Bigc 99

1 9 9 9 A N N U A L R E P O R T

Big C Supercenter Public Company Limited

A C e n t r a l - C a s i n o p a r t n e r s h i p

Big C Supercenter

ª √ – À ¬— ¥ ° «à “ √ “ § “ ∂Ÿ ° ∑ÿ ° «— π

B i g S a v i n g s L o w P r i c e s E v e r y d a y

“ √ ∫— ≠ / C o n t e n t

“ åπ®“°ª√–∏“π°√√¡°“√

Message from the Chairman

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Honorary Chairman and Board of Directors

§≥–°√√¡°“√µ√«® Õ∫·≈–√“¬ß“π§≥–°√√¡°“√µ√«® Õ∫

Audit Committee and Audit Committee Report

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Executive Officers

¢âÕ¡Ÿ≈∑—Ë«‰ª

General Data

¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª

Summary Financial Data

≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

Business in Big C

¿“«–Õÿµ “À°√√¡·≈–°“√·¢àß¢—π

Situation of the Industry and Competition

ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√

Shareholders and Managements

∫ÿ§§≈∑’Ë¡’º≈ª√–‚¬™πå√à«¡·≈–√“¬°“√√–À«à“ß°—π

Related Party and Connected Transaction

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Risk Factors

æ—π∏–ºŸ°æ—π„π°“√ÕÕ°Àÿâπ„πÕπ“§µ

Obligation of Future Share Issuance

§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√

Management Discussion and Analysis

ß∫°“√‡ß‘π

Financial Statements

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(π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå)ª√–∏“π°√√¡°“√

MESSAGE FROM THE CHAIRMANIn 1999, the general economic condition of Thailand was still in the stage of recession, resulting in careful spending of

consumers. However, the operational results of the Big C Supercenter Public Company Limited was still satisfactory because the saleswere beyond its target. Thus, the same was caused by the commitment policy to distribute quality products at low prices and to createmaximum value for the consumers. During the year, the Company has tried to develop its business operation efficiency and to minimize

the operating costs as well as establishing the Fresh Food R&D Center; improving the Information Center to support the large-scaleretail information system and improve the management capacity in the supply chain system through development of distribution centersto reduce the operating costs, thus, solving the problem of stock shortages and to meet the demands of customers rapidly and precisely.

In spite of increased profits from the operation, when considering the operational results, the Company suffered a net lossof 421 million Baht in 1999. Major items that caused the loss in the year include loss from selling the investment in subsidiaries that rungarment business, loss from devaluation of assets, and loss from taken into account contingency liability and others in 1999 which bring

about favourable results in the future because it removes the problem of unexpected effects.But when considering the operational results throughout the year 1999, it was found that there was a positive trend of business

and economic conditions. The Company's sales performance has tended to be improved from the 2nd Quarter until the 4th Quarter.

As a result, the Company was able to expand its customer base, increase its sales; increase its market share and maintain its leadingposition in the retail business. And, at present, the Company has been able to reduce almost all the risks from instability of exchangerates, i.e., the domestic debts have been reduced to 1,000 million Baht resulting in considerable reduction of interest burden.

In 2000, the Company will resume its growth rate with the highest potential of skilled and experienced management, as wellas developing and improving the technology to meet international standards. With stable financial conditions, the Company has madeits profits since the beginning of the year 2000. And, consequently, the return to shareholders will be maximum as targeted.

(Mr. Suthichart Chirathivat)

Chairman of the Board

A n n u a l R e p o r t 1 9 9 9 B i g C S u p e r c e n t e r P u b l i c C o m p a n y L i m i t e d 3

ª√–∏“π°‘µ‘¡»—°¥‘Ï·≈–§≥–°√√¡°“√∫√‘…—∑

HONORARY CHAIRMAN AND BOARD OF DIRECTORS

π“¬§√‘ ‡µ’¬π ªî·Õ√å §Ÿ‡«√Õ å

°√√¡°“√Mr.Christian Pierre CouvreuxDirector

π“¬∑» ®‘√“∏‘«—≤πå

°√√¡°“√Mr.Tos ChirathivatDirector

π“¬®ÕÀåπ ‡´’¬π-´Ÿ ≈‘π

°√√¡°“√Mr.John Sien Su LinDirector

π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠

°√√¡°“√Õ‘ √–Mr.Nontaphon NimsomboonIndependent Director

π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå

ª√–∏“π°√√¡°“√Mr.Suthichart ChirathivatChairman of the Board

π“¬‡™√“√å¥ ‚√‡™à ‡¥√Õ·«≈

°√√¡°“√Mr.Gerard Roger DrevelleDirector

π“¬¨Õß À≈ÿ¬ å ∫Ÿ√å¨‘‡¬√å

°√√¡°“√Mr.Jean Louis BourgierDirector

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå

°√√¡°“√Õ‘ √–Dr.Rongphol CharoenphandhuIndependent Director

π“¬«—π™—¬ ®‘√“∏‘«—≤πå

ª√–∏“π°‘µ‘¡»—°¥‘ÏMr.Vanchai ChirathivatHonorary Chairman

π“¬ªî·Õ√å ∫√Ÿ‚π ™“√å≈ ∫Ÿ™Ÿ∑å

°√√¡°“√Mr.Pierre Bruno Charles BouchutDirector

π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡ä°´’·Õ√å

°√√¡°“√Mr.Andre Claude Luc MercierDirector

π“¬·¥‡π’¬≈ Õ“¡Õßµå ·ªß

°√√¡°“√Mr.Daniel Armand PainDirector

√».¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï

°√√¡°“√Õ‘ √–Dr.Chiradet OusawatIndependent Director

π“¬‡Õ‡µ’¬π ªî·Õ√å ‡√¡Õßµå ‡øÕ√å√“ πÕ≈·≈√∑å

°√√¡°“√Mr.Etienne Pierre Raymond FerrardSnollaertsDirector


§≥–°√√¡°“√µ√«® Õ∫

AUDIT COMMITTEE

π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠

ª√–∏“π°√√¡°“√µ√«® Õ∫Mr.Nontaphon NimsomboonChairman of Audit Committee

√».¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï

°√√¡°“√µ√«® Õ∫Dr.Chiradet OusawatMember of Audit Committee

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå

°√√¡°“√µ√«® Õ∫Dr.Rongphol CharoenphandhuMember of Audit Committee

AUDIT COMMITTEE REPORTThe Audit Committee of the Big C Supercenter Public

Company Limited has been appointed by the Company's Board

of Directors on this 17th day of November 1999. The scope of

duties and responsibilities of the Audit Committee have been

prescribed in 2 aspects, including ;

1. Direct duties and responsibilities prescribed in writing in çThe

Charter of Audit Committeeé, include ;

1.1 to review the company's financial reporting process in

order to ensure its accuracy and adequacy ;

1.2 to review the company's internal control and internal

audit procedures in order to ensure its suitability and

effectiveness ;

1.3 to review the performance of the company in order to

ensure its compliance with the securities and exchange

law, regulations of the Stock Exchange of Thailand and

or laws concerning the company's business ;

1.4 to consider, select and nominate the company's

external auditor and recommend his remuneration ;

1.5 to consider the disclosure of the company's information

in the case where there is a connected transaction or

transaction that may lead to conflict of interest in order

to ensure its accuracy and completeness ;

1.6 to prepare a report, signed by the chairman of the audit

committee, on the performance of the audit committee

to be included in the company's annual report ;

1.7 to perform any other duty as delegated by the

company's board of directors with the consent of the

audit committee.

2. Suggestion in connection with duties and responsibilities as

described in the Charter for the benefits of the Company,

including organizational management, cost, expenses and so on.

The Audit Committee of the Company shall consist

of 3 independent directors. Whereas, Mr. Nontaphon

Nimsomboon, is the Chairman of the Audit Committee;

Dr. Chiradet Ousawat and Dr. Rongphol Charoenphandhu,

are members of the Audit Committee.

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¥”‡π‘π°“√2.2 √“¬°“√√—∫√Ÿâº≈¢“¥∑ÿπ ”À√—∫‚§√ß°“√∑’Ë¬°‡≈‘°2.3 √“¬°“√√—∫√Ÿâº≈¢“¥∑ÿπ®“°°“√¬°‡≈‘°°“√æ—≤π“

‚ª√·°√¡§Õ¡æ‘«‡µÕ√å‡æ◊ËÕ„™â„π°“√∫√‘À“√ß“π®—¥´◊ÈÕ‡¥‘¡

2.4 √“¬°“√√–À«à“ß∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π „πÕ¥’µ®–‡ªìπ√“¬°“√∑’Ë‡°’Ë¬«°—∫°≈ÿà¡‡´Áπ∑√—≈ ·µà„πªí®®ÿ∫—π‡ªìπ√“¬°“√‡°’Ë¬«°—∫ CASINO GROUP ´÷Ëß‡ªìπºŸâ∂◊ÕÀÿâπ√“¬„À≠à¢Õß∫√‘…—∑œ

3. „π°“√ Õ∫∑“π„Àâ∫√‘…—∑¡’°“√µ√«® Õ∫¿“¬„π (Internalaudit) ∑’Ë‡À¡“– ¡·≈–¡’ª√– ‘∑∏‘º≈ §≥–°√√¡°“√µ√«® Õ∫‰¥âæ‘®“√≥“·¬°Àπà«¬ß“πµ√«® Õ∫¿“¬„πÕÕ°®“°ΩÉ“¬∫—≠™’·≈–°“√‡ß‘π‡æ◊ËÕ„Àâ‡ªìπÀπà«¬ß“πÕ‘ √– ·≈–µ—Èß‡ªìπ ”π—°ß“πµ√«® Õ∫¿“¬„π ‚¥¬ “¬°“√∫—ß§—∫∫—≠™“¢÷Èπµ√ßµàÕª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√

4. æ‘®“√≥“·≈– Õ∫∑“π°Æ∫—µ√¢Õß ”π—°ß“πµ√«® Õ∫¿“¬„π ´÷Ëß¡’ “√– ”§—≠ √ÿª‰¥â¥—ßπ’È4.1 «—µ∂ÿª√– ß§å ”π—°ß“πµ√«® Õ∫¿“¬„π‡ªìπÀπà«¬

ß“π ”§—≠ ∑’Ë®—¥µ—Èß¢÷Èπ‡æ◊ËÕ‡ πÕ¢âÕ¡Ÿ≈·≈–„Àâ∫√‘°“√µàÕΩÉ“¬∫√‘À“√ ‡æ◊ËÕ„Àâ‡°‘¥§«“¡¡—Ëπ„®«à“Õß§å°√¡’√–∫∫¢âÕ¡Ÿ≈∑’Ë ‡™◊ËÕ∂◊Õ‰¥â ¡’°“√ªÑÕß°—π·≈–√—°…“∑√—æ¬å ‘π∑’Ë¥’ ¡’°“√ªØ‘∫—µ‘µ“¡°Æ√–‡∫’¬∫∑’Ë ”§—≠µ≈Õ¥®π àß‡ √‘¡„Àâ°“√ªØ‘∫—µ‘ß“π‡ªìπ‰ªÕ¬à“ß¡’ª√– ‘∑∏‘¿“æ·≈–ª√– ‘∑∏‘º≈µ“¡‡ªÑ“À¡“¬¢ÕßÕß§å°√

4.2 “¬°“√∫—ß§—∫∫—≠™“ ºŸâÕ”π«¬°“√ ”π—°ß“πµ√«® Õ∫¿“¬„π‡ªìπºŸâ∫√‘À“√ Ÿß ÿ¥¢Õß ”π—°ß“π ·≈–®–¥”√ßµ”·ÀπàßÕ◊Ëπ„¥¢Õß∫√‘…—∑„π¢≥–‡¥’¬«°—πÕ’°¡‘‰¥â·≈–¡’ “¬°“√∫—ß§—∫∫—≠™“¢÷Èπµ√ßµàÕª√–∏“π‡®â“Àπâ“∑’Ë∫√‘À“√ ‚¥¬°“√∂Õ¥∂ÕπµâÕßºà“π°“√‡ÀÁπ™Õ∫®“°§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ „π°√≥’∑’ËºŸâ∫√‘À“√·≈–§≥–°√√¡°“√µ√«® Õ∫¡’§«“¡‡ÀÁπ·µ°µà“ß°—π„Àâπ”‡√◊ËÕß‡ πÕµàÕ§≥–°√√¡°“√∫√‘…—∑‡ªìπºŸâæ‘®“√≥“™’È¢“¥

The Audit Committee has assumed its duties in

November 1999 and realized the duties and responsibilities

assigned by the Company's Board. Therefore, during the end

of 1999 through early 2000, six meetings of the Audit

Committee have been convened. The essential issues of

discussion in those meetings can be summarized as follows;

1. Review the financial statements of 1999, including the

consolidated financial statement of the Big C Supercenter

Public Company Limited and its subsidiaries before

proposing to the Company's Board Meeting and

submitting the same to the Stock Exchange of Thailand.

2. Consider major accounting adjustment items occurring

in the 4th Quarter of 1999, connected transactions

between related companies and giving the guidelines

for detail provision supplementary to the said items, as

follows ;

2.1 Provision for loss on delay of new projects.

2.2 Recognition of loss incurred on cancellation of new

projects.

2.3 Recognition of loss incurred on cancellation of the

development of computer program.

2.4 Connected transactions between related compa-

nies which previously incurred among Central group

of companies but currently are transactions with

Casino group of companies, who presently is the

major shareholder.

3. In order to have a suitable and effective internal audit office,

the Audit Committee has considered separating the Internal

Audit function from the Accounting and Finance Division

and to establish the Office of Internal Audit, reporting to the

Chief Executive Officer, directly.

4. Consider and review the Charter of the Office of Internal

Audit which can be summarized as follows ;

4.1 Objective. The Office of Internal Audit is a crucial unit

that has been established to provide data and services

to the Management in order to ensure that the

organization has reliable information systems, effective

protection and maintenance of properties, compliance

with important rules and regulations as well as promotion

of efficient and effective operations according to the

Company's target.

4.2 Hierarchical Order. The Director of the Office of Internal

Audit shall be the top management of the Office and

shall not be allowed to assume any other position within

the Company simultaneously. The Director shall report

directly to the Chief Executive Officer (CEO). Whereby,

removal of the Director from his office shall be approved

by the Audit Committee of the Company. In case, the

Management and the Audit Committee have different

opinions, the said matter shall be submitted to the

Company's Board for final decision.


4.3 Õ”π“®Àπâ“∑’Ë ”π—°ß“πµ√«® Õ∫¿“¬„π¡’Àπâ“∑’Ë„π°“√µ√«® Õ∫°“√ªØ‘∫—µ‘ß“π∑ÿ°Àπà«¬ß“π¿“¬„π∫√‘…—∑·≈–¡’Õ”π“®„π°“√‡¢â“∂÷ß¢âÕ¡Ÿ≈ ‡Õ° “√∑√—æ¬å ‘π·≈–æπ—°ß“π∑’Ë‡°’Ë¬«¢âÕß°—∫ß“πµ√«® Õ∫

4.4 §«“¡√—∫º‘¥™Õ∫ ”π—°ß“πµ√«® Õ∫¿“¬„πµâÕßªØ‘∫—µ‘ß“π„Àâ∫√√≈ÿ«—µ∂ÿª√– ß§å„π°“√®—¥µ—Èß ‚¥¬√“¬ß“πº≈°“√µ√«® Õ∫·≈–°“√„Àâ¢âÕ¡Ÿ≈‡™‘ß«‘‡§√“–Àåª√–‡¡‘πº≈ ¢âÕ‡ πÕ·π– §”ª√÷°…“ µ“¡·π«∑“ß∑’Ë¡“µ√∞“π°“√µ√«® Õ∫¿“¬„π°”Àπ¥‰«â

5. „Àâ°“√ π—∫ πÿπ §”ª√÷°…“ ·≈–·π«∑“ß°“√ªØ‘∫—µ‘ß“π·°àºŸâµ√«® Õ∫¿“¬„π „π‡√◊ËÕß¥—ßµàÕ‰ªπ’È5.1 æ‘®“√≥“ Õ∫∑“π°Æ∫—µ√¢Õß ”π—°ß“πµ√«® Õ∫

¿“¬„π5.2 „Àâ§”ª√÷°…“·≈–·π–π”‡°’Ë¬«°—∫·ºπº—ßÕß§å°√¢Õß

”π—°ß“πµ√«® Õ∫¿“¬„π5.3 °”Àπ¥∫∑∫“∑Àπâ“∑’Ë¢ÕßºŸâµ√«® Õ∫¿“¬„π5.4 °”Àπ¥√Ÿª·∫∫°“√∑”ß“π¢Õß§≥–°√√¡°“√µ√«®

Õ∫·≈–ºŸâµ√«® Õ∫¿“¬„π6. æ‘®“√≥“§—¥‡≈◊Õ°ºŸâ Õ∫∫—≠™’·≈–π”‡ πÕµàÕ§≥–

°√√¡°“√∫√‘…—∑‡æ◊ËÕ¢ÕÕπÿ¡—µ‘ µàÕ∑’Ëª√–™ÿ¡ “¡—≠ºŸâ∂◊ÕÀÿâπª√–®”ªï ‚¥¬«‘∏’°“√§—¥‡≈◊Õ° ¡’À≈—°‡°≥±å∑’Ë·πà™—¥ ‚ª√àß„ ·≈–√—°…“º≈ª√–‚¬™πå¢Õß∫√‘…—∑œ ‡ªìπ ”§—≠

„π°“√ªØ‘∫—µ‘Àπâ“∑’Ë§≥–°√√¡°“√µ√«® Õ∫¢Õß∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) „πªï 2542§≥–°√√¡°“√µ√«® Õ∫ ¡’§«“¡‡ÀÁπ«à“∫√‘…—∑‰¥â√‘‡√‘Ë¡¥”‡π‘π°“√Õ¬à“ß∂Ÿ°µâÕß‡æ◊ËÕ„Àâ¡’√–∫∫°“√§«∫§ÿ¡¿“¬„π∑’Ë¥’¬‘Ëß¢÷ÈπµàÕ‰ª ªí®®ÿ∫—π‰¥â¡’√–∫∫°“√¡Õ∫Õ”π“®Õπÿ¡—µ‘„Àâ¥”‡π‘πß“πÕ¬à“ß¡’¢—ÈπµÕπµ“¡À≈—°‡°≥±å∑’Ë‡À¡“– ¡ àßº≈„Àâ√“¬ß“π∑“ß°“√‡ß‘π¡’§«“¡∂Ÿ°µâÕßµ“¡∑’Ë§«√µ“¡À≈—°°“√∫—≠™’∑’Ë√—∫√Õß∑—Ë«‰ª ·≈–‰¥â®—¥Õß§å°√¥â“π°“√µ√«® Õ∫¿“¬„π„Àâ¡’§«“¡Õ‘ √– Õ¬à“ß‰√°Áµ“¡ ¥â“π∫ÿ§≈“°√ ·≈–«‘∏’ªØ‘∫—µ‘ß“π¢Õß ”π—°ß“πµ√«® Õ∫¿“¬„π®–µâÕß¥”‡π‘π°“√µ“¡¢—ÈπµÕπ¢Õß°“√æ—≤π“„Àâ¡’ª√– ‘∑∏‘¿“æ Ÿß¢÷ÈπµàÕ‰ª ´÷Ëß§“¥«à“°“√æ—≤π“®–‰¡à¬“°≈”∫“° ‡π◊ËÕß®“°∫√‘…—∑¡’π‚¬∫“¬∑’Ë®– π—∫ πÿπß“π¥â“ππ’ÈÕ¬à“ß‡µÁ¡∑’ËÕ¬Ÿà·≈â«

(π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠)ª√–∏“π§≥–°√√¡°“√µ√«® Õ∫

4.3 Power and Authority. The Office of Internal Audit has as

its duties to audit the operation of all units within the

Company and to have the power to access the data,

documents, properties and staff that are involved with

audit work.

4.4 Responsibilities of the Office of Internal Audit. The Office

of Internal Audit shall perform its work in order to achieve

the objectives established by reporting the results of

audits and providing analytical data, evaluation, recom-

mendations and advice in accordance with the

guidelines prescribed by the standard of internal audit.

5. Provide support, pieces of advice and guidelines of

operation to the Internal Auditor in the following matters ;

5.1 Consider and review the Charter of the Office of Internal

Audit.

5.2 Give pieces of advice and recommendation concern-

ing organizational chart of the Office of Internal Audit.

5.3 Prescribe roles and duties of the Internal Auditor.

5.4 Prescribe working patterns of the Audit Committee and

the Internal Auditor.

6. Consider the selection of the independent external auditor

and proposing to the Company's Board and to the Annual

Ordinary Shareholders' Meeting for approval. Whereby, the

selection methods shall be based on objective and

transparent criteria for the benefits of the Company.

With respect to the work of the Audit Committee of

the Big C Supercenter Public Company Limited in 1999, the

Audit Committee has its opinion that the Company has

initiated the correct actions for better internal control in the

future. At present, there is a system of authorization in place

to approve the operation systematically and in accordance

with the appropriate criteria. As a result, the financial reports

of the Company are fairly presented in accordance with

generally accepted accounting principles. And the internal

audit organization has been established to be autonomous.

However, the personnel affairs and working procedures of

the Office of Internal Audit shall be carried out in

accordance with the process of development for higher

efficiency. And it is expected that further development shall

not be difficult, since the Company has its policy to fully

support this field of work.

(Mr. Nontaphon Nimsomboon)

Chairman of Audit Committee.


ºŸâ∫√‘À“√√–¥—∫ Ÿß

EXECUTIVE OFFICERS

π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡ä°´’·Õ√å

Mr.Andre Claude Luc MercierChief Executive Officerand Managing Director

π“¬™“≈√å ‡ŒÕ√å‡∫‘√å∑ §√Ÿ

Mr.Charles Herbert KruseExecutive Vice President, Operations

π“¬·∫√å°π“√å ¡“√’ Õ—ß°åµ«π ≈“«‘≈≈å

Mr.Bernard Marie Antoine LavilleVice President, Fresh Food Specialist

π“¬ª√–‡«∑¬å ª√ÿß·µàß°‘®

Mr.Prawet PrungtaengkitVice President, Management Information System

π“¬≈‘¢‘µ øÑ“ª‚¬™π¡å

Mr.Likit FahpyochonChief Development Officerand Senior Executive Vice President

π“¬Õπÿ™—¬ «’√æ—≤π°ÿ≈

Mr.Anuchai WerapatanakulExecutive Vice President, Food Merchandise

π“ß “«®√‘¬“ ®‘√“∏‘«—≤πå

Ms.Jariya ChirathivatVice President, General Merchandise

π“¬ª√’™“ ‡Õ°§ÿ≥“°Ÿ≈

Mr.Preecha EkkunagulChief Operating Officerand Senior Executive Vice President

π“¬‚∏¡— ‡¡ —π ‡π≈‡ âπ

Mr.Thomas Mason NielsenSenior Vice President, Human Resources

π“ß “«√”¿“ §”ÀÕ¡√◊Ëπ

Ms.Rumpa KumhomreunVice President, Finance and Accounting


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10. ∫‘Í°´’¢Õπ·°àπ ∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ ∏—π«“§¡ 2539

11. ∫‘Í°´’‚§√“™ ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ∏—π«“§¡ 2539

12. ∫‘Í°´’ ÿ√“…Æ√å ∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ ¡’π“§¡ 2540

13. ∫‘Í°´’æ‘…≥ÿ‚≈° ∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ ‡¡…“¬π 2540

14. ∫‘Í°´’√—µπ“∏‘‡∫»√å ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ‡¡…“¬π 2540

15. ∫‘Í°´’√–¬Õß ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) °√°Æ“§¡ 2540

16. ∫‘Í°´’æ√–√“¡ 2 ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) °—π¬“¬π 2540

17. ∫‘Í°´’‡™’¬ß√“¬ ∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ °—π¬“¬π 2540

18. ∫‘Í°´’≈”ª“ß ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) µÿ≈“§¡ 2540

19. ∫‘Í°´’≈æ∫ÿ√’ ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) æƒ»®‘°“¬π 2540

20. ∫‘Í°´’‡æ™√∫ÿ√’ ∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ¡°√“§¡ 2541


GENERAL DATA1. General Data of the Company.

The Big C Supercenter Public Company Limited is a modern supercenter retailer under the

store name of Big C, distributing consumer products at low prices to the target customers in the

service areas of each branch of Big C. Most products provided for sale at Big C are purchased

from leading domestic manufacturers and major wholesalers.

The Company opened its first branch Big C store (Rangsit Branch) in 1994. Then, in 1995, the

Company expanded its retail business by taking over the Central Superstore Co., Ltd., which

operated a similar retail format as Big C. The total investment was 582 million Baht.

Today the supercenter is a highly successful retail business due to its focus on meeting

the demands of customers of medium and low incomes, which are the majority groups of

customers of Thailand. The Company, forecasting high growth potential of the business

operation, opened new branches of Big C stores continuously from 1995 through 1998. The

Company has expanded the branches through financial sources within the Company obtained

from the Company's operation and financial sources outside obtained by borrowing from

financial institutions and issuing of capital increase shares.

At present, Big C Supercenter has a total of 20 branches nationwide. The location of

each branch is listed below in order of opening date.

Operated By Month of Store's Opening

1. Wongsawang Big C Store Central Superstore Limited April 1991

2. Changwattana Big C Store Central Superstore Limited January 1993

3. Rangsit Big C Store Big C Supercenter Public Co.,Ltd. May 1994

4. Ratburana Big C Store Central Superstore Limited May 1995

5. Pattaya Big C Store Central Pattaya Co.,Ltd. June 1995

6. Rajdamri Big C Store Big C Supercenter Public Co.,Ltd. December 1995

7. Bang Plee Big C Store Theparak Big C Limited February 1996

8. Nakhornpathom Big C Store Central Superstore Limited March 1996

9. Udorn Big C Store Udorn Big C Co.,Ltd. October 1996

10. Khonkaen Big C Store Big C Fairy Limited December 1996

11. Korat Big C Store Big C Supercenter Public Co.,Ltd. December 1996

12. Suratthani Big C Store Surat Big C Limited March 1997

13. Pitsanulok Big C Store Pitsanulok Big C Limited April 1997

14. Rattanathibet Big C Store Big C Supercenter Public Co.,Ltd. April 1997

15. Rayong Big C Store Big C Supercenter Public Co.,Ltd. July 1997

16. Rama II Big C Store Big C Supercenter Public Co.,Ltd. September 1997

17. Chiengrai Big C Store Chiengrai Big C Co.,Ltd. September 1997

18. Lampang Big C Store Big C Supercenter Public Co.,Ltd. October 1997

19. Lopburi Big C Store Big C Supercenter Public Co.,Ltd. November 1997

20. Petchburi Big C Store Big C Supercenter Public Co.,Ltd. January 1998


„πªï 2542 Àâ“ß∫‘Í°´’¡’¬Õ¥¢“¬√«¡∑—Èß ‘Èπ 22,314 ≈â“π∫“∑ ´÷Ëßπ—∫‰¥â«à“ ∫√‘…—∑‡ªìπºŸâª√–°Õ∫°“√§â“ª≈’°

·∫∫´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å∑’Ë¡’®”π«π “¢“·≈–¬Õ¥¢“¬ Ÿß∑’Ë ÿ¥„πª√–‡∑»‰∑¬

πÕ°®“°∫√‘…—∑®–ª√–°Õ∫∏ÿ√°‘®§â“ª≈’° ´÷Ëß‡ªìπ∏ÿ√°‘®À≈—°¢Õß∫√‘…—∑·≈â« ∫√‘…—∑¬—ß¡’∏ÿ√°‘®√Õß ´÷Ëß‰¥â·°à

∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬‡ ◊ÈÕºâ“ ”‡√Á®√Ÿª´÷Ëß¥”‡π‘π°“√‚¥¬∫√‘…—∑¬àÕ¬ 4 ·Ààß ´÷Ëß‰¥â·°à ∫√‘…—∑ ‡Õ .‡§.°“√å‡¡âπ∑å

(1995) ®”°—¥ ∫√‘…—∑ Õ’‡∑ µ√â“ ®”°—¥ ∫√‘…—∑ ªï‡µÕ√å·Õπ¥å®‘ππ’Ë ®”°—¥ ·≈–∫√‘…—∑ ‡øì¥‡¥Õ√‘§ ‡«Õ≈¥å ‡´≈ å

®”°—¥ ‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2542 ºŸâ∫√‘À“√¢Õß∫√‘…—∑µ—¥ ‘π„®À¬ÿ¥∫√‘À“√∏ÿ√°‘®π’È‰«â‡π◊ËÕß®“°¡‘„™à∏ÿ√°‘®À≈—°¢Õß

∫√‘…—∑ ‚¥¬‰¥â¢“¬‡ß‘π≈ß∑ÿπ∑—ÈßÀ¡¥„π∫√‘…—∑¬àÕ¬¥—ß°≈à“«‰ª„Àâ·°à∫ÿ§§≈¿“¬πÕ° ‚¥¬‡°‘¥º≈¢“¥∑ÿπ®”π«π 353.3

≈â“π∫“∑ °“√¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ‰ªµ“¡‡ß◊ËÕπ‰¢„π —≠≠“®Õß´◊ÈÕÀÿâπ “¡—≠‡æ‘Ë¡∑ÿπ (Subscription

Agreement) °—∫°≈ÿà¡∫√‘…—∑§“ ‘‚π ´÷Ëß‡ªìπ°≈ÿà¡ºŸâ√à«¡∑ÿπ¢Õß∫√‘…—∑

∫√‘…—∑¡’∑ÿπ‡√◊ÕπÀÿâπ‡ªìπÀÿâπ “¡—≠®¥∑–‡∫’¬π‰«â 800 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑ ·≈– ≥ «—π ‘Èπªï

2542 ∫√‘…—∑¡’Àÿâπ “¡—≠∑’ËÕÕ°®”Àπà“¬·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â«®”π«π 780,115,464 Àÿâπ √«¡‡ªìπ‡ß‘π∑—Èß ‘Èπ

7,801,154,640 ∫“∑ ·≈–¡’ à«π‡°‘π¡Ÿ≈§à“Àÿâπ 2,165,794,655 ∫“∑ ”π—°ß“π„À≠à¢Õß∫√‘…—∑µ—ÈßÕ¬Ÿà∑’Ë 89/36

Õ“§“√¬Ÿπ‘‡« ∑å ™—Èπ 7 ∂ππ√“™¥”√‘Àå ·¢«ß≈ÿ¡æ‘π’ ‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 655-0666 ‚∑√ “√

655-5801-2

2. ¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫√‘…—∑¬àÕ¬ ≥ «—π ‘Èπªï 2542

√“¬™◊ËÕ∫√‘…—∑¬àÕ¬ %°“√∂◊ÕÀÿâπ Àÿâπ “¡—≠∑’Ë®”Àπà“¬·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â«

¢Õß∫√‘…—∑ ®”π«πÀÿâπ ¡Ÿ≈§à“Àÿâπ ®”π«π‡ß‘π

1. ∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ 99.99 12,200,000 100 1,220,000,000

2. ∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ 64.99 13,795,000 10 137,950,000

3. ∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ 59.99 20,000,000 10 200,000,000

4. ∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ 84.99 1,400,000 100 140,000,000

5. ∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ 99.99 14,030,000 10 140,300,000

6. ∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ 99.99 572,200 100 57,220,000

7. ∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ 89.99 18,000,000 10 180,000,000

8. ∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ 99.99 8,000,000 10 80,000,000

9. ∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥ 99.99 100,000 10 1,000,000

10. ∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ 99.99 50,000 100 5,000,000

11. ∫√‘…—∑ Õÿ∫≈ ∫‘Í°´’ ®”°—¥ 87.43 10,051,500 10 100,515,000

∫√‘…—∑¬àÕ¬ ≈”¥—∫∑’Ë 1 ∂÷ß 8 ‡ªìπºŸâª√–°Õ∫°“√§â“ª≈’°‡™àπ‡¥’¬«°—∫∫√‘…—∑ ∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥

‡ªìπ∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑‰¥â®—¥µ—Èß¢÷Èπ¡“‡æ◊ËÕ∑”Àπâ“∑’Ë‡ªìπ»Ÿπ¬å°√–®“¬ ‘π§â“·ºπ°Õ“À“√ ¥ (Fresh Food) ·≈–

·ºπ°Õ“À“√·Àâß (Dry Food) „Àâ·°àÀâ“ß∫‘Í°´’∑—Ë«ª√–‡∑» ∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ ‰¡à‰¥âª√–°Õ∫°‘®°“√§â“

ª≈’°·µà‡ªìπ‡®â“¢Õß ‘∑∏‘°“√‡™à“√–¬–¬“«„π∑’Ë¥‘π·ª≈ßÀπ÷Ëß ´÷Ëß∫√‘…—∑‡™à“‡æ◊ËÕ„™â¥”‡π‘πß“π∏ÿ√°‘®§â“ª≈’° ∫√‘…—∑

Õÿ∫≈ ∫‘Í°´’ ®”°—¥ ‡ªìπ∫√‘…—∑¬àÕ¬∑’Ë∫√‘…—∑‰¥â®—¥µ—Èß¢÷Èπ‡æ◊ËÕ∫√‘À“√ß“π‚§√ß°“√∫‘Í°´’Õÿ∫≈√“™∏“π’ ´÷Ëß‡ªìπ‚§√ß°“√∫‘Í°´’

„πÕπ“§µ

∫√‘…—∑¬àÕ¬‡À≈à“π’È¡’ ”π—°ß“π„À≠à µ—ÈßÕ¬Ÿà∑’Ë 89/36 Õ“§“√¬Ÿπ‘‡« ∑å ™—Èπ 7 ∂ππ√“™¥”√‘Àå ·¢«ß≈ÿ¡æ‘π’

‡¢µª∑ÿ¡«—π °√ÿß‡∑æœ 10330 ‚∑√»—æ∑å 655-0666 ‚∑√ “√ 655-5801-2 ‡™àπ‡¥’¬«°—∫ ”π—°ß“π„À≠à¢Õß∫√‘…—∑


In 1999, Big C had sales of 22,314 million Baht. Big C was regarded as the retail entrepreneur

with the highest sale and maximum number of branches in Thailand.

In addition to the retail business, its major business, the Company has the secondary business

of ready-made garment manufacturing and distribution operated by 4 subsidiaries including the

S.K. Garment (1995) Co., Ltd., the Etastra Co., Ltd., the Peter & Jeannie Co., Ltd., and the Federic

World Sales Co., Ltd. On April 26th, 1999, the management of the Company decided to cease these

business operations due to not being the core business of the Company. The Company sold out

the investment in the said subsidiaries to outside persons and suffered a loss of 353.3 million Baht.

Selling the said investment was in accordance with the terms of Subscription Agreement made with

the Casino Group Company, its joint venture party.

The Company has share capital (registered ordinary shares) of 800 million shares worth

10 Baht each. And at the end of 1999, the Company had 780,115,464 issued and paid-up

ordinary shares. The total shares cost 7,801,154,640 Baht and had a surplus value of 2,165,794,655

Baht. The Company's head office is located at 89/36 Univest Building, 7th floor, Rajdamri Road,

Lumphinee sub-district, Pathumwan District, Bangkok 10330, Tel: 655-0666, Fax : 655-5801-2.

2. General Data of Subsidiaries at the End of 1999

Subsidiaries Percentage Held Issued and Fully Paid-Up Common Share

By the Company No.of Shares Par Value Total

1. Central Superstore Limited 99.99 12,200,000 100 1,220,000,000

2. Udorn Big C Co., Ltd. 64.99 13,795,000 10 137,950,000

3. Pitsanulok Big C Limited 59.99 20,000,000 10 200,000,000

4. Big C Fairy Limited 84.99 1,400,000 100 140,000,000

5. Surat Big C Limited 99.99 14,030,000 10 140,300,000

6. Theparak Big C Limited 99.99 572,200 100 57,220,000

7. Chiengrai Big C Co., Ltd. 89.99 18,000,000 10 180,000,000

8. Central Pattaya Co., Ltd. 99.99 8,000,000 10 80,000,000

9. Big C Distribution Co., Ltd. 99.99 100,000 10 1,000,000

10. Phraram II Big C Co., Ltd. 99.99 50,000 100 5,000,000

11. Ubon Big C Limited 87.43 10,051,500 10 100,515,000

The subsidiaries No. 1 through 8 are retail entrepreneurs, the same as the Company. The

Big C Distribution Co., Ltd., is a subsidiary established by the Company to be the distributor of

fresh food and dry food for the Big C stores nationwide. The Phraram II Big C Co., Ltd., does

not run a retail business but is the owner of a long-term tenancy in a plot of land leased by the

Company for its retail business operation. The Ubon Big C Limited is a subsidiary established by the

Company to carry out and administer the future project of Ubon Big C store.

These subsidiaries have the head office located at 89/36 Univest Building, 7th floor, Rajdamri

Road, Lumphinee sub-district, Pathumwan District, Bangkok 10330, Tel: 655-0666, Fax: 655-5801-2,

which is the same address as the Company's head office.


3. ¢âÕ¡Ÿ≈∑—Ë«‰ª¢Õß∫ÿ§§≈Õâ“ßÕ‘ßÕ◊ËπÊ

π“¬∑–‡∫’¬πÀ≈—°∑√—æ¬å : ∫√‘…—∑»Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥

Õ“§“√µ≈“¥À≈—°∑√—æ¬å·Ààßª√–‡∑»‰∑¬ ™—Èπ 4,6,7

62 ∂ππ√—™¥“¿‘‡…° ·¢«ß§≈Õß‡µ¬

‡¢µ§≈Õß‡µ¬ °√ÿß‡∑æ¡À“π§√ 10110

‚∑√»—æ∑å 359-1200-1 ‚∑√ “√ 359-1262-3

ºŸâ Õ∫∫—≠™’ : π“¬«‘π‘® »‘≈“¡ß§≈/π“¬æ‘»‘…∞å ™’«–‡√◊Õß‚√®πå

∫√‘…—∑ ”π—°ß“π ‡Õ ®’«’ ≥ ∂≈“ß ®”°—¥

Õ“§“√ ¬“¡∑“«πå‡«Õ√å ™—Èπ 21

989 ∂ππæ√–√“¡∑’Ë 1

‡¢µª∑ÿ¡«—π °√ÿß‡∑æ¡À“π§√ 10330

‚∑√»—æ∑å 658-0658 ‚∑√ “√ 658-0660-3

∑’Ëª√÷°…“°ÆÀ¡“¬ : ∫√‘…—∑ «‘§‡§Õ√’Ë ·Õπ¥å«√™—¬ ®”°—¥

93/1 Õ“§“√¥’∑·Œ≈å¡∑“«πå‡«Õ√å ‡Õ ™—Èπ 16

∂ππ«‘∑¬ÿ ·¢«ß≈ÿ¡æ‘π’

‡¢µª∑ÿ¡«—π °√ÿß‡∑æ¡À“π§√ 10330

‚∑√»—æ∑å 256-6311-14 ‚∑√ “√ 256-6317-18

: ∫√‘…—∑ ≈‘ß§å‡≈‡∑Õ√å (ª√–‡∑»‰∑¬) ®”°—¥

Õ“§“√·§ªªîµÕ≈∑“«πå‡«Õ√å ÕÕ≈´’´—Ëπ‡æ≈´

87/1 ∂ππ«‘∑¬ÿ ·¢«ß≈ÿ¡æ‘π’

‡¢µª∑ÿ¡«—π °√ÿß‡∑æ¡À“π§√ 10330

‚∑√»—æ∑å 305-8000 ‚∑√ “√ 305-8010

ºŸâ®—¥°“√¿“¬„µâ

—≠≠“°“√®—¥°“√

·≈–ºŸâ·∑πºŸâ∂◊ÕÀÿâπ°Ÿâ : ‰¡à¡’


3. Other Reference Persons

Security Registrar : Thailand Securities Depository Company Limited

4,6-7th Floor, The Stock Exchange of Thailand Building

62 Rachadapisek Road, Klongtoey, Bangkok 10110

Tel : 359-1200-1, Fax : 359-1262-3

External Auditor : Mr. Winid Silamongkol and Mr. Pisit Chiwaruangroch

SGV - Na Thalang & Co., Ltd.

21st Floor, Siam Tower

989 Rama I Road, Pathumwan, Bangkok 10330

Tel : 658-0658, Fax : 658-0660-3

Legal Advisor : Vickery & Warachai Limited

16th Floor, Diethelm Tower A

93/1 Wireless Road, Bangkok 10330

Tel : 256-6311-4, Fax : 256-6317-8

: Linklaters (Thailand) Ltd.

20th Floor, Capital Tower All Season Place

87/1 Wireless Road, Bangkok 10330

Tel : 305-8000, Fax : 305-8010

Management

Agreement and

Representative

of Debenture : None


¢âÕ¡Ÿ≈∑“ß°“√‡ß‘π‚¥¬ √ÿª

1. ¢âÕ¡Ÿ≈®“°ß∫°“√‡ß‘π√«¡ (§—¥¡“‡æ’¬ß∫“ß à«π) (Àπà«¬ : ≈â“π∫“∑)

2542 2541

‘π∑√—æ¬å√«¡ 13,836.0 14,186.1

Àπ’È ‘π√«¡ 6,535.1 12,556.7

à«π¢ÕßºŸâ∂◊ÕÀÿâπ 7,300.9 1,629.4

¢“¬ ÿ∑∏‘ 22,464.1 20,612.1

√“¬‰¥â√«¡ 23,907.6 21,765.7

°”‰√¢—Èπµâπ 2,470.3 2,284.4

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 3,171.0 3,314.9

¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 353.3 -

¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å 180.0 -

º≈¢“¥∑ÿπ ”À√—∫Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈–Õ◊ËπÊ 129.2 -

¢“¥∑ÿπ (°”‰√) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 30.3 (728.4)

¥Õ°‡∫’È¬®à“¬ 460.3 974.4

¿“…’‡ß‘π‰¥â 11.4 1.3

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π¢“¥∑ÿπ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ 0.5 3.0

¢“¥∑ÿπ ÿ∑∏‘ 421.2 121.2

2. Õ—µ√“ à«π∑“ß°“√‡ß‘π

2542 2541

Õ—µ√“°”‰√¢—Èπµâπ (%) 11.00 11.08

º≈¢“¥∑ÿπ ÿ∑∏‘µàÕ√“¬‰¥â√«¡ (%) 1.76 0.56

º≈¢“¥∑ÿπ ÿ∑∏‘µàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (%) (9.43) (6.88)

º≈¢“¥∑ÿπ ÿ∑∏‘µàÕ ‘π∑√—æ¬å√«¡ (%) (3.01) (0.82)

¢“¥∑ÿπ ÿ∑∏‘µàÕÀÿâπ 0.71 0.48

‡ß‘πªíπº≈µàÕÀÿâπ - -

¡Ÿ≈§à“µ“¡∫—≠™’µàÕÀÿâπ 9.36 6.52

Õ—µ√“ à«πÀπ’È ‘πµàÕ à«π¢ÕßºŸâ∂◊ÕÀÿâπ (‡∑à“) 0.14 4.32


SUMMARY FINANCIAL DATA1. Consolidated Selected Financial Data (Million Baht)

1999 1998

Total assets 13,836.0 14,186.1

Total liabilities 6,535.1 12,556.7

Shareholders' equity 7,300.9 1,629.4

Net sales 22,464.1 20,612.1

Total revenues 23,907.6 21,765.7

Gross profit 2,470.3 2,284.4

Selling and administrative expenses 3,171.0 3,314.9

Loss on selling investment in subsidiaries 353.3 -

Loss from impairment of assets 180.0 -

Contingency loss and others 129.2 -

Loss (gain) on exchange rate 30.3 (728.4)

Interest expenses 460.3 974.4

Income tax 11.4 1.3

Minority interest in net loss of subsidiaries 0.5 3.0

Net loss 421.2 121.2

2. Financial Ratios

1999 1998

Gross profit (%) 11.00 11.08

Ratio of net loss to total revenue (%) 1.76 0.56

Ratio of net loss to equity (%) (9.43) (6.88)

Ratio of net loss to total assets (%) (3.01) (0.82)

Net loss per share 0.71 0.48

Dividend per share - -

Net book value per share 9.36 6.52

Debt to equity ratio (time) 0.14 4.32


3. º≈°“√¥”‡π‘πß“π‡©æ“–°‘®°√√¡∏ÿ√°‘®§â“ª≈’° (∏ÿ√°‘®À≈—°) (Àπà«¬ : ≈â“π∫“∑)

2542 2541

¢“¬ ÿ∑∏‘ 22,313.9 20,058.7

√“¬‰¥â√«¡ 23,753.9 21,198.4

°”‰√¢—Èπµâπ 2,412.7 2,034.1

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 3,125.2 3,089.8

¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 353.3 -

¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å 180.0 -

º≈¢“¥∑ÿπ ”À√—∫Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈–Õ◊ËπÊ 129.2 -

¢“¥∑ÿπ (°”‰√) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 30.3 (711.4)

¥Õ°‡∫’È¬®à“¬ 449.5 912.1

¿“…’‡ß‘π‰¥â 11.4 -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π¢“¥∑ÿπ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ 0.5 3.0

¢“¥∑ÿπ ÿ∑∏‘ 425.7 113.7


3. The Operational Result of Retail Business Activity (Major Business) (Million Baht)

1999 1998

Net sales 22,313.9 20,058.7

Total revenues 23,753.9 21,198.4

Gross profit 2,412.7 2,034.1

Selling and administration expenses 3,125.2 3,089.8

Loss on disposal investment in subsidiaries 353.3 -

Loss from impairment of assets 180.0 -

Contingency loss and others 129.2 -

Loss (gain) on exchange rates 30.3 (711.4)

Interest expenses 449.5 912.1

Income tax 11.4 -

Minority interest in net loss of subsidiaries 0.5 3.0

Net loss 425.7 113.8


≈—°…≥–°“√ª√–°Õ∫∏ÿ√°‘®

1. ≈—°…≥– ‘π§â“·≈–∫√‘°“√

‘π§â“∑’Ë¡’®”Àπà“¬„πÀâ“ß∫‘Í°´’ ·∫àß‰¥â‡ªìπ 4 ·ºπ°„À≠àÊ ¥—ßπ’È

‘π§â“·ºπ° Ÿ‡ªÕ√å¡“√å‡°Áµª√–‡¿∑Õ“À“√ ¥ (Fresh Food) ‰¥â·°à ‡π◊ÈÕ —µ«å, Õ“À“√∑–‡≈, º—°,

º≈‰¡â, Õ“À“√æ√âÕ¡ª√ÿß, Õ“À“√æ√âÕ¡∑“π, º≈‘µ¿—≥±å®“°π¡, Õ“À“√·™à·¢Áß, à«πª√–°Õ∫Õ“À“√ ‡™àπ ‰¢à‰°à

º—°¥Õß ·≈–‡µâ“ÀŸâ, º≈‘µ¿—≥±å·ª√√Ÿª®“°‡π◊ÈÕÀ¡Ÿ·≈–‡π◊ÈÕ‰°à ‡™àπ ‰ â°√Õ°·≈–·Àπ¡, ¢π¡À«“π·≈–‡∫‡°Õ√å√’Ë

¬Õ¥¢“¬ ‘π§â“¢Õß·ºπ°Õ“À“√ ¥π’È¡’ —¥ à«π‡ªìπ 10% ¢Õß¬Õ¥¢“¬∑—ÈßÀ¡¥

‘π§â“·ºπ°´Ÿ‡ªÕ√å¡“√å‡°Áµª√–‡¿∑Õ“À“√·Àâß∑’Ë„™â„π°“√Õÿª‚¿§·≈–∫√‘‚¿§ (Dry Food) ‰¥â·°à

Õ“À“√ ”‡√Á®√Ÿª, ‡§√◊ËÕßª√ÿßÕ“À“√, ‡§√◊ËÕß¥◊Ë¡, ¢π¡¢∫‡§’È¬«, ‡À≈â“, ¢Õß„™â à«πµ—«, º≈‘µ¿—≥±å‡§¡’‡æ◊ËÕ„™â

∑”§«“¡ –Õ“¥, Õ“À“√·≈–¢Õß„™â∑—Ë«‰ª ”À√—∫ —µ«å‡≈’È¬ß, °√–¥“…™”√–·≈–ºâ“Õπ“¡—¬ ·≈– ‘π§â“¢“¬¬°°≈àÕß

¬Õ¥¢“¬ ‘π§â“¢Õß·ºπ°Õ“À“√·Àâßπ’È¡’ —¥ à«π‡ªìπ 50% ¢Õß¬Õ¥¢“¬∑—ÈßÀ¡¥

‘π§â“·ºπ°´Õø∑å‰≈πå (Softline) ‰¥â·°à ‡ ◊ÈÕºâ“, ‡§√◊ËÕß ”Õ“ß, ‡§√◊ËÕß·µàß°“¬·≈–√Õß‡∑â“ ¬Õ¥¢“¬

‘π§â“¢Õß·ºπ°´Õø∑å‰≈πåπ’È¡’ —¥ à«π‡ªìπ 15% ¢Õß¬Õ¥¢“¬∑—ÈßÀ¡¥

‘π§â“·ºπ°Œ“√å¥‰≈πå (Hardline) ‰¥â·°à ‡§√◊ËÕßπÕπ, ‡§√◊ËÕß„™â‰øøÑ“, Õÿª°√≥å‡§√◊ËÕß§√—«, Õÿª°√≥å

·µàß∫â“π, ‡§√◊ËÕß°’Ã“, Õÿª°√≥å√∂¬πµå, ¢Õß‡¥Á°‡≈àπ·≈–Õÿª°√≥å´àÕ¡·´¡ ¬Õ¥¢“¬ ‘π§â“¢Õß·ºπ°Œ“√å¥‰≈πåπ’È

¡’ —¥ à«π‡ªìπ 25% ¢Õß¬Õ¥¢“¬∑—ÈßÀ¡¥

πÕ°®“°√“¬‰¥â®“°°“√¢“¬¢Õß ‘π§â“·ºπ°µà“ßÊ ¢â“ßµâπ·≈â« Àâ“ß∫‘Í°´’¬—ß¡’√“¬‰¥â§à“‡™à“∑’Ë‡°‘¥®“°°“√„Àâ

‡™à“æ◊Èπ∑’Ë·°à√â“π§â“¬àÕ¬Õ’°¥â«¬

2. »Ÿπ¬å°√–®“¬ ‘π§â“

„π‡¥◊Õπ‡¡…“¬π 2542 ∫√‘…—∑‰¥â®—¥µ—Èß∫√‘…—∑¬àÕ¬ ´÷Ëß‰¥â·°à ∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥ ‡æ◊ËÕ∑”Àπâ“∑’Ë

‡ªìπ»Ÿπ¬å°√–®“¬ ‘π§â“·ºπ°Õ“À“√·Àâß ´÷Ëßµ—ÈßÕ¬Ÿà∑’ËÕ”‡¿Õ∫“ß∫—«∑Õß ®—ßÀ«—¥ππ∑∫ÿ√’ ‚¥¬∫√‘…—∑¬àÕ¬®–‡ªìπºŸâ´◊ÈÕ

‘π§â“‚¥¬µ√ß®“°ºŸâ¢“¬ ·≈â«®÷ß°√–®“¬ ‘π§â“„Àâ·°à Àâ“ß∫‘Í°´’ ∑—Ë«ª√–‡∑» ‚¥¬‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 2542 ∫√‘…—∑

¬àÕ¬·Ààßπ’È‰¥â∑” —≠≠“«à“®â“ß°—∫ ∫√‘…—∑ ‡¥«‘¥ å ¥‘ ∑√‘∫‘«™—Ëπ (ª√–‡∑»‰∑¬) ®”°—¥ ‡æ◊ËÕ„Àâ‡ªìπºŸâ∫√‘À“√ß“π

§≈—ß ‘π§â“„Àâ·°à∫√‘…—∑ „πªí®®ÿ∫—π »Ÿπ¬å°√–®“¬ ‘π§â“·Ààßπ’È√—∫°√–®“¬ ‘π§â“·ºπ°Õ“À“√·Àâß®“°ºŸâ¢“¬‰¥â°«à“

70% ¢Õß ‘π§â“ª√–‡¿∑‡¥’¬«°—ππ’È∑’Ë¡’®”Àπà“¬Õ¬Ÿà∑—ÈßÀ¡¥„πÀâ“ß∫‘Í°´’

πÕ°®“°π’È „πª≈“¬ªï 2542 ∫√‘…—∑‰¥â®—¥µ—Èß»Ÿπ¬å°√–®“¬ ‘π§â“·ºπ°Õ“À“√ ¥·Ààß„À¡à¢÷Èπ∑’ËÕ”‡¿Õ

∫“ß„À≠à ®—ßÀ«—¥ππ∑∫ÿ√’ ´÷Ëß‡ªìπ»Ÿπ¬å°√–®“¬ ‘π§â“∑’Ë¡’ÀâÕß‡¬Áπ¡“µ√“∞“π¢π“¥„À≠à‚¥¬ “¡“√∂√—°…“§ÿ≥¿“æ

¢Õß ‘π§â“„Àâ ¥·≈–„À¡àÕ¬Ÿà‡ ¡Õ ·≈– “¡“√∂°√–®“¬ ‘π§â“‰ª„Àâ·°àÀâ“ß∫‘Í°´’ “¢“µà“ßÊ ‰¥â«—πµàÕ«—π

»Ÿπ¬å°√–®“¬ ‘π§â“·Ààßπ’È¥”‡π‘πß“π‚¥¬ ∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥ ‡™àπ‡¥’¬«°—∫»Ÿπ¬å°√–®“¬ ‘π§â“·ºπ°

Õ“À“√·Àâß

”À√—∫ ‘π§â“·ºπ°´Õø∑å‰≈πå·≈–Œ“√å¥‰≈πåπ—Èπ ∫√‘…—∑®–‡ªî¥»Ÿπ¬å°√–®“¬ ‘π§â“·Ààß„À¡à¢÷Èπ∑’ËÕ”‡¿Õ

“¡æ√“π ®—ßÀ«—¥π§√ª∞¡ ´÷Ëß¥”‡π‘πß“π‚¥¬ ∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ ´÷Ëß‡ªìπ∫√‘…—∑¬àÕ¬¢Õß∫√‘…—∑

°“√∑’Ë∫√‘…—∑¡’»Ÿπ¬å°√–®“¬ ‘π§â“¢Õß·ºπ°µà“ßÊ ‡ªìπ¢Õßµ—«‡Õßπ—Èπ∂◊Õ‰¥â«à“‡ªìπ‚§√ß √â“ß “°≈∑’Ë™à«¬„Àâ

‡°‘¥§«“¡§≈àÕßµ—« ™à«¬≈¥§à“„™â®à“¬ ·≈–∑”„Àâ°“√∫√‘À“√ß“π ‘π§â“§ß§≈—ß¢Õß∫√‘…—∑¡’ª√– ‘∑∏‘¿“æ Ÿß

πÕ°®“°π’È »Ÿπ¬å°√–®“¬ ‘π§â“¬—ß “¡“√∂‡√’¬°‡°Á∫√“¬‰¥â®“°‡ß‘π™¥‡™¬§à“®—¥ àß ‘π§â“®“°ºŸâº≈‘µ ‡æ◊ËÕπ”¡“™¥‡™¬

§à“¢π àß∑’Ë‡°‘¥¢÷Èπ


BUSINESS IN BIG C1. Nature of Products and Services.

Products available in a Big C store can be divided into 4 main departments, as follows;

Products in the Supermarket Department (fresh food) include meats, seafood, vegetables,

ready-to-cook food, ready-to-eat food, dairy products, frozen food, and ingredients such as eggs,

chicken, pickled vegetables and soya bean cake, products being processed from pork and

chicken such as sausage and fermented pork, dessert and bakery. The sales of the Departments

of Fresh Food are 10% of the total sales.

Products in the Supermarket Department (dry food) include ready-made food, condiment,

beverage, snack, liquor, personal effects, chemical products for cleaning, food and general

articles for pet animals, toilet paper and sanitary towel and whole-package-sold products. The

sales of the Departments of Dry Food are 50% of the total sales.

Products in the Soft Line Department include clothes, cosmetics, dress and shoes. The

sales of the Soft Line Departments are 15% of the total sales.

Products in the Hard Line Department include bedding, appliances, kitchenware, furniture,

sports equipment, car accessories, toys and mending equipment. The sales of the Hard Line

Departments are 25% of the total sales.

In addition to incomes from selling products in the above stated departments, the Big C

store also receives rental income from letting spaces to small outlets.

2. Product Distribution Center.

In April 1999, the Company established a subsidiary, namely the Big C Distribution Co.,

Ltd., to function as the product distribution center in the Department of Dry Food. The

subsidiary is located in Bangbuathong district, Nonthaburi province. It purchases products from

sellers directly, then, distributes the products to the Big C stores nationwide. On March 31st, 1999,

this subsidiary entered into a management agreement with Davids Distribution (Thailand) Co.,

Ltd., to manage the warehouses for the Company. At present, this product distribution center

can distribute products for the Departments of Dry Food from the sellers for over 70% of all Dry

Food products in the Big C store.

In addition, in late 1999, the Company has established a new product distribution center

in the Departments of Fresh Food, in Bangyai district, Nonthaburi province, which is the product

distribution center equipped with standard, large-sized refrigerated room enabling to maintain

the quality of products to be always fresh and new. The Center is able to distribute products

to different branches of Big C on a daily basis. This product distribution center is operated by the

Big C Distribution Co., Ltd.

For products in the Departments of Soft Line and Hard Line, the Company will open a

new product distribution center in Sampran district, Nakhon Prathom province. The Center will

be operated by the Central Superstore Co., Ltd., a subsidiary of the Company.

Owning the product distribution centers is regarded as an international standard that

creates flexibility, reducing expenses and causing highly effective management of the

Company's warehouses.


3. ‚§√ß √â“ß¢Õß¬Õ¥¢“¬ (≈â“π∫“∑)

2542 2541

¬Õ¥¢“¬®“°∏ÿ√°‘®§â“ª≈’° 22,313.9 20,058.7

¬Õ¥¢“¬®“°∏ÿ√°‘® ‘Ëß∑Õ 150.2 553.4

√«¡∑—Èß ‘Èπ 22,464.1 20,612.1

4. °“√ª√—∫‚§√ß √â“ß¢Õß∫√‘…—∑‚¥¬°“√‡æ‘Ë¡∑ÿπ

∂“π–¢Õß∫√‘…—∑°àÕπ°“√ª√—∫‚§√ß √â“ß°‘®°“√

‡π◊ËÕß®“°„π™à«ß 2 ªï∑’Ëºà“π¡“ ∫√‘…—∑ª√– ∫ªí≠À“«‘°ƒµ°“√≥å∑“ß‡»√…∞°‘®∑’Ë‡°‘¥¢÷Èπ„πª√–‡∑»‰∑¬·≈–

„πª√–‡∑»Õ◊ËπÊ „π¿Ÿ¡‘¿“§‡Õ‡™’¬µ–«—πÕÕ°‡©’¬ß„µâ ‚¥¬‡©æ“–Õ¬à“ß¬‘Ëß „π°≈“ßªï 2540 ª√–‡∑»‰∑¬‰¥â

‡ª≈’Ë¬π·ª≈ß√–∫∫°“√·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑»‡ªìπ√–∫∫°“√·≈°‡ª≈’Ë¬π‡ß‘πµ√“·∫∫≈Õ¬µ—«¿“¬„µâ°“√

®—¥°“√ ´÷Ëß àßº≈°√–∑∫‚¥¬µ√ßµàÕ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ∑”„Àâ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’º≈¢“¥∑ÿπ®“°Õ—µ√“

·≈°‡ª≈’Ë¬π‡ß‘πµ√“µà“ßª√–‡∑» – ¡®π∂÷ß ‘Èπªï 2541 ®”π«π 1,044 ≈â“π∫“∑ πÕ°®“°π’È °“√∑’Ë°”≈—ß´◊ÈÕ¢Õß

ª√–™“™π„πª√–‡∑»≈¥≈ßÕ¬à“ß¡“°¡’ à«π∑”„Àâª√‘¡“≥‡ß‘π∑ÿπÀ¡ÿπ‡«’¬π·≈–°√–· ‡ß‘π ¥¢Õß∫√‘…—∑·≈–

∫√‘…—∑¬àÕ¬≈¥≈ßÕ¬à“ßµàÕ‡π◊ËÕß „π¢≥–∑’Ë¿“√–¥Õ°‡∫’È¬·≈–Àπ’È‡ß‘π°Ÿâ¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’®”π«π‡æ‘Ë¡¡“°¢÷Èπ

®π‰¡à “¡“√∂™”√–Àπ’È‡ß‘π°Ÿâ§◊π·°à‡®â“Àπ’È‰¥âµ“¡°”Àπ¥ ªí®®—¬‡À≈à“π’È∑”„Àâ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à “¡“√∂¥”‡π‘π

∏ÿ√°‘®Õ¬à“ßµàÕ‡π◊ËÕßµàÕ‰ª‰¥âµ“¡ª°µ‘

¡“µ√°“√„π°“√ª√—∫‚§√ß √â“ß°‘®°“√

®“° ¿“«–∑’Ë∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ª√– ∫ªí≠À“∑“ß°“√‡ß‘πÕ¬à“ßÀπ—°¥—ß∑’Ë°≈à“«¢â“ßµâπ ∫√‘…—∑·≈–°≈ÿà¡

ºŸâ√à«¡∑ÿπÕ—πª√–°Õ∫‰ª¥â«¬ Geant International B.V. (∫√‘…—∑®¥∑–‡∫’¬π„πª√–‡∑»‡π‡∏Õ√å·≈π¥å) ·≈–

∫√‘…—∑ ‡ “«π’¬å ‚Œ≈¥‘Èß å ®”°—¥ (∫√‘…—∑®¥∑–‡∫’¬π„πª√–‡∑»‰∑¬) „π∞“π–∑’Ë‡ªìπ∫√‘…—∑„π‡§√◊Õ‡¥’¬«°—π°—∫

Casino Guichard-Perrachon SA (∫√‘…—∑®¥∑–‡∫’¬π„πª√–‡∑»Ω√—Ëß‡» ) ‰¥â¥”‡π‘π°“√‡®√®“°—π‡æ◊ËÕ„Àâ°≈ÿà¡

ºŸâ√à«¡∑ÿπ‡¢â“¡“≈ß∑ÿπ‡æ◊ËÕ™à«¬‡À≈◊Õ·≈–øóôπøŸ∞“π–°“√‡ß‘π¢Õß∫√‘…—∑ ®π„π∑’Ë ÿ¥‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 2542

∫√‘…—∑‰¥â‡¢â“∑” —≠≠“®Õß´◊ÈÕÀÿâπ “¡—≠‡æ‘Ë¡∑ÿπ„À¡à (Subscription Agreement) °—∫°≈ÿà¡ºŸâ√à«¡∑ÿπ¥—ß°≈à“«®”π«π

530 ≈â“πÀÿâπ „π√“§“Àÿâπ≈– 11.50 ∫“∑ ‚¥¬¡’‡ß◊ËÕπ‰¢ ”§—≠„π°“√‡¢â“´◊ÈÕÀÿâπ¢Õß°≈ÿà¡ºŸâ√à«¡∑ÿπ¥—ßπ’È

1. ºŸâ√à«¡∑ÿπµâÕß‰¥â√—∫°“√ºàÕπº—π®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å„Àâ

‰¡àµâÕß∑”§”‡ πÕ´◊ÈÕÀ≈—°∑√—æ¬å∑—ÈßÀ¡¥¢Õß∫√‘…—∑

2. ∫√‘…—∑µâÕß®”Àπà“¬Àÿâπ∑—ÈßÀ¡¥∑’Ë∫√‘…—∑∂◊Õ§√ÕßÕ¬Ÿà„π∫√‘…—∑¬àÕ¬∑’Ëª√–°Õ∫∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬

‡ ◊ÈÕºâ“ ”‡√Á®√Ÿª®”π«π 4 ∫√‘…—∑ §◊Õ ∫√‘…—∑ ‡Õ .‡§. °“√å‡¡âπ∑å (1995) ®”°—¥ ∫√‘…—∑ Õ’‡∑ µ√â“ ®”°—¥

∫√‘…—∑ ªï‡µÕ√å·Õπ¥å®‘ππ’Ë ®”°—¥·≈–∫√‘…—∑ ‡øì¥‡¥Õ√‘§ ‡«Õ≈¥å ‡´≈ å ®”°—¥ ∑—Èßπ’È √“§“¢“¬Àÿâπ

∑—ÈßÀ¡¥¥—ß°≈à“«µâÕß‰¡àµË”°«à“ 192 ≈â“π∫“∑

3. °≈ÿà¡ºŸâ√à«¡∑ÿπ‰¥â ß«π ‘∑∏‘„π°“√ªØ‘‡ ∏‰¡à‡¢â“®Õß´◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπ„À¡à À“°∫√‘…—∑‰¡à “¡“√∂¥”‡π‘π

°“√µ“¡‡ß◊ËÕπ‰¢¥—ß°≈à“«‰¥â


In addition, the product distribution centers can also collect income as compensation for

product delivery from the manufacturers to recover the cost transportation expenses.

3. Structure of Sales (million Baht).

1999 1998

Sales from retail business. 22,313.9 20,058.7

Sales from garment business. 150.2 553.4

Total 22,464.1 20,612.1

4. The Company's Restructuring by Capital Increase.

Status of the Company prior to Business Restructuring.

In the past 2 years, the Company suffered from the economic crisis occurring in Thailand

and other countries in the SEA region. Particularly, in mid 1997, the Company was affected by

the change in the currency exchange system to the floating rate system in Thailand. This

resulted in a cumulative loss to the Company, in currency exchange rates until the end of

1998, of 1,044 million Baht. In addition, the sudden shrinkage of purchasing power by consumers

in Thailand caused the continuous reduction of working capital and cash flow of the Company.

Meanwhile, the Company's burdens of interest and loan increased so much that it was unable

to repay the debts to the creditors within the prescribed period. These factors prevented the

Company and its subsidiaries from operating the businesses continuously as usual.

Business Restructuring Measures.

As a result of the financial situation suffered by the Company and its subsidiaries, the

Company and its joint-venture parties including the Geant International B.V., a registered

company in the Netherlands, and the Saowanee Holdings Co., Ltd., a registered company in

Thailand, in the capacity of a company in the same group as the Casino Guichard-Perr

achon S.A., a registered company in France, negotiated for the joint venture parties' investment,

assistance and recovery of the Company's financial condition. On March 31st, 1999, the

Company entered into the Subscription Agreement with the said joint-venture parties, amounted

to 530 million shares at the price of 11.50 Baht/share under crucial terms of subscription of the

joint venture parties, as follows;

1. The joint-venture parties shall receive the relaxation from the Securities and Exchange

Commission not to bid for the whole securities of the Company.

2. The Company shall distribute the whole shares it holds in four subsidiaries that run the

garment business namely the S.K. Garment (1995) Co., Ltd., the Etastra Co., Ltd., the

Peter & Jeannie Co., Ltd., and the Federic World Sales Co., Ltd. Thus, the sale price

of the said total shares shall be at least 192 million Baht.

3. The joint-venture parties reserve the right to refuse the subscription of new capital

increase shares, if the Company fails to comply with the said terms.


¢âÕ¡Ÿ≈‡°’Ë¬«°—∫°≈ÿà¡∫√‘…—∑§“ ‘‚πºŸâ√à«¡∑ÿπ

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ª√–‡∑»Ω√—Ëß‡» (Saint Etienne, France) °≈ÿà¡∫√‘…—∑§“ ‘‚π‰¥â¥”‡π‘π∏ÿ√°‘®§â“ª≈’°Õ¬Ÿà„πª√–‡∑»µà“ßÊ ∑—Ë«‚≈°

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·≈–¡’ “¢“®”π«π 3,531 ·Ààß∑—Ë«‚≈° °≈ÿà¡∫√‘…—∑§“ ‘‚π¡’¬Õ¥¢“¬ªï∑’Ëºà“π¡“∂÷ß 102,575 ≈â“πø√—ß°å ·≈–¡’

°”‰√ ÿ∑∏‘ 1,717 ≈â“πø√—ß°å

°“√¥”‡π‘π°“√„π°“√ª√—∫‚§√ß √â“ß°‘®°“√

‡æ◊ËÕ∑’Ë®–„Àâ∫√√≈ÿ∂÷ß«—µ∂ÿª√– ß§å„π°“√ª√—∫‚§√ß √â“ß°‘®°“√ ∫√‘…—∑®÷ß‰¥â¥”‡π‘π°“√µà“ßÊ ¥—ßµàÕ‰ªπ’È

1. ‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2542 ∫√‘…—∑‰¥â®”Àπà“¬Àÿâπ∑—ÈßÀ¡¥∑’Ë∂◊Õ§√ÕßÕ¬Ÿà„π∫√‘…—∑¬àÕ¬∑’Ëª√–°Õ∫

∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬‡ ◊ÈÕºâ“ ”‡√Á®√Ÿª„Àâ·°à∫ÿ§§≈¿“¬πÕ°„π√“§“ 241 ≈â“π∫“∑ ‚¥¬∑’Ë∫√‘…—∑‰¥â

√—∫™”√–‡ß‘π®“°°“√¢“¬Àÿâππ’È∑—ÈßÀ¡¥·≈â«

2. ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2542 ∫√‘…—∑‰¥â¡’¡µ‘∑’Ëª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ„π°“√ª√–™ÿ¡ “¡—≠ª√–®”ªïºŸâ∂◊ÕÀÿâπ

§√—Èß∑’Ë 1/2542 Õπÿ¡—µ‘°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑¢÷Èπ Õ’°®”π«π 5,300 ≈â“π∫“∑ ®“°‡¥‘¡

2,700 ≈â“π∫“∑ ‡æ‘Ë¡‡ªìπ 8,000 ≈â“π∫“∑ ‚¥¬°“√ÕÕ°Àÿâπ “¡—≠„À¡à®”π«π 530 ≈â“πÀÿâπ ¡Ÿ≈§à“

∑’Ëµ√“‰«âÀÿâπ≈– 10 ∫“∑ ‚¥¬‡ πÕ¢“¬„Àâ·°à∫ÿ§§≈‡ªìπ°“√‡©æ“–‡®“–®ß§◊Õ Geant International

B.V. ®”π«π 319.72 ≈â“πÀÿâπ ·≈–∫√‘…—∑ ‡ “«π’¬å ‚Œ≈¥‘Èß å ®”°—¥ ®”π«π 210.28 ≈â“πÀÿâπ

„π√“§“Àÿâπ≈–11.50 ∫“∑ √«¡‡ªìπ‡ß‘π∑—Èß ‘Èπ 6,095 ≈â“π∫“∑ ·≈–¿“¬À≈—ß°“√‡æ‘Ë¡∑ÿππ’È °≈ÿà¡

ºŸâ√à«¡∑ÿπ®–¡’ —¥ à«π°“√∂◊ÕÀÿâπ„π∫√‘…—∑ª√–¡“≥√âÕ¬≈– 67.93 ¢Õß®”π«πÀÿâπ∑’Ë®”Àπà“¬‰¥â·≈â«

∑—ÈßÀ¡¥¢Õß∫√‘…—∑

3. ‡¡◊ËÕ«—π∑’Ë 14 æƒ…¿“§¡ 2542 °≈ÿà¡ºŸâ√à«¡∑ÿπ‰¥â√—∫°“√ºàÕπº—π®“° ”π—°ß“π °.≈.µ. „Àâ‰¡àµâÕß

‡ πÕ´◊ÈÕÀ≈—°∑√—æ¬å∑—ÈßÀ¡¥¢Õß∫√‘…—∑ µ“¡ª√–°“»¢Õß ”π—°ß“π °.≈.µ. ‡√◊ËÕß À≈—°‡°≥±å ‡ß◊ËÕπ‰¢

·≈–«‘∏’°“√„π°“√¢ÕºàÕπº—π°“√∑”§”‡ πÕ´◊ÈÕÀ≈—°∑√—æ¬å∑—ÈßÀ¡¥¢Õß°‘®°“√ ‚¥¬¡’«—µ∂ÿª√– ß§å‡æ◊ËÕ

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∞“π–°“√‡ß‘π °“√∫√‘À“√ß“π·≈–°“√®—¥°“√¢Õß∫√‘…—∑¿“¬À≈—ß°“√ª√—∫‚§√ß √â“ß°‘®°“√

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1. Àπ’È ‘π‡ß‘π°Ÿâ¬◊¡≈¥≈ß®“° 7,040 ≈â“π∫“∑ „πµâπªï 2542 ‡À≈◊Õ‡æ’¬ß 1,032 ≈â“π∫“∑ „π ‘Èπªï 2542

‚¥¬∫√‘…—∑‰¥âπ”‡ß‘π®“°°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«¡“™”√–§◊π‡ß‘π°Ÿâ ∑”„Àâ¿“√–¥Õ°‡∫’È¬®à“¬≈¥≈ß‡ªìπ

Õ¬à“ß¡“° ®“° 974 ≈â“π∫“∑ „πªï 2541 ‡À≈◊Õ‡æ’¬ß 460 ≈â“π∫“∑ „πªï 2542 πÕ°®“°π’È ∫√‘…—∑

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Data Concerning the Casino Group Company, the Joint-Venture Party.

The Casino Group Company is an internationally recognized retail company, having its

head office located in Saint Etienne, France. The Casino Group Company has operated retail

businesses in countries worldwide including France, Poland, USA, Argentina, Uruguay, Venezuela,

Mexico, Brazil, Columbia and Taiwan, with 72,600 staffs and 3,531 branches worldwide. In 1999, the

Casino Group Company had sales of 102,575 million franc and net profit of 1,717 million franc.

Business Restructuring Operation.

To achieve the objectives of the business restructuring, the Company has proceeded as

follows;

1. On April 26th, 1999, the Company sold out the shares it held in the subsidiaries that

run the garment business to outside persons at the price of 241 million Baht, whereby,

the Company has been fully paid for the sale of those shares.

2. On April 30th, 1999, the Company received approval by the Annual Shareholders'

Ordinary Meeting No. 1/1999, to increase the registered capital of the Company for

another 5,300 million Baht from the initial capital of 2,600 million Baht. The new

registered capital will be 8,000 million Baht. Whereas, 530 milllion ordinary shares will

be newly issued to specific persons at the par value of 10 Baht, namely, the Geant

International B.V., totally 319.72 million shares and the Saowanee Holdings Co., Ltd.,

totally 210.28 million shares at the price of 11.50 Baht/share. The increased amount

of money will be 6,095 million Baht. After the capital increase, the joint-venture

parties will hold shares within the Company at the proportion of 67.93% of the total

issued shares of the Company.

3. On May 14th, 1999, the joint-venture parties received the relaxation from the

Securities and Exchange Commission (SEC) not to bid for the whole securities of the

Company as per the Announcement of the SEC Governing Criteria, Condition and

Methods of Applying for Relaxation to Bid for the Whole Security of the Business,

aiming at providing assistance or recovery of the business, No. Or.Jor. 8/1998 dated

June 25th, 1998.

Financial Status, Administration and Management of the Company after Business

Restructuring.

The joint venture of the Casino Group Company has strengthened the financial status of the

Company and its subsidiaries and improved the efficiency of the Company in administration and

management, as follows;

1. Debts from borrowing have decreased from 7,040 million Baht in early 1999 to only

1,032 million Baht at the end of 1999. Whereby, the Company has used such

increased capital to repay debts from borrowing. As a result, the burden of interest

was significantly reduced from 974 million Baht in 1998 to 460 million Baht in 1999. In

addition, the Company also reduced the risks from instability of exchange rates by

borrowing money in Thai Baht.


2. °≈ÿà¡∫√‘…—∑§“ ‘‚π ÷Ëß‡ªìπ°≈ÿà¡∫√‘…—∑∑’Ë¡’∞“π–°“√‡ß‘π∑’Ë¡—Ëπ§ß‰¥â§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡∑—ÈßÀ¡¥ ≥

«—π ‘Èπªï 2542 ∑’Ë∫√‘…—∑¡’µàÕ∏π“§“√µà“ßª√–‡∑» “¢“ª√–‡∑»‰∑¬ ®÷ß∑”„Àâ∫√‘…—∑‰¥â√—∫

º≈ª√–‚¬™πå®“°°“√°Ÿâ¬◊¡„πÕ—µ√“¥Õ°‡∫’È¬∑’ËµË”

3. ‡¡◊ËÕ∫√‘…—∑¡’ ¿“æ§≈àÕß·≈–∞“π–°“√‡ß‘π∑’Ë·¢Áß·°√àß¢÷Èπ ∫√‘…—∑®÷ß “¡“√∂¥”‡π‘πß“π°àÕ √â“ßÀâ“ß

∫‘Í° ’ ¡ÿ∑√ª√“°“√·≈–Àâ“ß∫‘Í°´’À“¥„À≠à ´÷Ëß„πÕ¥’µ‰¥â∂Ÿ°™–≈Õ‚§√ß°“√‰«âµàÕ‰ª‰¥â πÕ°®“°

2 ‚§√ß°“√∑’Ë°≈à“«¡“·≈â« ∫√‘…—∑¬—ß¡’π‚¬∫“¬∑’Ë®–‡ªî¥ “¢“‡æ‘Ë¡‡µ‘¡Õ’° 3 “¢“ √«¡‡ªìπ 5 “¢“

„πªï 2543

4. °≈ÿà¡∫√‘…—∑§“ ‘‚π´÷Ëß‡ªìπºŸâª√–°Õ∫°“√§â“ª≈’°™—Èππ”·ÀàßÀπ÷Ëß¢Õß‚≈°‰¥â àßºŸâ‡™’Ë¬«™“≠‡©æ“–¥â“π

‡¢â“¡“‡æ◊ËÕ√à«¡ π—∫ πÿπ°“√∫√‘À“√·≈–°“√®—¥°“√¢ÕßºŸâ∫√‘À“√‡¥‘¡ Õ—π®– àßº≈„Àâª√– ‘∑∏‘¿“æ„π

°“√∫√‘À“√·≈–°“√®—¥°“√µ≈Õ¥®π»—°¬¿“æ„π°“√·¢àß¢—π°—∫ºŸâª√–°Õ∫°“√§â“ª≈’°√“¬Õ◊Ëπ¡’¡“°¢÷Èπ

„π‡√◊ËÕß¢Õß·ºπ¥”‡π‘πß“π‡æ◊ËÕ‡æ‘Ë¡ª√– ‘∑∏‘¿“æ·≈–°“√∫√‘À“√ß“π¿“¬„π∫√‘…—∑ °≈ÿà¡∫√‘…—∑

§“ ‘‚π‰¥â¡ÿàß‡πâπ„π‡√◊ËÕß¥—ßµàÕ‰ªπ’È

4.1 ¥â“πÕ“À“√ ¥ °≈ÿà¡∫√‘…—∑§“ ‘‚π‰¥â àßºŸâ‡™’Ë¬«™“≠‡¢â“¡“‡ªìπ∑’Ëª√÷°…“‡æ◊ËÕæ—≤π“·≈–

ª√—∫ª√ÿß ‘π§â“„π·ºπ°Õ“À“√ ¥‚¥¬∑”°“√ª√—∫√Ÿª·∫∫·≈–æ◊Èπ∑’Ë¢“¬Õ“À“√ ¥‡ ’¬„À¡à „π

·∫∫™ÁÕªÕ‘π™ÁÕª ·≈–‰¥â®—¥µ—ÈßΩÉ“¬«‘®—¬·≈–æ—≤π“¥â“πÕ“À“√ ¥¢÷Èπ¡“ ‡æ◊ËÕ°”Àπ¥

¡“µ√∞“π ‘π§â“ °“√§«∫§ÿ¡§ÿ≥¿“æ °“√æ—≤π“ ‘π§â“„À¡à ·≈–°“√«“ß√–∫∫°“√®—¥ ‘π§â“

√«¡∑—Èß‰¥â√à«¡æ—≤π“°—∫ºŸâ¢“¬ ‘π§â“√“¬„À≠à„Àâ “¡“√∂§«∫§ÿ¡¢∫«π°“√º≈‘µ ‘π§â“‰¥âÕ¬à“ß

¡’§ÿ≥¿“æ

4.2 ‰¥âµ—Èß»Ÿπ¬å°√–®“¬ ‘π§â“Õ“À“√ ¥·Ààß„À¡à¢÷Èπ∑’ËÕ”‡¿Õ∫“ß„À≠à ®—ßÀ«—¥ππ∑∫ÿ√’ ´÷Ëß‡ªìπ

»Ÿπ¬å°√–®“¬ ‘π§â“∑’Ë¡’ÀâÕß‡¬Áπ¡“µ√∞“π¢π“¥„À≠à‚¥¬ “¡“√∂√—°…“§ÿ≥¿“æ¢Õß ‘π§â“

„Àâ ¥·≈–„À¡àÕ¬Ÿà‡ ¡Õ ·≈– “¡“√∂°√–®“¬ ‘π§â“‰ª„Àâ·°àÀâ“ß∫‘Í°´’ “¢“µà“ßÊ ‰¥â«—πµàÕ«—π

4.3 °≈ÿà¡∫√‘…—∑§“ ‘‚π‰¥â®—¥µ—ÈßºŸâ‡™’Ë¬«™“≠¥â“π≈Õ®‘ µ‘°‡¢â“¡“‡ªìπ∑’Ëª√÷°…“∑“ß‡∑§π‘§‡°’Ë¬«°—∫

√–∫∫°“√°√–®“¬ ‘π§â“¢Õß∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥

4.4. ∫√‘…—∑‰¥â√—∫°“√ π—∫ πÿπ®“°°≈ÿà¡∫√‘…—∑§“ ‘‚π‡°’Ë¬«°—∫°“√ª√—∫‡ª≈’Ë¬π‚ª√·°√¡ ”‡√Á®√Ÿª

”À√—∫√–∫∫∫√‘À“√ ‘π§â“ (Merchandising System) ‚ª√·°√¡ ”‡√Á®√Ÿª„À¡àπ’È¡’

ª√– ‘∑∏‘¿“æ„π°“√∑”ß“π Ÿß “¡“√∂„Àâ¢âÕ¡Ÿ≈∑’Ë‡ªìπª√–‚¬™πå ∂Ÿ°µâÕß·≈–∑—πµàÕ‡Àµÿ°“√≥å

·°àºŸâ∫√‘À“√‡æ◊ËÕπ”¡“„™âµ—¥ ‘π„®∑“ß∏ÿ√°‘®‰¥âÕ¬à“ß√«¥‡√Á«·≈–·¡àπ¬”


2. The Casino Group Company, with stable financial status, has guaranteed the total

loans of the Company at the end of 1999, which have been borrowed from foreign

banks situated in Thailand. As a result, the Company has received the benefits of

borrowing money at low interest rates.

3. The cash flow situation of the Company has become healthy and its financial

status has been strengthened. The Company can now carry on the construction of

Samutprakarn Big C store and Hadyai Big C store after the projects were suspended.

In addition to those two projects, the Company will also open three additional

branches in 2000. Therefore, five branches will be open in the year 2000.

4. The Casino Group Company, a world leading retail entrepreneur, has provided

specialists to support the administration and management of the original

management group. This will result in an improving efficiency in administration

and management as well as to improve the potential of the Company to compete

with other retail entrepreneurs. With respect to the operational plan to improve

the efficiency in administration and management within the Company, the Casino

Group Company has emphasized the following matters;

4.1 Fresh food. The Casino Group Company has sent a specialist to provide advice

on development and improvement of the products in the Departments of

Fresh Food by readjusting the patterns and areas for selling fresh food to be

the shop-in-shop pattern. And the Casino Group Company has established

the Fresh Food R&D Center to prescribe the standards of products, quality

control, development of new products, product arrangement systems and to

develop major sellers of products to be able to control the production

process of the products qualitatively.

4.2 The Casino Group Company has established a new product distribution

center for fresh food in Bangyai district, Nonthaburi province, equipped with

standard, large-sized refrigerated rooms enabling to maintain the quality of

products to be always fresh and new. And the Center is able to distribute

products to branches of the Big C Store on a day-to-day basis.

4.3 The Casino Group Company has provided a specialist in logistics to give

technical advice on product distribution systems through the Big C Distribution

Co., Ltd.

4.4 The Casino Group Company has supported the Company concerning the

replacement of the merchandise information system. This package has highly

effective performance. It can provide useful, correct and up-to-date information

for the management in order to make rapid and precise business decisions.


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¿“æ°“√·¢àß¢—π¢Õß∏ÿ√°‘®§â“ª≈’°ª√–‡¿∑ Ÿ‡ªÕ√å‡ Áπ‡µÕ√å ¢≥–π’È®—¥‰¥â«à“Õ¬Ÿà„π¿“«–∑’Ë√ÿπ·√ß‚¥¬‡©æ“–„π‡¢µ

°√ÿß‡∑æ¡À“π§√·≈–ª√‘¡≥±≈ ∑”„Àâæ◊Èπ∑’Ë°“√§√Õ∫§≈ÿ¡≈Ÿ°§â“„π·µà≈– “¢“≈¥≈ß ∑”„Àâ∑ÿ°Àâ“ßµâÕß‡√àß∑”°‘®°√√¡°“√µ≈“¥

‡æ◊ËÕ√—°…“∞“π≈Ÿ°§â“¢Õßµπ‡Õß‰«â„Àâ¡“°∑’Ë ÿ¥ „πªï 2543 ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å¡’·ºπ∑’Ë®–¢¬“¬ “¢“‡æ‘Ë¡¢÷ÈπÕ’° 5 “¢“

´÷Ëß®–¬—ß§ß∑”„Àâ∫‘Í°´’√—°…“ ∂“π–ºŸâπ”∑’Ë¡’ “¢“¡“°∑’Ë ÿ¥„πª√–‡∑»‰∑¬‰«â‰¥â

ªí≠À“·≈–Õÿª √√§„π°“√∑”∏ÿ√°‘®π’È§◊Õ °“√‡≈◊Õ°∑”‡≈∑’Ëµ—Èß∑’Ë‡À¡“– ¡·≈–°“√¢¬“¬ “¢“Õ¬à“ßµàÕ‡π◊ËÕß ‡æ◊ËÕ

§√Õ∫§≈ÿ¡æ◊Èπ∑’Ë¢“¬„Àâ‰¥â¡“°∑’Ë ÿ¥°àÕπ§Ÿà·¢àß ·µà°“√¥”‡π‘π°“√¥—ß°≈à“«µâÕß„™â°“√≈ß∑ÿπ∑’Ë§àÕπ¢â“ß Ÿß¡“° ‰¡à«à“®–‡ªìπ

‡ß‘π≈ß∑ÿπ„π°“√´◊ÈÕ∑’Ë¥‘π ‘∑∏‘°“√‡™à“ °“√°àÕ √â“ß·≈–°“√«“ß√–∫∫¢âÕ¡Ÿ≈ “√ π‡∑»


SITUATION OF THE INDUSTRY AND COMPETITION.The retail business in Thailand has developed from being traditional retail shops in the family

business to that of department stores, supercenters, convenient stores and specialized retail shops.

This certainly affects each category of business to prescribe its pattern of business operation and

target groups of customers more clearly, thus, for the effective selection of products, arrangement of

products, determination of selling price and carrying out of marketing activities, including information

management system and meeting the demands of target group as much as possible. At present, the

business in terms of supercenters is a popular pattern of retail business in Thailand and having the

highest potential of growth due to meeting the demands and way of life of the consumers as well as

covering almost all groups of customers, particularly those who have medium and low incomes, the

majority groups of customers of the country.

At present, the situation of retail business competition, in the category of supercenter, is severe,

particularly in metropolitan Bangkok. This causes a decrease of customer penetration covering each

branch. As a result, every player must hurriedly carry out its marketing activities to maintain its customer

base as much as possible. In 2000, Big C plans to open another 5 branches and to maintain its leading

position in the business of supercenters with the maximum number of branches in Thailand.

Problems and obstacles in doing this retail business include selection of appropriate locations and

continuous expansion of branches in order to cover the areas of sale as much as possible and before

the competitors do. However, such operation requires intensive investment in capital, including

investment in land purchase, right of rental, construction and information system provisions.


µ“√“ß∏ÿ√°‘®§â“ª≈’°

√“¬°“√ Àâ“ß √√æ ‘π§â“ ´Ÿ‡ªÕ√å ´Ÿ‡ªÕ√å √â“π √â“π §â“ àß·∫∫

≈Ÿ°§â“ ≈Ÿ°§â“ ¡“√å‡°Áµ ‡´Áπ‡µÕ√å –¥«°´◊ÈÕ ¢“¬ ‘π§â“ ‡ß‘π ¥

√–¥—∫ Ÿß √–¥—∫°≈“ß ‡©æ“–Õ¬à“ß

√Ÿª·∫∫°“√§â“ §â“ª≈’° §â“ª≈’° §â“ª≈’° §â“ª≈’° §â“ª≈’° §â“ª≈’° §â“ª≈’°/

§â“ àß

°≈ÿà¡≈Ÿ°§â“ √“¬‰¥â Ÿß √“¬‰¥â ∫ÿ§§≈∑—Ë«‰ª √“¬‰¥âµË” ∫ÿ§§≈∑—Ë«‰ª ºŸâ π„® ‘π§â“ √â“π§â“¬àÕ¬

‡ªÑ“À¡“¬ ª“π°≈“ß ∂÷ßª“π°≈“ß ‡©æ“–¥â“π

°≈¬ÿ∑∏åÀ≈—° ‘π§â“·ø™—Ëπ ‘π§â“ ‘π§â“ ‘π§â“ ‘π§â“ ‘π§â“ ‘π§â“

π” ¡—¬ √à«¡ ¡—¬ Õÿª‚¿§ ®”‡ªìπ Õÿª‚¿§ ‡©æ“–¥â“π ™‘Èπ„À≠à

¡“°¬’ËÀâÕ §ÿâ¡§à“‡ß‘π ∫√‘‚¿§ æ◊Èπ∞“π ∫√‘‚¿§

πâÕ¬™‘Èπ ª√–®”«—π ‘π§â“ ¢π“¥‡≈Á°

Õÿª‚¿§

∫√‘‚¿§

√“§“∂Ÿ°

¢π“¥æ◊Èπ∑’Ë 20,000 - 10,000 - 2,000 - 10,000 - 1,000 - 200 - 10,000 -

(µ√¡) 30,000 20,000 5,000 15,000 2,000 1,000 15,000

®”π«πª√–‡¿∑ > 50,000 > 30,000 5,000 - 60,000 - < 5,000 - 60,000 -

‘π§â“ (√“¬°“√) 8,000 70,000 70,000

ª√–‡¿∑ ‘π§â“ ‘π§â“π”‡¢â“ ‘π§â“ ‘π§â“ ‘π§â“ ‘π§â“ ‘π§â“ ‘π§â“

‘π§â“∑—Ë«‰ª ®â“ßº≈‘µ Õÿª‚¿§ Õÿª‚¿§ Õÿª‚¿§ ‡©æ“–¥â“π Õÿª‚¿§

‘π§â“∑—Ë«‰ª ∫√‘‚¿§ ∫√‘‚¿§ ∫√‘‚¿§ ∫√‘‚¿§

ª√–®”«—π ª√–®”«—π ª√–®”«—π ª√–®”«—π

®”°—¥¬’ËÀâÕ

°“√∫√‘°“√ æπ—°ß“π æπ—°ß“π ∫√‘°“√ ∫√‘°“√ ∫√‘°“√ æπ—°ß“π ∫√‘°“√

·π–π” ·π–π” µπ‡Õß µπ‡Õß µπ‡Õß ·π–π” µπ‡Õß

∑”‡≈∑’Ëµ—Èß ·À≈àß™ÿ¡™π/ ·À≈àß™ÿ¡™π/ ·À≈àß™ÿ¡™π/ ·À≈àß™ÿ¡™π ·À≈àß™ÿ¡™π ·À≈àß™ÿ¡™π ·À≈àß™ÿ¡™π

°≈“ß‡¡◊Õß °≈“ß‡¡◊Õß °≈“ß‡¡◊Õß »Ÿπ¬å°“√§â“ À—«‡¡◊Õß„À≠à


Table of Retail Business.

Particulars Department Stores Super Super Convenient Specialized Wholesale

High Level Medium Level Markets Centers Stores Retail Cash and

Customers Customers Shops Carry

Patterns of Retail Retail Retail Retail Retail Retail Retail/

Business Wholesale

Target groups High Medium People Low-medium People People Small shops.

of customers incomes incomes in general incomes in general interested in

Main Fashionable Contem- Consumer Basic Small-sized Specialized Large-sized

strategies products. porary products. products/ consumer products. products.

(many products Consumer products

brands, (worth products

few items). spending) at cheap

prices.

Area 20,000 - 10,000 - 2,000 - 10,000 - 1,000 - 200 - 10,000 -

(square meters) 30,000 20,000 5,000 15,000 2,000 1,000 15,000

Numbers > 50,000 > 30,000 5,000 - 60,000 - < 5,000 - 60,000 -

categories of 8,000 70,000 70,000

products

(items)

Categories of Imported Manufac- Consumer Consumer Consumer Specialized Consumer

products products/ turing-on- products. products. products. products. products.

General hire (limited

Products. products. brands).

Service/ Introduced Introduced Self- Self- Self- Introduced Self-

Location by staff / by staff / services / services / services / by staff / services /

commu- commu- commu- commu- commu- commu- commu-

nities/ nities/ nities/ nities. nities. nities/ nities/

Downtown. Downtown. Downtown. Shopping Major

Centers. Cities.


¿“æ°“√·¢àß¢—π·≈–√“¬™◊ËÕ§Ÿà·¢àß∑’Ë®—∫°≈ÿà¡≈Ÿ°§â“„°≈â‡§’¬ß¢Õß∫‘Í°´’

“¢“ §Ÿà·¢àß„π¬à“π‡¥’¬«°—π ¿“æ°“√·¢àß°—π

∫‘Í°´’«ß»å «à“ß ∫“ß≈”¿Ÿ∫“ß‚æ·≈–Õ‘¡æ’‡√’¬≈ππ∑∫ÿ√’ ‰¡à√ÿπ·√ß §Ÿà·¢àßπâÕ¬

∫‘Í°´’·®âß«—≤π– ·¡Á§‚§√·®âß«—≤π–, ‡™ø‚°·®âß«—≤π–, ‡¥Õ–¡Õ≈≈åß“¡«ß»å«“π,

∫“ß≈”æŸß“¡«ß»å«“π, Õ‘¡æ’‡√’¬≈ß“¡«ß»å«“π, §“√åøŸ√å·®âß«—≤π–

·≈–‚≈µ— ·®âß«—≤π– (‡ªî¥ªï 2543) √ÿπ·√ß

∫‘Í°´’√“…Æ√å∫Ÿ√≥– ‡¥Õ–¡Õ≈≈å∑à“æ√– ‰¡à√ÿπ·√ß §Ÿà·¢àßπâÕ¬

∫‘Í°´’æ—∑¬“ øŸÑ¥·≈π¥å, Milke Depart ·≈–‚≈µ— æ—∑¬“ ª“π°≈“ß

∫‘Í°´’√“™¥”√‘ ‡«‘≈¥å‡∑√¥·≈–‚≈µ— øÕ√å®Ÿπ∑“«πå√—™¥“ ª“π°≈“ß

∫‘Í°´’∫“ßæ≈’ ·¡Á§‚§√»√’π§√‘π∑√å, ‚≈µ— ¡ÿ∑√ª√“°“√·≈–§“√åøŸ√å»√’π§√‘π∑√å ª“π°≈“ß

∫‘Í°´’π§√ª∞¡ §“√åøŸ√å‡æ™√‡°…¡ ‰¡à√ÿπ·√ß

∫‘Í°´’√—ß ‘µ ‡´Áπ∑√—≈√—ß ‘µ, ‚√∫‘π —π√—ß ‘µ,‡´’¬√√—ß ‘µ,·¡Á§‚§√√—ß ‘µ

·≈–§“√åøŸ√å√—ß ‘µ ª“π°≈“ß

∫‘Í°´’‚§√“™ §≈—ßæ≈“´à“, §≈—ß¥’æ“√å∑‡¡âπ∑å ‚µ√å·≈–·¡Á§‚§√ ª“π°≈“ß

∫‘Í°´’¢Õπ·°àπ ‚≈µ— , ·ø√’Ëæ≈“´à“, ‡´Áπ‚∑´à“·≈–·¡Á§‚§√ √ÿπ·√ß

∫‘Í°´’Õÿ¥√ ·¡Á§‚§√ √ÿπ·√ß

∫‘Í°´’ ÿ√“…Æ√å∏“π’ ·¡Á§‚§√·≈–‚≈µ— √ÿπ·√ß

∫‘Í°´’æ‘…≥ÿ‚≈° ·¡Á§‚§√·≈–‚≈µ— √ÿπ·√ß

∫‘Í°´’√—µπ“∏‘‡∫»√å §“√åøŸ√å·≈–∫‘Í°§‘ß å ª“π°≈“ß

∫‘Í°´’æ√–√“¡ 2 ‚≈µ— ª“π°≈“ß

∫‘Í°´’√–¬Õß ·¡Á§‚§√ ª“π°≈“ß

∫‘Í°´’‡™’¬ß√“¬ ‰¡à√ÿπ·√ß

∫‘Í°´’≈”ª“ß ‰¡à√ÿπ·√ß

∫‘Í°´’≈æ∫ÿ√’ ‚≈µ— Õ¬ÿ∑∏¬“·≈–‚≈µ— √–∫ÿ√’ ª“π°≈“ß

∫‘Í°´’‡æ™√∫ÿ√’ ‰¡à¡’§Ÿà·¢àß


Situation of Competition and List of Competitors that target in Similar Group of Customers of Big C.

Branch Competitors in the Same Area Situation of

Competition.

Wongsawang Big C Store Banglampoo and Imperial Not severe,

few competitors.

Changwattana Big C Store Makro, Safeco, The Mall, Banglampoo, Imperial, Severe

Carrefour and Lotus (Open in 2000)

Ratburana Big C Store The Mall Not severe,

few competitors.

Pattaya Big C Store Foodland, Milke Depart and Lotus Moderate

Rajdamri Big C Store World Trade Center and Lotus Moderate

Bang Plee Big C Store Makro, Lotus and Carrefour Moderate

Nakhornpathom Big C Store Carrefour Not severe

Rangsit Big C Store Central, Robinson, Zear, Makro and Carrefour Moderate

Korat Big C Store Klang Plaza, Klang Department Store and Makro. Moderate

Khonkaen Big C Store Lotus, Fairy Plaza, Zentosa and Makro. Severe

Udorn Big C Store Makro Severe

Suratthani Big C Store Makro and Lotus. Severe

Pitsanulok Big C Store Makro and Lotus. Severe

Ratanathibet Big C Store Carrefour and Big Kings. Moderate

Rama II Big C Store Lotus. Moderate

Rayong Big C Store Makro. Moderate

Chieng Rai Big C Store Not severe

Lampang Big C Store Not severe

Lopburi Big C Store Lotus Moderate

Petchburi Big C Store No competitors.


ºŸâ∂◊ÕÀÿâπ·≈–°“√®—¥°“√

1. ºŸâ∂◊ÕÀÿâπ

√“¬™◊ËÕ·≈– —¥ à«π°“√∂◊ÕÀÿâπ¢ÕßºŸâ∂◊ÕÀÿâπ√“¬„À≠à 10 √“¬·√° ¡’¥—ßπ’È (√“¬ß“π‡¡◊ËÕ«—π∑’Ë 1 µÿ≈“§¡ 2542)

—¥ à«π°“√

∂◊ÕÀÿâπ (%)

1. Geant International B.V 40.98

2. ∫√‘…—∑ ‡ “«π’¬å ‚Œ≈¥‘Èß å ®”°—¥ 26.95

3. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥

‡æ◊ËÕºŸâΩ“° —≠™“µ‘‰∑¬ 8.95

4. ∫√‘…—∑ »Ÿπ¬å√—∫Ω“°À≈—°∑√—æ¬å (ª√–‡∑»‰∑¬) ®”°—¥

‡æ◊ËÕºŸâΩ“° —≠™“µ‘µà“ß¥â“« 3.58

5. π“ß ÿ«‘¡≈ ®‘√“∏‘«—≤πå Œ‘≈ 2.91

6. π“¬∑» ®‘√“∏‘«—≤πå 2.87

7. π“¬æ‘™—¬ ®‘√“∏‘«—≤πå 2.87

8. π“¬ ÿ∑∏‘»—°¥‘Ï ®‘√“∏‘«—≤πå 2.87

9. ∫√‘…—∑ ·≈π¥å ·Õπ¥å ‡Œâ“ å ®”°—¥ (¡À“™π) 2.05

10. π. π“∂¬“ ®‘√“∏‘«—≤πå 1.84

√«¡ 95.87


SHAREHOLDERS AND MANAGEMENTS1. Shareholders

Top ten shareholders reported on October 1, 1999 are as follows.

Holding

Percentage

1. Geant International B.V 40.98

2. Saowanee Holdings Co., Ltd 26.95

3. Thailand Securities Depository Company Limited for

Thai Citizen Depositor 8.95

4. Thailand Securities Depository Company Limited for

Non - Thai Citizen Depositor 3.58

5. Mrs. Suvimol Chirathivat Hill 2.91

6. Mr. Tos Chirathivat 2.87

7. Mr. Pichai Chirathivat 2.87

8. Mr. Suthisak Chirathivat 2.87

9. Land and House Public Company Limited 2.05

10. Ms. Narttaya Chirathivat 1.84

Total 95.87


2 ºŸâ∫√‘À“√

2.1 ª√–∏“π°‘µ‘¡»—°¥‘Ï

π“¬«—π™—¬ ®‘√“∏‘«—≤πå

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ¥ÿ…Æ’∫—≥±‘µ°‘µ‘¡»—°¥‘Ï (®‘µ«‘∑¬“) ¡À“«‘∑¬“≈—¬√“¡§”·Àß

ª√– ∫°“√≥å ª√–∏“π∫√‘À“√∫√‘…—∑„π‡§√◊Õ‡´Áπ∑√—≈, ª√–∏“π°√√¡°“√∫√‘À“√ ∫√‘…—∑ ‚√ß·√¡ ‡´Áπ∑√—≈

æ≈“´à“ ®”°—¥ (¡À“™π)

‡§√◊ËÕß√“™Õ‘ √‘¬“¿√≥å µ√‘µ¿√≥å™â“ß‡º◊Õ° (µ.™.)

2.2 §≥–°√√¡°“√∫√‘…—∑

π“¬ ÿ∑∏‘™“µ‘ ®‘√“∏‘«—≤πå

ª√–∏“π°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“µ√’ “¢“∫—≠™’ (‡°’¬√µ‘π‘¬¡¥’‡¥àπ), St. Joseph's College, U.S.A.

ª√– ∫°“√≥å ª√–∏“π∫√‘À“√∏ÿ√°‘®¢“¬ª≈’° ∫√‘…—∑„π‡§√◊Õ‡´Áπ∑√—≈, ª√–∏“π°√√¡°“√∫√‘À“√ ·≈–

°√√¡°“√ºŸâ®—¥°“√„À≠à ∫√‘…—∑ ‡´Áπ∑√—≈√’‡∑≈ §Õ√åªÕ‡√™—Ëπ ®”°—¥, ª√–∏“π ¡“§¡ºŸâ§â“ª≈’°, ª√–∏“π

§≥–°√√¡°“√∏ÿ√°‘®°“√§â“ª≈’° ÀÕ°“√§â“‰∑¬, ∑’Ëª√÷°…“ ¿“ÀÕ°“√§â“ ·Ààßª√–‡∑»‰∑¬

ª√–«—µ‘°“√√—∫√“ß«—≈¥’‡¥àπ ‡À√’¬≠∑Õß çTobacco or Heathé ¢ÕßÕß§å°“√Õπ“¡—¬‚≈° „π∞“π–Õß§å°√

∑’Ë∑”°“√√≥√ß§å‡æ◊ËÕ°“√‰¡à Ÿ∫∫ÿÀ√’Ë¥’‡¥àπ, √“ß«—≈π—°∏ÿ√°‘®§â“ª≈’°¥’‡¥àππ“π“™“µ‘ ª√–®”ªï 1997 ¢Õß

Àæ—π∏å§â“ª≈’°·Ààß™“µ‘¢Õß À√—∞Õ‡¡√‘°“

π“¬§√‘ ‡µ’¬π ªî·Õ√å §Ÿ‡«√Õ å

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Master Degree (Economics) and MBA, (HEC, Leading French Business

School).

ª√– ∫°“√≥å CEO of Casino Group

π“¬ªî·Õ√å ∫√Ÿ‚π ™“√å≈ ∫Ÿ™Ÿ∑å

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Graduated from Hautes Etudes Commercial (Financial - Banking), Paris,

Master's Degree in Applied Economy (Paris IX - Dauphine).

ª√– ∫°“√≥å General Manager of Casino.

π“¬‡Õ‡µ’¬π ªî·Õ√å ‡√¡Õßµå ‡øÕ√å√“ πÕ≈·≈√∑å

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA Dallas (International Management), U.S.A.

ª√– ∫°“√≥å Executive Director of Casino, Deputy Manager of Casino S.A, In charge of the

International Activities.


2. Managements

2.1 Honorary Chairman

Mr. Vanchai Chirathivat

Education Honorary Doctorate Degree ( Philosophy), Ramkamhaeng University

Experience Chairman of Central Group of Companies, Chairman of Central Plaza Hotel

Public Co., Ltd.

Commander Third Class Commander of The Most Exalted Order of White Elephant

(Kingdom of Thailand)

2.2 Board of Directors

Mr. Suthichart Chirathivat

Chairman of the Board

Education St. Joseph's College, Philadephia, PA. Bachelor of Science, Accounting.

Experience President of Retail Business of Central Group of Companies, President and Chief

Executive Officer of Central Retail Corporation, President of Thai Retailers Association,

Chairman of Committee on Retail Business of Thai Chamber of Commerce, Advisor of Board

of Trade of Thailand.

Achievement Gold Medal çTobacco or Healthé from World Health Organizaion of Outstanding

achievement award : anti - smoking campaign, International Retailer of the 1997 Year Award

of The National Retail Federation of U.S.A.

Mr. Christian Pierre Couvreux

Director

Education Master Degree (Economics) and MBA, (HEC,Leading French Business School).

Experience CEO of Casino Group

Mr. Pierre Bruno Charles Bouchut

Director

Education Graduated from Hautes Etudes Commercial (Financial - Banking), Paris, Master's

Degree in Applied Economy (Paris IX - Dauphine).

Experience General Manager of Casino.

Mr. Etienne Pierre Raymond Ferrard Snollaerts

Director

Education MBA Dallas (International Management), U.S.A.

Experience Executive Director of Casino, Deputy Manager of Casino S.A, In charge of the

International Activities.


π“¬∑» ®‘√“∏‘«—≤πå

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Finance), Columbia University, U.S.A.

ª√– ∫°“√≥å °√√¡°“√∫√‘À“√·≈–√Õß°√√¡°“√ºŸâ®—¥°“√„À≠à “¬ªØ‘∫—µ‘°“√ ∫√‘…—∑ ‡ Áπ∑√—≈√’‡∑≈

§Õ√åªÕ‡√™—Ëπ ®”°—¥

π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡ä°´’·Õ√å

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Degree from ESSEC Business School, Paris, Chartered Auditor and

Accountant.

ª√– ∫°“√≥å Director of Hypermarket Division, Casino Group.

π“¬‡™√“√å¥ ‚√‡™à ‡¥√Õ·«≈

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Degree from Assas Law School, Paris.

ª√– ∫°“√≥å Managing Director, Siam Gulf Development and Trading Co., Ltd.

π“¬®ÕÀåπ ‡´’¬π-´Ÿ ≈‘π

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ M.S.M. Degree (Finance and International Business), Sloan School of

Management.

ª√– ∫°“√≥å Executive Director of AIGIC (Thailand) Co., Ltd., Executive Director of AIG

Investment Corporation (Asia) Ltd.

π“¬·¥‡π’¬≈ Õ“¡Õßµå ·ªß

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Engineer Degree of Saint Etienne, France.

ª√– ∫°“√≥å Director of Development and Real Estate, Casino.

π“¬¨Õß À≈ÿ¬ å ∫Ÿ√å¨‘‡¬√å

°√√¡°“√

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA, ESSEC Business School, Paris.

ª√– ∫°“√≥å Chairman of DFI Geant Taiwan Co., Ltd. - Casino Group, Director of the

International Activities and Affiliates - Casino Group.

π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠

°√√¡°“√Õ‘ √–

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Accounting), University of Iowa, U.S.A.

ª√– ∫°“√≥å ºŸâÕ”π«¬°“√ ”π—°ß“πµ√«®‡ß‘π·ºàπ¥‘π, Õ“®“√¬åª√–®”µ√’ §≥–æ“≥‘™¬»“ µ√å·≈–°“√∫—≠™’

¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å


Mr. Tos Chirathivat

Director

Education MBA (Finance), Columbia University, U.S.A.

Experience Executive Director and Chief Operating Officer of Central Retail Corporation

Limited.

Mr. Andre Claude Luc Mercier

Director

Education Degree from ESSEC Business School, Paris, Chartered Auditor and Accountant.

Experience Director of Hypermarket Division, Casino Group.

Mr. Gerard Roger Drevelle

Director

Education Degree from Assas Law School, Paris.

Experience Managing Director, Siam Gulf Development and Trading Co., Ltd.

Mr. John Sien Su Lin

Director

Education M.S.M. Degree (Finance and International Business), Sloan School of Management.

Experience Executive Director of AIGIC (Thailand) Co., Ltd., Executive Director of AIG

Investment Corporation (Asia) Ltd.

Mr. Daniel Armand Pain

Director

Education Engineer Degree of Saint Etienne, France.

Experience Director of Development and Real Estate, Casino.

Mr. Jean Louis Bourgier

Director

Education MBA, ESSEC Business School, Paris.

Experience Chairman of DFI Geant Taiwan Co., Ltd. - Casino Group, Director of the

International Activities and Affiliates-Casino Group.

Mr. Nontaphon Nimsomboon

Independent Director

Education MBA (Accounting), University of Iowa, U.S.A.

Experience Auditor General, Lecturer at Facuty of Commerce and Accountancy Thammasat

University


√».¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï

°√√¡°“√Õ‘ √–

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Ph.D Decision Sciences (Production and Operation Management), University

of Oregon, U.S.A.

ª√– ∫°“√≥å §≥∫¥’ §≥–∫√‘À“√∏ÿ√°‘® ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å (NIDA), ª√–∏“π°√√¡°“√

∫√‘À“√ ∫√‘…—∑ ‰∑¬º≈‘µ¿—≥±å¬‘∫´—Ë¡ ®”°—¥ (¡À“™π)

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå

°√√¡°“√Õ‘ √–

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Doctor of Philosophy (Law), Monash University, Australia

ª√– ∫°“√≥å ºŸâ™à«¬§≥∫¥’·≈–ºŸâÕ”π«¬°“√∫—≥±‘µ»÷°…“ §≥–π‘µ‘»“ µ√å ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å,

ºŸâÕ”π«¬°“√°Õß°ÆÀ¡“¬µà“ßª√–‡∑» ”π—°ß“π§≥–°√√¡°“√ °ƒ…Æ’°“, °√√¡°“√°ƒ…Æ’°“ (°√√¡°“√

√à“ß°ÆÀ¡“¬), √Õß‡≈¢“∏‘°“√§≥–°√√¡°“√°ƒ…Æ’°“ (π—°∫√‘À“√ 10)

2.3 §≥–°√√¡°“√µ√«® Õ∫

π“¬ππ∑æ≈ π‘Ë¡ ¡∫ÿ≠

ª√–∏“π°√√¡°“√µ√«® Õ∫

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Accounting), University of Iowa, U.S.A.

ª√– ∫°“√≥å ºŸâÕ”π«¬°“√ ”π—°ß“πµ√«®‡ß‘π·ºàπ¥‘π, Õ“®“√¬åª√–®”µ√’ §≥–æ“≥‘™¬»“ µ√å·≈–°“√∫—≠™’

¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

√».¥√. ®’√‡¥™ ÕŸà «— ¥‘Ï

°√√¡°“√µ√«® Õ∫

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Ph.D Decision Sciences (Production and Operation Management), University

of Oregon, U.S.A.

ª√– ∫°“√≥å §≥∫¥’ §≥–∫√‘À“√∏ÿ√°‘® ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å (NIDA), ª√–∏“π°√√¡°“√

∫√‘À“√ ∫√‘…—∑ ‰∑¬º≈‘µ¿—≥±å¬‘∫´—Ë¡ ®”°—¥ (¡À“™π)

¥√. √Õßæ≈ ‡®√‘≠æ—π∏ÿå

°√√¡°“√µ√«® Õ∫

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Doctor of Philosophy (Law), Monash University, Australia

ª√– ∫°“√≥å ºŸâ™à«¬§≥∫¥’·≈–ºŸâÕ”π«¬°“√∫—≥±‘µ»÷°…“ §≥–π‘µ‘»“ µ√å ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å,

ºŸâÕ”π«¬°“√°Õß°ÆÀ¡“¬µà“ßª√–‡∑» ”π—°ß“π§≥–°√√¡°“√°ƒ…Æ’°“, °√√¡°“√°ƒ…Æ’°“ (°√√¡°“√

√à“ß°ÆÀ¡“¬), √Õß‡≈¢“∏‘°“√§≥–°√√¡°“√°ƒ…Æ’°“ (π—°∫√‘À“√ 10)


Dr. Chiradet Ousawat


Education Ph.D Decision Sciences (Production and Operation Management), University of

Oregon, U.S.A.

Experience Dean, School of Business Administration, National Institution of Development

Administration (NIDA), Chairman of the Executive Board of Thai Gypsum Public Co., Ltd.

Dr. Rongphol Charoenphandhu


Education Doctor of Philosophy (Law), Monash University, Australia

Experience Associate Dean of the Faculty of Law, Director of Post Graduate Studies, Faculty

of Law, Thammasat University, Director of Foreign Law Division, Office of the Council of State,

Permanent Law Councillor.

2.3 Audit Committee

Mr. Nontaphon Nimsomboon

Chairman of Audit Committee

Education MBA (Accounting), University of Iowa, U.S.A.

Experience Auditor General, Lecturer at Facuty of Commerce and Accountancy Thammasat

University

Dr. Chiradet Ousawat

Member of Audit Committee

Education Ph.D Decision Sciences (Production and Operation Management), University of

Oregon, U.S.A.

Experience Dean, School of Business Administration, National Institution of Development

Administration (NIDA), Chairman of the Executive Board of Thai Gypsum Public Co., Ltd.

Dr. Rongphol Charoenphandhu

Member of Audit Committee

Education Doctor of Philosophy (Law), Monash University, Australia

Experience Associate Dean of the Faculty of Law, Director of Post Graduate Studies, Faculty

of Law, Thammasat University, Director of Foreign Law Division, Office of the Council of State,

Permanent Law Councillor.


2.4 ºŸâ∫√‘À“√√–¥—∫ Ÿß

π“¬Õ—ß‡¥√ ‚§≈¥ ≈ÿ¬°å ·¡ä°´’·Õ√å

Chief Executive Officer and Managing Director.

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Degree from ESSEC Business School, Paris, Chartered Auditor and

Accountant.

ª√– ∫°“√≥å Director of Hypermarket Division, Casino Group.

π“¬≈‘¢‘µ øÑ“ª‚¬™π¡å

Chief Development Officer and Senior Executive Vice President.

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ¡—∏¬¡ 8

ª√– ∫°“√≥å √Õß°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ´’æ’ ‡´‡«àπÕ’‡≈ø‡«àπ ®”°—¥

π“¬ª√’™“ ‡Õ°§ÿ≥“°Ÿ≈

Chief Operating Officer and Senior Executive Vice President.

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“‚∑ (Õÿµ “À°√√¡·≈–°“√®—¥°“√) ∂“∫—π‡∑§‚π‚≈¬’·Ààß‡Õ‡™’¬ (AIT).

ª√– ∫°“√≥å ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ ´’®’ ªî‚µ√‡§¡’ ®”°—¥, ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ ´’æ’ ´ÿª‡ªÕ√å¡“√å‡°Áµ ®”°—¥,

ºŸâ®—¥°“√∑—Ë«‰ª ∫√‘…—∑ ´’æ’ ‡´‡«àπÕ’‡≈ø‡«àπ ®”°—¥

π“¬™“≈√å ‡ŒÕ√å‡∫‘√å∑ §√Ÿ

Executive Vice President, Operations.

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ BA (Economics), University ofWisconsin, U.S.A.

ª√– ∫°“√≥å Division Vice President of Store Operation, Venture Store Incoperation.

π“¬Õπÿ™—¬ «’√æ—≤π°ÿ≈

Executive Vice President, Food Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Management), Westcoast University, U.S.A., Special Course

(Executive Program), Cornell University, U.S.A.

ª√– ∫°“√≥å ºŸâÕ”π«¬°“√ΩÉ“¬®—¥´◊ÈÕº≈‘µ¿—≥±åÕ“À“√ ∫√‘…—∑ ¬“¡·¡Á§‚§√ ®”°—¥ (¡À“™π)

π“¬‚∏¡— ‡¡ —π ‡π≈‡ âπ

Senior Vice President, Human Resources

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Master Degree (Administration and Organizational Behavior), George

Williams College, U.S.A.

ª√– ∫°“√≥å Vice President of Human Resource - Internation, KMART Corporation U.S.A.

π“¬·∫√å°π“√å ¡“√’ Õ—ß°åµ«π ≈“«‘≈≈å

Vice President, Fresh Food Specialist

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Graduated Professional Diploma (Fresh Food), France.

ª√– ∫°“√≥å Section Chief of Retail Business Casino, France.


2.4 Executive Officers

Mr. Andre Claude Luc Mercier

Chief Executive Officer and Managing Director

Education Degree from ESSEC Business School, Paris, Chartered Auditor and Accountant.

Experience Director of Hypermarket Division, Casino Group.

Mr. Likit Fahpyochon

Chief Development Officer and Senior Executive Vice President

Education High School

Experience Vice President of C.P. Seven - Eleven Co., Ltd.

Mr. Preecha Ekkunagul

Chief Operating Officer and Senior Executive Vice President

Education Master Degree (Industrial Engineering and Management) Asian Institute of

Technology (AIT)

Experience General Manager of C.G. Petrochemical Co., Ltd., General Manager of C.P.

Supermarket Co., Ltd., General Manager of C.P. Seven - Eleven Co., Ltd.

Mr. Charles Herbert Kruse

Executive Vice President, Operations.

Education BA (Economics), University of Wisconsin, U.S.A.

Experience Division Vice President of Store Operation, Venture Store Incoperation.

Mr. Anuchai Werapatanakul

Executive Vice President, Food Merchandise

Education MBA (Management), Westcoast University, U.S.A., Special Course (Executive

Program), Cornell University, U.S.A.

Experience Food Buying Director of Siam Makro Public Co., Ltd.

Mr. Thomas Mason Nielsen

Senior Vice President, Human Resources

Education Master Degree (Administration and Organizational Behavior), George Williams

College, U.S.A.

Experience Vice President of Human Resource - Internation, KMART Corporation U.S.A.

Mr. Bernard Marie Antoine Laville

Vice President, Fresh Food Specialist

Education Graduated Professional Diploma (Fresh Food), France.

Experience Section Chief of Retail Business Casino, France.


π“ß “«®√‘¬“ ®‘√“∏‘«—≤πå

Vice President, General Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Marketing), Clark University, U.S.A.

ª√– ∫°“√≥å ºŸâ®—¥°“√º≈‘µ¿—≥±å ‘π§â“¥—πŒ‘≈, ºŸâ®—¥°“√·ºπ°Õ“À“√‡∑§‚Œ¡, ºŸâ®—¥°“√·ºπ°®—¥´◊ÈÕ‡ø√™øŸÖ¥

Àâ“ß √√æ ‘π§â“‡´Áπ∑√—≈

π“ß “«√”¿“ §”ÀÕ¡√◊Ëπ

Vice President, Finance and Accounting

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“‚∑ (∫√‘À“√∏ÿ√°‘®) ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å, ºŸâ Õ∫∫—≠™’√—∫Õπÿ≠“µ‘

(ª√–‡∑»‰∑¬)

ª√– ∫°“√≥å ºŸâÕ”π«¬°“√ΩÉ“¬∫—≠™’ ∫√‘…—∑ ´’‡°∑ ‡∑§‚π‚≈¬’ (ª√–‡∑»‰∑¬) ®”°—¥, ºŸâ®—¥°“√ΩÉ“¬∫—≠™’

∫√‘…—∑ ‡π™—Ëπ·π≈ µ“√å∑ ·Õπ¥å ‡§¡‘‡§‘≈ (ª√–‡∑»‰∑¬) ®”°—¥

π“¬ª√–‡«∑¬å ª√ÿß·µàß°‘®

Vice President, Management Information System.

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ «‘∑¬“»“ µ√å§Õ¡æ‘«‡µÕ√å

ª√– ∫°“√≥å ºŸâ®—¥°“√Õ“«ÿ‚ ΩÉ“¬∫√‘°“√ “√ π‡∑» ∫√‘…—∑ ¬“¡·¡Á§‚§√ ®”°—¥ (¡À“™π)

2.5 ºŸâÕ”π«¬°“√ΩÉ“¬

π“¬‡®‚√¡ ´’‡´√ß§å

Division Director, Investment Analyst

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Finance and Audit), Saint Etienne Business School, France.

ª√– ∫°“√≥å Auditor in Management Control of Casino Hypermarket Division, Casino Group.

π“¬™—ß-øî≈‘ªªá ‡Õ‡√Àå

Division Director, Business Development

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Bachelor of Business Management.

ª√– ∫°“√≥å Business Development Coordinator of Casino Guichard - Perrachon S.A.

π“¬¡‘·™≈ ¥ÿ¬‚°

Division Director, Logistics

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Bachelor of Accounting and Management.

ª√– ∫°“√≥å Casino AIX : Response of Exploitation.

π“¬‡®Õ√å√’Ë Õ≈—π ‰«‡√

Division Director, Store Operation

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Business Management and Administration, Lindenwood University, U.S.A.

ª√– ∫°“√≥å District Manager at Dollar General Corporation.


Ms. Jariya Chirathivat

Vice President, General Merchandise

Education MBA (Marketing), Clark University, U.S.A.

Experience Dunhill Brand Manager, Take Home Food Manager, Fresh Food Buying Manager

- Central Department Store.

Ms. Rumpa Kumhomreun

Vice President, Finance and Accounting

Education MBA, Thammasat University, Certified Public Accountant (Thailand)

Experience Accounting Director of Segate Technology (Thailand) Ltd., Accounting Manager

of National Starch & Chemical (Thailand) Ltd.

Mr. Prawet Prungtaengkit

Vice President, Management Information System

Education Computer Science

Experience Senior Manager, Information Systems Division, Siam Makro Public Co., Ltd.

2.5 Division Director

Mr. Jerome Cizeron

Division Director, Investment Analyst

Education MBA (Finance and Audit), Saint Etienne Business School, France.

Experience Auditor in Management Control of Casino Hypermarket Division, Casino Group.

Mr. Jean Philippe Ehret

Division Director, Business Development

Education Bachelor of Business Management.

Experience Business Development Coordinator of Casino Guichard - Perrachon S.A.

Mr. Michel Ducos

Division Director, Logistics

Education Bachelor of Accounting and Management.

Experience Casino AIX : Response of Exploitation.

Mr. Jerry Alan Vires

Division Director, Store Operation

Education Business Management and Administration, Lindenwood University, U.S.A.

Experience District Manager at Dollar General Corporation.


π“¬Õπ—πµå ¡“π–»ÿ¿°“πµå

Division Director, Stores Operation - Food Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Mini MBA ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å

ª√– ∫°“√≥å ºŸâ®—¥°“√ “¢“ (∫‘Í°´’·®âß«—≤π–)

π“¬»“πµ‘ «‘™‘µæ—π∏ÿå

Division Director, Store Operation - General Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Management), Murray State University, U.S.A.

ª√– ∫°“√≥å Assistant of Store General Manager, Wal-Mart Stores, Inc., Tennessee, U.S.A.

π“ß√—µπ“ Õπÿπµ°“√ÿ≥

Division Director, Softline Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (∫√‘À“√∏ÿ√°‘®) ∂“∫—π∫—≥±‘µæ—≤π∫√‘À“√»“ µ√å (NIDA)

ª√– ∫°“√≥å ºŸâ®—¥°“√º≈‘µ¿—≥±å ∫√‘…—∑ √Õß‡∑â“∫“®“·Ààßª√–‡∑»‰∑¬ ®”°—¥ (¡À“™π)

π“¬¬ÿ∑∏»—°¥‘Ï ¿Ÿ¡‘ ÿ√°ÿ≈

Division Director, Dry Food Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“‚∑ (°“√µ≈“¥), ¡À“«‘∑¬“≈—¬∏√√¡»“ µ√å,

ª√– ∫°“√≥å ºŸâ®—¥°“√∑—Ë«‰ª (°“√µ≈“¥) ∫√‘…—∑ ´’æ’ ‡´‡«àπÕ’‡≈ø‡«àπ ®”°—¥

π“¬«ÿ≤‘‰°√ ¥‘…∞‡πµ√

Division Director, Fresh Food Merchandise

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ¡—∏¬¡ 6

ª√– ∫°“√≥å ºŸâ™à«¬°√√¡°“√ºŸâ®—¥°“√ ∫√‘…—∑ ®’¡“√å∑ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥

π“ß ¡®‘µ√ ‡µÁß‰µ√√—µπå

Division Director, Construction

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ∂“∫—π‡∑§‚π‚≈¬’√“™¡ß§≈ «‘∑¬“‡¢µ∫æ‘µ√æ‘¡ÿ¢

ª√– ∫°“√≥å ºŸâ®—¥°“√ΩÉ“¬®—¥´◊ÈÕ‚§√ß°“√ ∫√‘…—∑‚√ß·√¡‡´Áπ∑√—≈æ—≤π“ ®”°—¥ (¡À“™π)

π“¬Õ√√∂æ≈ Õÿ‰√‰æ√«—π

Division Director, Marketing & Public Relations

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“µ√’ (°“√µ≈“¥) «‘∑¬“≈—¬Õ— —¡™—≠∫√‘À“√∏ÿ√°‘® (ABAC)

ª√– ∫°“√≥å ºŸâÕ”π«¬°“√ΩÉ“¬¢“¬·≈–°“√µ≈“¥ ∫√‘…—∑ ‰∫‚Õ §Õπ´Ÿ‡¡Õ√å ®”°—¥

π“¬≥—Æ∞æ≈ ¡≥±≈‚ ¿≥

Division Director, Town Center

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ MBA (Business Administration), University of Tennessee, U.S.A.

ª√– ∫°“√≥å ß“π∫√‘À“√»Ÿπ¬å°“√§â“·≈–æ—≤π“¥â“π¢“¬ª≈’° ∫√‘…—∑ ¬“¡®— ‚°â ®”°—¥


Mr. Anan Manasupakarn

Division Director, Stores Operation - Food Merchandise

Education Mini MBA Thamasart University

Experience Store Manager at Changwattana Big C store

Mr. Sante Vichidbhand

Division Director, Store Operation - General Merchandise

Education MBA (Management), Murray State University, U.S.A.

Experience Assistant of Store General Manager, Wal-Mart Stores, Inc.,Tennessee, U.S.A.

Mrs. Rattana Anantakaroon

Division Director, Softline Merchandise

Education MBA, National Institution of Development Administration (NIDA)

Experience Brand Manager of Bata Shoe (Thailand) Public Co., Ltd.

Mr. Yuthasak Poomsurakul

Division Director, Dry Food Merchandise

Education Master of Science (Marketing), Thammasat University

Experience General Manager (Marketing) of C.P. Seven - Eleven Co., Ltd.

Mr. Wuttikrai Distanet

Division Director, Fresh Food Merchandise

Education High School

Experience Managing Director Assistant of G - Mart Supercenter Co., Ltd.

Mrs. Somjitr Tengtrairat

Division Director, Construction

Education Rajchamongkol Technology Institution, Bhapitpimook Campus

Experience Construction Manager of Central Pattana Hotel Public Co., Ltd.

Mr. Athapol Uraipriwal

Division Director, Marketing & Public Relations

Education Bachelor Degree of Business Administration (Marketing), Assumption Business

Administration College (ABAC)

Experience Marketing and Sale Director of Bio Consumer Co., Ltd.

Mr. Nathapol Montholsopon

Division Director, Town Center

Education MBA (Business Administration), University of Tennessee, U.S.A.

Experience Retail Development & Shopping Center Management of Siam Jusco Co.,Ltd.


¥√. ©—µ√™—¬ µ«ß√—µπæ—π∏ÿå

Division Director, Special Project

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“‡Õ° (∫√‘À“√∏ÿ√°‘®), United States International University, U.S.A.

ª√– ∫°“√≥å ºŸâÕ”π«¬°“√ΩÉ“¬ªØ‘∫—µ‘°“√, ºŸâÕ”π«¬°“√ΩÉ“¬æ—≤π“∫ÿ§≈“°√

π“¬‡Õπ°≈“¿ ÿ∑∏‘π—π∑å

Division Director, Traning and Management Development

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ ª√‘≠≠“‚∑ (√—∞»“ µ√å) ®ÿÃ“≈ß°√≥å¡À“«‘∑¬“≈—¬

ª√– ∫°“√≥å ºŸâ®—¥°“√Õ“«ÿ‚ ΩÉ“¬æ—≤π“∫ÿ§≈“°√ ∫√‘…—∑ ‡¥Õ–¡Õ≈≈å°√ÿäª ®”°—¥

π“¬∑’ ‡® ‡™π‰≈πå

Division Director, Loss Prevention

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ BS Degree (Criminal Justice), Central Missouri State University, U.S.A.

ª√– ∫°“√≥å Divisional Vice President, Asset Protection on Operations, Venture Stores, U.S.A.

π“¬ ÿ«‘∑¬å √ÿ®‘√∏”√ß

Division Director, Real Estates

§ÿ≥«ÿ≤‘∑“ß°“√»÷°…“ Master Degree (Civil Engineering), University of Nevada, Reno, U.S.A.

ª√– ∫°“√≥å °√√¡°“√∫√‘À“√·≈–ºŸâ®—¥°“√ΩÉ“¬æ—≤π“∑√—æ¬å ‘π ∫√‘…—∑ ‰∑¬«“ ®”°—¥

3. §à“µÕ∫·∑πºŸâ∫√‘À“√ „πªï 2542

1. §à“‡∫’È¬ª√–™ÿ¡°√√¡°“√ 435,000 ∫“∑

2. ‡ß‘π‡¥◊Õπ (√«¡‚∫π— ) ·≈– «— ¥‘°“√Õ◊Ëπ¢ÕßºŸâ∫√‘À“√¡’®”π«π 70.1 ≈â“π∫“∑ ·≈– 34.3 ≈â“π∫“∑µ“¡≈”¥—∫

3. ‡ß‘π‡¥◊Õπ (√«¡‚∫π— ) ·≈– «— ¥‘°“√Õ◊Ëπ¢ÕßºŸâ∫√‘À“√ Ÿß ÿ¥ 15 √“¬·√° ¡’®”π«π 58.9 ≈â“π∫“∑ ·≈– 30.5

≈â“π∫“∑ µ“¡≈”¥—∫

„πªï 2542 ∫√‘…—∑‰¡à¡’§à“µÕ∫·∑πÕ◊Ëπ∑’Ë„Àâ·°àºŸâ∫√‘À“√ ‡™àπ ‚§√ß°“√„Àâ ‘∑∏‘´◊ÈÕÀÿâπ·°àºŸâ∫√‘À“√

4. √“¬ß“π°“√∂◊Õ§√ÕßÀ≈—°∑√—æ¬å¢ÕßºŸâ∫√‘À“√

≥ «—π ‘Èπªï 2542 ¡’ºŸâ∫√‘À“√‡æ’¬ß 5 ∑à“π ∑’Ë∂◊ÕÀÿâπ„π∫√‘…—∑ √“¬≈–‡Õ’¬¥¡’¥—ßπ’È

®”π«πÀÿâπ∑’Ë∂◊Õ§√Õß

1. π“¬«—π™—¬ ®‘√“∏‘«—≤πå 864,000

2. π“¬∑» ®‘√“∏‘«—≤πå 22,589,513

3. π“¬≈‘¢‘µ øÑ“ª‚¬™π¡å 39,700

4. π“¬‚∏¡— ‡¡ —π ‡π≈‡ âπ 15,000

5. π“¬»“πµ‘ «‘™‘µæ—π∏ÿå 10,000


Dr. Chatrchai Toungrattanapan

Division Director, Special Project

Education Ph.D (Business Administration), United States International University, U.S.A.

Experience Operation Director, Human Development Director - Big C.

Mr. Aneklarp Suthinan

Division Director, Traning and Management Development

Education Master Degree (Public Administration), Chulalongkorn University

Experience Senior Manager of Human Resource Department of the Mall Groups Co., Ltd.

Mr. TJ Schoenlein

Division Director, Loss Prevention

Education BS Degree (Criminal Justice), Central Missouri State University, U.S.A.

Experience Divisional Vice President, Asset Protection on Operations, Venture Stores, U.S.A.

Mr. Suvidhya Ruchiradhamrong

Division Director, Real Estates

Education Master Degree (Civil Engineering), University of Nevada, Reno, U.S.A.

Experience Executive Director and Property Development, Manager of Thai Wah Co., Ltd.

3. Management Remuneration in 1999

1. Meeting allowance to director are Baht 435,000.

2. Management salary and annual bonus are 70.1 million Baht and other benefits are 34.3 million

Baht.

3. Management salary and annual bonus of top 15 managements are 58.9 million Baht and

other benefits of those are 30.5 million Baht.

In 1999, the Company does not proide other benefit to its management such as the stock option

plan.

4. Securities Held by Management

At the end of 1999, the Company's securities held by management are summarized below.

No. of shares

1. Mr. Vanchai Chirathivat 864,000

2. Mr. Tos Chirathivat 22,589,513

3. Mr. Likit Fahpyochon 39,700

4. Mr. Thomas Mason Nielsen 15,000

5. Mr. Sante Vichidbhand 10,000


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µ“¡∑’Ë°≈à“«‰«â„πÀ¡“¬‡Àµÿª√–°Õ∫ß∫°“√‡ß‘π¢âÕ∑’Ë 4 ´÷Ëßºà“π°“√µ√«® Õ∫®“°ºŸâ Õ∫∫—≠™’·≈â«

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√â“ß§«“¡§ÿâ¡§à“„Àâ·°àºŸâ∫√‘‚¿§ Ÿß ÿ¥ ª√–°Õ∫°—∫§«“¡æ¬“¬“¡æ—≤π“ª√– ‘∑∏‘¿“æ°“√∑”ß“π¢Õß∑ÿ°Àπà«¬ß“π

·≈–∫√‘À“√µâπ∑ÿπ„ÀâµË” ÿ¥®π “¡“√∂µÕ∫ πÕß§«“¡µâÕß°“√¢Õß≈Ÿ°§â“‰¥â°Á∂◊Õ‰¥â«à“™à«¬≈¥√–¥—∫§«“¡‡ ’Ë¬ß

¥—ß°≈à“«≈ß‰¥â

2. §«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬„π à«π¢Õß‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ∑’Ë§ß§â“ßÕ¬Ÿà ≥ «—π∑’Ë

31 ∏—π«“§¡ 2542 ®”π«π 1,005 ≈â“π∫“∑ ‡π◊ËÕß®“°‡ß‘π°Ÿâ®”π«ππ’È‡ªìπ‡ß‘π°Ÿâ√–¬– 1-2 ‡¥◊Õπ ´÷Ëß∫√‘…—∑¡’·ºπ∑’Ë

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·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ®”π«π 1,447 ≈â“π∫“∑ ÷Ëß∑”„Àâ§«“¡‡ ’Ë¬ß®“°Õ—µ√“¥Õ°‡∫’È¬≈¥≈ß„π°√≥’∑’Ë¡’§«“¡

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‰µ√¡“ µ≈Õ¥Õ“¬ÿ 5 ªï ®π∂÷ßªí®®ÿ∫—πºŸâ∂◊ÕÀÿâπ‰¥â´◊ÈÕ„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¥—ß°≈à“«∑—ÈßÀ¡¥·≈â« ·≈– ≥ ‘Èπªï 2542

¡’ºŸâ„™â„∫ ”§—≠· ¥ß ‘∑∏‘ ◊ÈÕÀÿâπ “¡—≠®”π«π 107,953 Àπà«¬ °“√ÕÕ°Àÿâπ “¡—≠µ“¡æ—π∏–¥—ß°≈à“« ‰¡à¡’º≈°√–∑∫

(Dilution Effect) ∑’Ë‡ªìπ “√– ”§—≠µàÕ¢“¥∑ÿπµàÕÀÿâπ·≈–‰¡à¡’º≈°√–∑∫µàÕ√“§“Àÿâπ„πµ≈“¥À≈—°∑√—æ¬å‡π◊ËÕß®“°√“§“

°“√„™â ‘∑∏‘µË”°«à“√“§“µ≈“¥¢ÕßÀÿâπ ≥ «—π ‘Èπªï 2542 Õ¬à“ß‰√°Áµ“¡ Õ”π“®°“√§«∫§ÿ¡®–≈¥≈ß√âÕ¬≈– 2.5 À“°ºŸâ∂◊ÕÀÿâπ

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RELATED PARTY AND CONNECTED TRANSACTIONThe Company has the connected transaction with the related party, Casino France SAS (a

registered company in France). This company is one of the Casino Group Companies and is the world

leading retail entrepreneur. Said company has sent specialists to support the administration and management

of the original Management of the Company. This will result in an improving efficiency in administration

and management as well as the potential of the Company to compete with other retail entrepreneurs.

Whereby, the Company shall be obliged to pay the management fees to the Casino Group Company

amounting to 13 million Baht in 1999. Such particulars were recorded in the financial statement according

to the basis mutually agreed to by the Company and the Casino Group Company and mentioned in the

remarks to the financial statement, Clause 4, which has been certified by the auditor.

RISK FACTORS.1. Risks from Economic Condition.

The nature of the retail business of the Company and its subsidiaries is to distribute

consumer products to the consumer of medium and low incomes, the majority groups of

customers in Thailand. This may be risky because the economic condition, which has direct

impact on the purchasing power of the consumers, may affect the sales of the Company and its

subsidiaries. Such risks are regarded as general risks of which the Company is unable to control.

However, the emphasis of the Company on the distribution of quality products at low prices to

create maximum value for the consumers; the Company's attempt to develop work efficiency of

all units; and the Company's administration of costs to the minimum level in order to meet the

demands of customers shall be regarded as reducing the said levels of risks.

2. Risks from Interest Rates.

The Company and its subsidiaries are risky from the interest rates in terms of short-term loans in arrears

on this 31st day of December 1999, amounting to 1,005 million Baht as this amount of loan shall be payable

within 1-2 months but the Company had its plan to convert the same to be long-term debts in the year

2000. On December 31st, 1999, the Company's bank deposits and short-term investment amounted to 1,447

million Baht, Thus reducing the risks from interest rates in case of instability.

OBLIGATION OF FUTURE SHARE ISSUANCE.On September 12, 1995, the Company has issued a warrant to purchase ordinary shares, totally

19,968,236 units for all of the original shareholders at the rate of 4 original shares per one unit of warrant

(1 Baht/unit). A warrant shall be entitled to the purchase of 1 ordinary share at the price of 12.6625 Baht.

Any original shareholder may exercise its right at the end of each quarter for the period of 5 years.

Shareholders have purchased warrant to purchase all of the said ordinary shares so far. By the end of

1999, the holders of warrant have purchased 107,953 units of ordinary shares. The issuance of ordinary

shares according to the said obligations shall have neither material dilution effect to loss per share nor

the dilution impact to market price due to the exercise price was below market price at ending of 1999.

However, the control power shall be reduced by 2.5% if the original shareholders exercise all the warrant

to purchase the ordinary shares.


§”Õ∏‘∫“¬·≈–°“√«‘‡§√“–Àå¢ÕßΩÉ“¬®—¥°“√ (®“°ß∫°“√‡ß‘π√«¡)

1. °“√√“¬ß“π·≈–«‘‡§√“–Àåº≈°“√¥”‡π‘πß“π

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√“¬‰¥â®“°°“√¢“¬

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- °“√øóôπµ—«¢Õß¿“«–‡»√…∞°‘®¡’º≈µàÕÕ”π“®´◊ÈÕ¢ÕßºŸâ∫√‘‚¿§‡æ‘Ë¡¢÷Èπ ‚¥¬‡©æ“– ‘π§â“∑’Ë‰¡à„™à

ª√–‡¿∑Õ“À“√Õ—π‰¥â·°à ‡§√◊ËÕß„™â‰øøÑ“·≈–‡ ◊ÈÕºâ“ ‚¥¬¬Õ¥¢“¬ ‘π§â“ª√–‡¿∑‡§√◊ËÕß„™â‰øøÑ“·≈–

‡§√◊ËÕßµ°·µàß∫â“π¡’Õ—µ√“‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 10 ·≈–¬Õ¥¢“¬ ‘π§â“ª√–‡¿∑‡ ◊ÈÕºâ“·≈–‡§√◊ËÕßµ°·µàß¡’

Õ—µ√“‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 19 ‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫ °—∫¬Õ¥¢“¬ªï 2541

√“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√

√“¬‰¥â§à“‡™à“·≈–§à“∫√‘°“√ ”À√—∫ªï 2542 ¡’®”π«π 648.6 ≈â“π∫“∑ ‡æ‘Ë¡¢÷Èπ√âÕ¬≈– 15 ®“°ªï 2541

∑’Ë‡∑à“°—∫ 563.9 ≈â“π∫“∑ ‡ªìπº≈¡“®“°°“√øóôπµ—«¢Õß¿“«–‡»√…∞°‘®ª√–°Õ∫°—∫º≈ ”‡√Á®¢Õß°‘®°√√¡‡™‘ß√ÿ°

∑“ß°“√µ≈“¥∑’Ë‡ªî¥‚Õ°“ „Àâ√â“π§â“¬àÕ¬‰¥â‡¢â“¡“¢“¬ ‘π§â“À√◊Õ∫√‘°“√„πæ◊Èπ∑’Ë‡™à“¢ÕßÀâ“ß∫‘Í°´’ ¥â«¬‡ß‘π≈ß∑ÿπ

‡√‘Ë¡·√°∑’ËµË”

√“¬‰¥âÕ◊Ëπ

√“¬‰¥âÕ◊Ëπ¢Õßªï 2542 ‡æ‘Ë¡¢÷Èπ 205.2 ≈â“π∫“∑ ®“° 589.7 ≈â“π∫“∑ „πªï 2541 ‡ªìπ 794.9 ≈â“π∫“∑

∑—Èßπ’È‡π◊ËÕß®“°√“¬‰¥âÕ◊Ëπ ´÷Ëßª√–°Õ∫¥â«¬√“¬‰¥â®“°°“√ àß‡ √‘¡°“√¢“¬ ‘π§â“·≈–º≈‘µ¿—≥±åºŸâº≈‘µ‡æ‘Ë¡¢÷Èπ 39

≈â“π∫“∑ ·≈–¥Õ°‡∫’È¬√—∫∑’Ë‡æ‘Ë¡¢÷Èπ 20 ≈â“π∫“∑ ´÷Ëß‡ªìπº≈®“°‡ß‘π∑ÿπ∑’Ë‰¥â√—∫®“°°“√‡æ‘Ë¡∑ÿπ„π‡¥◊Õπ‡¡…“¬π

πÕ°®“°π’È „π®”π«π 205.2 ≈â“π∫“∑ ‡ªìπ√“¬‰¥â®“°‡ß‘π™¥‡™¬§à“®—¥ àß ‘π§â“¢Õß»Ÿπ¬å°√–®“¬ ‘π§â“∑’Ë

‡√‘Ë¡‡°‘¥¢÷Èπ „πªï 2542 ®”π«π 105 ≈â“π∫“∑ √“¬‰¥â¥—ß°≈à“«π’È®–π”¡“™¥‡™¬√“¬®à“¬§à“¢π àß∑’Ë‡°‘¥¢÷Èπ


MANAGEMENT DISCUSSION AND ANALYSIS (FROMCONSOLIDATED FINANCIAL STATEMENTS).1. Report and analysis of the operational results.

According to the operational results of the Company and its subsidiaries in 1999, there were

net losses of 421 million Baht. Such net losses included the loss from selling the investment in the

subsidiaries that run the ready-made garment manufacturing and distribution; the loss from

deduction and reservation of devaluation of assets; and the loss from taken into account the

contingency liabilities, amounting to to 662.5 million Baht. These losses resulted from single

deduction and reservation of those particulars in order to prevent the Company and its

subsidiaries from being affected in the future. Moreover, when considering the operational

results without including this result of special losses, the Company and its subsidiaries shall have

the profits of 241.3 million Baht. The comparison of operational results of 1998, which had the

losses of 121.2 million Baht, with the operational results of 1999 are as follows;

Sales

The sales of the Company and its subsidiaries in 1999 increased by 9% or 1,852 million

Baht when compared to those in 1998. However, when considering the sales of retail businesses,

the major businesses of the Company, it was found that the sales increased by 11.2% or 2,255.2

million Baht, because the sales of the Company and its subsidiaries in 1999 included the business

of ready-made garment manufacturing and distribution was only for 116 days. However, the

significant increase of sales in retail businesses was caused by:

- Achievement of price strategies by emphasizing the daily distribution of products at

low prices to the consumers. This caused the increase of sales of consumer products

by 13% when compared to the year 1998.

- The economic recovery increasingly affected the purchasing power of consumers,

particularly in the non-food products including appliances and clothes. Whereby, the

sales of appliances and furniture increased by 10% and the sales of clothes and

furniture increased by 19% when compared to the year 1998.

Rentals and Service Income

Revenue obtained from rentals and service income in 1999 amounting to 648.6 million

Baht, an increase of 15% from those of the year 1998 (563.9 million Baht). This resulted from the

economic recovery and accomplishment of proactive marketing activities that provided

opportunities for small shops to distribute products and services within the leased spaces of a Big

C store with low initial investment.

Other Income

Other income in 1999 increased from 589.7 million Baht in 1998 to 794.9 million Baht, an

increased of 205.2 million Baht. Other income including the revenue obtained from sales promotion

of products increased by 39 million Baht and the receiving interests increased by 20 million Baht,

resulting from the investments received from the increase of capital in April. In addition, within the

amount of 205.2 million Baht, is included the revenue obtained from compensation for product

delivery of the product distribution center, which began in 1999, amounting to 105 million Baht.


°”‰√¢—Èπµâπ

°”‰√¢—Èπµâπ¢Õßªï 2542 ´÷Ëß‡ªìπº≈°“√¥”‡π‘πß“π√«¡¢Õß Õß∏ÿ√°‘®‡æ‘Ë¡¢÷Èπ®“°ªï 2541 ®”π«π 185.9

≈â“π∫“∑ À√◊ÕÕ—µ√“√âÕ¬≈– 8.1 ·µà‡¡◊ËÕæ‘®“√≥“∏ÿ√°‘®§â“ª≈’°‡æ’¬ßÕ¬à“ß‡¥’¬« °”‰√¢—Èπµâπ¢Õß∏ÿ√°‘®§â“ª≈’°

®–‡æ‘Ë¡¢÷Èπ®”π«π 378.6 ≈â“π∫“∑À√◊Õ‡æ‘Ë¡¢÷÷Èπ√âÕ¬≈– 18.6 ·≈–‡¡◊ËÕæ‘®“√≥“Õ—µ√“°”‰√¢—ÈπµâπµàÕ¬Õ¥¢“¬¢Õß

∏ÿ√°‘®§â“ª≈’°ªï 2542 ®–¡’Õ—µ√“√âÕ¬≈– 10.81 ‡ª√’¬∫‡∑’¬∫°—∫ªï 2541 ´÷Ëß¡’Õ—µ√“√âÕ¬≈– 10.14 °“√‡æ‘Ë¡¢÷Èπ¢Õß

°”‰√¢—Èπµâπ·≈–Õ—µ√“°”‰√¢—Èπµâπ¢Õß∏ÿ√°‘®§â“ª≈’°‡ªìπº≈®“°¬Õ¥¢“¬∑’Ë‡æ‘Ë¡¢÷ÈπÕ¬à“ß¡’ “√– ”§—≠„πªï 2542 ·≈–

Õ—µ√“°“√‡®√‘≠‡µ‘∫‚µÕ¬à“ß¡“°¢Õß¬Õ¥¢“¬ ‘π§â“∑’Ë‰¡à„™àª√–‡¿∑Õ“À“√´÷Ëß¡’Õ—µ√“°”‰√¢—Èπµâπ∑’Ë Ÿß

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√

§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„πªï 2542 ≈¥≈ß®”π«π 143.9 ≈â“π∫“∑ ´÷Ëß‡ªìπ

º≈®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ª√–‡¿∑∏ÿ√°‘®º≈‘µ·≈–®”Àπà“¬‡ ◊ÈÕºâ“ ”‡√Á®√Ÿª„π‰µ√¡“ 2 ªï 2542 ·µà

‡¡◊ËÕæ‘®“√≥“∏ÿ√°‘®§â“ª≈’°‡æ’¬ßÕ¬à“ß‡¥’¬« §à“„™â®à“¬¥—ß°≈à“«®–≈¥≈ß®”π«π 35.4 ≈â“π∫“∑ ·≈–‡¡◊ËÕæ‘®“√≥“

Õ—µ√“ à«π¢Õß§à“„™â®à“¬¥—ß°≈à“«‡∑’¬∫°—∫¬Õ¥¢“¬ Õ—µ√“ à«π¥—ß°≈à“«®–‡∑à“°—∫√âÕ¬≈– 14.0 „πªï 2542 ·≈–√âÕ¬≈–

15.4 „πªï 2541 °“√≈¥≈ß¢ÕßÕ—µ√“ à«π§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ ‡¡◊ËÕ‡∑’¬∫°—∫¬Õ¥¢“¬‡ªìπº≈®“°°“√

‡æ‘Ë¡ª√– ‘∑∏‘¿“æ„π°“√®—¥°“√Õß§å°√¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬„π à«π∏ÿ√°‘®§â“ª≈’°°àÕ„Àâ‡°‘¥°“√ª√–À¬—¥

§à“„™â®à“¬„π à«π°”≈—ß§π §à“‰øøÑ“·≈–Õ◊ËπÊ ®”π«π 90 ≈â“π∫“∑ ∂÷ß·¡â«à“ ∫√‘…—∑®–¡’§à“„™â®à“¬∑’Ë‡æ‘Ë¡¢÷ÈπÕ—π‡π◊ËÕß

¡“®“°°“√®â“ß∫√‘…—∑¿“¬πÕ°∑’Ë¡’ª√– ∫°“√≥å¡“∫√‘À“√§≈—ß ‘π§â“·≈–®—¥ àß ‘π§â“„Àâ∑“ß∫√‘…—∑°Áµ“¡

¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

¢“¥∑ÿπ®”π«ππ’È‡ªìπº≈¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬ 4 ·Ààß ∑’Ëª√–°Õ∫∏ÿ√°‘® ‘Ëß∑Õ ´÷Ëß‰¥â·°à

∫√‘…—∑ ‡Õ .‡§. °“√å‡¡âπ∑å (1995) ®”°—¥ ∫√‘…—∑ Õ’‡∑ µ√â“ ®”°—¥ ∫√‘…—∑ ªï‡µÕ√å·Õπ¥å®‘ππ’Ë ®”°—¥·≈–∫√‘…—∑ ‡øì¥‡¥Õ√‘§

‡«Õ≈¥å ‡´≈ å ®”°—¥ ‚¥¬‡¡◊ËÕ«—π∑’Ë 26 ‡¡…“¬π 2542 ∫√‘…—∑‰¥â¢“¬‡ß‘π≈ß∑ÿπ‡À≈à“π’È‰ª„Àâ·°à∫ÿ§§≈¿“¬πÕ°„π√“§“

241 ≈â“π∫“∑ ‚¥¬‡°‘¥º≈¢“¥∑ÿπ®”π«π 353.3 ≈â“π∫“∑ °“√¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«‡ªìπ°“√ªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢„π

—≠≠“®Õß´◊ÈÕÀÿâπ “¡—≠‡æ‘Ë¡∑ÿπ (Subscription Agreement) °—∫°≈ÿà¡∫√‘…—∑§“ ‘‚π ÷Ëß‡ªìπ°≈ÿà¡ºŸâ√à«¡∑ÿπ¢Õß∫√‘…—∑

¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

‡ªìπº≈¢“¥∑ÿπÕ—π‡π◊ËÕß®“°°“√¥âÕ¬§à“„π¡Ÿ≈§à“ ‘π∑√—æ¬åµ“¡∫—≠™’‡¡◊ËÕ‡ª√’¬∫‡∑’¬∫°—∫¡Ÿ≈§à“ ‘π∑√—æ¬åµ“¡

√“§“µ≈“¥„πªí®®ÿ∫—π „πªï 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¡’°“√µ—Èß ”√Õß·≈–µ—¥®”Àπà“¬ ‘π∑√—æ¬å®”π«π 180 ≈â“π∫“∑

Õ—π‰¥â·°à

- ‚§√ß°“√∫“ß‚§√ß°“√∑’Ë¬—ßÕ¬Ÿà„π¢—ÈπµÕπæ—≤π“ ´÷ËßºŸâ∫√‘À“√¢Õß∫√‘…—∑‰¥âµ—¥ ‘π„®À¬ÿ¥¥”‡π‘π

‚§√ß°“√Õ—π‡π◊ËÕß¡“®“°¿“«–‡»√…∞°‘®‰¡à‡Õ◊ÈÕÕ”π«¬·≈–º≈µÕ∫·∑π∑’Ë®–‰¥â√—∫„πÕπ“§µ‰¡à‡À¡“– ¡

- ‘π∑√—æ¬å∂“«√∑’Ë‰¡à‡Õ◊ÈÕª√–‚¬™πåµàÕ°“√¥”‡π‘π∏ÿ√°‘®À≈—° ÷Ëß∫√‘…—∑‰¥âµ’√“§“ ≥ ªí®®ÿ∫—π¢Õß ‘π∑√—æ¬åπ—Èπ

‚¥¬„™âºŸâª√–‡¡‘π√“§“Õ‘ √– ·≈–¡’°“√∫—π∑÷°º≈·µ°µà“ß‡¡◊ËÕ‡∑’¬∫°—∫¡Ÿ≈§à“∑“ß∫—≠™’¢Õß ‘π∑√—æ¬å

¥—ß°≈à“« ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542

- √“¬®à“¬∑’Ë‡°’Ë¬«°—∫°“√æ—≤π“√–∫∫§Õ¡æ‘«‡µÕ√å‡¥‘¡ ´÷ËßºŸâ∫√‘À“√‰¥â‡≈Áß‡ÀÁπ∂÷ß§«“¡‰¡à‡À¡“– ¡¢Õß

√–∫∫¥—ß°≈à“« Õ—π‡π◊ËÕß®“°°“√æ—≤π“¥â“π‡∑§‚π‚≈¬’∑’Ë√«¥‡√Á« ·≈–ª√– ‘∑∏‘¿“æ°“√∑”ß“π¢Õß√–∫∫


Gross Profits

Gross profits of 1999, which were the total operational results of two businesses, increased

by 8.1% (185.9 million Baht) over the year 1998. However, when considering the retail business solely,

its gross profits increased by 18.6% (or 378.6 million Baht). When considering the rate of gross profits

per sales of the retail business in 1999, the rate of increase was 10.81% compared to 10.14% for

the year 1998. The increase of gross profits and rates of gross profits for the retail business resulted

from a significant increase in sales during 1999, and considerable growth rates of sales in non-food

products that had higher rates of gross profits.

Expenses incurred from selling and administration

Expenses of the Company and its subsidiaries incurred from selling and administration in 1999,

decreased by 143.9 million Baht resulting from the selling of investments in the subsidiaries that run

the business of ready-made garment manufacturing and distribution in the 2nd Quarter of 1999.

However, when considering the retail business solely, such expenses decreased by 35.4 million Baht.

And when considering the proportion of such expenses compared to the sales, the said proportion

was equal to 14.0% in 1999 and 15.4% in 1998. The decrease in the proportion of expenses incurred

from selling and administration when compared to the sales resulted from improving efficiency of

the Company and its subsidiaries in managing their organizations of retail businesses. Although the

Company had reduced expenses of manpower, electricity and others, totally 90 million Baht, the

Company had increased expenses due to outsourcing the warehousing services and delivery of

products for the Company, to an experienced provider.

Loss from selling the investments in subsidiaries

The amount of loss resulting from selling the investments in four subsidiaries that run the garment

business including the S.K. Garment (1995) Co., Ltd., the Etastra Co., Ltd., the Peter & Jeannie Co.,

Ltd., and the Federic World Sales Co., Ltd., on April 26th, 1999, with selling price of 241 million Baht

was 353.3 million Baht. Selling of the said investments was in accordance with the terms of

Subscription Agreement made by the Company with the Casino Group Company, its joint venture

parties.

Loss from the devaluation of assets

This loss resulted from the devaluation of assets according to the account, when compared

to the value of assets according to the current market prices. In 1999, the Company and its

subsidiaries reserved and deducted the assets amounting to 180 million Baht, including;

- Certain projects under the development process that Management decided to suspend

the operation due to unfavourable economic conditions and inappropriate returns in

the future.

- Permanent assets that were not beneficial to the operation of main business shall be

estimated as to their current prices by an independent estimator. Any different valuation

results, when compared to the accounting value of the said assets on December 31st,

1999, shall be recorded.

- Expenses concerning the development of original computer system that the

Management deemed inappropriate due to rapid technological development and

working efficiency of the system.


º≈¢“¥∑ÿπ ”À√—∫Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈–Õ◊ËπÊ

„πªï 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¡’°“√µ—Èß ”√ÕßÀπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“·≈–Õ◊ËπÊ ®”π«π 129.2

≈â“π∫“∑ ´÷ËßÀπ’È ‘π‡À≈à“π’È‡ªìπ ‘∑∏‘‡√’¬°√âÕß®“°∫ÿ§§≈¿“¬πÕ° Õ—π‰¥â·°à ºŸâ√à«¡∑ÿπ„π‚§√ß°“√∑’ËºŸâ∫√‘À“√¢Õß∫√‘…—∑

µ—¥ ‘π„®À¬ÿ¥¥”‡π‘π°“√‡π◊ËÕß¥â«¬§«“¡‰¡à‡À¡“– ¡¢Õßº≈µÕ∫·∑π∑’Ë®–‰¥â√—∫„πÕπ“§µ ·≈–§à“‡∫’È¬ª√—∫®“°°“√

‡ªî¥¥”‡π‘πß“π‚§√ß°“√„À¡à∫“ß‚§√ß°“√∑’Ë≈à“™â“

°”‰√À√◊Õ¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π

„π√–À«à“ßªï 2542 ∫√‘…—∑‰¥âπ”‡ß‘π∑ÿπ®“°°“√‡æ‘Ë¡∑ÿπ¡“™”√–Àπ’È‡ß‘π°Ÿâ¬◊¡∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»∑—ÈßÀ¡¥

‚¥¬‡°‘¥º≈¢“¥∑ÿπ®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑’Ë‡°‘¥®√‘ß®”π«π 30.3 ≈â“π∫“∑ ‡ª√’¬∫‡∑’¬∫°—∫ªï 2541 ∑’Ë∫√‘…—∑·≈–

∫√‘…—∑¬àÕ¬¡’‡ß‘π°Ÿâ¬◊¡∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»®”π«π¡“°°àÕ„Àâ‡°‘¥º≈°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π∑—Èß∑’Ë‡°‘¥¢÷Èπ®√‘ß

·≈–¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß®”π«π 68.4 ≈â“π∫“∑·≈– 660 ≈â“π∫“∑ µ“¡≈”¥—∫

¥Õ°‡∫’È¬®à“¬

¥Õ°‡∫’È¬®à“¬¢Õßªï 2542 ≈¥≈ß®“°ªï 2541 ®”π«π 514.1 ≈â“π∫“∑ À√◊Õ≈¥≈ß√âÕ¬≈– 52.7 “‡Àµÿ¢Õß

°“√≈¥≈ßÕ¬à“ß¡’ “√– ”§—≠‡π◊ËÕß®“°∫√‘…—∑¡’°“√‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π®“°‡¥‘¡ 2,700 ≈â“π∫“∑‡ªìπ∑ÿπ®¥∑–‡∫’¬π

8,000 ≈â“π∫“∑„πªï 2542 ·≈–∫√‘…—∑‰¥â√—∫‡ß‘π‡æ‘Ë¡∑ÿπ®”π«π 6,095 ≈â“π∫“∑®“°°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“« ·≈–‰¥â„™â

‡ß‘π‡æ‘Ë¡∑ÿππ’È„π°“√™”√–‡ß‘π°Ÿâ à«π„À≠à ®÷ß‡ªìπº≈„Àâ¿“√–¥Õ°‡∫’È¬¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬≈¥≈ßÕ¬à“ß¡“° πÕ°®“°π’È

‡ß‘π°Ÿâ§ß§â“ß ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ´÷Ëß¡’®”π«π 1,032 ≈â“π∫“∑‡ªìπ‡ß‘π°Ÿâ√–¬– —Èπ∑’Ë¡’µàÕ∏π“§“√µà“ßª√–‡∑»

∑’Ë¡’ “¢“„πª√–‡∑»‰∑¬ ·≈–∂Ÿ°§È”ª√–°—π‚¥¬°≈ÿà¡ºŸâ√à«¡∑ÿπ§“ ‘‚π ´÷Ëß‡ªìπ∫√‘…—∑∑’Ë¡’ ∂“π–°“√‡ß‘π¡—Ëπ§ß∑”„Àâ

∫√‘…—∑‰¥â√—∫º≈ª√–‚¬™πå®“°°“√°Ÿâ„πÕ—µ√“¥Õ°‡∫’È¬∑’ËµË”

2. °“√√“¬ß“π·≈–«‘‡§√“–Àå∞“π–°“√‡ß‘π·≈–°√–· ‡ß‘π ¥

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’ ‘π∑√—æ¬å√«¡ 13,836 ≈â“π∫“∑ ≈¥≈ß®“°ªï°àÕπ

350 ≈â“π∫“∑ À√◊Õ≈¥≈ß√âÕ¬≈– 2.5 ‡π◊ËÕß®“°ª√–°“√·√° ∫√‘…—∑¡’°“√‡æ‘Ë¡∑ÿπ‚¥¬ÕÕ°Àÿâπ “¡—≠„À¡à 530

≈â“πÀÿâπ ‡ πÕ¢“¬„Àâ·°à°≈ÿà¡∫√‘…—∑§“ ‘‚π‡ªìπ°“√‡©æ“–‡®“–®ß„π√“§“Àÿâπ≈– 11.50 ∫“∑ ®”π«π‡ß‘π∑’Ë‰¥â√—∫√«¡

6,095 ≈â“π∫“∑ ∫√‘…—∑‰¥âπ”‰ª™”√–§◊π‡ß‘π°Ÿâ¬◊¡‡ªìπ®”π«π¡“° ª√–°“√∑’Ë Õß „π‡¥◊Õπ‡¡…“¬π 2542 ∫√‘…—∑‰¥â

¢“¬∫√‘…—∑¬àÕ¬ 4 ·Ààß∑’Ëª√–°Õ∫∏ÿ√°‘® ‘Ëß∑Õ ¡’º≈∑”„Àâ ‘π∑√—æ¬å ÿ∑∏‘≈¥≈ß√–À«à“ßªï 502.6 ≈â“π∫“∑ ®“° “‡Àµÿ

¥—ß°≈à“«®÷ß∑”„Àâ ‘π∑√—æ¬å√«¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ ‘Èπªï 2542 ·≈– 2541 ‰¡à·µ°µà“ß°—π¡“°π—°

Õ¬à“ß‰√°Áµ“¡ ®–·µ°µà“ß°—π„π√“¬≈–‡Õ’¬¥¢Õß√“¬°“√ ‘π∑√—æ¬å·≈–Àπ’È ‘πµà“ßÊ ¥—ßπ’È

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π

‘π∑√—æ¬åÀ¡ÿπ‡«’¬π‡æ‘Ë¡¢÷Èπ 489.7 ≈â“π∫“∑ ®“° 3,628.3 ≈â“π∫“∑ ≥ ‘Èπªï 2541 ‡ªìπ 4,118 ≈â“π∫“∑

≥ ‘Èπªï 2542 ‡π◊ËÕß®“° “‡ÀµÿÀ≈—°¥—ßπ’È

1. ‡ß‘π ¥ ‡ß‘πΩ“°∏π“§“√·≈–‡ß‘π≈ß∑ÿπ√–¬– —Èπ‡æ‘Ë¡¢÷Èπ 977.4 ≈â“π∫“∑ ´÷Ëß à«π„À≠à‡ªìπº≈¡“®“°

‡ß‘π∑ÿπ∑’Ë‰¥â√—∫®“°°“√‡æ‘Ë¡∑ÿπ„π‡¥◊Õπ‡¡…“¬π

2. ≈Ÿ°Àπ’È°“√§â“≈¥≈ß 551 ≈â“π∫“∑

3. ‘π§â“§ß‡À≈◊Õ‡æ‘Ë¡¢÷Èπ 121 ≈â“π∫“∑


Loss from contingency liabilities and others

In 1999, the Company and its subsidiaries reserved the contingency loss and others for 129.2

million Baht. These liabilities were the cost of delayed or cancelled new projects that the

Management decided to suspend operations on due to the in appropriateness of future returns.

Profits or loss from the exchange rates

During the year 1999, the Company has used the money from the increase of capital to

settle all debts in foreign currencies. And there were realised losses from exchange rates

amounting to 30.3 million Baht in 1999 when compared to the year 1998 that the Company and

its subsidiaries had a lot of loans in foreign currencies bringing about realised and unrealised gain

on the exchange rates, amounting to 68.4 million Baht and 660 million Baht, respectively.

Interest Expense

Interest in 1999 decreased by 52.7% (514.1 million Baht). The causes of the significant

decrease in interest expense were the increase of capital by the Company from 2,700 million Baht

originally to the registered capital of 8,000 million Baht in 1999; and the Company's reception of

the amount of 6,095 million Baht from such capital increase and use of this increased capital

mainly in repaying the loans. As a result, the burdens of interest to the Company and its

subsidiaries significantly decreased. In addition, the outstanding loans on December 31st, 1999,

amounted to 1,032 million Baht which were short-term loans borrowed from foreign banks

situated in Thailand and guaranteed by the Casino Group Company who's financial status was

strong. As a result, the Company received the benefits of borrowing money at low interest rates.

2. Report and analysis of financial status and cash flow

On December 31st, 1999, the Company and its subsidiaries had total assets of 13,836

million Baht, a decrease of 2.5% (350 million Baht) because; firstly, the Company increased the

capital by issuing 530 million new ordinary shares to the Casino Group Company at a price of

11.50 Baht/share. The Company used much of the total amount of 6,095 million Baht received

for the repayment of loans; secondly, in April 1999, the Company sold four subsidiaries that run

the garment business, resulting in the reduction of net assets amounting to 502.6 million Baht.

Accordingly, total assets of the Company and its subsidiaries were insignificantly different. Details

of the particulars of assets and liabilities are as follows;

Current Assets

Current assets increased from 3,628.3 million Baht at the end of 1998 to 4,118 million Baht

at the end of 1999, an increase of 489.7 million Baht due to the following main reasons;

1. Cash, bank deposits and short-term investments increased by 977.4 million Baht, mostly

as a result of investments received from the increase of capital in April.

2. Account receivable-trade decreased by 551 million Baht.

3. Inventory increased by 121 million Baht.


∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘

‘π∑√—æ¬å∂“«√≈¥≈ß®“° 9,540.4 ≈â“π∫“∑ ≥ µâπªï 2542 ¡“‡ªìπ 9,462 ≈â“π∫“∑ ≥ ‘Èπªï 2542 √“¬°“√

‡ª≈’Ë¬π·ª≈ß∑’Ë ”§—≠„π ‘π∑√—æ¬å∂“«√√–À«à“ßªï ¡’¥—ßπ’È

1. ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°°“√≈ß∑ÿπ„π ‘π∑√—æ¬å∂“«√√–À«à“ßªï 315.6 ≈â“π∫“∑

2. ‡æ‘Ë¡¢÷Èπ‡π◊ËÕß®“°°“√∫—π∑÷°Õÿª°√≥å∑—ÈßÀ¡¥¿“¬„µâ —≠≠“‡™à“°“√‡ß‘π‡¥‘¡‡¢â“¡“‡ªìπ à«πÀπ÷Ëß¢Õß

‘π∑√—æ¬å∂“«√¥â«¬¡Ÿ≈§à“µ“¡∫—≠™’„π¢≥–π—Èπ®”π«π 381 ≈â“π∫“∑ ‡π◊ËÕß®“°∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

‰¥â™”√–Àπ’Èµ“¡ —≠≠“‡™à“°“√‡ß‘π·≈â«∑—ÈßÀ¡¥

3. ≈¥≈ß‡π◊ËÕß®“°°“√µ—¥§à“‡ ◊ËÕ¡√“§“ª√–®”ªï 2542 615.8 ≈â“π∫“∑

4. ≈¥≈ß‡π◊ËÕß®“°°“√µ—Èß ”√Õß·≈–µ—¥®”Àπà“¬ ‘π∑√—æ¬å∂“«√ Õ—π‡π◊ËÕß¡“®“°°“√¥âÕ¬§à“„π¡Ÿ≈§à“¢Õß

‘π∑√—æ¬å 106.3 ≈â“π∫“∑

‘π∑√—æ¬åÕ◊Ëπ

‘π∑√—æ¬åÕ◊Ëπ≈¥≈ß 280.2 ≈â“π∫“∑ ®“° 528 ≈â“π∫“∑ ≥ ‘Èπªï 2541 ‡ªìπ 247.8 ≈â“π∫“∑ ≥ ‘Èπªï 2542

´÷Ëß¡’ “‡ÀµÿÀ≈—°¡“®“°∫√‘…—∑‰¥â√—∫§◊π‡ß‘πª√–°—π®“° —≠≠“‡™à“°“√‡ß‘π∑’Ë∫√‘…—∑‰¥â®à“¬™”√–Àπ’È∑—ÈßÀ¡¥·≈â«

Àπ’È ‘π‡ß‘π°Ÿâ¬◊¡

Àπ’È ‘π‡ß‘π°Ÿâ¬◊¡ ÷Ëßª√–°Õ∫¥â«¬ ‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ ‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ·≈–√–¬–¬“«®“° ∂“∫—π°“√‡ß‘π

‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·≈–Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π‰¥â≈¥≈ß®“° 7,040 ≈â“π∫“∑ ≥ ‘Èπªï 2541 ‡ªìπ

1,032 ≈â“π∫“∑ ≥ ‘Èπªï 2542 ÷Ëß∑”„ÀâÕ—µ√“ à«πÀπ’È ‘πµàÕ à«πºŸâ∂◊ÕÀÿâπ (Debt to Equity Ratio) ≈¥≈ß®“° 4.32

‡∑à“ ≥ ‘Èπªï 2541 ¡“‡ªìπ 0.14 ‡∑à“ ≥ ‘Èπªï 2542 ‡π◊ËÕß®“°∫√‘…—∑π”‡ß‘π∑’Ë‰¥â√—∫®“°°“√‡æ‘Ë¡∑ÿπ„π√–À«à“ßªï 2542

¡“™”√–§◊π‡ß‘π°Ÿâ‡À≈à“π’È®”π«π¡“°

à«π¢ÕßºŸâ∂◊ÕÀÿâπ

¡’®”π«π∑—Èß ‘Èπ 7,300.9 ≈â“π∫“∑ ≥ ‘Èπªï 2542 ‚¥¬‡æ‘Ë¡¢÷Èπ®“° 1,629.4 ≈â“π∫“∑ ≥ ‘Èπªï 2541

®”π«π 5,671.5 ≈â“π∫“∑ ∑—Èßπ’È‡π◊ËÕß¡“®“°∫√‘…—∑¡’°“√‡æ‘Ë¡∑ÿπ‚¥¬ÕÕ°Àÿâπ “¡—≠„À¡à 530 ≈â“πÀÿâπ §‘¥‡ªìπ

¡Ÿ≈§à“ 5,300 ≈â“π∫“∑ ‡ πÕ¢“¬„Àâ·°à°≈ÿà¡∫√‘…—∑§“ ‘‚π‡ªìπ°“√‡©æ“–‡®“–®ß„π√“§“ 11.50 ∫“∑µàÕÀÿâπ ∑”„Àâ

‡°‘¥ à«π‡°‘π®“°¡Ÿ≈§à“Àÿâπ‡∑à“°—∫ 795 ≈â“π∫“∑ ·≈–Õ’°ªí®®—¬Àπ÷Ëß¡“®“°º≈¢“¥∑ÿπ®“°°“√¥”‡π‘πß“π„πªï 2542

∑’Ë‡æ‘Ë¡¢÷Èπ„π∫—≠™’¢“¥∑ÿπ – ¡®”π«π 421.2 ≈â“π∫“∑ ¥—ßπ—Èπ¡Ÿ≈§à“Àÿâπµ“¡∫—≠™’¢Õß∫√‘…—∑ ≥ ‘Èπªï 2542 ®–‡∑à“°—∫

9.36 ∫“∑µàÕÀÿâπ ‡ª√’¬∫‡∑’¬∫°—∫ 6.52 ∫“∑µàÕÀÿâπ„πªï 2541

°√–· ‡ß‘π ¥

„π√–À«à“ßªï 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’‡ß‘π ¥‡æ‘Ë¡¢÷Èπ®“°°‘®°√√¡¥”‡π‘πß“π 1,009 ≈â“π∫“∑ ‡ß‘π ¥

„™â‰ª„π°‘®°√√¡≈ß∑ÿπ 638.8 ≈â“π∫“∑ ·≈–‡ß‘π ¥‡æ‘Ë¡¢÷Èπ®“°°‘®°√√¡®—¥À“‡ß‘π 107.1 ≈â“π∫“∑ ‡ªìπº≈„Àâ‡ß‘π ¥

‡æ‘Ë¡¢÷Èπ ÿ∑∏‘ 477.3 ≈â“π∫“∑


Land, Buildings and Equipment - Net.

Net fixed assets decreased from 9,540.4 million Baht at the beginning of 1999 to 9,462

million Baht at the end of 1999. Major changes of importance to fixed assets during the year

included :

1. Increases due to investment in fixed assets during the year amounting to 315.6 million

Baht.

2. Increases due to combining of all equipment under the financial lease agreement

as part of the fixed assets with the net book value of (at that time) 381 million Baht.

This resulted from full repayment of debts by the Company and its subsidiaries

under the financial lease agreement.

3. Decreases due to a reduction in depreciation costs during 1999, amounting to

615.8 million Baht.

4. Decreases due to reservation and deduction of fixed assets resulting from the

devaluation of assets, amounting to 106.3 million Baht.

Other Assets

Other assets decreased from 528 million Baht at the end of 1998 to 247.8 million Baht at the

end of 1999, a decrease of 280.2 million Baht, mainly resulting from the Company's reception of

guarantee deposits from the financial lease agreement that it had fully repaid.

Debts from Borrowing

Debts from borrowing, which included overdraft, short-term or long-term loans from

financial institutions, loans from related companies and debts under the financial lease

agreement, decreased from 7,040 million Baht at the end of 1998 to 1,032 million Baht at the

end of 1999. As a result, the çdebt to equity ratioé decreased from 4.32 times at the end of

1998 to 0.14 time at the end of 1999, due to the Company's use of the money received from the

capital increase to repay a lot of these loans.

Shareholders' Equity

Shareholders' equity at the end of 1999 were 7,300.9 million Baht, an increase from 1,629.4

million Baht at the end of 1998, or increased by 5,671.5 million Baht, thus, because the Company

has increased the capital by issuing 530 million new ordinary shares worth 5,300 million Baht to

the Casino Group Company in particular, at the price of 11.50 Baht/share. As a result, the surplus

from the value of shares was equal to 795 million Baht. As well as in 1999, the incurred loss from

operation of 421.2 million Baht was taken into account and that resulted the booked value per

share was 9.36 Baht in 1999 with a comparision to 6.52 Baht in 1998.


à«π„À≠à¢Õß‡ß‘π ¥∑’Ë ‡æ‘Ë¡¢÷Èπ®“°°‘®°√√¡¥”‡π‘πß“π‰¥â¡“®“°°”‰√®“°°“√¥”‡π‘πß“π°àÕπ°“√

‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π à«π¥â“π°‘®°√√¡≈ß∑ÿπ ∫√‘…—∑‰¥â≈ß∑ÿπ„πß“π°àÕ √â“ßÀâ“ß∫‘Í°´’

∑’Ë®–‡ªî¥„À¡à„πªï 2543 ·≈–‰¥â≈ß∑ÿπ„πß“π àÕ¡·´¡·≈–ª√—∫ª√ÿßÕ“§“√·≈–Õÿª°√≥å¢ÕßÀâ“ß∫‘Í° ’‡¥‘¡∑’Ë‡ªî¥„Àâ

∫√‘°“√¡“°«à“ 3 ∂÷ß 5 ªï ‡æ◊ËÕª√—∫ª√ÿß·≈–∑”„Àâ¥’¢÷Èπ √«¡∑—Èß ‘Èπ 315.6 ≈â“π∫“∑ πÕ°®“°π’È ∫√‘…—∑‰¥â√—∫‡ß‘π®“°

°“√¢“¬∫√‘…—∑¬àÕ¬ 4 ·Ààß„Àâ·°à∫ÿ§≈¿“¬πÕ°®”π«π 241 ≈â“π∫“∑ ¥â“π°‘®°√√¡®—¥À“‡ß‘π ∫√‘…—∑‰¥â¢“¬Àÿâπ

“¡—≠‡æ‘Ë¡∑ÿπ„Àâ·°à°≈ÿà¡ºŸâ√à«¡∑ÿπ§“ ‘‚π®”π«π 530 ≈â“πÀÿâπ ‚¥¬‡ªìπ∑ÿπ®¥∑–‡∫’¬π 5,300 ≈â“π∫“∑ ·≈– à«π

‡°‘π¡Ÿ≈§à“Àÿâπ 795 ≈â“π∫“∑ ∑”„Àâ¡’‡ß‘π ¥®“°°“√‡æ‘Ë¡∑ÿπ√«¡∑—Èß ‘Èπ 6,095 ≈â“π∫“∑ ´÷Ëß‡ß‘π‡æ‘Ë¡∑ÿπ¥—ß°≈à“«‰¥âπ”

‰ª™”√–§◊π‡ß‘π°Ÿâ¬◊¡ª√–¡“≥ 6,000 ≈â“π∫“∑

3. º≈°“√·°â‰¢ªí≠À“ªï §.». 2000

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â¥”‡π‘π°“√®—¥µ—Èß‚§√ß°“√»÷°…“∑”§«“¡√Ÿâ§«“¡‡¢â“„®‡°’Ë¬«°—∫º≈°√–∑∫·≈–«‘∏’°“√

·°â‰¢ª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å‡æ◊ËÕ·°â‰¢ªí≠À“ ªï §.». 2000 µ—Èß·µà‡¥◊Õπæƒ…¿“§¡ 2541 ´÷Ëß°“√·°â‰¢ª√—∫ª√ÿß

∑—ÈßÀ¡¥‰¥â·≈â«‡ √Á®„π‡¥◊Õπµÿ≈“§¡ 2542 ‚¥¬∑ÿ°√–∫∫ß“π ´÷Ëß‰¥â·°à √–∫∫§Õ¡æ‘«‡µÕ√å π—∫ πÿπ°“√¥”‡π‘π∏ÿ√°‘®

·≈–Õÿª°√≥å·≈–‡§√◊ËÕß¡◊Õ∑’Ë§«∫§ÿ¡¥â«¬‰¡‚§√‚ª√‡´ ‡´Õ√å “¡“√∂ºà“π‡¢â“ªï §.». 2000 ‰¥â‚¥¬‰¡à¡’º≈°√–∑∫µàÕ

°“√¥”‡π‘π∏ÿ√°‘®„¥Ê ‚¥¬¡’§à“„™â®à“¬∑’Ë‡°‘¥¢÷Èπ‡æ’¬ß 0.8 ≈â“π∫“∑ ®“°ß∫ª√–¡“≥∑’Ëµ—Èß‰«â 1.7 ≈â“π∫“∑

4. ·π«‚πâ¡„πÕπ“§µ

·π«‚πâ¡∏ÿ√°‘®„πªï 2543 ·≈–¿“«–‡»√…∞°‘®¡’∑‘»∑“ß¥’¢÷Èπ ·≈–®“°º≈°“√¥”‡π‘πß“π·≈–º≈°“√¢“¬¢Õß

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’·π«‚πâ¡‡æ‘Ë¡¢÷Èπ¡“‚¥¬µ≈Õ¥µ—Èß·µà„π‰µ√¡“ ∑’Ë 2 ∂÷ß ‰µ√¡“ ∑’Ë 4 ¢Õßªï 2542 ·≈–¥â«¬

°≈¬ÿ∑∏å°“√µ≈“¥√«¡∑—Èß°“√∫√‘À“√ß“π∑’Ë¡’ª√– ‘∑∏‘¿“æ¡“°¢÷Èπ®“°°“√ª√—∫ª√ÿß√–∫∫¢âÕ¡Ÿ≈ “√ π‡∑» °“√®—¥µ—Èß

»Ÿπ¬å°√–®“¬ ‘π§â“Õ“À“√ ¥ °“√®—¥µ—Èß»Ÿπ¬å«‘®—¬·≈–æ—≤π“Õ“À“√ ¥ °“√∫√‘À“√°“√°√–®“¬ ‘π§â“µà“ßÊ ´÷Ëß

∫√‘…—∑‰¥â√—∫°“√ π—∫ πÿπ∑“ß¥â“π‡∑§π‘§®“°°≈ÿà¡∫√‘…—∑§“ ‘‚π §“¥«à“∫√‘…—∑®–¬—ß§ß√—°…“Õ—µ√“°“√‡µ‘∫‚µ‰«â‰¥â

Õ¬à“ßµàÕ‡π◊ËÕß ·≈–§“¥«à“„πªï 2543 ®–¡’Õ—µ√“°“√‡µ‘∫‚µ√«¡ª√–¡“≥ 15%

„π¢≥–∑’Ë ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’Àπ’È ‘π≈¥≈ß‡À≈◊Õ‡æ’¬ß 1,032 ≈â“π∫“∑ ∑”„Àâ≈¥¿“√–¥Õ°‡∫’È¬®à“¬≈ß‰ª

‡ªìπÕ¬à“ß¡“°·≈–∑”„Àâ∞“π–∑“ß°“√‡ß‘π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡—Ëπ§ß´÷Ëß®– “¡“√∂∑”°”‰√‰¥âµ—Èß·µàªï 2543

‡ªìπµâπ‰ª

∫√‘…—∑¡’·ºπ¢¬“¬ “¢“ª√–¡“≥ 5 “¢“µàÕªï¿“¬„π 3 ªï¢â“ßÀπâ“ ´÷Ëß∑”„Àâ¬—ß§ß√—°…“§«“¡‡ªìπºŸâπ”„π

∏ÿ√°‘®´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ∑—Èß„π¥â“π¢Õß®”π«π “¢“·≈–¬Õ¥¢“¬√«¡ πÕ°®“°π’È ¬—ß¡’·ºπª√—∫ª√ÿß “¢“‡¥‘¡∑’Ë‡ªî¥„Àâ

∫√‘°“√¡“°«à“ 3-5 ªï Õ’° 5 “¢“ „πªï 2543 ∑—Èßπ’È ‡æ◊ËÕ “¡“√∂„Àâ∫√‘°“√·°à≈Ÿ°§â“·≈–·¢àß¢—π°—∫§Ÿà·¢àß¢—π‰¥â¥’

¬‘Ëß¢÷Èπ


Cash Flow

Cash increased from operating activities by 1,009 million Baht during 1999. The use of cash

for investing activities was 638.8 million Baht. And cash increased from the financing activities by

107.1 million Baht. Therefore, the net increased cash was 477.3 million Baht.

The majority of cash that increased from operating activities resulted from income from

operating before changes in operating assets and liabilities. With respect to investment activities, the

Company has invested in the construction of Big C store to be newly open in the year 2000 and

invested in the repair work and improvement of building and equipment of the existing Big C stores

that has been open rendering services for 3-5 years, totally 315.6 million Baht. In addition, the Company

has received money from selling four subsidiaries to outside persons amounted to 241 million Baht.

With respect to financing activities, the Company has sold the increased capital ordinary shares to the

joint-venture parties of Casino Group Company amounted to 530 million shares which became the

registered capital of 5,300 million Baht. Meanwhile, the surplus value of shares was 795 million Baht.

Therefore, the total cash received from the capital increase was 6,095 million Baht. Whereby, such

increased capital has been used for repayment of debts about 6,000 million Baht.

3. Impact of Y2K

Since May 1998, the Company and its subsidiaries have set up a Y2K project team to study

and analyze the impact of year 2000 problem. The project team has finished year 2000 problem

solving in October 1999 which covered both business supporting systems and microprocessor based

controlled systems. The Company and its subsidiaries passed into year 2000 without any problem

and spent totally 0.8 million Baht for Y2K problems solving project which budgeted 1.7 million Baht.

4. Future Trend

Trend of business and economic condition in the year 2000 are positive. According to the

operational and sale results of the Company and its subsidiaries, that has tended to increase since

the 2nd Quarter through the 4th Quarter of 1999, and the marketing strategies as well as more effective

administration resulting from improvement of information system, establishment of product distribution

center for fresh food, establishment of fresh food R&D center, administration and distribution of

products that the Company has been technically supported by the Casino Group Company. It is

estimated that the Company shall still maintain the growth rates continuously. And it is expected

that in the year 2000, the total growth rate will be approximately 15%.

Meanwhile, the Company and its subsidiaries' debts have been reduced to 1,032 million Baht

only, the burden of payable interest then reduced considerably, resulting in stable financial status

of the Company and its subsidiaries that would enable them to make profits since the year 2000

onwards.

The Company plans to open approximately 5 branches per year within the next 3 years. The

Company, therefore, will be able to maintain its leading position in the business of supercenter both

in terms of numbers of branches and sales. In addition, in the year 2000, the Company plans to

improve the existing branches that have been rendering services for 3-5 years, thus, to enable it

to improve the service provision to customers and the competitiveness with its competitors.


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√“¬‰¥â ‘∑∏‘°“√‡™à“√Õ√—∫√Ÿâ‡ªìπ√“¬‰¥â - ÿ∑∏‘ 210,490,907 227,802,640 28,702,087 29,490,393º≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

∑’Ë‡°‘π°«à“√“§“∑ÿπ (À¡“¬‡Àµÿ 8) - - 939,995,717 627,685,512Àπ’È ‘πÕ◊Ëπ

‡ß‘πª√–°—π°“√°àÕ √â“ß 39,925,451 60,703,155 36,628,033 20,027,409‡ß‘π¡—¥®”°“√‡™à“æ◊Èπ∑’Ë 195,782,552 197,871,823 74,213,770 65,727,201Õ◊ËπÊ - ÿ∑∏‘ 54,322,742 90,520,604 19,079,481 37,791,196

√«¡Àπ’È ‘πÕ◊Ëπ 290,030,745 349,095,582 129,921,284 123,545,806√«¡Àπ’È ‘π 6,535,120,677 12,556,667,986 4,681,945,609 8,249,943,909

à«π¢ÕßºŸâ∂◊ÕÀÿâπ∑ÿπ‡√◊ÕπÀÿâπ- Àÿâπ “¡—≠

¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑∑ÿπ®¥∑–‡∫’¬π

800,000,000 Àÿâπ „πªï 2542 ·≈–270,000,000 Àÿâπ „πªï 2541

Àÿâπ∑’ËÕÕ°·≈–™”√–‡µÁ¡¡Ÿ≈§à“·≈â«780,115,464 Àÿâπ „πªï 2542 ·≈–250,083,364 Àÿâπ „πªï 2541(À¡“¬‡Àµÿ 14) 7,801,154,640 2,500,833,640 7,801,154,640 2,500,833,640

à«π‡°‘π¡Ÿ≈§à“Àÿâπ 2,165,794,655 1,370,677,089 2,165,794,655 1,370,677,089„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠ (À¡“¬‡Àµÿ 14) 19,884,536 18,237,536 19,884,536 18,237,536‡ß‘π≈à«ßÀπâ“®“°°“√´◊ÈÕÀÿâπ (À¡“¬‡Àµÿ 14) 307,104 - 307,104 -À—° ¢“¥∑ÿπ ÿ∑∏‘∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ

¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“« (489,750) (489,750) (489,750) (489,750)


∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¥ÿ≈ (µàÕ)

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541


∫ “ ∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541


°”‰√ (¢“¥∑ÿπ) – ¡°”‰√ – ¡®—¥ √√‡ªìπ

”√Õßµ“¡°ÆÀ¡“¬(À¡“¬‡Àµÿ 15) 24,882,770 29,007,906 24,882,770 24,882,770

¢“¥∑ÿπ – ¡ (2,619,188,253)(2,197,985,162)(2,579,209,660)(2,158,006,569) à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (91,393,178) (90,831,928) - -

à«π¢ÕßºŸâ∂◊ÕÀÿâπ - ÿ∑∏‘ 7,300,952,524 1,629,449,331 7,432,324,295 1,756,134,716√«¡Àπ’È ‘π·≈– à«π¢ÕßºŸâ∂◊ÕÀÿâπ 13,836,073,201 14,186,117,317 12,114,269,904 10,006,078,625



∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°”‰√¢“¥∑ÿπ

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541


√“¬‰¥â (À¡“¬‡Àµÿ 4)¢“¬ ÿ∑∏‘ 22,464,122,203 20,612,090,512 10,158,801,775 8,989,269,622√“¬‰¥â§à“‡™à“·≈–∫√‘°“√ 648,589,766 563,939,424 275,768,487 232,933,559√“¬‰¥âÕ◊Ëπ 794,887,144 589,705,893 750,139,648 648,655,794

√«¡√“¬‰¥â 23,907,599,113 21,765,735,829 11,184,709,910 9,870,858,975µâπ∑ÿπ·≈–§à“„™â®à“¬ (À¡“¬‡Àµÿ 4)

µâπ∑ÿπ¢“¬ 19,993,773,874 18,327,655,877 9,088,001,795 8,113,660,049§à“„™â®à“¬„π°“√¢“¬·≈–∫√‘À“√ 3,171,023,693 3,314,949,940 1,298,135,192 1,321,376,585¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π

∫√‘…—∑¬àÕ¬ (À¡“¬‡Àµÿ 2) 353,276,464 - 409,741,036 -¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

(À¡“¬‡Àµÿ 16) 179,995,543 - 58,691,700 -º≈¢“¥∑ÿπ ”À√—∫Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈–Õ◊ËπÊ

(À¡“¬‡Àµÿ 17) 129,208,185 - 83,720,069 -¢“¥∑ÿπ (°”‰√) ®“°Õ—µ√“·≈°‡ª≈’Ë¬π 30,325,493 (728,403,842) 26,553,708 (329,853,238) à«π‰¥â‡ ’¬„π¢“¥∑ÿπ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ - - 330,137,467 206,002,316¥Õ°‡∫’È¬®à“¬ 460,331,210 974,431,950 310,932,034 680,867,621

√«¡µâπ∑ÿπ·≈–§à“„™â®à“¬ 24,317,934,462 21,888,633,925 11,605,913,001 9,992,053,333¢“¥∑ÿπ°àÕπ¿“…’‡ß‘π‰¥â·≈–

°àÕπ à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬ (410,335,349) (122,898,096) (421,203,091) (121,194,358)¿“…’‡ß‘π‰¥â (11,428,992) (1,310,019) - -¢“¥∑ÿπ (421,764,341) (124,208,115) (421,203,091) (121,194,358) à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬„π¢“¥∑ÿπ ÿ∑∏‘

¢Õß∫√‘…—∑¬àÕ¬ (561,250) (3,013,757) - -¢“¥∑ÿπ ÿ∑∏‘ (421,203,091) (121,194,358) (421,203,091) (121,194,358)®”π«πÀÿâπ∂—«‡©≈’Ë¬ (≈â“πÀÿâπ)

«‘∏’¢—Èπæ◊Èπ∞“π 591.32 250.08 591.32 250.08«‘∏’ª√—∫≈¥ 597.34 250.08 597.24 250.08

¢“¥∑ÿπµàÕÀÿâπ¢—Èπæ◊Èπ∞“π (0.71) (0.48) (0.71) (0.48)¢“¥∑ÿπµàÕÀÿâπª√—∫≈¥ (0.71) (0.48) (0.71) (0.48)




∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

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

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

∫ “ ∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541


∑ÿπÀÿâπ “¡—≠¬Õ¥µâπªï 2,500,833,640 2,500,833,640 2,500,833,640 2,500,833,640‡æ‘Ë¡√–À«à“ßªï (À¡“¬‡Àµÿ 14) 5,300,321,000 - 5,300,321,000 -¬Õ¥ ‘Èπªï 7,801,154,640 2,500,833,640 7,801,154,640 2,500,833,640

à«π‡°‘π¡Ÿ≈§à“Àÿâπ¬Õ¥µâπªï 1,370,677,089 1,370,677,089 1,370,677,089 1,370,677,089‡æ‘Ë¡√–À«à“ßªï (À¡“¬‡Àµÿ 14) 795,117,566 - 795,117,566 -¬Õ¥ ‘Èπªï 2,165,794,655 1,370,677,089 2,165,794,655 1,370,677,089

„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠¬Õ¥µâπªï 18,237,536 18,237,536 18,237,536 18,237,536‡æ‘Ë¡√–À«à“ßªï (À¡“¬‡Àµÿ 14) 1,679,100 - 1,679,100 -≈¥√–À«à“ßªï (À¡“¬‡Àµÿ 14) (32,100) - (32,100) -¬Õ¥ ‘Èπªï 19,884,536 18,237,536 19,884,536 18,237,536

‡ß‘π≈à«ßÀπâ“®“°°“√´◊ÈÕÀÿâπ¬Õ¥µâπªï - - - -‡æ‘Ë¡√–À«à“ßªï (À¡“¬‡Àµÿ 14) 307,104 - 307,104 -¬Õ¥ ‘Èπªï 307,104 - 307,104 -

¢“¥∑ÿπ ÿ∑∏‘∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ¢Õß‡ß‘π≈ß∑ÿπ√–¬–¬“«¬Õ¥µâπªï (489,750) (489,750) (489,750) (489,750)‡æ‘Ë¡√–À«à“ßªï - - - -¬Õ¥ ‘Èπªï (489,750) (489,750) (489,750) (489,750)



∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫· ¥ß°“√‡ª≈’Ë¬π·ª≈ß„π à«π¢ÕßºŸâ∂◊ÕÀÿâπ (µàÕ)

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

∫ “ ∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541


”√Õßµ“¡°ÆÀ¡“¬¬Õ¥µâπªï 29,007,906 29,007,906 24,882,770 24,882,770≈¥√–À«à“ßªï (4,125,136) - - -¬Õ¥ ‘Èπªï 24,882,770 29,007,906 24,882,770 24,882,770

¢“¥∑ÿπ – ¡¢“¥∑ÿπ – ¡µâπªïÀ≈—ßª√—∫ª√ÿß (2,197,985,162)(2,076,790,804)(2,158,006,569)(2,036,812,211)¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï (421,203,091) (121,194,358) (421,203,091) (121,194,358)¬Õ¥ ‘Èπªï (2,619,188,253)(2,197,985,162)(2,579,209,660)(2,158,006,569)

à«π¢ÕßºŸâ∂◊ÕÀÿâπ - ÿ∑∏‘ 7,392,345,702 1,720,281,259 7,432,324,295 1,756,134,716


∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫¢“¥∑ÿπ – ¡

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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2542 2541 2542 2541


¢“¥∑ÿπ – ¡¬Õ¥¬°¡“µâπªïµ“¡∑’Ë

√“¬ß“π‰«â‡¥‘¡ (1,629,141,571)(1,502,558,293)(1,589,162,978)(1,462,579,700)√“¬°“√ª√—∫ª√ÿß

(À¡“¬‡Àµÿ 9 ·≈– 18) (568,843,591) (574,232,511) (568,843,591) (574,232,511)¬Õ¥À≈—ßª√—∫ª√ÿß (2,197,985,162)(2,076,790,804)(2,158,006,569)(2,036,812,211)

¢“¥∑ÿπ ÿ∑∏‘ ”À√—∫ªï (421,203,091) (121,194,358) (421,203,091) (121,194,358)¢“¥∑ÿπ – ¡ ‘Èπªï (2,619,188,253)(2,197,985,162)(2,579,209,660)(2,158,006,569)

°”‰√ – ¡ à«π∑’Ë‰¥â®—¥ √√‡ªìπ ”√Õßµ“¡°ÆÀ¡“¬ 24,882,770 29,007,906 24,882,770 24,882,770

¢“¥∑ÿπ – ¡ - ÿ∑∏‘ (2,594,305,483)(2,168,977,256)(2,554,326,890)(2,133,123,799)



∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541


°√–· ‡ß‘π ¥®“°°‘®°√√¡¥”‡π‘πß“π¢“¥∑ÿπ ÿ∑∏‘ (421,203,091) (121,194,358) (421,203,091) (121,194,358)√“¬°“√ª√—∫ª√ÿß°√–∑∫

¢“¥∑ÿπ ÿ∑∏‘ ‡ªìπ‡ß‘π ¥√—∫ (®à“¬)§à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥®à“¬ 681,295,554 788,634,922 335,539,577 363,973,223§à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ 19,076,390 2,562,787 12,453,175 -§à“‡º◊ËÕ ‘π§â“ Ÿ≠À“¬ ≈â“ ¡—¬·≈–

‡§≈◊ËÕπ‰À«™â“ 32,431,234 32,442,969 11,208,665 10,000,000§à“‡º◊ËÕ¿“…’¡Ÿ≈§à“‡æ‘Ë¡‰¡à‡√’¬°§◊π 2,171,416 - - -§à“‡º◊ËÕ¿“…’‡ß‘π‰¥âÀ—° ≥ ∑’Ë®à“¬

‰¡à‡√’¬°§◊π 9,377,500 - 924,169 -§à“‡º◊ËÕº≈¢“¥∑ÿπ®“°°“√≈¥

¡Ÿ≈§à“‡ß‘π≈ß∑ÿπ 6,000,000 7,569,420 6,000,000 -§à“§«“¡π‘¬¡µ—¥®à“¬ 1,418,223 (3,304,101) - -°”‰√®“°Õ—µ√“·≈°‡ª≈’Ë¬π

∑’Ë¬—ß‰¡à‡°‘¥¢÷Èπ®√‘ß - (660,035,167) - (293,315,000)¢“¥∑ÿπ®“°°“√¢“¬‡ß‘π≈ß∑ÿπ 353,276,464 - 409,737,036¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å 164,985,160 - 52,117,504 -¢“¥∑ÿπ®“°Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈–

Õ◊ËπÊ 100,069,315 - 69,223,300 -¢“¥∑ÿπ (°”‰√) ®“°°“√¢“¬∑√—æ¬å ‘π (629,554) 10,504,703 (629,554) 6,013,470 à«π‰¥â‡ ’¬„π¢“¥∑ÿπ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ - - 330,137,467 206,002,316 à«π¢ÕßºŸâ∂◊ÕÀÿâπ à«ππâÕ¬

„π¢“¥∑ÿπ ÿ∑∏‘¢Õß∫√‘…—∑¬àÕ¬ (561,250) (3,013,757) - -°”‰√®“°°“√¥”‡π‘πß“π

°àÕπ°“√‡ª≈’Ë¬π·ª≈ß„π ‘π∑√—æ¬å·≈–Àπ’È ‘π¥”‡π‘πß“π 947,707,361 54,167,418 805,508,248 171,479,651

‘π∑√—æ¬å¥”‡π‘πß“π≈¥≈ß (‡æ‘Ë¡¢÷Èπ)≈Ÿ°Àπ’È°“√§â“ 55,728,163 34,547,130 1,709,251 15,055,506≈Ÿ°Àπ’È∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑

∑’Ë‡°’Ë¬«¢âÕß°—π 43,862,845 43,238,418 166,991,239 28,179,532



∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥ (µàÕ)

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541


‘π§â“§ß‡À≈◊Õ (297,209,665) 665,595,023 9,368,114 234,170,725 ‘π∑√—æ¬åÀ¡ÿπ‡«’¬πÕ◊Ëπ (17,696,149) 440,661,421 18,629,047 201,657,092 ‘π∑√—æ¬åÕ◊Ëπ 209,116,991 (256,510,865) 147,235,854 (13,675,985)

Àπ’È ‘π¥”‡π‘πß“π‡æ‘Ë¡¢÷Èπ (≈¥≈ß)‡®â“Àπ’È°“√§â“ 931,376,885 (333,184,402) (95,233,646) (69,132,599)‡®â“Àπ’È∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑

∑’Ë‡°’Ë¬«¢âÕß°—π (885,193,653) 65,838,202 (199,752,880) 28,853,423Àπ’È ‘πÀ¡ÿπ‡«’¬πÕ◊Ëπ 63,867,172 (573,049,687) 35,007,882 (376,409,893) ‘∑∏‘°“√‡™à“√Õ√—∫√Ÿâ‡ªìπ√“¬‰¥â (381,068) 36,221,956 514,690 21,751,856Àπ’È ‘πÕ◊Ëπ (42,131,048) (94,993,914) 12,771,311 (22,957,103)

‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡¥”‡π‘πß“π 1,009,047,834 82,530,700 902,749,110 218,972,205

°√–· ‡ß‘π ¥®“°°‘®°√√¡≈ß∑ÿπ‡ß‘π≈ß∑ÿπ„πµ—Î« —≠≠“„™â‡ß‘π≈¥≈ß 185,415 - - -‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑

∑’Ë‡°’Ë¬«¢âÕß°—π≈¥≈ß (‡æ‘Ë¡¢÷Èπ) 24,886,093 (6,007,154)(2,094,364,695) (227,176,371)‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬

·≈–∫√‘…—∑Õ◊Ëπ‡æ‘Ë¡¢÷Èπ - - (450,999,920) (47,398,920)‡ß‘π≈ß∑ÿπ√–¬– —Èπ - Escrow Fund

‡æ‘Ë¡¢÷Èπ (500,000,000) - (500,000,000) -‡ß‘π ¥√—∫®“°°“√¢“¬‡ß‘π≈ß∑ÿπ„π

∫√‘…—∑¬àÕ¬ 241,000,000 - 241,000,000 -‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

¢Õß∫√‘…—∑¬àÕ¬∑’Ë¢“¬„πªï 2542(¢âÕ¡Ÿ≈°√–· ‡ß‘π ¥‡ªî¥‡º¬

‡æ‘Ë¡‡µ‘¡ 3) (91,636,724) - - -‡ß‘π ¥√—∫®“°°“√¢“¬∑√—æ¬å ‘π∂“«√ 2,345,144 531,144,485 2,345,144 218,000,000≈ß∑ÿπ„π∑√—æ¬å ‘π∂“«√·≈–

®à“¬§à“ ‘∑∏‘°“√‡™à“‡æ‘Ë¡¢÷Èπ (315,605,865) (459,883,919) (192,581,564) (336,721,006)‡ß‘π ¥ ÿ∑∏‘„™â‰ª„π°‘®°√√¡≈ß∑ÿπ (638,825,937) 65,253,412(2,994,601,035) (393,296,297)



∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π) ·≈–∫√‘…—∑¬àÕ¬

ß∫°√–· ‡ß‘π ¥ (µàÕ)

”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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‡°’Ë¬«¢âÕß°—π‡æ‘Ë¡¢÷Èπ (≈¥≈ß) (420,088,224) 420,088,224(1,758,890,400) 472,244,495Àπ’È ‘π¿“¬„µâ —≠≠“‡™à“°“√‡ß‘π

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‡ß‘π ¥ ÿ∑∏‘‰¥â¡“®“°°‘®°√√¡®—¥À“‡ß‘π 107,157,047 (68,293,391) 2,409,428,786 273,130,986‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

‡æ‘Ë¡¢÷Èπ 477,378,944 79,490,721 317,576,861 98,806,894‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥

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≥ «—π ‘Èπªï 947,157,977 469,779,033 547,652,705 230,075,844

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2. ‡ß‘π ¥·≈–√“¬°“√‡∑’¬∫‡∑à“‡ß‘π ¥ª√–°Õ∫¥â«¬

‡ß‘π ¥·≈–‡ß‘πΩ“°∏π“§“√ 656,780,654 415,124,131 257,275,382 200,075,844‡ß‘π≈ß∑ÿπ√–¬– —Èπ 290,377,323 54,654,902 290,377,323 30,000,000

√«¡ 947,157,977 469,779,033 547,652,705 230,075,844




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”À√—∫·µà≈–ªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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√«¡ ‘π∑√—æ¬å 751,810

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√«¡Àπ’È ‘π 157,534 ÿ∑∏‘ 594,276

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«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

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√–¬–‡«≈“µ—Èß·µàÀâ“ (5) ªï ∂÷ß “¡ ‘∫ (30) ªï

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√“¬°“√∫—≠™’∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑»

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‘π∑√—æ¬å·≈–Àπ’È ‘π∑’Ë‡ªìπ‡ß‘πµ√“µà“ßª√–‡∑» ≥ «—π∑’Ë„πß∫¥ÿ≈‰¥â·ª≈ß§à“‡ªìπ‡ß‘π∫“∑‚¥¬„™âÕ—µ√“·≈°‡ª≈’Ë¬π

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√«¡ - - 29,295 198,389∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

°≈ÿà¡∫√‘…—∑‚√∫‘π —π 998 113,985 998 2,344°≈ÿà¡∫√‘…—∑‡´Áπ∑√—≈ 15,736 132,701 8,123 4,674∫√‘…—∑ ‡´Áπ∑√—≈æ—≤π“ ®”°—¥ (¡À“™π) 1 - - -∫√‘…—∑Õ◊ËπÊ - 3,369 - -

√«¡ 16,735 250,055 9,121 7,018√«¡ 16,735 250,055 38,416 205,407


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√«¡ - - 557,323 315,775∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

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‡ß‘π„Àâ°Ÿâ¬◊¡·°à∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑¬àÕ¬

∫√‘…—∑ ªï‡µÕ√å·Õπ¥å®‘ππ’Ë ®”°—¥ - - - 100,000∫√‘…—∑ ‡øì¥‡¥Õ√‘§ ‡«Õ≈¥å ‡´≈ å ®”°—¥ - - - 9,000∫√‘…—∑ ‡Õ .‡§.°“√å‡¡âπ∑å (1995) ®”°—¥ - - - 249,000∫√‘…—∑ Õ’‡∑ µ√â“ ®”°—¥ - - - 15,000∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ - - 10 23,334∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ - - 705,269 66,812∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ - - 1,026,827 322,118∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ - - 388,499 335,110∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ - - 723,470 155,538∫√‘…—∑ Õÿ∫≈ ∫‘Í°´’ ®”°—¥ - - 12,027 11,027∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - - 209,819 4,752∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ - - 210,809 226,896∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ - - 2,300 1,400∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ ®”°—¥ - - 354,500 -∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ - - - 19,178

√«¡ - - 3,633,530 1,539,165∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

°≈ÿà¡∫√‘…—∑‡´Áπ∑√—≈ - 24,156 - -∫√‘…—∑Õ◊Ëπ - 730 - -

√«¡ - 24,886 - -√«¡ - 24,886 3,633,530 1,539,165


æ—π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

‡ß‘π°Ÿâ¬◊¡®“°∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π∫√‘…—∑¬àÕ¬

∫√‘…—∑ ªï‡µÕ√å·Õπ¥å®‘ππ’Ë ®”°—¥ - - - 38,000∫√‘…—∑ ‡Õ .‡§.°“√å‡¡âπ∑å (1995) ®”°—¥ - - - 25,000∫√‘…—∑ Õ’‡∑ µ√â“ ®”°—¥ - - - 20,000∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ®”°—¥ - - 192,728 1,024,763∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ - - 1,145 365∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ - - 5 241∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ - - 29 166∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ - - 1 887∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ - - - 428,001∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ - - 1,192 239∫√‘…—∑ ‡´Áπ∑√—≈æ—∑¬“ ®”°—¥ - - - 571

√«¡ - - 195,100 1,538,233∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π

°≈ÿà¡∫√‘…—∑‡´Áπ∑√—≈ - 404,331 - 400,000∫√‘…—∑ ‡´Áπ∑√—≈æ—≤π“ ®”°—¥ (¡À“™π) - 15,757 - 15,758

√«¡ - 420,088 - 415,758√«¡ - 420,088 195,100 1,953,991

5. ‡ß‘π≈ß∑ÿπ√–¬– —Èπ

∫√‘…—∑·≈–ºŸâ∂◊ÕÀÿâπ„À≠à Õß (2) √“¬‡¢â“∑” —≠≠“ Escrow Agreement °—∫ “¢“¢Õß∏π“§“√µà“ßª√–‡∑»

·ÀàßÀπ÷Ëß (The Escrow Agent) µ“¡∑’Ëµ°≈ß°—π„π —≠≠“®Õß ◊ÈÕÀÿâπ≈ß«—π∑’Ë 31 ¡’π“§¡ 2542 ‚¥¬∑’Ë The

Escrow Agent ‡ªìπºŸâ¥Ÿ·≈‡ß‘π§à“Àÿâπ®”π«π 1,800 ≈â“π∫“∑ ‡æ◊ËÕ„™â®à“¬„Àâ‡ªìπ‰ªµ“¡‡®µπ“„π —≠≠“¥—ß°≈à“«

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ¡’¬Õ¥‡ß‘π§ß‡À≈◊Õ 500 ≈â“π∫“∑ ´÷Ëß§ß‡À≈◊Õ„π Escrow Account ·≈–· ¥ß‰«â„π

‡ß‘π≈ß∑ÿπ√–¬– —Èπ¿“¬„µâß∫¥ÿ≈

6. ≈Ÿ°Àπ’È°“√§â“

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’¬Õ¥§ß‡À≈◊Õ≈Ÿ°Àπ’È°“√§â“·¬°µ“¡Õ“¬ÿÀπ’È

√“¬‡¥◊Õπ∑’Ë§â“ß™”√–‰¥â¥—ßπ’È


æ— π ∫ “ ∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

πâÕ¬°«à“À√◊Õ‡∑à“°—∫ 3 ‡¥◊Õπ 39,089 214,728 15,550 16,109¡“°°«à“ 3 ‡¥◊Õπ ∂÷ß 6 ‡¥◊Õπ - 82,358 - -¡“°°«à“ 6 ‡¥◊Õπ ∂÷ß 12 ‡¥◊Õπ - 55,676 - -¡“°°«à“ 12 ‡¥◊Õπ¢÷Èπ‰ª 3,654 10,112 402 1,553

√«¡ 42,743 362,874 15,952 17,662À—° §à“‡º◊ËÕÀπ’È ß —¬®– Ÿ≠ (3,219) (5,668) (402) -

≈Ÿ°Àπ’È°“√§â“ - ÿ∑∏‘ 39,524 357,206 15,550 17,662

7. ‘π§â“§ß‡À≈◊Õ

æ— π ∫ “ ∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

‘π§â“‡æ◊ËÕ¢“¬ 2,297,941 2,067,020 896,596 924,194 ‘π§â“ ”‡√Á®√Ÿª - 59,264 - - ‘π§â“√–À«à“ßº≈‘µ - 17,497 - -«—µ∂ÿ¥‘∫ - 44,525 - -Õ–‰À≈à·≈–«— ¥ÿ ‘Èπ‡ª≈◊Õß - 4,029 - ‘π§â“√–À«à“ß∑“ß 45,481 10,471 19,009 5,393

√«¡ 2,343,422 2,202,806 915,605 929,587À—° §à“‡º◊ËÕ ‘π§â“ Ÿ≠À“¬≈â“ ¡—¬·≈–

‡§≈◊ËÕπ‰À«™â“ (59,452) (39,926) (21,209) (10,000) ‘π§â“§ß‡À≈◊Õ - ÿ∑∏‘ 2,283,970 2,162,880 894,396 919,587


8. ‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑Õ◊Ëπ

°) ß∫°“√‡ß‘π√«¡

æ—π∫“∑

—¥ à«π ‡ß‘π≈ß∑ÿπ

‡ß‘π≈ß∑ÿπ ∑ÿπ «‘∏’ «‘∏’

∫√‘…—∑ ª√–‡¿∑°‘®°“√ (√âÕ¬≈–) ™”√–·≈â« √“§“∑ÿπ à«π‰¥â‡ ’¬

∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑Õ◊Ëπ

2542

∫√‘…—∑ ‘Ëß∑Õ “°≈ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 5.00 120,000 6,000 6,000

∫√‘…—∑ ‡µµ— °√ÿäª ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 1.00 50,000 490 490

√«¡ 6,490 6,490

À—° §à“‡º◊ËÕ¡Ÿ≈§à“≈¥≈ß¢Õß

‡ß‘π≈ß∑ÿπ (6,490)

ÿ∑∏‘ -

2541

∫√‘…—∑ ∑√’¡‰≈πå ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 84.00 20,000 16,800 -

∫√‘…—∑ ‘Ëß∑Õ “°≈ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 5.00 120,000 6,000 6,000

∫√‘…—∑ ‡µµ— °√ÿäª ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 1.00 50,000 490 490

∫√‘…—∑ ‰∑¬√ÿàß‡√◊Õß ‘Ëß∑Õ ∏ÿ√°‘®∑Õºâ“ 3.33 3,914 7,569 -

®”°—¥

√«¡ 30,859 6,490


‡ß‘π≈ß∑ÿπ (490)

ÿ∑∏‘ 6,000

∫√‘…—∑‰¡à‰¥â®—¥∑”ß∫°“√‡ß‘π√«¡∑’Ë¡’∫√‘…—∑ ∑√’¡‰≈πå ®”°—¥ √«¡Õ¬Ÿà¥â«¬ ‡π◊ËÕß®“°∫√‘…—∑¥—ß°≈à“«‰¥â

À¬ÿ¥¥”‡π‘π°‘®°“√·≈â«·≈–Õ¬Ÿà√–À«à“ß°“√™”√–∫—≠™’ ∑—Èßπ’È∞“π–°“√‡ß‘π¢Õß∫√‘…—∑¥—ß°≈à“«¡’®”π«π‡ß‘π∑’Ë‰¡à

“√– ”§—≠µàÕß∫°“√‡ß‘π√«¡


¢) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

æ—π∫“∑


‡ß‘π≈ß∑ÿπ ∑ÿπ «‘∏’ «‘∏’

∫√‘…—∑ ª√–‡¿∑°‘®°“√ (√âÕ¬≈–) ™”√–·≈â« √“§“∑ÿπ à«π‰¥â‡ ’¬

2542

∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å

®”°—¥ ∏ÿ√°‘®§â“ª≈’° 99.99 1,220,000 1,301,999 1,064,510

∫√‘…—∑ Õÿ∫≈ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 87.49 100,500 74,654 50,816

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 99.99 57,220 357,357 257,061

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 89.94 131,670 113,770 126,171

∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ ®”°—¥ „Àâ‡™à“ 99.99 5,000 120,594 106,397

Õ —ßÀ“√‘¡∑√—æ¬å

∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‘Ëß∑Õ “°≈ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 5.00 120,000 6,000 6,000

∫√‘…—∑ ‡µµ— °√ÿäª ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 1.00 50,000 490 490

√«¡ 1,974,864 1,611,445


‡ß‘π≈ß∑ÿπ (6,490)

ÿ∑∏‘ 1,604,955

∫√‘…—∑¬àÕ¬

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 64.99 137,950 89,667 (221,560)

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 59.99 200,000 120,000 (283,094)

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 84.99 140,000 119,149 (150,391)

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 99.99 140,300 140,300 (273,164)

∫√‘…—∑ ∫‘Í°´’ ¥‘ ∑√‘∫‘«™—Ëπ »Ÿπ¬å°√–®“¬

®”°—¥ ‘π§â“ 99.99 1,000 1,000 (11,787)

√«¡ 470,116 (939,996)


æ—π∫“∑


‡ß‘π≈ß∑ÿπ ∑ÿπ «‘∏’ «‘∏’

∫√‘…—∑ ª√–‡¿∑°‘®°“√ (√âÕ¬≈–) ™”√–·≈â« √“§“∑ÿπ à«π‰¥â‡ ’¬

2541

∫√‘…—∑¬àÕ¬

∫√‘…—∑ ªï‡µÕ√å·Õπ¥å®‘ππ’Ë ®”Àπà“¬‡ ◊ÈÕºâ“

®”°—¥ 99.94 30,000 29,982 84,438

∫√‘…—∑ ‡Õ .‡§.°“√å‡¡âπ∑å º≈‘µ·≈–

(1995) ®”°—¥ ®”Àπà“¬‡ ◊ÈÕºâ“ 99.88 20,000 19,976 113,444

∫√‘…—∑ Õ’‡∑ µ√â“ ®”°—¥ ®”Àπà“¬‡ ◊ÈÕºâ“ 99.98 35,000 34,994 3,464

∫√‘…—∑ ‡´Áπ∑√—≈´Ÿ‡ªÕ√å ‚µ√å ∏ÿ√°‘®§â“ª≈’°

®”°—¥ 99.99 1,220,000 1,301,999 1,134,041

∫√‘…—∑ Õÿ∫≈ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 74.28 100,500 74,654 62,590

∫√‘…—∑ ‡∑æ“√—°…å ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 99.99 57,220 357,357 201,410

∫√‘…—∑ ‡™’¬ß√“¬ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 89.94 180,000 161,900 113,252

∫√‘…—∑ æ√–√“¡ 2 ∫‘Í°´’ „Àâ‡™à“ 99.99 5,000 120,594 109,884

®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å

∫√‘…—∑Õ◊Ëπ

∫√‘…—∑ ‘Ëß∑Õ “°≈ ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 5.00 120,000 6,000 6,000

∫√‘…—∑ ‡µµ— °√ÿäª ®”°—¥ À¬ÿ¥¥”‡π‘π°‘®°“√ 1.00 50,000 490 490

√«¡ 2,107,946 1,829,013


‡ß‘π≈ß∑ÿπ (490)

ÿ∑∏‘ 1,828,523

∫√‘…—∑¬àÕ¬

∫√‘…—∑ ‡øì¥‡¥Õ√‘§ ‡«Õ≈¥å „Àâ‡™à“

‡´≈ å ®”°—¥ Õ —ßÀ“√‘¡∑√—æ¬å

·≈–®”Àπà“¬‡ ◊ÈÕºâ“ 99.96 15,000 14,994 (4,395)

∫√‘…—∑ Õÿ¥√ ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 64.99 137,950 89,667 (153,922)

∫√‘…—∑ æ‘…≥ÿ‚≈° ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 59.99 200,000 120,000 (169,861)

∫√‘…—∑ ∫‘Í°´’ ·ø√’Ë ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 84.99 140,000 119,149 (92,208)

∫√‘…—∑ ÿ√“…Æ√å ∫‘Í°´’ ®”°—¥ ∏ÿ√°‘®§â“ª≈’° 99.99 140,300 140,300 (207,300)

484,110 (627,686)


∫√‘…—∑¢â“ßµâπ¡’§«“¡ —¡æ—π∏å‡ªìπºŸâ∂◊ÕÀÿâπ·≈–/À√◊Õ ¡’°√√¡°“√√à«¡°—π ∫√‘…—∑¬àÕ¬·≈–∫√‘…—∑Õ◊Ëπ¢â“ßµâπ

‰¡à¡’°“√®à“¬‡ß‘πªíπº≈„π√–À«à“ßªï ‘Èπ ÿ¥«—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈– 2541

∫√‘…—∑∫—π∑÷°√—∫√Ÿâº≈¢“¥∑ÿπ à«π∑’Ë‡°‘π∑ÿπ¢Õß∫√‘…—∑¬àÕ¬∫“ß·Ààß∑’Ë‡°‘¥¢÷Èπ ≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ·≈–

2541 ‡π◊ËÕß®“°∫√‘…—∑„À≠à¡’¿“√–ºŸ°æ—π·≈–¿“√–§È”ª√–°—π∫√‘…—∑¬àÕ¬¥—ß°≈à“« ¥—ßπ—Èπ ∫√‘…—∑∫—π∑÷° à«π‰¥â‡ ’¬„π

º≈¢“¥∑ÿπ∑’Ë Ÿß°«à“√“§“∑ÿπ¢Õß‡ß‘π≈ß∑ÿπ„π∫—≠™’ çº≈¢“¥∑ÿπ„π‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë‡°‘π°«à“√“§“∑ÿπé

·≈–· ¥ß‡ªìπ à«πÀπ÷Ëß¢ÕßÀπ’È ‘π „πß∫°“√‡ß‘π

9. ∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å

°) ß∫°“√‡ß‘π√«¡

æ—π∫“∑

≥ «—π∑’Ë 1 °“√‡ª≈’Ë¬π·ª≈ß ≥ «—π∑’Ë 31

¡°√“§¡ 2542 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß ∏—π«“§¡ 2542

√“§“∑ÿπ∑’Ë¥‘π

µ“¡√“§“∑ÿπ‡¥‘¡ 2,374,240 6,554 3,684 2,377,110 à«π‡°‘π∑ÿπ®“°°“√

µ’√“§“∑’Ë¥‘π∫“ßº◊π 383,359 - - 383,359√«¡ 2,757,599 6,554 3,684 2,760,469

‘π∑√—æ¬å∂“«√Õ◊Ëπ-„π√“§“∑ÿπ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’

·≈– à«πª√—∫ª√ÿß ‘∑∏‘°“√‡™à“ 1,333,218 105,224 7,587 1,430,855 à«πª√—∫ª√ÿß∑’Ë¥‘π 16,341 6,374 - 22,715Õ“§“√·≈– à«πª√—∫ª√ÿßÕ“§“√ 3,886,987 55,174 143 3,942,018‡§√◊ËÕß®—°√·≈–Õÿª°√≥å 14,075 - 14,075 -‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß ‡§√◊ËÕß¡◊Õ

·≈–Õÿª°√≥å 904,685 693,319 187,644 1,410,360√–∫∫ “∏“√≥Ÿª‚¿§ 2,087,659 21,488 7,273 2,101,874¬“πæ“Àπ– 48,893 6,741 11,574 44,060ß“π√–À«à“ß°àÕ √â“ß·≈–

‚§√ß°“√√–À«à“ß°“√æ—≤π“ 198,726 - 15,325 183,401√«¡ 11,248,183 894,874 247,305 11,895,752


æ—π∫“∑

≥ «—π∑’Ë 1 °“√‡ª≈’Ë¬π·ª≈ß ≥ «—π∑’Ë 31

¡°√“§¡ 2542 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß ∏—π«“§¡ 2542

À—° §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥®à“¬ – ¡

‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’·≈– à«πª√—∫ª√ÿß ‘∑∏‘°“√‡™à“ (283,636) (89,078) 4,568 (368,146)

à«πª√—∫ª√ÿß∑’Ë¥‘π (1,941) (961) - (2,902)Õ“§“√·≈– à«πª√—∫ª√ÿßÕ“§“√ (418,901) (228,175) - (647,076)‡§√◊ËÕß®—°√·≈–Õÿª°√≥å (11,970) (486) 12,456 -‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß

‡§√◊ËÕß¡◊Õ·≈–Õÿª°√≥å (536,942) (335,775) 150,634 (722,083)√–∫∫ “∏“√≥Ÿª‚¿§ (428,412) (140,850) 7,161 (562,101)¬“πæ“Àπ– (25,902) (8,098) 9,242 (24,758)

√«¡ (1,707,704) (803,423) 184,061 (2,327,066)À—° ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß

‘π∑√—æ¬å - (106,633) - (106,633)∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 9,540,479 9,462,053

¢) ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

√“§“∑ÿπ∑’Ë¥‘π 1,161,867 6,554 - 1,168,421 ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’

·≈– à«πª√—∫ª√ÿß ‘∑∏‘°“√‡™à“ 909,580 104,224 - 1,013,804 à«πª√—∫ª√ÿß∑’Ë¥‘π 6,684 665 - 7,349Õ“§“√·≈– à«πª√—∫ª√ÿßÕ“§“√ 1,726,445 29,349 - 1,755,794‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß

‡§√◊ËÕß¡◊Õ·≈–Õÿª°√≥å 365,513 358,776 61,060 663,229√–∫∫ “∏“√≥Ÿª‚¿§ 931,805 1,350 7,202 925,953¬“πæ“Àπ– 15,124 6,740 3,224 18,640ß“π√–À«à“ß°àÕ √â“ß

·≈–‚§√ß°“√√–À«à“ß°“√æ—≤π“ 180,190 - 12,926 167,264

√«¡ 5,297,208 507,658 84,412 5,720,454


æ—π∫“∑

≥ «—π∑’Ë 1 °“√‡ª≈’Ë¬π·ª≈ß ≥ «—π∑’Ë 31

¡°√“§¡ 2542 ‡æ‘Ë¡¢÷Èπ ≈¥≈ß ∏—π«“§¡ 2542

À—° §à“‡ ◊ËÕ¡√“§“·≈–§à“„™â®à“¬µ—¥®à“¬ – ¡ ‘∑∏‘°“√‡™à“√Õµ—¥∫—≠™’·≈–

à«πª√—∫ª√ÿß ‘∑∏‘°“√‡™à“ (198,286) (72,229) - (270,515) à«πª√—∫ª√ÿß∑’Ë¥‘π (151) (151) - (302)Õ“§“√·≈– à«πª√—∫ª√ÿßÕ“§“√ (142,174) (95,331) - (237,505)‡§√◊ËÕßµ°·µàß µ‘¥µ—Èß

‡§√◊ËÕß¡◊Õ·≈–Õÿª°√≥å (219,263) (166,226) 59,387 (326,102)√–∫∫ “∏“√≥Ÿª‚¿§ (126,730) (66,166) 7,161 (185,735)¬“πæ“Àπ– (8,199) (3,120) 3,223 (8,096)

√«¡ (694,803) (403,223) 69,771 (1,028,255)À—° ¢“¥∑ÿπ®“°°“√¥âÕ¬§à“¢Õß

‘π∑√—æ¬å - (52,118) - (52,118)∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å - ÿ∑∏‘ 4,602,405 4,640,081

¬Õ¥ – ¡¢Õß¥Õ°‡∫’È¬‡ß‘π°Ÿâ¬◊¡‡æ◊ËÕ°“√‰¥â¡“´÷Ëß∑√—æ¬å ‘π∂“«√∑’Ë‰¥â∫—π∑÷°√«¡‰«â‡ªìπ à«πÀπ÷Ëß

¢Õßµâπ∑ÿπ¢Õß∑√—æ¬å ‘π‡ªìπ‡ß‘πª√–¡“≥ 40.2 ≈â“π∫“∑ ”À√—∫∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·≈–‡ªìπ‡ß‘πª√–¡“≥

93.3 ≈â“π∫“∑ ”À√—∫∫√‘…—∑

„πªï 2538 ∫√‘…—∑¬àÕ¬ Õß (2) ·Ààß‰¥â«à“®â“ß∫√‘…—∑ª√–‡¡‘π√“§“Õ‘ √–§◊Õ ∫√‘…—∑ ‰∑¬ª√–‡¡‘π√“§“

®”°—¥ ª√–‡¡‘π√“§“∑’Ë¥‘π¢Õß∫√‘…—∑¬àÕ¬µ“¡√“¬ß“π≈ß«—π∑’Ë 1 ¡’π“§¡ 2538 ·≈–«—π∑’Ë 18 æƒ…¿“§¡ 2538

√–∫ÿ«à“∑’Ë¥‘π¢Õß∫√‘…—∑¬àÕ¬¥—ß°≈à“«¡’√“§“ª√–‡¡‘π√«¡ 1,175 ≈â“π∫“∑ „π¢≥–∑’Ë√“§“∑ÿπ‡¥‘¡¢Õß∑’Ë¥‘π¢Õß

∫√‘…—∑¬àÕ¬ Õß (2) ∫√‘…—∑π’È¡’®”π«π‡ß‘π√«¡ª√–¡“≥ 205.9 ≈â“π∫“∑ Õ¬à“ß‰√°Áµ“¡ ºŸâ∫√‘À“√‰¥â∫—π∑÷°

à«πµà“ß¢Õß√“§“ª√–‡¡‘π·≈–√“§“∑ÿπ‡¥‘¡‰«â„π∫—≠™’‡ªìπ‡ß‘πª√–¡“≥ 496.4 ≈â“π∫“∑ · ¥ß‰«â¿“¬„µâ

¢“¥∑ÿπ – ¡„πß∫°“√‡ß‘π√«¡

„π‡¥◊Õπ¡‘∂ÿπ“¬π 2542 ∫√‘…—∑‰¥â«à“®â“ß∫√‘…—∑ª√–‡¡‘π√“§“Õ‘ √–§◊Õ ∫√‘…—∑ Õ‡¡√‘°—π ·Õæ‡æ√ ´—≈

(ª√–‡∑»‰∑¬) ®”°—¥ ª√–‡¡‘π√“§“∑’Ë¥‘π∫“ßº◊π¢â“ßµâπ„À¡à µ“¡√“¬ß“π°“√ª√–‡¡‘π√“§“≈ß«—π∑’Ë 18 ¡‘∂ÿπ“¬π

2542 √–∫ÿ«à“°“√ª√–‡¡‘π√“§“„™â«‘∏’°“√ª√–‡¡‘π√“§“·∫∫«‘∏’√“§“µ≈“¥ (Basic Market Approach)

‚¥¬√“§“µ≈“¥¬ÿµ‘∏√√¡¢Õß∑’Ë¥‘π ≥ «—π∑’Ë√“¬ß“π¡’√“§“ª√–¡“≥ 573.7 ≈â“π∫“∑ ´÷ËßµË”°«à“√“§“ª√–‡¡‘π

∑’Ë‡§¬∫—π∑÷°‰«â‡ªìπ‡ß‘πª√–¡“≥ 113 ≈â“π∫“∑ ∫√‘…—∑∫—π∑÷° à«π∑’ËµË”°«à“¥—ß°≈à“«‰«â„π à«π¢Õß¢“¥∑ÿπ

– ¡„πß∫°“√‡ß‘π√«¡

„π‡¥◊Õπµÿ≈“§¡ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–Àπ’Èµ“¡ —≠≠“‡™à“°“√‡ß‘π·≈â« ∑—ÈßÀ¡¥

·≈–‰¥â∫—π∑÷°Õÿª°√≥å∑—ÈßÀ¡¥¿“¬„µâ —≠≠“‡™à“°“√‡ß‘π‡¥‘¡‡ªìπ à«πÀπ÷Ëß¢Õß∑’Ë¥‘π Õ“§“√·≈–Õÿª°√≥å¥â«¬

¡Ÿ≈§à“µ“¡∫—≠™’


∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∑” —≠≠“‡™à“À√◊Õ‡™à“™à«ß∑’Ë¥‘π°—∫∫ÿ§§≈·≈–∫√‘…—∑∫“ß·Ààß ‡æ◊ËÕ„™â‡ªìπ ∂“π∑’Ë

°àÕ √â“ßÕ“§“√∑’Ë∑”°“√ Àâ“ß √√æ ‘π§â“·≈–‚√ßß“πº≈‘µ‡ ◊ÈÕ ”‡√Á®√Ÿª ‚¥¬¡’√–¬–‡«≈“°“√‡™à“µ—Èß·µàÀâ“ (5)

ªï ∂÷ß “¡ ‘∫ (30) ªï „π°“√π’È ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¡’¿“√–∑’Ë®–µâÕß®à“¬§à“ ‘∑∏‘°“√‡™à“„Àâ·°àºŸâ„Àâ‡™à“‡ªìπ

‡ß‘π√«¡ª√–¡“≥ 1,482.7 ≈â“π∫“∑ ‚¥¬‡ªìπ à«π‡©æ“–∫√‘…—∑‡ªìπ‡ß‘πª√–¡“≥ 1,081.2 ≈â“π∫“∑ ≥

«—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®à“¬™”√–§à“ ‘∑∏‘°“√‡™à“·≈â«‡ªìπ‡ß‘π√«¡ª√–¡“≥ 1,269.5

≈â“π∫“∑ ‚¥¬‡ªìπ à«π‡©æ“–¢Õß∫√‘…—∑‡ªìπ®”π«π‡ß‘π 868.0 ≈â“π∫“∑

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â®”πÕß∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π∫“ß à«π∑—Èß∑’Ë¡’Õ¬Ÿà·≈–∑’Ë®–¡’¢÷Èπ„π

Õπ“§µ‡æ◊ËÕ‡ªìπÀ≈—°∑√—æ¬å§È”ª√–°—π‡ß‘π°Ÿâ¬◊¡¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ∑—Èßπ’È∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬°”≈—ßÕ¬Ÿà

√–À«à“ß°“√‰∂à∂Õπ®”πÕß¢ÕßÀ≈—°ª√–°—πµà“ßÊ

§à“‡ ◊ËÕ¡√“§“·≈– ‘∑∏‘°“√‡™à“µ—¥®à“¬ ”À√—∫ß∫°“√‡ß‘π√«¡¡’ª√–¡“≥ 704.9 ≈â“π∫“∑ „πªï 2542

·≈– 645.8 ≈â“π∫“∑ „πªï 2541 à«π§à“‡ ◊ËÕ¡√“§“·≈– ‘∑∏‘°“√‡™à“µ—¥®à“¬ ”À√—∫ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

‡ªìπ‡ß‘πª√–¡“≥ 343.2 ≈â“π∫“∑ „πªï 2542 ·≈– 290.7 ≈â“π∫“∑ „πªï 2541

10. Õÿª°√≥å¥”‡π‘πß“π¿“¬„µâ —≠≠“‡™à“°“√‡ß‘π

æ—π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

Õÿª°√≥å - 556,740 - 290,774À—° §à“‡ ◊ËÕ¡√“§“ – ¡ - (81,819) - (48,612)

ÿ∑∏‘ - 474,921 - 242,162

11. ‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π

æ—π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

‡ß‘π‡∫‘°‡°‘π∫—≠™’∏π“§“√ 27,343 267,674 9,417 89,728‡ß‘π°Ÿâ¬◊¡√–¬– —Èπ®“°∏π“§“√ 1,005,000 463,780 1,005,000 393,780

√«¡ 1,032,343 731,454 1,014,417 483,508


≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â∑” —≠≠“‡ß‘π‡∫‘°‡°‘π∫—≠™’·≈–¡’«ß‡ß‘π ‘π‡™◊ËÕ°—∫

∏π“§“√„πª√–‡∑»·≈– “¢“¢Õß∏π“§“√µà“ßª√–‡∑»À≈“¬·Ààß„π«ß‡ß‘π√«¡ª√–¡“≥ 5,050 ≈â“π∫“∑ ‚¥¬‡ªìπ

à«π‡©æ“–¢Õß∫√‘…—∑®”π«π‡ß‘π 4,815 ≈â“π∫“∑ ‡ß‘π‡∫‘°‡°‘π∫—≠™’π’È¡’Õ—µ√“¥Õ°‡∫’È¬„πÕ—µ√“∑’Ë∏π“§“√§‘¥°—∫≈Ÿ°§â“™—Èπ¥’

‘π‡™◊ËÕ à«ππ’È‰¥â√—∫°“√§È”ª√–°—π‚¥¬°“√®”πÕß∑’Ë¥‘π·≈– ‘Ëßª≈Ÿ° √â“ß∫π∑’Ë¥‘π√«¡∑—Èß ‘∑∏‘°“√‡™à“·≈–Õ“§“√Àâ“ß

√√æ ‘π§â“∫“ß à«π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬·≈–§È”ª√–°—π‚¥¬ºŸâ∂◊ÕÀÿâπ√“¬Àπ÷Ëß ∑—Èßπ’È∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬°”≈—ß

Õ¬Ÿà√–À«à“ß°“√‰∂à∂Õπ®”πÕß¢ÕßÀ≈—°ª√–°—πµà“ßÊ

≥ «—π∑’Ë 31 ∏—π«“§¡ 2542 ∫√‘…—∑¡’‡ß‘π°Ÿâ√–¬– —Èπ®“° “¢“¢Õß∏π“§“√µà“ßª√–‡∑» Õß (2) ·Ààß

‡ªìπ‡ß‘π 1,005 ≈â“π∫“∑ ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬√âÕ¬≈– 4.7 ∂÷ß √âÕ¬≈– 6.5 µàÕªï ‡ß‘π°Ÿâ¬◊¡¥—ß°≈à“«§È”ª√–°—π‚¥¬ºŸâ∂◊Õ

Àÿâπ√“¬Àπ÷Ëß

¿“¬„µâ‡ß◊ËÕπ‰¢¢Õß —≠≠“‡ß‘π°Ÿâ¬◊¡¢â“ßµâπ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬®–µâÕßªØ‘∫—µ‘µ“¡‡ß◊ËÕπ‰¢·≈–¢âÕ®”°—¥µà“ß Ê

∑’Ë°”Àπ¥„π —≠≠“¥—ß°≈à“«

12. Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π

æ—π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π - 513,584 - 232,079À—° ¥Õ°‡∫’È¬®à“¬

√Õµ—¥∫—≠™’ - (94,934) - (43,508)Àπ’È ‘πµ“¡ —≠≠“‡™à“°“√‡ß‘π

à«π∑’Ë§√∫°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï - (174,415) - (93,340)

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬∫“ß·Ààß¡’ —≠≠“‡™à“°“√‡ß‘π ”À√—∫ —ßÀ“√‘¡∑√—æ¬å (Lease of Movable

Property-Sales Leaseback) °—∫∫√‘…—∑„πª√–‡∑»·ÀàßÀπ÷Ëß (ºŸâ„Àâ‡™à“) „π°“√π’È∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬¥—ß°≈à“«

‰¥â¢“¬Õÿª°√≥å¥”‡π‘πß“π∫“ß à«π¢Õß “¢“∫“ß·Ààß„Àâ°—∫ºŸâ„Àâ‡™à“‡ªìπ®”π«π‡ß‘π√«¡ 629 ≈â“π∫“∑ „π¢≥–∑’Ë

ºŸâ„Àâ‡™à“‰¥âπ”Õÿª°√≥å¥—ß°≈à“«¡“„Àâ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡™à“‡æ◊ËÕ„™â„π°“√¥”‡π‘πß“π‚¥¬¡’√–¬–‡«≈“°“√‡™à“π“π

∑’Ë ÿ¥ “¡ (3) ªï®π∂÷ßªï 2544 ¿“¬„µâ‡ß◊ËÕπ‰¢¢Õß —≠≠“ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬µâÕß®à“¬§à“‡™à“≈à«ßÀπâ“„Àâ°—∫ºŸâ„Àâ

‡™à“‡ªìπ‡ß‘πª√–¡“≥ 58.8 ≈â“π∫“∑ √«¡‡ß‘πª√–°—π°“√‡™à“‡ªìπ‡ß‘πÕ’° 36 ≈â“π∫“∑ ‚¥¬ —≠≠“‡™à“°“√‡ß‘π

¥—ß°≈à“«¡’Õ—µ√“¥Õ°‡∫’È¬ ≥ «—π∑” —≠≠“ √âÕ¬≈– 11.0 ∂÷ß√âÕ¬≈– 15.5 µàÕªï ·≈–®–µâÕß™”√–§à“‡™à“·≈–¥Õ°‡∫’È¬

‡ªìπ√“¬‡¥◊ÕπÊ ≈–‡∑à“Ê °—π ‡ªìπ‡ß‘π√«¡ª√–¡“≥‡¥◊Õπ≈– 19.6 ≈â“π∫“∑ ∑—Èßπ’È‡¡◊ËÕ ‘Èπ ÿ¥√–¬–‡«≈“‡™à“∫√‘…—∑

·≈–∫√‘…—∑¬àÕ¬¡’¿“√–ºŸ°æ—π∑’Ë®–µâÕß®—¥„Àâ¡’¢âÕ‡ πÕ ◊ÈÕ„π√“§“‡ß‘π ¥·πàπÕπ ‡æ◊ËÕ‡ πÕ„ÀâºŸâ„Àâ‡™à“æ‘®“√≥“

®π°«à“ºŸâ„Àâ‡™à“¬Õ¡√—∫¢âÕ‡ πÕ´◊ÈÕ¥—ß°≈à“« ‚¥¬∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‡ªìπºŸâ√—∫º‘¥™Õ∫‡√◊ËÕß√“§“‡ πÕ´◊ÈÕ∑’Ë·µ°µà“ß

®“°¡Ÿ≈§à“§«“¡ Ÿ≠‡ ’¬¢ÕßÕÿª°√≥å ≥ «—π ‘Èπ ÿ¥¢Õß —≠≠“ —≠≠“‡™à“ —ßÀ“√‘¡∑√—æ¬å¢Õß∫√‘…—∑¬àÕ¬∫“ß·Ààß

§È”ª√–°—π‚¥¬∏π“§“√„πª√–‡∑»·ÀàßÀπ÷Ëß „π‡¥◊Õπµÿ≈“§¡ 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–Àπ’È ‘πµ“¡

—≠≠“‡™à“°“√‡ß‘π∑—ÈßÀ¡¥·≈â«


13. ‡ß‘π°Ÿâ¬◊¡√–¬–¬“«

æ—π∫“∑

ß∫°“√‡ß‘π√«¡ ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑

2542 2541 2542 2541

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“ - 2,328,817 - 991,695

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« °ÿ≈‡ß‘π∫“∑ - 3,140,849 - 1,279,718

√«¡ - 5,469,666 - 2,271,413À—° à«π∑’Ë∂÷ß°”Àπ¥™”√–¿“¬„πÀπ÷Ëßªï - (938,865) - (489,758)

à«π∑’Ë‡®â“Àπ’È¡’ ‘∑∏‘‡√’¬°§◊π‰¥â‡¡◊ËÕµâÕß°“√ - (3,652,843) - (905,296)

ÿ∑∏‘ - 877,958 - 876,359

‡ß‘π°Ÿâ¬◊¡√–¬–¬“« °ÿ≈‡ß‘π‡À√’¬≠ À√—∞Õ‡¡√‘°“‡ªìπ‡ß‘π°Ÿâ¬◊¡®“° ∂“∫—π°“√‡ß‘π„πª√–‡∑»∫“ß·Ààß‡ªìπ‡ß‘π

√«¡ª√–¡“≥ 59.9 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“ ”À√—∫∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈– 25.5 ≈â“π‡À√’¬≠ À√—∞Õ‡¡√‘°“

”À√—∫ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ‚¥¬‡ß‘π°Ÿâ¥—ß°≈à“«π’È¡’°”Àπ¥√–¬–‡«≈“°“√™”√–§◊ππ“π∑’Ë ÿ¥‡°â“ (9) ªï ®π∂÷ßªï 2548

”À√—∫∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈–¿“¬„πªï 2543 ”À√—∫ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑ ‚¥¬¡’Õ—µ√“¥Õ°‡∫’È¬µ“¡∑’Ë√–∫ÿ„π

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∫√‘…—∑¬àÕ¬

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3,140.8 ≈â“π∫“∑ ”À√—∫∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ·≈– 1,279.7 ≈â“π∫“∑ ”À√—∫ß∫°“√‡ß‘π‡©æ“–∫√‘…—∑‚¥¬‡ß‘π°Ÿâ

¥—ß°≈à“«π’È¡’°”Àπ¥√–¬–‡«≈“°“√™”√–§◊ππ“π∑’Ë ÿ¥Àπ÷Ëß√âÕ¬¬’Ë ‘∫ (120) ‡¥◊Õπ ®π∂÷ßªï 2546 ·≈–¡’Õ—µ√“¥Õ°‡∫’È¬

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∫«°√âÕ¬≈– 0.5 µàÕªï ‡ß‘π°Ÿâ¬◊¡‡À≈à“π’È‰¥â√—∫°“√§È”ª√–°—π‚¥¬°“√®¥®”πÕß∑’Ë¥‘πæ√âÕ¡ ‘Ëßª≈Ÿ° √â“ß∫“ß à«π¢Õß

∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬

„π√–À«à“ßªï 2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¥â®à“¬™”√–‡ß‘π°Ÿâ¬◊¡√–¬–¬“«¥—ß°≈à“«∑—ÈßÀ¡¥·≈â« ·≈–°”≈—ßÕ¬Ÿà

√–À«à“ß°“√‰∂à∂Õπ®”πÕß¢ÕßÀ≈—°ª√–°—πµà“ßÊ

14. ∑ÿπ®¥∑–‡∫’¬π

„π°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 12 °—π¬“¬π 2538 ºŸâ∂◊ÕÀÿâπ¡’¡µ‘‡ªìπ‡Õ°©—π∑å„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π

¢Õß∫√‘…—∑®“° 798,729,470 ∫“∑ (·∫àß‡ªìπ 79,872,947 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈–10 ∫“∑) ‡ªìπ 1,797,141,300 ∫“∑

(·∫àß‡ªìπ 179,714,130 Àÿâπ ¡Ÿ≈§à“Àÿâπ‡∑à“‡¥‘¡) ‚¥¬Àÿâπ∑’Ë‡æ‘Ë¡®”π«π 79,872,947 Àÿâπ ‡ πÕ¢“¬µàÕºŸâ∂◊ÕÀÿâπ‡¥‘¡„π

√“§“Àÿâπ≈– 15 ∫“∑ ∫√‘…—∑‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 6 µÿ≈“§¡ 2538

à«πÀÿâπ∑’Ë‡æ‘Ë¡∑ÿπ à«π∑’Ë‡À≈◊ÕÕ’°®”π«π 19,968,236 Àÿâπ ∫√‘…—∑ÕÕ°„∫ ”§—≠· ¥ß ‘∑∏‘®”π«π 19,968,236 Àπà«¬

‡æ◊ËÕ´◊ÈÕÀÿâπ “¡—≠¥—ß°≈à“«‚¥¬‡ πÕ¢“¬„Àâ·°àºŸâ∂◊ÕÀÿâπ‡¥‘¡∑—ÈßÀ¡¥„πÕ—µ√“ 4 Àÿâπ‡¥‘¡µàÕ„∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬

„π√“§“Àπà«¬≈– 1 ∫“∑ „∫ ”§—≠· ¥ß ‘∑∏‘ 1 Àπà«¬ “¡“√∂„™â ‘∑∏‘ ◊ÈÕÀÿâπ “¡—≠‰¥â 1 Àÿâπ „π√“§“Àÿâπ≈– 12.6625

∫“∑ ·≈– “¡“√∂„™â ‘∑∏‘‰¥â∑ÿ° ‘Èπ‰µ√¡“ µ≈Õ¥Õ“¬ÿ 5 ªï ®π∂÷ßªí®®ÿ∫—πºŸâ∂◊ÕÀÿâπ‰¥â ◊ÈÕ„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ

“¡—≠¥—ß°≈à“«®”π«π 19,968,236 Àπà«¬


„π°“√ª√–™ÿ¡«‘ “¡—≠ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 19 °√°Æ“§¡ 2539 ºŸâ∂◊ÕÀÿâπ¡’¡µ‘‡ªìπ‡Õ°©—π∑å„Àâ

‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑®“° 1,797,141,300 ∫“∑ (·∫àß‡ªìπ 179,714,130 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ

2,700,000,000 ∫“∑ (·∫àß‡ªìπ 270,000,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ‡∑à“‡¥‘¡) ‚¥¬Àÿâπ∑’Ë‡æ‘Ë¡®”π«π 63,898,357 Àÿâπ

‡ πÕ¢“¬µàÕºŸâ∂◊ÕÀÿâπ‡¥‘¡„π√“§“Àÿâπ≈– 11 ∫“∑ à«πÀÿâπ∑’Ë‡æ‘Ë¡∑ÿπ à«π∑’Ë‡À≈◊Õ‰¥â‡ πÕ¢“¬„ÀâºŸâ√à«¡≈ß∑ÿπ‡ªìπ°“√

‡©æ“–‡®“–®ß„π√“§“Àÿâπ≈– 30 ∫“∑ ∫√‘…—∑‰¥â®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë

16 µÿ≈“§¡ 2539 ≥ «—π∑’Ë 31 ¡’π“§¡ 2540 ¡’ºŸâ„™â„∫ ”§—≠· ¥ß ‘∑∏‘´◊ÈÕÀÿâπ “¡—≠®”π«π 51,600 Àπà«¬ ´÷Ëß

®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 16 æƒ…¿“§¡ 2540

„π°“√ª√–™ÿ¡ºŸâ∂◊ÕÀÿâπ‡¡◊ËÕ«—π∑’Ë 30 ‡¡…“¬π 2542 ºŸâ∂◊ÕÀÿâπ¡’¡µ‘‡ªìπ‡Õ°©—π∑å„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π

¢Õß∫√‘…—∑®“° 2,700 ≈â“π∫“∑ (·∫àß‡ªìπ 270 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ≈– 10 ∫“∑) ‡ªìπ 8,000 ≈â“π∫“∑ (·∫àß‡ªìπ

800 ≈â“πÀÿâπ ¡Ÿ≈§à“Àÿâπ‡∑à“‡¥‘¡) ‚¥¬Àÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ®”π«π 530 ≈â“πÀÿâπ ‡ πÕ¢“¬µàÕ„ÀâºŸâ√à«¡≈ß∑ÿπ‡ªìπ°“√‡©æ“–

‡®“–®ß ‡¡◊ËÕ«—π∑’Ë 31 ¡’π“§¡ 254 ∫√‘…—∑‰¥â‡¢â“∑” —≠≠“®Õß´◊ÈÕÀÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“«°—∫°≈ÿà¡ºŸâ√à«¡≈ß∑ÿπ ”À√—∫

°“√¢“¬Àÿâπ∑’Ë‡æ‘Ë¡∑ÿπ∑—ÈßÀ¡¥„π√“§“Àÿâπ≈– 11.50 ∫“∑ ‚¥¬¡’‡ß◊ËÕπ‰¢∑’Ë ”§—≠„π°“√´◊ÈÕÀÿâπ¢Õß°≈ÿà¡ºŸâ√à«¡≈ß∑ÿπ

§◊Õ ºŸâ√à«¡≈ß∑ÿπµâÕß‰¥â√—∫°“√ºàÕπº—π®“° ”π—°ß“π§≥–°√√¡°“√°”°—∫À≈—°∑√—æ¬å·≈–µ≈“¥À≈—°∑√—æ¬å‚¥¬

‰¡àµâÕß∑”§”‡ πÕ ◊ÈÕÀ≈—°∑√—æ¬å∑—ÈßÀ¡¥¢Õß∫√‘…—∑ ·≈–∫√‘…—∑µâÕß®”Àπà“¬Àÿâπ∑—ÈßÀ¡¥∑’Ë∂◊Õ„π∫√‘…—∑¬àÕ¬‰¥â·°à ∫√‘…—∑

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‡«Õ≈¥å ‡´≈ å ®”°—¥ ´÷Ëß√“§“¢“¬‡ß‘π≈ß∑ÿπ¥—ß°≈à“«µâÕß‰¡àµË”°«à“®”π«π‡ß‘π 192 ≈â“π∫“∑ °≈ÿà¡ºŸâ√à«¡≈ß∑ÿπ

ß«π ‘∑∏‘„π°“√ªØ‘‡ ∏‰¡à‡¢â“®Õß´◊ÈÕÀÿâπ∑’Ë‡æ‘Ë¡¢÷Èπ∑—ÈßÀ¡¥ À“°∫√‘…—∑‰¡à “¡“√∂¥”‡π‘π°“√µ“¡‡ß◊ËÕπ‰¢¥—ß°≈à“«‰¥â

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Õπÿ¡—µ‘„Àâ∫√‘…—∑¢“¬‡ß‘π≈ß∑ÿπ„π∫√‘…—∑¬àÕ¬∑’Ë°≈à“«¢â“ßµâπµ“¡ —≠≠“´◊ÈÕ¢“¬Àÿâπ«—π∑’Ë 26 ‡¡…“¬π 2542 „π√“§“

241 ≈â“π∫“∑ ∫√‘…—∑‰¥â√—∫™”√–§à“Àÿâπ‡æ‘Ë¡∑ÿπ‡¡◊ËÕ«—π∑’Ë 10 æƒ…¿“§¡ 2542 ·≈–®¥∑–‡∫’¬π°“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«

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«—π∑’Ë 16 ¡’π“§¡ 2542 ·≈– 1 ‡¡…“¬π 2542 ºŸâ∂◊ÕÀÿâπ¡’¡µ‘‡ªìπ‡Õ°©—π∑å„Àâ‡æ‘Ë¡∑ÿπ®¥∑–‡∫’¬π¢Õß∫√‘…—∑®“°

20 ≈â“π∫“∑ (·∫àß‡ªìπ 20,000 Àÿâπ ¡Ÿ≈§à“Àÿâπ≈– 1,000 ∫“∑) ‡ªìπ 470 ≈â“π∫“∑ (·∫àß‡ªìπ 470,000 Àÿâπ ¡Ÿ≈§à“

Àÿâπ‡∑à“‡¥‘¡) °“√‡æ‘Ë¡∑ÿπ¥—ß°≈à“«‰¥â®¥∑–‡∫’¬π°—∫°√–∑√«ßæ“≥‘™¬å·≈â«‡¡◊ËÕ«—π∑’Ë 7 ‡¡…“¬π 2542 ∫√‘…—∑

®à“¬™”√–§à“Àÿâπ‡æ‘Ë¡∑ÿπ¥—ß°≈à“«‚¥¬°“√«“ßµ—Î«·≈°‡ß‘π´÷ËßÕÕ°‚¥¬∫√‘…—∑∑’Ë‡°’Ë¬«¢âÕß°—π·ÀàßÀπ÷Ëß®”π«π‡ß‘π 450

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· ¥ß°“√√—∫‡ß‘π®“°°“√„™â ‘∑∏‘‡ªìπ à«πÀπ÷Ëß¢Õß ç‡ß‘π≈à«ßÀπâ“®“°ºŸâ∂◊ÕÀÿâπé


15. ”√Õßµ“¡°ÆÀ¡“¬

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16. °“√¥âÕ¬§à“¢Õß ‘π∑√—æ¬å

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17. §à“‡º◊ËÕº≈¢“¥∑ÿπ®“°¿“√–Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ·≈–Õ◊ËπÊ

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19. Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ„π¿“¬Àπâ“·≈–¿“√–ºŸ°æ—π

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≈â“π∫“∑

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‡ ◊ÈÕºâ“ ”‡√Á®√Ÿª ( “¡‡¥◊Õπ) §â“ª≈’° √«¡

2542

¢“¬ ÿ∑∏‘ 150.2 22,313.9 22,464.1°”‰√ (¢“¥∑ÿπ) ®“°°“√¥”‡π‘πß“π 11.9 (1,405.4) (1,393.5)√“¬‰¥âÕ◊Ëπ 3.5 1,440.0 1,443.5¥Õ°‡∫’È¬®à“¬ (460.3)¢“¥∑ÿπ°àÕπ¿“…’‡ß‘π‰¥â·≈– à«π¢Õß

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∫√‘…—∑¬àÕ¬ (0.5)¢“¥∑ÿπ ÿ∑∏‘ (421.2)∑√—æ¬å ‘π∂“«√ 9,462.1 ‘π∑√—æ¬å√«¡ 13,836.1

≈â“π∫“∑ (ª√—∫ª√ÿß„À¡à)

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2541

¢“¬ ÿ∑∏‘ 553.4 20,058.7 20,612.1°”‰√ (¢“¥∑ÿπ) ®“°°“√¥”‡π‘πß“π 25.2 (1,055.7) (1,030.5)√“¬‰¥âÕ◊Ëπ 30.9 1,851.1 1,882.0¥Õ°‡∫’È¬®à“¬ (974.4)¢“¥∑ÿπ°àÕπ¿“…’‡ß‘π‰¥â·≈– à«π¢Õß

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21. °“√®—¥ª√–‡¿∑∫—≠™’„À¡à

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¥”‡π‘π∏ÿ√°‘®¥â«¬‰¡à “¡“√∂·°â‰¢ª√—∫ª√ÿß√–∫∫§Õ¡æ‘«‡µÕ√å∑’Ë‡°’Ë¬«¢âÕß‰¥â Õ¬à“ß‰√°Á¥’ ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬§“¥«à“

º≈°√–∑∫¥—ß°≈à“« (∂â“¡’) ®–‰¡à¡’π—¬ ”§—≠µàÕº≈°“√¥”‡π‘πß“π¢Õß∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬ ≥ «—π∑’Ë 31 ∏—π«“§¡

2542 ∫√‘…—∑·≈–∫√‘…—∑¬àÕ¬‰¡à‰¥â√—∫§«“¡‡ ’¬À“¬®“°ªí≠À“ªï §.». 2000


Financial Statements

For The Years Ended December 31, 1999 And 1998

And

Report of Certified Public Accountant

Big C Supercenter

Public Company Limited

and Subsidiaries

To the Shareholders of Big C Supercenter Public Company Limited

I have audited the balance sheets of Big C Supercenter Public Company Limited and the consolidated

balance sheets of Big C Supercenter Public Company Limited and subsidiaries as at December 31, 1999 and 1998,

and the related statements of income, changes in shareholdersû equity, deficit and cash flows and the consolidated

statements of income, changes in shareholdersû equity, deficit and cash flows for the years then ended. These

financial statements are the responsibility of 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 in Thailand. Those

standards require that I plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the

amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used

and significant estimates made by management, as well as evaluating the overall financial statement presentation.

I believe that my audits provide a reasonable basis for my opinion.

In my previous report dated February 19, 1999 on the 1998 financial statements included an exception for not

revaluing parcels of land of two (2) subsidiary companies in accordance with generally accepted accounting

principles. During 1999, the management appointed an independent appraiser to revalue the land, resulting in net

impairment loss amounting to approximately Baht 113 million. As a result, the Company reflected the impairment loss

in the 1998 comparative financial statements and adjusted the deficit at beginning of the year 1999 at the same

amount. Accordingly, my opinion on the 1998 comparative financial statements, as expressed herein, is different from

that expressed in the previous report.

In my opinion, the financial statements referred to above present fairly, in all material respects, the financial

positions of Big C Supercenter Public Company Limited and Big C Supercenter Public Company Limited and

subsidiaries as at December 31, 1999 and 1998, and the results of their operations and their cash flows for the years

then ended in conformity with generally accepted accounting principles in Thailand.

As discussed in Note 18 to the financial statements, the Company and subsidiaries have given retroactive

effect to the change in accounting for deferred costs as required by the Interpretation No. 4, Accounting Standard

relating to Impairment of Assets, Expenses for Development Stage of Enterprises and Commercial Enterprises for the

Company and subsidiariesû pre-operating expenses, previously recorded as assets.

Without qualifying my opinion, as discussed in Note 1, the accompanying financial statements include the

effects of the economic crisis to the extent they are known and can be estimated. The Company successfully raised

its additional share capital amounting to Baht 6,095.4 million and could settle all long-term debts during 1999.

The Company and subsidiaries maintain its official accounting records in Thai Baht and prepares its statutory

financial statements in the Thai language in conformity with financial accounting standards in Thailand, which may

not conform with generally accepted accounting principles in other countries. The accompanying financial

statements are not intended to present the financial position and results of operations and cash flows in accordance

with accounting principles and practices generally accepted in countries and jurisdictions other than Thailand.

Accordingly, these financial statements are not designed for those who are not informed about Thai accounting

principles and practices.

WINID SILAMONGKOL

C.P.A. (THAILAND)

Registration No. 3378

Bangkok

February 18, 2000

A n n u a l R e p o r t 1 9 9 9 B i g C S u p e r c e n t e r P u b l i c C o m p a n y L i m i t e d98

BIG C SUPERCENTER PUBLIC COMPANY LIMITED AND SUBSIDIARIES

BALANCE SHEETS

DECEMBER 31, 1999 AND 1998

A S S E T S

In Baht

Consolidated The Company Only

1999 1998 1999 1998

(As Restated) (As Restated)

CURRENT ASSETS

Cash on hand and at banks 656,780,654 415,124,131 257,275,382 200,075,844

Short-term investments (Note 5) 790,377,323 54,654,902 790,377,323 30,000,000

Accounts receivable - trade - net

(Note 6) 39,523,691 357,206,451 15,550,407 17,661,588

Receivables from subsidiaries

and related companies (Note 4) 16,734,692 250,054,680 38,415,633 205,406,872

Loans to subsidiaries and

related companies (Note 4) - 24,886,093 3,633,530,146 1,539,165,451

Inventories- net (Note 7) 2,283,970,338 2,162,879,810 894,395,742 919,587,491

Other current assets

Accrued income- net 180,146,242 196,498,552 131,274,550 162,701,567

Others 150,534,030 167,050,837 69,844,703 72,583,626

Total Other Current Assets 330,680,272 363,549,389 201,119,253 235,285,193

Total Current Assets 4,118,066,970 3,628,355,456 5,830,663,886 3,147,182,439

INVESTMENT IN PROMISSORY NOTE 8,101,948 8,287,363 101,948 101,948

INVESTMENTS IN SUBSIDIARIES

AND OTHER COMPANIES - Net (Note 8) - 6,000,000 1,604,954,744 1,828,523,122

PROPERTY, PLANT AND EQUIPMENT - Net

(Notes 9, 10, 11, 12 and 13) 9,462,052,797 9,540,478,823 4,640,081,539 4,602,404,712

OPERATING EQUIPMENT

UNDER FINANCIAL

LEASES - Net (Notes 10 and 12) - 474,921,430 - 242,162,763

OTHER ASSETS

Claimable value - added tax 109,796,294 120,799,408 16,024,134 5,386,247

Guarantee deposits and others - net 138,055,192 407,274,837 22,443,653 180,317,394

Total Other Assets 247,851,486 528,074,245 38,467,787 185,703,641

TOTAL ASSETS 13,836,073,201 14,186,117,317 12,114,269,904 10,006,078,625

See accompanying Notes to Financial Statements.(With Mr. Winid Silamongkol's report dated February 18, 2000)



BALANCE SHEETS


LIABILITIES AND SHAREHOLDERS' EQUITY

In Baht


1999 1998 1999 1998


CURRENT LIABILITIES

Bank overdrafts and loans from

financial institutions (Notes 9 and 11) 1,032,343,227 731,454,210 1,014,417,463 483,507,802

Accounts payable -trade 4,170,458,890 3,338,321,073 1,353,415,435 1,448,649,081

Payable to subsidiaries and

related companies (Note 4) 213,867,677 1,083,603,995 693,623,738 885,291,128

Loans from subsidiaries and

related companies (Note 4) - 420,088,224 195,100,154 1,953,990,553

Current portion of long-term

loans (Notes 9 and 13) - 938,864,741 - 489,757,546

Current portion of liability

under financial leases

(Notes 10 and 12) - 174,415,478 - 93,339,786

Portion of loans call upon

demand by lenders (Note 13) - 3,652,843,390 - 905,296,153

Other current liabilities

Accounts payable - others 251,980,258 213,808,037 143,724,355 115,057,413

Others 365,948,973 304,177,631 183,045,376 122,743,075

Total Other Current Liabilities 617,929,231 517,985,668 326,769,731 237,800,488

Total Current Liabilities 6,034,599,025 10,857,576,779 3,583,326,521 6,497,632,537

LONG-TERM LOANS - Net (Notes 9 and 13) - 877,958,412 - 876,358,705

LIABILITY UNDER FINANCIAL

LEASES - Net of Current Portion

(Notes 10 and 12) - 244,234,573 - 95,230,956




BALANCE SHEETS (Continued)


LIABILITIES AND SHAREHOLDERSû EQUITY

In Baht


1999 1998 1999 1998


UNEARNED LEASEHOLD RIGHTS-Net 210,490,907 227,802,640 28,702,087 29,490,393

LOSS IN INVESTMENTS IN SUBSIDIARIES

EXCEEDED COST (Note 8) - - 939,995,717 627,685,512

OTHER LIABILITIES

Retention payables 39,925,451 60,703,155 36,628,033 20,027,409

Deposits for rental space 195,782,552 197,871,823 74,213,770 65,727,201

Others - net 54,322,742 90,520,604 19,079,481 37,791,196

Total Other Liabilities 290,030,745 349,095,582 129,921,284 123,545,806

Total Liabilities 6,535,120,677 12,556,667,986 4,681,945,609 8,249,943,909

SHAREHOLDERSû EQUITY

Share capital - common share

at Baht 10 par value

Authorized share capital

800,000,000 shares in 1999 and

270,000,000 shares in 1998

Issued and fully paid-up

share capital

780,115,464 shares in 1999 and

250,083,364 shares in 1998 (Note 14) 7,801,154,640 2,500,833,640 7,801,154,640 2,500,833,640

Premium on share capital 2,165,794,655 1,370,677,089 2,165,794,655 1,370,677,089

Warrants (Note 14) 19,884,536 18,237,536 19,884,536 18,237,536

Advance received from

share subscriptions (Note 14) 307,104 - 307,104 -

Less unrealized loss on

declining in value

of investments (489,750) (489,750) (489,750) (489,750)




BALANCE SHEETS (Continued)


LIABILITIES AND SHAREHOLDERSû EQUITY

In Baht


1999 1998 1999 1998


Retained earnings (Deficit)

Appropriated for

legal reserve (Note 15) 24,882,770 29,007,906 24,882,770 24,882,770

Deficit (2,619,188,253) (2,197,985,162) (2,579,209,660) (2,158,006,569)

Minority interest in subsidiaries (91,393,178) (90,831,928) - -

Shareholdersû Equity - Net 7,300,952,524 1,629,449,331 7,432,324,295 1,756,134,716

TOTAL LIABILITIES AND SHAREHOLDERSû EQUITY 13,836,073,201 14,186,117,317 12,114,269,904 10,006,078,625




STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31, 1999 AND 1998

In Baht


1999 1998 1999 1998


REVENUES (Note 4)

Net sales 22,464,122,203 20,612,090,512 10,158,801,775 8,989,269,622

Rental and service income 648,589,766 563,939,424 275,768,487 232,933,559

Other income 794,887,144 589,705,893 750,139,648 648,655,794

Total Revenues 23,907,599,113 21,765,735,829 11,184,709,910 9,870,858,975

COSTS AND EXPENSES (Note 4)

Cost of sales 19,993,773,874 18,327,655,877 9,088,001,795 8,113,660,049

Selling and administrative expenses 3,171,023,693 3,314,949,940 1,298,135,192 1,321,376,585

Loss on sales investments in

subsidiaries (Note 2) 353,276,464 - 409,741,036 -

Loss from impairment of assets (Note 16) 179,995,543 - 58,691,700 -

Contingency loss and others (Note 17) 129,208,185 - 83,720,069 -

Loss (gain) on exchange rates 30,325,493 (728,403,842) 26,553,708 (329,853,238)

Equity in net loss of subsidiaries - - 330,137,467 206,002,316

Interest expense 460,331,210 974,431,950 310,932,034 680,867,621

Total Costs and Expenses 24,317,934,462 21,888,633,925 11,605,913,001 9,992,053,333

LOSS BEFORE INCOME TAX

AND MINORITY INTEREST (410,335,349) (122,898,096) (421,203,091) (121,194,358)

INCOME TAX (11,428,992) (1,310,019) - -

LOSS BEFORE MINORITY

INTEREST (421,764,341) (124,208,115) (421,203,091) (121,194,358)

MINORITY INTEREST IN NET LOSS OF SUBSIDIARIES (561,250) (3,013,757) - -

NET LOSS (421,203,091) (121,194,358) (421,203,091) (121,194,358)

Average number of shares

(In million shares) Basic method 591.32 250.08 591.32 250.08

Diluted method 597.24 250.08 597.24 250.08

Basic Loss per Share (0.71) (0.48) (0.71) (0.48)

Diluted Loss per Share (0.71) (0.48) (0.71) (0.48)




STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY


In Baht


1999 1998 1999 1998


AUTHORIZED SHARE CAPITAL

Beginning balance 2,500,833,640 2,500,833,640 2,500,833,640 2,500,833,640

Addition (Note 14) 5,300,321,000 - 5,300,321,000 -

Ending balance 7,801,154,640 2,500,833,640 7,801,154,640 2,500,833,640

PREMIUM ON SHARE CAPITAL

Beginning balance 1,370,677,089 1,370,677,089 1,370,677,089 1,370,677,089

Addition (Note 14) 795,117,566 - 795,117,566 -

Ending balance 2,165,794,655 1,370,677,089 2,165,794,655 1,370,677,089

WARRANTS

Beginning balance 18,237,536 18,237,536 18,237,536 18,237,536

Addition (Note 14) 1,679,100 - 1,679,100 -

Reduction (Note 14) (32,100) - (32,100) -

Ending balance 19,884,536 18,237,536 19,884,536 18,237,536

ADVANCE RECEIVED PROM SHARESUBSCRIPTIONS

Beginning balance - - - -

Addition (Note 14) 307,104 - 307,104 -

Ending balance 307,104 - 307,104 -

UNREALIZED LOSS ON

DECLINING IN VALUE OF INVESTMENTS

Beginning balance (489,750) (489,750) (489,750) (489,750)

Addition - - - -

Ending balance (489,750) (489,750) (489,750) (489,750)





STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Continued)


In Baht


1999 1998 1999 1998


LEGAL RESERVE

Beginning balance 29,007,906 29,007,906 24,882,770 24,882,770

Reduction (4,125,136) - - -

Ending balance 24,882,770 29,007,906 24,882,770 24,882,770

DEFICIT

Beginning balance, as adjusted (2,197,985,162) (2,076,790,804) (2,158,006,569) (2,036,812,211)

Net loss for the year (421,203,091) (121,194,358) (421,203,091) (121,194,358)

Ending balance (2,619,188,253) (2,197,985,162) (2,579,209,660) (2,158,006,569)

SHAREHOLDERS' EQUITY - NET 7,392,345,702 1,720,281,259 7,432,324,295 1,756,134,716



STATEMENTS OF DEFICIT


In Baht


1999 1998 1999 1998


Deficit

Beginning balance, as

previously reported (1,629,141,571) (1,502,558,293) (1,589,162,978) (1,462,579,700)

Adjustments (Notes 9 and 18) (568,843,591) (574,232,511) (568,843,591) (574,232,511)

As adjusted (2,197,985,162) (2,076,790,804) (2,158,006,569) (2,036,812,211)

Net loss for the year (421,203,091) (121,194,358) (421,203,091) (121,194,358)

Deficit at end of year (2,619,188,253) (2,197,985,162) (2,579,209,660) (2,158,006,569)

Appropriated retained earnings

for legal reserve 24,882,770 29,007,906 24,882,770 24,882,770

DEFICIT - Net (2,594,305,483) (2,168,977,256) (2,554,326,890) (2,133,123,799)




STATEMENTS OF CASH FLOWS


In Baht


1999 1998 1999 1998


CASH FLOWS FROM

OPERATING ACTIVITIES

Net loss (421,203,091) (121,194,358) (421,203,091) (121,194,358)

Adjustments to reconcile

net loss to net cash

provided by (used in)

Depreciation and amortization 681,295,554 788,634,922 335,539,577 363,973,223

Provision for doubtful accounts 19,076,390 2,562,787 12,453,175 -

Provision for shrinkage,

obsolete and slow-moving stocks 32,431,234 32,442,969 11,208,665 10,000,000

Provision for unclaimed input VAT 2,171,416 - - -

Provision for unclaimed withholding tax 9,377,500 - 924,169 -

Provision for loss on declining

in value of investments 6,000,000 7,569,420 6,000,000 -

Amortized goodwill 1,418,223 (3,304,101) - -

Unrealized gain on exchange rates - (660,035,167) - (293,315,000)

Loss from sales of investments

in subsidiaries 353,276,464 - 409,737,036 -

Loss from impairment of assets 164,985,160 - 52,117,504 -

Loss from contingent liabilities 100,069,315 - 69,223,300 -

Losses (gains) from sales of fixed assets (629,554) 10,504,703 (629,554) 6,013,470

Equity in net loss of subsidiaries - - 330,137,467 206,002,316

Minority interest in net loss of subsidiaries (561,250) (3,013,757) - -

Income from operating before

changes in operating assets and liabilities 947,707,361 54,167,418 805,508,248 171,479,651

Decrease (Increase) in

Operating Assets

Accounts receivable - trade 55,728,163 34,547,130 1,709,251 15,055,506

Receivables from subsidiaries

and related companies 43,862,845 43,238,418 166,991,239 28,179,532





STATEMENTS OF CASH FLOWS (Continued)


In Baht


1999 1998 1999 1998


Inventories (297,209,665) 665,595,023 9,368,114 234,170,725

Other current assets (17,696,149) 440,661,421 18,629,047 201,657,092

Other assets 209,116,991 (256,510,865) 147,235,854 (13,675,985)

Increase (Decrease) in Operating Liabilities

Accounts payable - trade 931,376,885 (333,184,402) (95,233,646) (69,132,599)

Payables to subsidiaries and

Related companies (885,193,653) 65,838,202 (199,752,880) 28,853,423

Other current liabilities 63,867,172 (573,049,687) 35,007,882 (376,409,893)

Unearned leasehold rights (381,068) 36,221,956 514,690 21,751,856

Other liabilities (42,131,048) (94,993,914) 12,771,311 (22,957,103)

Net Cash

Provided by Operating Activities 1,009,047,834 82,530,700 902,749,110 218,972,205

CASH FLOWS FROM INVESTING ACTIVITIES

Decrease in investments in promissory notes 185,415 - - -

Decrease (increase) in loans to subsidiaries

and related companies 24,886,093 (6,007,154) (2,094,364,695) (227,176,371)

Increase in investments in subsidiaries,

related and other companies - - (450,999,920) (47,398,920)

Increase in short-term investment-Escrow Fund (500,000,000) - (500,000,000) -

Proceeds from sales of investments

in subsidiaries 241,000,000 - 241,000,000 -

Cash and cash equivalents of subsidiaries sold

in 1999 (Supplemental disclosure

of cash flow information No. 3) (91,636,724) - - -

Proceeds from sales of fixed assets 2,345,144 531,144,485 2,345,144 218,000,000

Acquisitions of fixed assets and

increase in payments for

leasehold rights (315,605,865) (459,883,919) (192,581,564) (336,721,006)

Net Cash Used in Investing Activities (638,825,937) 65,253,412 (2,994,601,035) (393,296,297)





In Baht


1999 1998 1999 1998


CASH FLOWS FROM FINANCING ACTIVITIES

Increase (decrease) in bank overdrafts

and loans from financial institutions 316,403,749 (294,228,579) 530,909,662 (238,871,856)

Increase (decrease) in loans from

subsidiaries and related companies (420,088,224) 420,088,224 (1,758,890,400) 472,244,495

(Decrease) in liabilities under financial leases (418,650,051) (138,090,199) (188,570,742) (102,203,583)

Increase (decrease) in long-term loans (5,467,901,097) (56,062,837) (2,271,412,404) 141,961,930

Proceeds from increasing in share capital 6,095,406,466 - 6,095,406,466 -

Proceeds from increasing in warrants 1,679,100 - 1,679,100 -

Proceeds from increasing in advance received

from share capital 307,104 - 307,104 -

Net Cash Provided by Financing Activities 107,157,047 (68,293,391) 2,409,428,786 273,130,986

INCREASE IN CASH AND CASH EQUIVALENTS 477,378,944 79,490,721 317,576,861 98,806,894

Cash and cash equivalents at beginning of year 469,779,033 390,288,312 230,075,844 131,268,950

CASH AND CASH EQUIVALENTS AT END OF YEAR 947,157,977 469,779,033 547,652,705 230,075,844

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

1. Cash paid during year

Interest expense 519,556,071 957,824,457 608,420,313 530,511,486

Income tax 5,557,512 335,496 - -

2. Cash and cash equivalents

Cash on hand and at banks 656,780,654 415,124,131 257,275,382 200,075,844

Short-term investments 290,377,323 54,654,902 290,377,323 30,000,000

Total 947,157,977 469,779,033 547,652,705 230,075,844






3. In April 1999, the Company sold certain subsidiaries, which had net assets totalling approximately Baht 502.6

million (net from cash and cash equivalents of subsidiaries totalling Baht 91.6 million). Description of net assets are

as follows:

Assets and liabilities item In Thousand Baht

Assets

Cash on hand and at banks 91,637

Accounts receivable - net 260,523

Receivable from related companies 185,085

Inventories 136,779

Other current assets 16,763

Property, plant and equipment - net 51,198

Other assets 9,825

Total assets 751,810

Liabilities

Bank overdrafts and loans from bank 15,515

Accounts payable - trade 99,239

Payable to related companies 589

Other current liabilities 32,057

Long-term loan 1,766

Other liabilities 8,368

Total liabilities 157,534

Net 594,276

Less Cash on hand and at banks of garment business (91,637)

Net assets of garment business 502,639




NOTES TO FINANCIAL STATEMENTS


1. COMPANYûS OPERATIONS

Big C Supercenter Public Company Limited is located at 89/36 Univest Buliding 7th floor, Rajdamri

Road, Lumpini, Pathumwan Bangkok 10330. The Company and its subsidiaries are engaged in retail stores

in Bangkok and provinces and employ approximately 7,975 employees in 1999.

The accompanying financial statements include the effects of the economic crisis to the extent

they are known and can be estimated. The operations of the Company and subsidiaries have been

affected. The Company successfully raised its additional share capital amounting to Baht 6,095.4 million

and could settle all long-term debts during 1999. The management of the Company and subsidiaries

have been implementing business plans (which include increase in revenues and reduction of costs and

expenses, etc.).

2. BASIS OF FINANCIAL STATEMENTS AND PRINCIPLES OF CONSOLIDATION

The Companyûs financial statements and consolidated financial statements have been prepared

in accordance with the Ministerial Regulation No. 7 (B.E. 2539) governing the format of the balance sheet

and profit and loss accounts of Public Companies, the Accounting Standards issued by The Institute

of Certified Accountants and Auditors of Thailand and Regulations of Stock Exchange of Thailand (SET)

governing the accounting.

For the convenience of the reader, an English translation of financial statements has been prepared

from the statutory Thai language financial statements which are issued for domestic reporting purposes.

The consolidated financial statements include the accounts of Big C Supercenter Public Company

Limited and subsidiaries which Big C Supercenter Public Company Limited is the major shareholder. As at

December 31, 1999 and 1998, the percentage of shareholding in those subsidiaries are as follows:

Percentage of Holding

1999 1998

Peter and Jeannie Company Limited - 99.94

Federic World Sales Company Limited - 99.96

S.K. Garment (1995) Company Limited - 99.88

Etastra Company Limited - 99.98

Central Superstore Limited 99.99 99.99

Udon Big C Co., Ltd. 64.99 64.99

Pitsanulok Big C Limited 59.99 59.99

Big C Fairy Limited 84.99 84.99

Surat Big C Limited 99.99 99.99

Ubon Big C Limited 87.43 74.28

Theparak Big C Limited 99.99 99.99

Chiengrai Big C Co., Ltd. 89.99 89.99

Phraram II Big C Co., Ltd. 99.99 99.99

Big C Distribution Co., Ltd. 99.99 -

Central Pattaya Co., Ltd. (Indirect holding) 99.99 99.99


The significant intercompany transactions with subsidiaries in the consolidated financial statements have

already been eliminated.

Excess of investments in subsidairies over book value is amortized as expense by the straight-line

method over a period of forty (40) years. The excess of book value over investments in subsidiaries is

recognized as revenue by the straight-line method over a period of ten (10) years.

According to the subscription agreement dated April 26, 1999, the Company sold investments in shares

of certain subsidiaries, S.K. Garment (1995) Company Limited, Etastra Company Limited, Peter and Jeannie

Company Limited and Federic World Sales Company Limited to an individual at the selling price of Baht 241

million. As a result, the Company has deconsolidated those subsidiaries.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis for Preparation of Financial Statements

The accompanying financial statements have been prepared under the historical cost convention

except for certain parcels of land and other assets regarded as impaired assets are presented at the lower

of recoverable amounts or carrying values.

Income Recognition

The Company and subsidiaries recognize income on sales when delivery has taken place and

transfer of risks and rewards have completed. Income from sub-lease of space and related services are

recognized on the accrual basis. The unearned income from leasehold right is recognized over the periods

of the lease agreement.

Allowance for Doubtful Accounts

The Company and subsidiaries provide allowance for doubtful accounts equal to the estimated

collection losses that may be incurred in the collection of all receivables. The estimated losses are based on

a review of the current status of existing receivables.

The subsidiaries provide allowance for sales return equal to the estimated loss from goods to be

returned, according to gross profit rate of goods returned.

Inventory Valuation

Merchandise inventories, work-in-process, raw materials and supplies are mainly valued at the lower

of cost (average method) or net realizable value. Finished goods are valued at the lower of cost (standard

cost which approximates actual cost) or net realizable value.

The Company and subsidiaries provide allowance for shrinkage, obsolete and slow-moving

inventories equal to the estimated losses from lost, obsolete and slow-moving inventories that may be

incurred. The estimated shrinkage, obsolete and slow-moving inventories are based on the percentage

of outstanding inventories and sales.

Investments in Common Shares

The Company and subsidiaries account for investments in shares of subsidiaries by the equity

method and account for its investments in shares of related and other companies, which are held for

long-term purposes, by the cost method. Gains or losses from long-term investments are recorded when

the investments are disposed of or when these investments are impaired.


Depreciation and Amortization

Property, plant and equipment are being depreciated by the straight-line method over the estimated

useful lives of the assets as follows:

Description Years

Land improvements 5-20

Building and building improvements 5-30

Machinery and equipment 5-20

Furniture, fixtures, tools and office equipment 5-20

Utility systems 5-20

Vehicles 5

Operating equipment under financial leases is recorded at the present value of minimum leasing fee

payable under financial lease agreements. These are depreciated by the straight-line method over the

remaining useful lives of the assets ranging from two (2) to four (4) years starting from the date of financial

leases.

Leasehold right is amortized by the straight-line method over the terms of leasehold right agreements

ranging from five (5) years to thirty (30) years.

Organization and pre-operation expenses of the subsidiaries and new store are recorded in the period

as incurred.

Impairment of Assets

The Company and subsidiaries review the impairment of assets for property, plant and equipment,

investments and intangible assets whenever events indicate that the carrying value of an assets exceeds its

recoverable amount (the higher of an assetsûs net selling price or value in use). The review is made for

individual assets or for the cash-generating unit.

In case that the carrying value of an asset exceeds its recoverable amount, the Company and

subsidiaries recognize the impairment losses in the statement of income, or reduce the revaluation

increment in assets in case that those assets were previously revalued and the revaluation increment was

recorded under çShareholders' Equityé. The reversal of impairment losses recognized in prior years is

recorded as part of çother incomeé or as a revaluation increment in assets when there is an indication

that the impairment losses recognized for the assets no longer exist or are decreased.

Foreign Currency Transactions

Transactions in foreign currencies throughout the year are recorded at rates prevailing at the dates of

transactions. Assets and liabilities denominated in foreign currencies at the balance sheet dates are translated

into Baht at the average exchange rates announced by the Bank of Thailand as of those dates. Liabilities

covered by forward exchange contracts are translated at the forward contract rates. Deferred premium on

forward exchange contract is recorded by the difference of spot and forward rates and is amortized over the

terms of the forward exchange contracts. Gains or losses on translations of foreign currency assets and

liabilities (other than covered by forward contracts) outstanding at the balance sheet date, are credited or

charged to current operations.


Loss per Share

Basic loss per share is determined by dividing the net loss by the weighted average number of

shares outstanding during the year.

Since the exercising price is less than the fair value of the common shares during the period,

diluted loss per share is determined by dividing the net loss for periods by the combination of primary

number of shares and additional weighted-average numbers of common shares to be issued during

the periods to the holders of common share equivalent based on the outstanding warrants, with the

assumption that the warrant holders should have exercised their rights to purchase the common shares at

the later of the beginning date of the period or the date of warrant issuance.

4. TRANSACTIONS WITH RELATED COMPANIES

The Company and subsidiaries have extensive transactions with their related companies. These

companies are related through common shareholdings and/or directorships. A portion of the Company

and subsidiariesû assets, liabilities, revenues and costs and expenses arose from transactions with the

related companies. The effects of these transactions are reflected in the accompanying financial

statements on the basis determined by the Company, subsidiaries and the related companies concerned.

The policy for transactions with related companies are as follows :

Transactions Pricing policy

Purchases/Sales

Retail business At cost agreed among group companies

Manufacturing and/or sales of At cost plus gross margin jointly

cloth business agreed/market price

Rental of immovable assets Mainly at market price

Loans to and loans from Interest rates at market rates

The Company records interest income from loans granted to subsidiaries and related companies

which have not moved during the year. Substantial portion of interest income charged to the long

outstanding loans longer than three months amounted to approximately Bath 220.5 million for 1999 and

Baht 223.6 million in 1998 for the Company only.

As at December 31, 1999 and 1998 the outstanding balances and significant transactions with the

related companies consisted of the following:


In Thousand Baht


1999 1998 1999 1998

Sales 70,417 439,058 22,062 32,918

Rental and service income 66,994 33,896 36,877 13,335

Interest income 903 3,880 220,532 223,635

Management fee income 13,954 15,004 6,635 5,964

Purchases 1,247,574 4,834,894 3,095,087 1,905,583

Interest expense 35,466 66,260 118,291 266,668

Management fee 13,842 37,795 12,776 12,546

Rental and service expenses 46,824 39,896 6,619 6,133

Receivables from subsidiaries and related companies

Subsidiary Companies

Peter and Jeannie Company Limited - - - 9,886

Federic World Sales Company Limited - - - 956

S.K. Garment (1995) Company Limited - - - 137,911

Etastra Company Limited - - - 4,346

Central Superstore Limited - - 5,330 16,627

Udon Big C Co., Ltd. - - 4,478 921

Pitsanulok Big C Limited - - 6,560 2,442

Big C Fairy Limited - - 2,899 13,596

Surat Big C Limited - - 2,494 954

Ubon Big C Limited - - 3,371 2,018

Korat Big C Limited - - - 198

Theparak Big C Limited - - 1,053 1,247

Chiengrai Big C Co., Ltd. - - 1,746 5,593

Phraram II Big C Co., Ltd. - - 175 11

Big C Distribution Co., Ltd. - - 436 -

Central Pattaya Co., Ltd. - - 753 1,683

Total - - 29,295 198,389

Related Companies

Robinson Group of Companies 998 113,985 998 2,344

Central Group of Companies 15,736 132,701 8,123 4,674

Central Pattana Public Co., Ltd. 1 - - -

Other companies - 3,369 - -

Total 16,735 250,055 9,121 7,018

Total 16,735 250,055 38,416 205,407


In Thousand Baht


1999 1998 1999 1998

Payables to subsidiaries and related companies





Central Superstore Limited - - 38,972 207,364

Udon Big C Co., Ltd. - - 979 1,426

Pitsanulok Big C Limited - - 1,810 1,977

Big C Fairy Limited - - 913 1,064

Surat Big C Limited - - 247 649


Chiengrai Big C Co., Ltd. - - 211 588

Big C Distribution Co., Ltd. - - 512,112 -

Central Pattaya Co., Ltd. - - 348 407

Total - - 557,323 315,775

Related Companies

David Distribution Co., Ltd. - 771,158 - 339,970

Central Pattana Public Co., Ltd. 47,236 60,349 11 3,989

Robinson Group of Companies 101,193 212,258 101,193 212,258

Central Group of Companies 52,249 38,902 21,907 13,299

Casino Guichard-Perrachon 13,190 - 13,190 -

Other companies - 937 - -

Total 213,868 1,083,604 136,301 569,516

Total 213,868 1,083,604 693,624 885,291


In Thousand Baht


1999 1998 1999 1998

Loans to subsidiaries and related companies



Federic World Sales Company Limited - - - 9,000



Central Superstore Limited - - 10 23,334

Udon Big C Co., Ltd. - - 705,269 66,812

Pitsanulok Big C Limited - - 1,026,827 322,118

Big C Fairy Limited - - 388,499 335,110

Surat Big C Limited - - 723,470 155,538

Ubon Big C Limited - - 12,027 11,027


Chiengrai Big C Co., Ltd. - - 210,809 226,896

Phraram II Big C Co., Ltd. - - 2,300 1,400

Big C Distribution Co., Ltd. - - 354,500 -

Central Pattaya Co., Ltd. - - - 19,178

Total - - 3,633,530 1,539,165

Related Companies

Central Group of Companies - 24,156 - -

Other companies - 730 - -

Total - 24,886 - -

Total - 24,886 3,633,530 1,539,165


In Thousand Baht


1999 1998 1999 1998

Loans from subsidiaries and related companies





Central Superstore Limited - - 192,728 1,024,763

Udon Big C Co., Ltd. - - 1,145 365

Pitsanulok Big C Limited - - 5 241

Big C Fairy Limited - - 29 166

Surat Big C Limited - - 1 887

Theparak Big C Limited - - - 428,001

Phraram II Big C Co., Ltd. - - 1,192 239

Central Pattaya Co., Ltd. - - - 571

Total - - 195,100 1,538,233

Related Companies

Central Group of Companies - 404,331 - 400,000

Central Pattana Public Co.,Ltd. - 15,757 - 15,758

Total - 420,088 - 415,758

Total - 420,088 195,100 1,953,991

5. SHORT-TERM INVESTMENTS

The Company and two (2) major shareholders entered into the Escrow Agreement with a branch

of foreign bank (The Escrow Agent) as agreed in the Subscription Agreement dated March 31, 1999;

whereby the Escrow Agent hold a part of the subscription monies in the amount of Baht 1,800 million,

which shall be paid for specific use as specified in the said agreement. As at December 31, 1999, the

balance amounting to Baht 500 million was left in the Escrow Account and was represented in

short-term investments in the balance sheet.

6. ACCOUNTS RECEIVABLE - Trade

As at December 31, 1999 and 1998, the Company and subsidiaries have outstanding balance of

accounts receivable aged by number of months as follows:


In Thousand Baht


1999 1998 1999 1998

Under or equal to 3 months 39,089 214,728 15,550 16,109

Over 3 months to 6 months - 82,358 - -

Over 6 months to 12 months - 55,676 - -

Over 12 months 3,654 10,112 402 1,553

Total 42,743 362,874 15,952 17,662

Less allowance for doubtful accounts (3,219) (5,668) (402) -

Accounts Receivable - Trade-net 39,524 357,206 15,550 17,662

7. INVENTORIES

In Thousand Baht


1999 1998 1999 1998

Merchandise inventories 2,297,941 2,067,020 896,596 924,194

Finished goods - 59,264 - -

Work-in-process - 17,497 - -

Raw materials - 44,525 - -

Spareparts and supplies - 4,029 - -

Inventories in transit 45,481 10,471 19,009 5,393

Total 2,343,422 2,202,806 915,605 929,587

Less allowance for

shrinkage, obsolete

and slow-moving stocks (59,452) (39,926) (21,209) (10,000)

Inventories - net 2,283,970 2,162,880 894,396 919,587


8. INVESTMENTS IN SUBSIDIARIES AND OTHER COMPANIES

a) Consolidated

In Thousand Baht

Percentage Investments

Type of of Paid-up At At

Company Business Holding Capital Cost Equity

Subsidiaries and other companies

1999

Singtor Sakol Co., Ltd. Dormant 5.00 120,000 6,000 6,000

Status Group Co., Ltd. Dormant 1.00 50,000 490 490

Total 6,490 6,490

Less allowance for declining

in value of investments (6,490)

Net -

1998

Trime Line Co., Ltd. Dormant 84.00 20,000 16,800 -



Thai Rungruang Singtor

Co., Ltd. Textile 3.33 3,914 7,569 -

Total 30,859 6,490


in value of investments (490)

Net 6,000

The Company has not included the financial statements of Trime Line Co., Ltd. in the consolidated

financial statements since that company has discontinued its business and has been in the process of

liquidation. The financial position is not significant to the consolidated financial statements.


b) The Company only

In Thousand Baht




1999

Subsidiary companies

Central Superstore Limited Retail 99.99 1,220,000 1,301,999 1,064,510

Ubon Big C Limited Retail 87.49 100,500 74,654 50,816

Theparak Big C Limited Retail 99.99 57,220 357,357 257,061

Chiengrai Big C Co., Ltd. Retail 89.94 131,670 113,770 126,171

Phraram II Big C Rental of

Co., Ltd. immovable

assets 99.99 5,000 120,594 106,397

Other companies



Total 1,974,864 1,611,445


in value of

investments (6,490)

Net 1,604,955


Udon Big C Co., Ltd. Retail 64.99 137,950 89,667 (221,560)

Pitsanulok Big C Limited Retail 59.99 200,000 120,000 (283,094)

Big C Fairy Limited Retail 84.99 140,000 119,149 (150,391)

Surat Big C Limited Retail 99.99 140,300 140,300 (273,164)

Big C Distribution Distribution

Co., Ltd. center 99.99 1,000 1,000 (11,787)

Total 470,116 (939,996)


In Thousand Baht




1998


Peter and Jeannie Sale of

Company Limited clothes 99.94 30,000 29,982 84,438

S.K. Garment (1995) Manu-

Company Limited facturing

and sales

of clothes 99.88 20,000 19,976 113,444

Etastra Company Sales of

Limited clothes 99.98 35,000 34,994 3,464

Central Superstore Limited Retail 99.99 1,220,000 1,301,999 1,134,041

Ubon Big C Limited Retail 74.28 100,500 74,654 62,590

Theparak Big C Limited Retail 99.99 57,220 357,357 201,410

Chiengrai Big C Co., Ltd. Retail 89.94 180,000 161,900 113,252

Phraram II Big C Rental of

Co., Ltd. immovable

assets 99.99 5,000 120,594 109,884

Other companies



Total 2,107,946 1,829,013

Less allowance for

declining in value of

investments (490)

Net 1,828,523


Federic World Sales Rental of

Company Limited immovable

assets and

Sales of

clothes 99.96 15,000 14,994 (4,395)

Udon Big C Co., Ltd. Retail 64.99 137,950 89,667 (153,922)

Pitsanulok Big C Limited Retail 59.99 200,000 120,000 (169,861)

Big C Fairy Limited Retail 84.99 140,000 119,149 (92,208)

Surat Big C Limited Retail 99.99 140,300 140,300 (207,300)

484,110 (627,686)


These companies are related through common shareholdings and/or directorships. No dividend

payment was made by the above subsidiary companies and other companies for the years ended

December 31, 1999 and 1998.

The Company recognized the capital deficiency of certain subsidiaries as of December 31, 1999 and

1998 since the Company has committed and guaranteed these subsidiaries. As a result, the Company

recorded equity loss which exceeds cost of those investments under çLoss in investments in subsidiaries

exceeded costé and presented this as part of liabilities in the financial statements.

9. PROPERTY, PLANT AND EQUIPMENT

a) Consolidated

In Thousand Baht

As at Movements As at

January December

1, 1999 Additions Reductions 31, 1999

At Cost

Land

At historical cost 2,374,240 6,554 3,684 2,377,110

Revaluation surplus 383,359 - - 383,359

Total 2,757,599 6,554 3,684 2,760,469

Others - at cost

Leasehold rights and leasehold

impovements 1,333,218 105,224 7,587 1,430,855

Land improvements 16,341 6,374 - 22,715

Buildings and building

improvements 3,886,987 55,174 143 3,942,018

Machinery and equipment 14,075 - 14,075 -

Furniture, fixtures, tools and

office equipment 904,685 693,319 187,644 1,410,360

Utility systems 2,087,659 21,488 7,273 2,101,874

Vehicles 48,893 6,741 11,574 44,060

Construction in progress and

projects under developments 198,726 - 15,325 183,401

Total 11,248,183 894,874 247,305 11,895,752


In Thousand Baht


January December


Less accumulated depreciation

and amortization


improvements (283,636) (89,078) 4,568 (368,146)

Land improvements (1,941) (961) - (2,902)

Building and building

improvements (418,901) (228,175) - (647,076)

Machinery and equipment (11,970) (486) 12,456 -


office equipment (536,942) (335,775) 150,634 (722,083)

Utility systems (428,412) (140,850) 7,161 (562,101)

Vehicles (25,902) (8,098) 9,242 (24,758)

Total (1,707,704) (803,423) 184,061 (2,327,066)

Less impairment loss - (106,633) - (106,633)

Property, Plant and

Equipment - Net 9,540,479 9,462,053

b) The Company Only

At Cost

Land 1,161,867 6,554 - 1,168,421


impovements 909,580 104,224 - 1,013,804

Land improvements 6,684 665 - 7,349

Buildings and building

improvements 1,726,445 29,349 - 1,755,794


office equipment 365,513 358,776 61,060 663,229

Utility systems 931,805 1,350 7,202 925,953

Vehicles 15,124 6,740 3,224 18,640

Construction in progress and

projects under developments 180,190 - 12,926 167,264

Total 5,297,208 507,658 84,412 5,720,454


In Thousand Baht


January December


Less accumulated depreciation

and amortization


improvements (198,286) (72,229) - (270,515)

Land improvements (151) (151) - (302)

Building and building

improvements (142,174) (95,331) - (237,505)


office equipment (219,263) (166,226) 59,387 (326,102)

Utility systems (126,730) (66,166) 7,161 (185,735)

Vehicles (8,199) (3,120) 3,223 (8,096)

Total (694,803) (403,223) 69,771 (1,028,255)

Less impairment loss - (52,118) - (52,118)

Property, Plant and Equipment

- Net 4,602,405 4,640,081

Accumulated interest on loans for acquisition of fixed assets, was recorded as part of the

related fixed assets amounting to approximately Baht 40.2 million for the Company and subsidiaries

and Baht 93.3 million for the Company only.

In 1995, two subsidiaries engaged an independent professional appraiser - Thai Property

Appraisal Co., Ltd. to appraise the subsidiariesû land. As shown in their reports dated March 1, 1995

and May 18, 1995, the fair market value of land at such dates was totalling approximately Baht

1,175 million, while the total historical cost of land was totalling approximately Baht 205.9 million.

However, the subsidiariesû management recorded the difference between the historical cost and

appraisal value amounting to approximately Baht 496.4 million and presented as part of deficit, in

the consolidated financial statements.

In June 1999, the Company engaged another independent professional appraiser, American

Appraisal (Thailand) Limited to reappraise the parcels of land mentioned above. Based on the

appraisal report dated September 18, 1999, the Basic Market Approach Method was applied, reflecting

the fair market value of the newly-revalued land totalling approximately Baht 573.7 million, lower

than the previously recorded appraisal value of land by approximately Baht 113 million. The

Company recorded the lower amount in the deficit in the consolidated financial statements.


In October 1999, the Company and subsidiaries had repaid for all payable to financial leases

and took back all equipment previously under financial leases and presented as part of property, plant

and equipment at the carrying value.

The Company and subsidiaries entered into land lease or sub-lease agreements with individuals

and local companies for construction of office buildings, department stores and the garment factory

for periods ranging from five (5) years to thirty (30) years. In consideration thereof, the Company and

subsidiaries are committed to payment for leasehold right fee to the lessors totalling approximately Baht

1,482.7 million of which Baht 1,081.2 million is for the Company. As at December 31, 1999, the

Company and subsidiaries had already paid for the leasehold rights totalling Baht 1,269.5 million of

which Baht 868.0 million is for the Company.

The Company and subsidiaries have mortgaged certain land together with existing buildings

and future structures thereon as collaterals to secure loans of the Company and subsidiaries. The

Company and subsidiaries are in the process of dismortgaging these collaterals.

Depreciation and amortization expenses for consolidated financial statements were of Baht

704.9 million in 1999 and Baht 645.8 million in 1998 and Baht 343.2 million in 1999 and Baht 290.7 million

in 1998 for the Company.

10. OPERATING EQUIPMENT UNDER FINANCIAL LEASES

In Thousand Baht


1999 1998 1999 1998

Equipment - 556,740 - 290,774

Less accumulated depreciation - (81,819) - (48,612)

Net - 474,921 - 242,162

11. BANK OVERDRAFTS AND LOANS FROM FINANCIAL INSTITUTIONS

In Thousand Baht


1999 1998 1999 1998

Bank overdrafts 27,343 267,674 9,417 89,728

Short-term loans from banks 1,005,000 463,780 1,005,000 393,780

Total 1,032,343 731,454 1,014,417 483,508


As at December 31, 1999, the Company and subsidiaries entered into overdraft agreements and

have credit facilities with local banks and branch of foreign banks totalling approximately Baht 5,050

million of which Baht 4,815 million is for the Company. Bank overdrafts bear interest at the Minimum Loan

Rate per annum. These credit facilities are collateralized by the mortgage of part of land and buildings

thereon, including leasehold right and stores of the Company and subsidiaries and guaranteed by a

shareholder. The Company and subsidiaries are in the process of dismortgaging these collaterals.

As at December 31, 1999, the Company had short-term loans with two (2) branch of foreign banks

totalling approximately Baht 1,005 million, which bears interest at the rate ranging from 4.7% to 6.5% per

annum. These loans are guaranteed by a shareholder.

Under the terms to the above agreements, the Company and subsidiaries must comply with certain

conditions and restrictions stipulated in the agreements.

12. LIABILITY UNDER FINANCIAL LEASES

In Thousand Baht


1999 1998 1999 1998

Liabilities under financial leases - 513,584 - 232,079

Less deferred interest - (94,934) - (43,508)

current portion

due within one year - (174,415) - (93,340)

Net - 244,235 - 95,231

The Company and subsidiaries entered into financial leases of movable property - sales leaseback

agreements with a local company (lessor). In consideration thereof, the Company and subsidiaries sold

certain of branchesû operating equipment to the lessor totalling approximately Baht 629 million. The lessor

leasesed those equipment back to the Company and subsidiaries for operations for a period of three (3) years

with the longest leasing period up to the year 2001. Under the terms of the agreements, the Company and

subsidiaries were required to pay advance leasing fee to the lessor amounted to approximately Baht

58.8 million with guarantee deposit amounted to approximately Baht 36 million. These financial lease agree-

ments bore interest at the rates ranging from 11.0% to 15.5% per annum at the agreement dates and were

repayable in monthly equal installment (principal with interest) totalling approximately Baht 19.6 million. At

the termination of the lease agreements, the Company and subsidiaries had committed to providing the

purchase offer with difinite cash payment for the lessorûs consideration until the lessor was satisfied with the

offer. The Company and subsidiaries would be responsible for the difference between purchasing price and

salvage value. The financial lease agreements entered into by certain subsidiaries were garanteed by a local

bank. In October 1999, the Company and subsidiaries have repaid for all liabilities under financial leases.


13. LONG - TERM LOANS

In Thousand Baht


1999 1998 1999 1998

Long-term loans in U.S. Dollar - 2,328,817 - 991,695

Long-term loans in Baht - 3,140,849 - 1,279,718

Total - 5,469,666 - 2,271,413

Less portion due within one year - (938,865) - (489,758)

portion payable upon demand - (3,652,843) - (905,296)

Net - 877,958 - 876,359

Loans in U.S. Dollar represented long-term loans from local financial institutions amounting to approxi-

mately U.S. Dollars 59.9 million for consolidated and U.S. Dollars 25.5 million for the Company. According to

the condition in the loan agreement, the Company and subsidiaries had to repay in longest repayment

period of 9 years up to the year 2005 for consolidated and for the year 2000 for the Company. The loans

bore interest at the rate specified in the agreements. These loans were collateralized by the mortgage of

land, constructions thereon and certain leasehold rights of the Company and subsidiaries.

Loans in Baht represented long-term loans from local banks and financial institutions amounting

to approximately Baht 3,140.8 million for the Company and subsidiaries and Baht 1,279.7 million for the

Company. These loans could be repaid in the longest period of 120 months up to the year 2003 and

bore interest at the minimum lending rate and the minimum lending rate plus 0.5% per annum. These

loans were collateralized by the mortgage of land and certain constructions thereon of the Company and

subsidiaries.

During 1999, the Company and subsidiaries have repaid for all of long-term loans and have been

in the process of dismortgaging the collaterals.

14. SHARE CAPITAL

At the extraordinary shareholdersû meeting held on September 12, 1995, the shareholders

unanimously passed a resolution approving an increase in the Company's authorized share capital from

Baht 798,729,470 (79,872,947 shares at Baht 10 par value) to Baht 1,797,141,300 (179,714,130 shares at the

same par value). The increase in share capital of 79,872,947 shares were offered to the shareholders by

right offering with the selling price of Baht 15 per share. The increase in share capital was registered with

the Ministry of Commerce on October 6, 1995. For the remaining increased share capital of 19,968,236 shares,

the Company has issued the warrants of 19,968,236 units offering to the shareholders at the rate of four

common shares to one unit of warrants with the selling price of Baht 1 per unit; one unit of warrant has a

special right to subscribe for one common share with the selling price of Baht 12.6625 per share and the

outlined condition shall apply on the quarterly basis throughout 5 years. Up to present, the shareholders

have already purchased the warrants of 19,968,236 units.


At the extraordinary shareholdersû meeting held on July 19, 1996, the shareholders unanimously

passed a resolution approving the increase in the Companyûs authorized share capital from Baht

1,797,141,300 (179,714,130 shares at Baht 10 par value) to Baht 2,700,000,000 (270,000,000 shares at the same

par value). The increase in share capital of 63,898,357 shares were offered to the shareholders by right

offering with the selling price of Baht 11 per share, the remaining increased shares were offered through the

private placement at the selling price of Baht 30 per share. The Company registered the increase in share

capital with the Ministry of Commerce on October 16, 1996. As at March 31, 1997, the warrant holders had

already exercised their rights to purchase common shares of 51,600 units, which was registered with the

Ministry of Commerce on May 16, 1997.

At the shareholdersû meeting held on April 30, 1999, the shareholders unanimously passed a resolution

approving the increase in the Companyûs authorized share capital from Baht 2,700 million (270 million

shares at Baht 10 par value) to Baht 8,000 million (800 million shares at the same par value). The increase

in share capital of 530 million shares were offered through the private placement. On March 31, 1999, the

Company entered into the Subscription Agreement with joint investors to sell the increased share capital

at the selling price of Baht 11.5 per share. The significant conditions under the Subscription Agreement

include the approval by the Office of the Securities and Exchange Commission for the exemption of

preparing proposal to purchase the securities and commitments of the Company to sell investments in

certain subsidiaries, S.K. Garment (1995) Co.,Ltd., Etastra Co.,Ltd., Peter and Jeannie Co.,Ltd. and Federic

World Sales Co.,Ltd. with the amount not less than Baht 192 million. The investors have reserved the right

to refuse the purchasing of the increased shares, if the Company could not comply with those

conditions. However, the Company has complied with those conditions, at the same shareholdersû meeting,

the shareholders unanimously passed a resolution approving the sale of investments in subsidiaries as noted

in the Subscription Agreement dated April 26, 1999 at the selling price of Baht 241 million. The Company

received the additional share capital on May 10, 1999 and registered the increase in share capital with the

Ministry of Commerce on May 10, 1999.

At the extraordinary shareholdersû meetings of S.K. Garment (1995) Co., Ltd. (a subsidiary) held

on March 16, 1999 and April 1, 1999, the shareholders unanimously approved the increase in authorized

share capital from Baht 20 million (20,000 shares at Baht 1,000 par value) to Baht 470 million (470,000 shares

at the same par value). The increase in share capital was registered with the Ministry of Commerce on

April 7, 1999. The Company paid up the increased share capital by placing a bill of exchange issued by a

related company amounting to Baht 450 million to the subsidiary. The subsidiary has subsequently placed

the bill of exchange to the Company in paying the debts liable to the Company.

As at December 31, 1999, the warrant holders had already exercised their rights to purchase

common shares of 56,353 units, of which 32,100 units was registered with the Ministry of Commerce on

October 12, 1999. The remaining 24,253 units were registered with the Ministry of Commerce on January

11, 2000. Therefore, the Company presented this portion as part of çAdvance received from share

subscriptionsé.


15. LEGAL RESERVE

Under the provision of the Limited Public Company Act B.E. 2535, the Company is required to

appropriate at least 5% of its annual net income after deduction of the deficit brought forward (if any)

as reserve fund until the reserve reaches 10% of the authorized capital. The reserve is not available for

dividend distribution.

16. IMPAIRMENT OF ASSETS

During the year, the management determined the recoverable amounts of various assets of the

Company and subsidiaries. The determination was supported by various indicative factors internally and

externally. The determination was made in response to the consequence of economic crisis impacting on

the financial position and results of operations. As a result, the management identified the major possibly

impaired assets and recorded the impairment loss in the consolidated financial statements and for the

Company only for the year ended December 31, 1999 as follows:

In Thousand Baht


Fixed assets and leasehold right 81,415 26,900

Projects suspended 24,850 24,850

Deferred expenses of abandoned

computer systems 58,353 -

Unclaimed withholding tax 9,377 941

Loss from investment 6,000 6,000

Total 179,995 58,691

17. PROVISION FOR CONTINGENCY LOSS AND OTHERS

This represents provision for contingency loss in connection with noncompliance with conditions

agreed in the joint investing projects entered into by the former management team and expenses

incurred from transactions with group of related companies and former major shareholders. The provision

was based on past transactions and the amount estimated by the management with expectation of

occurrence in the foreseeable future.

18. ACCOUNTING CHANGE

The Company and subsidiaries had previously recorded expenses incurred in connection with the

preparatory stage for commercial operations of the Company and subsidiaries, as well as expenses

incurred prior to commercial operations of the branches, as deferred pre-operating expenses, which were

amortized over various periods. However, during 1999, The Institute of Certified Accountants and Auditors

of Thailand issued an Interpretation on Accounting Standard No.4 relating to Impairment of Assets, Expenses

for Development stage of Enterprises and Commercial Enterprises recorded as assets. As a result, the


Company and subsidiaries are required to record those aformentioned costs as period expenses instead

of recording them as assets. This leads to retroactive adjustment to beginning retained earnings or deficit

of expenses recorded as assets in previous years for the current year financial statements as well as

comparative financial statements.

To comply with the above guidance, the Company and subsidiaries retroactively adjusted the

beginning deficit as at January 1, 1998 amounting to approximately Baht 461.2 million for the

consolidated and the Company only and adjusted selling and administrative expenses for 1998 amounting

to approximately Baht 51.7 million (Baht 0.22 per share) for the consolidated and for the Company

only, resulting in an increase in the beginning deficit as at January 1, 1999 amounting to approximately

Baht 409.5 million for the consolidated and the Company only.

19. CONTINGENT LIABILITY AND COMMITMENTS

As at December 31, 1999,

a) the Company and subsidiaries were contingently liable for letters of guarantee issued by banks in

favor of certain government agencies totalling approximately Baht 61.6 million of which Baht 31.7

million was for the Company.

b) the Company and subsidiaries were committed to land lease and sub-lease agreements with

individuals and local companies for construction of office buildings, department stores for the

annual rental fee amounting to approximately Baht 57.1 million of which Baht 15.3 million was for the

Company.

c) the Company and a subsidiary were commited to obligations under agreements with several

companies for the construction of office building and department stores totalling approximately

Baht 440.1 million for consolidated and the Company only.

20. SEGMENT INFORMATION

The Company and subsidiaries have operated in two basic business segments consisting of the

following:

a) Retailing business

b) Manufacturing and sales of clothes


Information relating to the business segments and market for the Company and subsidiaries for 1999

and 1998 are as follows:

In Million Baht

Manufacturing

and Sales of Clothes

(3 months) Retailing Total

1999

Net sales 150.2 22,313.9 22,464.1

Income (loss) from operations 11.9 (1,405.4) (1,393.5)

Other income 3.5 1,440.0 1,443.5

Interest expense (460.3)

Loss before income tax and minority interest (410.3)

Income tax (11.4)

Loss before minority interest (421.7)

Minority interest in net loss of subsidiaries 0.5

Net loss (421.2)

Fixed assets 9,462.1

Total assets 13,836.1

In Million Baht (As Restated)

Manufacturing

and Sales of Clothes Retailing Total

1998

Net sales 553.4 20,058.7 20,612.1

Income (loss) from operations 25.2 (1,055.7) (1,030.5)

Other income 30.9 1,851.1 1,882.0

Interest expense (974.4)

Loss before income tax and minority interest (122.9)

Income tax (1.3)

Loss before minority interest (124.2)

Minority interest in net loss of subsidiaries 3.0

Net loss (121.2)

Fixed assets 49.0 9,491.5 9,540.5

Total assets 14,186.1


21. RECLASSIFICATION OF ACCOUNTS

Certain accounts of the 1998 financial statements were reclassified to be in accordance with the

1999 financial statement presentation.

22. EFFECT OF THE YEAR 2000 PROBLEM ON OPERATIONS (UNAUDITED)

The Company and subsidiaries have implemented a project in order to study the effects and

means to improve the computer systems in order to resolve the year 2000 problems since May 1998.

The computer remediation project was completed in October, 1999. The total cost of modification and

implementation work was amounting to Baht 0.8 million and recorded in the period as incurred. Even

though the modification and implementaton of the Company and subsidiaries' computer system were

completed, the Company and subsidiaries still face uncertainties that might occur from other companies

with whom the Company and subsidiaries have dealings, if they are unable to timely improve the

computer systems. However, the Company and subsidiaries expects that the impact, if any, will not be

significant to the Company and subsidiaries' operations. As at December 31, 1999, the Company and

subsidiaries were not impacted by any damages from the year 2000 problems.



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‡ß‘π·≈–º≈°“√¥”‡π‘πß“π12.6 º≈°√–∑∫®“°°“√ª√—∫‚§√ß √â“ß°“√∂◊ÕÀÿâπ¢Õß∫√‘…—∑„π°≈ÿà¡12.7 °“√§È”ª√–°—π„Àâ∫ÿ§§≈Õ◊Ëπ Àπ’È ‘π∑’ËÕ“®‡°‘¥¢÷Èπ °“√ºŸ°æ—π°“√≈ß∑ÿπ„π‚§√ß°“√ À√◊Õ¿“√–ºŸ°æ—πÕ◊Ëπ„π

≈—°…≥–‡¥’¬«°—π13. ß∫°“√‡ß‘π

Àπâ“

8, 1010122

4-6

14, 1614

2018, 20, 22, 24

26, 28, 30

323, 4, 7, 34-46 (Àπâ“§Ÿà)

46

48

‰¡à¡’4848

‰¡à¡’48

‰¡à¡’48

‰¡à¡’

50, 52, 54, 56, 5850, 52, 54, 56

52, 5450, 52, 54

‰¡à¡’‰¡à¡’

‰¡à¡’60-96


ANNUAL REPORT CHECK LIST1. General data

1.1 The Company1.2 Juristic persons which the Company's shareholding upward 10%1.3 Other reference persons

2. Message from the chairman3. Audit committee report4. Summary financial data

4.1 Financial data4.2 Financial ratios

5. Business in Big C5.1 Revenue structure5.2 Changes during the year

6. Situation of the industry and competition7. Shareholders and managements

7.1 Shareholders7.2 Management7.3 Management remuneration

8. Related party and connected transactions8.1 Connected transactions with related party8.2 Connected transactions among the Company, subsidiaries and affiliates whereas related

party's voting shares in subsidiaries or affiliates exceeded 5%8.3 Rational of newly connected transactions8.4 Opinions of independent directors or independent specialists regarding connected transactions8.5 Opinions of independent directors regarding the Company's conformity with conditions

specified in registration statement and draft prospectus9. Risk factors10. Other factors with investment impacts

10.1 Legal debates10.2 Obligation of future share issuance

11. Information on debentures or promissory note (in case of the Company that issued deben-tures or promissory notes are undued)

12. Management discussion and analysis12.1 Proper equity structure, adequacy of liquidity, asset quality, profitability and operational

efficiency12.2 Causes of significant transactions or ratio change12.3 Extra ordinary items or irregular transactions with significant impacts on financial position

and operation12.4 Causes of operational results which significantly differed from the previous year or projection12.5 Significant subsequent events to the financial statement date and possible impacts on

financial position and operational results12.6 Effects from shareholding restructure of the group12.7 Guarantees made to third party, contingency liability, obligations in project investments or

similar nature13. Financial statements

Page

9, 1111132

4-6

15, 1715

2119, 21, 23, 25

27, 29, 31

333, 4, 7, 35-47 (odd number)

47

49

None4949

None49

None49

None

51, 53, 55, 57, 5951, 53, 55, 57

53, 5551, 53, 55

NoneNone

None97-133

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B i g C S u p e r c e n t e r T h e L e a d e r I n S u p e r c e n t e r W i t h H i g h e s t No. O f B r a n c h e s I n T h a i l a n d.

°√ÿß‡∑æœ °√ÿß‡∑æœ °√ÿß‡∑æœ °√ÿß‡∑æœ °√ÿß‡∑æœ BANGKOK

“¢“·®âß«—≤π– CHAENGWATTANA

“¢“√“…Æ√å∫Ÿ√≥– RATBURANA

“¢“«ß§å «à“ß WONGSAWANG

“¢“√“™¥”√‘ RAJDAMRI

“¢“√—ß ‘µ RANGSIT

“¢“√—µπ“∏‘‡∫»√å RATTANATHIBETH

“¢“æ√–√“¡ 2 RAMA II

¿“§°≈“ß ¿“§°≈“ß ¿“§°≈“ß ¿“§°≈“ß ¿“§°≈“ß MIDDLE

“¢“∫“ßæ≈’ BANGPHLI

“¢“π§√ª∞¡ NAKHONPATHOM

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¿“§Õ’ “π ¿“§Õ’ “π ¿“§Õ’ “π ¿“§Õ’ “π ¿“§Õ’ “π NORTHEAST

“¢“Õÿ¥√∏“π’ UDORN THANI

“¢“¢Õπ·°àπ KHONKAEN

“¢“‚§√“™ KORAT

¿“§„µâ ¿“§„µâ ¿“§„µâ ¿“§„µâ ¿“§„µâ SOUTH

“¢“‡æ™√∫ÿ√’ PETCHBURI

“¢“ ÿ√“…Æ√å∏“π’ SURAT THANI

¿“§‡Àπ◊Õ ¿“§‡Àπ◊Õ ¿“§‡Àπ◊Õ ¿“§‡Àπ◊Õ ¿“§‡Àπ◊Õ NORTH

“¢“æ‘…≥ÿ‚≈° PITSANULOK

“¢“‡™’¬ß√“¬ CHIANGRAI

“¢“≈”ª“ß LAMPANG

¿“§µ–«—πÕÕ° ¿“§µ–«—πÕÕ° ¿“§µ–«—πÕÕ° ¿“§µ–«—πÕÕ° ¿“§µ–«—πÕÕ° EAST

“¢“æ—∑¬“ PATTAYA

“¢“√–¬Õß RAYONG

∫√‘…—∑ ∫‘Í°´’ ´Ÿ‡ªÕ√å‡´Áπ‡µÕ√å ®”°—¥ (¡À“™π)

Big C Supercenter Public Company Limited™—Èπ 7 Õ“§“√¬Ÿπ‘‡« ∑å 89/36 »Ÿπ¬å°“√§â“∫“ß°Õ°∫“√å´“√å ∂.√“™¥”√‘ ≈ÿ¡æ‘π’ ª∑ÿ¡«—π °√ÿß‡∑æœ 10330

‚∑√. 655-0666, 655-0777 ‚∑√ “√. (662) 655-5801-2

7 th Floor Univest Building, 89/36 Rajdamri, Rd., Lumpini, Pathumwan, Bangkok, 10330

Tel. 655-0666, 655-0777 Fax. (662) 655-5801-2

Bigc 99

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