducted according to the conditions of good business practiceand the stipulations of business contracts. Terms and conditions on loans agreement have,likewise, been strictly honored. Customers have been well and responsibly taken care of,and their affairs kept in confidence. Another aspect of corporate ethics is the Companyûsrespect for the rules governing fair competition. The Company has not sought to discoverthe secrets of its rivals by underhanded or unethical approaches. The Companyûs policy is toconduct its business with due respect to environmental integrity and with a sense ofresponsibility for the welfare of the communities and the society in which it operates, as canbe seen in details on page 84.

4. The Shareholdersû MeetingAt a meeting of shareholders, the Chairman is responsible for allotting time inappropriate fashion and ensuring that all shareholders have equal opportunities toexpress their opinions and raise questions on the subject of discussion on the agenda.



‡√◊ËÕß∑’Ë‡ πÕ §≥–°√√¡°“√∫√‘…—∑œ §≥–°√√¡°“√µ√«® Õ∫ ·≈–§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π∑ÿ°∑à“π‰¥â‡¢â“ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ‡æ◊ËÕµÕ∫§”∂“¡ ¢âÕ ß —¬ ·≈–™’È·®ß¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡µàÕ∑’Ëª√–™ÿ¡

„π°“√ª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï 2544 ∫√‘…—∑œ ‰¥â‡ªî¥„Àâ≈ß∑–‡∫’¬π≈à«ßÀπâ“°àÕπ°“√ª√–™ÿ¡ ‡ªìπ‡«≈“2 ™—Ë«‚¡ß ‚¥¬«—π ‡«≈“ ·≈– ∂“π∑’Ëª√–™ÿ¡ ‰¡à‡ªìπÕÿª √√§„π°“√‡¢â“√à«¡ª√–™ÿ¡ §≥–°√√¡°“√∫√‘…—∑œµ≈Õ¥®π§≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ∑—ÈßÀ¡¥®”π«π 11 ∑à“π ‰¥â‡¢â“√à«¡ª√–™ÿ¡ °àÕπ‡√‘Ë¡°“√ª√–™ÿ¡ ¡’°“√·®âß«‘∏’ªØ‘∫—µ‘„π°“√≈ß§–·ππ‡ ’¬ß„π·µà≈–«“√–°“√ª√–™ÿ¡‡æ◊ËÕ„Àâ‡ªìπ‰ªµ“¡¢âÕæ÷ßªØ‘∫—µ‘ ”À√—∫°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ¢Õß∫√‘…—∑®¥∑–‡∫’¬π¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬Õ’°∑—Èß¡’°“√‡ªî¥‚Õ°“ „ÀâºŸâ∂◊ÕÀÿâπ· ¥ß§«“¡§‘¥‡ÀÁπ·≈– —°∂“¡ °“√≈ß§–·ππ‡ ’¬ß‡ªìπ‰ªµ“¡≈”¥—∫«“√–∑’Ë°”Àπ¥ √“¬ß“π°“√ª√–™ÿ¡¡’ “√– ”§—≠§√∫∂â«π ‡™àπ §”™’È·®ß∑’Ë‡ªìπ “√– ”§—≠ §”∂“¡ ¢âÕ§‘¥‡ÀÁπ «‘∏’≈ß§–·ππ‡ ’¬ß «‘∏’π—∫§–·ππ‡ ’¬ß §–·ππ‡ ’¬ß∑’Ë‡ÀÁπ¥â«¬ ‰¡à‡ÀÁπ¥â«¬ ·≈–ß¥ÕÕ°‡ ’¬ß ¡’°“√®—¥∑”√“¬ß“π°“√ª√–™ÿ¡‡ √Á® ¡∫Ÿ√≥å¿“¬„π‡«≈“ 2 «—πÀ≈—ß®“°«—πª√–™ÿ¡ Õ’°∑—Èß¡’√–∫∫°“√®—¥‡°Á∫√“¬ß“π°“√ª√–™ÿ¡∑’Ë¥’ ∑’Ë “¡“√∂µ√«® Õ∫·≈–Õâ“ßÕ‘ß‰¥â

5. ¿“«–ºŸâπ”·≈–«‘ —¬∑—»πåª√–∏“π°√√¡°“√∫√‘…—∑œ ¡’Àπâ“∑’Ë§Õ¬¥Ÿ·≈„Àâ°√√¡°“√∑ÿ°§π∑”ß“π‚¥¬· ¥ß∫∑∫“∑‡µÁ¡∑’Ë·≈–Õ¬à“ß°√–µ◊Õ√◊Õ√âπ‡ªìπ§≥–‡¥’¬«°—π ∑—Èß„π‡√◊ËÕß°“√®—¥°“√∏ÿ√°‘®·≈–°“√°”°—∫¥Ÿ·≈

The Board of Directors, the Audit Committee, and the Remuneration Committee were all presentedat the meetings of shareholders to answer questions and submit additional information asrequired.

At the General Meeting of Shareholders for 2001, the registration was opened two hours prior tothe meeting. The day, time, and place of meeting were not inconvenient in any way for those

wishing to attend. All eleven members of the Board of Directors, together withthe Audit Committee and the Remuneration Committee, were in attendance.Before commencing the meeting, the method of voting for each item on theagenda was explained so as to facilitate the conduct of the meeting in accordancewith the requirements for a meeting of shareholders of SET. All shareholderswere given the opportunity to express their opinions and raise questions. Votingwas conducted in sequence with stated agenda. The minutes of the meetingwere fully noted, including all significant statements, questions, opinions, methodsof voting, methods of counting votes, and the tallies of agreed and disagreedvotes and silences. The minutes of the meeting were fully compiled within twodays from the date of meeting, and were properly stored for verification andreference.

5. Leadership and VisionThe duty of the Chairman of the Board of Directors is to facilitate and support

all the directors so that they perform their functions with enthusiasm, as one body, in terms ofboth management and supervision.

°“√‡ πÕ∫ÿ§§≈‡æ◊ËÕ‡¢â“√—∫°“√æ‘®“√≥“‡≈◊Õ°µ—Èß‡ªìπ°√√¡°“√∫√‘…—∑œ ®–æ‘®“√≥“®“°∑—°…–·≈–§ÿ≥ ¡∫—µ‘∑’Ë®”‡ªìπ¢Õß°√√¡°“√‡¡◊ËÕ√«¡°—π‡ªìπ°√√¡°“√∑—Èß§≥– ‚¥¬§”π÷ß∂÷ßª√–‡¥Áπ§«“¡À≈“°À≈“¬¢ÕßÕ“¬ÿ ∑—°…–§«“¡ “¡“√∂‡©æ“–¥â“π∑’Ë‡ªìπª√–‚¬™πå°—∫∫√‘…—∑œ °“√‡µÁ¡„®∑’Ë®–Õÿ∑‘»‡«≈“·≈–§«“¡æ¬“¬“¡„Àâ°—∫°“√‡ªìπ°√√¡°“√ ∑—Èßπ’È ‡æ◊ËÕ‡ √‘¡ √â“ß„Àâ¡’§≥–°√√¡°“√∑’Ë‡¢â¡·¢Áßµ“¡§«“¡µâÕß°“√ ≥ ‡«≈“π—ÈπÊ

§≥–°√√¡°“√∫√‘…—∑œ ¡’§«“¡‡ªìπÕ‘ √–„π°“√µ—¥ ‘π„®‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ‚¥¬√«¡·≈–¡’∫∑∫“∑ ”§—≠„π‡√◊ËÕß¥—ßµàÕ‰ªπ’È

1) °”Àπ¥ „Àâ§«“¡‡ÀÁπ™Õ∫ ∑∫∑«π «‘ —¬∑—»πå ¿“√°‘® π‚¬∫“¬ ”§—≠ ‡ªÑ“À¡“¬∑“ß°“√‡ß‘π·≈–ß∫ª√–¡“≥·ºπ°≈¬ÿ∑∏å¢Õß∫√‘…—∑œ

2)µ‘¥µ“¡º≈°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√‡æ◊ËÕ∑√“∫§«“¡°â“«Àπâ“°“√¥”‡π‘πß“πµ“¡‡ªÑ“À¡“¬À√◊Õ·ºπÕ¬à“ß ¡Ë”‡ ¡Õ

3)¥Ÿ·≈„Àâ¡’√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë‡æ’¬ßæÕ·≈–µ‘¥µ“¡Õ¬à“ß ¡Ë”‡ ¡Õ4) „Àâπ‚¬∫“¬„π°“√®—¥„Àâ¡’¡“µ√°“√∑’Ë‡À¡“– ¡„π°“√∫√‘À“√·≈–®—¥°“√§«“¡‡ ’Ë¬ß ´÷Ëß‡ªìππ‚¬∫“¬

”§—≠·≈–‡√àß¥à«π∑’Ë∫√‘…—∑œ ®–π”‰ªªØ‘∫—µ‘„Àâ‡°‘¥º≈ ”‡√Á®Õ¬à“ß‡ªìπ√Ÿª∏√√¡µàÕ‰ª

§≥–°√√¡°“√¢Õß∫√‘…—∑œ ‰¥â®—¥„Àâ¡’ºŸâ∫√‘À“√∑’Ë¡’§«“¡√Ÿâ §«“¡ “¡“√∂Õ¬à“ß¡◊ÕÕ“™’æ ¡’√–∫∫°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’ ·≈–¡’ª√– ‘∑∏‘¿“æ ·≈–¡’§«“¡¡ÿàß¡—Ëπ„π°“√«“ß√“°∞“π°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ „Àâ·¢Áß·°√àß¡—Ëπ§ß ¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ‡æ◊ËÕ„Àâ¡’»—°¬¿“æ·≈–§«“¡æ√âÕ¡Õ¬à“ß‡µÁ¡∑’Ë ”À√—∫°“√·¢àß¢—π∑—Èß„πªí®®ÿ∫—π·≈–„πÕπ“§µ ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ √â“ß§«“¡‡®√‘≠‡µ‘∫‚µÕ¬à“ß¬—Ëß¬◊π„Àâ·°à∫√‘…—∑œ Õ—π®– àßº≈µàÕ°“√ √â“ß¡Ÿ≈§à“‡æ‘Ë¡„Àâ·°àºŸâ∂◊ÕÀÿâπ·≈– —ß§¡‚¥¬√«¡„π∑’Ë ÿ¥

When considering those individuals who are to be appointed to the position of director, the Boardof Directors should consider both their personal skills and their qualities in relation to the entiremembers. Diversity of age, skill base, specialized capabilities useful to the Company, andwillingness to give their time and effort to the duties of directorship have all to be considered.

The Board of Directors is free to make decisions in the best interests of the Company and itsshareholders, and the main functions of the Board of Directors are as follows:

1) To determine, approve, and review the vision, mission, main policies, financialand budgetary objectives, and strategic plans of the Company.

2) To consistently monitor the work of management for operational progressaccording to targets or plans.

3) To ensure of an adequate system for internal controls and constantly follow upon their application.

4) To institute the appropriate measures to manage risk and apply them as mattersof urgent policy for the Company to implement in its quest for success.

The Board of Directors aims to maintain a management team endowed with knowledge,ability, professionalism, a system of good corporate governance and efficiency for placing theCompanyûs operations on a solid foundation basis, and for enhancing competition capacityboth in the present and in the future. The goal of management is to produce sustainable growthwhich will lead to the end result of value added to the Companyûs shareholders and thesociety as a whole.



¥â«¬§≥–°√√¡°“√∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√¡’§«“¡√—∫º‘¥™Õ∫µ“¡Àπâ“∑’ËµàÕºŸâ∂◊ÕÀÿâπ §≥–°√√¡°“√∫√‘…—∑œ®÷ß‡ªìπºŸâæ‘®“√≥“„Àâ¡’°“√°”Àπ¥·≈–·¬°∫∑∫“∑ Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫√–À«à“ß§≥–°√√¡°“√∑ÿ°™ÿ¥·≈–ΩÉ“¬∫√‘À“√ ‚¥¬°”Àπ¥√–¥—∫Õ”π“®¥”‡π‘π°“√∑“ß°“√‡ß‘πÕ¬à“ß™—¥‡®π Õ’°∑—Èß¡’°“√ ◊ËÕ “√∫∑∫“∑ Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫¥—ß°≈à“«Õ¬à“ß™—¥‡®πµàÕ§≥–°√√¡°“√∑ÿ°™ÿ¥ ΩÉ“¬∫√‘À“√ ·≈–æπ—°ß“π

6. §«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πåµ≈Õ¥°“√¥”‡π‘πß“π∑’Ëºà“π¡“ §≥–°√√¡°“√∫√‘…—∑œ ·≈–ΩÉ“¬∫√‘À“√ ‰¥âæ‘®“√≥“¢®—¥ªí≠À“§«“¡¢—¥·¬âß¢Õßº≈ª√–‚¬™πåÕ¬à“ß√Õ∫§Õ∫ ¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ Õ¬à“ß¡’‡Àµÿ¡’º≈·≈–‡ªìπÕ‘ √– ¿“¬„π°√Õ∫®√‘¬∏√√¡∑’Ë¥’ ‡æ◊ËÕº≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ‚¥¬√«¡‡ªìπ ”§—≠

‡æ◊ËÕ„Àâ‡°‘¥§«“¡‚ª√àß„ ·≈–ªÑÕß°—π°“√· «ßÀ“º≈ª√–‚¬™πå à«πµπ §≥–°√√¡°“√∫√‘…—∑œ ‰¥â°”Àπ¥§” —Ëß‡æ◊ËÕ∂◊ÕªØ‘∫—µ‘„π°“√Àâ“¡¡‘„Àâ°√√¡°“√ ºŸâ∫√‘À“√ æπ—°ß“π ≈Ÿ°®â“ß √«¡∑—Èß§Ÿà ¡√ ·≈–∫ÿµ√∑’Ë¬—ß‰¡à∫√√≈ÿπ‘µ‘¿“«–¢Õß∫ÿ§§≈¥—ß°≈à“« „™â¢âÕ¡Ÿ≈¿“¬„π¢Õß∫√‘…—∑œ À√◊Õ¢Õß°≈ÿà¡∫√‘…—∑œ ∑’Ë¡’ “√– ”§—≠ ·≈–¬—ß¡‘‰¥â‡ªî¥‡º¬µàÕ “∏“√≥™π ‡æ◊ËÕª√–‚¬™πå¢Õßµπ‡ÕßÀ√◊ÕºŸâÕ◊Ëπ

§≥–°√√¡°“√µ√«® Õ∫‰¥â‡ πÕ§≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕ√—∫∑√“∫√“¬°“√∑’Ë‡°’Ë¬«‚¬ß°—π ·≈–√“¬°“√∑’Ë¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πå ´÷Ëß‰¥â¡’°“√æ‘®“√≥“§«“¡‡À¡“– ¡Õ¬à“ß√Õ∫§Õ∫ ·≈–‰¥âªØ‘∫—µ‘µ“¡À≈—°‡°≥±å∑’Ëµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬°”Àπ¥„π°“√√“¬ß“π·≈–‡ªî¥‡º¬¢âÕ¡Ÿ≈¥—ß°≈à“«∑ÿ°‰µ√¡“ Õ¬à“ß‡§√àß§√—¥ √«¡∑—Èß‰¥â¡’°“√‡ªî¥‡º¬‰«â„π√“¬ß“πª√–®”ªï ·≈–·∫∫· ¥ß√“¬°“√¢âÕ¡Ÿ≈ª√–®”ªï (·∫∫ 56-1)¥â«¬

As the Board of Directors and management are jointly liable to the shareholders, the Boardof Directorsû responsibility is to define and divide the various functions, duties, andresponsibilities between itself, its sub-committees and management. The financial authority ofeach level of management is clearly specified, and the stated functions, duties andresponsibilities of each party are conveyed to every committee, management, and staff.

6. Conflicts of InterestThe Board of Directors and management have always taken into consideration to eliminateconflicts of interest and maintain standards of honesty, integrity, rationality, independence, andhigh ethical values.

To achieve transparency and prevent the misuse of resources for personal gain or that of others,the Board of Directors has determined a list of commands and prohibitions for directors,management, employees, hired workers, and their spouses and under-age children with regard tosignificant inside information of the Company or its affiliates that has not yet been disclosed tothe public.

The Audit Committee has advised the Board of Directors on the acknowledgement of connectedtransactions and conflict of interest. These recommendations have been carefully considered; inaccordance with SETûs requirements regarding the reporting. The disclosures of such informationare strictly implemented in every quarter including revelation in the Companyûs annual reportand in Disclosure Form 56-1.

7. ®√‘¬∏√√¡∏ÿ√°‘®§≥–°√√¡°“√∫√‘…—∑œ ∂◊Õ‡ªìπ§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√∑—Èß§≥–„π°“√®—¥„Àâ¡’√–∫∫∑’Ë „Àâ§«“¡¡—Ëπ„®«à“°‘®°√√¡µà“ßÊ ¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π‰ª„π≈—°…≥–∑’Ë∂Ÿ°µâÕßµ“¡°ÆÀ¡“¬·≈–®√‘¬∏√√¡∑’Ë¥’ ‚¥¬∫√‘…—∑œ‰¥â®—¥∑”®√√¬“∫√√≥¢÷Èπ‡ªìπ·π«∑“ß„π°“√ª√–æƒµ‘ªØ‘∫—µ‘¢ÕßºŸâ∫√‘À“√ ·≈–æπ—°ß“π ·≈–¡’¥”‡π‘π°“√‡æ◊ËÕ„ÀâºŸâ∫√‘À“√·≈–æπ—°ß“π∑ÿ°§π‰¥â∑√“∫·≈–‡¢â“„®∂÷ß¡“µ√∞“π°“√ªØ‘∫—µ‘µπµ“¡∑’Ë∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ§“¥À«—ß √«¡∑—Èß®—¥„Àâ¡’°“√‡ΩÑ“ —ß‡°µ„Àâ¡’°“√ªØ‘∫—µ‘µ“¡Õ¬à“ß®√‘ß®—ß

Õπ÷Ëß ®√√¬“∫√√≥∑’Ë∫√‘…—∑œ ®—¥∑”¢÷Èπµ—Èß·µà«—π∑’Ë 8 ¡’π“§¡ 2544 ®”π«π 3 ©∫—∫ ‰¥â·°à ®√√¬“∫√√≥∫√‘…—∑ ®√√¬“∫√√≥ºŸâ∫√‘À“√ ·≈–®√√¬“∫√√≥æπ—°ß“π ‰¥âæ—≤π“¢÷Èπ¥â«¬§«“¡‡™◊ËÕ¡—Ëπ«à“ °“√ª√–°Õ∫∏ÿ√°‘®„Àâª√– ∫§«“¡ ”‡√Á®Õ¬à“ß¬—Ëß¬◊π ·≈– “¡“√∂∏”√ß§«“¡‡ªìπ∫√‘…—∑™—Èππ”„π∏ÿ√°‘®π—Èπ πÕ°‡Àπ◊Õ®“°§«“¡¡ÿàß¡—Ëπ‡Õ“„®„ à „π°“√ªØ‘∫—µ‘ß“π æ—≤π“‡∑§‚π‚≈¬’ „À¡àÊ ·≈–¡’√–∫∫°“√∫√‘À“√°“√®—¥°“√·≈–°“√°”°—∫¥Ÿ·≈∑’Ë¥’·≈â« ¬—ßµâÕß¬÷¥¡—Ëπ„π®√‘¬∏√√¡·≈–§ÿ≥∏√√¡„π°“√ª√–°Õ∫∏ÿ√°‘® ¥”‡π‘π∏ÿ√°‘®Õ¬à“ß‚ª√àß„ ¡’§ÿ≥∏√√¡ ¡’§«“¡√—∫º‘¥™Õ∫µàÕºŸâ¡’ à«π‰¥â‡ ’¬ §”π÷ß∂÷ß —ß§¡·≈– ‘Ëß·«¥≈âÕ¡Õ¬à“ß®√‘ß®—ß

8. °“√∂à«ß¥ÿ≈¢Õß°√√¡°“√∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√§≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π 11 ∑à“π ª√–°Õ∫¥â«¬°√√¡°“√∑’Ë‡ªìπÕ‘ √–‰¡àπâÕ¬°«à“Àπ÷Ëß„π “¡¢Õß®”π«π°√√¡°“√∑—Èß§≥– ‚¥¬∫√‘…—∑œ ¡’°√√¡°“√Õ‘ √–∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ 4 ∑à“π §≥–°√√¡°“√∫√‘…—∑œ∑ÿ°∑à“π‰¥â√—∫°“√·µàßµ—Èß®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ·≈–‡¡◊ËÕ§√∫«“√–·≈â«Õ“®‰¥â√—∫‡≈◊Õ°µ—Èß‡¢â“¥”√ßµ”·Àπàß„À¡à‰¥â §≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡≈◊Õ°°√√¡°“√Àπ÷Ëß∑à“π¢÷Èπ¥”√ßµ”·Àπàßª√–∏“π°√√¡°“√∫√‘…—∑œ

7. Business EthicsThe Board of Directors is seriously aware of its responsibility to institute a system which willensure that all activities are both legal and ethical. The Company has codes of conductfor management and staff and ensures that all parties know and understand how to performaccording to the expectations of the Company and its shareholders. Furthermore, means ofmonitoring of these ethical standards has been implemented.

As of March 8, 2001, the Company has produced three codes of conduct, namely forthe Company, for management, and for staff. All three codes are based on the belief thatsustainable success in business depends on high ethical standards. The Company is convincedthat its status as a business leader requires not only attention to operational excellence, newtechnologies, and effective systems of management and control, but also on morality, ethics,transparency, virtue, responsibility to stakeholders, and care of social and environmental importance.

8. The Balance Provided by Non-Managerial DirectorsThe Board of Directors consists of eleven persons, of whom no less than one third areindependent directors. The Company, thus, has four independent directors. All directors areappointed in a meeting of shareholders. Each director holds his/her position for three years. Atthe end of this term he/she may be re-elected to the same position. The Board of Directorsselects one director to be the Chairman of the Board.



‡π◊ËÕß®“°‰¥âµ√–Àπ—°«à“ §≥–°√√¡°“√∑’Ë¡’§«“¡‡ªìπÕ‘ √–‡ªìπ ‘Ëß®”‡ªìπ ”À√—∫‚§√ß √â“ß°“√°”°—∫¥Ÿ·≈∑’Ë ¡∫Ÿ√≥å ∫√‘…—∑œ ®÷ß„Àâ§«“¡ ”§—≠Õ¬à“ß¡“°°—∫§«“¡‡ªìπÕ‘ √–„π°“√µ—¥ ‘π„®¢Õß°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕª√–‚¬™πå Ÿß ÿ¥¢Õß∫√‘…—∑œ ·≈–ºŸâ∂◊ÕÀÿâπ‚¥¬√«¡

°√√¡°“√∫√‘…—∑œ ∑ÿ°∑à“πªØ‘∫—µ‘Àπâ“∑’Ë¥â«¬§«“¡ ◊ËÕ —µ¬å ÿ®√‘µ·≈–√–¡—¥√–«—ß√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…—∑œ‚¥¬µ√–Àπ—°‡ ¡Õ«à“‡ªìπµ—«·∑π¢ÕßºŸâ∂◊ÕÀÿâπ ∑”Àπâ“∑’Ë„π°“√π”·≈–‡ΩÑ“ —ß‡°µ°“√ªØ‘∫—µ‘ß“π¢ÕßΩÉ“¬∫√‘À“√

9. °“√√«¡À√◊Õ·¬°µ”·Àπàß1)ª√–∏“π°√√¡°“√∫√‘…—∑œ ‡ªìπµ—«·∑π¢ÕßºŸâ∂◊ÕÀÿâπ√“¬„À≠à ´÷Ëß∂◊ÕÀÿâπ√âÕ¬≈– 45 ¢ÕßÀÿâπ∑—ÈßÀ¡¥2)ª√–∏“π°√√¡°“√∫√‘…—∑œ ‰¡à‡ªìπ∫ÿ§§≈‡¥’¬«°—π°—∫°√√¡°“√ºŸâ®—¥°“√ ·µà∑—Èß Õß∑à“π‡ªìπµ—«·∑π®“°

°≈ÿà¡ºŸâ∂◊ÕÀÿâπ√“¬„À≠à Õ¬à“ß‰√°Áµ“¡ ‚§√ß √â“ß§≥–°√√¡°“√∫√‘…—∑œ ª√–°Õ∫¥â«¬ °√√¡°“√∑’Ë‡ªìπÕ‘ √–¡“°°«à“Àπ÷Ëß„π “¡¢Õß°√√¡°“√∑—Èß§≥– ÷Ëß®–∑”„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–°“√ Õ∫∑“π°“√∫√‘À“√ß“π

10. §à“µÕ∫·∑π¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑œ Õ¬Ÿà „π≈—°…≥–∑’Ë‡À¡“– ¡ ‡ª√’¬∫‡∑’¬∫‰¥â°—∫√–¥—∫∑’ËªØ‘∫—µ‘Õ¬Ÿà „πÕÿµ “À°√√¡‡¥’¬«°—π ·≈–ª√–‚¬™πå∑’Ë§“¥«à“®–‰¥â®“°°√√¡°“√∫√‘…—∑œ ·µà≈–∑à“π °√√¡°“√∫√‘…—∑œ ∑’Ë‰¥â√—∫¡Õ∫À¡“¬Àπâ“∑’Ë·≈–§«“¡√—∫º‘¥™Õ∫‡æ‘Ë¡¢÷Èπ ‡™àπ ‡ªìπ§≥–°√√¡°“√¥â“πµà“ßÊ ®–‰¥â√—∫§à“µÕ∫·∑π‡æ‘Ë¡‡µ‘¡∑’Ë‡À¡“– ¡¥â«¬

Considering the need for independent directors in a complete supervisory structure, theCompany has given considerably importance to the capacity for independent decision-makingamong its directors as a way of assuring that the best interests of the Company and shareholdersare maintained.

All Company directors perform their duties honestly, ethically, and in ways to protect theCompanyûs interests. They act as agents of the shareholders and thus their obligation is tolead and observe the work of management.

9. Combining or Separating Positions1) Chairman of the Board of Director represent the major shareholder, of 45% holding stake.2) Chairman of the Board of Director and Managing Director are representative of the major

shareholder. However, the total members of the Board of Director consist of more than onethird of independent directors; thus, the balance of supervisory and the reviewing ofadministration are maintained.

10. Remuneration for Directors and ManagementThe remuneration for directors is stated at a reasonable level in comparison to similar positionsin the same industry and in view of the benefits to be derived from their works. Directors who aregiven multiple duties and responsibilities are given remuneration that is accordingly higher.

„π à«π¢Õß°√√¡°“√∫√‘…—∑œ ∑’Ë‡ªìπºŸâ∫√‘À“√®–‰¥â√—∫§à“µÕ∫·∑π∑’Ë‡™◊ËÕ¡‚¬ß°—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ·≈–º≈ªØ‘∫—µ‘ß“π¢Õß°√√¡°“√

§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑œ µâÕß‰¥â√—∫°“√Õπÿ¡—µ‘®“°∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ

§à“µÕ∫·∑πºŸâ∫√‘À“√√–¥—∫ Ÿß‡ªìπ‰ªµ“¡À≈—°°“√·≈–π‚¬∫“¬∑’Ë§≥–°√√¡°“√∫√‘…—∑œ °”Àπ¥ ÷Ëß‡™◊ËÕ¡‚¬ß°—∫º≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑œ ·≈–º≈°“√¥”‡π‘πß“π¢ÕßºŸâ∫√‘À“√·µà≈–∑à“π ‚¥¬‰¥âºà“π°“√æ‘®“√≥“·≈–°≈—Ëπ°√Õß®“°§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ·≈–„™â∫√√∑—¥∞“π∑’Ë‰¥âµ°≈ß°—π‰«â≈à«ßÀπâ“°—∫ºŸâ∫√‘À“√√–¥—∫ Ÿßµ“¡‡°≥±å∑’Ë‡ªìπ√Ÿª∏√√¡ §≥–°√√¡°“√∫√‘…—∑œ Õπÿ¡—µ‘§à“µÕ∫·∑πºŸâ∫√‘À“√√–¥—∫ Ÿß‡ªìπ¢—Èπ ÿ¥∑â“¬„π√“¬ß“πª√–®”ªï §≥–°√√¡°“√∫√‘…—∑œ ‰¥â‡ªî¥‡º¬∂÷ßπ‚¬∫“¬§à“µÕ∫·∑π·≈–®”π«π§à“µÕ∫·∑π¢Õß°√√¡°“√∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√√–¥—∫ Ÿß µ“¡∑’Ë§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å°”Àπ¥¥—ß√“¬≈–‡Õ’¬¥∑’Ë√–∫ÿ„πÀπâ“ 124

11. °“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ®—¥„Àâ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–°”Àπ¥°“√ª√–™ÿ¡≈à«ßÀπâ“‡ªìπ°“√ª√–®” ‡æ◊ËÕ„Àâ§≥–°√√¡°“√∫√‘…—∑œ ·≈–ºŸâ∫√‘À“√∑ÿ°∑à“π ‰¥â√—∫∑√“∫·≈–®—¥‡«≈“‡æ◊ËÕ°“√ª√–™ÿ¡‰¥âÕ¬à“ß¡’ª√– ‘∑∏‘º≈ ‚¥¬¡’‡Õ° “√ª√–°Õ∫°“√ª√–™ÿ¡§√∫∂â«π ·≈– àß„Àâ§≥–°√√¡°“√∫√‘…—∑œ ≈à«ßÀπâ“°àÕπ°“√ª√–™ÿ¡‰¡àπâÕ¬°«à“ 7 «—π „π√–À«à“ß°“√ª√–™ÿ¡ ª√–∏“π°√√¡°“√œ ‰¥â àß‡ √‘¡„Àâ¡’°“√„™â¥ÿ≈æ‘π‘®∑’Ë√Õ∫§Õ∫·≈–®—¥ √√‡«≈“‰«âÕ¬à“ß‡æ’¬ßæÕ∑’ËΩÉ“¬∫√‘À“√®–‡ πÕ‡√◊ËÕß·≈–¡“°æÕ∑’Ë°√√¡°“√®–Õ¿‘ª√“¬ªí≠À“ ”§—≠°—πÕ¬à“ß√Õ∫§Õ∫‚¥¬∑—Ë«°—π °√√¡°“√¡’Àπâ“∑’ËµâÕß‡¢â“ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß¬°‡«âπ°√≥’∑’Ë¡’‡Àµÿº≈æ‘‡»…®√‘ßÊ ª°µ‘°“√ª√–™ÿ¡·µà≈–§√—Èß®–„™â‡«≈“ª√–¡“≥ 2-3 ™—Ë«‚¡ß

Directors who are serving with management role receive a level of remuneration in line with theCompanyûs operational results and their individual performances.

Remuneration for directors must be approved at a meeting of shareholders.

Remuneration for senior executives is determined according to the principles and policies of theBoard of Directors, and is linked to the Companyûs operational results and the performance ofeach individual executive. These issues are considered and reviewed by the RemunerationCommittee, using a set of key performance indicators agreed upon in advance. The Board ofDirectors gives final approval for remuneration paid to senior executives.

In this annual report, the Board of Directors has disclosed the Companyûs remunerationpolicy and the amounts paid to directors and senior executives, as per regulations of theSecurities Exchange Commission and the Stock Exchange of Thailand with details on page 124.

11. Meetings of the Board of DirectorsThe Company holds regular meetings of the Board of Directors, and consistently givesadvance notice of them as well so that the directors and management have sufficientopportunity to allot time for each meeting. A full set of documents to be used in the meetingare sent to the directors at least seven days ahead of the meeting date. During the meeting, theChairman advocates circumspection in discussion and the apportionment of time sufficientfor the management to propose issues and for the directors to thoroughly address thoseissues. The directors are obliged to attend every meeting, except in truly extraordinarycircumstances. Each meeting normally lasts for 2-3 hours.



‡≈¢“πÿ°“√§≥–°√√¡°“√∫√‘…—∑œ ∑”Àπâ“∑’Ë¥Ÿ·≈°‘®°√√¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ‚¥¬∫—π∑÷°√“¬ß“π°“√ª√–™ÿ¡·≈–®—¥‡°Á∫‡Õ° “√‡°’Ë¬«°—∫°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ

√“¬ß“π°“√ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ¡’ “√– ”§—≠§√∫∂â«π ∑”‡ √Á® ¡∫Ÿ√≥å„π‡«≈“∑’Ë‡À¡“– ¡·≈–¡’√–∫∫°“√®—¥‡°Á∫∑’Ë¥’ “¡“√∂µ√«® Õ∫·≈–Õâ“ßÕ‘ß‰¥â

„π°“√ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ ¡’°“√‡™‘≠ΩÉ“¬∫√‘À“√√–¥—∫ Ÿß‡¢â“√à«¡ª√–™ÿ¡‡æ◊ËÕ„Àâ “√ π‡∑»√“¬≈–‡Õ’¬¥‡æ‘Ë¡‡µ‘¡„π∞“π–ºŸâ‡°’Ë¬«¢âÕß°—∫ªí≠À“‚¥¬µ√ß ·≈–‡æ◊ËÕ„Àâ∑√“∫°“√∑”ß“π¢Õß§≥–°√√¡°“√∫√‘…—∑œ

‚¥¬„πªï 2545 ∑’Ëºà“π¡“ §≥–°√√¡°“√∫√‘…—∑œ ¡’°“√ª√–™ÿ¡µ“¡«“√–ª°µ‘ ®”π«π 12 §√—Èß ·≈–°“√‡¢â“√à«¡ª√–™ÿ¡¢Õß§≥–°√√¡°“√∫√‘…—∑œ ·µà≈–∑à“π √ÿª‰¥â ¥—ßπ’È

The Secretary of the Board of Directors attends to the activities of the Board of Directors, recordsthe minutes, and is in charge of all documents related to meetings of the Board of Directors.

Minutes of the meetings, with all relevant matters included, are prepared on timely manner andproperly stored for verification and reference.

At Board meetings, senior management are invited to provide additional information, as thosedirectly involved with the matter, and to observe the workings of the Board at the meantime.

In 2002 the Board of Directors met twelve times, on a regular basis. The attendances of directorsare summarized as follows:

§≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)The Board of Directors of Ratchaburi Electricity Generating Holding PCL.

°“√¥”√ßµ”·Àπàß °“√‡¢â“√à«¡ª√–™ÿ¡°√√¡°“√ „πªï 2545 „πªï 2545 (§√—Èß)

Name of Director Duration of Tenure 2002 Attendancein 2002 Board Meetings

1. π“¬»‘««ß»å ®—ß§»‘√‘ ¡°√“§¡ - ¡’π“§¡Mr. Sivavong Changkasiri January - March

3/3

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå ‡¡…“¬π - ∏—π«“§¡Mr. Somchai Richupan April - December

9/9

2. π“¬∫ÿ≠ àß æàÕ§â“∑Õß ¡°√“§¡ - ¡’π“§¡Mr. Boonsong Paukatong January - March

3/3

π“¬∑«’ ∫ÿµ√ ÿπ∑√ ‡¡…“¬π - ∏—π«“§¡Mr. Tawee Butrsoonthorn April - December

9/9

3. π“¬∏«—™™—¬ ¬ß°‘µµ‘°ÿ≈ ¡°√“§¡ - ¡’π“§¡Mr. Twatchai Yongkittikul January - March

3/3

π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å ‡¡…“¬π - ∏—π«“§¡Mr. Norkun Sitthiphong April - December

9/9

4. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ ¡°√“§¡ - ∏—π«“§¡Mr. Boonchoo Direksathapon January - December

12/12

5. π“¬«‘∑¬“ §™√—°…å ¡°√“§¡ - ∏—π«“§¡Mr. Vitaya Kotcharug January - December

12/12

6. π“¬»‘√‘∑—µ °≈—Ëπ§«“¡¥’ ¡°√“§¡ - ¡’π“§¡Mr. Siridat Glankwahmdee January - March

3/3

π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ ‡¡…“¬π - ∏—π«“§¡Mr. Suporn Hotimavorakul April - December

9/9

7. π“¬Õÿ¥¡ ∏ÿ««ß»å ¡°√“§¡ - ∏—π«“§¡Mr. Udom Thuvavong January - December

12/12

8. π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ ¡°√“§¡ - ∏—π«“§¡Mr. Areepong Bhoocha-oom January - December

12/12

9. π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å ¡°√“§¡ - ∏—π«“§¡Mrs. Pimolsri Siripaibul January - December

12/12

10. π“¬æ‘™“≠ ∂“ªπ®“√ÿ ¡°√“§¡ - ∏—π«“§¡Mr. Picharn Satapanajaru January - December

12/12

11. π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å ¡°√“§¡ - ∏—π«“§¡Mr. Narong Wongpaiboon January - December

12/12



13. √–∫∫°“√§«∫§ÿ¡·≈–°“√µ√«® Õ∫¿“¬„π∫√‘…—∑œ ‰¥â„Àâ§«“¡ ”§—≠µàÕ√–∫∫§«∫§ÿ¡¿“¬„π∑—Èß„π√–¥—∫∫√‘À“√·≈–√–¥—∫ªØ‘∫—µ‘ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ®÷ß‰¥â°”Àπ¥¿“√–Àπâ“∑’Ë Õ”π“®°“√¥”‡π‘π°“√¢ÕßºŸâªØ‘∫—µ‘ß“π ºŸâ∫√‘À“√ ‰«â‡ªìπ≈“¬≈—°…≥åÕ—°…√Õ¬à“ß™—¥‡®π ¡’°“√§«∫§ÿ¡¥Ÿ·≈°“√„™â∑√—æ¬å ‘π¢Õß∫√‘…—∑œ „Àâ‡°‘¥ª√–‚¬™πå·≈–¡’°“√·∫àß·¬°Àπâ“∑’ËºŸâªØ‘∫—µ‘ß“πºŸâµ‘¥µ“¡ §«∫§ÿ¡·≈–ª√–‡¡‘πº≈ÕÕ°®“°°—π ‡æ◊ËÕ„Àâ‡°‘¥°“√∂à«ß¥ÿ≈·≈–µ√«® Õ∫√–À«à“ß°—πÕ¬à“ß‡À¡“– ¡πÕ°®“°π’È ¬—ß¡’°“√§«∫§ÿ¡¿“¬„π∑’Ë‡°’Ë¬«°—∫√–∫∫°“√‡ß‘π ‚¥¬∫√‘…—∑œ ‰¥â®—¥„Àâ¡’√–∫∫√“¬ß“π∑“ß°“√‡ß‘π‡ πÕºŸâ∫√‘À“√ “¬ß“π∑’Ë√—∫º‘¥™Õ∫

∫√‘…—∑œ ¡’ ”π—°µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ëµ√«® Õ∫‡æ◊ËÕ„Àâ¡—Ëπ„®«à“°“√ªØ‘∫—µ‘ß“πÀ≈—°·≈–°‘®°√√¡∑“ß°“√‡ß‘π ”§—≠¢Õß∫√‘…—∑œ ‰¥â¥”‡π‘π°“√µ“¡·π«∑“ß∑’Ë°”Àπ¥·≈–¡’ª√– ‘∑∏‘¿“æ √«¡∂÷ßµ√«® Õ∫°“√ªØ‘∫—µ‘ß“πµ“¡°ÆÀ¡“¬·≈–¢âÕ°”Àπ¥∑’Ë‡°’Ë¬«¢âÕß°—∫∫√‘…—∑œ (Compliance Control) ·≈–‡æ◊ËÕ„ÀâÀπà«¬ß“πµ√«® Õ∫¿“¬„π¡’§«“¡‡ªìπÕ‘ √– “¡“√∂∑”Àπâ“∑’Ëµ√«® Õ∫·≈–∂à«ß¥ÿ≈‰¥âÕ¬à“ß‡µÁ¡∑’Ë ∫√‘…—∑œ ®÷ß‰¥â°”Àπ¥„Àâ ”π—°µ√«® Õ∫¿“¬„π√“¬ß“πº≈°“√µ√«® Õ∫‚¥¬µ√ßµàÕ§≥–°√√¡°“√µ√«® Õ∫

®“°√“¬ß“πº≈°“√µ√«® Õ∫¿“¬„π ‰¡àæ∫ª√–‡¥Áπ§«“¡º‘¥æ≈“¥∑’Ë ”§—≠ °“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªµ“¡¢—ÈπµÕπ∑’Ë°”Àπ¥‰«â ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¥’·≈–¡’ª√– ‘∑∏‘¿“æ√—¥°ÿ¡‡æ’¬ßæÕ ·≈–‰¥â¡’°“√¥Ÿ·≈ªÑÕß°—π∑√—æ¬å ‘π¡‘„ÀâºŸâ∫√‘À“√·≈–æπ—°ß“ππ”‰ª„™â‚¥¬¡‘™Õ∫

13.Systems of Internal Controls and AuditThe Company believes that a system of internal controls is essential for efficiency at bothexecutive and operational levels. It has, accordingly, spelled out clearly what the obligationsand authority are for each level, how the use of assets is to be supervised in the best waypossible, and how the implementation of operational level, monitoring level and assessmentlevel are separated from each other in ways that facilitate balance and mutual scrutiny.The Company has also set up internal controls in monetary matters, including proper workingprocedures that have been proposed to the appropriate authority in management.

The purpose of the Office of Internal Audit is to ensure that the Companyûs main operations andfinancial activities are effective, within the defined guidelines, and in compliance with allrelevant laws and regulations. To ensure, moreover, that the Office of Internal Audit has theindependence and ability to investigate and deliberate freely, the Companyûs structure hasallowed the Office to report its findings directly to Audit Committee.

From internal audit reports, not any significant defects in operations have been revealed. Alloperations have proceeded according to order, governed by proper systems of internal controlsand adequate circumspection and efficiency. The misappropriation of assets to the private useof employees or executives has been guarded against and prevented.

12. §≥–°√√¡°“√Õ◊ËπÊ§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥„Àâ¡’§≥–°√√¡°“√™ÿ¥µà“ßÊ ‚¥¬¡’ ¡“™‘°ª√–°Õ∫¥â«¬°√√¡°“√∫√‘…—∑œ ∑’Ë‰¡à‡ªìπºŸâ∫√‘À“√ ‡æ◊ËÕ·∫àß‡∫“¿“√–Àπâ“∑’Ë¢Õß§≥–°√√¡°“√∫√‘…—∑œ „π°“√æ‘®“√≥“°≈—Ëπ°√Õß°‘®°“√∑’Ë‰¥â√—∫¡Õ∫À¡“¬„Àâ¡’§«“¡∂Ÿ°µâÕß ™—¥‡®π ·≈– ¡∫Ÿ√≥å‡∫◊ÈÕßµâπ °àÕππ”‡ πÕ„Àâ§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâæ‘®“√≥“Õπÿ¡—µ‘ ‡ÀÁπ™Õ∫ À√◊Õ√—∫√Õß ·≈â«·µà°√≥’

§≥–°√√¡°“√™ÿ¥µà“ßÊ ¢Õß∫√‘…—∑œ ¡’¥—ßπ’È1)§≥–°√√¡°“√µ√«® Õ∫ ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 8 ‘ßÀ“§¡ 2543 ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï

ª√–°Õ∫¥â«¬ °√√¡°“√ 3 ∑à“π ∑ÿ°∑à“π‡ªìπ°√√¡°“√Õ‘ √– ´÷Ëß√“¬™◊ËÕ·≈–Àπâ“∑’Ë¢Õß°√√¡°“√µ√«® Õ∫· ¥ß„π‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπÀπâ“ 32 „πªï 2545 ¡’°“√ª√–™ÿ¡§≥–°√√¡°“√µ√«® Õ∫Õ¬à“ß ¡Ë”‡ ¡Õ√«¡ 5 §√—Èß ·≈–‰¥â√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß

2)§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π ®—¥µ—Èß¢÷Èπ‡¡◊ËÕ«—π∑’Ë 27 æƒ»®‘°“¬π 2543 ¡’«“√–°“√¥”√ßµ”·Àπàß§√“«≈– 3 ªï ª√–°Õ∫¥â«¬°√√¡°“√ 4 ∑à“π ÷Ëß√“¬™◊ËÕ·≈–Àπâ“∑’Ë¢Õß§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π· ¥ß„π‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπÀπâ“ 33 „πªï 2545 §≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π¡’°“√ª√–™ÿ¡∑—Èß ‘Èπ 3 §√—Èß ·≈–√“¬ß“πµàÕ§≥–°√√¡°“√∫√‘…—∑œ ∑ÿ°§√—Èß

12.Other DirectorsThe Board of Directors has instituted the other two Committees, composed of non-managerialdirectors. These Committees help alleviate the obligations of the Board of Directors in consideringthe matters assigned to them and giving preliminary attention to their correctness, clarity, andcompleteness before proposing them to the Board of Directors for approval or authorization, asrequired.

1)The Audit Committee was established on August 8, 2000. The committee consist of threeindependent directors, and each has a tenure of three years. Their names and duties of theAudit Commitee shown in management and shareholding structure on page 32. In 2002, theAudit Committee met five times regularly, every reports of meeting were submitted to theBoard of Directors.

2)The Remuneration Committee was established on November 27, 2000. Each of its fouroccupants has tenure of three years. Their names and duties of Remuneration Committeeshown in management and shareholding structure on page 33. In 2002, the RemunerationCommittee met three times regularly, every reports of meeting were submitted to the Boardof Directors.



14. √“¬ß“π¢Õß§≥–°√√¡°“√§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ·≈– “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Ø„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª„πª√–‡∑»‰∑¬ ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈æ‘π‘®Õ¬à“ß√–¡—¥√–«—ß·≈–ª√–¡“≥°“√¥’∑’Ë ÿ¥„π°“√®—¥∑” √«¡∑—Èß¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈ ”§—≠Õ¬à“ß‡æ’¬ßæÕ„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π

§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥„Àâ¡’°“√¥”√ß√—°…“‰«â ÷Ëß√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë¡’ª√– ‘∑∏‘º≈ ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥âÕ¬à“ß¡’‡Àµÿº≈«à“°“√∫—π∑÷°¢âÕ¡Ÿ≈∑“ß∫—≠™’¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â´÷Ëß∑√—æ¬å ‘π·≈–‡æ◊ËÕ„Àâ∑√“∫®ÿ¥ÕàÕπ‡æ◊ËÕªÑÕß°—π‰¡à„Àâ‡°‘¥°“√∑ÿ®√‘µÀ√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠ ‚¥¬§≥–°√√¡°“√µ√«® Õ∫‡ªìπºŸâ¥Ÿ·≈√—∫º‘¥™Õ∫‡°’Ë¬«°—∫§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π·≈–√–∫∫§«∫§ÿ¡¿“¬„π·≈–§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕßπ’È ª√“°Ø„π√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫´÷Ëß· ¥ß‰«â„πÀπâ“ 90

§≥–°√√¡°“√œ ¡’§«“¡‡ÀÁπ«à“√–∫∫§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ‚¥¬√«¡Õ¬Ÿà „π√–¥—∫∑’Ëπà“æÕ„® ·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈µàÕ§«“¡‡™◊ËÕ∂◊Õ‰¥â¢Õßß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31∏—π«“§¡ 2545 ‚¥¬§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥∑”√“¬ß“π§«“¡√—∫º‘¥™Õ∫µàÕ√“¬ß“π∑“ß°“√‡ß‘π∂—¥®“°√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’ ¥—ß¡’√“¬≈–‡Õ’¬¥√–∫ÿ‰«â„πÀπâ“ 92

14.Report of the Board of DirectorsThe Board of Directors is responsible for the financial statements and other financial informationappears in the annual report pertaining to the Company and its subsidiaries. The financialstatements are prepared in accordance with generally accepted accounting principles in Thailand.Accounting policies are chosen for their appropriateness and carefully and consistentlyimplemented and prepared while based on the best possible estimates. All significantinformation is disclosed in the notes accompanying the financial statements.

The Board of Directors maintains an effective system of internal controls so as to providereasonable assurance that accounting data are recorded correctly, completely, and thoroughlyenough to protect assets. This approach also enables the detection of weaknesses and theirrectification so as to prevent malfeasance or other improper conduct. The Audit Committee isresponsible for the quality of financial statements and the system of internal controls. The Reportof the Audit Committee appears on page 90.

The Board of Directors has an opinion that the Companyûs system of internal controls is ingenerally good order and of sufficient quality to give grounds for reasonable confidence in thereliability of the financial statements of the Company and its subsidiaries as of December 31,2002. The responsibility statement from the Board of Directors to the financial report of theCompany appears on page 92.

15. §«“¡ —¡æ—π∏å°—∫ºŸâ≈ß∑ÿπ§≥–°√√¡°“√∫√‘…—∑œ µ√–Àπ—°¥’«à“¢âÕ¡Ÿ≈¢Õß∫√‘…—∑œ ∑—Èß∑’Ë‡°’Ë¬«°—∫°“√‡ß‘π·≈–∑’Ë‰¡à„™à°“√‡ß‘π ≈â«π¡’º≈µàÕ°√–∫«π°“√µ—¥ ‘π„®¢ÕßºŸâ≈ß∑ÿπ·≈–ºŸâ¡’ à«π‰¥â‡ ’¬¢Õß∫√‘…—∑œ ®÷ß„Àâ§«“¡ ”§—≠µàÕ°“√‡ªî¥‡º¬ “√ π‡∑»∑’Ë¡’§«“¡∂Ÿ°µâÕß §√∫∂â«π ‚ª√àß„ ·≈–∑—Ë«∂÷ß ∑—Èß‚¥¬ºà“π™àÕß∑“ß·≈– ◊ËÕ°“√‡º¬·æ√à¢âÕ¡Ÿ≈µà“ßÊ ¢Õßµ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ·≈– Website ¢Õß∫√‘…—∑œ æ√âÕ¡∑—Èß‰¥â®—¥µ—Èß ç à«ππ—°≈ß∑ÿπ —¡æ—π∏å·≈–«‘‡§√“–Àå∏ÿ√°‘®é ‡æ◊ËÕ√—∫º‘¥™Õ∫ß“π‡°’Ë¬«°—∫ºŸâ≈ß∑ÿπ —¡æ—π∏å (Investor Relations)∑”Àπâ“∑’Ëµ‘¥µàÕ ◊ËÕ “√·≈–„Àâ∫√‘°“√¢âÕ¡Ÿ≈ ¢à“« “√ ·≈–°‘®°√√¡µà“ßÊ ¢Õß∫√‘…—∑œ ·°à ºŸâ≈ß∑ÿπ ∂“∫—πºŸâ∂◊ÕÀÿâπ π—°«‘‡§√“–Àå ¿“§√—∞∑’Ë‡°’Ë¬«¢âÕß ·≈–ª√–™“™π∑—Ë«‰ª ∑—Èßπ’È ºŸâ≈ß∑ÿπ “¡“√∂µ‘¥µàÕÀπà«¬ß“π¥—ß°≈à“«‰¥â∑’Ë ‚∑√. 0-2978-5075 À√◊Õ∑’Ë website: www.ratch.co.th À√◊Õ∑’Ë e-mail address: [email protected]

°“√∑’Ë∫√‘…—∑œ ¥”‡π‘π°“√µ“¡À≈—°°“√¥—ß°≈à“«‡ªìπº≈„Àâ∫√‘…—∑œ ‰¥â√—∫√“ß«—≈∫√‘…—∑∑’Ë¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈¥’‡¥àπª√–®”ªï 2545 À√◊Õ Disclosure Award 2002 ´÷Ëß®—¥‚¥¬ ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ‡¡◊ËÕ«—π∑’Ë 5 æƒ»®‘°“¬π 2545 πÕ°®“°π’È ∫√‘…—∑œ ¬—ß‰¥â√—∫°“√®—¥Õ—π¥—∫®“°π‘µ¬ “√‡Õ‡™’¬¡—ππ’Ë (Asiamoney) ©∫—∫ª√–®”‡¥◊Õπµÿ≈“§¡ 2545 „Àâ‡ªìπ∫√√…—∑¿‘∫“≈¥’‡¥àπ (Best CorporateGovernance Scores) „π°≈ÿà¡∏ÿ√°‘®æ≈—ßß“π Õ—π¥—∫ 3 ¢Õß∑«’ª‡Õ‡™’¬ (Õ—π¥—∫∑’Ë 1 ¢Õß°≈ÿà¡∏ÿ√°‘®æ≈—ßß“π„πª√–‡∑»‰∑¬) ÷Ëß√“ß«—≈¥—ß°≈à“«‡ªìπº≈ ”√«®§«“¡§‘¥‡ÀÁπ®“°∫√‘…—∑·≈–π—°«‘‡§√“–ÀåÀ≈—°∑√—æ¬å™—Èππ”¢Õß‚≈°·≈–¢Õß¿Ÿ¡‘¿“§‡Õ‡™’¬

15. Relations with InvestorsThe Board of Directors is well aware that information, whether financial or non-financial, will havea major impact on the decisions of investors and stakeholders. Disclosure of accurate, complete,transparent, and thorough information is, therefore, regarded as most important, along withdissemination through various channels, including the SET, the Companyûs website, and anInvestor Relations and Business Analysis Division. This Division is responsible for investorrelations and making contacts with and providing news, information, and other activities toinstitutional investors, shareholders, analysts, relevant state agencies, and the general public.Investors are able to contact this Division at telephone 66-2978-5075, at the Companyûs website(www.ratch.co.th), or by e-mail at [email protected].

Because of these measures, the Company was given the 2002 Disclosure Award by the SecuritiesExchange Commission on November 5, 2002. The October 2002 issue of Asiamoney magazinealso awarded the Company the third best corporate governance scores in the energy sector inAsia (first ranking in the energy sector in Thailand), based on the assessment survey from theworld leading securities companies and analysts in Asia.



§«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡

ResponsibilitiesEnvironment and Societyto

·π«∑“ßªØ‘∫—µ‘¥â“π ‘Ëß·«¥≈âÕ¡·≈– —ß§¡ ‡ªìππ‚¬∫“¬ ”§—≠∑’Ë∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ¬÷¥¡—Ëπ¥”‡π‘π°“√„Àâ‡°‘¥ª√– ‘∑∏‘º≈Õ¬à“ß ¡Ë”‡ ¡Õ ¥â«¬µ√–Àπ—°¥’«à“∫√‘…—∑œ ‡ªìπ à«πÀπ÷Ëß¢Õß —ß§¡ ¥—ßπ—Èπ §«“¡√—∫º‘¥™Õ∫µàÕ ‘Ëß·«¥≈âÕ¡·≈– —ß§¡®÷ß‡ªìπÀπâ“∑’Ë∑’ËºŸâ∫√‘À“√·≈–æπ—°ß“π∑ÿ°§πµâÕß¬÷¥∂◊ÕªØ‘∫—µ‘Õ¬à“ß‡§√àß§√—¥µ≈Õ¥‰ª

¡“µ√°“√‡¢â¡ß«¥ „ à„®¥Ÿ·≈ ¡Ë”‡ ¡Õ∑’Ëºà“π¡“ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬ ‰¥â¥”‡π‘π°“√ªÑÕß°—π·≈–§«∫§ÿ¡º≈°√–∑∫¥â“π ‘Ëß·«¥≈âÕ¡·≈– —ß§¡π—∫µ—Èß·µà°“√‡≈◊Õ°„™â°ä“´∏√√¡™“µ‘ ÷Ëß‡ªìπ‡™◊ÈÕ‡æ≈‘ß∑’Ë‰¥â√—∫°“√¬Õ¡√—∫«à“‡ªìπ‡™◊ÈÕ‡æ≈‘ß∑’Ë –Õ“¥‡ªìπ‡™◊ÈÕ‡æ≈‘ßÀ≈—°‡≈◊Õ°„™â‡∑§‚π‚≈¬’∑’Ë∑—π ¡—¬·≈–¡’ª√– ‘∑∏‘¿“æ Ÿß ÿ¥ ”À√—∫°√–∫«π°“√º≈‘µ°√–· ‰øøÑ“ ¡’√–∫∫®—¥°“√·≈–ªÑÕß°—π§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡„π∑ÿ°¢—ÈπµÕπ¢Õß°√–∫«π°“√º≈‘µ°√–· ‰øøÑ“ πÕ°‡Àπ◊Õ®“°°“√ªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥·≈–°ÆÀ¡“¬ ‘Ëß·«¥≈âÕ¡∑’Ë‡°’Ë¬«¢âÕß Õ—π‡ªìπ¡“µ√°“√‡∫◊ÈÕßµâπ„π°“√¥”‡π‘π°“√¥â“π ‘Ëß·«¥≈âÕ¡·≈– —ß§¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬

πÕ°®“°π’È ¬—ß‰¥â«à“®â“ßΩÉ“¬ ‘Ëß·«¥≈âÕ¡ °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ‡ªìπºŸâ¥”‡π‘π°“√µ√«® Õ∫§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡∑ÿ°¥â“π π—∫µ—Èß·µà°“√µ√«® Õ∫§ÿ≥¿“æÕ“°“» °“√µ√«® Õ∫§«“¡∂Ÿ°µâÕß¢Õß°“√∑”ß“π¢Õß√–∫∫µ√«®«—¥ª√‘¡“≥ “√‡®◊Õªπ®“°ª≈àÕß‚√ß‰øøÑ“ °“√µ√«® Õ∫§«“¡∂Ÿ°µâÕß¢Õß°“√∑”ß“π¢Õß√–∫∫µ√«®«—¥§ÿ≥¿“æÕ“°“»„π∫√√¬“°“»·∫∫µàÕ‡π◊ËÕß °“√µ√«®«—¥√–¥—∫‡ ’¬ß„π∫√‘‡«≥∑’Ëµ—Èß‚√ß‰øøÑ“·≈–æ◊Èπ∑’Ë™ÿ¡™π„°≈â‚√ß‰øøÑ“ °“√µ√«®«—¥§ÿ≥¿“æπÈ” §ÿ≥¿“æπÈ”∑‘Èß §ÿ≥¿“æ¥‘π ‘Ëß¡’™’«‘µ„ππÈ” ∑√—æ¬“°√ —µ«åªÉ“‚¥¬√Õ∫æ◊Èπ∑’Ë ‚√ß‰øøÑ“ √–∫∫§«“¡ª≈Õ¥¿—¬ “∏“√≥– √–∫∫ ÿ¢“¿‘∫“≈·≈–°“√°”®—¥¢Õß‡ ’¬µ≈Õ¥®π§ÿ≥¿“æ™’«‘µ¢Õß™ÿ¡™π‚¥¬√Õ∫‚√ß‰øøÑ“

The Company and its subsidiaries are effectively and continuously committed to environmentaland social policies that are based on a recognition of the Companyûs obligations as a corporatecitizen and on the need for both management and staff to implement them.

Strict Measures Demanding Constant AttentionThe Company and its subsidiaries have managed their greatest effort to prevent any environmentalor social impact from their operations. Among the preliminary measures dictated by this commitmentare the choice of natural gas, a clean-burning fuel, as the power plantûs main energy input, theuse of modern, high-efficiency technology for the generation, the application of environmentalmanagement and controls at every stage of production, and compliance with all relevantenvironmental laws and regulations.

In addition, the Company has hired the Environmental Division of the EGAT to examine allaspects of environmental quality. In terms of air and noise pollution, this includes inspecting theaccuracy of meter systems detecting the presence of contaminants in stack emissions, continuouslyinspecting the accuracy of ambient air quality meter systems, and measuring noise levels aroundthe power plant and in the communities near the power plant. In terms of water and groundpollution, this includes inspecting water and wastewater quality, soil quality, and marine andwildlife in the vicinity of the power plant. More generally, environmental inspections include publicsecurity systems, systems of hygiene and waste disposal, and community standards of living inthe vicinity of the power plant.

´÷Ëßº≈®“°°“√µ√«® Õ∫æ∫«à“ ‘Ëß·«¥≈âÕ¡·≈–™ÿ¡™π‚¥¬√Õ∫‚√ß‰øøÑ“‰¡à‰¥â√—∫º≈°√–∑∫®“°°“√¥”‡π‘πß“π¢Õß‚√ß‰øøÑ“√“™∫ÿ√’ ‚¥¬§ÿ≥¿“æÕ“°“» πÈ” ¥‘π ‡ ’¬ß Õ¬Ÿà „π‡°≥±å∑’Ë¥’°«à“¡“µ√∞“π∑’Ë°ÆÀ¡“¬°”Àπ¥‰«âπÕ°®“°π’È √–∫∫µ√«® Õ∫§ÿ≥¿“æ ·≈–Õÿª°√≥åµ√«®«—¥§ÿ≥¿“æ ‘Ëß·«¥≈âÕ¡ ¢Õß‚√ß‰øøÑ“¬—ßÕ¬Ÿà„π ¿“æ∑’Ë „™âß“π‰¥â¥’·≈–¡’ª√– ‘∑∏‘¿“æ‡∑’¬∫‡∑à“¡“µ√∞“π “°≈

®“°¡“µ√°“√¥â“π ‘Ëß·«¥≈âÕ¡∑’Ë‡¢â¡ß«¥·≈–‚ª√àß„ ¥—ß°≈à“« ∫√‘…—∑œ ®÷ß¡’§«“¡æ√âÕ¡∑’Ë®–‡ªî¥‡º¬¢âÕ¡Ÿ≈∑ÿ°¥â“π·°à “∏“√≥™πµ≈Õ¥‡«≈“ ‚¥¬„πªï∑’Ëºà“π¡“®÷ß¡’°“√®—¥ √â“ß·ºàπªÑ“¬Õ‘‡≈Á°∑√Õπ‘° å µ‘¥µ—Èß‰«â∫√‘‡«≥¥â“πÀπâ“∑“ß‡¢â“‚√ß‰øøÑ“√“™∫ÿ√’ ‡æ◊ËÕ· ¥ß§à“°”≈—ß°“√º≈‘µ‰øøÑ“ ·≈–§à“¡≈ “√¥â“π ‘Ëß·«¥≈âÕ¡ ‡™àπ Õ“°“»πÈ” ·≈–Õ◊ËπÊ ≥ ‡«≈“π—ÈπÊ ‡æ◊ËÕ„Àâ “∏“√≥™πµ√«® Õ∫‰¥â

«ππ«√“™∫ÿ√’√¡¬å »Ÿπ¬å√«¡‡æ◊ËÕ ÿ¢¿“æ™ÿ¡™π «ππ«√“™∫ÿ√’√¡¬å ‡ªìπ «π‡©≈‘¡æ√–‡°’¬√µ‘‡π◊ËÕß„π‚Õ°“ æ√–√“™æ‘∏’¡À“¡ß§≈‡©≈‘¡æ√–™π¡æ√√…“ §√∫6 √Õ∫ æ√–∫“∑ ¡‡¥Á®æ√–‡®â“Õ¬ŸàÀ—« ‡æ◊ËÕ ¿“æ·«¥≈âÕ¡∑’Ë¥’·≈–‡ √‘¡ √â“ß§ÿ≥¿“æ™’«‘µ¢Õß™ÿ¡™π‚¥¬√Õ∫‚√ß‰øøÑ“ ‡ªî¥‚Õ°“ „Àâ™ÿ¡™π„°≈â‡§’¬ß·≈–ª√–™“™π∑—Ë«‰ª‰¥â„™â‡ªìπ ∂“π∑’ËÕÕ°°”≈—ß°“¬ æ—°ºàÕπÀ¬àÕπ„®·≈–∑”°‘®°√√¡√à«¡°—π¢Õß™ÿ¡™π

It was found that the impact of the operations on its physical and social environment, in terms ofair, water, and soil quality and noise, was well below legally mandated limits. The inspectionsystems and measuring equipment used by the power plant, moreover, were in good workingorder and of international standards.

Given the strictness and transparency to these environmental measures, the Company is readyto disclose all pertinent information to the public at any time. In 2002 the Company set up anelectronic sign near the front entrance to the plant displaying its current capacity and readings ofair and water quality and other environmental variables for the public to observe.

Navaratchaburirom Park: A Centre for Community HealthNavaratchaburirom is a public park dedicated to His Majesty the King in honour of his72nd anniversary, and designed to contribute to the environmental well-being and quality of life ofcommunities in the vicinity of the power plant. Local residents and members of the public arefree to use this park for exercise, recreation, and community activities.



≈—°…≥–¢Õß «ππ«√“™∫ÿ√’√¡¬å ‡ªìπ «π “∏“√≥∫π‡π◊ÈÕ∑’Ë 72 ‰√à µ—ÈßÕ¬Ÿà∫√‘‡«≥∑“ß‡¢â“‚√ß‰øøÑ“√“™∫ÿ√’ ª√–°Õ∫‰ª¥â«¬·ª≈ß “∏‘µ°“√‡°…µ√ «π ¡ÿπ‰æ√ æ◊Èπ∑’ËÕ‡π°ª√– ß§å √–πÈ”∑√ßÕ‘ √– ·≈– π“¡°’Ã“°≈“ß·®âß´÷Ëß„πªí®®ÿ∫—ππ’È‰¥â¡’ª√–™“™π‡¢â“¡“‡≈àπ°’Ã“·≈–æ—°ºàÕπ°—π‡ªìπ®”π«π¡“° ®÷ßπ—∫‰¥â«à“‡ªìπ ∂“π∑’Ëæ—°ºàÕπÀ¬àÕπ„® ‡ªìπ»Ÿπ¬å√«¡ ”À√—∫°“√‡≈àπ°’Ã“·≈–∑”°‘®°√√¡µà“ßÊ ¢Õß™ÿ¡™π∫√‘‡«≥„°≈â‡§’¬ß

§ÿ≥¿“æ™’«‘µ∑’Ë¥’°—∫°“√æ—≤π“∑’Ë¬—Ëß¬◊π ”À√—∫§«“¡√—∫º‘¥™Õ∫¥â“π —ß§¡ ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬µ√–Àπ—°¥’«à“ §ÿ≥¿“æ™’«‘µ∑’Ë¥’¢Õßª√–™“™π®–π”‰ª Ÿà°“√æ—≤π“ª√–‡∑»Õ¬à“ß¬—Ëß¬◊π ¥â«¬‡Àµÿπ’È ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬®÷ß‰¥â„Àâ°“√ π—∫ πÿπ°‘®°√√¡∑“ß —ß§¡∑’Ë‡ªìπª√–‚¬™πåµàÕ à«π√«¡∑—Èß„π√–¥—∫∑âÕß∂‘Ëπ·≈–√–¥—∫™“µ‘Õ¬à“ßµàÕ‡π◊ËÕß „πªï 2545 ∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â àß‡ √‘¡·≈– π—∫ πÿπ°‘®°√√¡ —ß§¡µà“ßÊ √ÿª‰¥â¥—ßπ’È

ë °“√ àß‡ √‘¡°‘®°√√¡°“√»÷°…“·≈–‡¬“«™π Õ“∑‘ °“√¡Õ∫Õÿª°√≥å°“√‡√’¬π°“√ Õπ §Õ¡æ‘«‡µÕ√å ·≈–Àπ—ß ◊Õ àß‡ √‘¡§«“¡√Ÿâ „Àâ·°à ∂“π»÷°…“ àß‡ √‘¡·≈– π—∫ πÿπ °‘®°√√¡‡æ◊ËÕ°“√»÷°…“ π—∫ πÿπ‚§√ß°“√Õπÿ√—°…å·≈–æ—≤π“ ‘Ëß·«¥≈âÕ¡„π‚√ß‡√’¬π π—∫ πÿπ°‘®°√√¡„π‚Õ°“ ”§—≠µà“ßÊ √«¡∑—Èß„Àâ∑ÿπ°“√»÷°…“‡æ◊ËÕ àß‡ √‘¡„Àâπ—°‡√’¬π∑’Ë¢“¥·§≈π∑ÿπ∑√—æ¬å‰¥â¡’‚Õ°“ ‰¥â√—∫°“√»÷°…“Õ¬à“ß‡∑à“‡∑’¬¡

Navaratchaburirom Park occupies 72 rai near the entrance to the power plant. It containsùdemonstrationû farmland, a herbal garden, a multi-purpose area, a free form pool, and an outdoorstadium. Great numbers of people make use of the facilities for sports and recreation, andcommunity activities.

Quality of Life and Sustainable DevelopmentThe Company and its subsidiaries are well aware that the peopleûs quality of lifeis the basis for sustainable national development, and so support social activitiesthat are beneficial either locally or nationally. In 2002 the Company and itssubsidiaries promoted and assisted the following:

ë Educational and youth-oriented activities, such as donations of school supplies,computers, and books to educational institutions, programs to conserve anddevelop school environments, special educational events, and scholarshipsfor underprivileged students.

ë °“√ àß‡ √‘¡°‘®°√√¡°“√æ—≤π“™ÿ¡™π Õ“∑‘ ‚§√ß°“√π”‡æ◊ËÕπ∫â“π‡¬’Ë¬¡™¡‚√ß‰øøÑ“√“™∫ÿ√’‡æ◊ËÕ‡º¬·æ√à¢âÕ¡Ÿ≈¢à“« “√µà“ßÊ ¢Õß‚√ß‰øøÑ“√“™∫ÿ√’ ‚§√ß°“√‡¬’Ë¬¡‡¬’¬π™ÿ¡™π‡æ◊ËÕ√—∫øíßªí≠À“·≈–„Àâ§«“¡√Ÿâ¥â“π‡°…µ√°√√¡ ‘Ëß·«¥≈âÕ¡ ·≈–¥â“π°“√º≈‘µ‰øøÑ“¢Õß‚√ß‰øøÑ“√“™∫ÿ√’·°àÕ“ “ ¡—§√ª√–™“ —¡æ—π∏åÀ¡Ÿà∫â“π ‡°…µ√°√·≈–™ÿ¡™π√Õ∫‚√ß‰øøÑ“ π—∫ πÿπ‡§√◊ËÕß¡◊Õ·≈–Õÿª°√≥å ”À√—∫„™â„π°“√æ—≤π“™ÿ¡™π·°àÕß§å°“√∫√‘À“√ à«πµ”∫≈ ™ÿ¡™π ·≈–Õß§å°√µà“ßÊ „π®—ßÀ«—¥√“™∫ÿ√’ πÕ°®“°π’È ¬—ß‰¥â π—∫ πÿπ°‘®°√√¡√≥√ß§å‡æ◊ËÕµàÕµâ“π¬“‡ æµ‘¥Õ’°À≈“¬°‘®°√√¡ ‡™àπ °“√·¢àß¢—π°’Ã“µâ“π¬“‡ æµ‘¥ π—∫ πÿπ°“√°àÕ √â“ß≈“π°’Ã“µâ“π¬“‡ æµ‘¥ π—∫ πÿπ°“√®—¥Õ∫√¡ —¡¡π“‡°’Ë¬«°—∫°“√µàÕµâ“π¬“‡ æµ‘¥ ‡ªìπµâπ

ë °“√ àß‡ √‘¡¥â“π°’Ã“ Õ“∑‘ π—∫ πÿπ°‘®°√√¡°“√·¢àß¢—πøÿµ∫Õ≈ øÿµ´Õ≈ ·≈–°’Ã“æ◊Èπ∫â“π¢ÕßÀπà«¬ß“πµà“ßÊ π—∫ πÿπ°“√·¢àß¢—πøÿµ∫Õ≈ª√–‡æ≥’ ‡ªµÕß ·≈–°’Ã“Õ◊ËπÊ ¢Õß™¡√¡ ¡“§¡ ·≈–Àπà«¬ß“πµà“ßÊ ¢Õß®—ßÀ«—¥√“™∫ÿ√’ π—∫ πÿπ°“√®—¥°“√·¢àß¢—π°’Ã“¢Õß ∂“π»÷°…“µà“ßÊ π—∫ πÿπ°“√·¢àß¢—π°’Ã“°Õ≈åø ‚∫«å≈‘Ëß ·≈–·√≈≈’Ë‡æ◊ËÕ°“√°ÿ»≈ ‡ªìπµâπ

ë °“√ àß‡ √‘¡°‘®°√√¡¥â“π»“ π“ Õ“∑‘ π—∫ πÿπ°“√°àÕ √â“ß»“ π ∂“π π—∫ πÿπ«— ¥ÿÕÿª°√≥å ”À√—∫æ—≤π“·≈–∫Ÿ√≥–«—¥ √«¡∑—Èß®—¥∑”∫ÿ≠∑Õ¥°∞‘π “¡—§§’ª√–®”ªï „π®—ßÀ«—¥√“™∫ÿ√’ ‡ªìπµâπ

ë Community development activities, such as inviting neighbors to visit the RatchaburiPower Plant and learn about its operations, visiting communities to listen to problems andprovide knowledge about agriculture, the environment, and the activities of the RatchaburiPower Plant to volunteers, village co-ordinators, farmers, and communities near the powerplant, and supplying tools and equipment for community development to service groups insubdistricts and communities in Ratchaburi. The Company also supports many anti-narcoticcampaigns, including anti-drug sports tournaments, the construction of an anti-drug sportsfacility, and seminars and courses designed to fight the spread of narcotics.

ë Athletic activities, such as football tournaments and other sports organized by local workgroups, traditional football, petanque, and other sports contests organized by various clubs,associations, and other work groups in Ratchaburi, and competitions by various institutions ingolf, bowling, and charity car rallies.

ë Religious activities, such as the building of religious structures, the supply of materials andequipment for developing or repairing temples, and contributions to the annual religiousKathin ceremony in Ratchaburi.

`


ë °“√ àß‡ √‘¡°‘®°√√¡ “∏“√≥°ÿ»≈ Õ“∑‘ π—∫ πÿπ°“√¥”‡π‘π°‘®°“√¢Õß™¡√¡ ·≈–Õß§å°√∑âÕß∂‘Ëπ„π®—ßÀ«—¥√“™∫ÿ√’ √à«¡°‘®°√√¡°“√°ÿ»≈¢ÕßÀπà«¬ß“π √“™°“√ ·≈–Õß§å°√µà“ßÊ „π®—ßÀ«—¥√“™∫ÿ√’ √«¡∑—Èß‡¢â“√à«¡°‘®°√√¡ª√–®”ªï¢Õß®—ßÀ«—¥√“™∫ÿ√’ ®—¥°‘®°√√¡°√–™—∫§«“¡ —¡æ—π∏åÕ—π¥’°—∫Àπà«¬ß“π√“™°“√¿“§‡Õ°™π ∂“π»÷°…“ ™ÿ¡™π·≈– ◊ËÕ¡«≈™πÕ¬à“ßµàÕ‡π◊ËÕß πÕ°®“°π’È ‰¥â∫√‘®“§‡ß‘π„Àâ ¿“°“™“¥‰∑¬·≈–√à«¡∫√‘®“§‡ß‘π‡æ◊ËÕ™à«¬‡À≈◊ÕºŸâª√– ∫¿—¬

ë °“√ àß‡ √‘¡°‘®°√√¡°“√∑àÕß‡∑’Ë¬«¢Õß®—ßÀ«—¥√“™∫ÿ√’ Õ“∑‘ π—∫ πÿπ°“√®—¥ß“π∑àÕß‡∑’Ë¬«ª√–®”ªï¢Õß®—ßÀ«—¥√“™∫ÿ√’ àß‡ √‘¡°“√®—¥À“·À≈àß∑àÕß‡∑’Ë¬«·Ààß„À¡à„π®—ßÀ«—¥√“™∫ÿ√’ ·≈–®—ßÀ«—¥‡™’¬ß„À¡à √«¡∑—Èß àß‡ √‘¡·≈– π—∫ πÿπ°“√®—¥°‘®°√√¡‡æ◊ËÕ°“√∑àÕß‡∑’Ë¬«¢Õß®—ßÀ«—¥√“™∫ÿ√’

ë °“√ àß‡ √‘¡Õπ“¡—¬·≈– “∏“√≥ ÿ¢™ÿ¡™π Õ“∑‘ °“√®—¥„Àâ¡’Àπà«¬·æ∑¬å‡§≈◊ËÕπ∑’ËÕÕ°„Àâ∫√‘°“√™ÿ¡™π‚¥¬√Õ∫‚√ß‰øøÑ“√“™∫ÿ√’ °“√ àß‡ √‘¡·≈– π—∫ πÿπ„Àâ¡’°“√„™â «ππ«√“™∫ÿ√’√¡¬å ‡æ◊ËÕÕÕ°°”≈—ß°“¬·≈–æ—°ºàÕπÀ¬àÕπ„® π—∫ πÿπ°“√®—¥°‘®°√√¡ ·≈–®—¥À“‡«™¿—≥±å„ÀâÀπà«¬ß“π¥â“π “∏“√≥ ÿ¢ ‡ªìπµâπ

Financial Statementsß∫°“√‡ß‘π

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

√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘πResponsibility Statement fromthe Board of Directors tothe Financial Report of the Company

√“¬ß“πºŸâµ√«® Õ∫∫—≠™’Õ‘ √–Report of Certified Public Accountant

ß∫¥ÿ≈Balance Sheets

ß∫°”‰√¢“¥∑ÿπStatements of Income

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß¢Õß à«πºŸâ∂◊ÕÀÿâπStatements of Changes inShareholders’ Equity

ß∫°√–· ‡ß‘π ¥Statements of Cash Flows

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘πNotes to Financial Statements

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Contents “√∫—≠

ë Public welfare activities, such as support for the work of various clubs and organizationsin Ratchaburi, charitable activities by government offices and other organizations inRatchaburi, participation in the annual provincial events of Ratchaburi, public relationsactivities to foster ties with private and government organizations, educational institutions,communities, and the mass media, and donations of money to the Thai Red Cross and todisaster victims.

ë Activities related to tourism in Ratchaburi, such as the provinceûs annualtourist festival, the inauguration of new tourist sites in Ratchaburi and ChiangMai, and other events to promote Ratchaburiûs tourist industry.

ë Public and community health activities, such as the mobile medical unitproviding health services to communities surrounding the Ratchaburi PowerPlant, the use of Navaratchaburirom Park for public exercise and recreation,and the supply of medical equipment to public health units.



√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫Report

Audit Committeeof the

§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ª√–°Õ∫¥â«¬°√√¡°“√®”π«π3 ∑à“π ‚¥¬¡’π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å ‡ªìπª√–∏“π°√√¡°“√µ√«® Õ∫ π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å ·≈–π“¬æ‘™“≠ ∂“ªπ®“√ÿ ‡ªìπ°√√¡°“√µ√«® Õ∫ ∑—Èßπ’È °√√¡°“√·µà≈–∑à“π‰¡à‰¥â‡ªìπ‡®â“Àπâ“∑’Ë∫√‘À“√À√◊Õæπ—°ß“π¢Õß∫√‘…—∑œ ·≈–¡’ºŸâ®—¥°“√ ”π—°µ√«® Õ∫¿“¬„π∑”Àπâ“∑’Ë‡ªìπ‡≈¢“πÿ°“√§≥–°√√¡°“√µ√«® Õ∫

§≥–°√√¡°“√µ√«® Õ∫¡’¢Õ∫‡¢µ°“√ªØ‘∫—µ‘ß“π Àπâ“∑’Ë ·≈–§«“¡√—∫º‘¥™Õ∫µ“¡√–‡∫’¬∫¢Õß∫√‘…—∑ «à“¥â«¬§≥–°√√¡°“√µ√«® Õ∫ æ.». 2543 ´÷Ëß Õ¥§≈âÕß°—∫·π«∑“ßªØ‘∫—µ‘∑’Ë¥’¢Õß§≥–°√√¡°“√µ√«® Õ∫∑’Ë®—¥∑”¢÷Èπ‚¥¬µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬

„π√Õ∫ªï 2545 §≥–°√√¡°“√µ√«® Õ∫∑ÿ°∑à“π‰¥âª√–™ÿ¡√à«¡°—π 5 §√—Èß ·≈–‰¥â‡ πÕº≈°“√ª√–™ÿ¡µàÕ§≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕ∑√“∫∑ÿ°§√—Èß ‚¥¬¡’°‘®°√√¡∑’Ë ”§—≠ √ÿª‰¥â¥—ßπ’Èë Õ∫∑“πß∫°“√‡ß‘π√“¬‰µ√¡“ ·≈–ß∫°“√‡ß‘πª√–®”ªï√à«¡°—∫ºŸâ Õ∫∫—≠™’ °àÕππ”‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑œ

ë Õ∫∑“π§«“¡¡’ª√– ‘∑∏‘¿“æ¢Õß√–∫∫°“√§«∫§ÿ¡¿“¬„πë Õ∫∑“π°“√§«∫§ÿ¡¥Ÿ·≈∑√—æ¬å ‘πë Õ∫∑“π°“√‡ªî¥‡º¬√“¬°“√∑’Ë¡’§«“¡‡°’Ë¬«‚¬ß°—π ·≈–√“¬°“√∑’ËÕ“®¡’§«“¡¢—¥·¬âß∑“ßº≈ª√–‚¬™πåë Õ∫∑“π„Àâ∫√‘…—∑œ ¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–°ÆÀ¡“¬Õ◊Ëπ∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ

ë æ‘®“√≥“ „Àâ·π«∑“ß·≈–„Àâ§«“¡‡ÀÁπ™Õ∫·ºπ°“√µ√«® Õ∫¢Õß ”π—°µ√«® Õ∫¿“¬„πë Õ∫∑“πº≈°“√ªØ‘∫—µ‘ß“π·≈–¢âÕ‡ πÕ·π–¢Õß ”π—°µ√«® Õ∫¿“¬„π

§≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ«à“ ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ‰¥â®—¥∑”¢÷Èπµ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª¡’°“√ªØ‘∫—µ‘µ“¡°ÆÀ¡“¬«à“¥â«¬À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å ·≈–°ÆÀ¡“¬Õ◊Ëπ∑’Ë‡°’Ë¬«¢âÕß°—∫∏ÿ√°‘®¢Õß∫√‘…—∑œ °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„π√“¬ß“π∑“ß°“√‡ß‘π¡’§«“¡§√∫∂â«π ∂Ÿ°µâÕß ‡™◊ËÕ∂◊Õ‰¥â √–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ¡’ª√– ‘∑∏‘¿“æ‡æ’¬ßæÕ °“√ªØ‘∫—µ‘ß“π‚¥¬∑—Ë«‰ª¡’¢—ÈπµÕπ·≈–À≈—°‡°≥±å∑’Ë‡À¡“– ¡ ‰¡à¡’¢âÕ∫°æ√àÕß∑’Ë‡ªìπ “√– ”§—≠

Õπ÷Ëß §≥–°√√¡°“√µ√«® Õ∫‰¥âæ‘®“√≥“§—¥‡≈◊Õ° ·≈–„Àâ§«“¡‡ÀÁπ™Õ∫„π°“√π”‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑œ ‡æ◊ËÕ‡ πÕµàÕ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπ Õπÿ¡—µ‘°“√®â“ß KPMG Phoomchai Audit Ltd. ·≈–·µàßµ—Èßπ“¬«‘π‘® »‘≈“¡ß§≈ (ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3378) À√◊Õπ“¬‰«‚√®πå ®‘π¥“¡≥’æ‘∑—°…å (ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‡≈¢∑’Ë 3565) ‡ªìπºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ª√–®”ªï∫—≠™’ 2546 ‚¥¬¡’§à“∏√√¡‡π’¬¡„π°“√ Õ∫∫—≠™’‡ªìπ‡ß‘π 283,000 ∫“∑

(Mrs. Pimolsri Siripaibul)Chairman of Audit Committee

The Audit Committee of Ratchaburi Electricity Generating Holding PCL. consists of three directors:Mrs. Pimolsri Siripaibul acting as Chairman, along with Mr. Narong Wongpaiboon and Mr.PicharnSatapanajaru acting as members of the committee. None of the directors are executive or staff ofthe Company. In connection, the Director of the Office of Internal Audit serves as Secretary ofthe Audit Committee.

The duties roles and responsibilities of the Audit Committee are in line with the Companyûsnotification of Audit Committee B.E. 2543, which is in accordance with the Stock Exchange ofThailandûs regulations.

In 2002, there were five Audit Committee meetings and reported the results of each meeting tothe Companyûs Board of Directors. The main activities of the Audit Committee were as follows:ë Reviewing the Companyûs quarterly and annual financial statements with the CompanyûsAuditor before submitting to the Board of Directors.

ë Reviewing the Companyûs system of internal controls.ë Reviewing custody of assets.ë Reviewing the disclosure of connected transactions and potential conflicts of interest.ë Reviewing the Companyûs performance to be complied with the Securities and Exchange Act,the Stock Exchange of Thailandûs regulations and other related business laws.

ë Considering, guiding, and approving the audit plans of the Office of Internal Audit.ë Reviewing the achievements and recommendations of the Office of Internal Audit.

In the opinion of the Audit Committee, they considered that the Companyûs financial statementswere prepared in accordance with generally accepted accounting principles, that theCompany complied with the Securities and Exchange Act, the Stock Exchange of Thailandûsregulations and other related business laws. The information disclosed in its financial reportswere complete, correct, and reliable. The internal control system was sufficient and effective.Its operations, in general, followed principles and procedures that were appropriate and free frommaterial defects.

The Audit Committee has consented to appoint KPMG Phoomchai Audit Ltd. to be thecompanyûs auditor for the fiscal year 2003, the fee in the aggregate amount will be 283,000 baht,and also proposed the Board of Directors to present to the Annual General ShareholdersûMeeting for approval. In this connection, the Audit Committee also requested to the AnnualGeneral Shareholdersû Meeting to appoint Mr. Winid Silamongkol (Certified Public AccountRegistration No. 3378) or Mr. Viroj Jindamaneepitak (Certified Public Account Registration No.3565) to be the auditor for the company.

(π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å)ª√–∏“π°√√¡°“√µ√«® Õ∫



√“¬ß“π§«“¡√—∫º‘¥™Õ∫¢Õß§≥–°√√¡°“√µàÕ√“¬ß“π∑“ß°“√‡ß‘πResponsibility Statement

to the Financial Report of the Company

from theBoard of Directors

§≥–°√√¡°“√∫√‘…—∑œ ‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕß∫°“√‡ß‘π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)·≈–ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ √«¡∂÷ß¢âÕ¡Ÿ≈ “√ π‡∑»∑“ß°“√‡ß‘π∑’Ëª√“°Æ„π√“¬ß“πª√–®”ªï ß∫°“√‡ß‘π¥—ß°≈à“«®—¥∑”¢÷Èπµ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ‚¥¬‡≈◊Õ°„™âπ‚¬∫“¬∫—≠™’∑’Ë‡À¡“– ¡·≈–∂◊ÕªØ‘∫—µ‘Õ¬à“ß ¡Ë”‡ ¡Õ ·≈–„™â¥ÿ≈¬æ‘π‘®Õ¬à“ß√–¡—¥√–«—ß·≈–ª√–¡“≥°“√∑’Ë¥’∑’Ë ÿ¥„π°“√®—¥∑” √«¡∑—Èß„Àâ¡’°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈∑’Ë ”§—≠Õ¬à“ß‡æ’¬ßæÕ„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π ‡æ◊ËÕ„Àâ‡ªìπª√–‚¬™πåµàÕºŸâ∂◊ÕÀÿâπ·≈–π—°≈ß∑ÿπ∑—Ë«‰ªÕ¬à“ß‚ª√àß„

§≥–°√√¡°“√∫√‘…—∑œ ‰¥â®—¥„Àâ¡’·≈–¥”√ß√—°…“‰«â ÷Ëß√–∫∫§«∫§ÿ¡¿“¬„π∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ ‡æ◊ËÕ„Àâ¡—Ëπ„®‰¥âÕ¬à“ß¡’‡Àµÿº≈«à“¢âÕ¡Ÿ≈∑“ß°“√∫—≠™’¡’§«“¡∂Ÿ°µâÕß§√∫∂â«π ·≈–‡æ’¬ßæÕ∑’Ë®–¥”√ß√—°…“‰«â´÷Ëß∑√—æ¬å ‘π µ≈Õ¥®π‡æ◊ËÕªÑÕß°—π‰¡à„Àâ‡°‘¥°“√∑ÿ®√‘µÀ√◊Õ°“√¥”‡π‘π°“√∑’Ëº‘¥ª°µ‘Õ¬à“ß¡’ “√– ”§—≠

„π°“√π’È§≥–°√√¡°“√∫√‘…—∑œ ‰¥â·µàßµ—Èß§≥–°√√¡°“√µ√«® Õ∫ ‡æ◊ËÕ∑”Àπâ“∑’Ë Õ∫∑“ππ‚¬∫“¬°“√∫—≠™’·≈–§ÿ≥¿“æ¢Õß√“¬ß“π∑“ß°“√‡ß‘π Õ∫∑“π√–∫∫°“√§«∫§ÿ¡¿“¬„π ·≈–°“√µ√«® Õ∫¿“¬„π ‚¥¬§«“¡‡ÀÁπ¢Õß§≥–°√√¡°“√µ√«® Õ∫‡°’Ë¬«°—∫‡√◊ËÕß∑’Ëª√“°Æ„π√“¬ß“π¢Õß§≥–°√√¡°“√µ√«® Õ∫ ÷Ëß· ¥ß‰«â„π√“¬ß“πª√–®”ªï·≈â«ß∫°“√‡ß‘π¢Õß∫√‘…—∑œ ·≈–ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬‰¥â√—∫°“√µ√«® Õ∫‚¥¬ºŸâ Õ∫∫—≠™’¢Õß∫√‘…—∑ §◊Õ ∫√‘…—∑ ”π—°ß“π ‡Õ ®’ «’ - ≥ ∂≈“ß ®”°—¥ „π°“√µ√«® Õ∫π—Èπ ∑“ß§≥–°√√¡°“√∫√‘…—∑œ‰¥â π—∫ πÿπ¢âÕ¡Ÿ≈·≈–‡Õ° “√µà“ßÊ ‡æ◊ËÕ„ÀâºŸâ Õ∫∫—≠™’ “¡“√∂µ√«® Õ∫·≈–· ¥ß§«“¡‡ÀÁπ‰¥âµ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’ ‚¥¬§«“¡‡ÀÁπ¢ÕßºŸâ Õ∫∫—≠™’‰¥âª√“°Æ„π√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’´÷Ëß· ¥ß‰«â„π√“¬ß“πª√–®”ªï·≈â«

§≥–°√√¡°“√∫√‘…—∑œ ¡’§«“¡‡ÀÁπ«à“√–∫∫°“√§«∫§ÿ¡¿“¬„π¢Õß∫√‘…—∑œ ‚¥¬√«¡Õ¬Ÿà „π√–¥—∫∑’Ëπà“æÕ„®·≈– “¡“√∂ √â“ß§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈‰¥â«à“ ß∫°“√‡ß‘π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥(¡À“™π) ·≈–ß∫°“√‡ß‘π√«¡¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ª√–®”ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ¡’§«“¡‡™◊ËÕ∂◊Õ‰¥â ‚¥¬∂◊ÕªØ‘∫—µ‘µ“¡¡“µ√∞“π°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª·≈–ªØ‘∫—µ‘∂Ÿ°µâÕßµ“¡°ÆÀ¡“¬·≈–°Æ√–‡∫’¬∫∑’Ë‡°’Ë¬«¢âÕß

π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿåª√–∏“π°√√¡°“√

π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√°√√¡°“√·≈–°√√¡°“√ºŸâ®—¥°“√

The Board of Directors is responsible for the financial statements of Ratchaburi ElectricityGenerating Holding PCL. and the consolidated financial statements of the Company and itssubsidiaries including financial information as appeared in this annual report. The financialstatements are prepared in accordance with generally accepted accounting principles, applyingthe appropriate and consistent accounting policies with careful consideration and best estimation.The Company has properly disclosed all important information in the notes to the financialstatements for the benefit of shareholders and investors on transparent basis.

The Board of Directors has provided and maintained the appropriate and efficient internal controlsystem to ensure that the accounting records are accurate, complete, and enough to protect itsassets and prevent fraud and materially irregular operation.

In this regard, the Board of Directors has appointed the Audit Committee to review accountingpolicies and quality of the financial reports, internal control and internal audit system. The AuditCommittee's opinion is appeared in this annual report.The financial statements of Ratchaburi Electricity Generating Holding PCL. and the consolidatedfinancial statements of the Company and its subsidiaries have been audited by the Company'sAuditor, namely SGV-Na Thalang Co., Ltd. The Board of Directors supplied all relevant informationand documents to the Auditor to express an opinion in accordance with generally acceptedauditing standards. The Auditor's opinion is presented in the auditor's report as past of thisannual report.

The Board of Directors believes that the overall internal control system of the Company is atsatisfactory and ensures that the financial statements of Ratchaburi Electricity Generating HoldingPCL. and the consolidated financial statements of the Company and its subsidiaries for the yearending December 31, 2002 are prepared in accordance with generally accepted accountingprinciples and complied with all relevant rules and regulations as applicable.

Mr. Somchai RichupanChairman

Mr. Boonchoo DireksathaponDirector and Managing Director



√“¬ß“πºŸâµ√«® Õ∫∫—≠™’Õ‘ √–Report

Public Accountantof Certified

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ß∫°“√‡ß‘π ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈–√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

√“¬ß“π¢ÕßºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ

‡ πÕ ºŸâ∂◊ÕÀÿâπ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

¢â“æ‡®â“‰¥âµ√«® Õ∫ß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈–ß∫°”‰√¢“¥∑ÿπ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ·≈–ß∫°√–· ‡ß‘π ¥ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ¢â“æ‡®â“¬—ß‰¥âµ√«® Õ∫ß∫¥ÿ≈√«¡ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ·≈–ß∫°”‰√¢“¥∑ÿπ√«¡ ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπ√«¡·≈–ß∫°√–· ‡ß‘π ¥√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ÷ËßºŸâ∫√‘À“√¢Õß°‘®°“√‡ªìπºŸâ√—∫º‘¥™Õ∫µàÕ§«“¡∂Ÿ°µâÕß·≈–§√∫∂â«π¢Õß¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π‡À≈à“π’È à«π¢â“æ‡®â“‡ªìπºŸâ√—∫º‘¥™Õ∫„π°“√· ¥ß§«“¡‡ÀÁπµàÕß∫°“√‡ß‘π¥—ß°≈à“« ®“°º≈°“√µ√«® Õ∫¢Õß¢â“æ‡®â“

¢â“æ‡®â“‰¥âªØ‘∫—µ‘ß“πµ√«® Õ∫µ“¡¡“µ√∞“π°“√ Õ∫∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ÷Ëß°”Àπ¥„Àâ¢â“æ‡®â“µâÕß«“ß·ºπ·≈–ªØ‘∫—µ‘ß“π‡æ◊ËÕ„Àâ‰¥â§«“¡‡™◊ËÕ¡—ËπÕ¬à“ß¡’‡Àµÿº≈«à“ß∫°“√‡ß‘π· ¥ß¢âÕ¡Ÿ≈∑’Ë¢—¥µàÕ¢âÕ‡∑Á®®√‘ßÕ—π‡ªìπ “√– ”§—≠À√◊Õ‰¡à °“√µ√«® Õ∫√«¡∂÷ß°“√„™â«‘∏’°“√∑¥ Õ∫À≈—°∞“πª√–°Õ∫√“¬°“√∑—Èß∑’Ë‡ªìπ®”π«π‡ß‘π·≈–°“√‡ªî¥‡º¬¢âÕ¡Ÿ≈„πß∫°“√‡ß‘π °“√ª√–‡¡‘π§«“¡‡À¡“– ¡¢ÕßÀ≈—°°“√∫—≠™’∑’Ë°‘®°“√„™â·≈–ª√–¡“≥°“√‡°’Ë¬«°—∫√“¬°“√∑“ß°“√‡ß‘π∑’Ë‡ªìπ “√– ”§—≠ ÷ËßºŸâ∫√‘À“√‡ªìπºŸâ®—¥∑”¢÷Èπ µ≈Õ¥®π°“√ª√–‡¡‘π∂÷ß§«“¡‡À¡“– ¡¢Õß°“√· ¥ß√“¬°“√∑’Ëπ”‡ πÕ„πß∫°“√‡ß‘π‚¥¬√«¡ ¢â“æ‡®â“‡™◊ËÕ«à“°“√µ√«® Õ∫¥—ß°≈à“«„Àâ¢âÕ √ÿª∑’Ë‡ªìπ‡°≥±åÕ¬à“ß‡À¡“– ¡„π°“√· ¥ß§«“¡‡ÀÁπ¢Õß¢â“æ‡®â“

¢â“æ‡®â“‡ÀÁπ«à“ ß∫°“√‡ß‘π·≈–ß∫°“√‡ß‘π√«¡¢â“ßµâππ’È· ¥ß∞“π–°“√‡ß‘π ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ·≈–º≈°“√¥”‡π‘πß“π·≈–°√–· ‡ß‘π ¥ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π‡¥’¬«°—π¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’

‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬ ‚¥¬∂Ÿ°µâÕßµ“¡∑’Ë§«√„π “√– ”§—≠µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª

π“¬«‘π‘® »‘≈“¡ß§≈ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ∑–‡∫’¬π‡≈¢∑’Ë 3378

°√ÿß‡∑æ¡À“π§√31 ¡°√“§¡ 2546

Ratchaburi Electricity Generating Holding PCL. and Subsidiaries

Financial Statements for the years ended December 31, 2002 and 2001 and Report of CertifiedPublic Accountant

REPORT OF CERTIFIED PUBLIC ACCOUNTANT

To the Shareholders of Ratchaburi Electricity Generating Holding PCL.

I have audited the balance sheets of Ratchaburi Electricity Generating Holding PCL. as atDecember 31, 2002 and 2001, and the related statements of income, changes in shareholdersûequity and cash flows for the years then ended. I have also audited the consolidated balancesheets of Ratchaburi Electricity Generating Holding PCL. and subsidiaries as at December 31,2002 and 2001, and the related consolidated statements of income, changes in shareholdersûequity and cash flows for the years then ended. These financial statements are the responsibilityof the Companyûs management as to their correctness and completeness of the presentation.My responsibility is to express an opinion on these financial statements based on my audits.

I conducted my audits in accordance with generally accepted auditing standards. Thosestandards require that I plan and perform the audit to obtain reasonable assuranceabout whether the financial statements are free of material misstatement. An audit includesexamining, on a test basis, evidence supporting the amounts and disclosures in the financialstatements. An audit also includes assessing the accounting principles used and significantestimates made by management, as well as evaluating the overall financial statement presentation.I believe that my audits provide a reasonable basis for my opinion.

In my opinion, the financial statements and the consolidated financial statements referred toabove present fairly, in all material respects, the financial positions of Ratchaburi ElectricityGenerating Holding PCL. and subsidiaries as at December 31, 2002 and 2001 and the results oftheir operations and their cash flows for the years then ended in conformity with generallyaccepted accounting principles.

Mr. Winid SilamongkolC.P.A. (THAILAND)Registration No. 3378

BangkokJanuary 31, 2003



À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È/The accompanying notes are an integral part of these financial statements.À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È/The accompanying notes are an integral part of these financial statements.

∫“∑ / In Baht

ß∫°“√‡ß‘π√«¡Consolidated

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑The Company Only

2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes

∫“∑ / In Baht



2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes

ß∫¥ÿ≈ Balance Sheets≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë As at 31 December 2002 and 2001

‘π∑√—æ¬åASSETS

‘π∑√—æ¬åÀ¡ÿπ‡«’¬πCURRENT ASSETS‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥Cash and cash equivalents 5 95,342,290 254,710,907 7,582,777 25,109,249‡ß‘π≈ß∑ÿπ√–¬– —Èπ„π‡ß‘πΩ“°ª√–®”Short-term investments in fixed deposits 102,475 340,100,000 102,475 340,100,000‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î« —≠≠“„™â‡ß‘πShort-term investments in promissory notes 579,000,000 59,250,000 575,000,000 50,000,000‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î«·≈°‡ß‘π - ÿ∑∏‘Short-term investments in bills of exchange - net 198,122,717 198,122,717‡ß‘π≈ß∑ÿπ√–¬– —Èπ∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—πShort-term investments pledged as collateral- µ—Î« —≠≠“„™â‡ß‘π- Promissory notes 5 1,503,515,000 4,321,600,000- µ—Î«·≈°‡ß‘π - ÿ∑∏‘- Bills of exchange - net 5 1,706,660,183 1,500,000,000 à«π¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï - ÿ∑∏‘Current portion of long-term investmentin bills of exchange - net 8 9,973,848 9,973,848 à«π¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷ËßªïCurrent portion of long-term investmentspledged as collateral- µ—Î«·≈°‡ß‘π - ÿ∑∏‘- Bills of exchange - net 5, 8 46,903,002- Àÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ - ÿ∑∏‘- Held-to-maturity debentures - net 5, 9 21,695,566 9,705,596≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πTrade receivable from related party 4 6,409,957,349 2,817,004,653‡ß‘π≈à«ßÀπâ“·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πAdvance to and other receivable from related party 4 20,352,304 185,610,115 194,087≈Ÿ°Àπ’ÈÕ◊ËπOther receivable 90,000,000«— ¥ÿ§ß‡À≈◊ÕSupplies 6 1,370,961,565 793,861,578 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊ËπOther current assets- ¿“…’‡ß‘π‰¥â®à“¬≈à«ßÀπâ“- Prepaid income tax 43,649,869 26,355,871 43,602,558 26,311,625- ≈Ÿ°Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡- Value-added tax receivable 2,831,319 7,838,481 2,831,319 7,838,481- Õ◊ËπÊ- Others 44,068,178 69,948,086 6,657,638 8,252,437

√«¡ ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πTotal Current Assets 11,945,012,948 10,584,108,004 645,944,702 655,734,509


‘π∑√—æ¬å (µàÕ)ASSETS

‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πNON-CURRENT ASSETS‡ß‘π≈à«ßÀπâ“·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πAdvance to related party 4 400,000,000 400,000,000≈Ÿ°Àπ’È°“√§â“√–¬–¬“«°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πLong-term trade receivable from related party 4 41,642,502‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬Investments in shares of subsidiary companies- «‘∏’ à«π‰¥â‡ ’¬- at equity method 4, 7 21,896,288,897 18,838,917,412‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π - ÿ∑∏‘Long-term investment in bills of exchange - net 8 9,539,954 9,539,954‡ß‘π≈ß∑ÿπ√–¬–¬“«∑’Ë „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—πLong-term investments pledged as collateral- µ—Î« —≠≠“„™â‡ß‘π- Promissory notes 5 531,817,000- µ—Î«·≈°‡ß‘π - ÿ∑∏‘- Bills of exchange - net 5, 8 625,578,119 43,946,121- Àÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ - ÿ∑∏‘- Held-to-maturity debentures - net 5, 9 322,150,089 69,537,911∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘Property, plant and equipment - net 5, 10, 1 53,279,115,154 28,050,615,380 67,453,294 81,474,915§à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’ - ÿ∑∏‘Deferred loan fees - net 11 635,957,143 689,700,000 ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊ËπOther non-current assets 2,764,657 2,432,184 2,372,776 2,274,248√«¡ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πTotal Non-Current Assets 55,839,024,664 29,265,771,550 21,966,114,967 18,932,206,529

√«¡ ‘π∑√—æ¬åTOTAL ASSETS 67,784,037,612 39,849,879,554 22,612,059,669 19,587,941,038

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∫“∑ / In Baht



2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes

∫“∑ / In Baht



2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes





Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπLIABILITIES AND

SHAREHOLDERSû EQUITYÀπ’È ‘πÀ¡ÿπ‡«’¬πCURRENT LIABILITIES‡®â“Àπ’È°“√§â“Accounts payable - trade 3,981,739,535 1,784,217,237 à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷ËßªïCurrent portion of long-term loans- °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π- Related party 4, 5, 10, 13 138,117,727 32,550,776- ∂“∫—π°“√‡ß‘πÕ◊Ëπ- Other financial institutions 5, 10, 13 2,103,787,970 736,009,224‡ß‘π√—∫≈à«ßÀπâ“·≈–‡®â“Àπ’ÈÕ◊ËπAdvance from and other payable- ∫√‘…—∑¬àÕ¬·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π- Subsidiary and related party 4 21,377,088 33,783,874 426,930 194,401,545- ∫√‘…—∑Õ◊Ëπ- Others 30,282,771‡®â“Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡Value-added tax payable 128,085,196 93,341,970¿“…’‡ß‘π‰¥â§â“ß®à“¬Income tax payable 61,222,824 164,457,481 69,012,658§à“∏√√¡‡π’¬¡∑“ß°“√‡ß‘π§â“ß®à“¬Accrued financial fee 7,000,000 57,600,000Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊ËπOther current liabilities 84,114,950 154,176,541 35,340,366 25,522,084√«¡Àπ’È ‘πÀ¡ÿπ‡«’¬πTotal Current Liabilities 6,555,728,061 3,056,137,103 35,767,296 288,936,287

Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πNON-CURRENT LIABILITIES‡ß‘π°Ÿâ¬◊¡√–¬–¬“« - ÿ∑∏‘®“° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷ËßªïLong-term loans - net of current portion- °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π- Related party 4, 5, 10, 13 2,381,350,589 740,921,400- ∂“∫—π°“√‡ß‘πÕ◊Ëπ- Other financial institutions 5, 10, 13 36,270,340,788 16,753,056,100Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π·≈– —≠≠“‡™à“´◊ÈÕ - ÿ∑∏‘Liabilities under finance lease andhire-purchase contracts - net 2,469,236 4,556,335 2,143,435 3,796,135√«¡Àπ’È ‘π‰¡àÀ¡ÿπ‡«’¬πTotal Non-Current Liabilities 38,654,160,613 17,498,533,835 2,143,435 3,796,135

√«¡Àπ’È ‘πTotal Liabilities 45,209,888,674 20,554,670,938 37,910,731 292,732,422

à«π¢ÕßºŸâ∂◊ÕÀÿâπSHAREHOLDERSû EQUITY∑ÿπ‡√◊ÕπÀÿâπ - Àÿâπ “¡—≠¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑∑ÿπ®¥∑–‡∫’¬π 1,450,000,000 Àÿâπ Àÿâπ∑’ËÕÕ°·≈–‡√’¬°™”√–‡µÁ¡¡Ÿ≈§à“·≈â« 1,450,000,000 ÀÿâπShare capital - common shares, Baht 10 par valueAuthorized share capital - 1,450,000,000 sharesIssued and paid-up share capital - 1,450,000,000 shares 14,500,000,000 14,500,000,000 14,500,000,000 14,500,000,000 à«π‡°‘π¡Ÿ≈§à“ÀÿâπPremium on share capital 1,531,778,000 1,531,778,000 1,531,778,000 1,531,778,000°”‰√ – ¡Retained earnings- ®—¥ √√‡æ◊ËÕ ”√Õßµ“¡°ÆÀ¡“¬- Appropriated for legal reserve 14 399,618,547 163,171,531 399,618,547 163,171,531- ¬—ß‰¡à‰¥â®—¥ √√- Unappropriated 6,142,752,391 3,100,259,085 6,142,752,391 3,100,259,085√«¡ à«π¢ÕßºŸâ∂◊ÕÀÿâπTotal Shareholdersû Equity 22,574,148,938 19,295,208,616 22,574,148,938 19,295,208,616

√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπTOTAL LIABILITIES AND SHAREHOLDERSû EQUITY 67,784,037,612 39,849,879,554 22,612,059,669 19,587,941,038

Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)LIABILITIES AND

SHAREHOLDERSû EQUITY

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À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È / The accompanying notes are an integral part of these financial statements.À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π‡ªìπ à«πÀπ÷Ëß¢Õßß∫°“√‡ß‘ππ’È / The accompanying notes are an integral part of these financial statements.

∫“∑ / In Baht

ß∫°“√‡ß‘π√«¡/Consolidated

À¡“¬‡ÀµÿNote

∫“∑ / In Baht

ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑/The Company Only

À¡“¬‡ÀµÿNote

Àÿâπ “¡—≠∑’ËÕÕ° à«π‡°‘π ”√Õß·≈–™”√–·≈â« ¡Ÿ≈§à“Àÿâπ µ“¡°ÆÀ¡“¬ °”‰√ – ¡ √«¡Issued and Premium on Legal Retained

Paid-up Common Share Capital Reserve Earnings TotalShare Capital

Àÿâπ “¡—≠∑’ËÕÕ° à«π‡°‘π ”√Õß·≈–™”√–·≈â« ¡Ÿ≈§à“Àÿâπ µ“¡°ÆÀ¡“¬ °”‰√ – ¡ √«¡Issued and Premium on Legal Retained

Paid-up Common Share Capital Reserve Earnings TotalShare Capital



∫“∑ / In Baht



2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes

ß∫°”‰√¢“¥∑ÿπ Statements of Income ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë For the years ended December 31, 2002 and 2001

√“¬‰¥âREVENUES 4¢“¬ ÿ∑∏‘Net sales 27,493,217,258 17,422,696,729√“¬‰¥â§à“∫√‘°“√Management service income 195,130,665 583,194,888 à«π‰¥â‡ ’¬„π°”‰√ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬Equity in net income of subsidiary companies 4,670,233,775 2,706,387,855¥Õ°‡∫’È¬√—∫Interest income 174,689,118 127,109,766 25,971,089 21,136,094‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“Compensation for late transfer ofpower plant 17 322,302,000 353,720,000‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“Compensation of combustion systemimprovement 17 132,109,851√“¬‰¥âÕ◊ËπOther income 32,544,109 10,774,266 19,010 192,635√«¡√“¬‰¥âTotal Revenues 28,154,862,336 17,914,300,761 4,891,354,539 3,310,911,472

µâπ∑ÿπ·≈–§à“„™â®à“¬COSTS AND EXPENSES 4µâπ∑ÿπ¢“¬Cost of sales 22 20,833,210,897 12,802,868,812§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√Selling and administrative expenses 22 400,186,755 358,732,235 125,163,798 88,274,921§à“µÕ∫·∑π°√√¡°“√Directorûs remuneration 22,713,826 18,435,000 16,707,500 15,000,000√«¡µâπ∑ÿπ·≈–§à“„™â®à“¬Total Costs and Expenses 21,256,111,478 13,180,036,047 141,871,298 103,274,921

°”‰√°àÕπ¥Õ°‡∫’È¬®à“¬·≈–¿“…’‡ß‘π‰¥âINCOME BEFORE INTEREST EXPENSEAND INCOME TAX 6,898,750,858 4,734,264,714 4,749,483,241 3,207,636,551

¥Õ°‡∫’È¬®à“¬Interest Expense 1,966,881,819 1,386,276,282 301,937 377,561

¿“…’‡ß‘π‰¥âIncome Tax 12 202,928,717 288,448,814 20,240,982 147,719,372

°”‰√ ÿ∑∏‘NET INCOME 4,728,940,322 3,059,539,618 4,728,940,322 3,059,539,618

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“πBasic Earnings per Share 3.26 2.11 3.26 2.11

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß à«π¢ÕßºŸâ∂◊ÕÀÿâπStatements of Changes in Shareholders’ Equity

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë For the years ended December 31, 2002 and 2001

¬Õ¥µâπªï ≥ «—π∑’Ë 1 ¡°√“§¡ 2544Balance, beginning of year 14,500,000,000 1,531,778,000 7,230,118 196,660,880 16,235,668,998- January 1, 2001 ”√Õßµ“¡°ÆÀ¡“¬Legal reserve 155,941,413 155,941,413°”‰√ ÿ∑∏‘ ”À√—∫ªïNet income for the year 3,059,539,618 3,059,539,618¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2544Balance, end of year- December 31, 2001 14,500,000,000 1,531,778,000 163,171,531 3,100,259,085 19,295,208,616 ”√Õßµ“¡°ÆÀ¡“¬Legal reserve 236,447,016 236,447,016°”‰√ ÿ∑∏‘ ”À√—∫ªïNet income for the year 4,728,940,322 4,728,940,322‡ß‘π ¥ªíπº≈®à“¬Cash dividend payment 15 1,450,000,000 1,450,000,000¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545Balance, end of year- December 31, 2002 14,500,000,000 1,531,778,000 399,618,547 6,142,752,391 22,574,148,938

¬Õ¥µâπªï ≥ «—π∑’Ë 1 ¡°√“§¡ 2544Balance, beginning of year- January 1, 2001 14,500,000,000 1,531,778,000 7,230,118 196,660,880 16,235,668,998 ”√Õßµ“¡°ÆÀ¡“¬Legal reserve 155,941,413 155,941,413°”‰√ ÿ∑∏‘ ”À√—∫ªïNet income for the year 3,059,539,618 3,059,539,618¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2544Balance, end of year- December 31, 2001 14,500,000,000 1,531,778,000 163,171,531 3,100,259,085 19,295,208,616 ”√Õßµ“¡°ÆÀ¡“¬Legal reserve 236,447,016 236,447,016°”‰√ ÿ∑∏‘ ”À√—∫ªïNet income for the year 4,728,940,322 4,728,940,322‡ß‘π ¥ªíπº≈®à“¬Cash dividend payment 15 1,450,000,000 1,450,000,000¬Õ¥ ‘Èπªï ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545Balance, end of year- December 31, 2002 14,500,000,000 1,531,778,000 399,618,547 6,142,752,391 22,574,148,938

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∫“∑ / In Baht



2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes

∫“∑ / In Baht



2545/2002 2544/2001 2545/2002 2544/2001À¡“¬‡ÀµÿNotes



ß∫°√–· ‡ß‘π ¥ Statements of Cash Flows ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë For the years ended December 31, 2002 and 2001

°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“πCASH FLOWS FROM OPERATING ACTIVITIES:°”‰√ ÿ∑∏‘Net income 4,728,940,322 3,059,539,618 4,728,940,322 3,059,539,618√“¬°“√ª√—∫°√–∑∫°”‰√ ÿ∑∏‘‡ªìπ‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“π :Adjustments to reconcile net income to net cashprovided by (used in) operating activities : à«π‰¥â‡ ’¬„π°”‰√ ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬Equity in net income of subsidiary companies 4,670,233,775 2,706,387,855§à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥∫—≠™’Depreciation and amortization 1,875,470,134 1,235,878,215 19,686,623 12,765,759√“¬‰¥â§à“∫√‘°“√µ—¥∫—≠™’Amortization of service income 194,398,296 583,194,888 à«πµË”¢Õß‡ß‘π≈ß∑ÿπµ—¥®”Àπà“¬ - ÿ∑∏‘Amortization of discount on investments - net 25,653,664 7,899,967 433,893 3,866,604°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ßUnrealized gain on foreign exchange 5,400,299¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’Deferred income tax 59,480,770 48,535,826 ‘π∑√—æ¬å¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) :Decrease (increase) in operating assets :≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πTrade receivable from related party 3,634,595,197 130,583,429‡ß‘π≈à«ßÀπâ“·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πAdvance to and other receivable from related party 165,257,811 148,960,122 194,087≈Ÿ°Àπ’ÈÕ◊ËπOther receivable 90,000,000«— ¥ÿ§ß‡À≈◊ÕSupplies 577,099,987 45,227,018 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊ËπOther current assets 13,593,071 17,472,318 10,688,972 8,220,380 ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊ËπOther non-current assets 332,473 1,758,271 98,528 1,641,544Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) :Increase (decrease) in operating liabilities :‡®â“Àπ’È°“√§â“Accounts payable - trade 2,197,522,298 198,276,273‡®â“Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πOther payable to related party 12,406,786 19,468,502 423,681 4,102,093‡®â“Àπ’ÈÕ◊ËπOther payable 35,698,386‡®â“Àπ’È¿“…’¡Ÿ≈§à“‡æ‘Ë¡Value-added tax payable 34,717,578 93,341,970¿“…’‡ß‘π‰¥â§â“ß®à“¬Income tax payable 103,234,656 164,457,481 69,012,658 69,012,658§à“∏√√¡‡π’¬¡∑“ß°“√‡ß‘π§â“ß®à“¬Accrued financial fee 50,600,000 66,505,733Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊ËπOther current liabilities 72,592,434 97,989,894 7,277,107 6,295,146‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡¥”‡π‘πß“πNet Cash Provided by (Used in) Operating Activities 4,479,284,104 4,335,703,173 188,732,476 111,264,357

ß∫°√–· ‡ß‘π ¥ Statements of Cash Flows ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ë For the years ended December 31, 2002 and 2001

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπCASH FLOWS FROM INVESTING ACTIVITIES‡ß‘π≈ß∑ÿπ√–¬– —Èπ„π‡ß‘πΩ“°ª√–®”≈¥≈ßDecrease in short-term investments in fixed deposits 339,997,525 819,900,000 339,997,525 339,900,000‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î« —≠≠“„™â‡ß‘π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß(Increase) decrease in short-term investmentsin promissory notes 2,298,335,000 3,379,250,000 525,000,000 50,000,000‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î«·≈°‡ß‘π (‡æ‘Ë¡¢÷Èπ) ≈¥≈ß(Increase) decrease in short-term investmentsin bills of exchange 4,172,264 1,641,772,670 198,122,716 144,743,389‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î« —≠≠“„™â‡ß‘π‡æ‘Ë¡¢÷ÈπIncrease in long-term investments in promissory notes 531,817,000‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π‡æ‘Ë¡¢÷ÈπIncrease in long-term investments in bills of exchange 615,230,552 52,156,339 9,134,591‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥‡æ‘Ë¡¢÷ÈπIncrease in long-term investments in held-to-maturitydebentures 265,396,556 79,105,236‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬‡æ‘Ë¡¢÷ÈπIncrease in investments in shares of subsidiary companies 2,275,000,000 10,000,000‡ß‘πªíπº≈√—∫®“°∫√‘…—∑¬àÕ¬Dividend received from subsidiary company 3,887,862,289´◊ÈÕ ‘π∑√—æ¬å∂“«√Purchase of fixed assets 27,050,227,051 92,458,813 5,665,002 72,078,817‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡≈ß∑ÿπNet Cash Provided by (Used in) Investing Activities 25,820,166,370 4,424,843,058 1,620,317,528 53,943,203

°√–· ‡ß‘π ¥®“°°‘®°√√¡®—¥À“‡ß‘πCASH FLOWS FROM FINANCING ACTIVITIES:√—∫‡ß‘π°Ÿâ¬◊¡√–¬–¬“«Proceeds from long-term loans 23,962,506,176®à“¬™”√–§◊π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«Repayment of long-term loans 1,331,446,602 212,462,500®à“¬™”√–Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π·≈– —≠≠“‡™à“´◊ÈÕPayment of liabilities under finance leaseand hire-purchase contracts 2,087,100 2,002,303 1,652,700 1,567,903 à«π‡°‘π¡Ÿ≈§à“ÀÿâπPremium on share capital 13,622,000 13,622,000‡ß‘πªíπº≈®à“¬Dividend payment 1,447,458,825 1,447,458,825‡ß‘π ¥ ÿ∑∏‘‰¥â√—∫®“° („™â‰ª„π) °‘®°√√¡®—¥À“‡ß‘πNet Cash Provided by (Used in) Financing Activities 21,181,513,649 228,086,803 1,449,111,525 15,189,903

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥≈¥≈ß - ÿ∑∏‘NET DECREASE IN CASH AND CASH EQUIVALENTS 159,368,617 317,226,688 17,526,473 72,511,057

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—πµâπªïCASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 254,710,907 571,937,595 25,109,249 97,620,306

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ≥ «—π ‘ÈπªïCASH AND CASH EQUIVALENTS, END OF YEAR 95,342,290 254,710,907 7,582,776 25,109,249

¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡ß∫°√–· ‡ß‘π ¥ADDITIONAL CASH FLOWS INFORMATION‡ß‘π ¥®à“¬√–À«à“ßªïCash paid during the year- ¥Õ°‡∫’È¬®à“¬- Interest expense 1,966,881,819 1,386,276,281 301,937 377,561- ¿“…’‡ß‘π‰¥â- Income tax 323,457,372 64,510,565 106,544,572 30,170,889

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1. GENERALCompanyRatchaburi Electricity Generating Holding PCL., which is 45% ownedby Electricity Generating Authority of Thailand (EGAT), was incorporatedas a limited company in Thailand on March 7, 2000 and wastransformed to a public company on August 18, 2000. Subsequentlyon October 13, 2000, the Company was officially listed in the StockExchange of Thailand. The principal business of the Company is toinvest in other companies, whose objectives equivalent or similar tothe Companyûs objectives (Power Plant). The number of employeesof the Company as at December 31, 2002 and 2001 were 46 and44, respectively. The employee costs for the years ended December31, 2002 and 2001 amounted to Baht 50.8 million and Baht 40.1million, respectively. The registered office address of the Company islocated at 19 SCB Park Plaza, Tower 3 East, 20th Floor, RatchadapisekRoad, Ladyao, Jatujak, Bangkok, Thailand.

Subsidiary CompaniesRatchaburi Electricity Generating Co., Ltd., a wholly-owned subsidiarycompany (100%) of Ratchaburi Electricity Generating Holding PCL.,was incorporated as a limited company in Thailand on March 20,2000 to develop and operate the Ratchaburi Power Plant comprisingthe Thermal Generating Units and the Combined Cycle GeneratingUnits. The output is sold to the Electricity Generating Authority ofThailand (EGAT) under 25-year Power Purchase Agreement accordingto the Private Participation Plan in the Ratchaburi Power PlantProject. The number of employees of the subsidiary company as atDecember 31, 2002 and 2001 were 38 and 36, respectively. Theemployee costs for the years ended December 31, 2002 and 2001amounted to Baht 35.4 million and Baht 29.8 million, respectively.The registered office address of the subsidiary company is locatedat 128 Moo 6 Pikhultong, Muang District, Ratchaburi Province, Thailand.

Ratchaburi Energy Co., Ltd., a wholly-owned subsidiary company(100%) of Ratchaburi Electricity Generating Holding PCL., wasincorporated as a limited company in Thailand on September 4,2001 to invest in other power plant projects. The number of employeesof the subsidiary company as at December 31, 2002 was 3. Theemployee costs for the year ended December 31, 2002 amountedto Baht 0.6 million. The registered office address of the subsidiarycompany is located at 19 SCB Park Plaza, Tower 3 East, 20th Floor,Ratchadapisek Road, Ladyao, Jatujak, Bangkok, Thailand.

Basis of Preparation of the Financial StatementsThe Company and the subsidiary companies maintain their officialaccounting records in Thai Baht and prepare their statutory financialstatements in the Thai language in conformity with generally acceptedaccounting principles in Thailand, which may not conform with generallyaccepted accounting principles in other countries. The accompanyingfinancial statements and consolidated financial statements are notintended to present the financial position, results of operations andcash flows in accordance with accounting principles and practices

À¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π Notes to Financial Statements≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ë As at 31 December 2002 and 2001

∑’Ë√—∫√Õß∑—Ë«‰ª¢Õßª√–‡∑»Õ◊Ëπ∑’Ë‰¡à „™àª√–‡∑»‰∑¬ ¥—ßπ—Èπ ß∫°“√‡ß‘π·≈–ß∫°“√‡ß‘π√«¡π’È®÷ß‰¡à‰¥â®—¥∑”¢÷Èπ‡æ◊ËÕª√–‚¬™πå ”À√—∫∫ÿ§§≈∑’Ë‰¡à∑√“∫∂÷ßÀ≈—°°“√∫—≠™’·≈–«‘∏’ªØ‘∫—µ‘∑“ß∫—≠™’„πª√–‡∑»‰∑¬

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2. °“√®—¥∑”ß∫°“√‡ß‘π√«¡∫√‘…—∑· ¥ßß∫°“√‡ß‘π√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈–2544 ‡æ◊ËÕ„Àâ Õ¥§≈âÕß°—∫¡“µ√∞“π∑“ß°“√∫—≠™’‡√◊ËÕß∑’Ë 44 çß∫°“√‡ß‘π√«¡·≈–°“√∫—≠™’ ”À√—∫‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬é ´÷Ëß¡’º≈„™â∫—ß§—∫ ”À√—∫ß∫°“√‡ß‘π∑’Ë¡’√Õ∫√–¬–‡«≈“∫—≠™’ ‘Èπ ÿ¥„πÀ√◊ÕÀ≈—ß«—π∑’Ë 1 ¡°√“§¡ 2543

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3. √ÿªπ‚¬∫“¬°“√∫—≠™’∑’Ë ”§—≠°“√√—∫√Ÿâ√“¬‰¥â√“¬‰¥â§à“¢“¬‰øøÑ“¢Õß∫√‘…—∑¬àÕ¬ª√–°Õ∫¥â«¬ √“¬‰¥â§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“·≈–√“¬‰¥â§à“æ≈—ßß“π‰øøÑ“

- √“¬‰¥â§à“§«“¡æ√âÕ¡®à“¬æ≈—ß‰øøÑ“ √—∫√Ÿâµ“¡Õ—µ√“∑’Ë°”Àπ¥‰«â „π —≠≠“´◊ÈÕ¢“¬‰øøÑ“

- √“¬‰¥â§à“æ≈—ßß“π‰øøÑ“ √—∫√Ÿâ‡¡◊ËÕ®à“¬æ≈—ßß“π‰øøÑ“„Àâ°—∫≈Ÿ°§â“µ“¡®”π«πÀπà«¬¢“¬‰øøÑ“ ≥ ®ÿ¥®à“¬µ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ¥Õ°‡∫’È¬‡ªìπ√“¬‰¥âµ“¡ —¥ à«π¢Õß√–¬–‡«≈“‚¥¬§”π÷ß∂÷ßÕ—µ√“º≈µÕ∫·∑π∑’Ë·∑â®√‘ß¢Õß ‘π∑√—æ¬å

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥‡ß‘π ¥‡ªìπ‡ß‘π∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡°Á∫‰«â„™â‡æ◊ËÕ«—µ∂ÿª√– ß§å∑—Ë«‰ª √“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‰¥â·°à ‡ß‘πΩ“°∏π“§“√√–¬– —Èπ´÷Ëß‡ªìπ‡ß‘π≈ß∑ÿπ∑’Ë¡’ ¿“æ§≈àÕß Ÿß·≈–æ√âÕ¡∑’Ë®–‡ª≈’Ë¬π‡ªìπ‡ß‘π ¥∑’Ë·πàπÕπ ‡¡◊ËÕ§√∫°”Àπ¥¿“¬„π “¡‡¥◊ÕπÀ√◊ÕπâÕ¬°«à“´÷Ëß¡’§«“¡‡ ’Ë¬ß„π°“√‡ª≈’Ë¬π·ª≈ß¡Ÿ≈§à“πâÕ¬

generally accepted in countries and jurisdictions other than Thailand.Accordingly, these financial statements and consolidated financialstatements are not designed for those who are not informed aboutThai accounting principles and practices.

For the convenience of the reader, an English translation of financialstatements and consolidated financial statements has been preparedfrom the statutory Thai language financial statements and consolidatedfinancial statements which are issued for domestic reporting purposes.

2. PRINCIPLES OF CONSOLIDATIONThe Company has presented the consolidated financial statements forthe years ended December 31, 2002 and 2001 in compliance with theAccounting Standard No. 44 çConsolidated Financial Statements andAccounting for Investments in Subsidiariesé which becomes effectivefor fiscal years beginning on or after January 1, 2000.

The accompanying consolidated financial statements for the yearsended December 31, 2002 and 2001 include the accounts ofRatchaburi Electricity Generating Holding PCL. and subsidiaries asfollows:

Significant intercompany transactions with the subsidiary companieshave been eliminated.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIESRevenue RecognitionThe subsidiary companyûs electricity sales consist of availabilitypayment and energy payment.

- Revenue received from the availability payment is recognizedat the specified rate in the Power Purchase Agreement (PPA).

- Revenue from energy payment is recognized upon thetransmission units at the point of buying and selling as stipulatedin the PPA.

Interest income is recognized on a time proportion basis that reflectsthe effective yield on the asset.

Cash and Cash EquivalentsCash on hand is kept for general use within the Company andsubsidiary companies. Cash equivalents are bank deposits in short-term, highly liquid investments that are readily convertible to knownamounts of cash with original maturity of three months or less thatare subject to an insignificant risk of change in value.

—¥ à«π°“√∂◊ÕÀÿâπ (√âÕ¬≈–)/Percentage of Ownership2545/2002 2544/2001

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥Ratchaburi Electricity Generating Company Limited 100 100∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥Ratchaburi Energy Company Limited 100 100



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§à“‡ ◊ËÕ¡√“§“·≈–√“¬®à“¬µ—¥∫—≠™’∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—¥§à“‡ ◊ËÕ¡√“§“‚√ß‰øøÑ“ Õ“§“√·≈–Õÿª°√≥å‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ°“√„™âß“π‚¥¬ª√–¡“≥¢Õß ‘π∑√—æ¬å ¥—ßπ’È

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µ—¥∫—≠™’§à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’ ‚¥¬«‘∏’‡ âπµ√ßµ“¡Õ“¬ÿ —≠≠“‡ß‘π°Ÿâ¬◊¡ √–¬–¬“«‡ªìπ√–¬–‡«≈“ 14 ªï

°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–ª√–‡¡‘π°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡¡◊ËÕ¡’‡Àµÿ°“√≥åÀ√◊Õ¡’°“√‡ª≈’Ë¬π·ª≈ß ¿“æ°“√≥å∑’Ë∑”„Àâ‡°‘¥¢âÕ∫àß™’È«à“¡Ÿ≈§à“∑’Ë§“¥«à“®–‰¥â√—∫§◊π¢Õß ‘π∑√—æ¬å¡’®”π«πµË”°«à“¡Ÿ≈§à“∑’Ë∫—π∑÷°∫—≠™’‰«â ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–∫—π∑÷°°≈—∫∫—≠™’√“¬°“√¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‡ªìπ√“¬‰¥â

Accounts Receivable and Allowance for Doubtful AccountsAccounts receivable are stated at face value net of allowance fordoubtful accounts. The Company and subsidiary companies providean allowance for doubtful accounts equal to the estimated collectionlosses that may be incurred in the collection of all receivables. Theestimated losses are based on collection experience coupled with areview of the current status of the existing receivables. Managementexpects all receivables are collectible. Thus no allowance is provided.

Inventory ValuationSupplies are valued at the lower of average cost or net realizablevalue. Spare parts of power plant represent spare parts which areused for equipment in a subsidiary companyûs power plant.

InvestmentsThe Company accounts for its investments in shares of subsidiarycompanies at the equity method.

The Company and subsidiary companies account for their investmentsin bills of exchange and held-to-maturity debentures, at the amortizedcost using the effective yield method. The Company and subsidiarycompanies account for their investments in promissory notes at cost.

Depreciation and AmortizationDepreciation of property, power plant and equipment has beencomputed by the straight-line method over the estimated useful livesof the assets as follows:

Deferred loan fees are amortized by the straight-line basis over theperiod of the credit agreement of 14 years.

Impairment of AssetsAssets are reviewed for impairment whenever events or changes incircumstances indicate that the recoverable amount of assets isbelow their carrying amount. An impairment loss is recognized asan expense in the statement of income. A reversal of impairment loss isrecognized as income when there is an indication that the impairmentloss recognized for the asset no longer exists or to be decreased.

‡¡◊ËÕ¢âÕ∫àß™’È‡°’Ë¬«°—∫°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å‰¡à¡’Õ¬ŸàÕ’°µàÕ‰ª À√◊Õ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¡’®”π«π≈¥≈ß ®”π«π‡ß‘π∑’Ë°≈—∫√“¬°“√®–µâÕß‰¡à Ÿß°«à“¡Ÿ≈§à“µ“¡∫—≠™’ ( ÿ∑∏‘®“°§à“‡ ◊ËÕ¡√“§“À√◊Õ√“¬®à“¬µ—¥∫—≠™’) ∑’Ë§«√‡ªìπÀ“°∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à‡§¬√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬åπ—Èπ„πß«¥°àÕπÊ Õ¬à“ß‰√°Áµ“¡ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à¡’º≈¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å„π√–À«à“ßªï

§à“∫”√ÿß√—°…“√“¬®à“¬„π°“√∫”√ÿß√—°…“·≈– àÕ¡·´¡ ∫—π∑÷°‡ªìπ§à“„™â®à“¬‡¡◊ËÕ‡°‘¥√“¬°“√π—Èπ à«π√“¬®à“¬∑’Ë¡’≈—°…≥–‡ªìπ√“¬®à“¬ ΩÉ“¬∑ÿπ‰¥â∫—π∑÷°√«¡‰«â„π∫—≠™’Õ“§“√·≈–Õÿª°√≥å∑’Ë‡°’Ë¬«¢âÕß

¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’¿“…’‡ß‘π‰¥â§”π«π®“°º≈°”‰√ ”À√—∫ªï‚¥¬æ‘®“√≥“∂÷ß¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ ¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’· ¥ß∂÷ßº≈°√–∑∫∑“ß¿“…’ ÿ∑∏‘¢Õßº≈·µ°µà“ß™—Ë«§√“«√–À«à“ß√“§“µ“¡∫—≠™’°—∫∞“π¿“…’¢Õß ‘π∑√—æ¬å·≈–Àπ’È ‘π„πß∫¥ÿ≈ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬«—¥¡Ÿ≈§à“ ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’·≈–Àπ’È ‘π¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’¥â«¬Õ—µ√“¿“…’∑’Ë§“¥«à“®–µâÕß„™â„πß«¥∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‰¥â√—∫ª√–‚¬™πå®“° ‘π∑√—æ¬åÀ√◊Õ®–µâÕß®à“¬™”√–Àπ’È ‘π °“√«—¥ ¡Ÿ≈§à“Àπ’È ‘π¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’·≈– ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ –∑âÕπ„Àâ‡ÀÁπ∂÷ßº≈∑“ß¿“…’∑’Ë®–‡°‘¥¢÷Èπµ“¡≈—°…≥–∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬§“¥«à“®–‰¥â√—∫ª√–‚¬™πå®“°√“§“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å·≈–®à“¬™”√–√“§“µ“¡∫—≠™’¢ÕßÀπ’È ‘π ≥ «—π∑’Ë„πß∫¥ÿ≈

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’‡¡◊ËÕ¡’§«“¡‡ªìπ‰ª‰¥â«à“°”‰√∑“ß¿“…’¡’‡æ’¬ßæÕµàÕ°“√„™âª√–‚¬™πå¢Õß ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’ ≥ «—π∑’Ë „πß∫¥ÿ≈ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âª√–‡¡‘π ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’∑’Ë‰¡à‰¥â√—∫√Ÿâ „À¡à ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬√—∫√Ÿâ ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’∑’Ë‰¡à‰¥â√—∫√Ÿâ „πÕ¥’µ‡∑à“°—∫®”π«π∑’Ëæ∫«à“¡’§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πàπÕπ∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–‰¥â√—∫ª√–‚¬™πå®“° ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’π—Èπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬≈¥¡Ÿ≈§à“µ“¡∫—≠™’¢Õß ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’≈ß¥â«¬®”π«π∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬æ‘®“√≥“·≈â«‡ÀÁπ«à“¡’§«“¡πà“®–‡ªìπ‰¡à∂÷ß√–¥—∫§«“¡‡ªìπ‰ª‰¥â§àÕπ¢â“ß·πàÕ’°µàÕ‰ª∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–¡’°”‰√∑“ß¿“…’‡æ’¬ßæÕ∑’Ë®–π” ‘π∑√—æ¬å¿“…’‡ß‘π‰¥â√Õ°“√µ—¥∫—≠™’∑—ÈßÀ¡¥À√◊Õ∫“ß à«π¡“„™â

°“√‡™à“ ‘π∑√—æ¬å°“√‡™à“ ‘π∑√—æ¬å ÷Ëß§«“¡‡ ’Ë¬ß·≈–°√√¡ ‘∑∏‘Ï¢Õß ‘π∑√—æ¬å∑’Ë‡™à“‡ªìπ¢ÕßºŸâ„Àâ‡™à“ ‰¥â®—¥ª√–‡¿∑‡ªìπ°“√‡™à“¥”‡π‘πß“π §à“‡™à“∑’Ë®à“¬¿“¬„µâ°“√‡™à“¥”‡π‘πß“π‰¥â∫—π∑÷°‡ªìπ§à“„™â®à“¬Õ¬à“ß‡ªìπ√–∫∫¿“¬„µâÕ“¬ÿ —≠≠“‡™à“

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∫—π∑÷°¬“πæ“Àπ–µ“¡ —≠≠“‡™à“°“√‡ß‘π‡ªìπ ‘π∑√—æ¬å·≈–Àπ’È ‘π¥â«¬®”π«π‡∑à“°—∫√“§“ ¬ÿµ‘∏√√¡¢Õß ‘π∑√—æ¬å∑’Ë‡™à“ ≥ «—π‡√‘Ë¡µâπ¢Õß —≠≠“‡™à“ À√◊Õ¡Ÿ≈§à“ªí®®ÿ∫—π¢Õß®”π«π‡ß‘π¢—ÈπµË”∑’ËµâÕß®à“¬µ“¡ —≠≠“‡™à“·≈â«·µà®”π«π„¥®–µË”°«à“ ´÷Ëß„™âÕ—µ√“¥Õ°‡∫’È¬µ“¡ —≠≠“‡™à“ ”À√—∫°“√§‘¥≈¥‡æ◊ËÕ§”π«≥¡Ÿ≈§à“ªí®®ÿ∫—π¢Õß®”π«π‡ß‘π¢—ÈπµË”∑’ËµâÕß®à“¬µ“¡ —≠≠“‡™à“ ‚¥¬¥Õ°‡∫’È¬®à“¬®–∂Ÿ°∫—π∑÷°µ“¡ß«¥µà“ßÊ µ≈Õ¥Õ“¬ÿ —≠≠“‡™à“µ“¡¬Õ¥§ß‡À≈◊Õ¢ÕßÀπ’È ‘πµ“¡ —≠≠“‡™à“„π·µà≈–ß«¥

Such a reversal should not exceed the carrying amount that wouldhave been determined (net of depreciation or amortization) had noimpairment loss been recognized for the asset in prior periods.However, there was no impairment loss on assets during the year.

MaintenanceExpenditures on repair and maintenance are charged to expense atthe time the expenditures are incurred. Expenditures of a capitalnature are added to the related property, plant and equipment.

Deferred Income TaxThe income tax charge is based on profit for the year and considersdeferred taxation. Deferred income taxes reflect the net tax effects oftemporary differences between the tax basis of an asset or liabilityand its carrying amount in the balance sheet. Deferred tax assetsand liabilities are measured using the tax rates expected to apply totaxable income in the years in which those temporary differences areexpected to be recovered or settled. The measurement of deferredtax liabilities and deferred tax assets reflects the tax consequencesthat would follow from the manner in which the Company and subsidiarycompanies expect, at the balance sheet date, to recover or settle thecarrying amount of their assets and liabilities.

Deferred tax assets are recognized when it is probable that sufficienttaxable profits will be available against which the deferred taxassets can be utilized. At each balance sheet date, the Companyand subsidiary companies re-assess unrecognized deferred tax assets.The Company and subsidiary companies recognize a previouslyunrecognized deferred tax asset to the extent that it has becomeprobable that future taxable profit will allow the deferred tax asset tobe recovered. The Company and subsidiary companies converselyreduce the carrying amount of a deferred tax asset to the extent thatit is no longer probable that sufficient taxable profit will be availableto allow the benefit of part or all of that deferred tax asset to beutilized.

LeasesLease of assets under which all the risks and rewards of ownershipare effectively retained by the lessor are classified as operatingleases. Lease payments under an operating lease are recognized asexpense on a systematic basis over the lease term.

The Company and subsidiary companies record transportationequipment under financial lease, as asset and liability in the balancesheet at amount equal to the fair value of such asset at the inceptionof the contract or, if lower, at the present value of the minimumpayments. In calculating the present value of the minimum payments,the discount factor used is the interest rate implicit in the contract.The interest charge is recorded to periods during the term based onthe remaining balance of the liability of each period.

ªï/Years

‚√ß‰øøÑ“Power plant 25Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä Equipment for Combined Cycle Power Plant 4-25Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ßBuildings and structures 20‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“πFurniture, fixtures and office equipment 5¬“πæ“Àπ–Vehicles 5



√“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»√“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»„π√–À«à“ßªï‰¥â∫—π∑÷°‰«â„π∫—≠™’‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π´÷Ëß„°≈â‡§’¬ß°—∫Õ—µ√“·≈°‡ª≈’Ë¬π ≥ «—π∑’Ë‡°‘¥√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë„πß∫¥ÿ≈ ‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑¥â«¬Õ—µ√“·≈°‡ª≈’Ë¬π¢Õß∏π“§“√ ≥ «—ππ—Èπ °”‰√À√◊Õ¢“¥∑ÿπ®“°°“√·ª≈ß§à“∫—π∑÷°‡ªìπ√“¬‰¥âÀ√◊Õ§à“„™â®à“¬„π°“√¥”‡π‘πß“π¢Õßªï

°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π°”‰√µàÕÀÿâπ¢—Èπæ◊Èπ∞“π§”π«≥‚¥¬°“√À“√°”‰√ ÿ∑∏‘¥â«¬®”π«πÀÿâπ∑’Ë¡’Õ¬Ÿà„π√–À«à“ßªï∂—«‡©≈’Ë¬∂à«ßπÈ”Àπ—° (1,450,000,000 Àÿâπ „πªï 2545 ·≈– 2544)

4. √“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’√“¬°“√∫—≠™’°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡ªìπ®”π«π¡“° ‘π∑√—æ¬å Àπ’È ‘π √“¬‰¥â µâπ∑ÿπ·≈– §à“„™â®à“¬ à«π„À≠à¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡°‘¥¢÷Èπ°—∫°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π¥—ß°≈à“« °‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π‡À≈à“π’È‡°’Ë¬«¢âÕß°—π‚¥¬°“√¡’ºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ°√√¡°“√√à«¡°—π º≈¢Õß√“¬°“√¥—ß°≈à“«´÷Ëß‡ªìπ√“¬°“√ª°µ‘∏ÿ√°‘®‡ ¡◊Õπ‡ªìπ√“¬°“√∑’Ë°√–∑”°—∫∫ÿ§§≈¿“¬πÕ°‰¥â√«¡‰«â„πß∫°“√‡ß‘π·≈â«

√“¬°“√°—∫∫√‘…—∑¬àÕ¬·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π∑’Ë¡’ “√– ”§—≠ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’¥—ßµàÕ‰ªπ’È

Foreign Currency TransactionsTransactions in foreign currencies throughout the years are recordedat rates which approximate current rates prevailing at the date oftransactions. The balances of assets and liabilities denominated inforeign currencies at the balance sheet dates are translated intoBaht at the exchange rates prevailing at those dates. Gains orlosses from translation are credited or charged to operations.

Basic Earnings per ShareBasic earnings per share is determined by dividing the net incomeby the weighted average number of shares outstanding during theyears (1,450,000,000 shares in 2002 and 2001).

4. RELATED PARTY TRANSACTIONSThe Company and subsidiary companies have extensive transactionswith their related parties. A significant portion of the Companyûs andsubsidiary companiesû assets, liabilities, revenues, costs and expensesarose from transactions with said related parties. These related partiesare related through common shareholdings and/or directorships. Theeffects of these transactions, which are in the normal course ofbusiness on an armûs-length basis, are reflected in the accompanyingfinancial statements.

Significant transactions with its subsidiary and related parties for theyears ended December 31, 2002 and 2001 were as follows:

¬Õ¥§ß‡À≈◊Õ¢Õß≈Ÿ°Àπ’È·≈–‡®â“Àπ’È∫√‘…—∑¬àÕ¬·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π ≥ «—π∑’Ë31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’¥—ßµàÕ‰ªπ’È

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ≈Ÿ°Àπ’È°“√§â“¬—ßÕ¬Ÿà „π°”Àπ¥√–¬–‡«≈“°“√™”√–∑—ÈßÀ¡¥

‡ß‘π√—∫≈à«ßÀπâ“®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‰¥â·°à ¬Õ¥§ß‡À≈◊Õ¢Õß‡ß‘π√—∫≈à«ßÀπâ“®“°∫√‘…—∑¬àÕ¬ ”À√—∫ §à“∫√‘°“√‡ªìπ‡«≈“ 18 ‡¥◊Õπ ¿“¬„µâ —≠≠“°“√„Àâ∫√‘°“√ (Provision of Management Services) ≈ß«—π∑’Ë 20µÿ≈“§¡ 2543 ´÷Ëß‰¥âµ—¥®”Àπà“¬À¡¥·≈â«„π‡¥◊Õπ‡¡…“¬π 2545

Balances of receivables from and payables to subsidiary and relatedparties as at December 31, 2002 and 2001 were as follows:

As at December 31, 2002 and 2001, trade receivable from relatedparty is current.

Advance from Ratchaburi Electricity Generating Company Limitedrepresented the outstanding balance of advance received from thesubsidiary company for the management service fee for a period of18 months under the Provision of Management Services Agreementdated October 20, 2000. The balance was fully amortized in April2002.

æ—π∫“∑/In Thousand Bahtß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑Consolidated The Company Onlyπ‚¬∫“¬°“√°”Àπ¥√“§“

2545/2002 2544/2001 2545/2002 2544/2001Policy of Pricing

√“¬‰¥â/Revenues- ¢“¬ µ“¡∑’Ëµ°≈ß‰«â„π —≠≠“Sales Negotiated agreement 27,493,217 17,422,697

- ‡ß‘π™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“ µ“¡∑’Ëµ°≈ß‰«â„π —≠≠“Compensation for late Negotiated agreementtransfer of power plant 322,302 353,720

- ‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“ µ“¡∑’Ëµ°≈ß‰«â„π —≠≠“Compensation for combustion Negotiated agreementsystem improvement 132,110

- √“¬‰¥â§à“∫√‘°“√ µ“¡∑’Ëµ°≈ß‰«â„π —≠≠“Management service income Negotiated agreement 195,131 583,195

µâπ∑ÿπ·≈–§à“„™â®à“¬/Costs and Expenses- §à“πÈ”¡—π‡™◊ÈÕ‡æ≈‘ß √“§“µ≈“¥Cost of fuel oil Market price 1,064,095 6,116

- §à“‰øøÑ“ √“§“µ≈“¥Cost of electricity Market price 101,917 74,211

- §à“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“ µ“¡∑’Ëµ°≈ß‰«â„π —≠≠“Operation and Negotiated agreementmaintenance expenses 584,762 546,290

- §à“∫√‘À“√®—¥°“√√–∫∫ ‘Ëß·«¥≈âÕ¡ µ“¡∑’Ëµ°≈ß‰«â„π —≠≠“Environmental system Negotiated agreementmanagement fee 3,143 1,150

- ¥Õ°‡∫’È¬®à“¬ Õ—µ√“¥Õ°‡∫’È¬µ≈“¥Interest expense Market interest rate 103,875 58,660

æ—π∫“∑/In Thousand Bahtß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑Consolidated The Company Only

2545/2002 2544/2001 2545/2002 2544/2001

≈Ÿ°Àπ’È°“√§â“°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πTrade receivable from related party- °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand 6,409,957 2,817,005

‡ß‘π≈à«ßÀπâ“·≈–≈Ÿ°Àπ’ÈÕ◊Ëπ°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πAdvance to and other receivable from related party- °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand 20,352 185,610

‡ß‘π≈à«ßÀπâ“·°à°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πAdvance to related party- °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand 400,000 400,000

≈Ÿ°Àπ’È°“√§â“√–¬–¬“«°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πLong-term trade receivable from related party- °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand 41,643

‡ß‘π√—∫≈à«ßÀπâ“·≈–‡®â“Àπ’ÈÕ◊Ëπ∫√‘…—∑¬àÕ¬·≈–°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—πAdvance from and other payable to subsidiaryand related party- ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥Ratchaburi Electricity Generating Company Limited 194,398

- °“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬Electricity Generating Authority of Thailand 21,377 33,784 427 3

√«¡/Total 21,377 33,784 427 194,401

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«®“°°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π (À¡“¬‡Àµÿ 13)Long-term loans from related party (Note 13)- ∏π“§“√∑À“√‰∑¬ ®”°—¥ (¡À“™π)Thai Military Bank Public Company Limited 2,519,469 773,472

À—° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷ËßªïLess portion due within one year 138,118 32,551 ÿ∑∏‘/Net 2,381,351 740,921

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- - -

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- -

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7. ‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ¢Õß∫√‘…—∑¬àÕ¬ - «‘∏’ à«π‰¥â‡ ’¬

„πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“° 16,000 ≈â“π∫“∑ (·∫àß‡ªìπ 1,600,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈–10 ∫“∑) ‡ªìπ 18,275 ≈â“π∫“∑ (·∫àß‡ªìπ 1,827,500,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈–10 ∫“∑) πÕ°®“°π—Èπ ∫√‘…—∑¡’√“¬‰¥â‡ß‘πªíπº≈®“°∫√‘…—∑¬àÕ¬¥—ß°≈à“«®”π«π‡ß‘π 3,887.9 ≈â“π∫“∑ ÷Ëßª√–°Õ∫¥â«¬‡ß‘πªíπº≈ª√–®”ªï 2544 ®”π«π‡ß‘π 2,687.9 ≈â“π∫“∑ ·≈–‡ß‘πªíπº≈√–À«à“ß°“≈ªï 2545 ®”π«π‡ß‘π 1,200≈â“π∫“∑

8. ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π - √“§“∑ÿπµ—¥®”Àπà“¬

7. INVESTMENTS IN SHARES OF SUBSIDIARYCOMPANIES - At Equity Method

In 2002, Ratchaburi Electricity Generating Company Limited, asubsidiary company, increased authorized share capital from Baht16,000 million (divided into 1,600,000,000 shares at Baht 10 parvalue) to Baht 18,275 million (divided into 1,827,500,000 shares atBaht 10 par value). Moreover, the Company had dividend incomefrom such subsidiary company of Baht 3,887.9 million, which comprisedof 2001 annual dividend of Baht 2,687.9 million and 2002 interimdividend of Baht 1,200 million.

8. LONG-TERM INVESTMENTS IN BILLS OFEXCHANGE - At Amortized Cost

‡ß‘π≈à«ßÀπâ“·°à°“√‰øøÑ“ΩÉ“¬º≈‘µ·Ààßª√–‡∑»‰∑¬ (°øº.) ‰¥â·°à ‡ß‘π®à“¬≈à«ßÀπâ“ ”À√—∫√–∫∫¢π àßπÈ”¡—π‡µ“®”π«π‡ß‘π 400 ≈â“π∫“∑ ( ÷Ëß‡ªìπ à«πÀπ÷Ëß¢Õß√“§“∑√—æ¬å ‘π∑—Èß ‘Èπ®”π«π‡ß‘π√«¡ 30,472 ≈â“π∫“∑ ‚¥¬‰¥â¡’°“√‚Õπ·≈â«‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543) ∑—Èßπ’È °øº. ¬—ß‰¡à∑”°“√°àÕ √â“ß„Àâ·°à∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ Õ¬à“ß‰√°Áµ“¡ °øº. ‰¥â¥”‡π‘π°“√®—¥À“∑’Ë¥‘π·≈–®â“ß∑’Ëª√÷°…“‡æ◊ËÕ»÷°…“º≈°√–∑∫ ‘Ëß·«¥≈âÕ¡‡√’¬∫√âÕ¬·≈â« ·≈–°”≈—ß§—¥‡≈◊Õ°ºŸâ√—∫‡À¡“°àÕ √â“ß‡æ◊ËÕ°àÕ √â“ß√–∫∫¢π àßπÈ”¡—π‡µ“„Àâ·≈â«‡ √Á®·≈– àß¡Õ∫„Àâ·°à∫√‘…—∑¬àÕ¬µàÕ‰ª

5. ‘π∑√—æ¬å∑’Ë®”π”À√◊Õ®”πÕß‰«â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‘π∑√—æ¬åµàÕ‰ªπ’È¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â®”π”À√◊Õ ®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π ‘π‡™◊ËÕ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 8, 9, 10 ·≈– 13

°) ‡ß‘πΩ“° ∂“∫—π°“√‡ß‘π®”π«π‡ß‘π√«¡ 85.6 ≈â“π∫“∑¢) ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î« —≠≠“„™â‡ß‘π®”π«π‡ß‘π√«¡ 1,503.5 ≈â“π∫“∑§) ‡ß‘π≈ß∑ÿπ√–¬– —Èπ„πµ—Î«·≈°‡ß‘π®”π«π‡ß‘π√«¡ 1,706.7 ≈â“π∫“∑ß) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î« —≠≠“„™â‡ß‘π®”π«π‡ß‘π√«¡ 531.8 ≈â“π∫“∑®) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π®”π«π‡ß‘π√«¡ 672.5 ≈â“π∫“∑©) ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ®”π«π‡ß‘π√«¡ 343.8 ≈â“π∫“∑™) ∑’Ë¥‘π ‚√ß‰øøÑ“ Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ß∑—ÈßÀ¡¥ ÷Ëß¡’¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ®”π«π‡ß‘π√«¡ 52,705.6 ≈â“π∫“∑

6. «— ¥ÿ§ß‡À≈◊Õ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 «— ¥ÿ§ß‡À≈◊Õ¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¡’¥—ßµàÕ‰ªπ’È

Advance to Electricity Generating Authority of Thailand (EGAT)represented advance payment for the fuel oil handling systemamounting to Baht 400 million (a part of the assets totalling Baht30,472 million that were transferred on October 31, 2000). EGAT hasnot constructed the project for Ratchaburi Electricity GeneratingCompany Limited a subsidiary company. However EGAT has alreadyacquire land, and hired consultant for conducting a study ofenvironment impact evaluation, and is selecting construction contractor,in order to construct the fuel oil handling system and hand over tothe subsidiary company.

5. ASSETS PLEDGED/MORTGAGED AS COLLATERALSAs at December 31, 2002, the following assets of Ratchaburi ElectricityGenerating Company Limited, a subsidiary company, are eitherpledged or mortgaged as collaterals for long-term loan credit facilitiesas discussed in Notes 8, 9, 10 and 13.

a) Deposits at financial institutions totalling Baht 85.6 millionb) Short-term investments in promissory notes totalling Baht 1,503.5 million.c) Short-term investments in bills of exchange totalling Baht 1,706.7 million.d) Long-term investments in promissory notes totalling Baht 531.8 million.e) Long-term investments in bills of exchange totalling Baht 672.5 million.f ) Long-term investments in debentures totalling Baht 343.8 million.g) All of the land, power plant, buildings and structures with net book

value as at December 31, 2002 totalling Baht 52,705.6 million.

6. SUPPLIESAs at December 31, 2002 and 2001, supplies of Ratchaburi ElectricityGenerating Company Limited, a subsidiary company, consisted of:

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ º≈‘µ‰øøÑ“ ∂◊ÕÀÿâπRatchaburi Electricity Generating Electricity Shareholding 100 18,275,000 16,000,000 21,891,026 18,829,329Co., Ltd. Generating

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ≈ß∑ÿπ ∂◊ÕÀÿâπRatchaburi Energy Co., Ltd. Investment Shareholding 100 10,000 10,000 5,263 9,588

√«¡Total 21,896,289 18,838,917

à«π∑’Ë‰¡à‰¥â§È”ª√–°—π/Non-Pledged

µ—Î«·≈°‡ß‘πBill of exchange 10,000 10,000 10,000 10,000À—° ¥Õ°‡∫’È¬√Õµ—¥∫—≠™’Less deferred interest 26 460 26 460

9,974 9,540 9,974 9,540À—° à«π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷ËßªïLess portion due within one year 9,974 9,974 ÿ∑∏‘/Net 9,540 9,540

à«π∑’Ë§È”ª√–°—π/Pledged

µ—Î«·≈°‡ß‘πBills of exchange 695,000 48,000À—° ¥Õ°‡∫’È¬√Õµ—¥∫—≠™’Less deferred interest 22,519 4,054

672,481 43,946À—° à«π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷ËßªïLess portion due within one year 46,903 ÿ∑∏‘/Net 625,578 43,946

Õ–‰À≈à‚√ß‰øøÑ“Spare parts of power plant 864,505 560,673πÈ”¡—π‡™◊ÈÕ‡æ≈‘ßFuel oil 414,012 233,189Õ–‰À≈à√–À«à“ß∑“ßSpare parts in transit 92,445

√«¡/Total 1,370,962 793,862


2545/2002 2544/2001 2545/2002 2544/2001


ª√–‡¿∑ ≈—°…≥– ∂◊ÕÀÿâπ √“§“∑ÿπ √“§“µ“¡«‘∏’ à«π‰¥â‡ ’¬¢Õß∏ÿ√°‘® §«“¡ —¡æ—π∏å √âÕ¬≈– Cost Value Equity ValueType of Type of PercentageBusiness Relation of Ownership 2545/2002 2544/2001 2545/2002 2544/2001


2545/2002 2544/2001 2545/2002 2544/2001

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æ—π∫“∑/In Thousand Baht

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10.∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 10.PROPERTY, PLANT AND EQUIPMENT - Net

ß∫°“√‡ß‘π√«¡/Consolidated¬Õ¥§ß‡À≈◊Õ ¬Õ¥§ß‡À≈◊Õ

≥ «—π∑’Ë 1 ¡°√“§¡ 2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545Balance as at Addition Deduction Balance as at

January 1, 2002 December 31, 2002

√“§“∑ÿπ/At Cost∑’Ë¥‘πLand 720,974 - - 720,974‚√ß‰øøÑ“Power plant 28,108,234 21,098,094 - 49,206,328Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä Equipment for CombinedCycle Power Plant - 5,465,856 - 5,465,856Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ßBuildings and structures 470,231 303 - 470,534‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“πFurniture, fixtures and office equipment 92,469 9,165 - 101,634¬“πæ“Àπ–Vehicles 28,908 12,650 - 41,558Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä √–À«à“ß∑“ßEquipment for Combined CyclePower Plant in transit - 463,293 - 463,293‡§√◊ËÕß®—°√√–À«à“ßµ‘¥µ—ÈßMachinery under installation 11,192 866 - 12,058

√«¡√“§“∑ÿπ/Total Cost 29,432,008 27,050,227 - 56,482,235

§à“‡ ◊ËÕ¡√“§“ – ¡Accumulated Depreciation‚√ß‰øøÑ“Power plant 1,334,478 1,596,847 - 2,931,325Õÿª°√≥å ”À√—∫‚√ß‰øøÑ“°—ßÀ—π·°ä Equipment for Combined Cycle Power Plant - 175,243 - 175,243Õ“§“√·≈– ‘Ëßª≈Ÿ° √â“ßBuildings and structures 27,546 24,025 - 51,571‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“πFurniture, fixtures and office equipment 11,830 19,193 - 31,023¬“πæ“Àπ–Vehicles 7,538 6,420 - 13,958√«¡§à“‡ ◊ËÕ¡√“§“ – ¡Total Accumulated Depreciation 1,381,392 1,821,728 - 3,203,120 ÿ∑∏‘/Net 28,050,616 53,279,115


‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π à«π∑’Ë‰¡à‰¥â§È”ª√–°—π¥—ß°≈à“«¢Õß∫√‘…—∑‚¥¬ ∂“∫—π°“√‡ß‘π„πª√–‡∑» ·ÀàßÀπ÷Ëß ÷ËßºŸâ∫√‘À“√µ—Èß„®®–∂◊Õ‰«â®π§√∫°”Àπ¥ µ—Î«·≈°‡ß‘ππ’È¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.75 µàÕªï ·≈–¡’°”Àπ¥‰∂à∂Õπ§◊π„π«—π∑’Ë 23 ¡°√“§¡ 2546

‡ß‘π≈ß∑ÿπ√–¬–¬“«„πµ—Î«·≈°‡ß‘π à«π∑’Ë§È”ª√–°—π¥—ß°≈à“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ÕÕ°‚¥¬ ∂“∫—π°“√‡ß‘π„πª√–‡∑» “¡·Ààß´÷ËßºŸâ∫√‘À“√µ—Èß„®®–∂◊Õ‰«â®π§√∫°”Àπ¥ µ—Î«·≈°‡ß‘π‡À≈à“π’È¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 3 ∂÷ß√âÕ¬≈– 4.625 µàÕªï ·≈–¡’°”Àπ¥‰∂à∂Õπ§◊π„π«—π∑’Ë·µ°µà“ß°—πµ—Èß·µà‡¥◊Õπ°√°Æ“§¡ 2546 ∂÷ß‡¥◊Õπæƒ»®‘°“¬π 2550

‡ß‘π≈ß∑ÿπ„πµ—Î«·≈°‡ß‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«¢â“ßµâπ‰¥â„™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 5 ·≈– 13

9. ‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ∑’Ë®–∂◊Õ®π§√∫°”Àπ¥ - √“§“∑ÿπµ—¥®”Àπà“¬

‡ß‘π≈ß∑ÿπ√–¬–¬“«„πÀÿâπ°Ÿâ¥—ß°≈à“«¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ÕÕ°‚¥¬∫√‘…—∑„πª√–‡∑» Õß·Ààß ´÷ËßºŸâ∫√‘À“√µ—Èß„®®–∂◊Õ‰«â®π§√∫°”Àπ¥ Àÿâπ°Ÿâπ’È¡’Õ—µ√“¥Õ°‡∫’È¬∑’Ë°”Àπ¥‰«â√âÕ¬≈– 3.65 ∂÷ß√âÕ¬≈–11.5625 µàÕªï (Õ—µ√“¥Õ°‡∫’È¬∑’Ë·∑â®√‘ß√âÕ¬≈– 3.39 ∂÷ß√âÕ¬≈– 4.89 µàÕªï)·≈–¡’°”Àπ¥‰∂à∂Õπ§◊π„π«—π∑’Ë·µ°µà“ß°—πµ—Èß·µà‡¥◊Õπ°—π¬“¬π 2545 ∂÷ß‡¥◊Õπ¡‘∂ÿπ“¬π 2554

‡ß‘π≈ß∑ÿπ„πÀÿâπ°Ÿâ¥—ß°≈à“«¢â“ßµâπ‰¥â „™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 5 ·≈– 13

Long-term investment in the Companyûs non-pledged bill of exchangewas issued by a local financial institution which management intendsto hold to maturity. This bill of exchange bears interest at the rateof 4.75% per annum and is redeemable on January 23, 2003.

Long-term investments in pledged bills of exchange of RatchaburiElectricity Generating Company Limited, a subsidiary company, wereissued by three local financial institutions, which management intendsto hold to maturity. These bills of exchange bear interest at the rateof 3% to 4.625% per annum and are redeemable on the varyingdates from July 2003 to November 2007.

The above investments in bills of exchange of subsidiary companyare pledged as collateral for long-term loans as discussed in Notes5 and 13.

9. LONG-TERM INVESTMENTS IN HELD-TO-MATURITYDEBENTURES - At Amortized Cost

Long-term investments in debentures of Ratchaburi ElectricityGenerating Company Limited, a subsidiary company, were issuedby two local companies, which management intends to hold to maturity.These debentures bear interest at the coupon rate of 3.65% to11.5625% per annum (effective rate of 3.39% to 4.89% per annum)and are redeemable on the varying dates from September 2002 toJune 2011.

The above investments in debentures are pledged as collaterals forlong-term loans as discussed in Notes 5 and 13.

Àÿâπ°Ÿâ/Debentures- §√∫°”Àπ¥‰¡à‡°‘π 1 ªï

Due within 1 year 21,123 10,000 - -- §√∫°”Àπ¥¡“°°«à“ 1 ªï ∂÷ß 5 ªï

Due over 1 year to 5 years 305,998 70,000 - -- §√∫°”Àπ¥¡“°°«à“ 5 ªï ¢÷Èπ‰ª

Due over 5 years 7,984 - - -

√«¡/Total 335,105 80,000 - -

∫«° (À—°) ¥Õ°‡∫’È¬√Õµ—¥®à“¬Add (Less) deferred interest 8,741 756 - -

343,846 79,244 - -À—° à«π∑’Ë§√∫°”Àπ¥‰¥â√—∫™”√–¿“¬„πÀπ÷Ëßªï- ÿ∑∏‘®“°¥Õ°‡∫’È¬√Õµ—¥®à“¬Less portion due within one year- net of deferred interest 21,696 9,706 - -

ÿ∑∏‘/Net 322,150 69,538 - -


2545/2002 2544/2001 2545/2002 2544/2001

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As discussed in Note 17 a, in 2002, the titte of the Combined CycleGenerating units of Ratchaburi Power Plant was transferred fromEGAT to Ratchaburi Electricity Generating Co., Ltd., a subsidiarycompany, for Blocks 1, 2 and 3 with payment totaling Baht 26,300million.

Depreciation, which was charged to the statements of income of theCompany only, for the years ended December 31, 2002 and 2001amounted to Baht 19.7 million and Baht 12.7 million, respectively.Depreciation, which was charged to the consolidated statements ofincome, for the years ended December 31, 2002 and 2001 amountedto Baht 1,821.7 million and Baht 1,182.1 million, respectively.

All of a subsidiary companyûs land, power plant, buildings andstructures, which have net book value as at December 31, 2002totalling Baht 52,705.6 million, are mortgaged as collateral for long-term loans as discussed in Notes 5 and 13.

11.DEFERRED LOAN FEES

µ“¡∑’Ë°≈à“«„πÀ¡“¬‡Àµÿ 17 °. „πªï 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â√—∫‚Õπ°√√¡ ‘∑∏‘Ï „π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1, 2 ·≈– 3 ‚¥¬°“√®à“¬‡ß‘π„Àâ·°à °øº. ®”π«π‡ß‘π√«¡ 26,300 ≈â“π∫“∑

§à“‡ ◊ËÕ¡√“§“∑’Ë∫—π∑÷°‰«â„πß∫°”‰√¢“¥∑ÿπ‡©æ“–∫√‘…—∑ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 19.7 ≈â“π∫“∑ ·≈– 12.7≈â“π∫“∑ µ“¡≈”¥—∫ §à“‡ ◊ËÕ¡√“§“´÷Ëß∫—π∑÷°‰«â„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 1,821.7≈â“π∫“∑ ·≈– 1,182.1 ≈â“π∫“∑ µ“¡≈”¥—∫

∑’Ë¥‘π ‚√ß‰øøÑ“ Õ“§“√ ·≈– ‘Ëßª≈Ÿ° √â“ß∑—ÈßÀ¡¥¢Õß∫√‘…—∑¬àÕ¬ ´÷Ëß¡’¡Ÿ≈§à“µ“¡∫—≠™’ ÿ∑∏‘ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ‡ªìπ®”π«π‡ß‘π√«¡ 52,705.6≈â“π∫“∑ ‰¥â®”πÕß‡æ◊ËÕ„™â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡√–¬–¬“«µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 5 ·≈– 13

11.§à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’

On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd., asubsidiary company, recognized up-front fee and debt arrangementfee of Baht 44,000 million of loan, amounting to Baht 550 millionand Baht 202.4 million, respectively as deferred expense and amortizedover the term of the credit agreement of 14 years.

12. INCOME TAX

The deferred income tax for the year 2001 pertained to temporarydifference of tax loss carryforwards.

13.LONG-TERM LOANS

Ratchaburi Electricity Generating Co., Ltd., a subsidiary company,entered into long-term loan agreement in Thai Baht with severalbanks and financial institutions to borrow credit facilities of Baht44,000 million on October 9, 2000. The loans consist of:

a) Long-term loan of Baht 42,500 million (Tranche A) is for thepurchase of the Thermal Power Plant Units 1 and 2 andCombined Cycle Plant Blocks 1-3. It is subject to floatinginterest rate at the average Minimum Lending Rate (MLR) of 4Banks, consisting of Krung Thai Bank PCL., Siam CommercialBank PCL., Bangkok Bank PCL. and Bank of Ayudhya PCL.

‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬∫—π∑÷°§à“∏√√¡‡π’¬¡‡ß‘π°Ÿâ·≈–§à“∏√√¡‡π’¬¡ °“√®—¥À“‡ß‘π°Ÿâ¢Õß«ß‡ß‘π°Ÿâ√–¬–¬“« 44,000 ≈â“π∫“∑ ‡ªìπ‡ß‘π 550 ≈â“π∫“∑ ·≈– 202.4 ≈â“π∫“∑µ“¡≈”¥—∫ ‡ªìπ√“¬®à“¬√Õ°“√µ—¥∫—≠™’·≈–µ—¥®à“¬µ“¡Õ“¬ÿ —≠≠“‡ß‘π°Ÿâ√–¬–¬“«‡ªìπ‡«≈“ 14 ªï

12.¿“…’‡ß‘π‰¥â

¿“…’‡ß‘π‰¥â√Õµ—¥∫—≠™’ ”À√—∫ªï 2544 ‡°‘¥®“°§«“¡·µ°µà“ß™—Ë«§√“«„π°“√∫—π∑÷°¢“¥∑ÿπ – ¡∑“ß¿“…’¬°¡“

13. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“‡ß‘π°Ÿâ °ÿ≈‡ß‘π∫“∑°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 «ß‡ß‘π44,000 ≈â“π∫“∑ «ß‡ß‘π°Ÿâ¥—ß°≈à“«ª√–°Õ∫¥â«¬

°) ‡ß‘π°Ÿâ√–¬–¬“« ”À√—∫´◊ÈÕ‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√“™∫ÿ√’ ‡§√◊ËÕß∑’Ë 1 ·≈–2 ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë 1-3 (Tranche A)®”π«π 42,500 ≈â“π∫“∑ ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«‡∑à“°—∫§à“‡©≈’Ë¬¢Õß Minimum Lending Rate (MLR) ¢Õß 4 ∏π“§“√‰¥â·°à∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π)∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“ ®”°—¥(¡À“™π)


2545/2002 2544/2001 2545/2002 2544/2001§à“∏√√¡‡π’¬¡‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’Deferred up-front fee 464,881 504,167 - -§à“∏√√¡‡π’¬¡°“√®—¥À“‡ß‘π°Ÿâ√Õ°“√µ—¥∫—≠™’Deferred debt arrangement fee 171,076 185,533 - -

√«¡/Total 635,957 689,700 - -

‡ß‘π°Ÿâ√–¬–¬“«Long-term loans 2,519,469 38,374,129 773,472 17,489,065À—° à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷ËßªïLess portion due within one year 138,118 2,103,788 32,551 736,009

ÿ∑∏‘Net 2,381,351 36,270,341 740,921 16,753,056

æ—π∫“∑/In Thousand Baht2545/2002 2544/2001

°‘®°“√ ∂“∫—π °‘®°“√ ∂“∫—π∑’Ë‡°’Ë¬«¢âÕß°—π °“√‡ß‘πÕ◊Ëπ ∑’Ë‡°’Ë¬«¢âÕß°—π °“√‡ß‘πÕ◊ËπRelated Party Other Financial Related Party Other Financial

Institutions Institutions

√“§“∑ÿπ/At Cost‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“πFurniture, fixtures and office equipment 77,931 3,253 - 81,184¬“πæ“Àπ–Vehicles 17,553 2,412 - 19,965

√«¡√“§“∑ÿπ/Total Cost 95,484 5,665 - 101,149

§à“‡ ◊ËÕ¡√“§“ – ¡Accumulated Depreciation‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß·≈–‡§√◊ËÕß„™â ”π—°ß“πFurniture, fixtures and office equipment 9,311 15,835 - 25,146¬“πæ“Àπ–Vehicles 4,698 3,852 - 8,550√«¡§à“‡ ◊ËÕ¡√“§“ – ¡Total Accumulated Depreciation 14,009 19,687 - 33,696

ÿ∑∏‘/Net 81,475 67,453

ß∫°“√‡ß‘π√«¡/Consolidated¬Õ¥§ß‡À≈◊Õ ¬Õ¥§ß‡À≈◊Õ

≥ «—π∑’Ë 1 ¡°√“§¡ 2545 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545Balance as at Addition Deduction Balance as at

January 1, 2002 December 31, 2002

¿“…’‡ß‘π‰¥â ”À√—∫ªï (∑“ß¿“…’)Current income tax for the year (tax base) 202,929 228,968 20,241 99,184∫«° ¿“…’‡ß‘π‰¥â√Õµ—¥∫—≠™’Add deferred income tax - 59,481 - 48,535¿“…’‡ß‘π‰¥â (∑“ß∫—≠™’)Income tax (Accounting base) 202,929 288,449 20,241 147,719


2545/2002 2544/2001 2545/2002 2544/2001


( ) ( ) ( ) ( )



‡¡◊ËÕ«—π∑’Ë 31 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π°Ÿâ‡√‘Ë¡µâπ®“° Tranche A1 ®”π«π‡ß‘π 18,475≈â“π∫“∑ ‡ß‘π°Ÿâπ’È¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬ 3 ‡¥◊Õπ √«¡ 53ß«¥ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 28 °—π¬“¬π 2544 ·≈–¡’°”Àπ¥™”√–¥Õ°‡∫’È¬‡ªìπ√“¬‡¥◊Õπ ‡¡◊ËÕ«—π∑’Ë 18 ‡¡…“¬π 2545 ∫√‘…—∑¬àÕ¬‰¥â‡∫‘°‡ß‘π°Ÿâ§√—Èß∑’Ë Õß®“° Tranche A2 ®”π«π‡ß‘π 18,716 ≈â“π∫“∑ ‡ß‘π°Ÿâπ’È¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬ 3 ‡¥◊Õπ √«¡ 52 ß«¥ ‡√‘Ë¡µ—Èß·µà«—π∑’Ë 28 ¡‘∂ÿπ“¬π 2545 ·≈–¡’°”Àπ¥™”√–¥Õ°‡∫’È¬‡ªìπ√“¬‡¥◊Õπ·≈–‡¡◊ËÕ«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ∫√‘…—∑‰¥â‡∫‘°‡ß‘π°Ÿâ§√—Èß ÿ¥∑â“¬®“°Tranche A3 ®”π«π‡ß‘π 5,246.5 ≈â“π∫“∑ ‡ß‘π°Ÿâ¬◊¡π’È¡’°”Àπ¥™”√–§◊π‡ß‘πµâπ‡ªìπ√“¬ 3 ‡¥◊Õπ√«¡ 49 ß«¥‡√‘Ë¡µ—Èß·µà«—π∑’Ë 31 ∏—π«“§¡2545 ·≈–¡’°”Àπ¥™”√–¥Õ°‡∫’È¬‡ªìπ√“¬‡¥◊Õπ ∑—Èßπ’È ∫√‘…—∑‰¥â„™â‡ß‘π‰¥â®“°°“√¥”‡π‘πß“π¢Õß∫√‘…—∑®”π«π 62.5 ≈â“π∫“∑ ∑¥·∑π‡ß‘π°Ÿâ Tranche A3 ∑’Ë‡∫‘°‰¥â‰¡à§√∫«ß‡ß‘π°Ÿâ

‡¡◊ËÕ«—π∑’Ë 20 ¡‘∂ÿπ“¬π 2545 ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“·°â‰¢ —≠≠“‡ß‘π°Ÿâ°—∫∏π“§“√·≈– ∂“∫—π°“√‡ß‘πÀ≈“¬·Ààß„π à«π¢Õß«ß‡ß‘π°Ÿâ√–¬–¬“« ”À√—∫´◊ÈÕ‚√ß‰øøÑ“®”π«π‡ß‘π 42,500 ≈â“π∫“∑ ‡æ◊ËÕª√—∫≈¥Õ—µ√“¥Õ°‡∫’È¬‡ªìπÕ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—«‡∑à“°—∫§à“‡©≈’Ë¬¢ÕßMinimum Lending Rate (MLR) ¢Õß∏π“§“√„πª√–‡∑» 4 ·Ààß≈∫¥â«¬ √âÕ¬≈– 1.50 ”À√—∫√–¬–‡«≈“µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2545∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2548 ≈∫¥â«¬√âÕ¬≈– 1.125 ”À√—∫√–¬–‡«≈“µ—Èß·µà«—π∑’Ë 1 °√°Æ“§¡ 2548 ∂÷ß«—π∑’Ë 30 ¡‘∂ÿπ“¬π 2551 ·≈–‰¡à¡’ à«π≈∫¥Õ°‡∫’È¬ ”À√—∫√–¬–‡«≈“∑’Ë‡À≈◊Õ

¢) ‡ß‘π°Ÿâ¬◊¡√–¬–¬“« ”À√—∫„™â®à“¬‡ªìπ‡ß‘π≈ß∑ÿπÀ¡ÿπ‡«’¬π (Tranche B)®”π«π 1,500 ≈â“π∫“∑ Õ—µ√“¥Õ°‡∫’È¬·∫∫≈Õ¬µ—«‡∑à“°—∫§à“‡©≈’Ë¬¢Õß Minimum Overdraft Rate (MOR) ¢Õß 4 ∏π“§“√ ‰¥â·°à∏π“§“√°√ÿß‰∑¬ ®”°—¥ (¡À“™π) ∏π“§“√‰∑¬æ“≥‘™¬å ®”°—¥ (¡À“™π)∏π“§“√°√ÿß‡∑æ ®”°—¥ (¡À“™π) ·≈–∏π“§“√°√ÿß»√’Õ¬ÿ∏¬“ ®”°—¥(¡À“™π) ‚¥¬∫√‘…—∑¬àÕ¬¡’ ‘∑∏‘®–‡∫‘°„™â‡ß‘π°Ÿâ „π√–¬–‡«≈“ 1 ‡¥◊Õπ2 ‡¥◊Õπ À√◊Õ 3 ‡¥◊Õπ °”Àπ¥™”√–§◊π‡ß‘π°Ÿâµ“¡√–¬–‡«≈“¥—ß°≈à“«·≈–™”√–¥Õ°‡∫’È¬‡ªìπ√“¬‡¥◊Õπ Õ¬à“ß‰√°Áµ“¡ ‡¡◊ËÕ«—π∑’Ë 22 °√°Æ“§¡2545 ∫√‘…—∑¬àÕ¬‰¥â¢Õ¬°‡≈‘°«ß‡ß‘π°Ÿâ¬◊¡ Tranche B ®“°ºŸâ „Àâ°Ÿâ

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«§È”ª√–°—π‚¥¬ ‘π∑√—æ¬å∑’Ë®”π”À√◊Õ®”πÕß‰«â‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—πµ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿ 5, 8, 9 ·≈– 10

14. ”√Õßµ“¡°ÆÀ¡“¬µ“¡æ√–√“™∫—≠≠—µ‘∫√‘…—∑¡À“™π ®”°—¥ æ.». 2535 ∫√‘…—∑µâÕß®—¥ √√∑ÿπ ”√Õß‰¡àπâÕ¬°«à“√âÕ¬≈– 5 ¢Õß°”‰√ ÿ∑∏‘ª√–®”ªï ÿ∑∏‘®“°¢“¥∑ÿπ – ¡¬°¡“ (∂â“¡’) ®π°«à“∑ÿπ ”√Õßµ“¡π’È®–¡’‰¡àπâÕ¬°«à“√âÕ¬≈– 10 ¢Õß∑ÿπ®¥∑–‡∫’¬π ∑ÿπ ”√Õßπ’È®–π”‰ª®à“¬‡ªìπ‡ß‘πªíπº≈‰¡à‰¥â

On October 31, 2000, the Ratchaburi Electricity GeneratingCo., Ltd., a subsidiary company, made the initial drawdownfrom Tranche A1 loan for the amount of Baht 18,475 million.The principal is repayable in 53 quarterly installmentscommencing from September 28, 2001 and interest is payablemonthly. On April 18, 2002, the subsidiary company madethe second drawdown from Tranche A2 loan for the amountof Baht 18,716 million. The principal is repayable in 52quarterly installments commencing from June 28, 2002 andinterest is payable monthly. And on November 1, 2002, thesubsidiary company made the final drawdown from TrancheA3 loan for the amount of Baht 5,246.5 million. The principalis repayable in 49 quarterly installments commencing fromDecember 31, 2002 and interest is payable monthly. Thesubsidiary company used its cash from operations of Baht62.5 million compensating an undrawdown portion of TrancheA3 loan.

On June 20, 2002, the subsidiary company entered into loanamendment agreement with several banks and financialinstitutions covering long-term loan for purchase of PowerPlant of Baht 42,500 million to reduce interest rate to floatinginterest rate at the average Minimum Lending Rate (MLR)of four local banks minus 1.50% for the period from July 1,2002 to June 30, 2005, minus 1.125% for the period fromJuly 1, 2005 to June 30, 2008, and without reduction ofinterest for the remaining period.

b) Long-term loan of Baht 1,500 million (Tranche B) is forworking capital. It is subject to floating interest rate at MinimumOverdraft Rate (MOR) of 4 Banks, consisting of Krung ThaiBank PCL., Siam Commercial Bank PCL., Bangkok BankPCL., and Bank of Ayudhya PCL.. The subsidiary companyhas the right to select terms of loan either 1, 2, or 3 months,which principal repayment would be in line with the loanterms with monthly interest payment. However, on July 22,2002, the subsidiary company cancelled Tranche B creditfacilities from lenders.

Long-term loans are secured by assets pledged/mortgaged as collateralas discussed in Notes 5, 8, 9 and 10.

14.LEGAL RESERVEUnder the provisions of the Limited Public Companies Act B.E.2535, the Company is required to appropriate at least 5% of itsannual net income (after deduction of the deficit brought forward, ifany) until the reserve reaches 10% of the Companyûs authorizedshare capital. The reserve is not available for dividend distribution.

15. ‡ß‘π ¥ªíπº≈„π∑’Ëª√–™ÿ¡ “¡—≠ª√–®”ªï¢ÕßºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 22 ‡¡…“¬π 2545 ºŸâ∂◊ÕÀÿâπ∫√‘…—∑‰¥âÕπÿ¡—µ‘„Àâ®à“¬‡ß‘πªíπº≈®”π«π ‡ß‘π√«¡ 1,450 ≈â“π∫“∑ (Àÿâπ≈–1 ∫“∑) æ√âÕ¡®—¥ √√∑ÿπ ”√Õßµ“¡°ÆÀ¡“¬‡ªìπ‡ß‘πª√–¡“≥ 155.9 ≈â“π∫“∑ ®“°°”‰√ ÿ∑∏‘ªï 2544 ‡ß‘πªíπº≈¥—ß°≈à“«‰¥â®à“¬·≈â«„π«—π∑’Ë 10æƒ…¿“§¡ 2545

16. ‘∑∏‘æ‘‡»…∑’Ë‰¥â√—∫®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â√—∫ ‘∑∏‘æ‘‡»…®“°°“√ àß‡ √‘¡°“√≈ß∑ÿπµ“¡æ√–√“™∫—≠≠—µ‘ àß‡ √‘¡°“√≈ß∑ÿπ æ.». 2520 ‘∑∏‘æ‘‡»…‚¥¬ —ß‡¢ª¡’¥—ßπ’È§◊Õ ‰¥â√—∫¬°‡«âπ¿“…’‡ß‘π‰¥âπ‘µ‘∫ÿ§§≈ ”À√—∫°”‰√ ÿ∑∏‘‡ªìπ√–¬–‡«≈“ 8 ªï π—∫·µà«—π∑’Ë‡√‘Ë¡¥”‡π‘πæ“≥‘™¬°‘® («—π∑’Ë 31 µÿ≈“§¡2543 ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ ·≈–«—π∑’Ë 18 ‡¡…“¬π 2545 ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡)

√“¬‰¥â¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ®”·π°µ“¡°‘®°“√∑’Ë‰¥â√—∫°“√ àß‡ √‘¡·≈–°‘®°“√∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡¡’¥—ßπ’È

„π∞“π–‡ªìπ∫√‘…—∑∑’Ë‰¥â√—∫°“√ àß‡ √‘¡°“√≈ß∑ÿπ‡æ◊ËÕ°“√Õÿµ “À°√√¡ ∫√‘…—∑¬àÕ¬µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ°”Àπ¥µà“ßÊ ∑’Ë°”Àπ¥„π∫—µ√ àß‡ √‘¡°“√≈ß∑ÿπ

15.CASH DIVIDENDSAt the annual general shareholdersû meeting held on April 22, 2002,the shareholders approved to pay cash dividends totalling Baht 1,450million (Baht 1 per share) and legal reserve of approximately Baht155.9 million out of 2001 earnings. Such dividends were paid onMay 10, 2002.

16.PROMOTIONAL PRIVILEGESBy virtue of the provisions of the Industrial Investment PromotionalAct B.E. 2520, Ratchaburi Electricity Generating Co., Ltd., a subsidiarycompany, was granted certain privileges which included amongothers, the exemption from payment of income tax for a period of 8 yearsfrom the start of commercial operations (October 31, 2000 for theThermal Generating Power Plant and April 18, 2002 for the CombinedCycle Generating Power Plant).

The revenues of Ratchaburi Electricity Generating Co., Ltd., a subsidiarycompany, for the years ended December 31, 2002 and 2001 aredivided into promoted and non-promoted businesses as follows:

As a promoted company, the subsidiary company must comply withcertain terms and conditions provided for in the promotional certificate.

√“¬‰¥â/REVENUES¢“¬ ÿ∑∏‘Net sales 27,493,217 27,493,217 17,422,697 17,422,697¥Õ°‡∫’È¬√—∫Interest income 507 147,973 148,480 860 105,023 105,883√“¬‰¥â™¥‡™¬®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“Compensation for latetransfer of power plant 322,302 322,302 353,720 353,720√“¬‰¥â‡ß‘π™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“Compensation for combustionsystem improvement 132,110 132,110√“¬‰¥âÕ◊ËπOther income 27,216 5,310 32,526 332 10,249 10,581

√«¡√“¬‰¥âTotal Revenues 27,520,940 607,695 28,128,635 17,423,889 468,992 17,892,881

æ—π∫“∑/In Thousand Baht2545/2002 2544/2001

°‘®°√√¡∑’Ë‰¥â√—∫ °‘®°√√¡∑’Ë‰¡à‰¥â√—∫ °‘®°√√¡∑’Ë‰¥â√—∫ °‘®°√√¡∑’Ë‰¡à‰¥â√—∫°“√ àß‡ √‘¡ °“√ àß‡ √‘¡ √«¡ °“√ àß‡ √‘¡ °“√ àß‡ √‘¡ √«¡Promoted Non-Promoted Total Promoted Non-Promoted TotalBusiness Business Business Business

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17. —≠≠“°. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ

∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬‚√ß‰øøÑ“ æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’™ÿ¥∑’Ë1, 2 ·≈– 3 °—∫ °øº. „π√“§“µ≈“¥´÷Ëßª√–‡¡‘π√“§“‚¥¬ºŸâª√–‡¡‘π√“§“Õ‘ √– ‡ªìπ‡ß‘π 26,300 ≈â“π∫“∑ ∫√‘…—∑¬àÕ¬‰¥â√—∫‚Õπ°√√¡ ‘∑∏‘Ï„π‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’¥—ß°≈à“««—π∑’Ë 18 ‡¡…“¬π 2545( ”À√—∫™ÿ¥∑’Ë 1 ·≈– 2) ·≈–«—π∑’Ë 1 æƒ»®‘°“¬π 2545 ( ”À√—∫™ÿ¥∑’Ë 3)

‡π◊ËÕß®“° °øº. ‰¡à “¡“√∂ àß¡Õ∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 12 ·≈– 3 ¥—ß°≈à“«„Àâ·°à∫√‘…—∑¬àÕ¬‰¥âµ“¡‡«≈“∑’Ë°”Àπ¥§◊Õ«—π∑’Ë 31 ‘ßÀ“§¡ 2544 ( ”À√—∫™ÿ¥∑’Ë 1 ·≈– 2) ·≈–«—π∑’Ë 30 ‡¡…“¬π 2545( ”À√—∫™ÿ¥∑’Ë 3) ¥—ßπ—Èπ∫√‘…—∑¬àÕ¬®÷ß‰¥â√—∫‡ß‘π™¥‡™¬‡π◊ËÕß®“°°“√ àß¡Õ∫‚√ß‰øøÑ“≈à“™â“®“° °øº. ‡ªìπ‡ß‘π√«¡ª√–¡“≥ 322.3 ≈â“π∫“∑·≈– 353.7 ≈â“π∫“∑ „πªï 2545 ·≈– 2544 µ“¡≈”¥—∫ ´÷Ëß‰¥â∫—π∑÷°‡ªìπ√“¬‰¥â„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡2545 ·≈– 2544

¢. ‡¡◊ËÕ«—π∑’Ë 9 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬‰øøÑ“°—∫ °øº. ‡ªìπ‡«≈“ 25 ªï ‚¥¬∫√‘…—∑¬àÕ¬®–®”Àπà“¬‰øøÑ“∑’Ëº≈‘µ®“°‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ‡§√◊ËÕß∑’Ë1 ·≈– 2 ·≈–∑’Ëº≈‘µ®“°‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡™ÿ¥∑’Ë 1 2 ·≈– 3„Àâ·°à °øº. „πª√‘¡“≥·≈–√“§“∑’Ëµ°≈ß°—π

§. ‡¡◊ËÕ«—π∑’Ë 26 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“°—∫ °øº. ‡ªìπ‡«≈“ª√–¡“≥ 9 ªï ‚¥¬ °øº. ®–‡¥‘π‡§√◊ËÕß·≈–∫”√ÿß√—°…“‚√ß‰øøÑ“√“™∫ÿ√’ √«¡∂÷ß°“√∫”√ÿß√—°…“∑—Ë«‰ª·≈–°“√ àÕ¡∫”√ÿß√—°…“À≈—°„Àâ·°à∫√‘…—∑¬àÕ¬„π√“§“§à“∫√‘°“√µ“¡∑’Ëµ°≈ß°—π„π —≠≠“

ß. ‡¡◊ËÕ«—π∑’Ë 27 µÿ≈“§¡ 2543 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“´◊ÈÕ¢“¬ °ä“´∏√√¡™“µ‘°—∫∫√‘…—∑ ªµ∑. ®”°—¥(¡À“™π) (ªµ∑.) ‡ªìπ‡«≈“ 25 ªï ‚¥¬ ªµ∑. ®–®”Àπà“¬°ä“´∏√√¡™“µ‘„Àâ°—∫∫√‘…—∑¬àÕ¬„πª√‘¡“≥·≈–√“§“∑’Ëµ°≈ß°—π

‡¡◊ËÕ«—π∑’Ë 29 ‘ßÀ“§¡ 2545 ·≈–«—π∑’Ë 30 °—π¬“¬π 2545 ∫√‘…—∑¬àÕ¬‰¥â∑”∫—π∑÷°¢âÕµ°≈ß°“√ª√—∫ª√ÿß√–∫∫ ‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’ °—∫°øº. ·≈– ªµ∑. ‡æ◊ËÕ¥”‡π‘π°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â‚√ß‰øøÑ“√“™∫ÿ√’„Àâ “¡“√∂√—∫°ä“´∏√√¡™“µ‘∑’Ë¡’§à“§«“¡√âÕπ 803-858 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ´÷Ëß·µ°µà“ß‰ª®“°∑’Ë°”Àπ¥„π —≠≠“ (730-800 ∫’∑’¬ŸµàÕ≈Ÿ°∫“»°åøÿµ)‚¥¬∫√‘…—∑¬àÕ¬®–‰¥â√—∫§à“™¥‡™¬ ”À√—∫§à“ ÷°À√Õ §à“‡ ’¬À“¬¢ÕßÕÿª°√≥å§à“‡™◊ÈÕ‡æ≈‘ß·≈– Õ◊ËπÊ ÷Ëß„πªï 2545 ∫√‘…—∑¬àÕ¬‰¥â√—∫§à“™¥‡™¬®“°°“√ª√—∫ª√ÿß√–∫∫‡º“‰À¡â¥—ß°≈à“«‡ªìπ®”π«π‡ß‘π 132.1 ≈â“π∫“∑ ÷Ëß‰¥â∫—π∑÷°‡ªìπ√“¬‰¥â„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡2545

17. AGREEMENTSa) On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd.,

a subsidiary company, entered into sale and purchase of theCombined Cycle Generating Blocks 1, 2 and 3 of RatchaburiPower Plant with EGAT at the market price appraised by theindependent appraiser of Baht 26,300 million. The title of theCombined Cycle Generating Units of Ratchaburi Power Plant wastransferred to the subsidiary company on April 18, 2002 (for Blocks1 and 2) and November 1, 2002 (for Block 3).

Since EGAT had not been able to transfer the Combined CycleGenerating Blocks 1, 2 and 3 to the subsidiary company by theoriginally agreed date on August 31, 2001 (for Blocks 1 and 2)and April 30, 2002 (for Block 3), the subsidiary company wastherefore entitled to receiving compensation for late transfer fromEGAT totalling approximately Baht 322.3 million and Baht 353.7million in the years 2002 and 2001, respectively, which was recordedas income in the consolidated statements of income for the yearsended December 31, 2002 and 2001.

b) On October 9, 2000, Ratchaburi Electricity Generating Co., Ltd.,a subsidiary company, entered into 25-year Power PurchaseAgreement with EGAT whereby the subsidiary company will supplythe electric power from the Thermal Generating Units 1 and 2and the Combined Cycle Generating Blocks 1, 2 and 3 to EGATat the agreed quantity and price.

c) On October 26, 2000, Ratchaburi Electricity Generating Co., Ltd.,a subsidiary company, entered into the Operation and MaintenanceAgreement with EGAT for a period of approximately 9 yearswhereby EGAT will operate and provide maintenance servicesincluding general maintenance and major overhaul for thesubsidiary company at the agreed price.

d) On October 27, 2000, Ratchaburi Electricity Generating Co., Ltd.,a subsidiary company, entered into 25-year Gas Sales Agreementwith PTT PLC. (PTT) whereby PTT will supply natural gas to thesubsidiary company at the agreed quantity and price.

On August 29, 2002 and September 30, 2002, the subsidiarycompany entered into memorandum of understanding relating tothe combustion system improvement for Ratchaburi Power Plantwith EGAT and PTT to improve the combustion system in orderto match with gas with heating value at 803-858 BTU percubic foot, which was different from the rate specified in theagreement (730-800 BTU per cubic foot). In this connection,the subsidiary company will receive the compensation fordamage of equipment, fuel cost and etc. In 2002, the subsidiarycompany received such compensation for combustion systemimprovement amounting to Baht 132.1 million, which was recordedas income in the consolidated statement of income for the yearended December 31, 2002.

®. ‡¡◊ËÕ«—π∑’Ë 1 °ÿ¡¿“æ—π∏å 2544 ∫√‘…—∑‰¥â∑” —≠≠“‡™à“∑’Ë∑”°“√ ”π—°ß“π·Ààß„À¡à°—∫∫√‘…—∑„πª√–‡∑»·ÀàßÀπ÷Ëß‡ªìπ‡«≈“ 3 ªï ‚¥¬¡’§à“‡™à“√«¡∑—Èß ‘ËßÕ”π«¬§«“¡ –¥«°Õ◊ËπÊ √«¡ªï≈– 7.3 ≈â“π∫“∑ „π°“√π’È ∫√‘…—∑‰¥â®à“¬‡ß‘π¡—¥®”®”π«π‡ß‘π 2 ≈â“π∫“∑ ´÷Ëß‰¥â· ¥ß‰«â¿“¬„µâ ‘π∑√—æ¬å‰¡àÀ¡ÿπ‡«’¬πÕ◊Ëπ„πß∫¥ÿ≈ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544

©. ‡¡◊ËÕ«—π∑’Ë 26 °—π¬“¬π 2544 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“®—¥À“·≈–/À√◊Õ´àÕ¡Õ–‰À≈à ”À√—∫‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡√“™∫ÿ√’°—∫§Ÿà —≠≠“√à«¡§â“√–À«à“ß General ElectricInternational Operations Co., Inc. ·≈– GE Energy Parts, Inc. ‡ªìπ‡«≈“ 12 ªï „π√“§“µ“¡∑’Ëµ°≈ß°—π„π —≠≠“

™. ‡¡◊ËÕ«—π∑’Ë 1 ‘ßÀ“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“°“√∫√‘À“√®—¥°“√Õ–‰À≈à ”À√—∫ Gas TurbineModel MS9001FA °—∫ °øº. ‡ªìπ‡«≈“ 12 ªï „π√“§“µ“¡∑’Ëµ°≈ß°—π„π —≠≠“

18. °Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ„πªï 2543 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â‡¢â“√à«¡°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æª√–‡¿∑®à“¬ ¡∑∫ ”À√—∫æπ—°ß“π¢Õß °øº. °“√‡¢â“‡ªìπ ¡“™‘°°Õß∑ÿπ‡ªìπ‰ªµ“¡§«“¡ ¡—§√„®¢Õßæπ—°ß“π ‚¥¬æπ—°ß“π®à“¬ – ¡·≈–∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬ ¡∑∫‡¢â“°Õß∑ÿπ‡ªìπ√“¬‡¥◊Õπ„πÕ—µ√“√âÕ¬≈– 5 ¢Õß‡ß‘π‡¥◊Õπæπ—°ß“π °Õß∑ÿπ ”√Õß‡≈’È¬ß™’ææπ—°ß“ππ’È‰¥â®¥∑–‡∫’¬π‡ªìππ‘µ‘∫ÿ§§≈°—∫°√–∑√«ß°“√§≈—ßµ“¡æ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.».2530 ‡ß‘π°Õß∑ÿπ∑’Ë®¥∑–‡∫’¬ππ’È∫√‘À“√‚¥¬ºŸâ®—¥°“√°Õß∑ÿπµ“¡¢âÕ°”Àπ¥¢Õß°Æ°√–∑√«ß©∫—∫∑’Ë 2 (æ.». 2532) ÕÕ°µ“¡§«“¡„πæ√–√“™∫—≠≠—µ‘°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ æ.». 2530

‡ß‘π ¡∑∫¢Õß∫√‘…—∑´÷Ëß‰¥â∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ‡©æ“–∫√‘…—∑ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 1.7 ≈â“π∫“∑ ·≈– 1.3 ≈â“π∫“∑ µ“¡≈”¥—∫

‡ß‘π ¡∑∫¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬´÷Ëß‰¥â∫—π∑÷°‡ªìπ§à“„™â®à“¬„πß∫°”‰√¢“¥∑ÿπ√«¡ ”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2545 ·≈– 2544 ¡’®”π«π‡ß‘π 2.8 ≈â“π∫“∑ ·≈– 2.3 ≈â“π∫“∑ µ“¡≈”¥—∫

19. °“√‡ªî¥‡º¬¢âÕ¡Ÿ≈‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π ‘π∑√—æ¬å∑“ß°“√‡ß‘π·≈–Àπ’È ‘π∑“ß°“√‡ß‘π∑’Ë¡’Õ¬Ÿà „πß∫¥ÿ≈‰¥â√«¡‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ ‡ß‘π≈ß∑ÿπ„πÀÿâπ°Ÿâ ≈Ÿ°Àπ’È°“√§â“≈Ÿ°Àπ’ÈÕ◊Ëπ ‡®â“Àπ’È°“√§â“ ‡®â“Àπ’ÈÕ◊Ëπ ‡ß‘π≈ß∑ÿπ√–¬–¬“« ·≈–‡ß‘π°Ÿâ¬◊¡√–¬–¬“« π‚¬∫“¬°“√∫—≠™’ ”À√—∫°“√∫—π∑÷°·≈–°“√«—¥¡Ÿ≈§à“¢Õß√“¬°“√‡À≈à“π’È‰¥â‡ªî¥‡º¬‰«â„ππ‚¬∫“¬°“√∫—≠™’∑’Ë‡°’Ë¬«¢âÕß„πÀ¡“¬‡Àµÿ 3

e) On February 1, 2001, the Company entered into a rental agreementwith a local company to lease its new office premises and otherfacilities for a period of 3 years with annual rental and facilitycharges approximately totalling Baht 7.3 million. In this consideration,the Company paid deposit of Baht 2 million, which was presentedunder other non-current assets in the balance sheets as atDecember 31, 2002 and 2001.

f) On September 26, 2001, Ratchaburi Electricity Generating Co., Ltd.,a subsidiary company, entered into supply and/or repair ofparts agreement for the Combined Cycle Generating of RatchaburiPower Plant with the Consortium of General Electric InternationalOperations Co., Inc. and GE Energy Parts, Inc. for a period of12 years at the agreed price.

g) On August 1, 2002, Ratchaburi Electricity Generating Co., Ltd.,a subsidiary company, entered into Parts Management Agreementfor Gas Turbine Model MS9001FA with EGAT for a period of 12years at the agreed price.

18. PROVIDENT FUNDIn 2000, the Company and subsidiary companies joined the contributoryemployeesû provident fund of EGAT for their employees. Membershipto the fund is on a voluntary basis. Contributions are made monthlyby the employees and by the Company and subsidiary companiesat 5% of employeesû basic salaries. The provident fund was registeredwith the Ministry of Finance as a juristic entity under the provisionsof the Provident Fund Act B.E. 2530. The fund is managed by aFund Manager in accordance with the terms and conditions prescribedin the Ministerial Regulation No. 2 (B.E. 2532) issued under theProvident Fund Act B.E. 2530.

The Companyûs contribution, which was charged to the statementsof income of the Company only for the years ended December 31,2002 and 2001 amounted to Baht 1.7 million and Baht 1.3 million,respectively.

The Companyûs and subsidiary companies contributions, which werecharged to the consolidated statements of income for the yearsended December 31, 2002 and 2001 amounted to Baht 2.8 millionand Baht 2.3 million, respectively.

19. DISCLOSURES OF FINANCIAL INSTRUMENTSFinancial assets and financial liabilities carried on the balance sheetinclude cash and cash equivalents, short-term investments, investmentsin debentures, trade and other accounts receivable and payable,long-term investments, and long-term loans. The accounting policieson recognition and measurement of these items are disclosed in therespective accounting policies in Note 3.



§«“¡‡ ’Ë¬ß¥â“π ¿“æ§≈àÕß§«“¡‡ ’Ë¬ß¥â“π ¿“æ§≈àÕß‡°‘¥®“°§«“¡‡ªìπ‰ª‰¥â∑’Ë≈Ÿ°§â“Õ“®®–‰¡à “¡“√∂®à“¬™”√–Àπ’È „Àâ·°à∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¿“¬„π°”Àπ¥‡«≈“‚¥¬ª°µ‘¢Õß°“√§â“ ‡æ◊ËÕ®—¥°“√§«“¡‡ ’Ë¬ßπ’È ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥âª√–‡¡‘π§«“¡ “¡“√∂∑“ß°“√‡ß‘π¢Õß≈Ÿ°§â“‡ªìπ√–¬–Ê

§«“¡‡ ’Ë¬ß®“°Õ—µ√“·≈°‡ª≈’Ë¬π∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à¡’§«“¡‡ ’Ë¬ß∑’Ë‡ªìπ “√– ”§—≠®“°Õ—µ√“·≈°‡ª≈’Ë¬π‡π◊ËÕß®“°∏ÿ√°√√¡À≈—°¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬°√–∑”‡ªìπ‡ß‘π∫“∑

§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕ§«“¡‡ ’Ë¬ß¥â“π°“√„Àâ ‘π‡™◊ËÕÀ¡“¬∂÷ß§«“¡‡ ’Ë¬ß∑’Ë§Ÿà —≠≠“‰¡àªØ‘∫—µ‘µ“¡¢âÕ°”Àπ¥„π —≠≠“ ÷Ëß°àÕ„Àâ‡°‘¥§«“¡‡ ’¬À“¬∑“ß°“√‡ß‘π·°à∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à¡’§«“¡‡ ’Ë¬ß∑’Ë‡ªìπ “√– ”§—≠∑“ß¥â“π ‘π‡™◊ËÕ°—∫∫√‘…—∑„¥∫√‘…—∑Àπ÷ËßÀ√◊Õ°≈ÿà¡¢Õß∫√‘…—∑ ‡π◊ËÕß®“°º≈º≈‘µ¢Õß∫√‘…—∑¬àÕ¬®–∂Ÿ°¢“¬„Àâ·°à °øº. ¿“¬„µâ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ 25 ªï

√“§“µ“¡∫—≠™’¢Õß≈Ÿ°Àπ’È∑’Ë∫—π∑÷°„πß∫¥ÿ≈ ÿ∑∏‘®“°§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠(∂â“¡’) ‡ªìπ¡Ÿ≈§à“ Ÿß ÿ¥∑’Ë‡°‘¥®“°§«“¡‡ ’Ë¬ß∑“ß¥â“π ‘π‡™◊ËÕ

§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬‡°‘¥®“°°“√º—πº«π¢ÕßÕ—µ√“¥Õ°‡∫’È¬„π∑âÕßµ≈“¥´÷Ëß®–¡’º≈°√–∑∫„π∑“ß≈∫µàÕ°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑—Èß„πªí®®ÿ∫—π·≈–Õπ“§µ ºŸâ∫√‘À“√‡™◊ËÕ«à“∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß„πÕ—µ√“¥Õ°‡∫’È¬πâÕ¬ ‡π◊ËÕß®“°¿“√–¥Õ°‡∫’È¬≈Õ¬µ—«µ“¡‡ß◊ËÕπ‰¢ —≠≠“‡ß‘π°Ÿâ√–¬–¬“« (À¡“¬‡Àµÿ 13 °) π—Èπ‰¥â°”Àπ¥‰«â„π§à“æ≈—ß‰øøÑ“µ“¡ —≠≠“´◊ÈÕ¢“¬‰øøÑ“ (À¡“¬‡Àµÿ 17 ¢) ¥—ßπ—Èπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®÷ß‰¡à‰¥â∑” —≠≠“‡æ◊ËÕªÑÕß°—π§«“¡‡ ’Ë¬ß¥—ß°≈à“«

¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π¡Ÿ≈§à“¬ÿµ‘∏√√¡ À¡“¬∂÷ß ®”π«π‡ß‘π∑’ËºŸâ ◊ÈÕ·≈–ºŸâ¢“¬µ°≈ß·≈°‡ª≈’Ë¬π‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π°—π„π¢≥–∑’Ë∑—Èß ÕßΩÉ“¬¡’§«“¡√Õ∫√Ÿâ·≈–‡µÁ¡„®„π°“√·≈°‡ª≈’Ë¬π ·≈– “¡“√∂µàÕ√Õß√“§“°—π‰¥âÕ¬à“ß‡ªìπÕ‘ √–„π≈—°…≥–¢ÕßºŸâ∑’Ë‰¡à¡’§«“¡‡°’Ë¬«¢âÕß°—π ¡Ÿ≈§à“¬ÿµ‘∏√√¡‰¥â¡“®“°√“§“µ≈“¥∑’Ë°”Àπ¥ °√–· ‡ß‘π ¥§‘¥≈¥ À√◊Õ¡Ÿ≈§à“ ‘π∑√—æ¬å ÿ∑∏‘·≈â«·µà§«“¡‡À¡“– ¡

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„™â«‘∏’°“√·≈– ¡¡µ‘∞“π¥—ßµàÕ‰ªπ’È„π°“√ª√–¡“≥¡Ÿ≈§à“¬ÿµ‘∏√√¡¢Õß‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π

‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ ‡ß‘π≈ß∑ÿπ√–¬– —Èπ·≈–≈Ÿ°Àπ’È ¡’√“§“µ“¡∫—≠™’„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡ ‡π◊ËÕß®“°‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π‡À≈à“π’È®–§√∫°”Àπ¥„π√–¬–‡«≈“Õ—π —Èπ

Liquidity RiskLiquidity risk arises from the possibility that customers may not beable to settle obligations to the Company and subsidiary companieswithin the normal terms of trade. To manage this risk, the Companyand subsidiary companies periodically assess the financial viabilityof customers.

Foreign Currency RiskThe Company and subsidiary companies have no significant foreigncurrency risk since the major business transactions of the Companyand subsidiary companies are denominated in Thai Baht.

Credit RiskCredit risk refers to the risk that counterparty will default in itscontractual obligations resulting in a financial loss to the Companyand subsidiary companies. The Company and subsidiary companieshave no significant credit risk with any single counterparty or groupcounterparties since output is being sold to EGAT under a 25-yearPower Purchase Agreement.

The carrying amount of accounts receivable recorded in the balancesheet, net of allowance for doubtful accounts (if any), represents themaximum exposure to credit risk.

Interest Rate RiskInterest rate risk arises from the fluctuations in market interest rates,which may have negative effect to current and future operations ofthe Company and subsidiary companies. Management believes thatthe interest rate risk is minimum because the floating interest rateaccording to the condition in long-term loan agreement (Note 13 a)is included in the energy payment as specified in the Power PurchaseAgreement (Note 17 b). Hence, the Company and subsidiary companieshave no hedging agreement to protect against such risk.

Fair Value of Financial InstrumentsFair value is defined as the amount at which the instrument could beexchanged in a current transaction between knowledgeable willingparties in an armûs length transaction. Fair values are obtained fromquoted market prices, discounted cash flow model or net assetvalues as appropriate.

The following methods and assumptions are used to estimate thefair value of each class of financial instruments.

Cash and cash equivalents, short-term investments and accountsreceivable - the carrying values approximate their fair values due tothe relatively short-term maturity of these financial instruments.

‡ß‘π≈ß∑ÿπ√–¬–¬“« ÷Ëß∂◊Õ‰«â®π§√∫°”Àπ¥„π°“√¥”‡π‘πß“πª°µ‘ ¡Ÿ≈§à“∑’ËµâÕß‰∂à∂Õπ„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡

‡ß‘π≈ß∑ÿπ„πÀÿâπ°Ÿâ¡’¡Ÿ≈§à“¬ÿµ‘∏√√¡ (√“§“µ≈“¥∑’Ë°”Àπ¥) „°≈â‡§’¬ß°—∫√“§“µ“¡∫—≠™’

‡ß‘π≈ß∑ÿπ„πÀÿâπ∑ÿπ ÷Ëß‰¡à¡’√“§“¢“¬„πµ≈“¥ ¡Ÿ≈§à“¬ÿµ‘∏√√¡∑’Ë “¡“√∂§”π«≥‰¥âÕ¬à“ß¡’‡Àµÿº≈§”π«≥®“° ‘π∑√—æ¬å ÿ∑∏‘¢Õß‡ß‘π≈ß∑ÿπ¥—ß°≈à“«„°≈â‡§’¬ß°—∫√“§“µ“¡∫—≠™’

‡®â“Àπ’È°“√§â“·≈–‡®â“Àπ’ÈÕ◊Ëπ ¡’√“§“µ“¡∫—≠™’¢ÕßÀπ’È ‘π∑“ß°“√‡ß‘π„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡‡π◊ËÕß®“°‡§√◊ËÕß¡◊Õ∑“ß°“√‡ß‘π‡À≈à“π’È®–§√∫°”Àπ¥„π√–¬–‡«≈“Õ—π —Èπ

‡ß‘π°Ÿâ¬◊¡√–¬–¬“«∑’Ë¡’Õ—µ√“¥Õ°‡∫’È¬≈Õ¬µ—« ÷Ëß‡ªìπÕ—µ√“∑âÕßµ≈“¥ ¡’√“§“µ“¡∫—≠™’„°≈â‡§’¬ß°—∫¡Ÿ≈§à“¬ÿµ‘∏√√¡

20. à«πß“π¢Õß∫√‘…—∑∫√‘…—∑¥”‡π‘π∏ÿ√°‘®‡°’Ë¬«°—∫°“√≈ß∑ÿπ„π∫√‘…—∑∑’Ë¡’«—µ∂ÿª√– ß§å§≈â“¬§≈÷ßÀ√◊Õ‡°’Ë¬«°—∫«—µ∂ÿª√– ß§å¢Õß∫√‘…—∑ (∏ÿ√°‘®‡°’Ë¬«°—∫‚√ß‰øøÑ“) ·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π∏ÿ√°‘®‡°’Ë¬«°—∫°“√æ—≤π“·≈–¥”‡π‘πß“π‚§√ß°“√‚√ß‰øøÑ“√“™∫ÿ√’ ‰¥â·°à‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ·≈–‚√ß‰øøÑ“æ≈—ß§«“¡√âÕπ√à«¡ ΩÉ“¬∫√‘À“√æ‘®“√≥“«à“∏ÿ√°‘®¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡ªìπ “¬∏ÿ√°‘®∑’Ë‡ªìπÕß§å√«¡·≈– π—∫ πÿπ´÷Ëß°—π·≈–°—π‚¥¬∂◊Õ«à“∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ à«πß“π∑“ß∏ÿ√°‘®À≈—°‡æ’¬ß à«πß“π‡¥’¬« πÕ°®“°π’È ‡¡◊ËÕæ‘®“√≥“∂÷ß‡°≥±å∑”‡≈∑’Ëµ—Èß¢Õß°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·≈–‡°≥±å¢Õßµ≈“¥·≈â« ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ à«πß“π∑“ß¿Ÿ¡‘»“ µ√å‡æ’¬ß à«πß“π‡¥’¬«‡π◊ËÕß®“°∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥”‡π‘π∏ÿ√°‘®‡©æ“–„πª√–‡∑»‰∑¬‡∑à“π—Èπ

21. ¿“√–ºŸ°æ—π≥ «—π∑’Ë 31 ∏—π«“§¡ 2545 ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¡’‡≈µ‡µÕ√åÕÕø‡§√¥‘µ∑’Ë¬—ß‰¡à‰¥â„™â®”π«π‡ß‘π 40.3 ≈â“π∫“∑

Long-term investments held to maturity in the normal course ofbusiness - the redemption amount approximates their fair value.

Investments in debentures-the fair value (quoted market price)approximates their carrying value.

Investment in shares, which there is no quoted market prices - areasonable estimate of fair value has been calculated based on theunderlying net asset base for such investment approximate theircarrying values.

Trade and other accounts payable - the carrying amounts of thesefinancial liabilities approximate their fair values due to the relativelyshort-term maturity of these financial instruments.

Long-term loans carrying a floating rate, which is considered to bemarket rate - the carrying value approximates their fair value.

20. SEGMENTATION OF BUSINESSThe Companyûs operations are to invest in other companies, whoseobjectives equivalent or similar to the Companyûs objectives(Power Plant) and the operations of Ratchaburi Electricity GeneratingCo., Ltd., a subsidiary company, are to develop and operate theRatchaburi Power Plant comprising the Thermal Generating Unitsand the Combined Cycle Generating Units. Management considersthis as an integrated and complementary line of business anddetermines that the Company and the subsidiary companies haveonly one major industry segment. Moreover, in terms of operatinglocations and market areas, the Company and the subsidiarycompanies have only one geographical segment since they operatesolely in Thailand.

21. COMMITMENTAs at December 31, 2002, Ratchaburi Electricity Generating Co., Ltd.,a subsidiary company, had unused letter of credit amounting to Baht40.3 million.



22. ¢âÕ¡Ÿ≈‡æ‘Ë¡‡µ‘¡µâπ∑ÿπ¢“¬ª√–°Õ∫¥â«¬:

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ª√–°Õ∫¥â«¬:

°“√∂◊ÕÀÿâπ¢Õß°√√¡°“√·≈–ºŸâ∫√‘À“√„π∫√‘…—∑œ ·≈–∫√‘…—∑¬àÕ¬The Executives holding shares in the company and subsidiaries

≥ «—π∑’Ë 31 ∏—π«“§¡ 2545As at December 31, 2002

®”π«πÀÿâπ∑’Ë∂◊ÕÕ¬Ÿà

∑’Ë ºŸâ∫√‘À“√ Amount of Shareholding

No. Name of Executives ∫¡®. º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥Ratchaburi Electricity Ratchaburi Electricity Ratchaburi

Generating Holding PCL. Generating Co., Ltd. Energy Co., Ltd.

À¡“¬‡Àµÿ : °“√∂◊ÕÀÿâπ¢ÕßºŸâ∫√‘À“√ ‰¥âπ—∫√«¡Àÿâπ¢Õß§Ÿà ¡√ ·≈–∫ÿµ√∑’Ë¬—ß‰¡à∫√√≈ÿπ‘µ‘¿“«–¥â«¬Note : Executivesû shareholding includes shares hold by sponse and children before becoming sui juris.

1. π“¬ ¡™—¬ ƒ™ÿæ—π∏ÿå - 1 -Mr. Somchai Richupan

2. π“¬∑«’ ∫ÿµ√ ÿπ∑√ - - -Mr. Tawee Butrsoonthorn

3. π“¬≥Õ§ÿ≥ ‘∑∏‘æß»å 233,800 1 -Mr.Norkun Sitthiphong

4. π“¬∫ÿ≠™Ÿ ¥‘‡√° ∂“æ√ 83,876 1 1Mr.BoonchooDireksathapon

5. π“¬«‘∑¬“ §™√—°…å 96,500 1 1Mr.Vitaya Kotcharug

6. π“¬ ÿæ√ ÀÕ∑‘¡“«√°ÿ≈ 24,330 1 -Mr. Suporn Hotimavorakul

7. π“¬Õÿ¥¡ ∏ÿ««ß»å 125,500 1 1Mr.Udom Thuvavong

8. π“¬Õ“√’æß»å ¿Ÿà™Õÿà¡ - 1 1Mr. AreepongBhoocha-oom

9. π“ßæ‘¡≈»√’ »‘√‘‰æ∫Ÿ≈¬å - - -Mrs. Pimolsri Siripaibul

10. π“¬æ‘™“≠ ∂“ªπ®“√ÿ - - -Mr. Picharn Satapanajaru

11. π“¬≥√ß§å «ß»å‰æ∫Ÿ≈¬å - - -Mr. Narong Wongpaiboon

12. π“¬ ¡“π æß…åª√–¿“æ—π∏å 8,149 - 1Mr. SmarnPhongprapaphan

13. π“ß “««—®π“ Õ—ß»ÿ‚°¡ÿ∑°ÿ≈ 180,000 - 1Ms. VajanaAngsukomutkul

14. π“¬‡∑Õ¥æ—π∏ÿå Õ‘π∑√¡À“ 25,000 - -Mr. Thoedpan Indramaha

15. π“¬æ’√–«—≤πå æÿà¡∑Õß - - -Mr. Peerawat Pumthong

16. π“¬ª√–¬ÿ∑∏ ∏ß ÿ«√√≥ 7,300 - -Mr. Prayut Thongsuwan

17. π“ßÕ√ÿ≥’ ‚√®π‡æÁ≠°ÿ≈ - - -Mrs. Arunee Rojanapenkul

18. π“ß¥√ÿ≥’ Õ¿‘π√‡»√…∞å 5,300 - -Mrs. Darunee Abhinoraseth

¢âÕ¡Ÿ≈Õ◊ËπÊOtherFacts22. ADDITIONAL INFORMATION

Cost of sales consisted of:

Selling and administrative expenses consisted of:

µâπ∑ÿπ‡™◊ÈÕ‡æ≈‘ßFuel cost 18,072,240 10,937,044 - -§à“‡ ◊ËÕ¡√“§“Depreciation 1,772,089 1,141,183 - -§à“ªØ‘∫—µ‘°“√·≈–∫”√ÿß√—°…“Operation and maintenance expense 593,251 546,290 - -§à“‡∫’È¬ª√–°—πInsurance premium 226,763 69,791 - -Õ◊ËπÊOthers 168,868 108,561 - -

√«¡Total 20,833,211 12,802,869 - -


2545/2002 2544/2001 2545/2002 2544/2001

§à“„™â®à“¬æπ—°ß“πEmployee costs 86,761 69,946 50,784 40,142§à“∑’Ëª√÷°…“Consultant fee 65,634 56,439 17,855 2,104§à“∏√√¡‡π’¬¡‡°’Ë¬«°—∫‡ß‘π°Ÿâµ—¥∫—≠™’Amortization of loan fees 53,743 53,743 - -§à“‡ ◊ËÕ¡√“§“Depreciation 49,638 40,953 19,687 12,766§à“∏√√¡‡π’¬¡°“√·°â‰¢ —≠≠“‡ß‘π°ŸâLoan amendment fee 28,291 - - -§à“ºŸ°æ—π‡ß‘π°ŸâLoan commitment fee 20,346 55,288 - -Õ◊ËπÊOthers 95,774 82,363 36,838 33,263

√«¡Total 400,187 358,732 125,164 88,275


2545/2002 2544/2001 2545/2002 2544/2001



1.Monetary Remuneration1.1Total Remuneration for the Board of Directors of

Ratchaburi Electricity Generating Holding PCL.

1/ The Board of Directors consisted of 11 persons. During2002, the terms of 3 persons expired, 1 person resigned,and 4 persons were appointed as replacements.

2/ Directors who were also the Company executives didnot receive meeting allowances.Meeting allowances comprised of meetings of the Boardof Directors, the Audit Committee, and the RemunerationCommittee.

1.2 Remuneration for Executives of Ratchaburi ElectricityGenerating Holding PCL.

1.3 Total Remuneration for the Board of Directors ofRatchaburi Electricity Generating Co., Ltd.

1/ The Board of Directors consisted of 8 persons. During2002, the terms of 3 persons expired, 1 person resigned,and 4 persons were appointed as replacements. Directorsof Ratchaburi Electricity Generating Co., Ltd. who werealso directors of Ratchaburi Electricity Generating HoldingPCL. did not receive bonuses, as it had been decidedthat in such cases Ratchaburi Electricity GeneratingHolding PCL. would provide all bonuses only.

2/ Directors who were also executives of Ratchaburi ElectricityGenerating Co., Ltd. did not receive meeting allowances.

1.§à“µÕ∫·∑π∑’Ë‡ªìπµ—«‡ß‘π1.1§à“µÕ∫·∑π√«¡§≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß

®”°—¥ (¡À“™π)

1/ §≥–°√√¡°“√∫√‘…—∑œ ¡’®”π«π∑—Èß ‘Èπ 11 √“¬ „π√–À«à“ßªï2545 ¡’°√√¡°“√æâπµ”·Àπàßµ“¡«“√– 3 √“¬ ≈“ÕÕ°®“°µ”·Àπàß 1 √“¬ ·≈–‰¥â·µàßµ—Èß°√√¡°“√‡¢â“√—∫µ”·Àπàß„À¡à·∑π 4 √“¬

2/ °√√¡°“√∫√‘…—∑œ ´÷Ëß‡ªìπºŸâ∫√‘À“√‰¡à‰¥â√—∫‡∫’È¬ª√–™ÿ¡‡∫’È¬ª√–™ÿ¡ ª√–°Õ∫¥â«¬ ‡∫’È¬ª√–™ÿ¡§≥–°√√¡°“√∫√‘…—∑œ§≥–°√√¡°“√µ√«® Õ∫·≈–§≥–°√√¡°“√°”Àπ¥§à“µÕ∫·∑π

1.2 §à“µÕ∫·∑πºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥(¡À“™π)

1.3 §à“µÕ∫·∑π√«¡§≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥

1/ §≥–°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ¡’®”π«π∑—Èß ‘Èπ 8 √“¬ „π√–À«à“ßªï 2545 ¡’°√√¡°“√æâπµ”·Àπàßµ“¡«“√– 3 √“¬ ≈“ÕÕ°®“°µ”·Àπàß 1 √“¬ ·≈–‰¥â·µàßµ—Èß°√√¡°“√‡¢â“√—∫µ”·Àπàß„À¡à·∑π 4 √“¬ ÷Ëß°√√¡°“√∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ∑’Ë‡ªìπ°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‰¡à‰¥â√—∫‚∫π— ‡π◊ËÕß®“°„πªïπ’È‰¥â°”Àπ¥À≈—°‡°≥±å„Àâ‰¥â√—∫‚∫π— ®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ‡æ’¬ß·Ààß‡¥’¬«

2/ °√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ´÷Ëß‡ªìπºŸâ∫√‘À“√‰¡à‰¥â√—∫‡∫’È¬ª√–™ÿ¡

§à“µÕ∫·∑πºŸâ∫√‘À“√ªï 2545Remuneration for Executives in 2002 1.4 §à“µÕ∫·∑πºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥

1/ ºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ®”π«π 4 √“¬‰¡à√«¡ºŸâ∫√‘À“√∑’Ë‰¥â√—∫ Assignment ÷Ëß‰¥â√—∫§à“µÕ∫·∑π®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

1.5 §à“µÕ∫·∑π√«¡§≥–°√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥

1/ §≥–°√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ¡’®”π«π∑—Èß ‘Èπ8 √“¬ „π√–À«à“ßªï 2545 ¡’°√√¡°“√æâπµ”·Àπàß µ“¡«“√–3 √“¬ ≈“ÕÕ°®“°µ”·Àπàß 1 √“¬ ·≈–‰¥â·µàßµ—Èß°√√¡°“√‡¢â“√—∫µ”·Àπàß„À¡à·∑π 4 √“¬ ´÷Ëß°√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ∑’Ë‡ªìπ°√√¡°“√∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ·≈–/À√◊Õ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’®”°—¥ ‰¡à‰¥â√—∫‚∫π— ‡π◊ËÕß®“°„πªïπ’È‰¥â°”Àπ¥À≈—°‡°≥±å„Àâ‰¥â√—∫‚∫π— ®“° ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥(¡À“™π) À√◊Õ ∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ‡æ’¬ß·Ààß‡¥’¬«

2/ °√√¡°“√∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ´÷Ëß‡ªìπºŸâ∫√‘À“√¢Õß∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) ∫√‘…—∑º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ ·≈–∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥‰¡à‰¥â√—∫‡∫’È¬ª√–™ÿ¡

1.4 Remuneration for Executives of Ratchaburi ElectricityGenerating Co., Ltd.

1/ Only 4 executives of Ratchaburi Electricity GeneratingCo., Ltd. Excluding one on assignment received hiscompensation from Ratchaburi Electricity GeneratingHolding PCL.

1.5 Total Remuneration for the Board of Directors ofRatchaburi Energy Co., Ltd.

1/ The Board of Directors consisted of 8 persons. During2002, the terms of 3 expired, 1 person resigned, and 4persons were appointed as replacements. Directors ofRatchaburi Energy Co., Ltd. who were also directors ofRatchaburi Electricity Generating Holding PCL. and/orRatchaburi Electricity Generating Co., Ltd. did not receivebonuses, as it had been decided that in such cases allbonuses would be provided by Ratchaburi ElectricityGenerating Holding PCL. only or Ratchaburi ElectricityGenerating Co., Ltd. only.

2/ Directors who were also executives of Ratchaburi ElectricityGenerating Holding PCL., Ratchaburi Electricity GeneratingCo., Ltd., or Ratchaburi Energy Co., Ltd. did not receivemeeting allowances.

§à“µÕ∫·∑π/Remuneration ®”π«π√“¬/Number of Persons §à“µÕ∫·∑π/Total Remuneration∫“∑/In Baht

‚∫π— /Bonuses 151/ 11,250,000‡∫’È¬ª√–™ÿ¡/Meeting Allowances 142/ 5,457,500√«¡/Total 16,707,500

‡ß‘π‡¥◊Õπ/Salaries 8 17,799,000‚∫π— /Bonuses 8 7,404,877√«¡/Total 25,203,877

‚∫π— /Bonuses 51/ 1,955,822‡∫’È¬ª√–™ÿ¡/Meeting Allowances 112/ 2,749,871√«¡/Total 4,705,693

‚∫π— /Bonuses 61/ 396,884‡∫’È¬ª√–™ÿ¡/Meeting Allowances 72/ 903,750√«¡/Total 1,300,634

‡ß‘π‡¥◊Õπ/Salaries 41/ 7,695,120‚∫π— /Bonuses 42/ 3,193,032√«¡/Total 10,888,152







1.6 §à“µÕ∫·∑πºŸâ∫√‘À“√¢Õß∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥

1/ ºŸâ∫√‘À“√¢Õß∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ ®”π«π 1 √“¬‰¡à√«¡ºŸâ∫√‘À“√∑’Ë‰¥â√—∫ Assignment ´÷Ëß‰¥â√—∫§à“µÕ∫·∑π®“°∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

2.§à“µÕ∫·∑πÕ◊Ëπ‡ß‘π ¡∑∫°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ¢ÕßºŸâ∫√‘À“√

1.6 Remuneration for Executives of Ratchaburi EnergyCo., Ltd.

1/ Only 1 executive of Ratchaburi Energy Co., Ltd. Excludingone on assignment received his remuneration fromRatchaburi Electricity Generating Holding PCL.

2.Other Types of RemunerationContributions to the executivesû provident funds:

π“¬∑–‡∫’¬πÀÿâπ/Share Registrar∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬62 ∂ππ√—™¥“¿‘‡…° ‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110‚∑√»—æ∑å 66 (0) 2359 1200-2‚∑√ “√ 66 (0) 2359-1259

ºŸâ Õ∫∫—≠™’/Auditor∫√‘…—∑ ”π—°ß“π ‡Õ ®’«’-≥ ∂≈“ß ®”°—¥™—Èπ 22 Õ“§“√ ¬“¡∑“«‡«Õ√å989 ∂ππæ√–√“¡ 1 ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330‚∑√»—æ∑å 66 (0) 2658 0611‚∑√ “√ 66 (0) 2658 0660

∑’Ëª√÷°…“°ÆÀ¡“¬/Legal Advisor∫√‘…—∑ Œ—πµ—π ·Õπ¥å «‘≈‡≈’Ë¬¡ å (‰∑¬·≈π¥å) ®”°—¥™—Èπ 34 Õ—∫¥ÿ≈√“Œ‘¡ ‡æ≈ ∂ππæ√–√“¡ 4°√ÿß‡∑æœ 10500‚∑√»—æ∑å 66 (0) 2636 2366‚∑√ “√ 66 (0) 2636 2377

∫√‘…—∑ ”π—°ß“π°ÆÀ¡“¬ ¬“¡π‘µ‘ ®”°—¥™—Èπ 12 ∑“«‡«Õ√å 1 ‡« ∑å ‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“18 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√°√ÿß‡∑æœ 10900‚∑√»—æ∑å 66 (0) 2937 5000‚∑√ “√ 66 (0) 2937 5001

∑’Ëª√÷°…“∑“ß°“√‡ß‘π/Financial Advisor∫√‘…—∑À≈—°∑√—æ¬å ‰∑¬æ“≥‘™¬å ®”°—¥130-132 Õ“§“√ ‘π∏√∑“«‡«Õ√å 3 ™—Èπ 26 ∂ππ«‘∑¬ÿ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330‚∑√»—æ∑å 66 (0) 2263 3500‚∑√ “√ 66 (0) 2263 3801-2

∑’Ëª√÷°…“∑“ß¥â“π‡∑§π‘§«‘»«°√√¡/Technical Engineer Advisor∫√‘…—∑ ´“√å‡®π∑å ·Õπ¥å ≈—π¥’ ®”°—¥55 ∂ππÕ‘ ∑å ¡Õπ‚√ ™‘§“‚° ¡≈√—∞Õ‘≈‘πÕ¬ å60603-5780 À√—∞Õ‡¡√‘°“‚∑√»—æ∑å (312) 269 7257‚∑√ “√ (312) 269 2680

Thailand Securities Depository Company LimitedThe Stock Exchange of Thailand Building,62 Ratchadapisek Road, Klongtoey, Bangkok 10110Tel. 66 (0) 2359 1200-2Fax. 66 (0) 2359-1259

SGV-Na Thalang Company Limited22nd Floor, Siam Tower989 Rama 1 Road, Pathumwan, Bangkok 10330Tel. 66 (0) 2658 0611Fax. 66 (0) 2658 0660

Hunton & Williams (Thailand) Limited34th Floor, Abdulrahim Place, Rama IV Road,Bangkok 10500Tel. 66 (0) 2636 2366Fax. 66 (0) 2636 2377

Siam Niti Law Office Company Limited12th Floor, West Tower 1, SCB Park Plaza,18 Ratchadapisek Road, Ladyao, Jutujak,Bangkok 10900Tel. 66 (0) 2937 5000Fax. 66 (0) 2937 5001

SCB Securities Company Limited130-132 Sindhorn Building, Tower 3, 25th-26thFloor,Wireless Road, Pathumwan, Bangkok 10330Tel. 66 (0) 2263 3500Fax. 66 (0) 2263 3801-2

Sargent & Lundy Consulting Group55 East Monroe Street, Chicago,IL 60603-5780 USATel. (312) 269 7257Fax. (312) 269 2680

∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ

Reference PersonsOther

‡ß‘π‡¥◊Õπ/Salaries 11/ 312,000‚∫π— /Bonuses - -√«¡/Total 312,000

∫√‘…—∑ ®”π«π√“¬ ‡ß‘π ¡∑∫°Õß∑ÿπ ”√Õß‡≈’È¬ß™’æ(∫“∑)Company Number of Persons Contributions to Provident Funds(In Baht)

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π) 8 889,950Ratchaburi Electricity Generating Holding PCL.

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥ 4 384,756Ratchaburi Electricity Generating Co., Ltd.

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥ 1 15,600Ratchaburi Energy Co., Ltd.


128Ratchaburi Electricity Generating Holding Public Company Limited∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ‘ µå ™—Èπ 20∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√„πª√–‡∑» ‚∑√®“°µà“ßª√–‡∑»‚∑√»—æ∑å 0 2978 5000 (66) 2978 5000‚∑√ “√ 0 2937 9321 (66) 2937 9321Ratchaburi Electricity Generating Holding Public Company Limited19 SCB Park Plaza, Tower 3 East, 20th Floor,Ratchadapisek Road, Ladyao, Jatujak, Bangkok 10900 Thailand Domestic InternationalTel. 0 2978 5000 (66) 2978 5000Fax. 0 2937 9321 (66) 2937 9321

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’ ®”°—¥128 À¡Ÿà 6 µ”∫≈æ‘°ÿ≈∑Õß Õ”‡¿Õ‡¡◊Õß ®—ßÀ«—¥√“™∫ÿ√’ 70000 ‚∑√„πª√–‡∑» ‚∑√®“°µà“ßª√–‡∑»‚∑√»—æ∑å 0 2978 5111-9 (66) 2978 5111-9 0 3236 5740 µàÕ 3210 (66) 3236 5740 µàÕ 3210‚∑√ “√ 0 2978 5110 (66) 2978 5110 0 3236 5740 µàÕ 3204 (66) 3236 5740 µàÕ 3204Ratchaburi Electricity Generating Company Limited128 Moo 6 T. Phikhultong A. Muang Ratchaburi 70000 Thailand Domestic InternationalTel. 0 2978 5111-9 (66) 2978 5111-9 0 3236 5740 Ext. 3210 (66) 3236 5740 Ext. 3210Fax. 0 2978 5110 (66) 2978 5110 0 3236 5740 Ext. 3204 (66) 3236 5740 Ext. 3204

∫√‘…—∑ √“™∫ÿ√’æ≈—ßß“π ®”°—¥19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20 ∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900 ‚∑√„πª√–‡∑» ‚∑√®“°µà“ßª√–‡∑»‚∑√»—æ∑å 0 2978 5000 (66) 2978 5000‚∑√ “√ 0 2937 9321 (66) 2937 9321Ratchaburi Energy Company Limited19 SCB Park Plaza, Tower 3 East, 20th Floor,Ratchadapisek Road, Ladyao, Jatujak, Bangkok 10900 Thailand Domestic InternationalTel. 0 2978 5000 (66) 2978 5000Fax. 0 2937 9321 (66) 2937 9321

∑’ËÕ¬Ÿà¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

Subsidiaries AddressandCompany

¥√√™π’Index

1. ¢âÕ¡Ÿ≈∑—Ë«‰ªGeneral Information1.1 ∫√‘…—∑ 12-16, 40-43, 129

The Company1.2 π‘µ‘∫ÿ§§≈∑’Ë∫√‘…—∑∂◊ÕÀÿâπµ—Èß·µà√âÕ¬≈– 10 ¢÷Èπ‰ª 38-39

Juristic Persons with 10% upward Shareholding by the Company1.3 ∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ 127

Other Reference Persons2. ¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª¢Õß∫√‘…—∑œ 4-5

Financial Overview3. ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

Nature of Business3.1 ≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®¢Õß∫√‘…—∑ ·≈–∫√‘…—∑¬àÕ¬ 40-43, 104

The Companyûs and the Subsidiaryûs Nature of Business3.2 ‚§√ß √â“ß√“¬‰¥â 44-45

Revenue Structure3.3 °“√‡ª≈’Ë¬π·ª≈ß„πªï∑’Ëºà“π¡“ 6-16, 46-49

Changed in Previous Year4. ªí®®—¬§«“¡‡ ’Ë¬ß 50-52

Risk Factors5. ‚§√ß √â“ß°“√®—¥°“√·≈–°“√∂◊ÕÀÿâπ

Management and Shareholding Structure5.1 ºŸâ∂◊ÕÀÿâπ Ÿß ÿ¥ 10 √“¬·√° 38-39

Top Ten Largest Shareholders5.2 °“√®—¥°“√

Management5.2.1 ‚§√ß √â“ß°“√®—¥°“√ 17-33

Management Structure5.2.2 °“√ √√À“°√√¡°“√·≈–ºŸâ∫√‘À“√ 33-35

Nomination of Directors5.2.3 §à“µÕ∫·∑πºŸâ∫√‘À“√ 124-126

Remuneration for Executives5.2.4 °“√°”°—∫¥Ÿ·≈°‘®°“√ 69-83

Good Coporate Governance5.2.5 °“√¥Ÿ·≈‡√◊ËÕß°“√„™â¢âÕ¡Ÿ≈¿“¬„π 36-37

Control on Inside Information5.2.6 °“√§«∫§ÿ¡¿“¬„π 36

Internal Control6. √“¬°“√√–À«à“ß°‘®°“√∑’Ë‡°’Ë¬«¢âÕß°—π 54-60

Transactions with Related Companies7. §”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π·≈–∞“π–°“√‡ß‘π 61-68

Management Discussion & Analysis8. ß∫°“√‡ß‘π 89-122

Financial Statements

Ratchaburi Electricity G

enerating Holding Public C

ompany Lim

itedAnnual Report 2002


19 Õ“§“√‰∑¬æ“≥‘™¬å ª“√å§ æ≈“´à“ Õ“§“√ 3 Õ’ µå ™—Èπ 20∂ππ√—™¥“¿‘‡…° ·¢«ß≈“¥¬“« ‡¢µ®µÿ®—°√ °√ÿß‡∑æœ 10900

‚∑√»—æ∑å 0 2978 5000 ‚∑√ “√ 0 2937 932119 SCB Park Plaza, Tower 3 East,

20th Floor, Ratchadapisek Rd., Ladyao, Jatujak, Bangkok 10900Tel. (66) 2978 5000 Fax. (66) 2937 9321

www.ratch.co.th


Annual Report 2002√“¬ß“πª√–®”ªï 2545

°“√°”°—∫¥Ÿ·≈°‘®°“√∑’Ë¥’


æ≈—ß √â“ß √√§åÕπ“§µ ë Powering the Future

∫√‘…—∑ º≈‘µ‰øøÑ“√“™∫ÿ√’‚Œ≈¥‘Èß ®”°—¥ (¡À“™π)√“¬ß“πª√–®”ªï 2545

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Documents

RATCH: Annual Report 2002