223
Thai Factory Development Public Company Limited Annual Report 2011 Satisfaction Business. SINCE 1977

TFD: Annual Report 2011

Embed Size (px)

DESCRIPTION

annual report

Citation preview

Page 1: TFD: Annual Report 2011

����������� ������ ����������������������� �Thai Factory Development Public Company Limited

Annual Report 2 0 1 1���� ������� �!""#

F;K=�Satisfaction������8L�MK=�Business.

SINCE 1977

Page 2: TFD: Annual Report 2011

$%�&%'()*+%',�$%�-.%*+(/%,�$%�*�01*2(+3�4%*2�56+*+%�&%/%278%.�9:�9:'16+.(*2�;*)+7.(%6,�<==()%�$1(2'(:>6�?�@22�4%*2�56+*+%�A%)+7.6�B.7/('(:>�+C%�$%6+�-16+7D%.�

A%./()%�=7.�<1.�-16+7D%.6E�A*+(6=*)+(7:

��F���G ���H�����IJ���� ��������������J��H� ����� �������������I����� ���� �KL��MG�����N����H������������HOP��F���F�Q RG���Q�RG���H��IO���S���P��T����K�FLT�IH�

F;K=�Satisfaction� 8L�MK=�Business.

SINCE 1977

Page 3: TFD: Annual Report 2011

���� ������� �!""# 1

��������� ��������� ����������������� ����������� ����������������� ��� !"#$������ %��&�'������(���)�*��!!�� +�$�����,�)�-�-�.��������)��/������� 0!���1)�2�3$(�� �4�$��������������-�1���)� �5�$��6����))� 78��)��2 -� ���)������/��.�$�.-2�����)�)������� �����9���������)�2����� 4:31��2-�.����/����/�;����� :0��$)$��8<$1��)6�����$7� �8<�������/���$����.1;����� :!�=���$�1���8<$�� :4����)$/����1�����. 6����������/��>����������� 055�$���1���)6��7�)������������-;��$����������� 0056��?@�.2��/���������� 0006��?@�.2���$(. ;���1���8<��5����1����!!�� 00���������<1A�� 00�

BCDEDFCEG�HCIJGCIJKL� �MNLLEIN�OPQR�KJN�SJECPRED� 00%TQEPU�QO�VCPNFKQPL� �WPIEDCXEKCQD�SJEPK� !MEDEINRNDKL� %YQFCEG�VNZNGQ[RNDK�CD�KJN��500�\NEP� 00+]PCDFC[GNL�QD�KJN�^QQU�SQP[QPEKN�^QZNPDEDFN�_N[QPK� 00:`DKNPDEG�SQDKPQG� 0��_N[QPK�QO�KJN�abUCK�SQRRCKKNN� 0��_N[QPK�QO�`DUN[NDUNDK�abUCKQP� 0�%BCDEDFCEG�YKEKNRNDKL�EDU�cQKNL� 0�4cEKbPN�QO�TbLCDNLL� 0:�YKEKbL�QO�`DUbLKP\�EDU�SQR[NKCKCQD� 0:!]QGCFCNL�QD�SQDdCFK�QO�`DKNPNLK�EDU�ePEDLEFKCQDL�fCKJ�YbgLCUCEPCNL� 0::_CLh�BEFKQPL� �5�ij[GEDEKCQD�EDU�aDEG\LCL�QO�KJN�W[NPEKCDI�_NLbGKL�EDU�BCDEDFCEG�YKEKbL� �5�_N[QPK�QO�KJN�TQEPU�QO�VCPNFKQPLk�_NL[QDLCgCGCKCNL�OQP�BCDEDFCEG�YKEKNRNDKL� �0�YJEPNJQGUNPL�EDU�MEDEINRNDK� �0!MElQP�YJEPNJQGUNPL�EL�EK�VNFNRgNP��5m��500� �0+^NDNPEG�`DOQPREKCQD� �04

������Contents

Page 4: TFD: Annual Report 2011

����������� ������ ����������������������� �2

��� ����������������Financial Highlights

������������ �������������������

������Lists

25542011

25532010

�������� ������������

25522009

�N�OP� ��"������089?9C8?1�Q?@?�(

�2� �� RSN��""���� ��TU��"��� V9C;W6�X=;W�G?16L�?9E�G6=78C6

1,132.12 1,093.87 926.42

�2� �� RSN��O� :;@?1�89C;W6

1,143.69 1,100.55 979.76

+2� "e�R��f��S #�g��# ��� >6@�i=;X8@�f1;LLg

146.52 129.50 25.82

*2� ��� ��$ ���O� :;@?1�?LL6@L

2,433.46 2,515.01 2,980.44

-2� j��������O� :;@?1�18?k818@86L

1,430.65 1,658.72 1,993.90

�2� �l�����mPN�n�j#N�� GA?=6A;1E6=oL�6pK8@q

1,002.81 856.29 986.54

������Lists

25542011

25532010

�������� ������������

25522009

��!���l�� ��"�����089?9C8?1�B?@8;(

�2� ��!��"e�R��# ��!l��� RSN��O� >6@�i=;X8@�@;�@;@?1�89C;W6

12.81% 11.77% 2.64%

�2� ��!��m�!�U� �!l��l�����mPN�n�j#N�� B6@K=9�;9�6pK8@q

14.61% 15.12% 2.62%

+2� ��!��m�!�U� �!l� ��$ ������O� B6@K=9�;9�@;@?1�?LL6@L

6.02% 5.15% 0.87%

*2� "e�R��f��S #�g��# ��!l�j#N��fU� g� >6@�i=;X8@�f1;LLg�i6=�LA?=6�fH?A@g

0.2106 0.2004 0.0703

-2� ���su�m�!l�j#N��fU� g� Q878E69E�i6=�LA?=6�fH?A@g

0.090 - 0.115

�2� OP��l�!�OU�w��!l�j#N��fU� g� H;;D�7?1K6�i6=�LA?=6�fH?A@g

1.43 1.22 1.55

)2� ��!���l���x�$��l���f l�g� 4K==69@�=?@8;�f@8W6g

2.02 1.45 1.66

.2� j��������O!l��l�����mPN�n�j#N��f l�g� Q6k@(�ypK8@q�=?@8;�f@8W6g

1.43 1.94 2.02

Page 5: TFD: Annual Report 2011

���� ������� �!""# 3

�������������������Message from the Chairman

sz��--*�s{�sz ��s�T 'R s�T�$x� $�U�!�� l���N� ���������Us�T"����l��"�|�"�S�# "x� � l���#�������T�e�� ����������"s{������OSn��� ������OU��� ���� �����"��� &������#!��j"��O!l��}� "�����O�#!��j"��O!l��}�!l����Ux� $�U�!�Rs �����������O�� j� RSN"�S�~�� �����SN��"��m��!� ��Ts�T����!N����U���Tj�&S ���j�N�"���� ���}� �� �����"��"�RSN�jN���O�l� j�n�� l��!�O"e������ #"}�SN����!l"�ROl��� ���T �U ������O�� j� ����RSN���"��"����� ��SN�� ��� Pl��'� ���s�T����ROlO� ��� Pl��'� � suwj��������"���O���O�ml"�T�� Rs ����l��"�����TxPO�x�� ��!N���e��#S�� j� � l��s�TO���l�O�RSN� S��s{� �� ��U"���&S ���RsS�� Pl��N�� ��"��"����� s u��� �U����s�T"�� �� "�S�~��"�Us�T 'R ���SN��x� ��"s�T '�x��T'���"��"�!"!e�� �����s�T '��T�� ��s #&�sj�� }� s�T '� ��T�#"��O�Rs���j����O��"�SN� � ��"��"����� �� ��s��� ��"�RSN�"�S��n�� �"��� f�~��O�g��s�T 'w��s#��� ���O�� j� "�S��~��O�"O� j�n��|���U� $�N�O ���suwj��l�������$ ���P���~��� �!l� l��R�"�S�� U���� � R $����&������#!��j"��O��e�"�S�fOj���g�"� ����O�������u��#s����!l��}�j�l�����RsRSN� &S l��"��O"��U��j�����U���� ��T$��"��� #"���� RSN e����"��� l���l��n���O� e��jN"��"�����U���� ��TU���� l� O�m�"e�R�$��O�~��S�"�l�sz��--+�O�"e�R��# ���e������*�2-���N��U� ���TU���� �T e��jNm�"e�R� ���T"�S�~����sz!l�}�RsSN� �S��������"m�"e�R�������~� e��jNj#N����U���� O������P��~����"!N�sz��--*���������2.+�U� !l�j#N�s�� U � U"�Us�� sz��--*���������2*+�U� !l�j#N��$��O�~���~��N� �T�)�2�.

� U���� ���� ��l����sz��---�U���� �TO�&���"�� ��� Pl�Tj�l��Se����"��� P l� +� &���"��� �n�� &���"�����O�#!��j"��O ���S��&���"�����&SO��� O$�"ml���� T� ��j��j������O&���"��S�T&�&��� �� ��!l�,j��j���&���"�����&SO��� O��On������O&���"��Oj�S��"j��������SN�����~��&���"��S�T&�&��� ���!l�,j��j���su��#U��� Pl�Tj�l��"��"l���N����e�j��U&���"��Oj�S��"j�������SN����� Pl�Tj�l������!��"������#w�!�yV���l��&���"�����O�#!��j"��O� ���S��$n�� ������"RSN�� Rs��j�n�"n�UjOS��N��su��#U��� Pl�Tj�l��"��$����$n�� ��S���������� N� ����U���� ����U$�T�#| l��mPN�n�j#N���P"�N�����U��"������ ��O�~�$���O�!� ���#�"��� ���jN"�����U��#�"��Se����������U���� SN� S�!��SO��!��S���|T"��O"��U��j�����T�$��"��� #" l��� ��O#l�O�����T #lO ���"� �����s��U�!�j�N� ��� l��!�O���O��O���� $n���jNU���� %�s{�U���� $��������j���O ��$ � ��O����OO�������T���w!�U&!� l�� ��� n�!l�Rs

����������� ��� s�T���"��O"��

Page 6: TFD: Annual Report 2011

����������� ������ ����������������������� �4

����������Board of Directors

S�2�#� ����� �R Q=2�GK9@A;=9�G?@A8=?@A?8

�� �x��� �!�T�#U��=2��i8CA?8�:?6CA?Kk;1

�� "�O$��!� T��!���=2��KWi;1�:8q?=?@

�� s�T����������!�"#��=2��=?L;9I��?=?,=?@?9?DK1�

�� ������ ��� ��#����=2�:A?7?@CA?8�38?=?7KE@A8

�� ��� ��"������"�|��=2�>?9�58@�?1?DL?9?

�� ��#"P���#U��#��=2��9KDK1��k;99KCA

�� �OO�!������T ��$ ��=2�G;WW?=@�G?9IDA?L?i

����#O�����l�����!�=L2�GKW?166�M9ICA?=8@

s�T���"��O"���"��O"������T4A?8=W?9�V9E6i69E69@�Q8=6C@;=

"��O"���s�T���"��O"��U��j��Q8=6C@;=�yJ6CK@876�4A?8=W?9f!����!l���� ������O"���O��---gfG89C6�3?9K?=q��������g

"��O"���"��O"��U��j���"��O"��mPN��S"��

Q8=6C@;=�yJ6CK@876�Q8=6C@;=��?9?I89I�Q8=6C@;=

"��O"���"��O"��U��j���"��O"�����"��O"��mPN��S"��Q8=6C@;=�yJ6CK@876�Q8=6C@;=�Q6iK@q��?9?I89I�Q8=6C@;=

f���~����� ������O"���O��---gf�9@81�3?9K?=q��������g�

s�T���"��O"��!�����U�s�T���"��O"��"e�"�USP��"��"�� ��S�

���j����T�l�!�U� ��"��O"������T��KE8@�4;WW8@@66�CA?8=W?9

4;=i;=?@6��;76=9?9C6>;W89?@8;9�?9E�B6WK96=?@8;9�

4;WW8@@66�4A?8=W?9V9E6i69E69@�Q8=6C@;=

"��O"������T�"��O"��!�����U"��O"��"e�"�USP��"��"�� ��S����j����T�l�!�U� ��V9E6i69E69@�Q8=6C@;=��KE8@�4;WW8@@66��6Wk6=4;=i;=?@6��;76=9?9C6>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66

"��O"���"��O"��U��j���"��O"�����"��O"��mPN��S"��Q8=6C@;=�yJ6CK@876�Q8=6C@;=�Q6iK@q��?9?I89I�Q8=6C@;=

"��O"������T�"��O"��!�����U"��O"��"e�"�USP��"��"�� ��S����j����T�l�!�U� ��V9E6i69E69@�Q8=6C@;=��KE8@�4;WW8@@66��6Wk6=4;=i;=?@6��;76=9?9C6>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66

"��O"���Q8=6C@;=

Page 7: TFD: Annual Report 2011

���� ������� �!""# 5

�������������������Oganization Chart

|���� ������O"���O��---�&�����N��"����S"������"����T�� ���"�� e����x� ������"�M=I?98�?@8;9�4A?=@�?L�;X�3?9K?=q��������

��� ���� (� U���� e���ww��l��N��U#���x� ��"s{�mPN!�����Ux� ���&S O�j�N� ����T���O��Um�S��U��"��Se����"��!�����Ux� �����T����n��}� ��"�� ��N���� � !�O ��RSN��UO�UjO� ��""��O"��mPN��S"�����T�j�n��|T"��O"��!�����U������� (� :A6�4;Wi?9qoL�89@6=9?1�?KE8@;=�A?L�?LL8I96E�@;�@A6�>;9,3K=8L@8C�H;Eq�;X��6=L;9�=6Li;9L8k16�?9�?11�XK9C@8;9�;X�<;=D�?9E�@A6�;@A6=�=61?@6E�� � @;�@A6�?LL8I9W69@�X=;W�@A6��?9?I89I�Q8=6C@;=�?9E��KE8@�4;WW8@@662

�������������� �!"��#"$%&��'("�

)��*���������������+,�'/(&0�12�&���3

������������45�6�7/#&(1"��&((��

89:��45�6�;� <�=3(��3�>7/#&(

��������6?�������89:5 ����%�@/(AB�3�C&3C%&��'("�

89:DE4 �������89:5 ������ F G��*����56���������7HH&H(�3(B�3�C&3C%&��'("�

=3#/H(�&�>!/H&3�HH%�0�>"@��3(

89:DE4 �������89:5 ������ F G��*����5I��JF �6�K

LM�6�����N�� �?��7HH&H(�3(B�3�C&3C%&��'("�!/H&3�HH%�0�>"@��3(

I��H&#�3(&�>�3#O$$&'�!/&>#&3C

89:DE4 �������89:5 ������ ������LM���P�PM �

������K7HH&H(�3(B�3�C&3C%&��'("�7#�&3&H(��(&"3=3$"���(&"3

Q�'23">"CA

�������89:5 ����B�3�C&3C%&��'("�

89:DE4 �������89:5 ������ ���?��

7HH&H(�3(B�3�C&3C%&��'("�R&3�3'�

�����������N�� ��9LM��5�����J�������LM��E��6�L��

1"�@"��(�S"0��3�3'�TU"�&3�(&3C�3#���/3���(&"31"��&((��

Page 8: TFD: Annual Report 2011

����������� ������ ����������������������� �6

���!������Managements

�� "�O$��!� T��!���=2��KWi;1�:8q?=?@

�� ��#"P���#U��#��=2��9KDK1��k;99KCA

���������'������=L2�B?CA?966�G8<?<6�

��������� "�|��&�S���� $�����L2�3?=8q?D;=9�G;E?@A?9q?iA?@

�� ������ ��� ��#����=2�:A?7?@CA?8�38?=?7KE@A8

�������$��s���s�T ����=L2�G8=8i;=9��89i=?q;9I

�����R����l&�N��=L2��81?8�G2�>I;<

"��O"��mPN��S"���?9?I89I�Q8=6C@;=

"��O"�����"��O"��mPN��S"��Q6iK@q��?9?I89I�Q8=6C@;=

mPN�l� "��O"��mPN��S"���� "�������LL8L@?9@��?9?I89I�Q8=6C@;=�089?9C6

mP���� "��O"��mP���S"���LL8L@?9@��?9?I89I�Q8=6C@;=HKL896LL�Q6761;iW69@�B6L8E69@8?1�?9E�MXX8C6�HK81E89I

"��O"�����"��O"��mPN��S"���Q6iK@q��?9?I89I�Q8=6C@;=

f���~����� ������O"���O��---gf�9@81�3?9K?=q��������g�

mPN�l� "��O"��mPN��S"����� U��j����T �&�&� ������ '�

����#"��U���� �LL8L@?9@��?9?I89I�Q8=6C@;=�

�EW898L@=?@8;9�V9X;=W?@8;9:6CA9;1;Iq�4;Wi?9q�G6C=6@?=q

mPN�l� "��O"��mPN��S"����� $�����#�"���#!��j"��O�LL8L@?9@��?9?I89I�Q8=6C@;=

V9EKL@=8?1�HKL896LL�Q6761;iW69@�

�� �x��� �!�T�#U��=2��i8CA?8�:?6CA?Kk;1

s�T���"��O"��U��j���f!����!l���� ������O"���O��---gyJ6CK@876�4A?8=W?9�fG89C6�3?9K?=q��������g

Page 9: TFD: Annual Report 2011

���� ������� �!""# 7

���"�#�������$����%&'(()Social development in the 2011 year

U���� R $����&������#!��j"��O� �e�"�S� fOj���g� ��TU���� l� � RSN���j���~����O�e���w������O ��� n� ���#�"��� ��!N��!�U&!Rs$�N�O"�U���O��Um�S��U!l�����O�&S �$�T� l�� ����n���"��SP���#O����T"����N��s�T& ���"��U�n��Pl�#O�����$n�� ��!l��}���T$n�� ��U���� �N�RsSe����"���

�e�j��Usz��--*��n�����"s{� �� ��U"��S�� Pl�l�s�T 'R s�T�$suwj���"�!�# #"x� ��� � ��"�N����j�� }����j��S���O ���$n�� ��x� �����j��S"�#� $Oj����� ��N�����OSn�S�N���jN"�U���U�����#O��!l��}� ��!N��"�����O�l� j�n�SN����n����#s&x�,U��&x����T��������e�s{� ����N��"��Se�������!���!l�T����U���� %��~�RSN��S"��"��O�#O����O$�����&S ��l��SP����T$�����#O����$n�� �� ��jl��R"����O���w���T$n�� �� ��RSN��U���OSn�S�N����jNO����Os{�� Pl ��S����TO����O�#���� ��l��"���l����O��T���U��#�SN��"��'~"���SN�������|s�T& �����T������S�N�O� ������"��"��O��T&���"�� ��RSNSe������������TO#l��N� ��"��O��l���l�O���U���� �$��"������T�#O���&S O�&���"�� ���e���w�S�����2,

��5����DE4 �MV689:)����; �NW��E4��� L5���? ?D�FDE4 �MV689:)����; �NW��E4�X6N�;6��?���5 ?�4 �F�����K��6 �* �Y� U���� %�RSN�l�O"�U&���"�����e����$n���� ��O���e��|T e����&���"���4GB��N��e����$n�� ��U���|���j��S$�T���'��� #� ��$U�l� ��O��#O��$n�� ��!e�U�UN���s��� �e�x�U��R �� ���j��S$�T���'��� #� ���e������+�����U�����RSN��U���OSn�S�N����"j!#�# #"x� ���T ��ROlO�mPN�l� j�n��N��~�$n�� ��S��"�l���U���� %�~�RSN��S e����#� ����$�l� j�n�mPNs�T�Ux� �� &S �l�O�U�jN"�U�!l�T���U�����$n��U�� ����OSn�S�N�����Ts{�"e�������jNml��$N���"�!�# #"x� ��������RsSN� S�

Page 10: TFD: Annual Report 2011

����������� ������ ����������������������� �8

��5����FVJ6���KZ���� �E4��� �������5����5 �[VW6�9:F�:6��� ?�V6XP��?����6�6�����6��� ?�V6\]^P�?�� �Y� �n�����&�"�� �����w$�T��O$�����.*�$�����$�TU� �OS��$�T�N�� Plj��xPO�$��S#� S��U���� %�!�Tj��"�~�$�T���"�|� "�����$�T����%�� l��j�~��"�� �"�U"��$�������O�PN��� ����R ����n������O�e���w���"���l�����Tj���l� �" ��� ��S�"SN� &�"����TO�&�"��RSN�l��j����n��jOl�j����n� ��S����TO����O�PNjO�T�O"�U�� ��� ������ S�������~�RSN�l�OSe����"��"��O��&���"��O�U����!�O�Uj����n��.*��&���� ���"�U�OP����� ��"�O$n��"��'~"�����TU���� ���OO�U#����� �e�"�S� &S "��U�����������U��#���S�n��!PN$�N�Oj����n���e�j��UO�U�jN��"�� ��TS�Us�T�O'~"��,O�� O'~"��� ���s�T '��T��O���j��S�� �S�x���!N�$n���l� �l����O �����jN��""���l�����T�N�j����O�PN��~���Ts{�$n����� ��"��'~"����� ����!l�Rs������!�

��5����F G�� �4D�� ������5��?���� �����FVJ6)_��E�<D:5E� <����L��?��J 4)` P�� U���� %�RSNU�����������U��#�"����S��S�S�� �sz &��������"��s�T 'R ��&���"���G@6iA?986�Q6kK@�89�H?9ID;D�������"sz &� ����jw����"s�T '���&S���� �G@6iA?986�M9II;<89;@;��~����S�~���|�jN����KE8@;=8KW�j�'��s�������O�jl�"�#� $Oj�����$n���l� �jN ����O��O������""���l�S�!�����T"�N���S���"!l�j�N������|��� ��"�� �T�� S"��"��OS��"�l�� ��RSN��S e��~��$n������Osz��--*�U���� %�j���s{�� l�� ����l�"��"��O!l��}� ��U���� RSN�l�O���U��#�"��"��O!l��}� ��"�S�~�������j��S���T�#O��� l��!l��n����Oe���O����T"����N��s�T& ���� l�� ��� n�"��U�n��Pl�#O�������O���T&�"�U���� l�� ��� n�!��SRs

Page 11: TFD: Annual Report 2011

���� ������� �!""# 9

����������Board of Directors

����������� ��� s�T���"��O"���"��O"������T

%��b/3(2"�3b�(2&��(2�&4A?8=W?9�V9E6i69E69@�Q8=6C@;=

���KZ����� s��ww��"�f"� �!��� Og�'���'��!��� Oj��� ��� s�����fGMBHM>>yg�s�T '�����'��� s��ww�& �'���'��!���� Oj��� ��� s�����s�T '�����'��� s��ww�!������O'��!��U�|��!�f�2U2g� Oj��� ��� ���O'��!��)��������e����N�?���� �� "�x�Oj��� ��� ��� ������� �� '��!����� �$�'���#����"�|�Oj��� ��� �� �|T��!�'��!����� s�T���"��O"���"�����O�#!��j"��O� ���D��������4?����M ?)`gh^^ighjk�� ���s��S"�T ���"��������� ���US�"�OU�w��"������ ���US�"�O�����"����� mPN�e��� "���e���"���'���"��"��������� j��j�N�"����U�#O��������T"����O���

+#/'�(&"3l�� �A2Q2f�;9Lg�yC;9;W8CL�G;=k;996�0=?9C6��/-��� �?L@6=oL�Q6I=66�89�yC;9;W8CL�G;=k;996�0=?9C6��/-*��� H?CA61;=oL�Q6I=66�89��;18@8C?1�GC869C6�� :A?WW?L?=@��9876=L8@qn"��&3C+,@��&�3'�l�� 4A?9C611;=�?@�y?L@6=9��L8?��9876=L8@q�� �=;X6LL;=�yW6=8@KL�89��?<�?@�4AK1?1;9ID;=9��9876=L8@q�� 4A?8=W?9�;X��@A6�4;WW8@@66�;9�V9EKL@=8?1�yL@?@6p">#&3C@�"�&3�3(@"H&(&"3H�((2�B&3&H(�A"$R&3�3'�$�"�kqhsikq\\�� Q6iK@q��6=W?969@�G6C=6@?=q��� Q8=6C@;=��696=?1,4;Wi@=;116=��696=?1oL�Q6i?=@W69@�� Q8=6C@;=��696=?1,:=6?LK=q�Q6i?=@W69@�� 4;K9L611;=,08LC?1��;18Cq�MX�C6�� �6?E�;X�H?9D89I�GKi6=78L8;9�?9E�G?789IL�Q878L8;9

�� 6;�D �D�6��M"��O"���s�T���"��O"��U��j��

B��7@&'2�&Q��'2�/u">Q8=6C@;=�yJ6CK@876�4A?8=W?9

���KZ����� s��ww�& �'��s'��!�Oj�U�|��!�� �|T���'��!�������"��s"�����Oj��� ��� ��O�e��j��� s��ww�!���U��j���#�"���� >;=@A�469@=?1��9876=L8@q��=8�;9?��2G2�2�� s��ww�!���'��s'��!�U�|��!� �|T���'��!�������"��s"�����Oj��� ��� ��O�e��j����6����M ��9���������5��=O%�� j��"�P!��Q����#l��+/����-�� j��"�P!��4A?8=W?9�����)��������e����N�?���� "��O"���U���� ���2���2��2����2�U�������"�#�s��e�"�S��� "��O"����������������!���R$�����e�"�S��� "��O"��mPN�l� ���O�!��s�T�e��e���"�� "���O�!����� "��O"�� ���#|�#��������"��U��j��"��$����$n�� ��$�'�� $n��"�� l�� �� �� l�� ��� n���� "��O"�����Ts�T���"��O"���U���� ����������S���e�"�S�� ��s�~"�����O�!���l� �l�"��"�T ���Oj�SR ��� ��s�~"���O��Oj�"���N�R ����� s�T���"��O"���U���� �s������!����$�������� ��e�"�S��� s�T���"��O"��U��j�����T"��O"��mPN��S"��� U���� �& ������S��!�� �������������e�"�S

+#/'�(&"3l�� �?L@6=oL�Q6I=66�89��;18@8C?1�GC869C6� B?WDA?WA?69I��9876=L8@q�� H?CA61;=oL�Q6I=66�89�HKL896LL��EW898L@=?@8;9� >;=@A�469@=?1��9876=L8@q��� H?CA61;=oL�Q6I=66�89��;18@8C?1�GC869C6�� B?WDA?WA?69I��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� Q���41?LL�+/����-�� 4A?8=W?9�������=;I=?Wn"��&3C+,@��&�3'�l�� Q8=6C@;=��242�2�2�HKL896LL��=;Ki�4;2��@E2�� Q8=6C@;=��GG��y9@6=i=8L6�4;2��@E2�� �8C6��898L@6=�X;=�MXX8C6�MX��=8W6��898L@6=�� Q8=6C@;=�@;�@A6�Q�G:��� Q8=6C@;=�?9E�yJ6CK@876�4A?8=W?9���G���?9E�4;2��@E2�� Q6iK@q��E78L;=�X;=�@A6�V9@6=9?1��XX?8=L��898L@=q�� 4;9LK1@?9@�@;�@A6�:A?8�4A896L6�4A?Wk6=�;X�4;WW6=C6��� 4A?8=W?9��=89C6@;9��?=D�GK8@6L�4;2��@E2�� yJ6CK@876�4A?8=W?9�?9E��?9?I89I�Q8=6C@;=�:;@?1�V9EKL@=8?1�� G6=78C6L�4;2��@E2

Page 12: TFD: Annual Report 2011

����������� ������ ����������������������� �10

�� )���?�e4��� ����Ms�T���"��O"��!�����U� s�T���"��O"��"e�"�USP��"��"�� ��S�����j����T�l�!�U� ��"��O"������T

B��v��H"3Cx���I��(�3��/>�KE8@�4;WW8@@66�4A?8=W?9�4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66�4A?8=W?9�V9E6i69E69@�Q8=6C@;=

���KZ����� s��ww�& ����s�T'���'��!�� �#����"�|�Oj��� ��� �� s��ww�!���$�|�� '��!����� �#����"�|�Oj��� ��� �� s��ww�!�����!�'��!���� Oj��� ��� ��O�e��j����6����M ��9���������5��=O%�� j��"�P!��Q4���#l��)�������� j��"�P!��Q����#l��-�������� j��"�P!���4���#l���������)��������e����N�?���� "��O"�����Ts�T���"��O"��!�����U� U���� �"�#� $UN����T ��S����e�"�S�fOj���g�

+#/'�(&"3l�� �?L@6=�;X��Kk18C��EW898L@=?@8;9� 4AK1?1;9ID;=9��9876=L8@q�� H?CA61;=�;X�4;WW6=C6�� 4AK1?1;9ID;=9��9876=L8@q��� H?CA61;=�;X��?<� B?WD?WA?69I��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� Q4��41?LL�)�������� Q����41?LL�-�������� �4��41?LL��������n"��&3C+,@��&�3'�l�� Q8=6C@;=�?9E��KE8@�4;WW8@@66�4A?8=W?9� 5=K9I@A6i��?9E���42

�� � ��e��55�M ���e"��O"������T�"��O"��!�����U"��O"��"e�"�USP��"��"�� ��S�����j����T�l�!�U� �

B��U�3z&({�>��H�3�V9E6i69E69@�Q8=6C@;=��KE8@�4;WW8@@66��6Wk6=4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66

���KZ����� s��ww�& �U��j���#�"���� Oj��� ��� O����"��s�T '�j����O��"��� s�T"�'�� U�!������P� ��"��U�w���� Oj��� ��� ���O'��!�����6����M ��9���������5��=O%�� j��"�P!��Q����#l��-/�����)��������e����N�?���� "��O"��� U���� ��e���"���" jO� ����������fs�T 'R g��e�"�S

+#/'�(&"3l�� �H���9876=L8@q�;X��8CA8I?9��2G2�2�� �8IA6=�Q8i1;W?�89��CC;K9@?9Cq� :A?WW?L?=@��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� Q���41?LL�-/�����n"��&3C+,@��&�3'�l�� Q8=6C@;=�;X�:A6�0?=�y?L@��?<�MXX8C6�f:A?81?9Eg�4;2��@E2

�� ������� ?|��� F e"��O"������T�"��O"��!�����U�"��O"��"e�"�USP��"��"�� ��S�����j����T�l�!�U� �

B��b"����(b�3C�2�H�@V9E6i69E69@�Q8=6C@;=��KE8@�4;WW8@@66��6Wk6=�4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66

���KZ����� s��ww�!�����!�'��!���Oj��� ��� ���O'��!���� s��ww�!���U�w���Oj��� ��� ���O'��!���� s��ww�!���$�|�� '��!���Oj��� ��� ���O'��!�����6����M ��9���������5��=O%�� j��"�P!��Q����#l��-/�����)��������e����N�?���� ��s�~"��SN��x�����"��U���� � ��$ ����$���e�"�S

+#/'�(&"3l�� H?CA61;=oL�Q6I=66�89��?<�:A?WW?L?=@��9876=L8@q�� H?CA61;=oL�Q6I=66�89��CC;K9@89I�:A?WW?L?=@��9876=L8@q�� H?CA61;=oL�Q6I=66�89�4;WW6=C8?1�:A?WW?L?=@��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� Q���41?LL�-/�����n"��&3C+,@��&�3'�l�� 4;9LK1@?9@�89�:?J?@8;9�;X�G?iL?@?i;=9�4;2��@E2

Page 13: TFD: Annual Report 2011

���� ������� �!""# 11

�� � �FM�� �� ��e"��O"���"��O"��U��j���"��O"��mPN��S"��

B��S/�@">Q&A���(Q8=6C@;=�yJ6CK@876�Q8=6C@;=��?9?I89I�Q8=6C@;=

���KZ����� s��ww�& �U��j���#�"���Oj��� ��� "�!�'��!���� s��ww�!���'���'��!���Oj��� ��� ���O'��!���� s��ww�!���"��U�w���Oj��� ��� �#�"��U�|��! ��� s��ww�!�����!�'��!����#����"�|�Oj��� ��� ���6����M ��9���������5��=O%�� j��"�P!��B;16�;X�@A6�4A?8=W?9��#l��������/�� j��"�P!��Q4��B6X=6LA6=��#l����������� j��"�P!��Q4���#l��+�����+��� f46=@8X8C?@6�;X�4;Wi16@8;9�?9E�Q8i1;W?g���6���5������ �6VJ��� j��"�P!���"��s{���"�����Tj� ���#�"����T'���"������ �#l�����sz��--���|T'���'��!����#����"�|�Oj��� ��� )��������e����N�?���� �N����"��Ue���w"�O���$�"��� �S�!��#"��O"���"2!�2�"�� �"�U" jO� ��T�TU� U� �e���"���!e�����jl���!���� "��O"��U��j���U���� �& ������S��!�� �������������e�"�S�� "��O"��U��j���U���� �����������S���e�"�S��� "��O"��mPN��S"���U���� �s����!������$�������� ��e�"�S

+#/'�(&"3l�� �?L@6=oL�Q6I=66�;X�HKL896LL��EW898L@=?@8;9� 5?L6@L?=@��9876=L8@q�� H?CA61;=oL�Q6I=66�;X�yC;9;W8CL�:A?WW?L?=@��9876=L8@q��� H?CA61;=oL�Q6I=66�;X��CC;K9@89I�QAK=?D8�kK9E8@��9876=L8@q�� H?CA61;=oL�Q6I=66�;X��?<�4AK1?1;9ID;=9��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� B;16�;X�@A6�4A?8=W?9�41?LL�������/�� Q4��B6X=6LA6=�41?LL��������� Q4��41?LL�+�����+� f46=@8X8C?@6�;X�4;Wi16@8;9�?9E�Q8i1;W?gO(2��=3H(&(/(��� HKL896LL�?9E�yC;9;W8C��9?1qL8L��=;I=?W�41?LL�������/� 0?CK1@q�;X�yC;9;W8CL�4AK1?1;9ID;=9��9876=L8@qn"��&3C+,@��&�3'�l�� :?J�yC;9;W8L@�MXX8C6=�;X�B6769K6�Q6i?=@W69@�� yJ,�;18C6�GKk,C;WW8LL8;9�;9��?<L�¡�B6IK1?@8;9L�� B;q?1�:A?8��;18C6��� yJ6CK@876�Q8=6C@;=�:;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2�� yJ6CK@876�Q8=6C@;=�G���?9E�4;2��@E2��� �?9?I89I�Q8=6C@;=��=89C6@;9�i?=D�LK8@6�4;2��@E2

�� 6���9M6��M��D"��O"���"��O"��U��j���"��O"�����"��O"��mPN��S"��

B��73/�/>}u"33/'2Q8=6C@;=�yJ6CK@876�Q8=6C@;=�Q6iK@q��?9?I89I�Q8=6C@;=

���KZ����� s��ww�& �U��j���#�"��Oj�U�|��!�Oj��� ��� "�!�'��!���� �!�U�|��!R ��e���"�U�O'~"��" jO� �jl��!�U�|��! �x��� s��ww�!�����!�'��!��U�|��!�Oj��� ��� ��O�e��j����6����M ��9���������5��=O%�� j��"�P!��Q4���#l��)������� j��"�P!��Q8=6C@;=L�Q8i1;W?�yJ?W89?@8;9�� j��"�P!��4A?=@6=6E�Q8=6C@;=��#l��-����/����6���5������ �6VJ��� j��"�P!�"��U��j�����x�������T" jO� Oj�����#l� ����� ���U��$�Ts""�N���� j��"�P!��"��s��U�!�"����!�� ���� �e��� "���� ���U����!�� ����OO���������U������"��s���"��s�T '� "��U�w��"�� j���P��#S)��������e����N�?���� "��O"���U���� ����������S���e�"�S��� "��O"�����TmPN��S"�� ���Rs� U���� �& ������S��!�� �������������e�"�S�� "��O"��mPN��S"���f�-+.,�-*.g� U���� ���S�!���������� P��&"N�¢N�������e�"�S��� j��j�N���� " jO� �f�-+-,�-+.g� �������j�O ����e�"�S�fOj���g

+#/'�(&"3l�� �?L@6=oL�Q6I=66�89�HKL896LL��EW898L@=?@8;9� 5?L6@L?=@��9876=L8@q�� H?==8L@6=�?@��?<�V9L@8@K@6�� �6I?1�yEKC?@8;9�:A?8�H?=��LL;C8?@8;9��� H?CA61;=oL�Q6I=66�89��?<� B?WDA?WA?69I��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� Q4��41?LL�)������� Q8=6C@;=�Q8i1;W?�yJ?W89?@8;9�� 4A?=@6=6E�Q8=6C@;=�41?LL�-����/Q��&3&3C$�"�"(2��=3H(&(/(��� �=?EK?@6�Q8i1;W?�89��Kk18C��?<�?9E��?9?I6W69@� 589I��=?�?EA8i;DoL�V9L@8@K@6�� 46=@8X8C?@6�;X��ii186E��LqCA;1;Iq�X;=�>?@8;9?1�G6CK=8@q� :A6�V9L@8@K@6�;X��ii186E��LqCA;1;Iq�>?@8;9?1�Q6X69C6� G@KE86L�V9L@8@K@6n"��&3C+,@��&�3'�l�� Q8=6C@;=�G���?9E�4;2��@E�� Q8=6C@;=�?9E��696=?1��?9?I6=�:;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2�� �?9?I89I�Q8=6C@;=�f�//-������-g�� 4=6E8@�0;9C86=��98C;��;KL89I��8W8@6E�� 4A86X��6I?1�Q6i?=@W69@�f�//�����//-g

Page 14: TFD: Annual Report 2011

����������� ������ ����������������������� �12

��?����M�6E6?5���"��O"��

B�H�b/��>��O3C'2��&(Q8=6C@;=

���KZ����� s��ww�& SN��U��j���f"�����g� Oj��� ��� ���O'��!���� s��ww�!��SN��"��!��S� Oj��� ��� ��O�e��j��� s��ww�!���� �'��!���f �&�&� ����x�$g� Oj��� ��� "�!�'��!��)��4 ������N�?���� "��O"��� U���� ���ss�!������R��������e�"�S� U���� �&��$�O$�!T�����"��e�"�S�fOj���g� U���� ���S��"����!�������������e�"�S� U���� �$�"����&¢�S�����e�"�S� U���� �������� �O��e�"�S� U���� �S�#|��"����e�"�S� U���� �����������e�"�S� U���� ��������$��������e�"�S� U���� �����$����$��������e�"�S� U���� �R����"����$������$�����e�"�S)��������e����N�?���� "��O"���U���� ��$�����$��������e�"�S�� "��O"��U��j���U���� ��TUU���l�O����"�#� $��e�"�S�fOj���g�� "��O"��U��j���U���� j��" ��$ ����S�������e�"�S�� "��O"��U��j���U���� �������S�������� ��O��ON� ���e�"�S

+#/'�(&"3l�� �?L@6=�;X�HKL896LL��EW898L@=?@8;9�f�H�,089?9C6g�� :A?WW?L?=@��9876=L8@q�� H?CA61;=�;X�HKL896LL��EW898L@=?@8;9�fH�,�?=D6@89Ig�� B?WDA?WA6?9I��9876=L8@q�� H?CA61;=�;X�GC869C6�fHG,H8;@6CA9;1;Iqg�5?L6@L?=@��9876=L8@qn"��&3C+,@��&�3'�l�� Q8=6C@;=��� 4?i8@?1��118?9C6�4;2��@E2� y?L@6W��=89@89I��Kk18C�4;Wi?9q��8W8@6E2�� G6?E;I�V9@6=9?@8;9?1�4;2��@E2� �6=D?L?��;1E89I�4;2��@E2� G6?LA611�G8?W�4;2��@E2����� Q?=K9=?D�4;2��@E2� 58=8EA?=?�4;2��@E2�� 35B�y96=Iq�4;2��@E2� B����y96=Iq�4;2��@E2� V0y4��=669��;<6=��1KL�4;2��@E2�� Q8=6C@;=����1KL��1?996=�4;2��@E2�� yJCCK@876�Q8=6C@;=�H?9ID;D��?LL�:=?9L8@�GqL@6W��Kk18C�� 4;Wi?9q��8W8@6E2�� yJCCK@876�Q8=6C@;=��E7?9C6�G6CK=8@86L�4;2��@E2�� yJCCK@876�Q8=6C@;=�B8CAX861E��LL6@��?9?I6W69@�4;2��@E2

�� *4 DD 5� �4�~G�"��O"���"��O"��U��j���"��O"�����"��O"��mPN��S"��

B��Q2�0�('2�&�&���0/#(2&Q8=6C@;=�yJ6CK@876�Q8=6C@;=�Q6iK@q��?9?I89I�Q8=6C@;=

���KZ����� s��ww�!���'���'��!���Oj��� ��� ���O'��!�����6����M ��9���������5��=O%�� j��"�P!��Q����#l��)�����.)��������e����N�?���� �"��O"���U���� �& ������S��!�� �������������e�"�S�� �s�T�U"��|�SN��"��!��S�"��U��j����S"��� �������e���"������T ��$�"��'� O�s{�������"�l�����sz

+#/'�(&"3l�� H?CA61;=oL�Q6I=66�89�yC;9;W8CL�:A?WW?L?=@��9876=L8@q%&��'("�Hv�"C���Q��&3&3C$�"�=O%�� Q���41?LL�)�����.n"��&3C+,@��&�3'�l�� Q8=6C@;=�:;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2�� �;=6�@A?9����q6?=L�6Ji6=869C6�89�@A6�W?=D6@89I�?9E�� W?9?I6W69@�;X�;XX8C6�?9E�=6L8E69@8?1�kK81E89IL2

Page 15: TFD: Annual Report 2011

���� ������� �!""# 13

���!������Managements

�� 6;�D �D�6��Ms�T���"��O"��U��j��

B��7@&'2�&Q��'2�/u">yJ6CK@876�4A?8=W?9

���KZ����� s��ww�& �'��s'��!�Oj�U�|��!��|T���'��!���� ����"��s"�����Oj��� ��� ��O�e��j��� s��ww�!���U��j���#�"��� >;=@A�469@=?1��9876=L8@q��=8�;9?��2G2�2�� s��ww�!���'��s'��!�U�|��!��|T���'��!���� ����"��s"�����Oj��� ��� ��O�e��j�����N��l�O���"�UU���� !����!lsz��-+/

+#/'�(&"3l�� �?L@6=oL�Q6I=66�89��;18@8C?1�GC869C6� B?WDA?WA?69I��9876=L8@q�� H?CA61;=oL�Q6I=66�89�HKL896LL��EW898L@=?@8;9� >;=@A�469@=?1��9876=L8@q��� H?CA61;=oL�Q6I=66�89��;18@8C?1�GC869C6�� B?WDA?WA?69I��9876=L8@q3;896E�:0Q�89��//�

�� � �FM�� �� ��e"��O"��mPN��S"��

B��S/�@">Q&A���(�?9?I89I�Q8=6C@;=

���KZ����� s��ww�& �U��j���#�"���Oj��� ��� "�!�'��!����� s��ww�!���'���'��!���Oj��� ��� ���O'��!������ s��ww�!���"��U�w���Oj��� ��� �#�"��U�|��! ��� s��ww�!�����!�'��!����#����"�|�Oj��� ��� ���N��l�O���"�UU���� !����!lsz��-*-

+#/'�(&"3l�� �?L@6=oL�Q6I=66�;X�HKL896LL��EW898L@=?@8;9� 5?L6@L?=@��9876=L8@q��� H?CA61;=oL�Q6I=66�;X�yC;9;W8CL�:A?WW?L?=@��9876=L8@q��� H?CA61;=oL�Q6I=66�;X��CC;K9@89I�QAK=?D8�kK9E8@��9876=L8@q�� H?CA61;=oL�Q6I=66�;X��?<�4AK1?1;9ID;=9��9876=L8@q3;896E�:0Q�89�����

�� 6���9M6��M��D"��O"�����"��O"��mPN��S"��

B��73/�/>}u"33/'2Q6iK@q��?9?I89I�Q8=6C@;=

���KZ����� s��ww�& �U��j���#�"��Oj�U�|��!�Oj��� ��� "�!�'��!���� �!�U�|��!R ��e���"�U�O'~"��" jO� �jl��!�U�|��! �x���� s��ww�!�����!�'��!��U�|��!�Oj��� ��� ��O�e��j����N��l�O���"�UU���� !����!lsz��-*-

+#/'�(&"3l�� �?L@6=oL�Q6I=66�89�HKL896LL��EW898L@=?@8;9�5?L6@L?=@�� �9876=L8@q��� H?==8L@6=�?@��?<�V9L@8@K@6��6I?1�yEKC?@8;9�:A?8�H?=��LL;C8?@8;9��� H?CA61;=oL�Q6I=66�89��?<�B?WDA?WA?69I��9876=L8@q3;896E�:0Q�89�����

�� *4 DD 5� �4�~G�"��O"�����"��O"��mPN��S"��

B��Q2�0�('2�&�&���0/#(2&Q6iK@q��?9?I89I�Q8=6C@;=�

���KZ����� s��ww�!���'���'��!���Oj��� ��� ���O'��!�����N��l�O���"�UU���� !����!lsz��-+/

+#/'�(&"3l�� H?CA61;=oL�Q6I=66�89�yC;9;W8CL�:A?WW?L?=@��9876=L8@q3;896E�:0Q�89��//�

Page 16: TFD: Annual Report 2011

����������� ������ ����������������������� �14

��?� D��K�44DDmPN�l� "��O"��mPN��S"����� "�����

B�H���'2�3��b&����{�LL8L@?9@��?9?I89I�Q8=6C@;=�089?9C6�

���KZ����� s��ww�!���$�|�� '��!���Oj��� ��� ���O'��!���N��l�O���"�UU���� !����!lsz��-�*

+#/'�(&"3l�� H?CA61;=oL�Q6I=66�89�4;WW6=C6�:A?WW?L?=@��9876=L8@q3;896E�:0Q�89��/.�

��?����F�)���)�� ?�emPN�l� "��O"��mPN��S"����� U��j����T �&�&� ������ '����#"��U����

B�H�b&�&@"�3v&3@��A"3C�LL8L@?9@� �?9?I89I� Q8=6C@;=� �EW898L@=?@8;9� V9X;=W?@8;9��:6CA9;1;Iq�4;Wi?9q�G6C=6@?=q

���KZ����� '��s'��!�Oj�U�|��!�����x������"���� Oj��� ��� ��'����� s��ww�!���U��j���#�"���"������� B;;L6761@��9876=L8@q�On������&"�s�T '�j����O��"����N��l�O���"�UU���� !����!lsz��-+)

+#/'�(&"3l�� �?L@6=�;X��=@L�89�y9I18LA� >?=6LK?9��9876=L8@q�� H?CA61;=�;X�GC869C6�89�HKL896LL��EW898L@=?@8;9�f089?9C6g� B;;L6761@��9876=L8@q�4A8C?I;��2G2�23;896E�:0Q�89��//*

��?4��ML[EP?:4mPN�l� "��O"��mPN��S"���� $�����#�"����#!��j"��O

B�H�x&>�&b�UC"��LL8L@?9@��?9?I89I�Q8=6C@;=�V9EKL@=8?1�HKL896LL�Q6761;iW69@

���KZ����� s��ww�!�����O$��!���� Oj��� ��� �£6L@�4;?L@�s�T '�j����O��"����N��l�O���"�UU���� !����!lsz��-*�

+#/'�(&"3l�� H?CA61;=oL�Q6I=66�89�4;WiK@6=�GC869C6� £6L@�4;?L@��9876=L8@q��2G2�23;896E�:0Q�89��//)

��?��45�� ���eP���* � F G�emPN�l� "��O"��mPN��S"���� $�����#�"��� ��$�"��'� ��T������e���"���

BH����&A��"�3b"#�Q2�3A�@2�(�LL8L@?9@��?9?I89I�Q8=6C@;=�HKL896LL�Q6761;iW69@�,�B6L8E69@8?1�?9E�MXX8C6�HK81E89I

���KZ����� s��ww�!���"����S"���Oj��� ��� "�#� $���N��l�O���"�UU���� !����!lsz��--�

+#/'�(&"3l�� H?CA61;=oL�Q6I=66�89��?9?I6W69@�H?9ID;D��9876=L8@q3;896E�:0Q�89����)

Page 17: TFD: Annual Report 2011

���� ������� �!""# 15

* �������������+ �,�����-.�-

� j��""��"e�"�USP��"��"�� ��S����O����Ul�RSNs{��)�jO�S ���e���w�S��!l�Rs���� jO�S ��� �� s���w�"��Se�����#�"��� jO�S ��� �� �|T"��O"��� jO�S ��� +� ��� �U��|����|T"��O"���mPNU��j�����T$��"���� jO�S ��� *� "���� ��� ��"�������� ��� ��"��U��j������T"��!�����U� jO�S ��� -� �� ����T���O l� � O"�����mPN�n�j#N�� jO�S ��� �� U U� !l�mPNO��l��RSN�� � jO�S ��� )� "��s�Sm ����� '��T���O&s�l���

��4���Jk )� D��<�����N����*����5� U���� %� O��!���O|� ���Ts{�����"� ��Se�����#�"�� ��SN��$��������j���O ��$ � ��S���'� O�"��U��j����S"�� ��S��&S O#l��N�"��$��Os�T�� ��x�$��"��Se��������jNO����O��l��!���O���S���O��O�����"����l�������T��O���Se��������jN"�Ss�T& ����P��#S"�UmPN"�� ��N�����O�~�mPN ��O��l��RSN�� "�UU���� ���jOS���"��"����U���� ��O����OO#l�O��� ���Ts{�����"� ��O�"��"e�"�USP��"��"�� ��S��O��#|���O�O����O&s�l������T!�����URSN�$n����N���#|�l�$��O�jN�"l"��"�����Ts{� �� �O��U���mPN"�� ��N�� #"��� � ��"�!���O|�S��"�l���U���� �~�RSN"e�j�Ss���w���"��Se�����#�"���$n���jN�|T"��O"���mPNU��j�����T$��"������Ns{���� ����"��s��U�!�����&S O#l��N��jNU#���"��O� �'��!� ��S��O�$�!�"��O"���� ��PN�O�"��$����"��Se�������� l����N����������TO���!�e��~"��"����Um�S��U!l�����O&S ��O�s���w�S��"�l��s�T"�USN� ���T�e���w�S��!l�Rs���

k� �M ��N�� �<�����N����*����5LM�����N�� ��9LM��5�����J��� � �2�� �CC;K9@?k818@q� �n�� ���O��Um�S��U!l�"��!�S�������T"��"�T e����!���� ��T��O������������ � � ���U� "��!�S���������RSN� � �2�� B6Li;9L8k818@q� �n�� ���O��Um�S��U!l�"��s��U�!�j�N� ��SN� ��S���O��O���� ��Ts�T�� ��x�$ ���� � � $� �$�� � �2+� ypK8@?k16� :=6?@W69@� �n�� "��s��U�!�!l�mPNO��l��RSN�l���� � l�� l� � O"��� s{����O!l� #"��� ��� � � ��TO��e����U� RSN� � �2*� :=?9Li?=69Cq� �n�� ���O&s�l�����"��Se������� ����O���!�����URSN� ��TO�"��s�Sm �N�OP��� � � � l��&s�l����"lmPN ��"�� ��N�� #"��� � � �2-� �8L8;9�@;�C=6?@6�1;9I�@6=W�7?1K6��n��"��O����� �'����"����N��OP��l�$��O�"l"��"�����T T ��� � �2�� y@A8CL��n��"��O���� ���O���� �U��|��"��s�T"�U�#�"��

g� �E��� �6?�e���1"�@"��(�x�>/�H�� � �2�� !l�mPN�n�j#N�� ◆� �TSe�����#�"�����$�|�� ���jNO�"��!�U&!��TO�"e�R�� l�� ��� n��&S �e��~��� � � � � �~�"���� #� ���jNm�!�U� � ��S�� � �2�� !l��P"�N�� ◆� �T��N�����O$~�$����"l�P"�N��&S ml��"���e����m��!x�|����TU��"���� � � � � ��O��#|x�$�P�����TS�UO�!������"��SN� ���� #!����O� � �2+� !l�$��"���� ◆� �T���U��#�"��$�������O��O���"�� e�����TS�UOn�����$� l��!l��� � � � � �n�����jN���OO��������#|x�$����!"�� e�������$��"��� �S � OU���� �� � � � � �����e�� � � � �� � �2*� !l��#O��� ◆� �T��Um�S��U� ��TO��l���l�O��"��$����������S�N�O��T�#|x�$����!�� � � � � ��S��"l�#O��� � �2-� !l��Pl�N�� ◆� �T��N�����O��O$���� ��S��$n���n��s�T& ����l�O"��

Page 18: TFD: Annual Report 2011

����������� ������ ����������������������� �16

j� 4 G�*���6?�e���1"�@"��(�1/>(/���� � +2�� �'��!�� � ◆� O����O�PN�~"s{��N����� � � � � ◆� O#l��N�m�s�T& ��� ���#�"��s{�j��"� � � � � ◆� O#l��N��P"�N�� � � � � ◆� O#l��N��jN����"�O�"��$����� l��!l��n���� � � � � ◆ O���!�e��~"��"�� e����s{� �O�&S O�s��jO� �l�O"�� ����S��� � +2�� ������S� � ◆� ��S��������Tj�� l��s{��TUU��� # �'��!�����T!��s�TS���� � +2+� $�!�"��O��"�� e����� � ◆� O�"��U��T�m�"�� e���� ����S��� � � � � ◆� ����"�� e����!N��s��Us��� �RSN!�O����"��|��� � � � � ◆� e����s{� �O� � � � � ◆� U�� ~"�"�U�N�OP��$n�������Tj���T��N��s{��������O�PN� � � � � ◆� O��TUU"���l� �S����"�� e����� l��s{��TUU� � � � � ◆� U��j�����s{�

��4���Jg ���������� k� ;�4�89:�N�LM��4��)_�6����|6?����������� � ◆� �|T"��O"��� x� �!N"���e����s�T���"��O"���T!N��O�x��TmP N�e�� ��T��O�����U�#O"���� � � Se����"�����mPNU��j��RSN� l��O�s�T�� ��x�$��Ts�T�� ��m��$n��U���#s��jO� ��s{�j��������#�"���� � � ���U���� � &S ��O�����N����T$��O$P��l�"���� #��jN�"lmPN�n�j#N�� x������ s�T����� ��TmPNO��l��RSN�� � � �� �n��}�fG@?D6A;1E6=Lg��� � ◆� �|T"��O"������s�T"�USN� �"��O"������T��"x� ��"�~��s{�mPNO����O�PN���O��O������T����� � � O�"��s�T�#O�l�O"��� l���N� �*� Sn��� �������� &S "��O"������T�T!N���N��~��N�OP� ��"�������T�� � � ���#�"���n��� l��$� �$� ���T��O�����S����Oj��RSN� l��s{�����T� ��"��s�T& �������� � � mPN ��"�� ��N����N�s�T�#O&S �Oe���O�

g� ���5 �� W?����������6VJ��� � ◆� �|T"��O"��!�����U� (� �|T"��O"��� !N����S�jNO��|T"��O"��!�����Us{��l��j�~������� � � �|T"��O"��� &S �!l�!�����""��O"������T���U���� � l���N� � +� ��� ��T� l���N� � �� ��� !N���� � � O����O�PNSN��U�w�����"������&S �|T"��O"��!�����U!N��O��#|�OU�!�"�� �"�U���Os{�����T!�O�� � � s�T"�'!��Sj��" ��$ ��jl�s�T 'R � f!� 2g� �n����#|�OU�!���T��U�!"��Se������������ � � �|T"��O"��!�����U� $n�� e�j�N� ��!�����U� �� "e�"�USP��"��Se����������U���� � SP���� ����� � � ��"�������TUU��U�#Ox� ���"����S�n�"mPN!�����UU�w���"��$����|��N���S� N� ��m�s�T& ����� � � ��O�~�"����S e��� ���"e�"�USP��"��"������|T"��O"��!�����U

� � � �~��su��#U��"��O"������T�+����Se���!e��j�l�"��O"��!�����U���T ����+����O����O�PN��"����U�� � � ���U"������S���� �n�����Ts�T�U"��|� ��"�� ��N���S�����

� �2� �� s�T����� �����!�"#�� s�T���"��O"��!�����U� � sz��-*.���su��#U��� "��O"�����Ts�T���"��O"��!�����U� � � � U���� �"�#� $UN����T ��S����e�"�S�fOj���g� � sz��-*�� � "��O"�����"��O"��mPN��S"���� � � � U���� ��� #�j��" ��$ ����R ��e�"�S�fOj���g� � sz��-+/� � "��O"��U��j���� � � � U���� ��� #� ��$ ��e�����e�"�S� � sz��-+��,��-+.� mPN�e��� "�����#&���� ����n��� � � � U���� ��� #�j��" ��$ ������"����e�"�S�fOj���g

Page 19: TFD: Annual Report 2011

���� ������� �!""# 17

� �2� �� ��� �� "������"�|�� "��O"��!�����U� � sz��-+)����-*�� ��s�~"���|T"��O"���� � � � U���� ��� #�j��" ��$ ����R ��e�"�S�fOj���g� � sz��-++����-*��� ��s�~"���|T"��O"���� � � � U���� ��� #�j��" ��$ ��!T�����"�� ��N����f�//�g��e�"�S��� � � � fOj���g� � sz��-+�����-+�� "��O"��� � � � ��������� ��e�"�S�fOj���g

� +2� �� �OO�!�� ����T ��$ �� "��O"��!�����U� � sz��-+-����-+�� mPN��� ���w$�'��SN���TUU"����S"�Ux�����"�!�Os�TO���� � � � ��� �"�� � sz��-+����su��#U��� ��s�~"��SN��x�����"�� � � � U���� � ��$ ����$���e�"�S� � ◆� �|T"��O"��"e�"�USP��"��"�� ��S�� ���j�� ��T�l�!�U� �� (� ��s�T�#O�|T"��O"��� On����� ��� ����� � � $�'��"� ���--+�RSN�!l�!���"��O"������T���U���� �+����s{��|T"��O"��"e�"�USP��"��"�� ��S���� � � ���j�� ��T�l�!�U� �� �~�� ���� +� ��� s{�mPNO��#|�OU�!���U�N��j��""|�� ��!��Sj��" ��$ ��� � � �jl�s�T 'R � f!� 2g� ��T�e���"����|T"��O"��"e�"�Uj��" ��$ ���T!��Sj��" ��$ �� f"�!2g�� � � RSN"e�j�SR�N���n�������#|�OU�!����"��O"������T #"s�T"��� &S O����T"��Se���!e��j�l�� +� sz��� � � j�n���"�l��T$N�!e��j�l���""��s{�"��O"��U���� %�S���� �n��!l�Rs���

� �2� �� s�T����� �����!�"#�� s�T���"��O"��"e�"�USP��"��"�� ��S�����j����T�l�!�U� ��� �2� �� ��� �� "������"�|�� "��O"��"e�"�USP��"��"�� ��S�����j����T�l�!�U� �� �� +2���� �OO�!�� ����T ��$ �� "��O"��"e�"�USP��"��"�� ��S�����j����T�l�!�U� �

j� 6?�e)���6�|6?����������LM����L�E?� W?� � ◆� �|T"��O"��U���� ��jNO��e����ROl�N� "�l��-���� � ◆� U���� %� O#l�j����jNO�"��O"������T ��O����Os{�On�����$O�" ���#S l� ���Ts{�RsRSN� �!l�T!N��ROl�N� �� � � "�l��+���� � ◆� �|T"��O"��U���� � ���O���"mPN ���#|�#��������!l��}� $n��m�Om������O�PN���O��O���!l��}��� � � ���e�s{���~��s�T"�USN� mPN ��O����O�PNSN���#�"��$��������j���O ��$ �� l���N� �+����mPNO����O�PN� � � SN��" jO� � l���N� ��������TmPNO����O�PNSN��U�w����T"������ l���N� ������ � ◆� "���!l�!���"��O"�����s{�Rs!�O���T ��"e�j�SR�N&S ��T���O����O&s�l������T��S��

]� ���M ����������� ��|6?����������� � ◆� O��#|�OU�!����TROlO���"�|T!N��jN�O!�O�$2�2U2�U���� �Oj�����e�"�S� � ◆� "��O"������T!N��O��#|�OU�!�"�� �"�U���Os{�����T!�Os�T"�'!��Sj��" ��$ ��jl�s�T 'R ��� � � f!� 2g� ��T�e���"����|T"��O"��"e�"�Uj��" ��$ ���T!��Sj��" ��$ �� f"�!2g� ��T!N����O����� � � SP��m�s�T& ������mPN�n�j#N� #"�� RSN l� � O"�����TROl�jN"�S���O��S� N� ��m�s�T& ����Tj�l���� � � U���� �"�UmPNU��j���mPN�n�j#N��� �jwl�U���� �n����~��O�mPNU��j���mPN�n�j#N��� �jwl"�#lOS� �"�����"��"������ � � ��!N����O����N��l�Os�T�#O�|T"��O"���&S �jN���Oj��� l��s{�����TRSN

� � � SN� !��Sj��" ��$ ��jl�s�T 'R � f!� 2g� ��T�e���"����|T"��O"��"e�"�Uj��" ��$ ���T�� � � !��Sj��" ��$ ��f"�!2g�RSNO��N�"e�j�S"�� �"�U�#|�OU�!�!�O"|�����"��O"������T�fV9E6i69E69@��� � � Q8=6C@;=g� &S "e�j�S�jN&�����N���|T"��O"�����U���� �S TU� �!N��O�"��O"������T� l���N� ��� � � +������T�|T��#"��O"�����s{�"��O"������T�&S U���� ��O���"e�j�S�#|�OU�!����"��O"���� � � ����TO�""�l�"|�� ���!� 2���T�"�!2�"e�j�SR�NRSN��

Page 20: TFD: Annual Report 2011

����������� ������ ����������������������� �18

� � � U���� %�RSN"e�j�S�n����#|�OU�!����"��O"������T!N��s{�"��O"�� ��s{�����T��"mPN�n�j#N��� �jwl��� � � mPNU��j��� ��TmPN"�� ��N��� j�n�"��O"�� ��ROls{�mPNU��j�����U���� � U���� l� � ��TU���� �l�O� �~���� � � �#|�OU�!�S��"�l����S��N��s{�Rs!�O���T�e���w����N�"e�j�S"�� �"�U�#|�OU�!����"��O"������T��� � � �N�� ��� ���s�T"�'�|T"��O"��"e�"�U!��S #� ��� �2� �.��--�� �n���� "������#w�!��T�� � � "����#w�!�jN����� j#N� ����"�jOl�&S O��#|�OU�!�S�����

� ������ ��|6?�������6����|6?���� ��� � �2� �n�j#N�ROl"���N� �TjN�����e����j#N� ��O��� ����"�� � ���jOS���U���� � U���� l� � ��TU���� �l�O��� � � j�n���!�U#��� �����O����O��S� N��&S �jN��U��Oj#N� ���n�&S �Pl�O�����TU#!� �� ��ROlU���#��!�x��TSN� � � �2� ROlO��l���l�O��"��U��j�����O ���ROls{��P"�N���$��"���� ��s�~"�� ��RSN��U���Sn��s�T�e��mPNO��e������ � � ��U�#O�j�n�U#��� ���jNU��"��SN��������$� �l��mPN��UU�w��� �� ���O����U���� �U���� l� ���T�� � � U���� �l�O� j�n���!�U#��� �����O����O��S� N�� ��TROlO�m�s�T& ���j�n��l��RSN�� ����"�|TS��"�l���� � � O�"l��s{��T T���ROl�N� "�l����sz� � +2� ROlO����O��O$���� ���#�"��"�UU���� � U���� l� � ��TU���� �l�O� j�n���!�U#����n�� ��O����O��S� N��� � � ����"�|T �����s{�"����S����"����N�����|w�|� l������T���!�� ��TROlO���"�|T�n���S �� e��jN�� � � ROl��O����jN���Oj��� l��s{�����T"�� �"�U"��Se����������U���� � � *2� ROlO����O��O$���� ���� &�j�!� ��"���O��� j�n�&S "���S TU� �!�O" jO� "�UU#��� �����O��� � � ���O��S� N�����"�|T ��s{�U�S�O��S�� �Pl�O��� U#!�� ��O ����Pl�O�����U#!�� j�n�w�!���� ����� � � mPNU��j��� mPN�n�j#N��� �jwl� mPNO��e������U�#O� j�n�U#��� ���TRSN��U"������jNs{�mPNU��j��j�n��� � � mPNO��e������U�#O���U���� �j�n�U���� l� � � -2� ��O���SP��m�s�T& ������mPN�n�j#N� #"�� � l�� l� � O"��� � �2� ��O���SP��ROl�jN"�S���O��S� N� ��m�s�T& ���� � )2� ��O����N��l�O"��s�T�#O�|T��#"��O"��$n��$����|��n���!l��}�RSN&S ����T� � .2� ROl� !N���e�$�$�"���l�RSN"�T e����Om�S!�O" jO� �l�SN� j��" ��$ ���T!��Sj��" ��$ ���� � � " jO� �l�SN� "��s�T"�U�#�"����� #���#�"��j��" ��$ ����T�#�"����S�!���������" jO� �l�SN� �� � � "��������$�|�� �� " jO� �l�SN� "��s�T"������!� " jO� �l�SN� "��s�T"������'x� � " jO� �� � � �l�SN� "��s���"����Ts��Us��O"����"����j�n�" jO� ��"�� �"�U�#�"��"������� e����S� �"����� � � ROl�l��Ts{�" jO� R j�n�" jO� !l��s�T '� &S j�l� ��� ��O��e����!�O" jO� ����� ��������� � � �����Om�S"�� �"�U"��"�T e����ROls{����O ��"�� �"�U"���n���� j��" ��$ �� j�n�"��U��j����� ��O��� � � ��"�|Ts{�"��j��"�����N����j�n� #���!�� � /2� ROlO���"�|T�n���S �� e��jNROl��O����jN���Oj��� l��s{�����T"�� �"�U"��Se����������U���� � � ��2� ROls{�U#��� ��O��n��� Pl��U�w���� �n��U#��� ��!��Sj��" ��$ ��jl�s�T 'R j���l�ROl�O���s{��� � � mPNU��j��!�O�N�U����U!��Sj��" ��$ ��jl�s�T 'R

h� ��:���J�4��� �8��D6���J�N�� �|6?����������LM����6��������� |6�|�6N���5��:���J|6?����������� � �2� U ����T�jN���Oj����U��"��Se����"���S}� ��" jO� "e�j�S� � �2� s�TO��m�������"��O"��mPN��S"��&S �Oe���O����T"e�j�S�l�!�U� �"��O"��mPN��S"��� � +2� "e�j�S���� �'�����"��"�����T��Um�S��U!l�m�s�T"�U"�����T"��s��U�!�������mPNU��j��&S �jNO��� � � ���O!�������T���O�TO�S�T�����"��s��U�!��������� � *2� U ����T�jN���Oj����U"�U"� # ����T�& U� ���e���w��O�~���!�#s�T�����s��jO� ��"�������� � � ��T�m����!l��}�$�N�O ���!�S!�O�jNmPNU��j��O�"��s��U�!�!�O�m���� ��"e�j�SR�N� l���Oe���O�� � -2� �jN���OO������l�� �TUUU�w��� "���� ��� ��"�������T"����UU�w��O����O�n���n�RSN� ��O ���SP���� � � �jNO�"�TU��"����"��s�TO�����OjO�T�O���"����U�#Ox� ����T"��!�����Ux� ���jN�� � � O�s�T�� ��x�$��Ts�T�� ��m��"��U��j����S"�����O��� ��"���� ��� ��"��������T"��!�S!�Om�

Page 21: TFD: Annual Report 2011

���� ������� �!""# 19

� � �2� ��S�l��SP����T��S"���"NR�suwj����O��S� N� ��m�s�T& ��� ������T"�S�~���Tj�l��mPNO��l��RSN�� �� � � ���U���� � � )2� �jN���OO������l�����s��U�!�!l��}� ��s{�� Pl����|T"��O"����S��N��"�U��� ��"��"e�"�USP��"��"���� � � ��S����Ts{�"��s��U�!����� l��O���� ���O

� ��:���J�4��� �8��D6���J�N�� �|6?���6���������� � �|T"��O"���RSN��S!����|T��#"��O"������|T�RSN�"l��|T"��O"��!�����U���T�|T"��O"��"e�"�USP���� "��"�� ��S�����j����T�l�!�U� ��&S O�j�N� �����O��Um�S��U ���e���wS�����

|6�|�6N���5��:���J|6?������������45�6�� � �2� SP���� ��� ��"��������U���� % ����� R!�O����Ts�T�e�sz��jNO����O�P"!N����U�N��!�OO�!������ � � ��U�w���jNs{� ���n���n�RSN�&S s�T������"�UmPN��UU�w����TmPN!�����Ux� ��� � �2� SP���jNU���� %O��TUU"����U�#Ox� ���jNO����OjO�T�O�O�s�T�� ��x�$���Ts{�Rs!�OO�!������ � � �� �O��U ���Rs� &S ��U ���l�O"�UmPN��UU�w�����U���� %� ��TmPN!�����Ux� ���~����O$� �$��� � � ����TUU"����U�#Ox� �����U���� %� � +2� $����|���S�n�"��T�����T�!l�!���mPN��UU�w�����U���� %� � *2� SP��ROl�jN"�S���O��S� N� ��m�s�T& ���&S ��� e�"����U ��"�� e��� "���Tj�l��U���� %�j�n��� � � U���� l� �"�U�U#���j�n�j�l� ����n��}� ��"�� �& �"��� � -2� SP���jNU���� %�s��U�!�!�O�TU� U" "|����� ��"����T" jO� ��"�� ��N��� l���P"!N����Tx� �� � � ���T T��� ��"e�j�S� � �2� ��S e��� ���"��"e�"�USP��"��"������|T"��O"��!�����U� ��T�jNs�Sm R�N���� ���s�T�e�sz�� � � ���U���� %��~������ ���S��"�l��!N������O&S s�T����|T"��O"��!�����U� � )2� s��U�!�x��"���n��}�!�O ���|T"��O"��U���� %�"e�j�Sj�n�O�UjO� s{�"���$�T

|6�|�6N���5��:���J|6?�����������N�� ��9LM��5�����J�������LM��E��6�L��� � �|T"��O"��"e�"�USP��"��"�� ��S�� ���j�� ��T$����|��l�!�U� �� O�j�N� ������ U ��� "e�"�USP������� SN��"��"e�"�USP��"��"�� ��S����U���� � ��T���j�mPN ���O���RSN��U�!l�!���s{�"��O"��U���� S� �"��O"���� ����U��U��"!�O���Tj�n�"�|��n��� U ���TUU"��s�TO��m�"��s��U�!��������|T"��O"��U���� ��� ��T�|T��#"��O"���#S!l��}� ��T e��m�"���nU �S!e��j�l�"��O"��mPN��S"�����U���� � ��T�� ���!l��� �|T"��O"��U���� � $n����#O�!�j�n�$n�����!l� ��s�T�#OmPN�n�j#N���N��!l"�|�� ��O ���O�j�N� ��'~"��$����|��� !�S!�O���Os��� ��s��� ��T���&�NO���n���m�!�U� �����|T"��O"��U���� � $n�����s{��& U� �� �l�!�U� � ��s{�����P�����"��U��j��"��"�����U���� �jN���w"N��j�N�� !��S����O�����"����"l���TS��jN�� ��� Pl"�UU���� �S������ � �2� $����|� U �����OjO�T�O���T���O$� �$�����& U� ��T���s��U�!�SN��"��"e�"�USP��"��"���� � � ��S�� ��T��� ���O ���#�"��� $�N�O ���s��Us�#��& U� "��"e�"�USP��"��"�� ��S�� �jNjO�T�O ���O� �� � � � l��!l��n����� � �2� !�S!�O� "e�"�USP��"��s��U�!�!�O�& U� "��"e�"�USP��"��"�� ��S�� ��T��� �U��|�#�"������� � � �|T"��O"��� mPNU��j��� ��T$��"���� $n���jNs{�Rs!�O�& U� ��T���s��U�!����"��"e�"�USP���� � � "��"�� ��S�� � +2� SP����T�l����O�jNO�"��Se����"����"��s��U�!�!�O�& U� ���T���s��U�!�SN��"��"e�"�USP��"��"���� � � ��S����O ������ �U��| ���#�"����jNO�m�� l��!l��n�����TjO�T�O"�U�#�"�����U���� � � *2� �jN�e���T�e��"lU���� ��|T"��O"������ ��S"�����T�|T e�������n���"�� �"�U"��"e�"�USP��"��"���� � � ��S�� � -2� "e�j�S����"�����j�"��O"���j�n�"��O"��mPN��S"��� l��O�j��""|����T&s�l���� �

Page 22: TFD: Annual Report 2011

����������� ������ ����������������������� �20

� � �2� ��S�n�"��T���j�U#��� ���O���RSN��U"������n��s{�"��O"��j�n�"��O"��mPN��S"��� ��"�|� ���� � � !e��j�l��l�����$n����� ��s�T�#O�|T"��O"��U���� j�n� ��s�T�#OmPN�n�j#N����N��!l"�|�� � )2� ���j�mPNO�Se���!e��j�l�"��O"��U���� � S� �"��O"�� ��jOS���T$n������jN�|T"��O"��U���� ��� � � ��T ��s�T�#OmPN�n�j#N�$����|���#O�!�� � .2� $����|������ �n��"��O"�� ��O��#|�OU�!�jO�T�Os{���#"��O"��� ���!l��|T"��O"��$n���� � � �!l�!���On��O�!e��j�l��l����� � /2� �����T����"��s�TO��m�"�� e�������"��O"��� �|T"��O"��U���� � ��T�|T��#"��O"����� � � ��O ���!�S!�Om�"��s�TO��� � ��2� U ����T����N��"NR�� ��U�!� j�N� ��� ��T���O��Um�S��U����|T"��O"��"e�"�USP��"��"���� � � ��S�����j����T$����|��l�!�U� ��jN��S��N��"�Ux��"��|�� � ��2� ������ ���l� �l�!�U� ������"���l� �l�!�U� ���Tm�s�T& ����n���S�jN�"l�|T"��O"��U���� ���� � � �|T��#"��O"���|T!l��}���T"��O"��mPN��S"���&S O�j��""|��j�n�����"���&�����N�� ��s{����O�� � � ��T�Oj!#�Om����T���!l� ��s�T�#O�|T"��O"��U���� $n��$����|�� � ��2� s��U�!�j�N� ���n���S ���|T"��O"��U���� O�UjO�

�� ����N�������)��D������������LM������:� �6����LM�|:6�9M� � ◆� �jN�e���""��O"��mPN��S"��� e�j�N� ��s{�����#"��U���� �$n��Se����"��"�� �"�U"��s�T�#O�|T"��O"���� � � "��s�T�#OmPN�n�j#N����T"���jN�e���T�e�"�� �"�U" jO� !l��}� ���|T"��O"�����RSN��U�PN� � ◆� �|T"��O"��� ����# �'�����T #lO ���O�����jN�"lU���� � l��!�O ��� ��T$�N�O ���T�N��l�O"���� � � s�T�#O&S �Oe���O��� l���N� �+�Sn���!l���������T!�O���O�e�s{�j�"O�"�|� ��O����T$�'����T!N���� � � O�"��O"��O�s�T�#OROl�N� "�l�"~��j�~������e����"��O"�� ���jOS�~��T��U����s�T�#O�"����S"���� � � s�T�#O�|T"��O"���O�""�l��+�������!�S!l�"��&S ROlO�j!#����O�����n��l�ROlO����Os�T�����Ts{��� � � �|T"��O"��U���� ���"!l�Rs� � ◆� s�T���"��O"�����s{�mPN�jN���Oj����U��"����S�n��� ���T�N����T"��s�T�#O� &S "��s�~"���� � � j��n�"�U"��O"��mPN��S"��� ������� "��O"��mPN��S"�����$����|��e������"��O"��U�� l�� ���TU���#�� � � �n����n�� ���e���ws{����T"��$����|���"��s�T�#O�����!l�Rs� � ◆� s�T���"��O"������jN���OO�����RSN�l���|T"��O"��RSNO�"����S�������jN� l��$� �$� ��mPNU��j���� � � �T����"�����T�N�OP�$n��"���x�s�� � ��T$� �$��e�j��U�|T"��O"�� ���T�x�s�� ��s�TS���� � � ���e���w� � ◆� s�T���"��O"�����O�O�!�"�� ����S��� $n���jN"��O"��RSN��U�N�OP� ��"�� ��N���l��j�N�&S O������ � � $� �$� ���T'~"��$����|�� ��T!�S������ l���P"!N�����n���!l��}� ��"��s�T�#O�|T"��O"���!l�� � � �T������ � ◆� �|T"��O"��������"�����T�N�OP���e�s�~"�����TU��"��!l��}�"�� �"�U"��Se����������"mPNU��j���� � � �TS�U�P�� ��T��������Oj�� ��s{�����T��" ��s�~"��x� ��"On���e�s{�� $n��s�T"�U"��s�T�#O�� � � ���!l�T������ � ◆� ���O�"����SU�� ~"m�"��s�T�#O�|T"��O"��R�N�jN��S��$n����N�N�����

Page 23: TFD: Annual Report 2011

���� ������� �!""# 21

���|:��E4�)��D��|6?�������L�EM����<�)̀ghh]

������� ��������������!

������������ ��

����������"�#$%�

�����������&���'()*�+$���!,�',-

%�� �)*����"�)!.

�2� S�2�#� ��� � ��� �R )���) - - -�2� �� s�T������ �����!�"#� ����) - -���- *���*+2� �� ��� ��� � "������"�|� )���) - -���- *���**2� �� �OO�!�� ����T ��$ � )���) - -���- *���*-2� �� "�O$�� � !� T��!�� )���) ����� - -�2� �� ������ �� �� ��#���¤ )���) ����� - -)2� �� ��#"P�� � �#U��#� )���) ����� - -.2� ����#O����� � �l�����! ����) - - -

M|���������� �l��������$���s���s�T �����fmPN�l� "��O"��mPN��S"���� U��j����T �&�&� ������ 'g

��� ���l� ������������������� !"#�$%�&&'��''���()�'��*'����*+,&��� �,�-/�*'��0*�1222������������ � ����&3#���� �4�5& �� �()�� '��*'��� 6 �� ����������� ������ !"#� 65%7��847�6���8� (�5���'��*'����#����� � �4�**4# �,(�5� *095'��*'����#:� �0��;8 �,�-<1222��*+,&��� �,�1=�*'��0*�1222

s� ���)�����8M|6?����������� � ◆ �|T"��O"��������S e��UUs�TO��m�!���$n����Ns{�"��U��"��!�����U"��s��U�!������j�N� ���� � � ����|T"��O"��&S �Oe���O�� � ◆ �|T"��O"�������S�jNO�U�� �S���"��s��U�!��������|T"��O"��� l��O�j��""|��� ��T e�"���� � � s�TO��m�"��s��U�!����s�� U � U"�UU�� �S���s{��T T}�!�O ��"e�j�S��� � ◆ "��O"��mPN��S"�����O��l���l�O��"�����U� �~����O��Sj������!��� ���TRSN��U��"�|T"��O"���� � � U���� � � ◆ �|T"��O"��RSN"e�j�S�jNO�"����S e��UUs�TO��m�"��s��U�!��������|T"��O"��� sz�T� �� �������� � � ���Ps�UU"��s�TO��!����� �|T��~���N�������"�UUs�TO�����!��Sj��" ��$ ��jl�s�T 'R ��� � � f!� 2g� ��T�O��O�l����O���U��"��O"��U���� R � fVMQg� $n����Ns{�"��U��"��!�����U��T�� � � �"NR�s��Us�#�"��s��U�!������j�N� ������|T"��O"��� &S �n��"��O"�� �� e�"��s�TO����T�N�OP� ���� � � RSN��U��""��s�TO�������TROl��N��jN"��O"�� ���P"s�TO�� ��U� �������UUs�TO��m�"��O"�� ����|T��� � � s�T"�USN� �*�j���N��RSN�"l� �2� &�����N������|T"��O"����� �2� "��"e�j�S"� # ����T �' ��U���� � +2� "��!�S!�O��Ts�TO��m���������� ��S"����� *2� ���O��Um�S��U!�Oj�N� ������|T"��O"��� � � ��#sm�"��s�TO���|T"��O"�� ����|T�j���l�"��Se����"����S e�jO�T�OS���N�

Page 24: TFD: Annual Report 2011

����������� ������ ����������������������� �22

��4���Jj 5�� �����|6?����������89:������LM�F� �?��� $n����S��~��!���O|���"��Se�����#�"�����U���� � l��&s�l���� O��#|���O� O����O��Um�S��U!l�mPNO��l��RSN�� �fG@?D6A;1E6=Lg���T�e��~��~�����O��T������S�N�O��~�"e�j�S��� �U��|���U���� �~���$n���jN�|T"��O"���mPNU��j�����T$��"��� #"�����Ns{���� ����"��s�T$�!�s��U�!����U�PlRs"�U�N�U����U��TU� U���U���� S��!l�Rs���

��4���Jj�k5�� �����|6?����������LM�89:������� $n���jNs{�Rs!�Oj��""���N��!N���|T"��O"����TmPNU��j��O�j�N� ��s��U�!�!�O��� �U��|�S��!l�Rs���� +2�2�� �|T"��O"����TmPNU��j��� !N��s��U�!�j�N� ���jNs{�Rs!�O" jO� � ��!�#s�T����� ��T�N�U����U����� � � U���� �!��S��O!� ��s�T�#OmPN�n�j#N�� +2�2�� �|T"��O"����TmPNU��j��� !N��U��j�����$n��m�s�T& ������U���� � mPN�n�j#N�� ��T$��"���� ������� � � su��#U����T����!�!��S����"��x�$��"�|����U���� � +2�2+� �|T"��O"����TmPNU��j���!N��U��j�����SN� ���O�n����! ��#���!�$n��m�s�T& ���!l�U���� �mPN�n�j#N���� � � ��T$��"���� �����su��#U����T����!� +2�2*� �|T"��O"��O�U U� �e���w��"����U�#O��T!�S������n����& U� � ��O�~�"���!l�!���mPNU��j���� � � $n����S"�����s�T�e������~��!l����� !l��"�O����O��Um�S��U!�Oj�N� ��!l�"����T"�����"��Se��������� � � !�O��!�#s�T������T�N�U����UU���� � &S �|T"��O"������jN�e����mPNU��j��Se�������s�T�e������ � � � l��!�O ���&S ROl�N�Rs����e�"��Se�������S��"�l��� l��ROlO�j!#m�����O���� +2�2-� �|T"��O"����TmPNU��j���!N��ROlO��l��RSN�� ��"��"�� ��Se�����#�"��"�� ��N��"�UU���� �j�n���"��"���� � � ��O���"�|Ts{�"����l����"�UU���� � �������ROl�l�&S ��!��j�n� ���N�O� +2�2�� �|T"��O"����TmP NU��j��� $~�U��j�����&S j��"��� ����O��S� N�� m�s�T& ����l��!�!l��� � � m�s�T& ������U���� �$n���jN"��U��j�����s{�Rs� l��!�O ����TO�s�T�� ��x�$�m�s�T& ����N��!N��� � � ��O�~�� ◆� ROlj�m�s�T& ����l��!����""��s{�"��O"��� ◆� ROl��N���O��U���U���� �� �� ��m�S� ◆� ROls{�"��O"����U���� ��s{��Pl��l�������U���� � ◆� ROlO�m�s�T& �����"�� e���ww����U���� � +2�2)� �|T"��O"����TmPNU��j��� !N��U��j�����SN� ���O�TO�S�T���� ��TROl��N���N�mP"O�S �������S� N��� � � "�Uj�N� �����!���x� j���� +2�2.� �|T"��O"����TmPNU��j��� !N��ROl����j�m�s�T& ������O���U��""�� e����ROl�l� ��!��j�n��� � � ���N�O� +2�2/� �|T"��O"����TmPNU��j��� !N��s��U�!�j�N� �����!�� l��!�O���O��O���� $n���jN"�Ss�T& ����� � � �P��#S!l�U���� � +2�2��� �|T"��O"����TmPNU��j��� !N��ROls{�mPNs�T"�U"��j�n�s{�mPN�n�j#N��e���w� j�n�O�U#��������U������ � � s{�"��O"���j�n�s{�mPN�n�j#N���"��"���j�n��#�"��"���N��S���O��x�$� l��S� �"����Ts{�"����l������� � � j�n� e��#�"��"�UU���� �ROl�l�"�T e�$n��s�T& ������!���j�n�mPN�n��� +2�2��� �|T"��O"����TmPNU��j��� !N��ROl"�T e�"���S���O���"�|Ts{�"���N�RsU��j��j�n���S"���S}��� � � ����"�|T ��O�m�U��� ��m�s�T& ������U���� � j�n��n��s�T& ����jNU#���j�n���!�U#����S}� ROl�l��� � � �T e�$n��s�T& ������!���j�n����mPN�n��� +2�2��� �|T"��O"����TmPNU��j��� !N��O#l�O��� ���Ts���"��� ��T���S"��"�T e� #���! #"s�Tx � &S �n�s{��� � � �n��� ��!N��Se����"��� l����S������S�����TS�S��S�� +2�2�+� �|T"��O"����TmPNU��j��� !N��O����Os{�����T �����SN��"��!�S�������T"��"�T e�"��� ��O�~��� � � "����N�����O$��������O�P"!N�����"��!�S���������|T"��O"����TmPNU��j��

Page 25: TFD: Annual Report 2011

���� ������� �!""# 23

��4���Jj�g4E��:4 |:6FZ?)��F���)��� ��|6?F� �?��� U���� �~��Se�����#�"��"�� �"�U"��$��������j���O ��$ �� �����x���#!��j"��O� ��T ��� Pl��'� $n��s�T& ����!l�mPN�n�j#N���~��e�s{�!N���e���R�N�~�����Os{�On�����$����O��l��!�����T���Os{�����T�S�������$n����"���#|��"�|TS��"�l���jNO������nURs�U���� �~�"e�j�S�N�$~�s��U�!����$��"����S��!l�Rs���� +2�2�� s��U�!�j�N� ��SN� ���O��Um�S��U� �n����! ��#���!� O#l�O���� #lO � ��Ts��U�!�!�O" �TU� U� ��T�� � � �& U� �&S �n�s�T& ������U���� s{��e���w� +2�2�� ��"�����O��U����P"�N�� �Pl�N�� ��TU���� � l����l����S� &S SP����T�TO�S�T���O��jN�"���� j�n��� � � �l��������s{����O��U���U���� � ����Rj�� j�n�!"Rs�~�mPN ��ROl"�� ��N��� ������s{�j!#�jN"�S�� � � ���O�� j� �"lU���� � +2�2+� ���$���� ���l��U#������$��"���� j��"��� �"���e����N�OP�j�n��n���������$��"����n�� ����� � � ���n��� ��"�� �"�U"��s��U�!����� ��T�n����l��!��Rss�Sm � j�n���$�"�������|�����"�|T ���T�� � � "l��jN"�S���O�� j� �"l$��"����j�n�x�$��"�|�&S �l����O���U���� � +2�2*� ROl"�l���N� j�n�"�T e�"���S}� ����T�e�Rs�Pl�~�����O�!"� "� j�n����O�� j� x� ��U���� ��� � � j�n�U#��� ��"�� ��N��"�UU���� � +2�2-� ��"��� ��T�l�O��N��������jN"�S���O��O������T���Os{��e��j�~����S� �"����jOPl$��"�����T�� � � �l� j�n�"n��"P��~��"����T"���� �� ����U�$n��s�T& ���!l�������U���� &S ��O��������� +2�2�� $~�s��U�!�!l�mP N� l�O���SN� ���O�#x�$� O��e����� O�O�#� ��O$�������S�� ROls�SU���N�OP� ���e�s{��� � � ��"��s��U�!�������mP N� l�O���� ��Ts��U!���jN��O��� e�����l�O"�UU#����n��RSN� ��O ���"����� � � �jN"� �!�mPN�n���&S ROl�e�m�������mPN�n��O���U�N��s{�m�������!���� +2�2)� $��"������s�T$�!�s��U�!�� ��T$����!���Rs�� �� ��s{�s�T& ���!l�!�����TU���� �� � � � Pl�O�� &S "��'~"��j����O�PN��Ts�T�U"��|�� $n�����O��N�����O��O�����"��s��U�!������� � � ~SO������#|���O� �T�N���"�U� O#� ���s��� &S ROls�T$�!�!��� �� ����� e��jN�n��O�� �n���� � � �� ����!������TU���� �� +2�2.� ��N�mP NU����UU�w��� j�n��|T"��O"��!�����U� j�"$U�l�U���� � j�n�mP NU��j��� j�n�$��"����� � � "�T e�"���S}�&S O���U�j�n� #���!� +2�2/� �jN���O������l��T�l� Se����"���S}� ���T��"���x�$��S�N�O��TU�� �"�'��"�� e������� � � ��O ���"��$��������"�Rs�Pl���Os{���'� +2�2��� j��"��� �"���jN,��U�������� "���jN,��U"����� ���U���� j�n�s�T& ����S}� ��"�Pl�N�� j�n�mPNO��l���� � � "�� ��N��"�U�#�"�����U���� � �N��!l$n��s�T& �����"��Se�����#�"���� �� ����U���O���U���� ��� � � j�n��� '"��� j�n�s�T$|�,�� O� ��OP��l� ��jO�T�O� �~��mPN��U$~�$����|�� j�"������w ��RSN��U�� � � ���Ps������j�n��������O�OP��l��P�$~���N�mPNU����UU�w�� ��U��T�l��n�

��4���J] ����� ?����?���?���� ?����?���������LM������45�6�� k� �� ?����?���?���� ?����?���������� � ◆� �|T"��O"���������� ���"��s�TO�����T� ��T���&�NO���U���� � &S ��#s����"�|T ���� � � �N���RSN�l� R�N���� ���s�T�e�sz���U���� � � ◆� �|T"��O"��!N����S�jNO�"�� e��US#��U�w��"e�R���S #���T�� ���"��!�����UU�w�����mPN��UU�w���� � � $�N�O ����� ���s�T�e�sz����|T"��O"��� ���!l� ��s�T�#OmPN�n�j#N���"��s�T�#O��O�ws�T�e�sz�� � � $n��$����|���#O�!�� � ◆� ��S�jNO�"����S e��� ��� ��"��U��j�� ���e�s{���"�������Tj����Ps�UU!l��}� !�O ���|T"��O"����� � � !N��"�����"j�n���"�� ��� ��"��������T�� ���"��!�����U� � �

Page 26: TFD: Annual Report 2011

����������� ������ ����������������������� �24

g� ����4����LM������45�6�;� <�� � ◆� �|T"��O"�������U �����OO�s�T�� ��m�����TUU"����U�#Ox� �����U���� � ���"�#lO���T����� � � �� ����jNmPN�n�j#N� ��U�l��RSN"�T e�"��S��"�l����N��&S "����U ��������U��#O�� #"�n�����O ����� � � "����U�#O ��"������"��Se��������"��"e�"�USP��"��s��U�!�����f4;Wi18?9C6�4;9@=;1g�"����S"���� � � ���O��� ����T"���jN���O�e���w!l��� "�� ��m�Ss"!� ���j��

j� ������������45�6�LM�89:�6�� �D�� � ◆� �|T"��O"�������S�jNO��TUU ��s{� ��"�����T&s�l�����"����"�����O��O$����"�UmPN!�����Ux� ��"�� � � ��Tx� ��U���� �&S O��|T"��O"��!�����Us{�mPN�n��O& �� � ◆� mPN��UU�w��x� ��"��� n� �����Os{�����T���!� #"sz!l��|T"��O"��!�����U���T����"��!l��}��� � � ����N� Pl���e���"�����UU�w�����!��$n���jN���OO������~����Os{�����T���mPN��UU�w��x� ��"� � ◆� mPN��UU�w��O��� �� ���T��U ���� ����j�n��� ��� ��"������n�� ���|T"��O"����"��U�Pl"�U�U"���� � � ��� ��!�RSN!�����U��N����TO��� �� ���T�� ������Om�Ss"!����� ����~��ROl��S��N��"�U�U"������� � � ��!�RSN!�����U��N�� � ◆� �|T"��O"��!�����U�O�j�N� ����Um�S��U��"�� U ����� ��� ��"������ � ◆� �l����O�� O��UU�w����T�l����O�� O�n�� ���l� �"lmPN��UU�w�����s�Sm � ""�����U"������ $n���� � � $��O���O&s�l���������Os{�����T���mPN��UU�w��

]� ����������4����J ?� � ◆� ��S!��� �O����j�n�O�UjO� �e����j�N� ���jNj�l� �����U���� �� l����S���$n��!�����U���TSP���� � � "��U��j�����O��� �&S !����l�����O��� � ��"������f089?9C8?1�B8LDLg����O��� ���"��s��U�!��� � � ����fMi6=?@8;9�B8LDLg����O��� ����#�"���fHKL896LL�B8LDLg�j�n����O��� ���j!#"��|��fy769@��� � � B8LDLg�s{�!N�� � ◆� �jNO�"����S e�"�������Tj�s�TO�����O��� � ������T"�S�~������&�NO��~��O�m�"�T U!l�U���� ���x� ���� � � ��Tx� ��"�� � ◆� �jNO�"����S e��� ���s�TO��m����O��� ��fB8LD��?9?I6W69@�B6i;=@g�����|T"��O"��U����

��4���Jh���*�LM��4���E��� �� �|6?89:�V6��:� k� ���*�LM��4���E��� �� �|6?89:�V6��:�� � ◆� �|T"��O"������e��� ���O�TS�"��"��s�T�#OmPN�n�j#N��&S �jNO�"��s��U�!�� l�� l� � O"�� #"�� ��� � � ��TROl"�T e�"���S}� ����"�|T ��s{�"���e�"�S����� '���U���� � ��T"���N��l�Os�T�#O����� � � mPN�n�j#N�� � ◆� mPN�n�j#N����RSN��U&�"�� �� l� � O"����"����S����O��Sj��� ��T!����e���O�S}� !l� ��s�T�#O!�O�� � � �TU� U���T"��s�T�#O��T�n��� ������s�T��� ��s�T�#O�����S�������jN� l��jO�T�O��T�l����O�� � � �jNO�"����S����Oj����T��"��O�� ��s�T�#O� � ◆� mPN�n�j#N����O��� ����"�� ����T���� "�e�j��U�!l�T�TU� U���T ������ �|T"��O"��ROl�����O�� � � �n���!l��}� ��ROl"�� ��N��"����N��������#O�!���Os{�O!�S� �� � ◆� "��O"�� #"��� &S �$�Ts�T���"��O"���s�T����|T"��O"���#S�n��}� ����N��l�Os�T�#O�� � � mPN�n�j#N��$n��!�U�e���OmPN�N�s�T�#O����

��4���J�������E689:���E4���:�� � � ◆� �|T"��O"�����!�Tj��"��T�jN���OO������l��mPNO��l��RSN�� ���U���� ��TRSN��U"��SP��� l��!�O �������������������������� � ◆� �|T"��O"������� ����N�OP� ��ROl��l ��"����� ����S��jNj���l�mPNO��l��RSN�� RSN��U"��SP�����T�e��~��� � � �~�s{�� l��S���"��!�S�����Se����������U����

Page 27: TFD: Annual Report 2011

���� ������� �!""# 25

� � ◆� �|T"��O"�����$����|��TU#�l�mPN�S�n�"�#lOmPNO��l��RSN�� ���U���� �jN��U�N��� ��T"e�j�S�e�S�U�� � � ���O�e���w�jNs{��N�$����|�&S ROlm�S$��S�j�n� e��jN"��Se����"��"��ROl�e������ ���#S

���� �|65N�L��������E689:���E4���:�� ����M�E��E�?�� ?��W

� ��4���J��k4E��:4 �4��� �8��D6��E689:�V6��:�� � U���� %��TO#l�O���s{�!��� � ��S����mPN�n�j#N���"��Se�����#�"���$n����N�����O$~�$����P��#S���mPN�n�j#N��&S �e��~��~�"�����w!�U&!���OP��l�U���� ���T T �����Tm�!�U� � ��S���T!l��n������TS�U ��jO�T�O���O ����TSe����"��� l��&s�l������N�����O�n���n�RSN����TUUU�w���$n���jNs{�Rs!�Oj��""��S��"�l���U���� �~� ~S�n���� ��s��U�!��S������ �2�2�� "�����w!�U&!���OP��l�U���� ���T T ��� � � ◆� s��U�!�j�N� ��SN� ���O�n����! ��#���!� ��Ts{����O!l�mPN�n�j#N��� �jwl��T�� l� � $n��s�T& ����� � � � �P��#S&S ��O� � � ◆� U��j����S"��&S ��N���O�PN� ���O��O���� ��T �"�T� l��!�O���O��O���� !��S���TO�S�T����� � � � ��T��U��U���"��!�S����� ���TSe����"��!l��}��� #""�|�� � � ◆� ROlSe����"���S}�����"�|T �����"l��jN"�S���O��S� N� ��m�s�T& ���!l�U���� � �2�2�� "��s�Sm �N�OP�� � � ◆� �� �������x�$��T���&�NO������!���U���� !l�mPN�n�j#N�� l�� l� � O"���&S �Oe���O����T�� � � � ��U�N��!�O���Os{������ � � ◆� ROl����j�s�T& ����jN!�����TmPN"�� ��N��&S ��N�N�OP��S}� ���U���� � �~�� ��ROlRSNs�Sm !l��� � � � �����|T� � � ◆� ROls�Sm �N�OP���U�����T�e�O��~��m��� ���U���� �!l�U#���x� ��"

� ��4���J��g4E��:4 �4��� �F �*e� �M9��:�� � U���� %� O����OO#l�O�����"����N�����O$~�$�����T���OO������jN�"l�P"�N�� ���TRSN��Um��!x�|����TU��"�� ��S���O��#|x�$���TS�U���� ��jO�T�O���O �����"����O$���x�$ ��S���T ��� n���~�RSN"e�j�S��� ��s��U�!�R�N�S��!l�Rs���� �2�2�� m��!����N���TU��"�� ��O��#|x�$� &S O#l�O��� ���T$����O�!�����������N��jNO��#|x�$ ���P��~��� l���� � � !l��n���� ��Ts�Sm �N�OP�"�� �"�U����N���TU��"��� l���P"!N����U�N��� ROlU�SUn���N� ��������T�� � � ��!l�j!#"��|�� �2�2�� �jN"����Us�T"������N���TU��"��x� �!N�n���R���������jO�T�O� �2�2+� ��S�TUU$n���jN�P"�N���O����N���� �"�� �"�U����N����TU��"�����TSe����"��� l��S� ���#S�$n���jN�P"�N��� � � RSN��U"��!�U����m�� l����S���� �2�2*� ROl�N�"e�R�"�����On��s�� U � U"�U�#|x�$�������N�j�n�U��"�������Sj�n�s�Tx S� �"����T�� � � ROl"e�j�S�n���R�"���N� ��ROls{����O!l��P"�N�� �2�2-� s��U�!�!�O�n���R�!l��}� ��O�!l��P"�N�� l����l����S�j�"ROl��O���s��U�!�RSN�!N����U��N��jN�P"�N� ��U�� � � �l��j�N��$n���l�O"��$����|�j���� ���"NR�� �2�2�� ��"�����O��U����P"�N�� l�����������T�Oe���O�� ��O�~�ROl�e�O���N$n��s�T& ������!�����T�� � � mPN ��"�� ��N��&S O���U

� ��4���J��j4E��:4 �4��� �F �*e� ��9E�:��9EL|E?��?����:�LM�5:����W��?����:�� � U���� %���e��~��~����O�O�x�����T���O�n����! ���"��Se�����#�"�����Tm�s�T& ����l�O"��"�U�Pl�N��&S �Pl�N����U���� � $~�s��U�!�!�O" jO� ��T"!�"�!l��}� � l����l����S� ��TO���� �U��| ��S���"��Se�����#�"��� ���l������#�"�� ��s{�"����l�����U���� �T ~S�n�"!�"����"����l���� ��S����TU���� �T ~S�n���� ��"��s��U�!� ��S����Ts{����O��"��"PN nO�����"�N�j�����T"���e��T�n��S�������$n���jNs{�Rs!�Oj��""��S��"�l���U���� �~�RSN"e�j�S��� ��s��U�!�R�N�S��!l�Rs���

Page 28: TFD: Annual Report 2011

����������� ������ ����������������������� �26

� �2+2�� ���O��O$����"�U�Pl�N�� � � ◆� ROl�� "�j�n�ROl��U�j�n��l� m�s�T& ����S}� ��ROl�#���!��"���N�"�U�Pl�N�� � � ◆� s��U�!�!�O�n���R�!l��}� ��O�!l��Pl�N�� l����l����S� � � ◆� "�|� ��ROl��O���s��U�!�!�O�n���R�RSN� �T��U��N��jN�Pl�N� ��U�l��j�N�� $n���l�O"��$����|�j��� � � � ��� ���"NR�suwj��SN� j��"������O�Oj!#�Om�� �2+2�� ���O��O$����"�U�Pl��l� ��"���N�� � � ◆� s�T$�!�s��U�!�!�O"��U"!�"����"����l���� ��S�� � � ◆� ROl$ � �O e��� �n���� �����Pl��l� ��"���N�SN� "��"�l��j��� ���N� &S s��'��"�~��OP��� � � � ���O����� �2+2+� ���O��O$����"�U�N�j��� ��"���N�� � � ◆� ��"����Ts��U�!�!�O�n���R� ��O�!l��N�j���&S ��l����S �������l"���e��T�n�� "��SP��j��" ��$ ��� � � � �e��s�T"����T�n���R��n��}� ��O ���ROl��N��� #� ��RSN��""��"PN nO���Rs�� �� ����S"�U��!�#s�T������ � � � ���N�!"�� �� e�"�UmPN�jN"PN nO���� � � ◆� �� ������T ��"��������U���� ��"l�N�j���SN� ���O�n����! �� � � ◆� �� ����N�j����l��j�N��j�"ROl��O���s��U�!�!�O�N�mP"$������ww����T�l�O"��j���� ���"NR��� � � � suwj�S��"�l��

��4���J��]4E��:4 �4��� �8��D6��E6F� �?��� � U���� %��n��l�$��"���s{�su��� �Pl���O�e�������U���� ��~�O#l�O�����"��$��������O��N���������O��TU�� �"�'"�� e���� ��S���O� ��O ���"���l����O"�� e����s{� �O� $n���jN"�S���OO������jN�"l$��"�����"���Ts��U�!����"�UU���� � l�� ��� n���~�"e�j�S��� ��s��U�!�R�N�S�����

� �2*2�� �jNm�!�U� � ��s{����O�"l$��"����&S � Pl���Ps�UU������Sn�����T�j�n��l�!�U� ���"�� e������� � � ��O �������S�"�����Ps�UU!l��}� �2*2�� SP����"���x�$��S�N�O"�� e�����jNO����Os��Sx� !l�����!���T ��$ �������$��"���� Pl�O�� �2*2+� "���!l�!�����T& " N� � ��O�~�"���jN��������T"����& �$��"���� !N��"�T e�SN� ���O�O�x���� � � �#���!���s{����O����T!���� PlU�$n�����������O�PN����O��O������T���OjO�T�O���O ���"��"�T e���� � � j�n�"��s��U�!����$��"�������}� �2*2*� �jN���O�e���w!l�"��$�����"���l� �S���O�PN���T���O��O������$��"����&S �jN&�"��$��"����� � � � l�� ����~���T�Oe���O�� �2*2-� ��U�u��N���Sj����T�N������T��"$��"��� #"�TS�U� l�� l� � O��T�O�x��� �2*2�� s��U�!�!�O" jO� ��T�N�U����U!l��}� ��"�� ��N��"�U$��"���� l����l����S� �2*2)� U��j�����&S j��"��� �"��"�T e��S}� ��ROls{����O� �~�����O�m�"�T U!l����OO�������j�N� ���� � � "��������$��"���� �2*2.� s��U�!�!l�$��"���SN� ���O�#x�$���T�jN���O���$� l�� l� � O #"��� �2*2/� s�S&�"���jN$��"�����O�����N��n���"�� e�m�S" jO� ���U���� �&S �� ���mPNU����UU�w��j�n��|T�� � � "��O"��!�����U

� ��4���J��h4E��:4 �4��� �8��D6��E6� ?��LM���J?L4�M:6�� � U���� %�!�Tj��"��Tjl��� �~����Os��Sx� �������O�������S�N�O��T�#|x�$����!s�T�������O�~��jN���O�e���w���"����#��"�� ��$ �"����O��!� ��O�� Pl� l���e�"�S� $n��s�T& ���!l����#l�j���� !��S���l����O"����N$������� l��O�s�T�� ��x�$�$n���jN"�S"��$����� l�� ��� n��U���� �~�"e�j�S��� ��s��U�!�R�NS������ �2-2�� ��"����Ns�T& �����" ��$ �"����O��!�� U���� �T�e��~��~� ���n�" ��O�m�"�T U!l����O�� j� �� � � �������O�������S�N�O���T�#|x�$�������!���s�T�����jN�N� ���#S

Page 29: TFD: Annual Report 2011

���� ������� �!""# 27

� �2-2�� �n�m�"e�R��l��j�~�����U���� ��jN�"l"��"��O ���TO��l����N�����������O��T������S�N�O� l���Oe���O�� �2-2+� s�P"�u���!�e��~"������O��Um�S��U!l�����O���T������S�N�O�jN"�S�~����jOPl$��"��� #"�TS�U� l��!l��� � � �n�����T�������� �2-2*� �jN���O�e���w��"�� e��#�"��O"�U�Pl�N� ��O��!�e���S� �"��"�UU���� ����n�������O��T������S�N�O� �2-2-� s��U�!���T�jN���O�l�OOn�� j�n���U�#O�jNO�"��s��U�!�� l����l����S!�O�!���O|����" jO� �� � � ��T" �TU� U ����"&S j�l� ���"e�"�USP��� �2-2�� U���� �n�s{�j�N� �����T�& U� j��"��"���jN���O�e���w�"l"��"��O����#O����T����O�&S O#l��N��� � � �jN"�S"��$��������O� �#O��� ������S�N�O� O#l���N�������� ��T��#��"�� ��$ �"����O��!� ��S�� ��O ����� � � "�����U��#�"��'~"���"l ����� "�����U��#�"��"��O�����|s�T& ����"l�#O�� ��SN� &�"���� � � jl��R"����O���w��jNs{��#O�� ���NO����$~��$�!���RSN�x� �!N'���"��$�$� �SN� "�����O��N���� � � �"�T��T$��������$�jN�"l�#O�� ���Rs

��4���Js���)��8 ������KLM��4��P)�E?<�� � U U� j�N� ������|T"��O"��"�� �"�U"��s�Sm ����� '��T���O&s�l���� ◆� �|T"��O"��O�j�N� ����"��s�Sm ����� ' ��� ��s{������ ' ��"������ ��T ��ROl��l ��"������� � � l����U�N��$� �$���n���n�RSN���T ������$n���jNmPN�n�j#N����TmPNO��l��RSN�� ���U���� �RSN��U����� '�� � � l�� l� � O"��!�O ��"e�j�S&S " jO� ��N�U����UU���� ���Tj�l� ������x����� ��"�� ��N��� ◆� ����� '���U���� � �����S e��~��� l����U��U� ��S��� "T �S��S� ��Nx��� ���N����l� ��T&s�l����� � &S s�Sm ����� ' ���e���w� l���Oe���O�� �����SN��U�"��TSN���U� ����TO�S�T���ROl�jNmP N��N�� � "�S���O��U��� ��T�e���wm�S���N� ������� ����jN���O�e���w"�U�n��j�O�""�l��Ps�UU� ��T�TU#�n���R���� � ���e���w�j�n��OO#!���� ��"�� ��N���jN��U�N��� ◆� ��S�jNO�j�l� �����"�� #���O$����� fV976L@;=� B61?@8;9Lg� $n��s�T����O$����� �� �n������N�OP��l������� � ��s{�s�T& �����jNmPN�n�j#N��mPN�� #����"�����Tj�j��" ��$ ����TmPN ��"�� ��N��RSN��U ��U�N�OP����U���� � ◆� �|T"��O"�������Sj� ��$ �"�� l��$� �$�� $n���l� $�������O�P N���O��O��������� U��j���� � ��"���e��������� '��T"��!�S!l��n������ ◆� U���� ���s�Sm ����� ' ���e���w!l������|T�S������ � � ◆� ��!�#s�T�������U���� � � � ◆� ���T"�������Tm�"��Se����������U���� � � � ◆� &�����N��"���n�j#N���T�� ����"����"�� ����T���� � � ◆� �� �n��"��O"�����#"��O"���#S!l��}�mPNU��j���TS�U�P����T�l�!�U� �� � � ◆� su��� ��T�& U� "�� �"�U"����S"�����O��� � ����O���O��j��RSN� ��� ��"�� �"�U"��Se��������� � � � ��T"������ � � ◆� s�TS�� ��O����O�e���w"�� �"�U�P"�N�����TmPNO��l��RSN�� �n��� ◆� ���s�Sm ���� ���s�T�e�sz"�� �"�U�e��������� ��"��O"��� ��T�j�n���#"��O"���!l�T l���N��� � �l�Os�T�#O� &S s�� U � U"�U�e������������"��s�T�#O�|T"��O"��� ��T�j�n��|T��#"��O"���� � ���!l�Tsz

Page 30: TFD: Annual Report 2011

����������� ������ ����������������������� �28

����/��:�;�!$�

k� 4 ���)���?�e|6?����4����;� <�� � �"����U�#Ox� ���� s{�"�TU��"��s��U�!����j�n�����"��s��U�!���� ���|T"��O"��� ��TU#���"� #"�TS�U���U���� ���S�jNO��~��$n����N�����OO������ l���Oj!#�Om��l�"��Se����������U���� ��TU���#��!�#s�T����!l��}�S������ ◆� SN��"��Se�������� fMi6=?@8;9Lg� O�s�T�� ��x�$��Ts�T�� ��m�� &S U���#s��jO� ���U���� � ��O�~��� � "��SP�� ��$ ����ROl�jN�Pwj� �j�n���NRs�� �� ��ROljO�T�O� ◆� SN��"���� ��� ��"������f089?9C8?1�B6i;=@89Ig�O����O�P"!N���l��n���n����T ������ ◆� SN��"��s��U�!�!�O�& U� � " � �TU� U� f4;Wi18?9C6g� O�"��s��U�!��P"!N��!�O" � �TU� U� �N�U����U��� � " jO� �l�SN� j��" ��$ ���T!��Sj��" ��$ ��jl�s�T 'R � �N�"e�j�S���!��Sj��" ��$ �%� j�n��� � " jO� ��"�� ��N��"�U�#�"�����U����

� g� �4���N�� �|6?��������4����;� <�� � �TUU"����U�#Ox� ��s{�"�R"�e���w ���jN���OO������ l���Oj!#�Om�!l�mPNU��j�����U���� ��"��� ◆� �l� �S���O��� � ���#�"��� ◆� �l� �jNSe�����#�"��� l��O�s�T�� ��x�$� &S O�"����S��� ��$ �"�� l��jO�T�O� ��TU���#s��jO� �� � ��!���R�N� ◆� �l� s"s����#NO���� ��$ ����ROl�jN����Rj���Pwj� �j�n���""�� #���!s�T$�!�O���U� ◆� �l� �jN�� ��� ��"�����O����O�P"!N���l��n���n�� ◆� �l� �jNU#���"�s��U�!�!�O" jO� ��T�TU� U�N�U����U ��"�� ��N��� ◆� �l� �#NO��������� #����mPN�n�j#N�� � "����U�#Ox� ���~�s{�su��� �e���w ��� PlUn���j������O�e������� #""��"���ROl�l�"��"����x�����j�n�x���"�����TROl�l�"��"������� Pl��"�#lO�#�"��s�Tx �S� �~�s{�j�N� �����mPNU��j�������TmPN�e� ����"��"!����T!N����Um�S��U��S�������S�N�O��T����s�T"�U!l���}����"����U�#Ox� �����j�l� ���!��jNS���N� ���T!N��� ◆� s�P"��!�e��~"��T"�T!#N��jNmPN�!NU����UU�w�� #"�TS�U!�Tj��"�~����O�e���w ���T!N���l�OOn���Ts��U�!�!�O�� � � l���Oe���O���T!l��n����$n���jNO�!�"����T"�R"!l��}�����TUU"����U�#Ox� ����~��mPNU��j��"e�j�S�� � �~���RSN e�j�N� ���jNRSNm�!�O��!�#s�T���� ��!���R�N� ◆� ��S�jNO�"��!�S!�O��Ts�TO��m�"����U�#Ox� �� ��O�� Pl����&S �Oe���O�� $n���jNO�!�"����T"�R"!l��}�� � ����O����OjO�T�O"�U����"��|�����T���O��� � ���s�s��� �Rs� � "����U�#Ox� ��ROl�l��TRSN��U"����"�UUj�n�Se����"��� l��R��"��jNRSN$� ����OO��������TS�U ���Oj!#�Om� l�������l��T�l� s"s���ROl�jN"�S���O�Pw�� ��Pws�l��j�n�"��Se��������TU���#��!�#s�T������TO�s�T�� ��x�$��!lROl��O��� ���Ts{�j��"s�T"��j�n��jN���OO�����RSN�l��"��"���TROls�T�U���O�NOj�� ���#�"��� �������$��T"����U�#Ox� ��O��N��e�"�S� Plj�� s�T"����~���l���jwls{�su��� ��"�� �"�U$�!�"��O�����

j� �P �� ����4����;� <�|6?���� �� � +2�� U���� O#l�O����jNmPNU��j��!�Tj��"�~����O�e���w���"����U�#Ox� �� ��O�s�T�� ��x�$$� �$�"�U�TS�U���O��� � �� �O��URSN���TjO�T�O"�U�x��T��S�N�O!l���}�������j�n�"��"��O���j�l� �������}�&S ��S�Ul�j�N� ����T���O��Um�S��U"�� �"�U"����U�#Ox� �����U���� �S������ � � +2�2�� �|T"��O"��U���� � ��T�|T"��O"��!�����UO�j�N� ����Um�S��U��"����S�jNO��TUU"���� � � � ��U�#Ox� �� ��O�s�T�� ��m���TU��j�����O��� ��jN� Pl���TS�U ��jO�T�O� &S "��"e�j�S�� � � � �& U� "�� �"�U�TUU"����U�#Ox� ���"��U��j�����O��� ����T e�"��!�S!�Os�TO��m��� � � � � l���Oe���O��l��TUU �����R�NSe����Rs� l��O�s�T�� ��m�j�n�ROl� �������|T"��O"��!�����U�� � � � O�j�N� ����U ���l�����s�T"�U����TUU"����U�#Ox� �� ���e���w ���� -� s�T"��� RSNO�"���� � � � s��U�!�!�O� l��O�s�T�� ��m��S�����

Page 31: TFD: Annual Report 2011

���� ������� �!""# 29

� � � � ◆� "��"��O��x�$��S�N�O���"����U�#O ��S��f4;9@=;1�y978=;9W69@g� � � � ◆� "��"��O�"�TU��"��s�TO�����O��� � ��jO�T�O�fB8LD��LL6LLW69@g� � � � ◆� "��"��O�"��"��O��U�#O ��S��f4;9@=;1��C@878@86Lg� � � � ◆� "��"��O��TUU����� '��T"���n������N�OP� ��S��fV9X;=W?@8;9�?9E�4;WWK98C?@8;9g� � � � ◆� "��"��O��TUU"��!�S!�O��T"��s�TO��m� ��S��f�;98@;=89I�?9E�y7?1K?@8;9g

� � � +2�2�� mP NU��j��� O�j�N� �����O��Um�S��U��"���e��& U� ���|T"��O"��"e�j�SRss��U�!��jN�� � � � ��O� ��¥m�� U���� �~�O#l�O����jNmPNU��j��!�Tj��"�~����O�e���w���"����U�#Ox� ��� ��T�jN�� � � � mPNU��j��O�j�N� ����T���O��Um�S��U&S !�����"����S�jNO��TUU"����U�#Ox� ���~����U���� ��� � � � �~��RSN�"l����j�n�"��"��O!l��}� #"�TS�U�j�n����� Pl������Se�����#�"�����mPNU��j��� ������&S � � � � ◆� mPNU��j���TS�U�P�� s{�mPN��S�jNO�"����U�#Ox� �� �����U��#O #"����s�T"�U��U���� �� � � � � ��O�~�s�P"�u��jNmPN�!NU����UU�w��O����� � ��T��!�e��~" ��S����l�� ��"�� �"�U"����U�#O�� � � � � x� ��� � � � ◆� mPNU��j���TS�U"���� O�j�N� ����"����S�jNO�"����U�#Ox� ������� ����Um�S��U� s�TO���� � � � � s�T�� ��m�����TUU"����U�#Ox� ��� s��Us��� ��TUU�jNO����O��S"#O� Pl�O�� ��T�� � � � � ��U ���jN"��s��U�!�!�O�TUU"����U�#Ox� ��

� � � +2�2+� $��"��� #"�TS�U�O�j�N� ��s��U�!�!�O��N�U����U��TU� U��e�������& U� ��m�����O�!�"����� � � � ��T�TUU"����U�#Ox� ��!l���}� ����� U��j�����R�N� &S �T!N���jN���O�e���w���Ts��U�!��� � � � �Oe���O�!l��n���� l����l����S�$n���jN�TUU"����U�#Ox� ��"�Ss�T�� ��m���~���TO�m� e��jN�� � � � "��Se�������s{�Rs!�Os��jO� � l��O�s�T�� ��x�$��Ts�Tj �S� $��"��� #"��!N��O��� � � � ��!�e��~"!�Tj��"�~����O�e���w���"����U�#Ox� ��

� � � +2�2*� "��!�����Ux� ��� &S mPN!�����Ux� ��O�j�N� ����T���O��Um�S��U&S !�����n����� � � � "��s�TO��m�"����U�#Ox� ��� ��T!�����U"��s��U�!�!�O�TUU ��O�� Pls{��T T}� � l���� � � � �Oe���O�$n��s��Us�#��jNO�O�!�"����U�#O!l���} ��O����OjO�T�O"�U����"��|��������S�N�O�� � � � !l��}���T���O��� � ���s�s��� �Rs�&S mPN!�����Ux� ����O��������T!l�mPNU��j���TS�U�P��� � � � ��T�TS�U"���� �jN��Sj�O�!�"����U�#Ox� ���~����j�l� ���!l��� }� ���U���� � &S O��� � � � �& U� �jN� � � � ◆� mPN!�����Ux� ��O�����T��"��!�����U!�O ��j���O���� !�OO�!����� "��s�T"�U�� � � � � ������$!�����Ux� ��� � � � ◆� mPN!�����Ux� ��O��� �� ���T��!�����U ��$ ������T"��"��O!l��}���O ���j����n��U�w����� � � � � �"���s�T"�U"��U�� ~"U�w����SjO� &!N!�U���T�� ���!l���}� ��"�� ��N��� � � � ◆� mPN!�����Ux� ����O������jN$��"������j�l� ��U!���� �jN�N�OP�� �e�������� ��T�� � � � � �l�O�U�"������n��� �� e�"��!�����U� � � � � � � � � �������U#���"� #"�TS�U�T!N���jN���O�l�OOn�� l��!�O �����O ����jN�N�OP� ���OUP�|��� � � � � � � !l�mP N!�����Ux� ����TmP N��UU�w�����U���� � �~��j�N� ��!�����U��Ts�TO������!����� � � � � � � "�TU��"���!��S���TUU���"����U�#Ox� ���l�O�� Pl$� �$��O�s�T�� ��x�$���O���!�U������ � � � � � � !l�s��jO� RSN� l���OUP�|�j�n�ROl� ��O ���O�j�N� �������T�l�O��#S�S �����s��Us�#��"NR��jN�� � � � � � � S��~��!�O ��j��jO�T�O

Page 32: TFD: Annual Report 2011

����������� ������ ����������������������� �30

��!�������������<�/���

� ��sz��--*��|T"��O"��!�����U���U���� �R $����&������#!��j"���O��e�"�S�fOj���g�RSNs��U�!�j�N� ��!�O�N�"e�j�S���!��Sj��" ��$ ��jl�s�T 'R ��T!�O ���|T"��O"��U���� O�UjO� �S�����

� �2� ��sz��--*��|T"��O"��!�����URSNO�"��s�T�#O�l�O"���-�������&S O��|T"��O"��!�����U�N��l�Os�T�#O�� � "����U #"�������e�j��UmPN��UU�w���N��l�Os�T�#O"�U�|T"��O"��!�����U� l���N� sz�T��������� �2� RSN$����|���T��#O�!��m����!�����U������ !�����Ux� ��s�T�e�sz� �--*� &S �N�"�����O��N���� � s�T�� ��x�$�TUU"����U�#Ox� ��� "��!�����U ��$� �$����#S ���e�s{�� "���� ���m�"��!�����U�� � x� ��!l��|T"��O"��!�����Us{�s�T�e���|T"��O"��!�����URSN$����|����Ts�TO��m�"��!�����U�� � ������ !�����Ux� ��s�T�e�sz� �--*� ��N�j���l��TUU"����U�#Ox� ��O�s�T�� ��x�$S�$� �$����� � "����U�#O"��Se����������U���� %���TU���� l� &S ROl$U�N�U"$�l�� ��O����T�e���w� +2� RSN��U ���� ��� ��"����� ����� R!�O�����Ts�T�e�sz���U���� %�$n���jN�N�OP� ��"�����O����O��U�N����� � �P"!N��!�Oj��""��U�w�� ����U��� ���Rs� ������ ��T��S��~����T���� N�������U���� � "l���e������ � �|T"��O"��U���� � *2� RSN��U ���jNU���� s��U�!�!�O�n���"��"e�"�USP��"��"�� ��S�� &S ~S!�O��� �����!��Sj��" ��$ ��� � �jl�s�T 'R ���T$����$n���N��PlO�!������"�� l���Oe���O��� -2� RSN��U ���jNU���� s��U�!�!�O" jO� ���T�N�"e�j�S!l��}��� ��"��� �2� RSN��U ���� "�� ��"�� �& �"��j�n��� "�� �����"�S���O��S� N� ��m�s�T& ������O ���$����|�"��s�S�� � m �N�OP����n���S��"�l���jNO����O�P"!N����U�N���� )2� $����|���S�n�""���!l�!���mPN��UU�w��� ��T�l�!�U� �mPN��UU�w��� $n�����!l��|T"��O"��U���� $n���� � �e���� ��s�T�#OmPN�n�j#N�$����|���#O�!�

f�� s�T����������!�"#�gs�T����|T"��O"��!�����U

�+�"#Ox�$������---

Page 33: TFD: Annual Report 2011

���� ������� �!""# 31

����������� ������ ����������������������� ���� ������!�

���� #��$%&�����'�(�� �����)�� �

*�+� �(,��-.��/� +�0���2551���� ��344-��

Page 34: TFD: Annual Report 2011

����������� ������ ����������������������� �32

���������� ���������������

� �� ������������������������������� �� ��!�"#� �$�%!����&��

�����"���$���'" ���( $�)��* �������'!(+*��( $�)��* �������,��* �" ���-�'����.�/0�

1��'�2!�3445�(+*�344/��� #�����$�����6$� �6"�'!(+*�� #�����$�����6$� �6"�,��* �" �����( $� ��

�7+�.��(7+�8� 9'������������'!(+*��( $� ���7+�.��(7+�8� 9'������������,��* �" �����

�*( ���� $�'!(+*�� �*( ���� $�,��* �" ��� #�����7: �;� �$'���$��' ����(�9+*7:������������

������������� �� ��!�"#� �$� %!����&�(+*�������9��(+*�,��*�����������������������

�� �� ��!�"#� �$�%!����&�<=.����������� �" ���7>�������$���92'�!�� ���(+*2����'�����!�+

8��� ��������+9���;� 9'������"���7>�������$��8� ���������9�� ������$�� +9�'"� + ����'" �

�������"����

�����"���$�7?����������'" ���!!���)�� �� ��������.�������.'�7�<=.� #���$8�������"�����

'��(�(+*7?����������'" ����.8���$�2'�!���.!�.��9��!�����+'9���� ������( $���!�+��.��$�9

����6""������7>� ��* #�2������!9� ����'" ��'!�=� ��8��'�1� ���$ ��+� )��7�* ���� ����;�

��.�7>�"#��'�����(+* ���7@$����!�+8��� ������� ��7�*�!��2'�!��!�* !���+� ���������. �" ��8���

(+*7�*!�- ��� �.�' ����� ����� ��������.�7>� ��* #�2���<=.����������7>���"�$�#��=;���+$"� ��

7�*�!���=�2'�!��!�* !�� ��( $���� ����.�#�� �8��� �������$��'!������"�����.'9� ����'" �

$�� +9�'8���� ��7��.�7>�� -AB�9����!�* !8� ��( $�2'�!��6��������"���

�����"����6�'9��� �������'!(+*�� �������,��* �" �����������;�( $�)��* �������'!(+*)��*

�������,��* �" ���-�'����.�/0�1��'�2!�3445�(+*�344/�+ ��$#���������'!(+*+ ��$#���������,��*

�" ��(+* �*( ���� $�'!(+* �*( ���� $�,��* �" ��� #�����7: �;� �$'���$��' ���� (�9+*7:��

����������������������� �� ��!�"#� �$� %!����&�(+*�������9��(+*�,��*�����������������

�������� �� ��!�"#� �$�%!����&��$��� �����!��.2'�8� ��* #�2����!�+� ���������.�������.'�7�

Page 35: TFD: Annual Report 2011

���� ������� �!""# 33

��!��. +9�'�'�8��!������7�* ��� ���������/F� 4� (+*�/4� #�����7:� �;� �$'����.�/0�1��'�2!�

2554 ������I�(+*�������9��$�8��!���)�� ����������� ��������. (+*7���7���8�!9<=.� �$� J�

'�����������(+*��!7�* �K �!�����1�� �" ��2������.� #���$��� ���9��.���!�8��� ��������LKL�3445�

<=.� #���$8����7?����� ���� ������ #��������*�*�'+��������.���.!8�����+��'����.�0�! ��2!�3445��7>�

����7���.�7>�� -AB8� ��"�$�#�(+*�#�� ��� ��������� �������'!(+*�� �������,��* �" �� #�����7:

�;� �$'����.�/0�1��'�2! 344/���.�#�!�( $��7����������$�( $���!��7(��8�!9(+*7���7�������+��

#����� ���#�!���)�� ����������� ������!�8��2��;�(� ���.8�� $2+�� ���� �������'!(+*��

�������,��* �" ��� #�����7: �;� �$'����.�/0�1��'�2!�3445�

������ �������$����� �����B����.�(�+�"#� �$�

%���'��+����B���"�B�2�����B&�

�� ���������������+��*�������/0M5�

'����. 3N� �!J����1B�3444�

Page 36: TFD: Annual Report 2011

����������� ������ ����������������������� �34

������ ���� ������ ���������� ������ (���� ) �� ������!�

������8� ���)��

* +� �(, 31 /� +�0� 2554 �� 2553

(��9'�: ���)

�������� 2554 2553 2554 2553

(7���7���8�!9) (7���7���8�!9)

�� ����<

�� ����<��� )+(

���� $(+*��� ���������9����� $ 12,977,831 18,301,718 1,023,714 244,834

+� ���; ��2��(+*+� ���;�.� 264,098,841 57,889,411 249,438,001 46,306,997

�����B �����.��� � 828,473,037 1,110,812,619 828,473,037 1,110,812,619

�������B�!���'����.� 151,685 246,220 62,332 17,557

�+��� ����<��� )+( 1,105,701,394 1,187,249,968 1,078,997,084 1,157,382,007

�� ����<�!��� )+(

����Z� ����� ��������.!�J��*2;#�7�* �� � 15,365,297 4,687,093 15,365,297 4,687,093

����8�� ����!( 9 �" ����.� �.�'��� ��(+*

$ ���;�2������ - �������9� - - 224,856,333 225,563,905

����+����8��������9� �� - - 101,576,482 101,576,482

��1� ����9� �� 543,634,424 589,898,004 49,496,845 48,895,159

������!�����B���. ��+���� � 708,460,271 676,672,838 204,773,577 143,923,541

�7 �-B �� 18,102,092 8,800,767 16,612,700 6,576,940

�������B�!9�!���'����.�

J��������$�������22+����� 2�� 18,198,869 24,552,856 - 9,337,576

����'��7�* ������ �2;#�7�* ��

�" ����.� �.�'��� �� 15,000,000 15,000,000 15,000,000 15,000,000

�.� [ 8,995,614 8,149,087 3,168,927 2,282,586

�+��� ����<�!��� )+( 1,327,756,567 1,327,760,645 630,850,161 557,843,282

�+��� ����< 2,433,457,961 2,515,010,613 1,709,847,245 1,715,225,289

�!������7�* ��� �������7>� 9'���=.����� ��������;

�����)�� �+� �����)�� )=�� ������

Page 37: TFD: Annual Report 2011

���� ������� �!""# 35

������ ���� ������ ���������� ������ (���� ) �� ������!�

������8� ���)�� (�!�)

* +� �(, 31 /� +�0� 2554 �� 2553

(��9'�: ���)

�������� 2554 2553 2554 2553

(7���7���8�!9) (7���7���8�!9)

� (>�� �� �!+ #��$%&?@���&

� (>�� ��� )+(

������� � �������1��2�� �� 51,131,777 16,710,760 46,470,413 13,625,130

�"�����; ��2��(+*�"�����;�.� �� 256,249,567 352,191,904 236,360,451 332,017,287

9'����"�����;��! ������9� ������

��.�=� #���$�#��*J��8���=.�7: � 3,265,846 1,089,393 3,038,948 779,025

9'������� ����!�*�*��'"� ����� ������

��.�=� #���$�#��*J��8���=.�7: � 152,462,205 391,996,462 129,624,923 368,504,523

9'����"�����;��! ����7����2�� �������;

��.�=� #���$�#��*J��8���=.�7: �� 41,473,657 40,937,509 - -

9'������� ����!�*�*��'"� �" ����.� �.�'��� ��

��.�=� #���$�#��*J��8���=.�7: ��� 11,736,861 11,579,103 - -

���� ����!�*�* �;�"� �" ����.� �.�'��� ��(+*

$ ���;�2���"9�� - �������9� - - 43,950,023 18,138,588

����!�$"#����"� ������2�� �� ��� - - 129,500,000 129,500,000

J��������$�������22+2���"9�� 28,268,546 - 28,268,546 -

���; ���!���'����.� 2,456,272 2,886,089 1,382,755 1,627,529

�+�� (>�� ��� )+( 547,044,731 817,391,220 618,596,059 864,192,082

� (>�� �!��� )+(

�"�����;��! ������9� ������ � 7,419,375 1,469,682 7,376,516 1,303,613

���� ����!�*�*��'"� ����� ������ � 335,534,712 273,222,162 132,162,190 47,970,694

�"�����;��! ����7����2�� �������; �� 111,227,074 151,437,349 - -

���� ����!�*�*��'"� �" ����.� �.�'��� ��

(+*$ ���;�2���"9�� ��� 330,730,661 332,327,097 - -

����!�$"#� ����9���� 86,088,130 74,498,846 16,919,200 6,310,725

J��*� ���+7�*����B��� ��� � 2,986,385 - 2,642,380 -

7�*!�- �����; ���*�*��' � 9,620,627 8,377,188 3,897,710 2,654,272

�+�� (>�� �!��� )+( 883,606,964 841,332,324 162,997,996 58,239,304

�+�� (>�� 1,430,651,695 1,658,723,544 781,594,055 922,431,386

�!������7�* ��� �������7>� 9'���=.����� ��������;

�����)�� �+� �����)�� )=�� ������

Page 38: TFD: Annual Report 2011

����������� ������ ����������������������� �36

������ ���� ������ ���������� ������ (���� ) �� ������!�

������8� ���)�� (�!�)

* +� �(, 31 /� +�0� 2554 �� 2553

(��9'�: ���)

�������� 2554 2553 2554 2553

(7���7���8�!9) (7���7���8�!9)

�!+ #��$%&?@���&

�����������

���"$�*�����

���� �!�� 836,000,000 ���� !�+29�����+* 1 ��� 836,000,000 836,000,000 836,000,000 836,000,000

�����. (+*�#��*(+�'

���� �!�� 701,357,785 ���� !�+29�����+* 1 ��� 701,357,785 701,357,785 701,357,785 701,357,785

9'�� ��!�+29����� �!�� 147,196,958 147,196,958 147,196,958 147,196,958

#���(��$���) * !

"�$ ��(+�' - #�����! \�!�� 15,602,230 12,228,741 15,602,230 12,228,741

����!9�$�"�$ �� 104,705,343 (39,647,575) 64,096,217 (67,989,581)

+�9��"� ���7+�.��(7+� �$ 9'�����+����

8��������9� (45,699,839) (45,699,839) - -

�'! 9'���������8��9 923,162,477 775,436,070 928,253,190 792,793,903

9'��$�� ����.�!9!�#���"2'�2�! 79,643,789 80,850,999 - -

�+��!+ #��$%&?@���& 1,002,806,266 856,287,069 928,253,190 792,793,903

�+�� (>�� �� �!+ #��$%&?@���& 2,433,457,961 2,515,010,613 1,709,847,245 1,715,225,289

�!������7�* ��� �������7>� 9'���=.����� ��������;

�����)�� �+� �����)�� )=�� ������

Page 39: TFD: Annual Report 2011

���� ������� �!""# 37

����������� ������ ����������������������� ���� ������!�

������"���� #�$�#��$�

�������%&���' ���(� �)*�+,�-� (�.��/001��� �/00+

���������

�������� ���� ���� ���� ����

������������ ������������

���2������"��� ������

����������������� �!� ""�#$��#��� % ""�#$��#��� %

���������������&�'��(�� )*�#$+)#+�� *��#�+,#+*� )*�#$+)#+�� *��#�+,#+*�

������'��-(��./0'���!��� �*�#�,�#$$� �"+#�"�#**) �"#*�+#)+� ),#$��#*,+

������������������./0�!��� )#)��#)��#�"+ )#+$�#*,)#$"� *,�#","#�"$ *�)#��+#$��

�2 �� "��� �������

1���������� �!� ���"#+*�#��� % ���"#+*�#��� %

1��������&�'��(�� �)��#�)�#)�� ��"+#)*�#�,* �)��#�)�#)�� ��"+#)*�#�,*

1�����������-(��./0�!��� �)�)#�*�#"�� �)�$#�"�#$�+ ��#�+,#��* �"#+�+#�"�

���1��������./0�!��� �"$$#*,$#�++ �,+$#��,#�+* ��"�#)+�#�)" ��""#�)�#,��

����"�' �2 ���#���#+"+ �*�#���#��� �)+#�,�#��� �*�#+),#�+$

���2�3*

�&�-�2��� �)+#�"$ ),$#))� ��#+�+#��" ��#���#���

&3 �4 ))#+�,#�$+ "#�$,#�$$ ))#)��#"�� ,#)$�#�$�

���������&3 � ))#�",#*�$ "#","#�)� ��#)��#+,* ��#��"#$)$

'���(������������� ���#"*�#"�� ��$#��)#�)� ���#*��#�$* ��"#,$�#�*�

'���(�����������!��� �)�"#�)$#),� �)),#*�$#�)� �)��#*�*#�", �$"#$+�#"�*

'��1&.��������� �"#,)*#,*+ �"#+��#+++ ��#*�+#+++ ��#��+#+++

1�����������-�!� �,)#�,�#��� �**#��,#$"+ �*#��*#)$$ �)$#*�)#��,

�����"���� ��!� 4��)#�� �2 )*�#,)�#$,, )�$#�+,#)*) ),�#"��#+", )�$#�*�#"*$

5�6�-�!���� ��*#)$�#,*+ % ��*#)$�#,*+ %

�����"���� ��������%& )�"#�)$#)$, )�$#�+,#)*) )��#��$#�*, )�$#�*�#"*$

�7���������-8�-9�8�&3 � % % % %

�����"���� �#�$�#��$��(��������%& )�"#�)$#)$, )�$#�+,#)*) )��#��$#�*, )�$#�*�#"*$

�����!������"���� �

9����� -�:��&��!6����;� )�,#,�"#�+, )�+#���#)") )��#��$#�*, )�$#�*�#"*$

9����� -�:��&�9������-9���� �����&7����'�'�� �)#�+,#�)+ �))#+�"#$*+ % %

)�"#�)$#)$, )�$#�+,#)*) )��#��$#�*, )�$#�*�#"*$

�����!���2 �����������"���� ��!���2 "�' �3' 5� +<�)+" +<�++� +<)$�) +<�)�)

�7����=��->/� �=����27������&�����9���;����� ,+)#��,#,*� ,+)#��,#,*� ,+)#��,#,*� ,+)#��,#,*�

����������"���� ��!���2 %����� +<�+") +<�++� +<)**$ +<�)�)

�7����=��->/� �=����27������&�����9���;����� ,)"#$�$#,)* ,+)#��,#,*� ,)"#$�$#,)* ,+)#��,#,*�

����-�1���0�&����-�!�-�:�9�����? ��&�����-�!���2

�����#�� �(� �����#�� #6�� ������

Page 40: TFD: Annual Report 2011

����������� ������ ����������������������� �38

����

���

��

��

����

��

�����

���

����

������

���

��

����

����

��!�

����

����

�#%

�)*

�%��

�!(

"��7

8293��

�2

����

���%

&���'

���(�

�)*�+

,�-�

(�.�

�/00

1���

�/0

0+

���

����

��

@/1��

����

���

-�/� �

�.�

/�9

�����

�-9��

���

�� &&

�9

���-�

!����

9��

./��

9��9

���-�

!�/�

���

���9

����&

��

� �����&

7����

���9

����&

��������

./0(

7��0.

/���A/

'���

���9

���;

97��

&�1�

��B�

���

�����

�������

9��

��

�!6��

��&�

�!6

����

;�

'�

'��@A�=

3&����

��.

�#�

�3��:

�(�

�) *�+

,�-�

(�.�

�/00

/���

!� %

���%

����

"�,#

�$*#

+��

)�,#

)$"#

$�*

)�#�

�*#,

�)

))*#

*�,#

��+

��

)#$*

*#+"

*

*$

�#*"

�#)$

"

$�

#","

#�+*

$*"#

��$#

�+�

@/��

0�

�&��

��-�

/� ��

.�/�

�C�

��

���

�;(�

�%

%

%

��

��#"

$�#�

�+

%

��

��#"

$�#�

�+

%

��

��#"

$�#�

�+

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

/���

���%

���%

����

"�,#

�$*#

+��

)�,#

)$"#

$�*

)�#�

�*#,

�)

�)+"

#*"*

#+++

��)#

$**#

+"*

""*#

)",#

"""

$�#"

,"#�

+*

,"

+#*�

�#*,

�7���

����

���

-8�-

9�8�

���9

7����

�D

%

%

%

)�+#

���#

)")

%

)�

+#��

�#)"

)

�)

)#+�

"#$*

+

)�

$#�+

,#)*

)

-�!�

�E�

@/���

� �

����

E�@/

"�#,

�$#,

�+

%

%

�"�#

,�$#

,�+

%

%

%

%

-�

!�9

��E�

@/%

%

%

�$

#�"�

#$*"

%

�$#�

"�#$

*"

%

�$

#�"�

#$*"

F32&-

�!�/�

���

��

�!6��

��&�-

G! �-

1!���

%

%

%

%

���#

,))#

,,)

���#

,))#

,,)

�,**

#��$

��

�#�+

+#++

+

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

+,+

)#��

,#,*

)�

,#)$

"#$�

*

)�

#��*

#,�)

��

$#"�

,#�,

��

�#"$

$#*�

$

,,

�#��

"#+,

+

*+

#*�+

#$$$

*�"#

�*,#

+"$

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

+���

!� %

���%

����

,+)#

��,#

,*�

)�,#

)$"#

$�*

)�#�

�*#,

�)

�""$

#$)"

��

�#"$

$#*�

$

*)

�#�)

�#,�

$

*+

#*�+

#$$$

*$�#

�"�#

,�*

@/��

0�

�&��

��-�

/� ��

.�/�

�C�

��

���

�;(�

�%

%

%

��

*#$,

,#"�

$

%

��

*#$,

,#"�

$

%

��

*#$,

,#"�

$

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

+���

���%

���%

����

,+)#

��,#

,*�

)�,#

)$"#

$�*

)�#�

�*#,

�)

��$#

"�,#

�,�

���#

"$$#

*�$

,,�#

��"#

+,+

*+#*

�+#$

$$

*�

"#�*

,#+"

$

�7���

����

���

-8�-

9�8�

���9

7����

�D

%

%

%

)�,#

,�"#

�+,

%

)�

,#,�

"#�+

,

�)

#�+,

#�)+

)�"#

�)$#

)$,

���9

��%

97��

&�1�

��B�

���

�%

%

�#�,

�#�*

$

��

#�,�

#�*$

%

%

%

%

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

1,+

)#��

,#,*

)�

,#)$

"#$�

*

)�

#"+�

#��+

)+

�#,+

�#��

���#

"$$#

*�$

$��#

)"�#

�,,

,$#"

��#,

*$

)#

++�#

*+"#

�""

���

�-�

1���0

�&

���

�-�!�

-�:�

9���

��

? ��&�

���

�-�!�

�� 2

�7���

����

���

909

����

�#��

�(�

������

������

������

������

��

9���

�&�@

A�=3&�

���

�!6��

��;

Page 41: TFD: Annual Report 2011

���� ������� �!""# 39

����

���

��

��

����

��

�����

���

����

������

���

��

����

����

��!�

����

����

�#%

�)*

�%��

�!(

"��7

8293��

�2

����

���%

&���'

���(�

�)*�+

,�-�

(�.�

�/00

1���

�/0

0+

���

����

��

���

�� &&

�9

���-�

!����

9��

./��

���

��������

./0(

7��0.

/���A/

'���

���9

���;

97��

&�1�

��B�

���

�����

�������

9��

9���

�&�@

A�=3&�

���

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

/���

!� %

���%

����

"�,#

�$*#

+��

)�

,#)$

"#$�

*

)�#�

�*#,

�)

*)

#�,)

#+),

*,*#

�$�#

,�)

@/��

0�

�&��

��-�

/� ��

.�/�

�C�

��

���

�;(�

�%

%

%

����

#")$

#��)

��

��#"

)$#�

�)

��.

�#�

�3��:

�(�

�) *�+

,�-�

(�.�

�/00

/���

���%

���%

����

"�,#

�$*#

+��

)�

,#)$

"#$�

*

)�#�

�*#,

�)

�)��

#)�*

#���

"��#

*,�#

�++

�7���

����

���

-8�-

9�8�

���9

7����

�D

%

%

%

)�

$#�*

�#"*

$

)�$#

�*�#

"*$

-�!�

�E�

@/���

� �

����

E�@/

"�#,

�$#,

�+

%

%

�"

�#,�

$#,�

+

%

-�

!�9

��E�

@/%

%

%

�$#�

"�#$

*"

�$#�

"�#$

*"

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

+,+

)#��

,#,*

)�,#

)$"#

$�*

)�

#��*

#,�)

�",#

$*$#

�*)

,$�#

,$�#

$+�

��.

�#�

�3��:

�(�

�) *�+

,�-�

(�.�

�/00

+���

!� %

���%

����

,+)#

��,#

,*�

)�

,#)$

"#$�

*

)�#�

�*#,

�)

��

$#))

)#��

"

*�

)#",

�#)�

*

@/��

0�

�&��

��-�

/� ��

.�/�

�C�

��

���

�;(�

�%

%

%

��*#

*,*#

���

��*#

*,*#

���

��.

�#�

�3��:

�(�

�) *�+

,�-�

(�.�

�/00

+���

���%

���%

����

,+)#

��,#

,*�

)�

,#)$

"#$�

*

)�#�

�*#,

�)

�"

,#$*

$#�*

)

,$

�#,$

�#$+

�7���

����

���

-8�-

9�8�

���9

7����

�D

%

%

%

)�

�#��

$#�*

,

)��#

��$#

�*,

���9

��%

97��

&�1�

��B�

���

�%

%

�#

�,�#

�*$

��#�

,�#�

*$

%

��.

�#�

�3��:

�(�

�)*�+

,�-�

(�.�

�/00

1,+

)#��

,#,*

)�,#

)$"#

$�*

)�

#"+�

#��+

"�#+

$"#�

),

$�

*#��

�#)$

+

���

�-�

1���0

�&

���

�-�!�

-�:�

9���

��

? ��&�

���

�-�!�

�� 2

�7���

����

���

909

����

�#��

#6�

� ���

���

Page 42: TFD: Annual Report 2011

����������� ������ ����������������������� �40

����������� ������ ����������������������� ���� ������!�

���� ��#�� ��

�������%&���' ���(� �)*�+,�-� (�.��/001��� �/00+

���������

���� ���� ���� ����

������������ ������������

�� ��#�� ���������������# � ��

�7���������� ��&�5�6�-�!���� )*�#,)�#$,, )�$#�+,#)*) ),�#"��#+", )�$#�*�#"*$

���������������0��7���������� ��&�5�6�-�!����-�:�

-�!�9�������� ����!������7�-�!����

���29�9���09A; % )#�)�#��+ % %

5��0@A�G��@/��0C�(�HG������ �#$*"#�*� % �#"��#�*+ %

'��-93 &���'�./0'��1���7������ *�#$*�#",� *)#)*�#,�� )�#*�,#)�, �#"),#$��

�7������������9!����G�H �*,�#$*� �)#",,#"�$ �*,�#$*� ���,#"�+

'���(������&�-�2� ,�#)�*#)�$ **#��,#$"+ *#��*#)$* �+#"�)#�)*

�7����������7�-�!������&����-�/� ��.�/���

9!����G�H./0���29!��7�-�!���� ���#$"+#)$� �$*#"*,#*+� )$"#*�,#*�+ ),�#���#�$�

9!����G�H�������7�-�!�����-G! ��?2� /�/�

/A����2���'��./0/A����2&3 � ��+"#�+$#��+ �#�$)#,"" ��+�#)�)#++� �#,)$#"��

���G�H9!�-G3 &��� ���#�)+#)*� �"$#)"�#*+" ���#�$,#)$� �"$#)"�#*+�

9!����G�H����-����&3 � $�#��� ���#+�� ���#,,� $"#))�

9!����G�H�������-����&3 � �*�"#��, �)�#+��#$)� *#��)#��� �)�#$,$#"+"

9!����G�H�������7�-�!�����-G! ��?2� /�/� ��#��*#,") �")#�,*#"+� �+#",�#"�* ��$#+++#$�*

���29!��������7�-�!����-G! ��?2��/�/�

-������2���'��./0-������2&3 � �$"#*�,#$,+ �*$#��)#��� �$"#�,�#�,� �,�#�$�#*,�

���29!�����-����&3 � ���$#*)* �)#+�*#+�" ����#,,� �)#)+"#�,)

-�!�����7����-(���� ))#�*$#�*� �#$,�#��� )+#"+*#�,� )#�)�#$��

���29!��������7�-�!����-G! ��?2��/�/� �*�#"$*#�+� �*�#�$,#�"* �*"#�+*#,,+ �,�#+*"#��)

-�!�9��������(��� ����!������7�-�!���� �$�#*)+#��$ ",�#,"$#)�+ )")#�$)#"$* ��$#��$#��$

�����&�-�2� �,�#*��#"*+ �,"#,�$#$�, ��$#�+�#$)+ ��)#���#*++

��'3�-�!�5�6�-�!���� ),#�"�#�)� ,#*)�#,�, % %

����5�6�-�!���� ��+#$�"#""+ ���#*��#�+) �$#$�"#��� �)�#$$)#�"�

-�!�9�9��I!�������(��� ����!������7�-�!���� �)"#�+�#��� �*�#+),#,�$ ))�#)�$#��� �+�#*$�#$""

����-�1���0�&����-�!�-�:�9�����? ��&�����-�!���2

�����#�� �(� �����#�� #6�� ������

Page 43: TFD: Annual Report 2011

���� ������� �!""# 41

����������� ������ ����������������������� ���� ������!�

���� ��#�� �����!��

�������%&���' ���(� �)*�+,�-� (�.��/001��� �/00+

���������

���� ���� ���� ����

������������ ������������

�� ��#�� ����������������

-�!�J��9=������-�!��� ��5��0'27���0����-G! ��?2� /�/� �)+#",*#�+� ��#���#�*+ �)+#",*#�+� ��#���#�*+

-�!�����A��3�.���!������ -�� ����&����./0�&�-�2�'�����-G! ��?2� % �"#+��#,,� ���#"�*#)+� ���#+�,#)$�

-�!�����A��3�.���!������ -�� ����&����./0�&�-�2�'�����/�/� % "#+��#,,� ��#���#",� )"#�"�#�*�

F32&9!����G�H�&���G�K����3&��� % ��"#�+�#��� % ��"#�+�#���

-�!���'3����9�;;�9!�I!���-(�� $#��"#$)� % % %

9����������9!�I!���-(��-G! � ��#)�"#*�� % % %

F32&&9�����!����G�H-G3 &���/���� ��+,#+�$ �)�,#)*, % %

F32&&����LH ��#�*�#$+� �"��#��$ ��#$,�#),� ��)�#+�+

-�!������������&����LH )#��"#��) )#",,#"�+ )#��"#��* ��,#"�+

-�!�����F32&-�!�/�������!6����&� % ���#�++#+++ % ���#�++#+++

-�!�9�9��I!�������(��� ����!��������/���� �"#,+�#"�, ���#+�+#*�+ �)�#"+"#��, �,+#�+,#,��

�� ��#�� �����������������#��

-�!�-!�-�!��;(�I��'��-G! ��?2��/�/� ��#��)#+), �#*�$#$�, ��#*��#�*� )#$"*#�*�

-�!����&�������!������ -�� ����&���� % % "#+++#+++ )"#+�,#�$+

(7��0'3�-�!����&�������!������ -�� ����&���� % % �"#+++#+++ �)"#+�,#�$+

��-�!��A��3��0�09�2�����''/5���&� % ),#+++#+++ % ),#+++#+++

(7��0'3�-�!��A��3��0�09�2�����''/5���&� % �),#+++#+++ �),#+++#+++

��-�!��A��3��0�09�2�����!������ -�� ����&���� % % )��#�++#+++ **#+++#+++

(7��0'3�-�!��A��3��0�09�2�����!������ -�� ����&���� % % �)+*#�++#+++ �,+#+++#+++

(7��0'3����29!�1��9�;;�-(�����-�!� �)#���#"$+ �)#+�"#"+� �)#+�)#�$" �,��#���

��-�!����-�!��A��3��0�0������9=������-�!� "+#)+�#,*, )**#�",#)"� )�+#)+�#,*, )**#�",#)"�

(7��0'3�-�!��A��3��0�0������9=������-�!� ���,#���#�$� �"��#)",#,�+ ��+�#,$)#*$) �"+�#�",#�+�

(7��0'3�-�!��A�1��9�;;����C'��9�������2 ��$#",�#)�, ��$#��,#�+� % %

(7��0'3�-�!��A��3��0�0�������''/5���&� % ��+#+++#+++ % ��+#+++#+++

(7��0'3�-�!��A��3��0�0�������!������ -�� ����&���� ��)#���#�," ���#)��#��, % %

-�!��E�@/���� % �$#�"�#$*" % �$#�"�#$*"

-�!�9�9��I!�������(��� ����!����������-�!� ��)�#+��#,*� ����#$$+#*�$ �$*#,,�#�), ����#��$#$$�

-�!�9�./0������-���-���-�!�9�-G! ��?2��/�/� 9��I! ��#���#**, �"#++�#$�+ ,,*#**+ �,"�#,")

-�!�9�./0������-���-���-�!�9�1����� )*#�+)#,)* ��#�+�#"�* ���#*�� )#++,#�$�

-�!�9�./0������-���-���-�!�9��/����� )�#$,,#*�) )*#�+)#,)* )#+��#,)� ���#*��

����-�1���0�&����-�!�-�:�9�����? ��&�����-�!���2

�����#�� �(� �����#�� #6�� ������

Page 44: TFD: Annual Report 2011

����������� ������ ����������������������� �42

����������� ������ ����������������������� ���� ������!��

���)���A� ��������)�� �

*�+� �(,�-.�/� +�0��3441��� �344-�

.B� #&��%���,+A

����������������������� �� ��!�"#� �$� (!����&�%“������I”&��7>���������."$�*�����8��+�$

�+� �����B(�9�7�*��K����!�.7:�2534 (+*!�J�!�+#����8�7�*��K������.��9��!��."$�*������+���. 26 �2���

�"�<���2'�����;��0M�������1�'� ����2�����B�(�'������'����� ���� ������!���2�

������I7�* �1�� �"�+� �2�� ������� ������!�����B

3B )�*C<D ��������������)�� �

2.1 �� ��������;�$�"�$�#��=;���!�+� ���������.�������.'�7�J��8����*����������'�������������LKL�345^�(+*

( $���� ����!7�* �K�� �!�����1�� �" ��2����$� �*��'���-���B�+�'����.� 28 �������2554 ���.��

#���$��� ���9��.���!�8��� ��������LKL�3444�(+*��!�� #���$��2-* ��! �� #� ���+� �����B(+*

�+�$�+� �����B'9�$�'� ��"�$�#�(+*�#�� ���������� �������J��8����*�����������+� �����B(+*�+�$

�+� �����B��LKL�34/4�

�� ��������;"�$�#��=;��$�8��� -AB��2�����$�!8� ��'�$!�+29����2B7�* ������ ��8��� ������� �'��

��� ����.�7@$���'�8������� ���������.� �.�'���

2.2 �+� � -AB8� ��"�$�#��� �������'!

3L3L0 �� �������'!��;"�$�#��=;��$��'!�� ������������������������������� �� ��!�"#� �$�%!����&�

<=.��7>�������8��9(+*�� ���������������9�<=.������������������������� �� ��!�"#� �$

%!����&��������������!�#���"2'�2�!�9���7>� ��* #�2����+ ��$#�����������������9��� �#�!�

�'!��;�(�9'��<�;(+*"*�!9�#�!��'!��;�(�9'����.#���"2'�2�!�!$�7��������9�!�$����;_�-

�������+*

��.������ +� �-*1�� �" �� �������� 2'�! �!���1B

2554 2553

���+* ���+*

������������+����$� �����+���<�B'� �< �"#� �$ 8����9������� #���6"��7� 100.00 100.00 ��������`� ��! ���9'! ��

��������� �"��(+�$B��"#� �$ 8����9��2����$ #��� ��� 49.91 49.91 ��������`� ��! ���9'! ��

2.2.2 �$2�2����*�'9��������I�(+*�������9����� ��2���*�'9�� ����.!� ��* #�2���$���$ "� ��

�������'!��;(+�'

Page 45: TFD: Annual Report 2011

���� ������� �!""# 43

2.2.3 �� �������'!��;"�$�#��=;��$�8�����������������$��' ��� #�������� ���������!�� �����

���� ��-B����������.2+���2+=� ��

2.2.4 �� �������'!��;"�$�#��=;���$�!�'����7�* �2B���.( $�)��* �������'!(+*+ ��$#���������'!���

����������������������� �� ��!�"#� �$�%!����&�(+*�������9���9���;�� ��8����!�+��!��

�������'!���.'����7�* �2B�.���"!���"#� �$$���+� �-*��.29�����(� �9�� ��8����$��������9���.

�#��� ������!�7�* ��7>��� �������'!

-B� ���A� ��ED�&����8� �����'�(D��!�

3.1 J�'������������$� (+*7���7���!���)�� ����������� �������+��,����8�7:�2553 (+*�2554�<=.�!�

���,�����.� �.�'��� �� ��$#����������������I(+*�������9�(+*!�+���2��8����;�(�9'����.�1�! ��2!�2554�

$���9�7��;

!���)�� ����������� ������ ���.�

!���)�� �������,�����.�0�%7���7����3443& ���#�� ��� ������

!���)�� �������,�����.�3�%7���7����3443& ��2��2���+�

!���)�� �������,�����.�^�%7���7����3443& �� �*( ���� $

!���)�� �������,�����.�a�%7���7����3443& ������ ������� ���7+�.��(7+�7�*!�-

����� ����������(+*���$�+�$

!���)�� �������,�����.�0M�%7���7����3443& ���� ��-BJ���+�����*�*�'+�������

!���)�� �������,�����. 16 (7���7��� 2552) ��.$�� �2��(+*�7 �-B

!���)�� �������,�����.�0^�%7���7����3443& ������9�

!���)�� �������,�����.�0a�%7���7����3443& ����$�

!���)�� �������,�����.�09 +7�*����B��� ���

!���)�� �������,�����.�3/�%7���7����3443& ������ �� ����!

!���)�� �������,�����.�35�%7���7����3443&

���7@$����!�+� �.�' ����22+��� �" ��

�����.� �.�'��� ��

!���)�� �������,�����.�3^�%7���7����3443& �� �������'!(+*�� �������,��* �" ��

!���)�� �������,�����.�//�%7���7����3443& #����9����

!���)�� �������,�����.�/5�%7���7����3443& �� �������*�'9�� �+

!���)�� �������,�����.�/b�%7���7����3443& ��$��29��� �������B

!���)�� �������,�����.�/^�%7���7����3443& 7�*!�- �����; ������; ����.�"� �$�=;�(+*

��� �������B��.�"� �$�=;�

!���)�� �������,�����.�/a�%7���7����3443& �������B�!9!���'��

!���)�� �������,�����.�5M�%7���7����3443& ������!�����B���. ��+����

!���)�� ����������� ������,�����.�/ %7���7����3443& ���'!1�� �"

��7?�������!!���)�� ����������� ��������. (+*7���7���8�!9��;��!�+8��� �$ ���7+�.��(7+�

������ ���������������I(+*�������9��+ �*��"� ���7+�.��(7+���;�$��7@$���'�8��!������

7�* ��� ���������5

Page 46: TFD: Annual Report 2011

����������� ������ ����������������������� �44

3.2 ������������ ������������������������������������������� ����������������������������������� �������� !"#���$����%��&'�����������������������������(�����!1 ��%

2556 ��)�����7 (+*�!9�$�!� ���#�!�8�� #����� ��"�$�#��� ��������;�!�$���9�7��;

!���)�� ����������� ������ ���.�

!���)�� �������,�����.�03� J��������$�

!���)�� �������,�����.�3M�(7���7����2552) ������� #����������$����"� ��)��+(+*

��� ���7@$����!�+� �.�' ��2'�!�9'���+�

���"� ��)��+

!���)�� �������,�����. 21 (7���7����2552) + �*��"� ���7+�.��(7+�������(+ �7+�.��

�����������9��7�*��K

����2'�!!���)�� �������,�����.�0M 2'�!�9'���+�"� ��)��+�-� �-���.�!9!�2'�!

����9���,��*�"�*"� �� �" ��!$#��������

����2'�!!���)�� �������,�����.�30 J��������$��-� ���$����7�*����B"� �������B��.

����!9�$�2�$29�� �.!��2���.����2�8�!9

����2'�!!���)�� �������,�����.�34 J��������$��-� ���7+�.��(7+� ���*J�����J���

����� �" ���������������

7c""����������I���9�*�'9�� ��7�*�!��+ �*���9�� ������8�7:��.���.!8��!���)�� ����������� ������

,���$�� +9�'

1B ���A ��������'�(�(,���0�'�

1B.� �������%&���&�� 0!�D�&�!�

4.1.1 ����$�"� �����

����$�"� �������.$����2��������(+*�2����$��������7>�����$��!�.�$���2'�!� �.��(+*

+��(����.�7>� ��* #�2����2'�!�7>��"����8�� ����<�;(+�'�$� �" ���!9� �.�'���8� ��

���������2'�2�!��.$����2��������(+*�2����$���.����7(+�'��;�������(+*����!�<=.�

!�+29���.����������$�(+*��������.� �$�=;����.�!�"� ��� ����;� �!���'�$!�+29��$��9���9����.��

4.1.2 ����$�29���9�(+*29���� ����.� �.�'���

����$�29���9��������7>�����$���!�*�*�'+� ����9������$�29���� ���������!�.�$�8����� ��(+�'�$�

��"��-��=���;�2'�! #���6"�����

4.1.3 ����$��.�(+*29�8��"9��

����$��.�(+*29�8��"9����������!� -AB2�2���

4.1.4 ������I�2#��'�������"� �������.$����2��������(+*�2����$��.���(+�'��$����7>�������

�����! �$ 9'���.$����2��������(+*�2����$��.�����

Page 47: TFD: Annual Report 2011

���� ������� �!""# 45

1B3� )�� ���� �����)�(�)�!�)�� ����

���� $(+*��� ���������9����� $��!���=������ $(+*����Z� ����� ������(+*����+�����*�* �;���.!�

J��2+9� ���<=.��=� #���$���2��J��8��*�*�'+��!9� ���3��$��(+*�!9!���"#� �$8� ����� 8��

1B-� �%�� (>���0&��� �%�� (>�@, �� 0!�)$@,�� (>����� �%'�

+� ���; ��2��(+*+� ���;�.�( $���!!�+29� ��1���."*�$�����������I�(+*�������9�����= 29���.���; � ��

"* �� #�����+��$����$�7�*!�-��.�"� �$�=;�"� ��� 6�����+� ���;�!9�$��<=.��$���.'�7��"��-�"�

7�* � ��-B ��� 6�����(+* ��'��2��*�B���+� ���;

1B1� ����<�� )�@,�#��

�����B �����.���( $�!�+29���!��2�������!�+29� ��1���."*�$����(+�'(�9��2�8$"*�.#� '9�

1B4� )�� ����

����+����8��������9���.( $���98��� �������,��* �" ��( $�!�+29���!'�1���2������ 29���. ��$��

29�%���!�&

1BF� �������������<)�@,�������� �� 0!�)�@,����0���

������!�����B���. ��+������$�( 9� ������!�����B��.��2�����.��7�*����B"� ����$�29���9����

"� !�+29���.���.!�=;������;� ��9������;���;�!9�$�!��'����.�����!7 ��1�� �"���8��8� ��+�����"�$��

��2�����8����� �����8��8� �������������

������!�����B���. ��+����( $�$�'���2������ 29�� �.!��2� * !(+*29���.+��$���"� ��$��

29��� �������B�%���!�&

29�� �.!��2� #����� ������!�����B���. ��+����2#��'-"� ��2������ �������B�$�'�1�� ��������!

��� ��8������$�7�*!�-$����;

�2��(+*������ 30 7:

�2����$ #��� ��� 28� 7:

9'�7���7����2����9� 29�- 30 �7:

9'�7���7����2����$ #��� ��� 5 7:

�*�� �1��-�7�J2 2M��7:

9'�7���7�����.$����9� aF�29 7:

1BG� ��A��*<�� 0!�)�@,����0��

�7 �-B( $�!�+29���!��2������ 29�� �.!��2� * !(+*29���. ��$��29��� �������B %���!�&�29�� �.!

��2����7 �-B2#��'-"� ��2������ �������B�$�'�1�� �������!��� ��8������$�7�*!�-$����;_�-

9'�7���7����2�� #��� �����9� 4�����7:

�2��.�� (�9�(+*�7 �-B 5 , a�����7:

�������* 5� 7:

Page 48: TFD: Annual Report 2011

����������� ������ ����������������������� �46

1BH� ���/����)�!��� 0!�������� !��

��1� ����9�( $���!��2������ 29���$"#���9�� * !�29���$"#���9���� ��1� ����9�2#��'-"� ��2����

�� ��1� ����9��$�'�1�� �������!��� ������9�$����;_�-

��1� ����9���.$�� 30, 40���7:

��1� ����9��2�������� 15���7:

1BI� ����� �J����)�(>�!��������%&@�)AK �& �� #������<�� �

������I�(+*�������9�����= $ ���;�"9����.� �$"� �� ����!���.8��8��*�'9�� �������/ 9 �����7>� 9'�

��=.����������2�� ����.� �.�'����(+*"*���$����= �!�.�2�� ���$�(+�'� �6"���!��."*8���$���!

'����7�* �2B������!��."*���������$�*�� +��"� '9�"*!� ��$#����� �������` 9 �����9�7

1B.L� ����&�0!�#���� ����<�

�� '����.8���( $�)��* �������������I�(+*�������9�"*�#� ��7�*�!��'9�!����9���;<=.�( $�'9�

�������B��������I�(+*�������9�$��29�+�����!9��� !����9���;�� ��$��29��������I�(+*������

�9�"*�#� ��7�*!�-!�+29���.2�$'9�"*�$����2���� �������B(+*�� ��'9���2���!������� �������B

��;�!�!�+29� �� '9�!�+29���.2�$'9�"*�$����2���������I�(+*�������9�"*+$!�+29��� �������B+�8����9� ��

!�+29���.2�$'9�"*�$����2���(+*������+��$���"� ��$��29��� �������B8��� #�����$��� ��6$� �6"�

%!�+29���.2�$'9�"*�$����2���� �������B�!���=���2���� ��1����!�+29�"� ��8���� �������B��;�

(+�'(�9"#��'�8$"* �� '9�&

1B..� �����/����������00���@��������(,)�(,+#&����

��22+��� �" ����.� �.�'��� �� ��������I��!���=����22+��� �" ����.!�#���"2'�2�!�������I �����

2'�2�!�$�������I��!9'9�"*�7>��$��������������!������9J��8�� ��2'�2�!�$��' �� ��������I

� "� ��;��22+��� �" ����.� �.�'��� ������!���'!�=��������9'!(+*��22+<=.�!���1��+�9���7>�

��* #�2�� ��������I��������� #�2��� ��! �������� �����������I���.!�#���"8� ��'��(�(+*

2'�2�! ��$#����������������I

1B.3� ��''�)�!����)��

������9��7 �-B��.2'�!� �.��(+*+��(����2'�!�7>��"���� 9'�8��9��$����78�� ������9���

�7>� ������9� ������� ������9� ������"*����= �7>����"9��Ze�����$�'�!�+29�����1��!�� �������B��.��9�

���!�+29�7c""���� ��1���"#��'�������.���"9����! ������9�(+�'(�9!�+29�8$"*�.#� '9����J��*� �����!

������9��� 29�8��"9����� ������"*����= �7>����; ���*�*��'��� 9'�$ ���;�"9��"*����= 8��� #���

��$�����6$� �6"�+$����� ������9���� �������B��.�$�!���! ������9� ������"*2�$29�� �.!��2�

�+$��� ��8������� �������B��.��9�

Page 49: TFD: Annual Report 2011

���� ������� �!""# 47

4.13 ��''�)�!����) � �� �-���*(�(,������O�)AK $%&)�!�� �

������I�(+*�������9�����= ������9���.$���*�*��'��.�#��=;� 9�7:�3453��7>�29�8��"9����!����(+*

#���$�*�*�'+���.�*��8� �����7:�3445��������I�����= ������9���.$���*�*��' #����� ������.�#��=;�

��;�(�97:�3453���7>�����7���.2'�!� �.��(+*+��(��2'�!�7>��"����8� 9'���.�7>� ��* #�2������ ��9

����8����9�"*"�$7�*�J�29���9���;��!$��.���"9����! �����7>� ������9�$#��������(+*����= ��$"9��

�7>�29�8��"9��8��� #�����$�����6$� �6"��$�'�1�� ������+$��� ����9����.!��;�(�9������I�$����

+7�*����B"� ������9���.$��$�� +9�'��;�

4.14�� ��''�)�!����) � �� �-���*(�(,������O�)AK $%&D�&)�!�� �

�����B ����.8����9�J��8�� ������9�$#��������( $��'!��98� ������!�����B���. ��+����8���( $�

)��* ������(+*��$29�� �.!��2��� �������B��9��$��' �� �������B��'���.!�+� �-*��!�� �������$�29�

��9��% ��1�"� +��(��"��8"&��������$�'�1�� �������!�*�*�'+� ��8����9�

1B.4� ������(,)AK )�� ����!��A� )�E�

������I�(+*�������9�����= ��� �� �������B(+*���; ����.!�29��7>���������9��7�*��K�7>�����������

�$�8������(+ �7+�.�� -�'����.� �$��� ����$2���+����������.�7>���������9��7�*��K��-�'����.8���

( $�)��* ������(7+�29��7>��������$�'�����(+ �7+�.���-��'����;�

#�����$���"� ���7+�.��(7+�8�����(+ �7+�.��������= �7>�����$����29�8��"9��8��'$

1B.F� $�A� �� <� ���� �� ����� ������)�(>��(��

4.16.1�� +7�*����B����� ���

������I�(+*�������9�"�$8��!�+7�*����B����� ����+�� ���+� "������."9��8��( 9��� ���

�7>��7��! \�!��(���������!�+29�7c""���������; ��+7�*����B��� ����$��� ��������� ��

8���( $�)��* �������$� ��7�*!�- ����!�+� 2-��K� ��B7�* ��J����$�8��'�1�2�$+$(�9

+*��9'���.7�*!�- ���'��%Projected Unit Credit Method) J��8�� !!��)��� �.�' ������ ��-B8�

��2���.������I� #���$�=;��9����!�* !� !!��)����.8��8� ��7�*�!��29�8��"9��+7�*����B

����� ��� ��1�7�*"#�7:��$��'!�=����� 9'�+$����� �����.!�=;��������$����� ���(+*

���� ���7+�.��(7+�8�"#��'���� ���� ���7+�.��(7+�8�������+9���;!�+�97�*!�- ��

29�8��"9����.� �.�'��� ��+7�*����B����� ��� ��1�8��� 7:�������I�(+*�������9��$�!� ��

���'����� 9'�+$��.��!�* !�<=.� *����=�����$ ���;���.2'��#�!�8��8� ��2#��'-!�+29�

7c""���� ��1��� �*( ���� $"9��8���2���.2�$'9�"*���"9��8�� ����� ���8� ��7�*�!��

���� 9'�+$��.��!�* !�������I(+*�������9�"*��"��-�"� ����$ ���;������1������)��+�

<=.�"9��8� �+������.�$����7�*����B

!!��)����� ������. #�2����.8��8� ��2#��'- ��7�'�$����;

����2�$+$ ���+*�5

���� ���7+�.��(7+�8�"#��'���� ��� (�9���!���(+*�*$������� ���

���� ��!�-* ���+*�60 ������!�-*"� �����!�-*

����2540 "#�(� ��!��K

Page 50: TFD: Annual Report 2011

����������� ������ ����������������������� �48

4.16.2 ���� #����+�;�����

������I�(+*�������9�"�$8��!� ���� #����+�;����� <=.��7>�+� �-*��(� ��"9�� !���

��!��.�$� #���$ ��"9�� !���'�(+�' �������B�� ���� #����+�;�������$�(� �7"�

�������B��������I�(+*�������9�(+*�$���� ���������$���"�$ �� ����J��� ����

#����+�;�����$�� +9�'�$�������� * !���� ����"� ��� ���(+*���� !��"� ������I�(+*

�������9� ����"9�� !�� ���� #����+�;���������= �7>�29�8��"9��8��� #�����$�����6$� �6"

#��������*�*�'+��������.� �$��� ����;�

1B.G� P��()�� �& �����00��

������I�(+*�������9�����= J��������$�������22+�$�2#��'-"� #��� ��1����J�����!��. #���$�'�8�

7�*!'+���\� �

1B.H� )0�@,���@�������)�� �

�������B��� ��������.( $�8���( $�)��* ������7�* �$�'������� $(+*��� ���������9����� $�

+� ���; ��2������; ����� ��������.( $�8���( $�)��* ������7�* �$�'��������� � �������(+*����

����!�*�* �;�"� ����� ����������; ����! ������9���� ������������ ����!�*�*��'��<=.������� �������

�,��* #�������� ��(�9+*��� ���$��7@$��(� �'�8�(�9+*��'����.� �.�'���

1B.I� ���D�&A� ��*��������'�(�

��"�$�#��� ��������!�+� ���������.�������.'�7��8���� �-�Ze���������"���8�� ��7�*!�- ��

��������(+*��;��� !!��)�����7�* ��<=.�!�+ �*���9"#��'�������.( $�8��� ������(+* ��

�7@$��8��!������7�* ��� ������<=.�+��.� �$�=;�"���8�J���+���"(� �9���7"� "#��'���.

7�*!�-�'�

1B3L� A� ��*���� (>��

������I�(+*�������9�"*����= 7�*!�- �����; ���!�.!�2'�!�7>��7�$�29�����(�9�� ��� �$J��*

� ���8�7c""������! \�!�����"� ����!�����7>�+ �����.�!�"� ���� ��-B8�$����J��*

� ���$�� +9�'2�$'9�"* 9�+8�� ��� �������� ���.!�7�*����B�����K��) �"�����."9���#��*J��*� ���

(+*"#��'���.���"9�� �!���7�*!�- ���$��9���9����.����� ������I�2�$'9�"*�$����2�����"9����."9��

�#��*�7��!7�*!�- �����; ����;��!$������ 9'���9��(�9���������I�"*���������"9����.�$����2��

�7>� �������B(� �9���� (�9����!9� ��"#��'�7�*!�- �����; ����.� �.�'���

1B3.� �����!���& �

4.21.1 #����9������;���;�)��2#��'-�$� ����� #����%��$���&���6$� �6"�'!� #�����7:$�'�"#��'�����

�!����'�,+�.��9'��;#���� ��. ��98��*�'9��7:

4.21.2 #����9����7���+$2#��'-�$� ����� #����%��$���&���6$� �6"�'! #�����7:$�'�+�'!��

"#��'����� �!����'�,+�.��9'��;#���� ��. ��98��*�'9���'$ ��"#��'���'�,+�.��9'��;#���� ��

���� �!����.������I��"��� ���.(7+����� �!���������9�7���+$��;� �;��%8� #�2��( $�

��1�&�8���7>����� �!��

Page 51: TFD: Annual Report 2011

���� ������� �!""# 49

4B $��� �������� ������8� �����'�(��D�&0��>�����

4B.� ��������������� ��

���*��+������*������,���-�������� �����./��������!1!0��������!25521!������!���'�&����������!2��������'��3����� �����./���������������

- ���&3� ��������

4! ���'5��3�����63�&�6�

4! ���&3��������������&�(����$7�,������

4! ������&����&3

4! ��������������������

4B3� ���� ������������������ �����./��������!89!0��������!:;;:1!�'��3������*��+������*�����������(������������<�����=�����&'��������=��������������7�<�&,������=����&�����>�?"#����)�2��$7�>��������*��+������*��������)�&�(���#������%���������3��!�%���������<?����'��3������*��+������*����������%�3%��&����%&'����&�(�������������3��!�%���������<?�����&�(������������������&�(������������&�(���=���������������&'%�.��������������������=��3������>�?&����=�!�������=!�� �����./�����������������'��3������*��+������*�������������(������������@�/�?!7�%�%���������(�A���%�3%��&����%�����������&�3���&�=������./�!! ��=����(�����!8!��%!:;;B!���*��+!������*������53����<��%���=�,�����7�%�"�������>�?&��!������*��+������*������53������������������/���@3����<����%�@��������/�@3��������������/������3�!20 ���!25 �C!��)�!DE!�C �����<��%���=�,�����������<��7�%�"�!���*��+!������*������,���-�����@3�(�A����������������������C!:;;D!����'��������������!&�(��������������������/���3�����(,���-�����@3�(�A������������������'��3��(�A��-�������/�(����������������� ���������������� + �*���9��( $�)��* �������-�'����.�/0�1��'�2!�344/�(+*�� #�����$�����6$� �6" #�����7:�

�;� �$'����.�31 1��'�2!�344/�!�$���9�7��;

! ! 0���(��!��1!!

������� ������������ ������� �����

����� �������� ����!"�#$������%&&!� ! !!!!���3��!�%���������<?!�>���#=�! FG:99G:FB! :G9B:GFE8!!!!���<�����=&�������(!0�>���#=�1! 0FGDHHG8FF1! 0:G9;BG:H:1!!!!!!�3���&�&!�>���#=�! 88EGIEB! 88GBH8!! � �! � �! � �

Page 52: TFD: Annual Report 2011

����������� ������ ����������������������� �50

! ! 0���(��!��1!!

������� ������������ ������� �����

������#���� )�Q�)��Q��

�������AR���> ���+� �(,�-.�/� +�0��344-!� �

!!!������%��/���������!0�3��1! 0:HG8FD1! 0;EG9DH1!!!!�3���&'�����C!0�3��1! 0:HG8FD1! 0;EG9DH1!! � �

5.3 �������������<)�@,�������� �

J��8��!���)��,���7���7���� ������!�����B���. ��+������!���=�� ������!�����B��.��2�����. ��

7�*����B"� ����$�29���9�����"� �����.!�=;���!�+29��� �������B�����;� ��9�����;���;�$��7@$��(�

�9���� "� ��.$����2��(+*�7 �-B�

������I�(+*�������9��+� '�1���2���� #����� ������= ����� ������!�����B���. ��+�����J��8��

!���)�� �������,���7���7���8�!9� ���7+�.��(7+������� �������$�� +9�'� 9�+8��!� ��"�$7�*�J�

��� ��8�!9� #������� �������7�����������;�(�9'����.�0�! ��2!�3445��7�*!�- ����;���29�<� �29�

� �.!��2�(+*��� ��8������� ������!�����B���. ��+�����$�!� ��7�*�!��8�!9��!�� #���$��

!���)�� ��������,�����.�0b�%7���7����3443&����.����.$����2��(+*�7 �-B���!��. +9�'8��!������

7�* ��� ���������5.2

+ �*���9�� ������( $�)��* �������-�'����.�31 1��'�2!�2553 !�$���9�7��;

%��9'��S����&

�����)�� �+�

9�

"�$7�*�J�8�!9

��� ����.

"�$7�*�J�8�!9

�+��

"�$7�*�J�8�!9

������8� ���)�� �*�+� �(,�-.�/� +�0��344-

��� ������!�����B���. ��+���� - 676,672,838 676,672,838

�����.$����2��(+*�7 �-B8����9� 676,672,838 %676,672,838& -

%��9'��:����&

�����)�� )=�� ������

9�

"�$7�*�J�8�!9

��� ����.

"�$7�*�J�8�!9

�+��

"�$7�*�J�8�!9

������8� ���)�� �*�+� �(,�-.�/� +�0��344-

��� ������!�����B���. ��+���� - 143,923,541 143,923,541

�����.$����2��(+*�7 �-B8����9� 05/FN3/F450 %05/FN3/F450& ���������������-

Page 53: TFD: Annual Report 2011

���� ������� �!""# 51

5.4� ���&�

��;�(�9'����.�1 ! ��2!�2554 ������I��$��7+�.��'�1� ������������$�"� ����� ������!�����B�2�� ��

�2����$"� '�1�����������$���!� -AB���� 9'��������.�#�� �6"!��7>�����������$�"� �����

������!�����B�!�.������I�$���2'�!� �.��(+*+��(����. #�2����2'�!�7>��"����8�� ����<�;(+�'�

���.8�� $2+�� ��!���)�� �������,�����. �18�%7���7����3442)����.������$����.!�+���2��8��'����.�0�

! ��2!�3445

��!'�1�7?�����8��9'��7+�.��(7+���!���)�� ��������,�����.�08 ������I���-�����@3�(�A�������������+ �*���9��( $�)��* �������-�'����.�/0�1��'�2!�344/�(+*�� #�����$�����6$� �6" #�����7:�

�;� �$'����.�/0�1��'�2!�344/�!�$���9�7��;�

� %��9'��: ���&

� �����)�� �+�

� 9�7���7��� ��� ��7���7��� �+��7���7���

������8� ���)�� �*�+� �(,��-.�/� +�0��344-

���+� ���; ��2�� �" ���!9� �.�'��� �� 11,608,709 (1,396,880) 10,211,829

���!�+29������.� �6"����!9�$����� � 6� 131,851,772 (131,851,772) -

��������B �����.���� 989,598,374 121,214,245 1,110,812,619

��� �������B�!���'����.� 8,691,878 3,660,619 12,352,497

����������+9'�����"� +� 2�� (221,505,637) (48,128,138) (269,633,775)

���29��'$��.����!9�������7>�����$� (9,942,370) 9,942,370 -

���29�8��"9��2���"9�� (37,412,240) 7,692,802 (29,719,438)

�����$��� * ! (669,916) (38,866,754) (39,536,670)

� %��9'��: ���&

� �����)�� �+�

� 9�7���7��� ��� ��7���7��� �+��7���7���

������#���� )�Q�)��Q��

�������AR�����> ���+� �(,�-.�/� +�0��344-

�������$�"� ������2����$ 0M/,177,646 730,129,436 833,307,082

�������������2����$ (72,439,784) (487,743,694) (560,183,478)

���29�8��"9��8� ����� (24,061,360) (25,270,153) (49,331,513)

���29�8��"9��8� �������� (82,324,132) (11,910,995) (94,235,127)

����� +����� ��7�*!�- ��29�J���1�� �"�,��*

������(+*29�1��!����! ���� 18,513,905 (18,513,905) -

��� #���(��$���& #�����7: (57,210,690) 186,690,689 129,479,999

��� #����9������;���;�)���%���& (0.0658) 0.2662 0.2003

Page 54: TFD: Annual Report 2011

����������� ������ ����������������������� �52

� %��9'�:���&

� �����)�� )=�� ������

� 9�7���7��� ��� ��7���7��� �+��7���7���

������8� ���)�� �*�+� �(,�-.�/� +�0��344-

+� ���; �" ����.�!9� �.�'��� �� 3,940,762 (1,396,880) 2,543,882

!�+29������.� �6"����!9�$����� � 6� 131,851,772 (131,851,772) -

�����B �����.���� 989,598,374 121,214,245 1,110,812,619

�������B�!���'����.� 5,552,154 3,660,619 9,212,773

�������+9'�����"� +� 2�� (221,094,001) (48,128,138) (269,222,139)

29��'$��.����!9�������7>�����$� (9,942,370) 9,942,370 -

29�8��"9��2���"9�� (25,987,585) 7,692,802 (18,294,783)

��$��� * ! (29,111,356) (38,866,754) (67,978,110)

� %��9'�:���&

� �����)�� )=�� ������

� 9�7���7��� ��� ��7���7��� �+��7���7���

������#���� )�Q�)��Q���

�������AR����> ���+� �(,�-.�/� +�0��344-

����$�"� ������2����$ 103,177,646 730,129,436 833,307,082

����������2����$ (72,439,784) (487,743,694) (560,183,478)

29�8��"9��8� ����� (21,525,231) (25,270,153) (46,795,384)

29�8��"9��8� �������� (62,391,821) (11,910,995) (74,302,816)

�� +����� ��7�*!�- ��29�J���1�� �"�,��*

(+*29�1��!����! ���� 18,513,905 (18,513,905) -

#���(��$���& #�����7: (37,258,637) 186,690,689 149,432,052

#����9������;���;�)���%���& (0.0531) 0.2662 0.2131

Page 55: TFD: Annual Report 2011

���� ������� �!""# 53

4.4 $�A� �� <#��� ���� �

��;�(�9'����.�1 ! ��2!�2554 ������I(+*�������9��$�7?�������!!���)��������,�����.�19 ���.�

+7�*����B��� �����J��8�������� �������8�!9�J��*� �����������I(+*�������9�� �.�' ��

+7�*����B�+�� "� �����$�����= 8��� �������$�'�'�1�2�$+$(�9+*��9'���.7�*!�- ���'�<=.�2#��'-

�$��� 2-��K� ��B7�* ��J���<=.��$�!������I(+*�������9�������J��*� ����!�.� �$��� ��

������I�(+*�������9��+� ��."*����= ���; ���$��������7>�29�8��"9����!'�1�� �����J��8��*�*�'+� 5 7:

���"� '����.�1 ! ��2!�2554 ��!'�1�7?�����8��9'��7+�.��(7+���!���)�� ��������,�����.�0N

+ �*���9��( $�)��* �������-�'����.�/0�1��'�2!�3444�(+*�� #�����$�����6$� �6" #�����7:�

�;� �$'����.�/0�1��'�2!�3444�!�$���9�7��;

(��9'�:���&

�����)�� �+�

�����)�� �

)=�� �������

������8� ���)�� �*�+� �(,�-.�/� +�0��3441�

���J��*� ���+7�*����B��� ������.!�=;� 2,986,385 2,642,380

������#���� )�Q�)��Q��

�������AR���> ���+� �(,�-.�/� +�0��3441�

���29�8��"9��+7�*����B��� ������.!�=;� 9�+8��

������29�8��"9��8� �����������.!�=;� 3,536,935 2,792,930

��������� 3,536,935 2,792,930

�����!���& ����

��� #����9������;���;�)�� (���& 0.0050 0.0040

Page 56: TFD: Annual Report 2011

����������� ������ ����������������������� �54

FB� #&��%��� ��)�� ��)AT�)$)��,�)����

6.1 ���� $(+*��� ���������9����� $ 7�* �$�'�

(��9'�_����)

�����)�� �+�� �����)�� )=�� �������

2554 2553 2554 2553

���� $ 425,000 255,000 380,000 210,000

����Z� �*( ���'�� 218,073 62,497 138,220 34,834

����Z� !�����B 12,334,758 17,984,221 505,494 -

�'! 12,977,831 18,301,718 1,023,714 244,834

6.2 ��� ���!9 �*������ $

#�����7:� �;� �$'����.�31 1��'�2!�2554 (+*�2553

(1) 7:�2554 ������I ����!����"� ����� ������(�9�8�!9!��#��*2������ ����!�*�*��'"� ����� ������

�$�!�"#��'��269 +������

(2) 7:�2554 ������I��������B �����.����7�7>� ������!�����B���. ��+�����"#��'��62.7 +�������(7:�

2553 "#��'��42.0 +������)

Page 57: TFD: Annual Report 2011

���� ������� �!""# 55

GB� �%�� (>���0&��� �%�� (>�@, �

(��9'�_����)

�����)�� �+�� �����)�� )=�� �������

2554 2553 2554 2553

(7���7���8�!9& (7���7���8�!9&

+� ���; ��2��

����+� ���;"� ��8����9�(+*��� �� 17,494,667 13,283,100 3,285,225 2,543,882

������ �_�29���.���; � ��"* �� (3,842,026& (3,071,271) - -

�'! 13,652,641 10,211,829 3,285,225 2,543,882

����+� ���; �" ����.� �.�'��� �� - - 390,550 328,169

�'!+� ���; ��2�� 13,652,641 10,211,829 3,675,775 2,872,051

+� ���;�.�

��������"9��+9'�����29�<�;��.$�� 236,351,000 21,000,000 236,351,000 21,000,000

����29�8��"9��"9��+9'����� 9,679,483 17,976,592 6,504,874 14,836,868

����+� ���;"� ���������+���� - 6,341,690 - 6,341,690

�����.�[ 4,415,717 2,359,300 2,906,352 1,256,388

�'!+� ���;�.� 250,446,200 47,677,582 245,762,226 43,434,946

�'!+� ���; ��2��(+*+� ���;�.� 264,098,841 57,889,411 249,438,001 46,306,997

-�'����.�31 1��'�2!�2554�(+*�2553�+� ���; ��2��2���+�(� ��!������;��.2�2������"� '����.�=� #���$�#��*

�$�$���9�7��;_�-

�����)�� �+� �����)�� )=�� �������

2554 2553 2554 2553

(7���7���8�!9& (7���7���8�!9&

�������(,�!)�(,+#&����

�������;��.����!9�=� #���$�#��* 1,714,319 1,985,646 - -

�������;��.� �� #���$�#��*

�������������� '9��3��$�� 4,409,182 6,071,959 1,283,230 1,158,315

3��$����=��6��$�� 943,135 738,975 217,944 66,980

�����������!� '9��6��$���(�9�!9� ���1 7: 3,390,145 670,004 7,573 443,436

�����������!� '9��1�7:�=;��7 7,037,886 3,816,516 1,776,478 875,151

�'! 17,494,667 13,283,100 3,285,225 2,543,882

������ �_�29���.���; � ��"* �� (3,842,026& (3,071,271) - -

��1� 13,652,641 10,211,829 3,285,225 2,543,882

�������(,)�(,+#&����

�������;��.� �� #���$�#��*

�������������� '9��3��$�� - - 390,550 328,169

�'! - - 390,550 328,169

�'!��;� �;� 13,652,641 10,211,829 3,675,775 2,872,051

Page 58: TFD: Annual Report 2011

����������� ������ ����������������������� �56

8B� ����<�� )�@,�#���

��� (��9'�_����)

�����)�� �+��� �

�����)�� )=�� �������

� 2554 2553

(7���7���8�!9&

��.$��(+* 9'�7���7�����.$�� 937,348,792 750,701,876

�2��(+* 9'�7���7����2�� 40,398,041 40,398,041

29� 9 ���� 869,457,061 774,595,446

29�8��"9���.�8��2�� �� 142,179,192 117,985,053

$ ���;�"9�� 142,881,362 109,590,614

�'! 2,132,264,448 1,793,271,030

�� :� 9'���.���7�7>�����������2����$ * ! (692,695,612& (560,183,479)

�� : 9'���.���7�7>������������.$�� * ! (426,084,544& -

�� : 9'���.���7�7>� ������!�����B���. ��+���� (175,402,799& (112,666,476)

2���+� 838,081,493 1,120,421,075

�� :�29���. ��+$+�8�!�+29��������B �����.����� (9,608,456& (9,608,456)

��1� 828,473,037 1,110,812,619

������I�����= ��������� �������7:�2554 (+*�2553 "#��'��33.3 +�������(+*�23.8 +���������!+#�$����7>� 9'�

��=.��������������B �����.���

������I�$��#������B �����.���!�+29� ��1���!����� �-�'����.�31 1��'�2!�2554 (+* 2553 "#��'��721.3

+�������(+*"#��'��1,018.1�+���������!+#�$����7"$"#������.2;#�7�* ��'�������� � �������(+*���� ����!�*�*

��'"� ����� �������

�����B �����.����"#��'��207.0 +��������7>�"#��'�!�+29����2�� ���2����$�� �K���%��'���&�<=.��-�'����.�/0�

1��'�2!�344/���9�*�'9���*+�2�� ���-�'����.�31 1��'�2!�2554�������I�$��#� ��������2�� ��$�� +9�'(+�'

���7��>����������(���@%�����2����$�:

� �����)�� �+��� �

�����)�� )=�� ������

� 2554 2553

���+*���$����'!���2�� �� 97.16% 90.92%

!�+29��2�� ����.�7@$$#����� �� 1,130,603,457 1,149,473,649

!�+29��2�� ����.�$��#� ����"*<�;"*���(+�' 1,098,603,457 1,045,120,851

!�+29��2�� ����.�$��#� ����"*<�;"*�����.��(+�' 1,018,208,124 833,307,082

!�+29��2�� ����.�$��#� ����"*<�;"*���(�9����!9�$��� 80,395,333 211,813,769

Page 59: TFD: Annual Report 2011

���� ������� �!""# 57

9B� )�� W���?��� ���)�� �(,�(P�� 0>��A� ��

������I��$��#�����Z� 7�*"#��72;#�7�* ��'����� ����!�*�*��'"� ����� ������(+*���� �2;#�7�* ��<=.�

�$�1��2��8���!������I��

10B� )�� ���� D ������!��

(��9'�: ���)

�����)�� )=�� �������

��.������

�����.

(+*�#��*(+�'

�$ 9'�����+����

����+����'�1���2����

� 2554 2553 2554 2553 2554 2553

���+* ���+*

������������+���$� �����+�

��������<�B'� �< ��"#� �$ 100,000,000 100,000,000 100.00 100.00 97,550,000 97,550,000

�������� �"��(+�$B�"#� �$ 100,450,000 100,450,000 49.91 49.91 45,523,850 45,523,850

�'! 143,073,850 143,073,850

�� _�29���. ��+$+���!�+29�

�����������+����8��������9� (41,497,368) (41,497,368)

��1� 101,576,482 101,576,482

�������9��!9!� ��"9������7c�+8�7:�2554 (+*�2553

������I�$��#�8�������������� � � "�� (+�$B� "#� �$� �7"#��#��'� ��1��2��(�9���=.����.�7>�7�* ��'����� ����!

�*�*��'"� ����� �������

������������+���$� �����+��<�B'� �< �"#� �$

��!������ ��7�*��!2-* ��! ���������2��;���.�a`344/��!�.'����.�0b� �������344/���.7�*��!!�!��8�����

������I�<�;����+����8����� �!����������������+���$� �����+��<�B'� �< �"#� �$�"� ���� �$�!�"#��'��

3F54MFMMM������!�+29�����+*�0M������7>�"#��'������35L4�+�������2�$�7>����+*�35L4��#�8�� �$ 9'� ��������

������+����$�� +9�'�7+�.��(7+�"� �$�!���+*�^4L4��7>����+*�0MM�������I��$�<�;����+����$�� +9�'�!�.

'����.�0^� �������344/�������I�����= 9'��9���*�'9�������� ��<�;����+���� ����2���!������� �������B

��1���! �$ 9'����������9�$�� +9�'�$�( $��7>���� ���“+�9��"� ���7+�.��(7+� �$ 9'�����+����

8��������9�u�8� 9'�����������

Page 60: TFD: Annual Report 2011

����������� ������ ����������������������� �58

!�+29� �������B(+*���; ����!��������������������+���$� �����+��<�B'� �< �"#� �$�-�'��<�;����+����

7�* ��$�'���� ��$���9�7��; :-

%��9'��: ���&

�����)�� �+��

2553

�������B

���� $(+*��� ���������9����� $ 72,882

+� ���; ��2���-� ��1� 2,500,657

�������B�!���'����.� 6,304,569

��1� ����9���2��(+*�7 �-B8����9��-� �1� 283,252,868

9'�7���7����2����9�(+*�7 �-B�-� ��1� 1,330,616

�������B�!9�!���'����.� 9,506,490

������������������'! �������B 302,968,082

���; ��

������� � �������1��2�� %5F454F4/0&

�"�����; ��2�� %0FMbMFb4N&

�"�����;29� 9 ���� %NF344F4MM&

���; ���!���'����.� %0FM/0FN/^&

�"�����;��! ������9� ������ %4b^F0a^&

���� ����!�*�*��'"� ����� ������ (256,252,940&

���; ���!9�!���'����.� %3^FM/^FMb^&

�������������������'!���; �� %3NNF^4MFa33&

�������B ��1� 3,217,260

��2���!������� �������B ��1���.<�;�%���+*�35L4& 788,229

���� $"9��<�;����+�������.!���! (24,500,000)

+�9��"� ���7+�.��(7+� �$ 9'�����+����8��������9� %3/F^00F^^0&

Page 61: TFD: Annual Report 2011

���� ������� �!""# 59

.1B�

���/��

��)�

!��

%�

�9'�

_����

&

����

�)��

�+�

����

�)��

)=�

� ���

���

!���

���

29���

9���.$��

"9��+

9'��

���

29���

9��2

��

"9��+

9'��

���

��

1� ��

��9��

�.$��

��

1� ��

��9�

�2�

����

���

�'

!

��

1� ��

��9��

�.$��

��0�

��

S��

31 1

��'�

2!�3

443

13

0,15

5,61

6 47

5,92

7,50

7 ^4

,a/4

,04N

18

,452

,578

70

0,37

0,86

0 48

,895

,159

9'�

7���

7���

��

1� ��

��9�

-

2,12

6,85

2 -

- 2,

126,

852

-

����

�"�

�7

�-

B

- 31

0,45

1 -

- 31

0,45

1 -

����

�"�

����

�B ��

���.�

��

-

- 7,

480,

848

- 7,

480,

848

7,48

0,84

8

7���

7���

2,10

8,59

9 (2

,108

,599

) -

- -

-

+$+�

"�

��(

���

���

� 00

L3

- -

- (9

,356

,912

& (9

,356

,912

& -

/0�1

��'�

2!�3

445

13

2,26

4,21

5 47

6,25

6,21

1 83

,316

,007

9,

095,

666

700,

932,

099

56,3

76,0

07

0!����

����

!�

� ��

S�

30�1

��'�

2!�3

44/

20

,404

,403

81

,533

,767

4,

366,

256

4,16

8,43

0 11

0,47

2,85

6 -

29���$

"#��

�9��

#��

���7

:

7,63

4,96

2 30

,762

,780

7,

776,

506

615,

635

46,7

89,8

83

6,87

9,16

1

����

�"�

�7

�-

B

- 34

,936

-

- 34

,936

-

/0�1

��'�

2!�3

445

28

,039

,365

11

2,33

1,48

3 12

,142

,762

4,

784,

065

157,

297,

675

6,87

9,16

1

�%�0!�

���/��

���

�'�(:

31 1

��'�

2!�3

44/

10

9,75

1,21

3 39

4,39

3,74

0 71

,468

,902

05

F3a5

F05a

58

9,89

8,00

4 48

,895

,159

/0�1

��'�

2!�3

445

10

4,22

4,85

0 36

3,92

4,72

8 71

,173

,245

4,

311,

601

543,

634,

424

49,4

96,8

45

0!����

����

!�

����

���A

RS��

344/

39

,684

,905

-

3445

46

,789

,883

6,

879,

161

Page 62: TFD: Annual Report 2011

����������� ������ ����������������������� �60

..B.� �����)�� )=�� �������

������I�!� ��1� ����9���.$�� �� #��� �����*2+��������. ����. 9 �����2����$�� �K��%�2�� ��

!��$�+6 �+'�&�$��2����$$�� +9�'"*� �7>� ��! ��1�v�� #��� �����*2+��������.��;�(�9���.! ����

(+*������I����7\������!���.���8� ������!�!������7�* ��� ���������32.2.1

7:�2551 ������I��$��#���� +� �����������9'!+�����9��7�*��K8��������9��%�������� �"��(+�$B�

"#� �$&��$�"*��� ��1� ����9�(+*�.�[���2�� ��!��$�+6 �+'��8�� ���������9�$�� +9�'8���2��

280�+�������<=.�������I�(+*���������9'!+����$�� +9�'!� �$ 9'� ��+����Ze��+*�50:50���9� ��

"#��'��140 +�������������I��$��������"� �������9���� 9'��"#��'��129.5 +�������<=.���9�*�'9��

���#� ������ ��1� ����9��-�'����.�/1�1��'�2!�2554���� ��$�� +9�'( $��7>����������!�$"#����

"� ������2�� ���7>����; ��8���( $�)��* ������

������I��$��#� ��1� ����9���.$��"� #��� �����*2+��������.!�+29� ��1���!������-�'����.�/0�1��'�2!�

2554 (+*�2553�"#��'��49.5 +�������(+*�48.9�+���������!+#�$����72;#�7�* ������ ����!�*�*��'"�

����� ���������!�!������7�* ��� ����������17

..B3�� ������!�

(1) �������9�!� ��1� ����9���.$�� �� #��� �����*2+��������.�$��#� �����!�.7:�34/b�����= �7>�29�

��9���.$��"9��+9'�����(+*��������9��$� 9 �����2����$ #��� ������.8����9�����.$����9���$�

�2�� #��� ���8����9�$�� +9�'�$�� 8���7>�����8����9���;�(�9'����.���.! 9 ���� �$��������9��$�

��1�8� ��8���2��$�� +9�'"� '9� ������9���.$�� �;� �$ �������9�����= !�+29��2��

#��� ���8����9��7>�29���9��2��"9��+9'�����

(2) �������9�!� ��1� ����9���.$��"� ������(�9���=.����. 9 �����2����$ #��� ���8����9� (+*

��1� ����9�"� ��22+1��!$����. 9 �����2�����������.8����9����!�!������7�* ���

���������12

(3) �������9�!� ��1� ����9��2��������"� ����2!�� �� ��!(�9�7�*��K������.8����9�

8����!� �2 7:�3445��������9��$��#�����= ��� +�( ��� ������9��2����������.�#� �� ��

��2!�� �� ��!(�9�7�*��K�����!�.7:�345^��$�( ����*�*�'+� ����9��2��������(�9�

��=.�8�!9�"� �$�!�/M�7:��7>��04�7:�!�+8�� ��1� ����9��2��������$�� +9�'2���+�7�*!�-�^�

7:��$��������9��$��������2��"� ��( ��� ������9�$�� +9�'�7>�"#��'������NL5�+������

�������9��$��#� ��1� ����9��2��������"� ����2!�� �� ��!(�9�7�*��K���(+* ��1� ����9�

��.$��"� ��22+1��!$�� #��� �����*2+��������.(+*������(�9���=.�!�+29� ��1���!������-�'����.�31

1��'�2!�3444 (+*�2553�"#��'��543.6�+������(+*"#��'��589.9�+���������!+#�$����72;#�7�* ��

'�������� � ������������ ����!�*�*��'"� ����� ������(+*�"�����;��! ����7����2�� �������;

Page 63: TFD: Annual Report 2011

���� ������� �!""# 61

.2B�

�����

�����

���<)

�@,��

����

��

��

(��

9'�_��

��)

��

���)

�� �+

����

���

��

�.��9�

����

�B ��

��

��.$��

���

�����

�'!�

�;� �;�

9'�7

���7

���

��.$��

��9�

�2�

�(+*

9'�

7���

7���

�2�

�*�

�1

��-

�7�J

2 �'

! �

�.$��

�2�

�(+*

����

��

�'!

��0�

��

S��

31�1

��'�

2!�2

553

12,4

26,1

64

634,

058,

274

16,2

24,1

23

662,

708,

561

58,3

24,2

67

91,0

02,7

65

149,

327,

032

812,

035,

593

<�;�

��.!

- 30

7,03

0 -

307,

030

- -

- 30

7,03

0

7���

7���

-

- -

- -

1,24

3,43

8 1,

243,

438

1,24

3,43

8

����

�"�

����

�B ��

���.�

��

- -

- -

15,5

46,5

93

47,1

89,7

30

62,7

36,3

23

62,7

36,3

23

31�1

��'�

2!�2

554

12,4

26,1

64

634,

365,

304

16,2

24,1

23

663,

015,

591

73,8

70,8

60

139,

435,

932

213,

306,

792

876,

322,

384

0!�)�

@,����

0��

��S��

31�1

��'�

2!�2

553

1,62

0,76

4 12

5,35

3,70

7 2,

984,

794

129,

959,

265

- 5,

403,

490

5,40

3,49

0 13

5,36

2,75

5

29��

�.!��

2�

#�����

7:

443,

157

28,1

15,2

69

811,

206

29,3

69,6

32

- 3,

129,

725

3,12

9,72

5 32

,499

,357

31�1

��'�

2!�2

554

2,06

3,92

1 15

3,46

8,97

6 3,

796,

000

159,

328,

897

- 8,

533,

215

8,53

3,21

5 16

7,86

2,11

2

�%�0

!����

/����

��'

�(S��

31�1

��'�

2!�2

553

10,8

05,4

00

508,

704,

567

13,2

39,3

29

532,

749,

296

58,3

24,2

67

85,5

99,2

75

143,

923,

542

676,

672,

838

31�1

��'�

2!�2

554

10,3

62,2

43

480,

896,

328

12,4

28,1

23

503,

686,

694

73,8

70,8

60

130,

902,

717

204,

773,

577

708,

460,

271

0!�)�

@,����

0����

����

ARS�

2553

34,9

33,3

50

2,97

6,16

8 37

,909

,518

2554

29,3

69,6

32

3,12

9,72

5 32

,499

,357

Page 64: TFD: Annual Report 2011

����������� ������ ����������������������� �62

(��9'�_����)

�����)�� )=�� ������

��.$��

�2��(+*

������ �'!

��0��� S�

31�1��'�2!�2553 58,324,267 91,002,764 149,327,031

7���7��� - 1,243,439 1,243,439

�����!�"� �����B �����.��� 15,546,593 47,189,730 62,736,323

31�1��'�2!�2554 73,870,860 139,435,933 213,306,793

0!�)�@,����0�� ��S��

31�1��'�2!�2553 - 5,403,490 5,403,490

29�� �.!��2� #�����7: - 3,129,726 3,129,726

31�1��'�2!�2554 - 8,533,216 8,533,216

�%�0!����/������'�(S�

31�1��'�2!�2553 58,324,267 95,267,600 143,923,541

31�1��'�2!�2554 73,870,860 130,902,717 204,773,577

0!�)�@,����0��������ARS�

2553 2,976,168

2554 3,129,726

��;�(�9'����.�0�! ��2!�3445�������I(+*�������9���7?�������!!���)�� ��������,�����.�5M�%7���7����3443&�

���.� ������!�����B���. ��+�����$����;�������I"=��$�"�$7�*�J�"� ��.$����2��(+*�7 �-B8����9�!��7>�

������!�����B���. ��+����

�������9�$#�����1�� �" ����������8����9�����.$����.��9�"� ����2!�� �� ��!(�9�7�*��K��� ��!�!������

7�* ��� ���������32.2.2�(+*�32.2.3�(+*��22+1��!$���!�!������7�* ��� ���������32.2.4�(+*8��

��9��2����$ #��� �������.$����.��9�"� ������(�9���=.���!�!������7�* ��� �������/2.2.6

������I(+*�������9��$��#� ������!�����B���. ��+����!�+29� ��1���!������-�'����.�31 1��'�2!�2554 (+*�

2553 "#��'��708.5 +�������(+*"#��'� 676.7 +������ ��!+#�$�� %�� �������,��* �" ���"#��'��204.8 +���

����(+*�143.9 +���������!+#�$��&��7"$"#����$�� +7�*����B8� �!1��!B7�* ��J���2��8����9�

( 9��8�� �����.2;#�7�* ��'�������� � ������������ ����!�*�*��'"� ����� ������(+*�"�����;��! ����7���

�2�� �������;

Page 65: TFD: Annual Report 2011

���� ������� �!""# 63

!�+29�����1��!�� ������!�����B���. ��+������-�'����.�31 1��'�2! 2554����+*���$$����;

0���(�!: ��1

��� �� �����.��;�

!�+29� ��1���!�����

�� ������!�����B

���. ��+���� !�+29�����1��! '�1� ��7�*�!��

1. ��.$��(+*�2�������� ��2!I��'�2� 32,662,497 48,100,000 �������$(��

2. ��.$��(+*�2�������� ��2!I�����w�$� 172,111,080 142,108,850 �������$(��

3. ��1� ����9���.$��(+*�2�������� ��2!I�(�+!,��� 116,385,264 319,000,000 2�$+$ �*( ���� $

4. ��1� ����9���.$��(+*�2�������� �.�( �' 119,776,012 240,000,000 2�$+$ �*( ���� $

5. ��1� ����9���.$��(+*�2�� #��� ��� ���$#��� 267,525,417 456,000,000 2�$+$ �*( ���� $

�'! 708,460,270 1,287,208,850

081 7�%�����A��3�����(��)��%����������C!:;;B!@3�$7��������%��&��!0:1 7�%�����A��������3������%�����!4 ���!5 53��������%�(&��A����/�!"#����%���&��A����./��'�(�!114.4 �����!! ������������������������!11

0D1 �&��������>�?�>�����������������!2 ��&�(�7�%�&��A����./�!!9D.5 ����� ��7����(����������7�%�����A��!3����=�7�%� ����A�����&�����>�?3�����(�#�5�53��'�(�����������!

.-B� ��A��*< �

(��9'�_����)

�����)�� �+��

9'�7���7���

�2�� �2��.�� (�9�

#��� �����9� �������* (+*�7 �-B �'!

��0��� S��

31�1��'�2!�2553 5,173,628 21,829,538 13,998,588 41,001,754

<�;���.! 253,102 12,546,885 935,754 13,735,741

���7 ������!�����B���. ��+���� (310,451) - - (310,451)

"#���9�� - (3,718,070) (90,843) (3,808,913)

31�1��'�2!�2554 5,116,279 30,658,353 14,843,499 50,618,131

0!�)�@,����0�� ��S�

31�1��'�2!�2553 4,637,164 16,994,647 10,569,176 32,200,987

���7 ������!�����B���. ��+���� (34,936) - - (34,936)

29�� �.!��2� #�����7: 79,303 2,491,156 1,125,974 3,696,433

29�� �.!��2� #����� 9'���."#���9�� - (3,255,603) (90,842) (3,346,445)

31�1��'�2!�2554 4,681,531 16,230,200 11,604,308 32,516,039

�%�0!����/������'�(S�

31�1��'�2!�2553 536,464 4,834,891 3,429,412 8,800,767

31�1��'�2!�2554 434,748 14,428,153 3,239,191 18,102,092

0!�)�@,����0��������ARS�

2553 3,590,329

2554 3,696,433

Page 66: TFD: Annual Report 2011

����������� ������ ����������������������� �64

(��9'�_����)

�����)�� )=�� �������

9'�7���7���

�2�� �2��.�� (�9�

#��� �����9� �������* (+*�7 �-B �'!

��0��� S��

31�1��'�2!�2553 4,520,585 18,494,536 11,146,935 34,162,056

<�;���.! - 12,546,886 789,609 13,336,495

"#���9�� - (3,718,070) - (3,718,070)

31�1��'�2!�2554 4,520,585 27,323,352 11,936,544 43,780,481

0!�)�@,����0�� ��S�

31�1��'�2!�2553 4,520,562 14,587,057 8,477,497 27,585,116

29�� �.!��2� #�����7: - 2,151,356 686,912 2,838,268

29�� �.!��2� #����� 9'���."#���9�� - (3,255,603) - (3,255,603)

31�1��'�2!�2554 4,520,562 13,482,810 9,164,409 27,167,781

�%�0!����/������'�(S�

31�1��'�2!�2553 23 3,907,479 2,669,438 6,576,940

31�1��'�2!�2554 23 13,840,542 2,772,135 16,612,700

0!�)�@,����0��������ARS�

2553 2,641,756

2554 2,838,268

-�'����.�/0�1��'�2!�3444�������I�(+*�������9�!��7 �-B"#��'���=.�<=.���$29�� �.!��2��!$(+�'�(�9���8�������9�

��2������ �������B$�� +9�'!�"#��'�����7�*!�-�40.4�+�������(7:�2553 "#��'��37.3�+������&�[�� �������,��*

������I�"#��'�7�*!�-�21.1�+�������%7:�2553�"#��'� 19.0�+������&]�

Page 67: TFD: Annual Report 2011

���� ������� �!""# 65

.1B� )�� )���)�� ��'�(/ �0��

-�'����.�31 1��'�2!�2554 (+*�2553�������I�(+*�������9�!�'�������� � ��������"#��'��'!�54�+�������[��

�������,��*������I�"#��'��'!�5M�+�������2;#�7�* ���$������B �����.������ 9'���������I]

�������9��#��2��8����9� 9'�8��9�7"$"#�����$�� +7�*����B8� �!1��!B7�* ��J���2��8����9�( 9��8�� ��

(+*�� ��1����������9���! ������9���.$��(+*�2��"� ����2!�� �� ��!(�9�7�*��K���( 9��8�� �����.

2;#�7�* ��'�������� � �������(+*���� ����!�*�*��'"� ����� ������

.4B� )�&�� (>���0&��� )�&�� (>�@,

(��9'�_����)

�����)�� �+�� �����)�� )=�� �������

2554 2553 2554 2553

�"�����; ��2��

�����"�����; ��2�� 35,821,b43 11,956,554 23,782,169 8,307,236

�����"�����;29� 9 ���� 21,^55,899 19,54^,968 21,^55,899 19,54^,968

�����"�����;29���.$�� 26,792,34M - 26,792,34M -

�'!�"�����; ��2�� 73,/4a,aM0 31,414,522 72,319,318 27,765,204

�"�����;�.�

�����������+9'�����"� +� 2�� 97,4a4,50a 269,633,775 97,4a4,50a 269,222,139

��������7�* ��+��� 3M,050,319 15,708,461 19,968,0/M 04,^Ma,5b0

����29�8��"9��2���"9�� 4/,MN0,888 29,719,438 38,4/^,MNM 18,294,783

�����.�[ 12,M^3,050 5,715,708 7,N4M,5N4 1,026,700

�'!�"�����;�.� 182,aNM,766 320,777,382 0b5,M50,133 304,252,083

�'!�"�����; ��2��(+*�"�����;�.� 34b,35N,4b^ /43,191,NM5 236,/bM,540 332,M0^,287

.FB� )�&�� (>�����''�)�!����)�� �

�"�����;��! ������9���� �������*�*��'"*2�� #���$�#��*��! ������9�$����;

� � � (��9'�_����)

� �����)�� �+�� �����)�� )=�� �������

� 3444 3443 3444 3443

J��8��0�7: 3,^44,913 1,173,708 3,5N4,55N ab/F/5M

� ���0�7:�(�9�!9� ���5�7: 8,M^/,44M 1,668,242 8,M3^,5M5 0F5/4F5b^

�'! 11,829,5b/ 2,841,95M 11,433,a4/ 3F3NaFaM^

�� :�$ ���;����$"#���9�� (1,055,353) (282,875) (1,0M^,389) (216,169)

!�+29�7c""������"#��'�������;��.#���.���

����"9����;� �;���! ������9� 0M,ba4,221 2,559,074 0M,504,5b5 3FMa3,638

�� : 9'���.�=� #���$�#��*J��8���=.�7: (3,3b4,a5b) (1,089,393) (3,M/a,N5a) (779,025)

��1� 7,50N,/^4 1,469,682 7,376,40b 1,303,613

Page 68: TFD: Annual Report 2011

����������� ������ ����������������������� �66

.7B� )�� �%&@�� �+����?��� ���)�� �

(��9'��:���&

+�)�� ���&� ����� �����)�� �+�� �����)�� )=�� �������

'�������. "#��'�����

����!9�$���� 8��

-�31 1.2L�54 2554 2553 2554 2553

1 434 - - 275,294,750 - 275,294,750

2 500 - 25,330,798 40,000,000 25,330,798 40,000,000

3 90 - 42,679,690 53,904,965 42,679,690 53,904,965

4 30 - 5,784,288 22,626,081 5,784,288 22,626,081

5 275 - 226,209,804 248,743,407 - -

6 120 - - 24,649,421 - 24,649,421

7 1,796 1,467 97,992,337 - 97,992,337 -

8 100 10 90,000,000 - 90,000,000 -

�'! 3,345 1,477 487,996,917 665,218,624 261,787,113 416,475,217

�� :� 9'���.�=� #���$�#��*J��8���=.�7:

1 - (275,294,750) - (275,294,750)

2 (13,599,495& (40,000,000) (13,599,495& (40,000,000)

3 (12,248,803& (11,643,098) (12,248,803& (11,643,098)

4 (5,784,288& (16,917,254) (5,784,288& (16,917,254)

5 (22,837,282& (23,491,939) - -

6 - (24,649,421) - (24,649,421)

7 (97,992,337& - (97,992,337& -

8 - - - -

�'! 9'���.�=� #���$�#��*J��8���=.�7: (152,462,205& (391,996,462) (129,624,923& (368,504,523)

��1� 335,534,712 273,222,162 132,162,190 47,970,694

���7+�.��(7+��������� #�����7: �;� �$'����.�31�1��'�2!�2554 !����+*���$$����;

(��9'��: ���&

�����)�� �+��

�����)�� �

)=�� ������

��0�)��@��*�+� �(,�-.�/� +�0��344-� 665,218,624 416,475,217

������� �����.! 419,108,537 419,108,537

"9��2������ �� (596,330,245& (573,796,641&

��0�)��@��*�+� �(,�-.�/� +�0��3441� 487,996,916 261,787,113

Page 69: TFD: Annual Report 2011

���� ������� �!""# 67

'�������. (1) ���� ����! �+�������"� 1��2��8�7�*��K'������434 +�������%��� 8��(+�'"#��'��3a5L6 +������&�

����$ ���;���9� ���MLR �97:��$�"*����#��*2������ ����!"#��'���. #���$�'�8� ������!�.!� ��

�����.$��`��.$��(+*�2��������8��2�� ���$�������;�(�9�$��!��������2552 "*����#��*2���7>�

����$�����;���;"*����#��*2������ ����;��!$J��8��$��!��������2557

���� ����!$�� +9�'2;#�7�* ���$� ��"#��������B �����.��� 9'�8��9��������I��'!��;� ���

+7�*����B8� �!1��!B7�* ��J���������B ��$�� +9�'8��( 9��8�� ��

8����!� 2 7:�3445�������I� ����!������!'�������.�%7) �#��*2������ ��2���+���;��!$(+*��9��

�+� �����B2;#�7�* ���!$(+�'

'�������.�(2) ���� ����! �+���"� 1��2��8�7�*��K'������500 +�������%��� 8��(+�'"#��'��5M�+������&�����

$ ���;���9� ���MLR �97:��$�"*����#��*2������ ����!"#��'���. #���$�'�8� �����!�.!� �����

��9'�8��2����$�$��(+*��;�(�9�$��!���2!�2553 "*����#��*2���7>�����$�����;���;�"*����#��*

2������ ����;��!$J��8��$��!���2!�2554

���� ����!$�� +9�'�2;#�7�* ���$�

%1& ���� ��1� ����9���.$����.��9�"� #��� �����*2+��������.�

%2& ��"#��#� ��1� ��������Z� (+*!� ��1�8� ��������"�$ �����������Z� ��������I�8�� ��

1��2��

������I��!9�$���� 8��'�����2���+��"#��'��460 +�������<=.�2�� #���$�*�*�'+� ����� ���� ����!�.

'����.�1 1��'�2!�2552 %��! �������� ������������I�!9�$���� 8��'������J��8� #���$���7>� ��

� �+� '����� ��&�

-�'����.�31 1��'�2!�2553 ���� ����!$�� +9�'"#��'������40 +��������7>����� ����.�$��$�#��*��;�(�9�$��

!���2!�2553 ������I�����= $ ���;�"9��8������$��$�#��*(+*"9���#��*$ ���;������;�(�9'����.�$

��$�#��*�7>����!��������I��$��#����� ����!��.�$��$�#��*$�� +9�'( $��'! �� 9'������� ����!�*�*

��'��.�=� #���$�#��*8���=.�7:8���( $�)��* ������(+*������I��9�*�'9�� ���"�"��9�7��

� �.�' �����.��� ��"9���#��*2��� ������.!'����� ��(+*�����*�*�'+� ����� ���� ��$�� +9�'�������

�!�.'����.�25 �!J����1B�2554 ������I�$��#�����= ��( ������.!���! ��1��2��� �.�' �����.��� ��

�#��*2���������(+*$ ���;�2���"9��8�!9�$����;

(1) ���� ����!"#��'��40 +�������$ ���;�2����#��*��! �����"#��'��4.9 +�������-�'����.+���!8�

����= I ������I�$��#��*�������"#��'��5.0 +������(+*$ ���;�"#��'��0.2 +������ 9'��������

2���+��1��2���$������'+� ���#��*2���7>� 30 �'$����"� '����.+���!8�����= I�$��#��*����

������!$ ���;��� �$���$��+*�!9�.#� '9��1.3 +�����������$ ���;� MLR ���.!�$��!���2!�2554

��;���;"*����#��*2������ ����!��;��!$J��8��$�� ����2!�2556

%2& 29�1��!����! ��� �+� '������"#��'��9.2 +�������(+*$ ���;��$��$�#��*29�1��!����!

$�� +9�'"#��'��0.2 +�������1��2��"*7+$J��*���; 9'���. (2) (+*$ ���;��$��$"#��'� 4.7 +���

����8�� ��������I �� ������I7\�������!���.�����! %1& 2����'�

Page 70: TFD: Annual Report 2011

����������� ������ ����������������������� �68

'�������.�%3&�� �!�.'����.�/M��!�����3440�������I�$� ����!����"� 1��2��8�7�*��K'������NM�+��������$�8��

'����� �����.�9'! �����9'!+����(�9���=.�'������'!�0aM�+��������%��� 8��(+�'��;�"#��'�&�����

$ ���;���9� ����MLR +����+*�1 �97:� #���$"9��2������������!$ ���;��� �$����$��+*�0L3�

+����������.!�$����|�J�2!�3440���;���;"*����#��*2������ ����;��!$J��8��$���|�J�2!�34bM

���� ����!$�� +9�'2;#�7�* ���$� ��"#��#����� �!�����������9�<=.�������I������+������9"#��'��

10,022,950 �����!�+29�����+*�5 ����(+*2;#�7�* ��8���!�������9�(�9�$�� +9�'�7>� �� 9'���'8�

)��*+� ���;�9'!

'�������.�%4)��� �!�.'����.�3M� ����2!�3443�������I� ����!����"� 1��2��8�7�*��K'������/M�+�������% ��� 8��(+�'�

��;�"#��'�&�����$ ���;���9� ���MLR �' ���+*�ML4��97:��$��#��*$ ���;��� �$��(+* #���$

�#��*2����������$� ��7+$ ���#��*2���7>��*�*�'+��0�7:������;�(�9'����.��� ���� ���'$(� ���;���;

"*����#��*2������ ����;��!$J��8��$��!���2!�3445

�!�.�$����+�2!�2553 ������I�(+*��8�� ���$��#�����= ��� +�( ��� ��"9���#��*2���������(+*

$ ���;�8�!9�7>��#��*2������������!$ ���;��� �$���!9��� '9��$��+*�1.5 +����������.!�$��

�|K"� ����2553 ��;���;����#��*8��� �6" �;�J��8��$���!�����2555

���� ����!$�� +9�'2;#�7�* ���$� ��"$"#�����.$��(+*�2��������8����9���������I��'!��;� ��

��+7�*����B8� �!1��!B7�* ��J���� �������B$�� +9�'8��( 9��8�� ��

'�������.�%5)�� �!�.'����.�03��|K"� ����3443��������9���$� ����!����"� 1��2��8�7�*��K'������3^4�+�������

%��� 8��(+�'��;�"#��'�&�����$ ���;���9� �������SPRL �' $�'�29�2'�!� �.��8��������+*�ML4�

�97:� #���$"9��2������������!$ ���;��� �$���!9��� '9��$��+*�3.4 +����������.!�$��

�|K"� ����2552 ��;���;"*����#��*2������ ����!��;��!$J��8��$���|K"� ����2562

���� ����!$�� +9�'2;#�7�* ���$�

%0& ��"$"#����2��������8����9����������9���'!��;� ����+7�*����B8� �!1��!B

7�* ��J���� �������B$�� +9�'8��( 9��8�� ��

%3& ���� ��1����������9���! ������9���.$��(+* ������9��2��"� ��22+1��!$�(+* ��

��2!�� �� ��!(�9�7�*��K���

%/&����� �2;#�7�* ���$�������I�8�'����� =.���=.������; ��

%5&����� �2;#�7�* ����6!'������$���.7�= ��2-* ��! ��������

'�������.�%6) �!�.'����.�0M� �������344/�������I� ����!����"� 1��2��8�7�*��K'������03ML3�+�������%��� 8��

(+�'��;�"#��'�&�����$ ���;���9� ���MLR �' ���+*�0��97:��$��#��*$ ���;��� �$��(+*

#���$�#��*2�����������$� ��7+$"#��������$��!���.������;���;����#��*2������ ��8��� �6" �;�

J��8��$�� �!J����1B�3444

���� ����!$�� +9�'2;#�7�* ���$� ��"$"#��������B �����.����%�����$&���� 9'���������I�

�'!��;���+7�*����B8� �!1��!B7�* ��J���� �������B$�� +9�'8��( 9��8�� ��

8����!� 2 7:�3445�������I��#��*2������ ����! ����2��(+�'

Page 71: TFD: Annual Report 2011

���� ������� �!""# 69

'�������.�(7) ����(�����!9 �,����!2554 ���*��+!�7���������A�%��������J(������(!1,796 �����!(�����/����(!D:IK8!�����) �>���/'��%�������7�(��������!(1) ���>�L�@%������%���&����!��!��M!3�!����3�����=�������!MLR /'��3�����=�����3�������'��3/'��%���������@3������3�'����&��������>�?����������5���&�..!��=���=������/'��%�������7�����&�6�&�=�2����3����,����!2560

�����7���3�����(%='������@3�

(1) ���3�'������3��>���&�����7�&����(��=���@��$����@�/�?����A��?������2�����!&�����>�?3�����(������$7�����7�

(2) ���'�'&��A���./�����N�����'������*��+!������A�%�

'�������.�(8) � �!�.'����.�N�!��������3445�������I� ����!����"� ����� ������8�7�*��K'������100�+�������%���

8��(+�'�90 +������&�����$ ���;���9� ���MLR �#��*$ ���;��� �$��(+* #���$�#��*2������ ��8��

� �6" �;�J��8��$���|K"� ����2555�

���� ����!$�� +9�'2;#�7�* ���$�

%0&� ��"$"#�����.$�����! �.�7+� �����'!��;� ����+7�*����B8� �!1��!B7�* ��J�����

�������B$�� +9�'8��( 9��8�� ��

%3&� ��"#��#� ��1���~' ����8��������������I�8�� �� ����� ������

(3) ���� �2;#�7�* ���$���.7�= ��2-* ��! ��������

.8B� )�&�� (>�����''�A����0����&��� (>�

� � (��9'�_����)

� � �����)�� �+��

� 3444 3443

�"�����;��! ����7����2�� �������; 152,700,731 192,374,858

�� :� 9'���.�=� #���$�#��*J��8��0�7: (41,473,657) (40,937,509)

��1� 111,227,074 151,437,349

�������9�(�9���=.�!� ����7����2�� �������; �� ����� ������(�9���=.������$ ���;���9� ���MLR +����+*�1

�97:�"9���#��*2���������(+*$ ���;��� �$��[�+*�4.2 +������(+*����#��*2������ ����;��!$J��8��$���!�����

2560

���� ����!$�� +9�'2;#�7�* ���$�"$"#��� ��1� ����9�(+*�2����$ #��� ���8����9����������9��'!��;���

+7�*����B8� �!1��!B7�* ��J���� �������B$�� +9�'8��( 9��8�� ��

Page 72: TFD: Annual Report 2011

����������� ������ ����������������������� �70

.9B� )�� �%&@�� �+���������)�(,+#&���� �� ���)�(>0&���!���

� (��9'�_����)

� �����)�� �+��

� 2554 2553

���� ����!�*�*��'"� �" ����.� �.�'��� �� 223,208,760 254,434,036

$ ���;�2���"9�� 119,258,762 89,472,164

�'! 342,467,522 343,906,200

�� :� 9'���.�=� #���$�#��*J��8��0�7: (11,736,861) (11,579,103)

��1� 330,730,661 332,327,097

�!�.'����.�30 �!�����2551��������9�(�9���=.� �$��#� ���� ����!����"� ������(�9���=.�8��9��7�*��K�% �" ��

� �.�'��� ��&����+*���$$����;

'�������. (1) '�����"#��'��90�+��������������9� ����!"� ������� �.�'������� 8����6!"#��'�(+�'�����$ ���;����

���+*�15 �97:� #���$�#��*2������������!$ ���;�8�����9�7���� �$����$��+*�!9�.#� '9��

1.2�+�������

��! ���� #���$���"9��2������ ��J��8��N�7:����"� !� ����� ���� �����J��8�'��7@$��������� ���

(+�'(�9'��8$"*�=� #���$ 9�

'�������. (2) '�����"#��'��135�+��������������9� ����!"� ������� �.�'������� 8����6!"#��'�(+�'�����$ ���;�

���+*�15��97:� #���$�#��*2��$ ���;�8�����9�7���� �$��

��! ���� #���$"9��2���������2��;�(� ��;�(�9�$����.!� ��7@$��������� ��� �$�=;��7>�����7��9���� 6

��!�������I�"*���"9���#��*���;��;��!$8��� �6" �;�J��8��/�7:����(�9'��7@$��������� ��

'�������.�(3) '�����"#��'��140 +��������������9� ����!"� ������� �.�'����%��� 8��(+�'�120 +������&��������9�

�$��#��7"9��29�<�; ��1� ����9��2�� ��!��$�+6 �+'���������8��9�$ ���;��������+*�15��97:�

"9��$ ���;��� �$��

��! ���� #���$"9��2������ ����!���.�����!�� ��'�������.�%3&�

���)���� “'��7@$��������� ��”��!���=��'����.���;��! ����7����2�� �������;���!������7�* ���

���������18�(+*���;��! �������� ���0aM�+�������% �����*�'9��1��2�������-���B�"#� �$�

%!����&F������������������������ �� ��!�"#� �$�%!����&�(+* SCHUBERT HOLDINGS

PTE. LTD.) �$�!� ���#��*"�� �6" �;�

Page 73: TFD: Annual Report 2011

���� ������� �!""# 71

3LB P�� $%��� $�A� �� <� ���� �

������I(+*�������9�!����; ����!J��*� ���+7�*����B��� ����-�'����.�1 ! ��2!�2554 �$�������I(+*

�������9��+� ��."*����= ���; ��$�� +9�'�$��������7>�29�8��"9����!'�1�� �����J��8��*�*�'+�� 5 7:�(��!��. +9�'

8��!������7�* ��� ���������5.5) ���2+�.���'�*�'9���'$��J��*� ���+7�*����B��� ���8��9'�

�7+�.��(7+���.����!9�������!�$����;

(��9'�_����)

�����)�� �+�

�����)�� �

)=�� �������

!�+29�7c""������J��*� �����.����!9�������-�'����.�1 ! ��2!�2554 8,970,127 7,536,687

��� ������9���� #�����$�����6$� �6"8��'$ (1,794,025) (1,507,337)

J��*� �����.����!9�������-�'����.�31 1��'�2!�2554� 7,176,102 6,029,350

���; ��J��*� ���+7�*����B��� ����7�* �$�'�

+7�*����B��� ���8�$����.������(+�' 1,794,025 1,507,337

+7�*����B��� ���8��'$7c""���� 1,742,910 1,285,593

�� :��"9��J��*� ��� �������(550,550) (150,550)

���; ��J��*� ���+7�*����B��� ����-�'����.�31 1��'�2!�2554 2,986,385 2,642,380

3.B A� ��*���� (>�� � �+�

� (��9'�_����)

� �����)�� �+� �����)�� )=�� ������

� 2554 2553 2554 2553

%7���7���8�!9& %7���7���8�!9&

���; ��"� ����;���2�� 9,620,627 8,377,188 3,897,710 2,654,272

�'! 9,620,627 8,377,188 3,897,710 2,654,272

Page 74: TFD: Annual Report 2011

����������� ������ ����������������������� �72

33B� �����/���������������(,)�(,+#&���� ��

8��*�'9���'$ ������I(+*�������9�!���� ��1�� �"��. #�2�� ����22+��� �" ����.� �.�'��� ������ ��1�� �"��

$�� +9�'�7>��7��!���.������ ��2��(+*� -AB��!��.� +� ���*�'9��������I�(+*��������+9���;��<=.��7>��7

��!7 ��1�� �"�$� ��7�$�$����;

%��9'��: +������&

� �������AR�

� ��> ���+� �(,�-.�/� +�0� ���������� ���0���

�����)�� �+�

�����)��

)=�� ������

� 2554 2553 2554 2553 �

�����/����������00��� �������(,)�(,+#&���� �

$ ���;���� - 1.0 - - ����$ ���;����+*�5.85 �97:

$ ���;�"9�� 27.6 40.0 - - ����$ ���;����+*�15 �97:

29���.7�= ��(+*+7�*����B��(���.� 17.3 14.0 15.2 11.9 ��!��.� +�8� ����

29�������� - 9.2 - 9.2 �������+*�3-/�����2������.$��

�����/��������������!� %��$ "� �� �������'!(+�'&

$ ���;���� - - 23.6 25.2 ����$ ���;����+*�bL625 (+*

04��97:

$ ���;�"9�� - - 2.2 0.1 ����$ ���;����+*�7.25 �97:

����$�29��������2�� - - 3.9 3.7 ��!��.� +�8� ����

�����$������- ������.!�*�'9���'$ - - 6.0 15.5 �!9!� ��2�$$ ���;�

�����$������- �#��*2���*�'9���'$ - - 6.0 15.5

�����$��"9���- "9�����.!�*�'9���'$ - - 9.2 - �!9!� ��2�$$ ���;�

�����$��"9���- ���2���*�'9���'$ - - 9.2 -

+� �-*2'�! �!���1B�*�'9��������I� �� �" ����.� �.�'��� �� �!��� ��7�$��$����;:

�����.��22+(+* �" ����.� �.�'��� �� +� �-*2'�! �!���1B

SCHUBERT HOLDINGS PTE.LTD. ������8��������9�

���������������+'�J�'$��"#� �$�%!����& $�� ��! ���1 �9���7>� ��! ��(+*�7>���������

8���������.� �.�'���

��������"<��( �<��"#� �$ ������8�������I

�������'�L�<�L��L�(+L��� <��� � ���7�"#� �$ ������8�������I

�������'�� � (+��6����B��� B�"#� �$ ������8�������I

��� ��$� �B���"����BK���'�+� ������8��������9� (�*�'9��7:�2553 �������+����

8��������9���;��!$(+�'&

���J���������*��+ ��.7�= ��2-* ��! ���������(+*�7>� ��! ��(+*

��������8���������.� �.�'��� ��

Page 75: TFD: Annual Report 2011

���� ������� �!""# 73

�$2�2����*�'9��������I�(+* �" ����.� �.�'��� ���-�'����.�/0�1��'�2!�3444 (+*�255/�!����+*���$$����;:

�� !+S�����

� �����)�� �+� �����)�� )=�� �������

� ��������� 3444 3453 3444 3453

�%�� (>���0&� � �

����������

�������������� �"��(+�$B�"#� �$ - - /NM,550 328,169

�'! - - /NM,550 328,169

)�� D�&�%&@���!�������(,)�(,+#&���� �� ���)�(>0&�����

�������������

������������������+���$� �����+��<�B'� �< "#� �$ 22.1.1 - - - �����^FN0/F4b3

�������������� �"��(+�$B�"#� �$������������������������������������ 22.1.2 - - 224,856,333 30^Fb4MF/5/

�'! - - 224,856,333 334F4b/FNM4

�%�� (>������#�)�� ����

�����������!���!�"#$�%��&

���������������������+'�J�'$��"#� �$�%!����&��������� - b,341,690 - b,341,690

�'! - b,341,690 - b,341,690

�%�� (>�@, �� )�� ������!�

�����������!���!�"#$�%��&

SCHUBERT HOLDINGS PTE.LTD. 22' � 1,301,349 874,640 - -

�'! 1,301,349 874,640 - -

)�� +��A� �� � ���@�0>��A� ��

��������!���!�"#$�%��&

�������������'�� � (+��6����B��� B�"#� �$�������������22'� 04FMMMFMMM 04FMMMFMMM 04FMMMFMMM 04FMMMFMMM

�'! 04FMMMFMMM 04FMMMFMMM 04FMMMFMMM 04FMMMFMMM

)�� �%&@�� ��> ����������(,)�(,+#&���� �� �

����������)�(>0&���!�

���������� '�

������������������+���$� �����+��<�B'� �< �"#� �$ � - - 4,103,953 -

�������������� �"��(+�$B�"#� �$��������������������������������� - - 39,846,070 18,138,588

�'! - - 43,950,023 18,138,588

Page 76: TFD: Annual Report 2011

����������� ������ ����������������������� �74

�� !+S�����

� �����)�� �+� �����)�� )=�� �������

� ��������� 2554 2553 2554 2553

)�� �%&@�� �+����������(,)�(,+#&���� �� �

����������)�(>0&���!�

��������!���!�"#$�%��&

������SCHUBERT HOLDINGS PTE.LTD �� 342,467,522 343,906,200 - -

�'! 342,467,522 343,906,200 - -

)�� ���������������#��0�����

����������

�������� �"��(+�$B�"#� �$ 1� - - 129,500,000 129,500,000

�'! - - 129,500,000 129,500,000

#�����7: �;� �$'����.�31 1��'�2!�2554 (+*�2553 ����8�� ����!( 9 �" ����.� �.�'��� ��(+*���� ����!"� �" ����.

� �.�'��� ��!� ���2+�.���'$���9�7��;

%��9'�_����&

�$2���+� �$2���+�

-�'����. 8��*�'9���'$ -�'����.

���������

30�1��'�2!�

2553 ���.!�=;� +$+�

31 1��'�2!

2554

.B�)�� D�&�%&@���!�������(,)�(,+#&����

����������

������������+���$� �����+�

�<�B'� �< "#� �$

'�'�

����8�� ����! 7,889,750 - (7,889,750& -

$ ���;�2������ 23,812 174,041 (197,853& -

�'! 7,913,562 174,041 (8,087,603& -

�������� �"��(+�$B�"#� �$ '�'

����8�� ����! 161,830,143 - (11,225,275& 150,604,868

$ ���;�2������ 55,820,200 23,464,061 (5,032,796& 74,251,465

�'! 217,650,343 23,464,061 (16,258,071& 224,856,333

�'!��;� �;�� 225,563,905 23,638,102 (24,345,674& 224,856,333

Page 77: TFD: Annual Report 2011

���� ������� �!""# 75

%��9'�_����&

�$2���+� �$2���+�

-�'����. 8��*�'9���'$ -�'����.

���������

30�1��'�2!�

2553 ���.!�=;� +$+�

31 1��'�2!�

2554

3B�)�� �%&@�� ��> ����������(,)�(,+#&����

������������ 22'�

����������������+���$� �����+�

��������<�B'� �< "#� �$

���� ����! - 7,300,000 (3,200,000& 4,100,000

$ ���;�2���"9�� - 12,216 (8,263& 3,953

����������������������'! - 7,312,216 (3,208,263& 4,103,953

������������ �"��(+�$B�"#� �$

������������ ����! 18,000,000 125,000,000 (105,000,000& 38,000,000

��������$ ���;�2���"9�� 138,588 2,201,889 (494,407& 1,846,070

���������������������'! 18,138,588 127,201,889 (105,494,407& 39,846,070

���������������������� �'!��;� �;� 18,138,588 134,514,105 (108,702,670& 43,950,023

-B�)�� �%&@�� �+����������(,)�(,+#&����

�� SCHUBERT HOLDINGS PTE.LTD. �9�

����������� ����! 254,434,036 - (31,225,276& 223,208,760

�������$ ���;�2���"9�� 89,472,164 36,290,262 (6,503,664& 119,258,762

���������������������'! 343,906,200 36,290,262 (37,728,940& 342,467,522

22.1 ����8�� ����!( 9 �" ����.� �.�'��� ��

22.1.1 ����8�� ����!( 9�������9���!��~' ����8��������$�!�����$ ���;����+*�6.625��97:�!� #���$�#��*

2���!�.�'���!

22.1.2 ������I��$��#� ����8������ ����!( 9�������9�(�9���=.����+*���$$����;

'�������.�(1) '�����"#��'��90�+���������� 8����6!"#��'�(+�'�����$ ���;����+*�15��97:�

#���$2������������!$ ���;�8�����9�7���� �$����$��+*�!9�.#� '9��1.2

+�������

'�������.�%0&��������9����"9��2������ ��8�� ��������8��9J��8��N�7:����"� !� ��

��� ���� �����J��8�'��7@$��������� ����(+�'(�9'��8$"*�=� #���$ 9�

Page 78: TFD: Annual Report 2011

����������� ������ ����������������������� �76

'�������.�(2)� '�����"#��'��135�+���������� 8����6!"#��'�(+�'�����$ ���;����+*�15��97:�

#���$2��$ ���;�8�����9�7���� �$���

'�������.�%3&���! ���� #���$"9��2���������2��;�(� ��;�(�9�$����.!� ��7@$�����

���� ��� �$�=;��7>�����7���9���� 6��!��������9�"*���"9���#��*���;��;��!$8��� �6"

�;�J��8��/�7:����(�9'��7@$��������� ��

'�������.�(3)� '�����"#��'��05M +�������%����!9!� ����� ���� ��&�����$ ���;����+*�04��97:�

�������9� ����!����$�� +9�'����."*�#�!�"9��29�<�; ��1� ����9��2�� ��!��$�+6

�+'��<=.��7>���������8��9�

'�������.�%/&� #���$"9��2������ ����!���.�����!�� ��'�������.�%3&�

���)���� “'��7@$��������� ��”��!���=��'����.���;��! ����7����2�� �������;�%��!������

7�* ��� ���������0a&�(+*���;��! �������� ���0aM�+�������% �����*�'9��

1��2�������-���B�"#� �$�%!����&F������������������������ �� ��!�"#� �$�

%!����&�(+* SCHUBERT HOLDINGS PTE. LTD. �$�!� ���#��*"�� �6" �;�

33L3 �����$��"9��

�����$��"9����.�������9�"9��8�� ����������.� �.�'��� �����.8��8� ��$#���������$��!9!� ��2�$$ ���;�

22L/ ���� ����!�*�* �;�"� �������9�

���� ����!�*�* �;�"� �������9��7>����� ����!��!��~' ����8��������$�!�����$ ���;����+*�7.25 �97:�!�

#���$�#��*2���!�.�'���!(+*�!9!��+� 7�* ��

22.4 ����'��7�* ������ �2;#�7�* ��

������I��$�"9������'��7�* ��8��������� �.�'��� ��(�9���=.�����.�"� ������I�8��'��������� �2;#�7�* ��

"#��'��30L4�+�����������������.� �.�'��� ���$�8��1��2�� ���� �2;#�7�* �����.�#��7'�� ��

#��� �����*2+��������.���!������7�* ��� ���������32L3L0�%b&�������I�"*�$�+��(��"� ��

"9������'��7�* ��"#��'��04�+�������8��������+*�2 �97:

22L4 J��*2;#�7�* �� ���������9�

������I�!�J��*"� ��2;#�7�* ��8�� �� �" ����.� �.�'��� ����!��. +9�'�'�8���!������7�* �

�� ���������32.4.1

23. �� )�@� ��& �

��!������ ��7�*��! �!������������������I�7�*"#�7:�344/��!�.'����.�3N��!�����344/���.7�*��!!�!�� ��!���

8�����.!���"$�*�������������I�"� �^bM�+��������7>��a/b�+��������$��7>����� �!���"#��'��^bFMMMFMMM������

!�+29�����+*�0������7>�"#��'������^b�+��������$����������. 8�!9���.���������7c�+(+*����� ��7���

���� ��8�� ��1�<�;���� �!��������8� #�2��( $� ��1�

������I��$�"$�*����� �����.!���$�� +9�' �� �*��'���-���B(+�'�!�.'����.�0M��|�J�2!�344/

Page 79: TFD: Annual Report 2011

���� ������� �!""# 77

24. D����0�'�������/��(,� [@>���& ����'

�+�$�+� �����B(�9�7�*��K����$����8� #�2��( $� ��1���."*<�;���� �!��"#��'��/MFNaMF/N/���9'���7>�

�+� �����B"$�*�����8��+�$�+� �����B��;�(�9'����.�0a��!�����345b�8� #�2��( $� ��1�I�$�� +9�'�%�$������!���

�$���.7�*��!'� �!����������2��;���.�0`3454��!�.'����.�0b� � \�2!�3454&�!�����0M�7:��$�8�� ��1��$��� [�/��$���

���.!8�� ��1��$�2��;�(� 8�'����.�/M�!��������345b�(+*8�� ��1�2��;� �$����8�'����.�/0�!���2!�344b��$�!����� ��

8�� ��1��2��8� #�2��( $� ��1�I�0���9'��!� ��1�<�;���� �!���$��0������8���2�8�� ��1��4����

�$�!����6�������.7�*��! �!������������������I7�*"#�7:�345^��!�.'����.�3N��!�����345^��$���!���8��!�

���7+�.��(7+�!�+29�������.����'������� �!����������I"� ��2�����+*�4������7>�����+* �0����� �#�8��

������I�$�7���"#��'�(+*��2�8�� ��1������� �!����8� #�2��( $� ��1���."*<�;���� �!����������I�"�

8� #�2��( $� ��1�2���+��35F5aMF/N/���9'��8���2� ��8�� ��1��4�����9��9 '���7>�8� #�2��( $� ��1��

033F5M0FNb4���9'��8���2� ��8�� ��1��0�����9��9'�����.8�� $2+�� �� ���7+�.��(7+�!�+29���.����'���

���� �!����������I

��!!����.7�*��! �!������������������I�7�*"#�7:�344/��!�.'����.�3N��!�����344/��$���!���8��!� ��"9������7c�

+�7>����� �!����#�8��������I��$�7������� ��8�� ��1���8� #�2��( $� ��1���."*<�;���� �!����������I�"�

�$�!!����� ��8�� ��1��2��8� #�2��( $� ��1��1���9'��!� ��1�<�;���� �!���$��1������8���2�8�� ��1��1 ����9�����

�7>�8� #�2��( $� ��1��0���9'��!� ��1�<�;���� �!���$��0L0������8���2�8�� ��1��0�����9���� �8� #�2��( $� ��1�

I$�� +9�'!�����10 7:��$�8�� ��1��$��� [�3��$������.!8�� ��1�2��;�(� 8�'����.�30 !��������2546�(+*8�� ��1�2��;�

�$����8�'����.�31 !���2!�2556

8��*�'9��7:7c""�����!9!� ��8�� ��1���!8� #�2��( $� ��1���."*<�;���� �!��

-�'����.�/0�1��'�2!�3444�8� #�2��( $� ��1���."*<�;���� �!����������I�<=.�����!9�$�!� ��8�� ��1�2���+�

033F5M0FNb4���9'��(7:�2553 2���+��033,401,965���9'�)

34B� ����������\����

���.8���7>��7��!!������116�(�9���*����������������!����"#� �$��.K. 2535�������I����"�$ �� #��� ��1�

7�*"#�7: 9'���=.��'��7>���� #����!9��� '9����+*�5��� #��� ��1�7�*"#�7:�� $�'���$��� * !� !��(���!�)

"� '9���� #�����;"*!�"#��'��!9��� '9����+*�10������"$�*������ #�����! \�!��$�� +9�'�!9 �!���

�#��7"9������7c�+�$�

Page 80: TFD: Annual Report 2011

����������� ������ ����������������������� �78

3FB� 0!������ ��������� 0!������ $%&������

26.1 29���(�� ��! ��

29���(�� ��! ����;�7>�+7�*����B��."9��8��( 9 ��! ����������I�(+*�������9���!!�����NM�

����*����������������!����"#� �$��$��!9�'!�����$��(+*+7�*����B��.� �.�'�����."9��8�� � �

��! ��(+*��������

26.2 29���(����������

29���(�����������7�* �$�'�������$���29���(��(+*+7�*����B�.�8��( 9 ��! ��(+*��������

��!����!8�7�* �K�� #��� ���2-* ��! �� #� ���+� �����B(+*�+�$�+� �����B����$�( 9���"�$ ���

�����$#����#�(��9��*$�������� �.���(� �9"� ��"�$ ��+�!����<=.�$#����#�(��9��������9���$#����#�(��9�

�*$�������������. �.�� ��� 29���(���������� #�����7:�2554��$��'!29�8��"9����.������I�(+*�������9�

�$�8�� ����.7�= ��2-* ��! ���������<=.�7�* �$�'��29���.7�= ���"#��'�7�*!�-� 8.7 +�������(+*

+7�*����B��(���.�� �"#��'� 8.6 +�������%7:�2553 "#��'��8.7 +�������(+*�"#��'��5.3 +�������

��!+#�$��& [�� �������,��*�������"#��'� 6.6 +�������(+*"#��'��8.6 +�������(7:�2553 "#��'��6.6

+������(+*"#��'��5.2 +���������!+#�$��&]

3GB� ����� ������)�(>��(��

������I�(+*�������9��(+*��� ����$��9'! ��"�$��;� ���� #����+�;�������!��*���������� ���� #����+�;��

�����LKL�34/M��$�������I��������9��(+*��� ���"*"9�� !������ �����7>�����$��8��������+*�/� -�0M�

�������$��� ���� #����+�;�������;�������$��������+� �����B"�$ �� ������6!�w<��"#� �$�%!����&�(+*"*

"9��8��( 9��� ����!�.��� �����;� "� �����!�*�����'9�$�'� ������������I�(+*�������9��7:�344 4

������I�(+*�������9��$�"9������ !�� �����7>�"#��'������2.4 +�������%7:�345/ "#��'��3L5 +������&�[��

�������,��*������I�"#��'� 2.1�+�������%7:�345/ "#��'��2.M +������&]

2H. 0!�D�&�!��������* #��0!�D�&�!���

28.1 29�8��"9����!+� �-*��29�8��"9�� #�����7:� �;� �$'����.�31 1��'�2!�3444�(+*�3443���. #�2��!�$����;:

%��9'�_����&���

�����)�� �+� �����)�� )=�� �������

� 2554 2553 2554 2553

%7���7���8�!9& %7���7���8�!9&

���7+�.��(7+�8������B �����.��� 30N,603,260 264,969,439 219,603,260 264,969,439

<�;��.$�������*�'9�� 9 ����(+*29������

����2�� �� 338,993,417 136,702,868 338,993,417 136,702,868

29�8��"9��� �.�' ����� ��� 48,621,877 39,208,062 35,958,250 28,482,621

29���(�� ��! �� 6,718,780 6,045,000 4,830,000 4,440,000

29���(���������� 29,175,053 29,522,170 26,765,541 27,041,812

29�� �.!��2�(+*29���$"#���9�� 82,985,673 81,184,753 12,847,157 5,617,925

Page 81: TFD: Annual Report 2011

���� ������� �!""# 79

28.2 29�� �.!��2�(+*29���$"#���9��!����+*���$$����;:

%��9'�_����&���

�����)�� �+� �����)�� )=�� �������

� 2554 2553 2554 2553

29�� �.!��2�(+*29���$"#���9�� 9'���.�7>�

���������� ��8����9�(+*��� �� 72,410,079 77,594,423 3,129,726 2,976,168

29�� �.!��2�(+*29���$"#���9�� 9'���.�7>�

����29�8��"9��8� �����(+*������ 10,575,594 3,590,330 9,717,431 2,641,757

�'! 82,985,673 81,184,753 12,847,157 5,617,925

3IB� �����!���& #�> �@> 8� ]����� ���������!���& A������

�!9!� ��( $� �� �*���$ #����9����7���+$� #�����7:� �;� �$'����.�31 1��'�2!�2553�"� 8� #�2��( $� ��1��

���.�"� ��2�8�� ��1���8� #�2��( $� ��1���."*<�;���� �!��!���2� �� '9�!�+29�����1��!��'�,+�.������� �!��

#������'$

�� �*���$�*�'9�� #����9������;���;�)��(+* #����9����7���+$ #�����7:� �;� �$'����.�31 1��'�2!�2554

( $��$�$����;

#�����7:� �;� �$'����.�31 1��'�2!�2554

�����)�� �+� �����)�� )=�� ������

#��� ��1�

"#��'������

�!����'�,+�.�

�9'��;#����

#���

�9���� #��� ��1�

"#��'�����

�!����'�,+�.�

�9'��;#����

#���

�9����

(���) (����) (���) (���) (����) (���)

�����!���& #�> �@> 8�

#���(��$���& 9'���.�7>�����������������8��9 147,726,407 701,357,785 0.2106 135,459,287 701,357,785 0.1931

$��� ��#����& ����')�(�)�!�A������

8� #�2��( $� ��1���."*<�;���� �!��

��"#��'��033F5M0FNb4���9'����. 8��

�� �����������$�! - 15F571F933 - 15F571F933

�����!���& A������

#�����.�7>����������� �!�� !!��

��'9�!� ��8�� ��1�<�;���� �!��"�

��8� #�2��( $� ��1� 147,726,407 716,929,718 0.2061 135,459,287 716,929,718 0.1889

Page 82: TFD: Annual Report 2011

����������� ������ ����������������������� �80

-L. )�� A^ $��!��

��!������ ��7�*��! �!������������������I�7�*"#�7:�344/��!�.'����.�3N��!�����344/�!�!����!���8��"9��7c�

+8�� ����������"� #��� ��1�7:�3443�(+* #��� * !�8���������+*�ML004������7>�"#��'������^/L/�+�������

�$�"9���7>�����7c�+(+*���� $7c�+����+*���$$����;

%0& ���� �!��7c�+"#��'��b/F^4NFaM/������8������0M�������$�!�9�0�����7c�+��!�+29���.����'�����+*�0��������

��9� ���ML0M�����9�����2�$�7>�"#��'������b/L^�+�������

"#��'��K���������.��� '9��0�����7c�+��"*"9���7>����� $8���������+*�ML0M����

%3& ���� $7c�+8���������+*�MLM04������7>�"#��'������NLb�+������

������I��$�"9������7c�+(+�'8�'����.�3^��|�J�2!�344/

-.B� ���)� �#&��%�������)�� ���� �����!+ �� �

������I�(+*�������9�$#����� �" ��8��3� 9'�����+� 2�1�� �"����� ������!�����B���.���(+*8����9�(+*

$#�����1�� �"8� 9'�������J�!�K� ��B�+� 8�7�*��K���!�+��� ������"#�(� ��! 9'������������I �(+*

�������9��7>�$����;

#�����7: �;� �$'����.�31 1��'�2!�2554 (+*�2553 %7���7���8�!9&

(��9'�_�+������)

� 1�� �"�����

������!�����B

���.���

1�� �"�����

������!�����B

���.8����9� �� �������'!

� 2554 2553 2554 2553 2554 2553

����$�"� J��� 847.8 833.3 284.3 260.6 1,132.1 1,093.9

����$���;� �;� 847.8 833.3 284.3 260.6 1,132.1 1,093.9

#����%��$���&�"� ��$#�������� 244.4 211.2

$ ���;���� ML4 ML3

����$��.� 00L0 bL4

#���%��$���& 9���������� ������

���(+*J��������$� 256.0 217.9

��������� ������ (71.3& (88.4&

#���%��$���& 9�J��������$� 184.7 039.5

J��������$� (38.2) -

#���(��$���&��6$� �6" 146.5 129.5

Page 83: TFD: Annual Report 2011

���� ������� �!""# 81

-3B� P�� $%��� �� � (>�� �(,���)���#J>

-3B.� P�� $%��� )�(,+������!�W_��� �*�+� �(,�-.�/� +�0��3441

32.1.1 ������I�!�J��*� ���� �.�' �� ���� �� (���7���7���(+* 9 �����2����$�� �K�����.���

(+* ����"���������(+*2'�2�!��� 9 �����7>�"#��'�7�*!�-�121.9 +�������%7:�344/�"#��'��

a4LN�+������&

32.1.2 ������I�!�J��*� �����! �����9��[���.� �.�'���.� ���2�� ����2!�� �� ��!�����w�$��

$���9�7��;

- ���� 9 �����2��������!���)��(+*�*�� �1��-�7�J2�"#��'�7�*!�- 4L3 +������

- ����"*<�;��.$�����.������2�� ��"#��'�����7�*!�-�906.6 +�������%7:�344/�"#��'��

05bLa�+������& (+*29��������"� ���#� ����"*<�;��.$��$�� +9�'"#��'��14.7�+������

-3B3� P�� $%��� )�(,+�����''�)�!����) � �� �

32.2.1 ������I�!� ��1� ����9���.$��"� #��� �����*2+��������.(+*�$���� ��1�8���#��2�� ��7+� ����

�2����$�� �K������.$��$�� +9�'��2�� ��$�� +9�'�$���������"� ��9'������� ����.� �.�'���

8��$��! ��2!�2550

8��$��!��������344M�(+*�$�� �!J����1B�3440�������I�$��#� ��������#� ��7+� ����(+*��9�

��.$�� ���2����.7+� ����(+�' �� #��� �����*2+��������.!� #���$�30 7:�����;�(�9'����.�1 ! ��2!�

2553 �7>�����7�

�!�.'����.�30� �������344/�������I���������� �"� #��� �����*2+��������.�<=.�!�!����6���"�

����.������I��$���7+�.����7(��(+*���$���2�� ��8�!9��$�!����.�����.������I����7?�����

��!�-�'����.�/1�1��'�2!�2554 ������I�!�J��*� �����! �����$����;

(1) �2����."*7+� �������������7+� ����8���! #��� �����*2+��������.(+* #��� ���

��*2+��������.�7>��"���� ��! ��1�v�2��(+* �.�7+� �����.�[�����.$��$�'���$�������I

�7>��� 29�8��"9����;��!$"� ��7+� �����2���2�� ��$�� +9�'(+�'� �6"

(2) �*�*�'+� ��7+� �����2��J��8��4�7:����(�9'����.�$���������8��7+� �����2��8�!9

"� ��9'������� ����.� �.�'���

(3) ������9�!� #���$�*�*�'+��30 7:����(�9'����.2�� #���$�*�*�'+� ��7+� �����2����!

���%3&�(�9�� ��7+� �����2��� �6"�������� 9�'��2�� #���$8�����.!��� #���$

�*�*�'+� ����9���;�(�9'����. ��7+� �����2��� �6"��������� #���$"9��29���9��7>�����$���

29���9�8�7:(� !������$��+*�400,000 ����(+*���.!����29���9�� ���+*�5 �97:�� 7:"�

2�� #���$�*�*�'+���9�

(4) 8��*�'9�� ��7+� �����2���������I����#��*29��$(�� ����$+7�*����B�7>����

�$��[+*�40MFMMM������+$�*�*�'+��#� ��7+� �����2�����.!�#��*�$�� �������344/�

(+*�#��*29�8��"9��8� ��$�(+������� �$��+*�5F^MM����

Page 84: TFD: Annual Report 2011

����������� ������ ����������������������� �82

(5) ������I�����#��*29���(�����K�8�� #��� �����*2+��������.��7>�"#��'������/M�+�������

J��8�'����.�3M�1��'�2!�344/�

(6) ������I���� 9�!����� �2;#�7�* ��8�'������4M�+�������J��8�'����.�3M�1��'�2!�344/�

<=.�������I��$�"�$�#�(+* 9�!���� 9'�(+�'"#��'��30L4�+��������$�8��'�����8� ��

���� �2;#�7�* �����������'�� � (+��6����B��� B�"#� �$�% �" ����.� �.�'��� ��&�8�

��8��1��2�� ���� �2;#�7�* ��8�� �� #��� �����*2+��������.���*�*�'+� ��2;#�

7�* ���/�7:������;�(�9'����.�3^��|�J�2!�344/�

��!���(5) (+*�(6) ������I��$�������*�*�'+�8� ���#��*29���(�����K�(+* �� 9�!�

���� �2;#�7�* ��(+*�!�.'����.�14 1��'�2!�2553 ������I��$����("��"� #��� �����*2+��������.8��

�����*�*�'+��7>��J��8��30 '����+��"� �$����2'�!��6���8��9�� ��7�*�!��+ �*��

�.�('$+�!"� ��9'������.� �.�'���

32.2.2 8��$���!�����345b��������9��$��#� ������9���.$�� �� ����2!�� �� ��!(�9�7�*��K�������.

8��7�* � �" �� ����������8����9���$�!��*�*�'+� ����9��/M�7:�<=.�"* �;� �$8�'����.�3/�!��������

34^b�J��8�� ����$�� +9�'��������9�!�J��*� ���8���2���."*���"9��29���9��7>����7:�$�'�����

29���9�7:+*7�*!�-�5La�+�����������29���9���;�"�7+�.��(7+��$��� [��*�*�'+��5�7:�8������!9

� �����+*�0M�������29���9�8��-*��;��-�'����.�31 1��'�2!�3444��������9�!�J��*� ���2���+�

��! �����"#��'�7�*!�-$����;:-

"9���#��*J��8� +������

1 7: 5.3

2 7:��=��5 7: 21.3

�+��"� �5 7: 82.3

�'! 108.9

32.2.3 8��$��!���2!�345^��������9��$��#� ������9���.$�����!������ �� ����2!�� �� ��!(�9�

7�*��K������.8��7�* � �" ��������8����9���$�!��*�*�'+� ����9��04�7:�<=.�"* �;� �$8�'����. �

/0�1��'�2!�34b0�J��8�� ����$�� +9�'��������9�!�J��*� ���8���2���."*���"9��29���9��7>����

7:$�'�����29���9�7:+*7�*!�-�0L^�+�����������29���9���;�"�7+�.��(7+��$��� [��*�*�'+��4�7:�8�

�����!9� �����+*�0M�������29���9�8��-*��;��-�'����.�31 1��'�2!�3444��������9�!�J��*� ���

2���+���! �����"#��'�7�*!�-$����;:-�

"9���#��*J��8� +������

1 7: 1.9

2 7:��=��5 7: 7.5

�+��"� �5 7: 3.7

�'! 13.1

Page 85: TFD: Annual Report 2011

���� ������� �!""# 83

32.2.4 8��$�� �!J����1B�345N��������9��$��#� ������9���.$�� ����22+1��!$�����.8��7�* � �" ���

����������8����9��$��*�*�'+���9��/M�7:�"* �;� �$8�'����.�0N� �!J����1B�34^N�(+*�-�'����.�31

1��'�2!�3444��������9�!�J��*� ���2���+���! �����"#��'�7�*!�-$����;:-

"9���#��*J��8� +������

1 7: 1.6

2 7:��=��5 7: bL5

�+��"� �5 7: /5L0

�'! 53L0

� "� ��;�������9��$��#� ������9���.$��$�� +9�'�9�7� �/M�7:������;�(�9'����.�3M� �!J����1B�34^N�

�=�'����.�0N� �!J����1B�3bMN��$��������9�"*���"9��29�����$��8��( 9��8����9��7>�"#��'������04��

+�������(+*�������9�!�J��*� ���8���2���."*���"9��29���9��7>�����$��8��*�'9��7:�34^N�-�

3bMN��7>�"#��'��'!7�*!�-�baL5�+��������!�.2�� #���$�*�*�'+� ����9�(+�'��������9�

�!������9���.$���9�7� �$��*�*�'+� ����9�"*����!9��� '9��3M�7:�(+*���$#����� ����!

���.�����.�*��8� ����

32.2.5 �������9�!� ��1� ����9���.$��"� #��� �����*2+��������.�(+*�$���� ��1�8���#��2�� ��7+� ����

�2����$���.8����9�����.$��$�� +9�'����� �����30�7:����.!��|K"� ����2536� �;� �$���+�2!�2566�<=.�

�2���$�� �7>� ��! ��1�v�� #��� �����*2+��������.��;�(�9���.!(� �-�'����.� 31 1��'�2!�3444�

�������9�!�J��*� �����."*���"9��29���9�2���+���! �����"#��'�7�*!�-$����;:-

"9���#��*J��8� +������

1 7: 2.9

2 7:��=��5 7: 16.9

�+��"� �5 7: 25.7

�'! 45.5

�������9����!�J��*���.�29�8��������� "#��'������50,000�����9�$��

32.2.6 �������9�!� ��1� ����9���.$��<=.���9��9'�!�"� ������(�9���=.�(+*�$���� ��1�8��7+� �����2����$

#��� ������.8����9�����.$��$�� +9�'� ��������/M�7:����.!�1��'�2!�34/a� �;� �$��|K"� ����34ba�

<=.��2��$�� +9�'"*� 8����������8����9��9'��!�. �;� �$ ����

-3B-� P�� $%��� )�(,+�����''�������� �+

/2.3.1 -�'����.�31 1��'�2!�3444 �������I!�J��*� �����! �����9'!$#���������2�� ����2!

�� �� ��!�����w�$�� �� ����2!�� �� ��!(�9�7�*��K����$�������I����"9��29�8��"9��$����;

(1) 29� #� �� ����� ����;���.�2�� ������.!�#��*�'$(� 8�7:�3443�8�����7:+*7�*!�-�0L2�+�������

����29���� ����;�"�7+�.��(7+��$��� [�*�*�'+��/�7:�8������!9� �����+*�0M��������

29���� ��8��-*��;�

(2) 29�8��"9��8� �� 9�� ��! �����"#��'�7�*!�-�0La�+��������

Page 86: TFD: Annual Report 2011

����������� ������ ����������������������� �84

(3) ������I�����#�������������� �������.�#������ ��(+* �����$(���*�� �1��-�7�J2(+* �.�

#��'�2'�! *$' �7>�"#��'�7�*!�-�00L/�+��������!�.��8����.$���$���������"� ����2!

�� �� ��!(�9�7�*��K���8��8����.$��

32.3.2 �������9�(�9���=.�!�J��*� �����! ������� ��2���+��-�'����.�31 1��'�2!�2554�"#��'��05L4�

+������ %7:�2553 "#��'��8.1 +������&

-3B1� ���0>��A� �� �

32L4L0 ������I�2;#�7�* ��'����� ��(+*'����� �����.8��( 9�������9�(�9���=.��-�'����.� 31 1��'�2!�2554�8�

'������'!�05M�+������ %7:�344/�"#��'��05M�+������&

32L4L3 -�'����.�/0�1��'�2!�2554�������I�(+*�������9�!����� �2;#�7�* ��<=.� �$�1��2��8��� !�

������I�(+*�������9��7>�"#��'� 38.2 +������ (7: 344/�"#��'��0bL^�+������)�[�,��*��������I

"#��'� 34.7�+�������(7:�344/�"#��'��0/L3�+������&]�<=.�� �.�'���.� ��J��*� ������7?��������

7�* ����!7 ��1�� �"��������I(+*�������9��7�* �$�'����� �2;#�7�* ���$����;

���� �2;#�7�* ��8���!������I

- ���� �2;#�7�* �����.2;#�7�* �� ��7?�������! �����9'!$#���������2�� ����2!�� �� ��!�

����w�$�� �� ����2!�� �� ��!(�9�7�*��K����-�'����.�31 1��'�2!�2554�"#��'��/3L0�+���

��� %7: 344/�"#��'��0MLa�+������&

- ���� �2;#�7�* �����.2;#�7�* �� ��8���ww��(+*�.�[�-�'����.�31 1��'�2!�2554�"#��'��3Lb

+�������%7: 344/�"#��'��3L5�+������&

���� �2;#�7�* ��8���!�������9�

- ���� �2;#�7�* �����.2;#�7�* �� ��8���ww��(+*�.�[�-�'����.�31 1��'�2!�2554�"#��'��3.5

+�������%7: 344/�"#��'��/L4�+������&

-3B4� 0�(`a���&���

�������9�(�9���=.�2���������� �"��(+�$B�"#� �$���!�.7:�2549��$��� ������(�9���=.�w������7>�"#��+����.�

���$ ������9��2��(+*���� 29�� ������$��+*�5�+�������"� '��w��"� '9�"*���� "� �2���<=.�

K�+��;�����$�!�2#����� ��� w����9!��"� B�$���.���1�-B2#����� ���!�.�$����+�2!�2550 �!�.�$��

�!J����1B�2554�K�+��1�-B���� �������!K�+��;�����-�'����.�/0�1��'�2!�2554 2$�$�� +9�' �;� �$

���.�"� �"� B�!9�$��#�2#�\� �J��8��1 �$�����(�9'����.K�+9��2#����� ��

-3BF� �@, b�

������I��$��#� ����"*<�;"*�����.$�� ��������(�9���=.��!�+29���! ����"#��'��275.3�+�������������I�

�$������ ��! ��1�v��! ����"*<�;"*�����.$��8�� ����<�;(+�'�"#��'��260.3 +��������$�����= �7>�

����$�8��� #�����$�����6$� �6"(+�'� 9'���.��+�2�$'9�"*�� ��! ��1�vJ��8�7:�2555��

Page 87: TFD: Annual Report 2011

���� ������� �!""# 85

--B� )0�@,���@�������)�� �

--B.� ������������0+��)�(,�

�2��.�!���� ��������. #�2����������I���!��.����!��98�!���)�� �������,�����.�5a�“ ��( $���� ��

(+* ���7@$����!�+ #������2��.�!���� ������”�7�* �$�'������ $(+*��� ���������9����� $�+� ���;

��2�������8�� ����!�����+����������$����"�����; ��2������� ����!�*�* �;�(+*���� ����!�*�*��'�������I�!�

2'�!� �.����.� �.�'��� ���2��.�!���� ������$�� +9�'�(+*!������� ��������2'�!� �.��$����;

��������� ������� �������� ������I�!�2'�!� �.��$��� ��8�� �����.��.� �.�'���.� ��+� ���; ��2���(+*����8�� ����!�Ze��������2'�2�!2'�!

� �.����;�$� �� #���$8��!�������(+*'�1� ��8� ��2'�2�! �����.��.��!�* !�$����;�������I�"=��!92�$'9�

"*�$����2'�!� �������.�7>� ��* #�2��"� ��8�� �����.�� "� ��;� ��8�� �����.��������I��!9!� ��

�*"� ��'���.�"� ������I�!�)����+� 2����.�+� �+��(+*!���9"#��'�!� ����"#��'����� �� �$��.������I�

�"��� ��� ��"� ��8�� �����.2�!�+29���!�������+� ���;(+*����8�� ����!��.( $���98���( $�)��*

������

�����������������������

������I�!�2'�!� �.��"� ����$ ���;���. #�2����� �.�'���.� ������Z� ����� ������������8�� ����!�����

��� � ������������ ����!�*�* �;�(+*���� ����!�*�*��' �9���� 6��!����.�"� �������B(+*���; ����� ��

���� 9'�8��9!�����$ ���;���.7����=;�+���!�����+�$����!�����$ ���;�2���.<=.�8 +��2��� �������+�$

8�7c""�����2'�!� �.��"� ����$ ���;���������I�"=���98��*$���.#��

-�'����.�31 1��'�2!�2554� �������B(+*���; ����� ��������. #�2�� �!���"�$��!7�*�J�����$ ���;��

(+* #����� �������B(+*���; ����� ��������.!�����$ ���;�2���. �!���(� ��!'����.2�� #��� $�����

'����.!� �� #���$����$ ���;�8�!9�%�� '����.!� �� #���$����$ ���;�8�!9�=� 9�&��$�$����;

�����)�� �+�

����$ ���;� ����$ ���;�

2���. 7����=;�+� �!9!� ����

J��8���=.�7: ��!��2��+�$ ����$ ���;� �'! $ ���;�

(������) %���+*�97:&

�� ����<������)�� �

���� $(+*��� ���������9����� $ - 12,335 643 12,978 0.75

+� ���; ��2�� - - 13,652 13,652

����Z� ����� ��������.!�J��*2;#�7�* �� 15,355 10 - 15,365 3LMM�-�2.10

�'! 15,355 12,345 14,295 41,995

� (>�� ������)��

������� � ������� - 51,132 - 51,132 7.55 - 8.10

�"�����; ��2�� - - 73,358 73,358

���� ����!�*�*��'"� ����� ������ - 487,997 - 487,997 6.25 - 8.25

�"�����;"� ��7����2�� �������; - 152,701 - 152,701 6.25

���� ����!�*�*��'"� �" ����.� �.�'��� 330,731 - - 330,731

�'! 330,731 691,830 73,358 1,095,919

!

Page 88: TFD: Annual Report 2011

����������� ������ ����������������������� �86

�����)�� )=�� ������

����$ ���;� ����$ ���;�

2���. 7����=;�+� �!9!� ����

J��8���=.�7: ��!��2��+�$ ����$ ���;� �'! $ ���;�

(������) %���+*�97:&

�� ����<������)�� �

���� $(+*��� ���������9����� $ - 505 518 1,023 0.75

+� ���; ��2�� - - 3,676 3,676 -

����8�� ����!( 9 �" ����.� �.�'���(+*

$ ���;�2������ 224,856 - - 224,856 15.00

����Z� ����� ��������.!�J��*2;#�7�* �� 15,355 10 - 15,365 2.00 - 2.10

�'! 240,211 515 4,194 244,920

� (>�� ������)��

������� � ������� - 46,470 - 46,470 7.55 - 7.75

�"�����; ��2�� - 72,319 72,319 -

���� ����!�*�* �;�"� �" ����.� �.�'���(+*

$ ���;�2���"9�� 43,950 - - 43,950 7.25

���� ����!�*�*��'"� ����� ������ - 261,787 - 261,787 6.25 - 8.25

�'! 43,950 308,257 72,319 424,526

�������������������������������I�(+*�������9�!�2'�!� �.��"� ����(+ �7+�.����������9��7�*��K��98��*$���.#����.�"� ��� ��

2���$� 9'�8��9�7>� �+�������

--B3� �%�0!����/���#��)0�@,���@�������)�� �

���.�"� �������B(+*���; ����� ������ 9'�8��9��������I�"�$��98�7�*�J��*�* �;������8�� ����!(+*

���� ����!!�����$ ���;�8 +��2��� ������$ ���;�8��+�$�������I�"=�7�*!�-!�+29�����1��!�� �������B

(+*���; ����� ������8 +��2��� ��!�+29���!�������.( $�8���( $�)��*��� ������!�+29�����1��!�

�!���=��"#��'�������.��<�;(+*������ +�(+ �7+�.�� �������B ��8��-*��.��;� �Ze��!�2'�!������(+*

��6!8"8� ��(+ �7+�.��(+* �!����9����2� ���$��9���7>�� �*8�+� �-*��.�!9!�2'�!� �.�'��� ���

'�1� �� #���$!�+29�����1��!�=;���9 ��+� �-*���2��.�!� ��� �������!�+29�����1��!"* #���$"� ��2�

�+�$+9� �$���� #���$�=;��$�8��� -AB ��'�$!�+29���.��!�* !�

-1. ����������������� �

'����7�* �2B8� ��������"�$ �������. #�2����������I�(+*�������9��2� ��"�$8��!�<=.��2�� ������� ��������.

��!�* !(+* ��$#����'�<=.�2'�! �!���8� ��$#�����1�� �"�9���9���.�

-�'����.�/0�1��'�2!�3444 (+*�255/�������I (+*�������9��!����� 9'����; ���9��� ��7�$�$����;

�����)�� �+� �����)�� )=�� ������

2554 2553 2554 2553

���� 9'����; ���9 9'����������� 1.5/ 0LN5 ML84 1.0b

Page 89: TFD: Annual Report 2011

���� ������� �!""# 87

34B� ������A� )P���'�(D��!�

��� �������� ��8��� ������7:�344/��$�!� ��"�$7�*�J���� ��8�!9���.8�� $2+�� �� �� ���#�� �8���

������7:�3445�(+* ��"�$7�*�J���� ����+9���;�7>��7��! ���7+�.��(7+������� ��������<=.��7>�+"� ��

8��!���)�� ����������� ��������. (+*7���7���8�!9�$����. +9�'�'�8��!������7�* ��� ���������5 ��

"�$7�*�J���� ���+�� ��7���7����� ������8�!9��.!� ��* #�2���7>�$����;

%��9'��S���&

�����)�� �+�

9�

"�$7�*�J�8�!9

��� ��

"�$7�*�J�8�!9

�+��

"�$7�*�J�8�!9

������8� ���)�� �*�-.�/� +�0��344-

(�&���)�*

���+� ���; ��2��(+*+� ���;�.� - 57,889,411 57,889,411

���+� ���; ��2��

������+� ���; ��2�� �" ���!9� �.�'��� �� 10,211,829 (10,211,829& -

�������"9��+9'�����( 9�������!� 4,624,095 %4,624,095& -

��� �������B�!���'����.�

29�8��"9��"9��+9'����� 12,352,497 (12,352,497& -

+� ���;"� ���������+���� 6,341,690 (6,341,690& -

�.��[ 2,605,520 (2,359,300& 246,220

�������"9��+9'�����29�<�;��.$�� 21,000,000 (21,000,000& -

��.$����2��(+*�7 �-B8����9� 394,393,740 (394,393,740) -

��� ��1� ����9� 195,504,264 394,393,740 589,898,004

�&�+(�&

����"�����; ��2��(+*�"�����;�.� - 352,191,904 352,191,904

����"�����; ��2�� 11,956,554 (11,956,554& -

����"�����;29� 9 ���� 19,457,968 (19,457,968& -

������; ���!���'����.�

���������������+9'�����"� +� 2�� 3bN,633,775 (269,633,775& -

����7�* ��+����������!� 15,708,461 (15,708,461& -

29�8��"9��2���"9�� 3N,719,438 %3N,719,438& -

�.�[ 8,601,797 (5,715,708& 2,886,089

�'! 997,121,867 - 997,121,867

Page 90: TFD: Annual Report 2011

����������� ������ ����������������������� �88

! 0���(�����1�! ������� ������� �����! ����!

��3����2����!����!

��3����2����!����!

��3����2����!����� �������� ����!"�#$������%&&!� ! ! !�������� ! ! !!!!�7����=��%�����7����=����! 4! B9GDE9GIIH! B9GDE9GIIH!!!!�7����=��%�! ! ! !!!!!!!�7����=��%������5������(�������! :G;BDGFF:! 0:G;BDGFF:1! 4!!!!!!!�7����=��%�����������(�������! D:FG89I! 0D:FG89I1! 4!!!!���������(�������$7������! ;G9:BGEI;! 0;G9:BGEI;1! 4! �������B�!���'����.� ! ! ! 29�8��"9��"9��+9'����� IG:8:GHHD! 0IG:8:GHHD1! 4! +� ���;"� ���������+���� 9GDB8G9IE! 09GDB8G9IE1! 4! �.��[ 8G:HDGIB;! 08G:;9GDFF1! 8HG;;H!!!!���������(����%�"�=����3��! :8GEEEGEEE! 0:8GEEEGEEE1! 4!�� ����� ! ! !!!!������=��%����������=����! 4! DD:GE8HG:FH! DD:GE8HG:FH! �"�����; ��2�� FGDEHG:D9! 0FGDEHG:D91! 4! �"�����;29� 9 ���� 8IGB;HGI9F! 08IGB;HGI9F1! 4! ���; ���!���'����.� ! ! ! �������+9'�����"� +� 2�� :9IG:::G8DI! 0:9IG:::G8DI1! 4! ����7�* ��+����������!� 8;GHEFGB98! 08;GHEFGB981! 4! 29�8��"9��2���"9�� 8FG:IBGHFD! 08FG:IBGHFD1! 4!!!!!!!���� ! :G9;BG::I! 08GE:9GHEE1! 8G9:HG;:I!

�(! DHIGI9IGDHE! 4! DHIGI9IGDHE!

3FB� ���� ����������)��

�� ��������;�$������!���8�� �$�2-* ��! ����������I��!�.'����.�29 �!J����1B 2555

Page 91: TFD: Annual Report 2011

���� ������� �!""# 89

��=�����������:��,�

�k� �4��)_����� ◆ U���� �S TU� ���S!����~��On����� ������$�'��"� ���-���&S O���!�#s�T����$n��"l���N��&������#!��j"��O�� � O�!�����e�����Ps�$n���� j�n��jN�l��"lmPN�� #����!�#!��j"��O!l��}� ◆ ��sz��-+*��N��S TU� ��f�8L@6E�4;Wi?9qg���!��Sj��" ��$ �%��s��x�$s{�U���� Oj����f�Kk18C��� � 4;Wi?9qg�On����� ���*�"#Ox�$������-+)�� ◆ sz��-*��U���� � � "��$����&������#!��j"��Oml��U���� l� ��n��U���� �& ������S��!�� �������������� � �e�"�S� $n��$���� ��$ �������"�����O�#!��j"��O�jl�s�T 'R � ��T���O� � �#�"�� ��$�"��'� �� l���� � ��"���On��$��O�~��� ◆ ��sz��--��,��--��U���� %�RSN�� ��S����T&������l���jwl�jN"�U"�� #���O����j���O ��$ �R ���S��!�� ������ � f:V0�g���TRSN��U"���!l�!����jNs{�mPN��S"��U��j��&����� ���jOS���"�� #�� ◆ ��sz��--��U���� %�RSN�l�O"�U"�����O�#!��j"��O�jl�s�T 'R ��S!������O�#!��j"��O� ���S�� ��!e�U��� � l��T�N����e�x�U��sT"�����j��S�T��� ���$n��$���� ��S�������U��"�� #����S�jNO� ��S��s�l���T&������� � �e�����Ps$n��U��"���P"�N����sz��--*�RSN��U���O������"��"�� #�� l��!l��n�����l�m�!l� �S�� ��S��s�l��� � �����O%���T&�����O�!�����e�����Ps��~���l���jwls{��P"�N����#�"�������l��s�T"�U �� �!����T�����l���� � ����"& �������O�"�~��� ◆ ��sz� �--�� U���� %� RSN�l�O�� #�"�U$���O�!� ���#�"��� �N��� #��#�"��������e���"����jN�l�� ��U���� ��� � ���������S���e�"�S� ◆ ��sz� �--�� U���� %� RSNSe����"��"l���N��&���"��������#S$�"��'� � -/� ¢��� �� ��N������ ��TRSN&���� � "��O�� ��¥�jN�"l�N����jN���#SRSN��sz��--+�!l��n����~�sz��--*� ◆ On����� ��� ���$��x��O� �--+�U���� %� RSN e�"��$��O #��S TU� ���"S�O� )���������U� � s{���� � .+��������U�

�g� ;�F�4�|6?*����5 &�����N��"���n�j#N���U���� l� su��#U��O�S�����

���5����� � � ��E4�����V6��:��2� U���� �& ������S��!�� �������������e�"�S� f:;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2g

�����N��U� 100.00%

�2� U���� ����������S���e�"�S� fG���?9E�4;2�@E2g

���2*-��N��U� 49.91%

Page 92: TFD: Annual Report 2011

����������� ������ ����������������������� �90

�j� P��?��:�?|6?�� ��:� &�����N������� RSN���T T�+�sz� N��j�����e���"!�Os�Tx ����#�"��j��"S�����

s�Tx �#�"��ghhg ghhj ghh]

M:����� % M:����� % M:����� %�2� �#�"��$���� ��S����T��N��&������#!��j"��O� �����O�#!��j"��O� ���S����T���O%��n��� ,� �� RSN��""���� - - - - 662.9 58.0� ,� �� RSN�l��l���T�l�U��"�� 67.0 6.8 85.7 7.8 97.0 8.5�2� �#�"���jN�l�$n�� ���e���"���� ,� �� RSN�l��l���T�l�U��"�� 176.0 18.0 174.8 15.9 187.3 16.4+2� �#�"��&����O���������$��� ON� � 37.0 3.8 - - - -*2� �#�"��������#S$�"��'� 646.0 65.9 833.3 75.7 184.9 16.2-2� �� RSN�n��} 54.0 5.5 6.7 0.6 11.6 1.0

��O 980.0 100.0 1,100.5 100.0 1,143.7 100.0

��� ���l�U"�����sz��--�� ������NO�!����"��U�w���U�US�O

�]� )����� ����N����*����5� s��jO� ��"��Se�����#�"�����U���� %��n�����Os{�mPN�e���"���� ��S�����!���O�#!��j"��O���T�jN�l�&������#!��j"��O�e�����PsO�!�������S�G�y��� ������#S$�"��'� ���s{������ RSNj��"���U�PlRs"�U�& U� �#�"������#"&S �N�"���� #� ���jNm�!�U� � ��S���T��S���

Page 93: TFD: Annual Report 2011

���� ������� �!""# 91

;�/�:<��*����&+ ����+�>����

���)���6�*����5|6?L�EM��� 8M��; �~e �k� M ����8M��; �~e� � � su��#U��m��!x�|�����U���� �Ul���"s{����"�#lO��n�� � � ◆� $��������j���O ��$ �s�Tx ���O�#!��j"��O�$n���� ��S�����T��N��&������#!��j"��O� � � ◆� "���� j�n��jN�l� ��S���&������e�����Ps�� � � ◆� U��j����S"�� ��$ ����� � � ◆� "���� ������#S� � � ◆� "���jN�l�$n�� ���e���"������T�jNU��"��U��j����S"�� ��$ ����S��"�l��� � � ◆� ��UjO�"l���N�����"�UU���T��U�#O���"l���N��

F G����J���)��;�����6���������� U���� %� RSN��S!������O�#!��j"��O� ���S�� �~�� ���e�x�U��sT"�� ���j��S�T��� ��� $n��$���� ��S��� �TUU�����|Ps&x����T"l���N��&������&S RSN��S e���ww��l�OSe�������"�U"�����O�#!��j"��O�jl�s�T 'R �O�$n�� �������O ����l�� ��s{��!�#!��j"��O ���Rs���T�!s�T"�U"������ $n�������U��"�� #� ������R ���T���!l��s�T '�&S �N�"�#lO�P"�N�s��jO� RSN�"lmPNs�T"�U"���#!��j"��Os�T"�U�����l���� �!�������& ���������T�#!��j"��O"��m��! ��ROl"l��jN"�SO�x��T

���|� ��V6<�:DE���J���)ME���V6��J���F�:6�P�??���N���5�9)� �Ps�UUm��!x�|����������&���������� U���� %� RSN�l��N�����s��"��"�UU!�O"|��O�!����� &S ��N���S# ��� ���O� ���T��U�#O"��"l���N��&S ��'�"����U���� �"���� #�"l���N��&������e�����Ps�T��N����s�T"�S�����&S ��wmPN��UjO� ��O����O�PN���O�e���w��"��"l���N��&������e�����Psj�� �� �N�s�T"�S������UjO�"l���N��� &S ��S�n�"�� ��O�s�T�U"��|����T���� ��jO�T�O"�U!N� #� ��U���� s�TO��R�N

� su��#U��U���� O� ��S����T&������e�����Ps!���� Pl�����O��T�!�#!��j"��O!l���}���O�-��jl�����*����j��S�RSN�"l� �2����O�#!��j"��O��U#���fUl����g� � �2���U#���� �2��!�l����O�#!��j"��O������� � �2�s #O����� +2����O�#!��j"��O�j�O�U��� � � �2���U#��� *2��������������N�"����"N�� � � �2��O# �s��"��� -2����O�#!��j"��O� ���S�� � � �2��T��� ��

���|� 6����D�� P��?���hq�6���5�hqp��&(�C��� U���� %� RSN�� #���&���"�������jN���#S$�"��'� � ��.� P��!� ���� �#�#O�� � -/� O�$n�� ���� � �*.//2+*��!����O!��OP��l�&���"����O���+���N��U� �su��#U��RSNO�"��&��"��O�� ��¥�jN�P"�N�Rs��N�s�TO�|�/.¦���S�l��T&��"��O�� ��¥RSN ���jOSs�TO�|R!�O�� �����sz��---

P��?����6�P�PM�� M|��E�� 4����Q2�1">"3&�>z�"Q�"p/�p&3�� U���� %� � Pl�Tj�l��Se����"��$����&���"�������jN���#S$�"��'� � !���� Pl ��U���|��!l�� !e�U�s�"�e��s��|��e�x�s��|U#������j��Ss�T��U������������n�� ���/,�,*�2+�R�l�&S �Ul���"s{�����l���S�����

Page 94: TFD: Annual Report 2011

����������� ������ ����������������������� �92

� �E4���Jk� s{�������#S$�"��'� � U��n�� ��� ),�,�+2*� R�l� &���"��RSN��U��#w�!��"� fyV�g� m�"��$����|��� � � �� ���"�������Tj�m�"�T U������S�N�O�$�N�O �����#sO�!�"��s���"����T�"NR�m�"�T U������S�N�O�� � � ��&���"��� ��"�e���"����& U� ��T�m� ��$ �"����O��!���T������S�N�O� ��TRSN��U�U��#w�!�� � � "l���N��������S�S�s��������j�n��n�����������f�UU��2�g��� �����/��--����T������&O���� � � !�O�U��#w�!"l���N��������S�S�s��������j�n��n�����������f�UU��2�g��� ���+���--��s�T"�USN� �� � � �2�������#S$�"��'� �e������.������f�������g��e�������j������-�jN���O�$n�� ��"l���N���s�TO�|��� � � �)��*2���!����O!��O�$n�� ���� ��Os�TO�|��/*-)2*/�!����O!�� � � �2�������#S$�"��'� �e������.������f������Hg��e�������j�����).�jN���O�$n�� ��"l���N��s�TO�|��� � � �*�*+2���!����O!��O�$n�� ���� ��Os�TO�|���+)/2+��!����O!��� � � +2� �������S��� �e����� .� ����� f������ 4g� �e����� �� j���� O�$n�� ��"l���N��s�TO�|� ����2����� � � !����O!���e���� ����S�����.������ �E4���Jg� ������e���"����� �e�����+�������e�������j����O�$n�� ��"l���N��s�TO�|��//-2���!����O!���� � � $n�� ����S����e�����+���!����O!���e���� ����S����������� su��#U��RSNSe����"��"l���N��������+������f������e���"����� g������� U�N� ��N���Ts�S��Ns{��e���"����� ����l�����"��"l���N��������#S$�"��'� �U���� %� Pl�Tj�l��Se����"��"l���N��!�"����O

P��?�������M����[��:�[e�B7p7%�+z�+b=%+U1+b�� U���� %�� Pl�Tj�l��Se����"��$����&���"���Oj�S��"�����SN� ��!���� Pl ���� Oj�S��"j������������Se����s{������$�"��'� �P�� *+� ����� �e����� -��� P��!� su��#U��� Pl�Tj�l��"������#O�!�� yV�� f�� ��������Tj�m�"�T U������S�N�Og���""�T ��� ��$ �"����O��!�%

6�����N�� �?��<�:DE� P��?���6�5�LM��e� U���� %�RSN�l�O�� #�Se�����#�"��������e���"����jN�l�����OU���� ����������S���e�"�S�s�T"�USN� $n�� ���jN�l���O��)))��!����O!��!���� Pl ���� Oj�S��"j������������Se����s�T"�USN� ��������SN� "���su��#U��U���� %�s{��mPNU��j����� ��$ �

� �����E6��:�?66�L��LM��4����?���E6��:�?� U���� %� RSN�jNU��"���"l�P"�N��UU��U����� ��O����Os�T�����T"l���N���j�n�!l�!�O&������U���� %���O����jNU��"����SN�����RSN���T ��s{��j�l��� RSN��" ��j�~��

�g� ;�4�6���������LM����L|E?| � ����6���������LM�P�??���N���5�9)� � ���O�#!��j"��O��Tx���#!��j"��Osz��--*�O�"��� � !��!l��n����nU�n�����"����"��|� ��"��On����s�T '���O������� Rs�� �� ��S����N�����OO������jN"�U��"�� #����R ���T!l��s�T '�O�"��� � "���� #���s�T '$��O�~�����"�# "x� ��"�S�~��s�� sz��--*� e��jNO���"�� #��jN���O�����n�� ��S��s�l����T�l�&����������O�#!��j"��O ���S�� s{�� l��O�"� �n�����"���O�#!��j"��O ���S�� !���� PlU�$n�� �� ��O��TS�U�P�"�l��e�� T��~�� �� O!�� s��Sx� ��T�ROlO�m�"�T U��"j!#�# "x� ���" ���RSN�� ��s�T& �����"�e���"����|T"��O"���l����O"���� #��&����� ���"�N"�#� $O�" ���#S��e�j��U e�� ��!��� ��RSN��U���O�� O��"��"�� #���T!���� Pl��U��U#����T��� ���O�""�l� e���n��� "����l�������#�"������ ����S� Pl������s��"���� �n�����"O�mPNs�T"�U"���N� �� � ��T��N����� #�O�"� mPN��l����&S !���n�����O�#!��j"��O!l��}��� e��S� �"�����nU�n�����"U���� %�RSN��S!������O�#!��j"��O���!����~��O���N�

Page 95: TFD: Annual Report 2011

���� ������� �!""# 93

� �m��#�"��U���� %� �e�j��Usz� �---�U���� %� RSN�l�$�������O�#!��j"��O ���S�� !���� PlU���| ��� "�Tj�l�� ��j������O�!���� ��"O2*+�!e�U� l��T�N������j��S�T��� ��� e�� ��!���S��"�l��� Pl�"�N'P� ��O���O�Tj�l��s�T '��n����OU���#���|xPO����T l��n��e���~"�j�O�U���$n���� ��S����T"l���N�������&������e�����Ps���T��������N��$n���� ��Tj�n��jN�l��s����jN"�U�#!��j"��O"�#lO���U��#��fGKii;=@89I�89EKL@=qg�mPNs�T"�U"���� �jwl ��RSN�n�� ��S��s�l������O�#!��j"��O� ���S��R�N��N��"�#lOs��jO� �n��P"�N�s�T"�U"��"���#!��j"��O���S�G�y� ��ROlO�m�"�T U��""��"l��jN"�SO�x��T� ��!N��"�����O�TS�"��"�����l��&S �$�T��"�� #��#!��j"��O�����l������"& ���������T�����l�� �� �!�s{�!N�

�M���6�P����� �� x�$��O���!��S���&SO��� O��s�T 'R ��sz��--*� ����O���!��"��!�U&! ��S�&S �$�T� l�� ���"e�����n�����mPN�n��x� ��s�T ' ����O����O!l��n���O����~�sz��---�!��S���&SO��� O��j�� $n�� ���&S �$�T������N� ����R����U� ���� ��T���!NS��O�mPNs�T"�U"���N�O� e�"��$����&���"��� Pl!��S���� �~� e��jNjN���#S���&SO��� O �����N��������N��e���� ��"�����O!N��"��� PlO�"� e��jN��"$��������j���O ��$ �j�l����!N��s�S!����Osw�l����O"���� j��"j�� �Ps�UU�$n��"�T!#N� �S�n�����"�#lO�P"�N����!�O�"�~��

� ��U!����!l"�S��"�!"��|� ��'���"��� ��T ��"��On���~��s{�su��� �U ��"������l�m�"�T U!l�"��!�S�������n�����&SO��� O��"�#lOmPN� Pl��'� ��s�T 'R !l��n���Rs��"� +,-� sz��S��"���� s{�su��� �e���w �� e��jN���O!N��"�����&SO��� O ��� Pl��'� ��"�#� $%O��e�����S�����"��"su��� S��"�l����N���!��S�"U�� ��$��O�P��~������S#�#s"�|�"l���N����T!"�!l�!��S����!���l��N�������� ��$��O�P��~��"�s{���"su��� j�~��SN� �

� su��#U��O��e�������&SO��� O ��� Pl��!��S ���jOSs�TO�|�*�����j�l� �&S ���&SO��� O�jOl ��s�S!���$�T���!"�#� $%����l����~��j������sz��--+���T���l�����Sn����"���sz��--*�O�"��s�S!��&���"����O ��������*-�&���"����e�����������j�l� ���"&���"��j�l������-����j�l� �s{��e�������&SO��� O��"��/�&���"���jOl�~��O���"U���� $��������j���O ��$ � ��� Pl��!��Sj��" ��$ ���T��"� -���� j�l� � ��"� ��� &���"��� s{����U���� % ��ROlRSN� Pl��!��Sj��" ��$ �

� ��U!����!lR!�O����"���sz��--*�s{�!N�O��U���� $��������j���O ��$ �!N��s�T�$"�U!N� #�"��"l���N�����T��!��S�"U�� ��$��O�P��~������|TS� �"�����O!N��"����"���n�����&SO��� O"��S���mPN ��!N��"���n�� ��� Pl��'� ��su��#U��O�"����N�T T���!�S�������"���n��O�"�~��� �e�j��U��sz� �---� ��S�l�mPN�n�� ��� Pl��'� �T!N���U"��U�l���N�l� ���P�$��O�~����n�����""�O�����"��s�TO������ ��S�� ���s�T '$��O�~���N� �T���,-���~��"��s��Us�#�����s�TO������T e��jN����!N� #����&SO��� O$��O�~��&S ���� �N� �T��-,���"�#lO�������&SO��� O ��!�U&!RSNS� ��s{�"�#lO����!e��"�l��)�����U� !l�!����O!�j�n�����!e��"�l���2-��N��U� !l� P��!�$��Ts{����� ��mPNU��&x�O�"e�����n���&S �Tj��RSN�l��l���Ul� ��"��!��S��"�#lO���O�"��!�U&!$��O�~��O�&S !��S�mPNs�T"�U"�� ����� �jwl��T��"!l��$��O"���� #���&���"���TS�U���O�"�~����l���Ul�"��!��S���mPNs�T"�U"���� �jwl��T��"� Pl ���--(*-���TO����&�NO ���#s�����T!�U&!RSNS��~���$��T!N��"���S���O��� ���"���n������j���O ��$ ������U �����s�T�Ux� �e�� l�ORSN� �e�j��U e�� ���l�������T��S�l��Ts{��j�l� ��� Pl��'� ���l���U!�O��������!�n�U���|���S�x��"���$�T��O�/���T�#�#O�� �������

� �e�j��U"��Se�����#�"�����U���� ��sz� �---� ���l����������$�"��'� � U���� %� RSNSe����"��$����&���"���S�T&�&��� ����!l��j��j���f:A6�4;1;98?1�5?;�:?;��K?��89g�!���� Pl ��!e�U�s�"�e��s��|����j��Ss�T��U����������f!�S"�U�!$�T������&���"��$�T���Se���j�S �� �jwlg�$n�������UR��§�R!����"SN���������!�����j #S$�"ml���U���� %��~���N����������Oj�n��TS�U���"��$�"��'� l�O"������O��!��S�T�&�&��� ����!l��j��j���f:A6�4;1;98?1�5?;�:?;��K?� �89g� &���"�����&SO��� O����P�� f�8IA� B8L6� 4;9E;W898KWg� �jl���"��T�jl�S� �U� e����!l�� ���j��Ss�T��U����������&���"��!���� Pl��Oj�S ����O����O �� �'�� N�� T���T�� j�S�x� �!N�����s!���:A6�VC;98C�;X��6I69E?=q�

Page 96: TFD: Annual Report 2011

����������� ������ ����������������������� �94

B61?J?@8;9� O�!��jOl�jl�"��$�"ml��� �~��&SSSl���T��!��SN� "��m�Om���S�R����R!��&�&��� �� ���x� ����T��U��"&���"�����S�N�OSN� U�� �"�'���O��!� ���� ��O��� U��U�U� e�� ��S� ���#S!�Oj��"¢���#N SN� �SN��j���&���"��!�SxP���SN��j�N�!�S T�$�N�Oj�S �� ����T��S �S ��!��S���

� �6�P�PM�� M|��E�� 4�������&SO��� O����P���.��������������U��n�� ��"�l��)�R�l��e�����+.+� P��!�OP��l�&���"����O�+�����N��U� �&SSSl�SN� e�� ��!���!�S"�U��!l��$� ���+�"�&�O!�jl����"�e�x�j��j������UU�$�&���O���.����'����T�G89I16��;?E6E�4;==8E;=� ����O���j���� j�S #"jN�����"��"��� ��&SSSl�SN� S�R���SN� �R!��&�&��� �����su! "��O�T N���jNj���~����Oj�Pj�����l���O����O!N�!����!l�UU���jN���������S�-�2)��!�2O2��UU���jN���������S�).2���!�2O2��UU�+�jN����������S��-�2���,��)�2���!�2O2���"��"��� ��O�jN���UUSP$��"���fQKi16Jg����������,�*�jN���������S!����!l�//2������)�2-��!�2O2���TjN��$N� �¢N����f�69@A;KL6g����S�+�,�*�jN������$n�� ����N�� ���O!N���.�2���,�+���!�2O2

P��?��� ����M�� ��[��:�[e !���� Pl ��� �� Oj�S��"j���� �� �����#O$���� �!s #O���� "�#� $Oj������s{����&SO��� Os�Tx �� ��"���l� ��S��U���l�����&��S ��S���� ���������T T����+��sz��n�� ��S�� ���Ul��l������+����.�R�l�s�P"��N�������$�"��'� �P�� *+� ����� �e����� -��� P��!� su��#U��� Pl�Tj�l��"������#O�!�� yV�� f�� ��������Tj��m�"�T U������S�N�Og�&���"���-/��6=8@?I6����� �#�#O�� �-/�su��#U��RSN�l�O�UjN���#S$�N�O&��"��O�� ��¥�jN�P"�N�Rs��N�s�TO�|�/.¦���S�l��T&��"��O�� ��¥RSN ���jOSs�TO�|R!�O�� ��������sz��---

Page 97: TFD: Annual Report 2011

���� ������� �!""# 95

��!��!��-.!/���? ����!@���-.������

k� �P �� ��J 4� �8M)��P D�e��J| �� � �& U� ���U���� � "�� �"�Um�s�T& ��� ����S"��!���� PlU�j��""�� ���l��"��!�S������S}����U#���"� #"�TS�U��"��Se����"��"��O ���#�"���T!N�� e�$n��m�s�T& ����P��#S���U���� l������"��!�S�����S��"�l���T!N��s��'��"�� ��$�������O!N��"���l��!���������U�����j�n�U#���mPN�"�N��S��~���T�l�m�"�T U!l�"��!�S������l��TR�s{�m�s�T& ����P��#S���U���� �&S �$�T�e�j��UU#���"� #"���T!N��s��U�!�����jN!�O����jN�"lU���� � l���#S"e�������O��O������TROl����TO�m�s�T& ��� ���#�"���n���Sx� ��"U���� � ����Ts{�"��U� SU�����j�n�U� SU��"�� #lO ������l��j�N� �����O��Um�S��U ��O�!l�U���� ���T�����N�����O�� j� �jN�"lU����

� m�s�T& ��� ����S"���T"�S�~����"�|� ��U#���"� #"�TS�UO�m�s�T& ����l��!��j�n����U�����j�n�U#����"�N��S�ROl�l��Ts{�SN��"������j�n�SN���n���S"�!�O��"��"���~���TRSN��Um�s�T& �����""��!�S��������U#���mPN������"��s��U�!����!�Oj�N� ���jN�"lU���� �j�n�"����U�PN"��"��O"��Se��������j�n��m�"��������!���U����

� U���� �n�s{�j�N� �����U#���"� #"�TS�U ���Tj��"��� �"��O��l��"�� ��N�� ��"��������T�j�n�����O��O$����"�UU#���x� ��"�n���}��~���T�l�m��jNU���� !N���� m�s�T& ����j�n�"l��jN"�S���O��S� N���SN�����Ox�"S��j�n�m�s�T& ����j�n���S����"��s��U�!����� l��O�s�T�� ��x�$

� U���� O��& U� ���Ts"su"��"��m�s�T& ��������U���O���U���� ���|TS� �"��"��T�jNO�"���e�"�S��U�!�jl����x�$��"��"��O!l��}����U#���"� #"�TS�U�jN�N� ���#S

g� � 46 E�?��������e��J 4� �8M)��P D�e��J| �� �� U#���"� #"�TS�U����T ~S!��� l��!l�Rs���R�Ns{���� ��$����|�$n��s�T& ������!������T�jN�n�s{��n����e���w�n���j�~����"��s��U�!�����"��s�Sm ��Ts�~"��j��n�!�O����!���T�l� ������� suwj�j�n��e�Rs�Pl"��j� ����" ��jO�T�O!l�Rs�On��"�S���O���� ROl��l���S�}�����T���e�s�~"�� #"�����

� g�k ���M?���� J4�)� � � " $n��������n������O�� Pl�l��U#���"� #"�TS�U����U�����j�n��U#���mPN�"�N��S�!N��ROls{�mPN�n�j#N��j�n�RSN��Um�s�T& �����"U���� �Pl��l�j�n�"��"���S�}���O�~��P"�N��mPN�N��mPN�� � ��U���� !�S!l��#�"��SN�

� � � "���n��j#N����U���� ���S TU� ���!��Sj��" ��$ �%�j�n�"���� #�ml��"�� #���O�j�n�j�l� �� #�ROls{�m�s�T& ��� ����S"��!��U�S ��ROl�l�m�"�T U!l�"��s��U�!�����jN"�UU����

� g�g ���5 �������:�LM�������<�:���� �� � � m�s�T& ��� ����S"������T"�S�~���N�U#���"� #"�TS�U���U�����j�n�U#���mPN�"�N��S�s{�mPN��Sj�����N��j�n�U��"���jN�"lU���� ������TmPN�N��mPN�� ��N�U#���mPN������O��� ���T����e�j�n�O��� ��$�!l�"��Se����������"��"��S��"�l�����~��ON�l��TROlO�j�N� �� ��"�� �"�U"�� e��#�"�����U���� �"�U"��"�������}�"�!�O

� � � ��"�|� ��U#���"� #"�TS�U���U���� ���SO�U#��������U����� j�n�U#����"�N��Ss{�$��"���� j�n��N����"��"�� ��s{��P"�N��mPN�N��mPN�� �j�n��Pl��l����TU#���"����U���� �mPN����O��l���l�O!�S��������n��� ��"�� ��N��"�U���O��O$���� ���#�"��"�U"��"��S��"�l����jN�n��l�s{�m�s�T& ��� ����S"��

� � � �� e����S� �"��j�"�P"�N��mPN�N��mPN�� �j�n�$��"�������Pl��l����SO�U#��������U����s{�U#���"����U���� �"�s{��n��� ��ROl�O��� ���TO�U�e�����jNU#���"�mPN�������U���� ��O��� ��$���"��!�S���"�� �"�U"��"��O ���#�"�����l�� ��"�� ��N��"�UU#��������U�������!�

Page 98: TFD: Annual Report 2011

����������� ������ ����������������������� �96

� � � U���� �TROl�n��j�n��l� ��$ ������#s"�|����!�#S�U�j�n���NU��"����"U#���"����U���� �U#��������U�����j�n�U#����"�N��S���TROl e���ww��S}����n���S��"�l��SN� �f "�N��$�T��ww��N��$��"���g��N��!ls{�"�|�$�'���T�RSN��U"����#O�!�s{��� ��"�|���"����""��O"��mPN��S"���

g�j ��J?� ���?LM�|6?|4 �� � � U#���"� #"�TS�UROl����T��U����U�� ���������w�!��̈&S ����U�!��O"����!��̈�n���}��N����$n��"��$�"ml��� ��$�"��U���� j�n��N���� ���jNs{�"���l��!��!l��� }� ��"�� ��N��"�Uj�N� ��"��������!���U���� � j�""��"�T e�S��"�l����T�e�Rs�Pl"����N���N�mP"O�S�jN"�UU���� �j�n�����T e��jNU#���mPN����!N��!"� Pl������"��|�m�s�T& �����S"��

g�] ���� �?����?4�D����)_�4�� ���?����������*������V6���� ��N�L��E?<��� � � mPNU��j���$��"������O����N��l�O"��"��Ox� ��"RSN�j�"O�j!#m� ��S�O�j�� "�|� ��U���� ��l����O�jNU#���"��N��l�O"��"��Ox� ��"$��Tj���l�"��"��Oj�l������l� � � "��O��"��|�R"����Ts�T�U"��|��jN�"lU#���"���~���T�l� s��Us�#�"�� e�������U#���"��jNs{�s�T& ����"l�U���� ����~���U#���"� ���T��U��������U��������$�s{��� �"�����U��"�������|T��j�n�"����U!e��j�l��S}��l���"��O"��U���� � ��s�~"���s{�!N��&S U#���"�mPN�����T!N������#O�!���""��O"��mPN��S"���"l����U����j�n�!e��j�l�S��"�l���U#���"� ��RSN��U��#O�!���N�����T�~"�O��l��T!N��ROl�e���U���� �j�n�!e��j�l����!���U���� Rs$��$��"�U"��"��O �� e�x� ��"�N��!lRSN��U��#O�!��jN e��l�����RSNSN�

� ��"�|� ��mPNU��j��j�n�$��"���RSN��U!e��j�l��jNs{�����#"���|T"��O"���S�}����U���� j�n�s{�!��� ���U���� ���|T��S"����&���"���"��O"����U���� �l�O #��U���� ����n��ROl�n��l�s{�"�|�m�s�T& ��� ����S"���

j� �N�5N�� ��4��� � ����U������jO� �~��U#��� ��O����O"�� ��N��"�UU#���"� #"�TS�UROl�l��� ���� �n�S�j�n���""���O��&S ��USN� " jO� ���O ���U#!�U#w���O!�O" jO�

� � �U#���mPN�"�N��S��jO� �~��U#��� ��O����O"�� ��N��"�UU#���"� #"�TS�U�� ����O$���x�$�S�}�� l���"�N��S

�� ������4E�?� �

�k� �� ������4E�?� �� � �� "���Tj�l��"���jO� �~����� "���#�"�� ��U���� ��TU���� l� e�"�UU#����j�n�"��"�� ��"�� ��N��"��&S "���n�j#N��"��O�mPN�n�j#N���T�j�n��O�"��O"���l�O"��� ��O��e������U�#OU���� �j�n��P"��U�#O&S U���� ROl�l� ��!��j�n� ���N�O�j�n�� Plx� �!N"����U�#OS� �"��"�UU���� ���"��"���U#���j�n�"��"�� ��"�� ��N��"��� ��jO� ��O�~�U���� �l�O��TU#����~��O��� ��$�� l��s{����T�e���w"�UU���� �mPNU��j���"��O"��j�n�$��"������U���� ��O��e������"������m���T��U�#O"��Se����������U����

� � ���Tj�l��sz��--*�U���� ��TU���� l� O��� "���#�"�� ���e���w"�UU#����j�n�"��"�� ��"�� ��N��"����~��"�� ��n���"�U�� RSN��""���� ��S���"��"PN nO������ RSN�l��l���T�l�U��"���"����U���O�S�e���""���� &���"�����T"���� ����� #�� ������s{�Rs!�O�n���R����N�!"���j�n���ww� �� e��l�O"�����Ts{�Rs!�Os"!��#�"���&S O��� "��S��!l�Rs�����

Page 99: TFD: Annual Report 2011

���� ������� �!""# 97

>��������?���� @ �S��j�n�

|�+��������O��--*�2� �� "���Tj�l��U���� "�UU���� l� � �2��U���� �& ������S��!�� �������������e�"�S� � ����jN"PN nO��TS�"U�� �N����U�f�N� �T�)2�-�!l�szg 4,104� �2���U���� ����������S���e�"�S� � �P"j���"���N�� 391� � ���"PN nO�T T������TS�"U�� �N����U�f�N� �T�)2�-�!l�szg� 39,846� � ����jN"PN nO��TS�"U�� �N����U�f�N� �T��-2���!l�szg 224,856� � ���O�S�e���U��""���� &���"�� 129,500�2� �� "���Tj�l��U���� "�U"��"�� ��"�� ��N��"��� �2��U���� ��������������!���R$�����e�"�S� � ������s�T"��j����n��Ne�s�T"�� 15,000+2� �� "���Tj�l��U���� l� "�U"��"�� ��"�� ��N��"��� +2��U���� ����������S���e�"�S�"PN nO�����"� � GCAKk6=@��;1E89I��@62�@E2�f�N� �T��-2���!l�szg 342,468� � GCAKk6=@��;1E89I��@62�@E2�f�P"j����n����T��� S����l� g 1,301

� �� �T�� S����� "���#�"��"�U"��"�� ��"�� ��N��"��S��"�l���N��!N��RSNs�Sm R�N��jO� j!#s�T"�U�U"�����s�T�e�sz��--*��N�������N�

�g� ���������V6| W��6����6��� ���� ������4E�?� �� � �|T"��O"��U���� �Ts{�mPN��#O�!���� "���Tj�l��"���&S � � ◆ ��� ��S"��!N����S e��� ������!l��|T"��O"��U���� � &S O��N�OP���U�N��$� �$�!l�"��$����|��� � � $n���#NO����mPN�� #����S��~����O�e�s{���T���OjO�T�O� � ◆� U#��� ��"�� ��N��ROlO��� ����"�� �� � ◆� !N��O�"��s�TO������&S mPNs�TO������T ��s{� �� �O��U� � ◆� �jN"��O"������T�j�n�"��O"��!�����U������Oj��� � ◆� Se����"���jNs{�Rs!�O" jO� �" "|�� ��"�� ��N��� � ��������"�|� ���� "���Tj�l��"������s{�Rs!�O��� �� ���|T"��O"��U���� RSNO�UjO� �jNR�N�j�n�s{��� "��!�Os"!��#�"�� ���Rs� �n��l��� "������� Plx� �!N��U�!�e����j�N� ������|T"��O"��U��j��� ��T�j�n�� ��� ��S"�� ����T$����|���#O�!�RSN

�j��P �� ����N��� ������4E�?� �� � U���� %�O��& U� ���T$ � �Oj��"��� �"�� e��� "���Tj�l��"���jNRSNO�" ���#S��!lj�"O����O�e�s{� ��!N�� e��� "���Tj�l��"���� "�������}�!N��"�T e�SN� ���O&s�l���SN� j!#m����T���O�e�s{����s{�s�T& ���!l�U���� ��TmPN�� #�&S ���Rs�O�"��s�Sm !�O����!��" �TU� U ��"�� ��N�����TSe����"��!�OO�!�"��"����#O�!��� "���Tj�l��"�����U���� &S ��l����S

Page 100: TFD: Annual Report 2011

����������� ������ ����������������������� �98

�A���!�/����-.!�

� U���� %�Se�����#�"��$���� ��S����T��N��&������e�����Ps���S�G�y�$n���� ��Tj�n��jN�l�������O�#!��j"��O� ���S����T���O�#!��j"��O�n��SN� ���"��"���U���� %���N��������#S��'� $n���� ���T�jNU��"��U��j��������e���"������TU��j�� ��$ ������"�� #���O����j���O ��$ ��� j�~��� �~��su��� ���O��� � ������l�m�"�T U!l�"��Se�����������U���� %�O�S������n�

�;�4�K�����5PM�� suwj�'���"��&�" ��"�S�~�����l����Usz ��ml��O�� �n���"�!j�����s�T '"�#lO�jx�$ #&�s� ��O�"����S"��|���l�'���"����xPO�x���TjS!����"�N� � suwj����O�m� e��jN"��!�U&! ��'���"����� #&�s�T��!����� x� ���O��!���"�"��"�S�ml�S��Rj���T�~��O� ��s�T 'w��s#���"l��jN"�Sm�"�T U!l�'���"��&S ��O���&�"��n�����"s�T 'w��s#��s{�mPN�e� ��"���N����&�"� e��jN"e����"��m��!�S��� l��O��� �e���w� ��" ��� ����!N����N�����"��UP�|Ts�T '� �~����� e��jN���"�� #����w��s#�� N� ���"��m��!� �e�j��U�& U� x����� ��O�O�!�"���N�"��"�T!#N�"��!�U&! ��'���"��� ��TS~��"���� #���"!l����!��N�O�O�"�~���U���� %��n���l��T�l�m�S�!l��#�"��&S ��O���U���� %�

��������e��?����V6?LM��4��� J��?;� <�)���K� ��"j!#"��|����OROl��U ��"��On�����l��j�� sz ��ml��O�� ��O�~����OROl��U�������"��|� ��x���!N���l�m�"�T U!l����O�n��O��������"�� #� ������R ��T!l��s�T '����OROlO�����!l��& U� ���OO��������x������O����O��� ���"�� e��#�"��� �!lsu��#U��j!#"��|�"��On�����O������� Rs�� �� ��S��~��� ���O�n��O��������"�� #�O�O�"�~��� e��jNU�� �"�'"���� #�� � !��$��O�~��� l��!l��n���� ��" ���s�T 'R O�$n����� ��'���"�� ��O������ ��Tx�����U��RSNO�O�!�"���l����OSP���&S �$�Tx���l���"�~��s{�su��� �e���w�l� �l����O"��� � !�� ��'���"���U���� %��n���l��l��T�l�m�S�!l��#�"�����U���� %�SN�

; *���D���� ��"�!j!#"��|� �����O��!� ��"�S�~����s�T '��l��Oj��# "x� �e�� l�O���l��sz ��ml��O���"�S�~����j�� ���j��S ���s�T '��l�m�"�T U� l���#����!l����OO����� ������O���T'���"�����s�T '���O ���x��"��m��!x��"�!�"��O���Tx���#!��j"��ORSN��U���O�� j� !N����N�T T�����"���©ª��P�T Tj�~��

� �n�����"U���� %�s�T"�U"��"�����O�#!��j"��O��n����O�#!��j"��O� ���S��ROlRSN��Um�"�T US��"�l�����" ��� ��O�"��!�� O���O$�N�O��"��s���"��suwj�S��"�l��R�N��N����T!���� Pl�� e�� ��O����O�TS�"��"���O���O�� j��"� e��jN���O��� �S��"�l��ROl�l�m�"�T U� �!l ��"n��j�#��jN�P"�N� ��O����Os�T���� N� ���"��m��! ��s�T�Usuwj��# "x� O� ��&���"����"SN� ��l�m��jNU���� %���O���$��O��S�l���� RSNs�T�e���""���� ��jN�l� ��S����T&�������l�Ue��#���"�����T��l�U��"�������|Ps&x�O�"�~��SN� �

�4����J ?<��:�����?��� |� ����sz� �--*� U���� %� O����"PN nO�T T ���e����� *..� �N��U� � ��"���U��"������ $n���� #���&���"��$���� ��S��s�Tx ���O�#!��j"��O���T��N��&������#!��j"��O���O �������� ��$�"��'� s�Tx ���&SO��� O�s�� U � U"�Usz��--+�U���� %�O����"PN nO�T T ���e�������-��N��U� �j�n��S����))��N��U� ����Ss{��N� �T���2��� e��jNj��������O�|��������sz��--*��S����"sz��--+�����!���N� �T��+2)-���S�l��j������!l��l�����mPN�n�j#N��S����"��!����2/*� l����sz��--+�s{���2*+� l���sz��--*��Tj���l�U���� %���O����S���O��� �!N� #� ��"�������RSN�TS�Uj�~���

� ���O��� ���"x��T�l���N�l� S�"U�� ��sz��--*�U���� %�O����O��� ���!��S�"U�� ��"�� ��n���"�U�����"���U��"����������jN"PN nO����U�""��U�w������"PN nO�T T�������T���"PN nO�T T ����l���jwlO���!��S�"U�� ��s��U�~����!�O!��S���T���O��� ���"��!��S�"U�� ���U���� %� ��� Pl�TS�U!e��� ��O���Se����x�$��l����"��Se����"��� � �#�"��� ��T�S���O��� �SN��"�����RSN� ��"��"���U���� %� ������"����� �x�$�x�$��l���jNSe���� Pl� l��O������ ��T��"����S�l���

Page 101: TFD: Annual Report 2011

���� ������� �!""# 99

j������!l� #��jN� Pl�TS�U!e��� &S $��O��S�l���� RSN��""���� &���"��� SN� "���l���S"��&��"��O�� ��¥�P"�N��jN����~�����Tx� ��"e�j�S�����ww��$n���e��Tj������"PN���T�Sx��T�l���N�l� S�"U�� � e��jN���O��� �� Pl���TS�U!e�����T��O�����U�#ORSN

�4����J ?�:�����<�:���DVJ6� U���� %�O����O��� �SN��"���jN����n�� ��"�� ��n���"�U�P"j���"���N����T����jN"PN nO���� U��j����U�#O���O��� ����&S "e�j�S�jNO��& U� � ��T����"����"����U�#O����n��� ��T�l���S"���e��T���� ��jO�T�O� ��"��"���"���jN����n������U���� %�ROlO�"��"�T�#"!����n�����"U���� %�O�����P"�N� ��j��"j�� ��TO�� Pl�e����O�"�� �S������U���� %���S�l��TROlRSN��U���O�� j� ��s{����T�e���w��""���jN����n��

Page 102: TFD: Annual Report 2011

����������� ������ ����������������������� �100

E�����������,�+ �? ��������,����&

k����)�� ?�������45�6�� �D�|6?89:�6�� �D�|6?���� ��LM����� � E6 �N��� �)`ghh]� mPN��UU�w�����U���� %��TU���� l� �n�������R���!���&��������� ��� TU� ��� ���+��*���"�U���� ���UU�w���S��R�������!�������������e�"�S�RSN�� ���"��!�����UU�w���l��RSNs��U�!����!�����U!�OO�!����"����UU�w�� ����U��� ���Rs��TO����Oj���l���U"�������S����T"������m�"��Se��������"��s��� ��s�����l�����mPN�n�j#N����T"�T������S�&S �P"!N��!�O ����������T�e���w!�Oj��""��U�w�� ����U��� ���Rs

g����)������?���?��LM�8M����N����?���4�� m�"��Se���������T���T ��"��������U���� ��TU���� l� ����U�T T����+�sz ��ml��O���#sRSNS������� ��� ���l��U"������e�j��Usz��--�� ������NO�!����U�w���U�US�O

Page 103: TFD: Annual Report 2011

���� ������� �!""# 101

,;�������"���� #�$�#��$�

/001 /00+ /00/

���2������"��� ������

����������������� �!� ""�#$��#��� % %

���������������&�'��(�� )*�#$+)#+�� *��#�+,#+*� "�"#��"#$�*

������'��-(��./0'���!��� �*�#�,�#$$� �"+#�"�#**) ���#�)+#*),

����������!�������-(����&�G��&�M�� % % �"#�*)#++)

������������������./0�!��� )#)��#)��#�"+ )#+$�#*,)#$"� $�"#�)*#,,"

�2 �� "��� �������

1���������� �!� ���"#+*�#��� % %

1��������&�'��(�� �)��#�)�#)�� ��"+#)*�#�,* ��")#"++#++�

1�����������-(��./0�!��� �)�)#�*�#"�� �)�$#�"�#$�+ �)�,#��,#,*�

1��������./0�!���%�!�������-(����&�G��&�M�� % ��,#"��#+"�

���1��������./0�!��� �"$$#*,$#�++ �,+$#��,#�+* �"�"#�,�#*��

����"�' �2 ���#���#+"+ �*�#���#��� �,$#*��#$��

���2�3*

�7������������-�!�/���� % �"#�$,#"�$

�&�-�2��� �)+#�"$ ),$#))� )#�)+#)++

&3 �4 ))#+�,#�$+ "#�$,#�$$ )�#��)#�"+

���������&3 � ))#�",#*�$ "#","#�)� ��#��$#�)$

'���(������������� ���#"*�#"�� ��$#��)#�)� ���#*,$#*�,

'���(�����������!��� �)�"#�)$#),� �)),#*�$#�)� �)��#�"$#)"�

'��1&.��@A��!��� % % ���#�,�#,��

'��1&.��������� �"#,)*#,*+ �"#+��#+++

������������/��A/'�������G�H9!�-G3 &��� % ��#*��#�+"

1�����������-�!� �,)#�,�#��� �**#��,#$"+ �*+#"*�#"�*

���'���(����� ���$#+$"#$�� ��")#�$�#,** ��**#+�*#�,,

�����"���� ��!� 4��)#�� �2 )*�#,)�#$,, )�$#�+,#)*) ��#)�"#"""

5�6�-�!�����!1!�''/ ��*#)$�#,*+ % �)$#���#++)

�����"���� ��������%& )�"#�)$#)$, )�$#�+,#)*) ��#*�)#""�

�����!������"���� �

)�,#,�"#�+, )�+#���#)") �$#���#�*)

9����� -�:��&�9������9���-9���� �����&7����'�'�� �)#�+,#�)+ �))#+�"#$*+ ���#�)+#*)"

)�"#�)$#)$, )�$#�+,#)*) ��#*�)#""�

�����!���2

����������"���� ��!���2 "�' �3' 5� +<�)+" +<�++� +<+,+�

�7����=��->/� �=����27������&�����9���;����� ,+)#��,#,*� ,+)#��,#,*� ,+)#��,#,*�

����������!��"���� ��!���2 %����� +<�+") +<�++� +<+,+�

�7����=��->/� �=����27������&�����9���;����� ,)"#$�$#,)* ,+)#��,#,*� ,+)#��,#,*�

Page 104: TFD: Annual Report 2011

����������� ������ ����������������������� �102

/001 /00+ /00/

��������������������������������������� ����<

�� ����<��� #()

-�!�9�./0������-���-���-�!�9� )�#$,,#*�) )*#�+)#,)* ��#�+�#"�*

/A����2���'��./0/A����2&3 � �"�#+$*#*�) �,#**$#�)) )�#,,"#$"+

�A/'������� -9�8����������-����-�8 % % "�"#���#*�*

���G�H9!�-G3 &��� *�*#�,�#+�, )#))+#*)�#")$ $��#$+�#),�

-�!�����/�������.��@A���-��� % % �#�,,#*�+

9!����G�H����-����&3 � )�)#"*� ��"#��+ )*#�"+#��)

�(��� ����<��� #() )#)+�#,+)#�$� )#)*,#��$#$"* )#"��#+��#",�

�� ����<�!��� #()

-�!�J��9=������-�!��� ��5��0'27���0��� )�#�"�#�$, �#"*,#+$� )#�"�#")�

-�!�����A��3�.���!������ -�� ����&����./0

�&�-�2�'�����%�!6����&� % % %

-�!�/�������!6����&� % % %

9!�I!���-(�� ���#"��#��� �*$#*$*#++� )��#,�"#)+�

&9�����!����G�H-G3 &���/���� ,+*#�"+#�,) ","#",�#*�* )#)"�#))�#,+�

&����LH )*#)+�#+$� *#*++#,", ))#,"*#��*

������� ����<�!��� #() �3*

5�6�-�!�����!1!�''/�&-����'3� )*#)$*#*"$ ��#���#*�" )�#�++#���

-�!�����7����-(�� % % ,#+),#,�,

-�!������0�������93&'27���0���%�!������ -�� ����&���� )�#+++#+++ )�#+++#+++ %

&3 �4 *#$$�#")� *#)�$#+*, �#+,)#�$+

�(��� ����<�!��� #() )#��,#,�"#�", )#��,#,"+#"�� )#��,#�$+#��+

�(��� ����< �#���#��,#$") �#�)�#+)+#")� �#$*+#��"#))�

/;�������5� ���#�� �:�(� �)*�+,�-� (�.���

Page 105: TFD: Annual Report 2011

���� ������� �!""# 103

�.9��N��0���-�!��1�&

/001 /00+ /00/

� )'�� �� �!( "��78293���2

� )'�� ��� #()

-�!�-!�-�!��;(�I��'�� �)#)�)#,,, )"#,)+#,"+ ))#*"+#*��

-������2���'��./0-������2&3 � ��"#��$#�", ���#)$)#$+� )$,#*,*#+��

9����&�-������21��9�;;�-(�����-�!�

�� =?��7����(7��05������? ��D �#�"�#*�" )#+*$#�$� )#+"�#,�)

9����&�-�!��A��3��0�0������9=������-�!�

�� =?��7����(7��05������? ��D )��#�"�#�+� �$)#$$"#�"� ",�#)��#*�+

9����&�-������2���������C'��9�������2

�� =?��7����(7��05������? ��D �)#�,�#"�, �+#$�,#�+$ �*#"�+#�$�

9����&�-�!��A��3��0�0�������!������ -�� ����&����

�� =?��7����(7��05������? ��D ))#,�"#*") ))#�,$#)+� )+#$��#$$*

9����&�-�!��A��3��0�0�������''/5���&�

�� =?��7����(7��05������? ��D % % �+#+++#+++

-�!��A��3�9�2�����!������ -�� ����&����./0

�&�-�2�'��������!6����&�

-�!�����7������������C'����� % %

5�6�-�!�����!1!�''/'������� �*#�"*#��" % �#"��#**,

���29!�����-����&3 � �#��"#�,� �#**"#+*$ $#�)*#,�$

�(�� )'�� ��� #() ��,#+��#,�) *),#�$)#��+ $,�#�""#�"�

� )'�� �!��� #()

-������21��9�;;�-(�����-�!� ,#�)$#�,� )#�"$#"*� �#��+#$�,

-�!��A��3��0�0������9=������-�!� ���#���#,)� �,�#���#)"� ��$#*,�#��+

-������2���������C'��9�������2 )))#��,#+,� )�)#��,#��$ )$�#+*)#�"*

-�!��A��3��0�0�������!������ -�� ����&����

./0�&�-�2����� ��+#,�+#"") ���#��,#+$, ���#��,#""�

-�!�����7����-(���� *"#+**#)�+ ,�#�$*#*�" "$#��"#"+�

5��0@A�G��@/��0C�(�HG������ �#$*"#�*� % %

��0��L������29!��0��� $#"�+#"�, *#�,,#)** %

�(�� )'�� �!��� #() **�#"+"#$"� *�)#���#��� )#+)*#��+#)��

�(�� )'�� )#��+#"�)#"$� )#"�*#,��#��� )#$$�#*$"#,+*

Page 106: TFD: Annual Report 2011

����������� ������ ����������������������� �104

������5� ���#�� ���!��

/001 /00+ /00/

�!( "��78293���2

���-�3&�����

������0-���

����9���;*�"#+++#+++�����A/'������/0)�� *�"#+++#+++ *�"#+++#+++

����9���;,"+#+++#+++�����A/'������/0)�� ,"+#+++#+++

���&&��7������./0(7��0-18��A/'��./��

����9���;,+)#��,#,*������A/'������/0)�� ,+)#��,#,*� ,+)#��,#,*�

����9���;"�,#�$*#+�������A/'������/0)�� "�,#�$*#+��

9���-�!��A/'������9���; )�,#)$"#$�* )�,#)$"#$�* )�,#)$"#$�*

�7���909�

���9��./��%97��&�1���B���� )�#"+�#��+ )�#��*#,�) )�#��*#,�)

������������9�� )+�#,+�#��� ��$#"�,#�,� ))*#*�,#��+

@/1���������-�/� ��.�/�9��9���-�!�/����

���!6����&� ���#"$$#*�$ ���#"$$#*�$ ��)#$**#+"*

9����&��!6����;� $��#)"�#�,, ,,�#��"#+,+ *$�#*"�#)$"

9����&�@A�=3&����9�����&��&��!6����&� ,$#"��#,*$ *+#*�+#$$$ $�#","#�+*

�(��!( "��78293���2 )#++�#*+"#�"" *�"#�*,#+"$ $*"#��$#�+�

�(�� )'�� �� �!( "��78293���2 �#���#��,#$") �#�)�#+)+#")� �#$*+#��"#))�

Page 107: TFD: Annual Report 2011

���� ������� �!""# 105

+;����� ��#�� ��

/001 /00+ /00/

�� ��#�� ���������������# � ��

�7���������� ��&�5�6�-�!���� )*�#,)�#$,, )�$#�+,#)*) ��#)�"#"""

���������������0��7���������� ��&�5�6�-�!����-�:�

-�!�9�������� ����!������7�-�!����

���29�9���09A; % )#�)�#��+ %

5��0@A�G��@/��0C�(�HG������ �#$*"#�*� %

'��-93 &���'�./0'��1���7������ *�#$*�#",� *)#)*�#,�� *"#�*�#*$*

C&��/�-�!�(�-(�'��-(��C�����./0'���!��� % % ��#*)�#�++

��������������&�'���&�9!����G�H % % �#*��#�+"

�7������������9!����G�H �*,�#$*� �)#",,#"�$ ���#"��

�7������������-�!�/�������!6����&� % % ��"#�$,#"�$

'���(������&�-�2� ,�#)�*#)�$ **#��,#$"+ *+#""+#���

�7����������7�-�!������&����-�/� ��.�/���

9!����G�H./0���29!��7�-�!���� ���#$"+#)$� �$*#"*,#*+� ),"#"++#�++

9!����G�H�������7�-�!�����-G! ��?2� /�/�

/A����2���'��./0/A����2&3 � ��+"#�+$#��+ �#�$)#,"" �)#*+"#,�)

�A/'������� -9�8����������-����-�8 % % ��""#��,#"�,

���G�H9!�-G3 &��� ���#�)+#)*� �"$#)"�#*+" )+�#),�#))*

-�!�����/�������.��@A���-��� % % )+#"+�#,)�

9!����G�H����-����&3 � $�#��� ���#+�� )*#���#�$�

-�!�����/�������'��F32&�� �!� % % )�#��+#�$,

9!����G�H�������-����&3 � �*�"#��, �)�#+��#$)� ,#�$$#*",

9!����G�H�������7�-�!�����-G! ��?2� /�/� ��#��*#,") �")#�,*#"+� ��),#)$)#,*)

���29!��������7�-�!����-G! ��?2��/�/�

-������2���'��-������2&3 � �$"#*�,#$,+ �*$#��)#��� �)��#���#��+

���29!�����-����&3 � ���$#*)* �)#+�*#+�" �)#,)�#$��

-�!�����7����-(���� ))#�*$#�*� �#$,�#��� �#�)�#�)�

���29!��������7�-�!����-G! ��?2��/�/� �*�#"$*#�+� �*�#�$,#�"* �$�#)��#+*�

-�!�9��������(��� ����!������7�-�!���� �$�#*)+#��$ ",�#,"$#)�+ ����#,)�#�"�

�����&�-�2� �,�#*��#"*+ �,"#,�$#$�� �,*#,+,#�+,

��'3�5�6�-�!�����!1!�''/ ),#�"�#�)� ,#*)�#,�, %

����5�6�-�!�����!1!�''/ ��+#$�"#""+ ���#*��#�+) ��+#+"�#$,)

-�!�9�9��I!�������(��� ����!������7�-�!���� �)"#�+�#��� �*�#+),#,") ����#�**#*��

Page 108: TFD: Annual Report 2011

����������� ������ ����������������������� �106

���� ��#�� �����!��

/001 /00+ /00/

�� ��#�� ����������������

-�!�J��9=������-�!��� ��5��0'27���0����-G! ��?2� /�/� �)+#",*#�+� ��#���#�*+ )#$��#�*�

-�!�����A��3�.���!������ -�� ����&����./�&�-�2�'�����-G! ��?2� % �"#+��#,,�

-�!�����A��3�.���!������ -�� ����&����./�&�-�2�'�����/�/� % "#+��#,,�

F32&9!����G�H�&���G�K����3&��� % ��"#�+�#��� �)#"�)#���

��-�!�'3����9!�I!���-(�� $#��"#$)� % %

9����������9!�I!���-(��-G! � ��#)�"#*�� % %

F32&&9�����!���G��H-G3 &���/���� ��+,#+�$ �)�,#)*,

F32&&����LH ��#�*�#$+� �"��#��$ �"#+,�#)"�

-�!������������&����LH )#��"#��) )#",,#"�+ �",#��*

-�!�9������������-�!�/�������!6����&� % % )+�#$$�#)),

-�!�9�����F32&-�!�/�������!6����&� % ���#�++#+++ ���#+"�#)�+

-�!�9�9��I!�������(��� ����!��������/���� �"#,+�#"�, ���#+�+#*�+ ,,#�)*#�)+

�� ��#�� �����������������#��

-�!�-!�-�!��;(�I��'��-G! ��?2��/�/� ��#��)#+), �#*�$#$�, �)"#,$"#�,�

��-�!��A��3��0�09�2�����''/5���&� % ),#+++#+++ �+#+++#+++

(7��0'3�-�!��A��3��0�09�2�����''/5���&� % �),#+++#+++ ��+#+++#+++

���29!�1��9�;;�-(�����-�!�-G! ��?2��/�/� �)#���#"$+ �)#+�"#"+� �#)))#�,�

��-�!��A��3��0�09�2�����!������ -�� ����&���� % % %

(7��0'3�-�!��A��3��0�09�2�����!������ -�� ����&���� % % %

��-�!����-�!��A��3��0�0������9=������-�!� "+#)+�#,*, )**#�",#)"� �$�#�$"#�)�

(7��0'3�-�!��A��3��0�0������9=������-�!� ���,#���#�$� �"��#)",#,�+ ��,#*""#���

(7��0'3�-�!��A�1��9�;;����C'��9�������2 ��$#",�#)�, ��$#��,#�+� ��,#+),#$)+

(7��0'3�-�!��A��3��0�0�������''/5���&� % ��+#+++#+++ %

(7��0'3�-�!��A��3��0�0�������!������ -�� ����&���� ��)#���#�," ���#)��#��, ���#*""#),,

-�!��E�@/���� % �$#�"�#$*" �)�#,�)#$��

-�!�9�9��I!�������(��� ����!����������-�!� ��)�#+��#,*� ����#$$+#*�$ �",#�+*#"��

-�!�9�./0������-���-���-�!�9�-G! ��?2��/�/� 9��I! ��#���#**, �"#++�#$�+ ��*#+)�

-�!�9�./0������-���-���-�!�9�1����� )*#�+)#,)* ��#�+�#"�* ��#$",#"�"

-�!�9�./0������-���-���-�!�9��/����� )�#$,,#*�) )*#�+)#,)* ��#�+�#"�*

Page 109: TFD: Annual Report 2011

���� ������� �!""# 107

]�6 ����E4���?���?��

¤��������!l� ��s�T�#OmPN�n�j#N�$n��$����|�

j��N�6*��� LM����4������e8M����N����?��LM�������?���?��� ��� 8M����N����?�� �� ��:

��sz��--*�U���� ��TU���� l� O��� RSN��""���� ��TU��"����O���+���N��U� �s�� U � U"�Usz��--+��~��O��� RSN��""���� ��TU��"����O���/*��N��U� �$��O�~��s�TO�|�N� �T�+2*)���T��sz��--*��O��� RSN�n����O�����N��U� � � U"�Usz"l���~��O��e�����)��N��U� � e��jN�� RSN��O���sz��--*�O��e���� ����������**��N��U� ����|T� ��sz��--+�O��e���� ��������������N��U� �$��O�~��s�TO�|�N� �T�+2/��"��$��O�~������� RSN��sz��--*�"�S��"U���� %�RSN��U�PN�� RSN��""���� ��S�������O�#!��j"���O� ���S���e�������+��N��U� �$��O�~���N� �T��������l��������#S������#S�S����"�.++��N��U� ���sz��--+�s{���.-��N��U� ���sz��--*�j�n��S��s�TO�|�N� �T�).���"��"����� RSN��"�l��l���T�l�U��"��$��O�~����"������N��U� ���sz��--+�s{���.*��N��U� ���sz��--*�j�n�$��O�~��s�TO�|�N� �T�/� ������"�S��"

� � �� RSN��""���� ������#S�U���� %���U�PN�� RSN�l���jwlRs��N���sz��--+�� � �� RSN�n����sz��--*��e���������N��U� �$��O�~����"sz��--+��e�����-��N��U� �

�:����|� LM�������� � ��!���l��!N� #�!l� �S�� �e�j��Usz��--*� ��� Pl���TS�US� �"��"�Usz"l��� ��s�TO�|�N� �T��-����|T ��!N� #�"���jN�l���TU��"����sz��--*�RSN�S��s{��N� �T�-������� RSN� � U"�Usz��--+��~��O���!���N� �T�-)������ RSN� e��jN��!���l��!N� #��� ��TU��"��&S ��O��N�� Pl ����!���N� �T�����S����"sz��--+��~��� Pl ����!���N� �T��-

� �E�<D:5E� <�����N����?��� � �l���N�l� ��"���� ��TU��j��!l��� RSN��""���� ��TU��"�����sz� �--*� l�"�U�N� �T� �)� � U"�Usz��--+��~�� l�"�U�N� �T�����l���l���N�l� ��"�������"S�"U�� RSN�S��� l��O��� �e���w��"�..��N��U� ��sz��--+�s{��)���N��U� ���sz��--*��~���S��s�TO�|�N� �T��/� ������"�S��"U���� RSN�e��T���"PN nO�����"���U��"������&S �e������""���� ��S����T&��"��O�� ��¥�jN"�U�P"�N�O��e��Tj����n��jN"�U�U��"������s{�"���Sx��T�l���N�l� ��"�����

� � �N������*�� � sz��--*�U���� ��TU���� l� O�m�"e�R��# ����O��*)��N��U� � � U"�Usz��--+��~��O�"e�R��# ����*���N��U� �$��O�~��s�TO�|�N� �T�-� ������"�S��"��sz��--*�U���� %RSN��U�PN�� RSN"e�R���""���� ��S���e�������+��N��U� �

2554 2553 2552

1 &�1��9����7�����2�1�� 38.18% 35.14% 30.21%

2 &�1��9����7�����&�5�6�-�!���� 16.15% 11.77% 4.61%

3 &�1��9����7���9��I!1�&��������� 12.81% 11.77% 2.64%

4 �7��� (������) 9��I!1�&���� (��) 0.2106 0.2004 0.0703

5 -�!��E�@/1�&���� (��) - */ - 0.115

6 &�1��@/1&.��1�&9����&�@A�=3&���� (ROE) 14.61% 15.12% 2.62%

7 &�1��@/1&.�����9!����G�H��� (ROA) 6.02% 5.15% 0.87%

8 �A/'������1���;(� (��/1�&����) 1.43 1.22 1.55

9 &�1��9���95�G'/�&� (-���) 2.02 1.45 1.66

10 ���29!����1�&9����&�@A�=3&���� (-���) 1.43 1.94 2.02

Page 110: TFD: Annual Report 2011

����������� ������ ����������������������� �108

S��RSN"�l��O���N���j���N��� RSN����l������U�$�TU���� O�m���S"e�R��# ����+-��N��U� � � U"�Usz"l���~��O�"e�R��# ����*/��N��U� ��S��s�TO�|�N� �T�/�"�S��"�� RSNj��"��""���� ������#S��TU��"����sz��--*�RSN�S����"sz"l��s�TO�|�N� �T�).

��� ���l!�O�� ����U"e�R���S #����U���� %���TU���� l� ������#S��� ���+��������O��--+� ��m �$�lml���TUU!��Sj��" ��$ ��On����� ����)�"#Ox�$������--*�U���� %���TU���� l� O�m���S #���O�*�2�)��N��U� ����T�N�OP��U"e�R���S #����U���� %���TU���� l� ������#S��� ���+��������O��--+��~����S�s�� U � UR�N���U"�����s�T�e�sz��--*��U�U ��m �$�lml���TUU!��Sj��" ��$ �On����� ����/�"#Ox�$������---��~����S�"e�R�sz��--+��e������*�2-*��N��U� �&S j!#m�j��"���"��s��� ��s����"��S #�s{�"e�R�����N�OP����Usz� �--+� ���e�O�s�� U � U���Usz� �--*� ������n�����"�sz��--*�U���� %�RSNs��U�!�!�OO�!����"��U�w���jOl!�O ���x�������$U�w��RSNO�"����"s�T"�'Rs��N���O�~�"��s��� ��s��O�!����"��U�w�����n���"��s��� ��s���& U� "��U�� ~"U�w����U�PN�� RSN����#�"��$��������j���O ��$ ���"S�O����"����U�PN�� RSN!�O��!���l����� �� e������O�s{���U�PN�� RSNOn��RSN&�����O��� ���Tm�!�U� � ��s{����T�e���w������Os{��N�����jN"�UmPN�n����N���~�O�m�!l�"����U�PN"e�R�f��S #�g�# �����U���� ��TU���� l� �On��U���� %RSNs��� �����"����U�PN�� RSN��""���� ������#S�jN��S��N��"�U�N�"e�j�S���O�!����"��U�w���jOl��N���~��RSN e�"��s��U N��j�����sz��--+�SN� �� e��jN��sz��--+��~��S�O��U�PN�� RSN!�O��!���l����� �� e������O��� RSN��""���� ������#S�"l��s��Us�#�O��e�������+2�.��N��U� �j���s��Us�#�SN� "��U�� ~"�� RSNOn��&��"��O�� ��¥�jN"�UmPN�n��O��e����s{��.++2+���N��U� �$��O�~���)+�2�+��N��U� �O�m�"e�R�f��S #�g��l�� ��s{����U���� �jwl"l��s��Us�#�s{���e�����f*�2�)g��N��U� �j���s��Us�#�O��e����s{���*�2-*��N��U� �O�"e�R�!l�j#N�"l��s��Us�#��f�2��-.g�U� �j���s��Us�#�O�"e�R�!l�j#N���2���*�U� �$��O�~��j#N��T��2�����U� ��~����sz��--+�RSN��U�PN�� RSN"��&��"��O�� ��¥"���� ���&SO��� O�-/�¢��� ��e����O�"

� ������"��s��� ��s��S��"�l��s{�$� �"��s��� ��s���& U� "��U�w��!�O ��"�l���N��!N� l������O�RSN e��jNsu��� $n�������"��Se�����#�"�����U���� s��� ��s��Rs

�|� ������?���?�� ����� F e� � |���� ��� +��������O��--*�U���� ��TU���� l� O���� ��$ ���O ���������*++��N��U� � ���e�������s{���� ��$ ����Ps��� ��S����T����� ��O�R�N�� ��T�jN�l����T�� ��"���l���O ����������.���N��U� ���Ss{���S�l���N� �T�.���l�� ��j�n�s{���� ��$ �jO#��� ���T�#s"�|� ����N��"��Se��������s�� U � U"�U���S������ ��$ ���Osz��--+��~��O� l�"�U��-�-��N��U� ��N���S���.���N��U� �j�n�s�TO�|�N� �T�+� ������s{�$��T���Tj�l��sz��--*�U���� %�RSN&��"��O�� ��¥��������#S�jN"�U�P"�N����T&��"��O�� ��¥�� ��S���jN"�U�P"�N� e��jN���S��� ��$ ���O�S�����sz��---�U���� %� ����O�"��� � "���� #���T$������&���"��!l���}�� l��!l��n����$n��$��O�� RSN�jN"�UU���� %�

� � ���W���� � |�����sz��--*�U���� ��TU���� l� O�j��������O ���������*+���N��U� �s�T"�USN� j������"PN�T T ���)))��N��U� �j������"PN�T T������-)��N��U� ��N�j���"���N���-���N��U� ���Tj�������n����*���N��U� �s�� U � U"�Usz��--+��~��O�j��������O���-/��N��U� ��N��O�j�������S�����.��N��U� �j�n��S��s�TO�|�N� �T��*���!���l��j������!l� #��S����"��2/*� l���sz��--+�s{���2*+� l���sz���--*� ������"�S��""�� ��U���� ��TU���� l� RSN�e��T���"PN nO�����"���U��"��������""�� ��RSN&��"��O�� ��¥��������#S���T&��"��O�� ��¥�� ��S���Tj�l��sz��--*

� � �E4�|6?89:�V6��:�� � �l�����mPN�n�j#N��|�����sz��--*�O� �����������+��N��U� ��~��s�T"�USN� #� ����"�e�j�l� ��T�e��T!�OOP��l���N��e�����)����N��U� ��l��"��OP��l�j#N���*)��N��U� �"e�R��T�O�����N��U� �m�!l����""��s��� ��s����S�l������� #���U���� l� �*���N��U� ���T�l�����mPN�n�j#N��l���N� ���U���� l� �.���N��U� � s�� U � U"�Usz��--+��~��O��l�����mPN�n�j#N���O�.-���N��U� �$��O�~���e������*)��N��U� ��~��"�S��"m�"��Se����������U���� %��TU���� l� ��O�"e�R�� l��!l��n���

Page 111: TFD: Annual Report 2011

���� ������� �!""# 109

� � �;�F�ME6?� � ��!���l���x�$��l���f4K==69@�=?@8;g����U���� ��TU���� l� �|�����sz��--*�s�TO�|��2��� l��$��O�~����"sz��--+��~��� Pl ����2*/� l���n�����"��sz��--*����"PN nO��"���U��"������S�����TO�"���� #��� ��$ ����$n���� $��O�~���$n��$�������Ts{��j�l���N���� RSN�jN"�UU���� %�������!!l�Rs

� � )�55 LM�6��*�FM�M ���J6�5��8M�E6����N����?����V6�������?��<�6����� � su��� ��T�� ��$�j��" �����O�m�!l�"��Se�������j�n����T ��"�����������!�����Ul���"s{����su��� j��"�j�n��su��� x� ����Tsu��� x� ��""�l���n�

� k� )�55 ;� <�5�����)���6�*����5� � � �n�����""��s�T"�U�#�"�����U���� s{�"��$��������j���O ��$ �� &S �$�T� l�� ���&���"�����O�#!��j"��O��~��!N����N����� #��P����T��N��� �������"��$���� ��S����T�TUU�����|Ps&x�� l�OO����O��� �SN��!N� #� ��"��������T�x�$��l���j�""���e�j�l� ROls{�Rs!�Os��jO� �j�n�"��Se����&���"�� ���l��N���e�j��U�#�"��������#S���T������e���"����jN�l����"��"�TO����O��� ��l�S� �"��"�U�#�"�����O�#!��j"��O��N�� ��O����O��� ���"�Pl��l������!��SS� �"��SN� � � l��R�"�!�O���O��� � ��"�S��"su��� x� �� ����O���s���"��� ��T��U�#OO��jN"�Ssuwj�RSNSN� "��U��j�����O��� � ��O�s�T�� ��x�$

g� )�55 ;� �6�� � � su��� ��T�� ��$�x� ��" �����O�m�"�T U!l�"��Se�����#�"�����U���� RSN�"l�����"��|����O�#l��� ��"��On��x� ��s�T '� ���l�m�"�T U!l�"���� #����mPNs�T"�U"����x�$'���"�����s�T '��TxPO�x���!��S��x��T'���"��&�"���!��S�"U�� �"��s��U��!���l��������!e��������e��O�� ��m��m���x� ���O��!��"��s��� ��s�����" jO� ��T�N�U����U��"j�l� ���������� ��O ���$�!�"��O"��U��&x�����P"�N�� s{�!N�� su��� S��"�l��s{����� ��� Pl��"j�n�"����U�#O���T"����S"��|����U���� �S������"��U��j�����O��� ���"su��� x� ��"�T!N��O�s�T�� ��x�$���TO����O nSj #l�!�Osu��� ��T�� ��$���"x� ��"SN� ���

Page 112: TFD: Annual Report 2011

����������� ������ ����������������������� �110

��!����/�����?,�@�������������<>��!�����������,�

� �|T"��O"��U���� %� s{�mPN��Um�S��U!l����O��U�N���P"!N������U"�������O���U���� %� U���� l� � ��T����� ' ��"����� ��s��"����� ���s�T�e�sz� �U"�����S��"�l����S e��~��!�OO�!����"��U�w�� ����U��� ���Rs��s�T 'R �&S �n�"��N�& U� U�w�� ��jO�T�O���T�n�s��U�!�� l���Oe���O��"����NS#� $����� l���TO�S�T����"��s�TO�|"�� ��S� ���#S��"����S e����O ���O�"��s�Sm �N�OP��e���w� l��$� �$���jO� j!#s�T"�U�U"������$n���jNs{�s�T& ���!l�mPN�n�j#N���T��"�� #� ���Rs� l��&s�l���

� �|T"��O"��U���� %�RSN��S�jNO���TSe�����"��R�N�~���TUU��U�#Ox� �� ��O�s�T�� ��m��$n���jNO�����RSN� l��O�j!#m��l��"��U�� ~"�N�OP� ��U�w��O����O��U�N���P"!N�����T$� �$� ���TSe�����"��R�N�~�� ��$ �������T$n���jN ��U�#S�l��$n��s���"��ROl�jN"�S"�� #���!j�n�"��Se����"�� ��m�Ss"!�� l��O����T�e���w

� ��"�������|T"��O"��U���� %�RSN�!l�!����|T"��O"��!�����U��~��s�T"�USN� "��O"������T ��ROls{�mPNU��j���s{�mPNSP����Um�S��U"�� �"�U�#|x�$����� ��� ��"��������T�TUU��U�#Ox� �����T���Oj������|T"��O"��!�����U"�� �"�U�n������s��"����� �������|T"��O"��!�����U��~����S�R�N���� ���s�T�e�sz��N�

� �|T"��O"��U���� %� O����Oj���l��TUU��U�#Ox� �����U���� %� &S ��O� Pl���TS�U ���l�$���� ��T��O�����N�����O�n��O���� l��O�j!#m�RSN�l��U"��������U���� %���TU���� l� �|���� ���+��������O��--*�O����O�n���n�RSN�&S �n�s��U�!�!�OO�!����"��U�w�� ����U��� ���Rs���Ts��U�!��P"!N��!�O" jO� ���T" �TU� U ��"�� ��N��

fS�2�#� ������ �R gs�T���"��O"��

f�� "�O$���!� T��!��g"��O"��mPN��S"��

Page 113: TFD: Annual Report 2011

���� ������� �!""# 111

?�GI*:�+ ����������

����V6��:�|6?�������LM�89:�������4 ���Jj^* �4���F�K�ghh]

DVJ6i������M5N��4���:���� ����:��

j^*���ghh] j^*���ghhj F�J��M��

�2�����#O�������l�����! - 6,200,440 -

�E��6�L���������LM�89:�������N��� �)`��W�����4 ���Jjk* �4���F�K�ghh]

� f�g��l�!�U� �"��O"��� ��RSN��U��#O�!���" ��s�T�#O��O�wmPN�n�j#N�s�T�e�sz��--*�O��e������������2,�U� ��&S �jN�|T"��O"��U���� s{�mPN��S����l�!�U� ��jN�"l"��O"���!l�T l�����T"��O"��RSN��U"����S���s{��l�U�� s�T�#O��TUe�j����S�����2,�

DVJ6i������M �N�L��E?�E���W )��D�������)`�

�E��N����5������������)`�

�E��6�L���4�

�����)`��2� S�2��#� �� ��� �R s�T���"��O"�����T"��O"������T 77,000.- 1,260,000.- 1,337,000.-

�2� �� s�T����� �����!�"#� s�T���"��O"��!�����U� s�T���"��O"��"e�"�USP��"��"�� ��S�����j���T$����|��l�!�U� ����T"��O"������T 101,000.- 490,000.- 591,000.-

+2� �� ��� �� "������"�|� "��O"��!�����U� "��O"��"e�"�USP��"��"�� ��S�� ���j�� ��T$����|��l�!�U� ����T"��O"������T 83,000.- 420,000.- 503,000.-

*2� �� �OO�!�� ����T ��$ � "��O"��!�����U� "��O"��"e�"�USP��"��"�� ��S�� ���j�� ��T$����|��l�!�U� ����T"��O"������T 83,000.- 420,000.- 503,000.-

-2� �� "�O$�� !� T��!�� "��O"���"��O"��U��j�����T"��O"��mPN��S"�� 56,000.- 420,000.- 476,000.-

¤��2� �� ������ � � �� ��#��� "��O"��� "��O"��U��j��� ��T���"��O"��mPN��S"�� 56,000.- 420,000.- 476,000.-

)2� �� ��#"P�� �#U��#� "��O"��� "��O"��U��j��� ��T���"��O"��mPN��S"�� 56,000.- 420,000.- 476,000.-

.2� ����#O���� �l�����!� "��O"�� 48,000.- 420,000.- 468,000.-

�4� h�^T^^^�I ]Tgs^T^^^�I ]T\j^T^^^�I

�������$��s���s�T ����������#"��U���� �RSN��U�l�U�� s�T�#O��O�*.-��2,�U� !l�sz

��� ���l ������������������� !"#�$%�&&'��''���()�'��*'����*+,&��� �,�-/�*'��0*�1222������� � ����&3#������4�5& ���()��'��*'���6 ������������������� !"#�65%7��847�6���8�(�5���'��*'����#����� � �4�**4#095'��*'����#:� �0��;8 �,�-<1222��*+,&��� �,�1=�*'��0*�1222��

Page 114: TFD: Annual Report 2011

����������� ������ ����������������������� �112

� f�g��l�!�U� ���O���mPNU��j���TS�UmPN�l� "��O"��mPN��S"���~��Rs� �~�� �TS�U"��O"��mPN��S"��� ���Ps���Sn�����T�l�!�U� ���"�� e������

�E��6�L���4� 5N��4��� )`F�K�ghh] 5N��4��� )`F�K�ghhj���Sn������l�!�U� ���"�� e���� 8 26,765,541.- 8 27,041,811-

��� ���l sz��--*�,�s�TT"�USN� mPNU��j���.� l���RSN�"l�¤�g��� �x��� ��!�T�#U����g��� ������ ���� ��#��������� � +g��� "�O$���!� T��!����*g��� ��#"P����#U��#���-g������R�����l&�N����g��������$���s���s�T ������ � )g���������� "�|���&�S���� $������.g����������'������� � ¤��� �x��� ��!�T�#U��RSN��U��#O�!�!l���ww��l��N���s{��s�T��� ��s�~"���|T"��O"�����"O!��|T"��O"��� � ���U���� ������ �������--*�On����� ������O"���O��--*�O�m�!����!l��� ������"#Ox�$������--*��~����� ����-�"#Ox�$������---

Page 115: TFD: Annual Report 2011

���� ������� �!""# 113

?�GI*:���!$*�>&�&/���-.&&JK&���/���&'(()

5N��4���:� �:6 M��2���U���� ���������� ��e�"�S 173,636,171 24.757�2�������#���|�� R$&����"���� 150,160,077 21.410+2���U���� ���2��2�2���2�U�������"�#�s��e�"�S 100,978,636 14.398*2����� $��# ��¥� ���� TO!!�"#�� 70,000,000 9.981-2����� �� �� ��¥� ���� TO!!�"#�� 28,600,000 4.078�2����� �x��� � !�T�#U� 9,544,249 1.361)2����� $���!!�� ���� TO!!�"#�� 8,000,000 1.141.2����� ��$�� ������ �$����� 7,801,800 1.112/2���U���� �R ���&¢�S�����e�"�S 7,580,000 1.081��2��n��} 145,056,852 20.682

�4� s^kTjhsTs\h k^^

Page 116: TFD: Annual Report 2011

����������� ������ ����������������������� �114

��� ��./N�

� U���� � R $����&������#!��j"��O� �e�"�S� fOj���g� TU� ��� ��� ���)-+)���*)-� fUO�2� �/*g� O��e���"����jwl!���� Pl�������������������������� ������������������������� ������� ��������!�� ��"�#� $Oj�����10120� & �'�$ ��f���g��)�,*�+�,-�� & �����f���g��)�,*�+.,/�� ��UR�!��<<<2@XE,X?C@;=q2C;W�

M ��������N����*����5� "��Se�����#�"�����U���� �e���"!�O��"�|T����� RSNj��"�s{��-�s�Tx �n�(� �2� ���O�#!��j"��O� �2� "���� j�n��jN�l�� ��S���&������e�����Ps���������N����TU��j����S"��� +2� �#�"��U��"���jN�l�$n�� ���e���"������TU��j����S"��� *2� "���� ������#S� -2� ��UjO�"l���N�����"�UU���T��U�#O"��"l���N��

5N��4�LM�D���|6?��:�� W?�����J66�5N���E� LM:4|6?���� �� U���� � O� #��S TU� �� .+�������2,U� � �Ul�s{�j#N���O�w�e����� .+�� �N��j#N�� OP��l�j#N� ��!��R�Nj#N��T����U� �j#N� ����"�e�j�l� ��T�� "�e��T��N��e�����)��+-)).-�j#N��j#N��T���U� ���Os{�����)��+-)).-�U� �j#N���O�w�l�� ��j�n��e������+*�*���-�j#N���Ul�s{�j#N���O�w �� ��ROl�� "�e��T��j�n��-+�j#N����Tj#N���O�w�e������+*�*�����j#N���e�j��U�����U�U�e���w��S��� �� ���T�n��j#N���O�w�~�� ��ROlO�"����N�� ���e��������*��/�-��j�l� �������N�� ��j�l� �T���U� ��� #"����N�� ��������#S N� ��� ���+��O����O��--�����

����V6��:����� �<���V6��V6���� �6VJ�� ���� �P���M6��� ���� M[6�e4��[�5N�� �� � "l�!����~��On��Sn��O�� ���-*�� #��S TU� �������N��U� �U���� �n�j#N�����¦� � Se�����#�"��"�� �"�U"���jN�l� ��S��$�N�O&������e�����Ps���T��������N��� � �e���"���!���� Pl�������������������������� ������������������������� ����� � ���� ���������!�� ���"�#� $Oj�������������� � & �'�$ ��f���g��)�,*�-�,���� � & �����f���g��)�,*�-�� � ��UR�!��<<<2@8LC;W,X?C@;=q2C;W

���� �6�5�LM��e5N�� �� � "l�!����~��On��Sn��O��#�� ���-+�� #��S TU� �����2*-��N��U� �U���� �n�j#N��*/2/�¦� � Se�����#�"��"�� �"�U�jN�l�������e���"����� � �e���"���!���� Pl�� ����������� Oj�S��"j����+�������Se������ � �����#O$�����!s #O����"�#� $Oj�������-������� � & �'�$ ��f���g��-�,/*.-�f���g��-�,.-)),).�� � & �����f���g��-�,.-)-�f���g��-�,/*)�

Page 117: TFD: Annual Report 2011

���� ������� �!""# 115

� �� ���� ��M ��� F e� � U���� ��'P� ���U��"j��" ��$ ���fs�T 'R g���e�"�S� � �����!��Sj��" ��$ ��jl�s�T 'R ������*���T�)� � �� �������������S�x��"���������! ��!����! �� � "�#� $Oj������������ � & �'�$ ��f���g���/,�.����� � & �����f���g��-*,-�*/

89:�6�� �D�� � �����R���!����&��������� ��� TU� ��� ���+��*���T�j�n�� � ����#��O���"�! �"� �|�� TU� ��� ����/.����T�j�n�� � �������O���!����$�j���w��!��� TU� ��� ���--//���T�j�n�� � �� ���# ��¥��$��$�|��"#�� TU� ��� ���)+�/� � U���� ���UU�w����S��R�������!�������������e�"�S� � �� ���+���+���� �#�#O�� ��������#�#O�� � � ��������!�����! �"�#� $Oj������������� � & �'�$ ��f���g��-/,-+����� � & ������f���g����,�--+

��J)�Z�������� �� � U���� ��e���"���" jO� ����������fs�T 'R g��e�"�S� � ������*��� �������)*,)-�����������2���2� �������� � ����S���S���!S���S��"�#� $Oj��������+��� � & �'�$ ��f���g��*�,+�.�,..�f���g��*.,�)����� � & �����f���g��*�,+�./,/��f���g��*.,�)�/

��J)�Z�����?���?��� � �� �e������� �!��"#�� � �� ���-�������������#s�TS������� � �����l���� ����! �������"�#� $Oj����������

���[VW6|� ��:�� � j#N���O�w���U���� %� e�"���n���� &S ml��!��Sj��" ��$ ��jl�s�T 'R

���� ����?��� � �����������O�jl�s�T 'R � � ������R $�|�� ���e�"�S�fOj���g��� � ������"�#�'��� #� ���e�"�S�fOj���g��� � ��������O������ � ����������R����O�U��R ��e�"�S�fOj���g� � ������"��"�R ��e�"�S�fOj���g� �� � ������ j��R ��e�"�S�fOj���g� � ������"�#� $��e�"�S�fOj���g��� �� �

Page 118: TFD: Annual Report 2011

Thai Factory Development Public Company Limited116

%���b2���2">#��Hl� V9� ����� :A?81?9E� LKXX6=6E� 9KW6=;KL� E8L?L@6=L�89C1KE89I�@A6�A6?7q�X1;;EL�X;11;<6E�kq�W;9@AL,1;9I�<?-@6=�=6@69@8;9�<A8CA�L676=61q�?XX6C@6E�@A6�?8=i;=@�I;76=9-W69@�;XX8C6L�X?C@;=86L�89EKL@=8?1�6L@?@6L�6@C2�Q?W?I6L�<6=6�C?KL6E�89�@6=WL�;X�W?9KX?C@K=89I�?9E�@A6�i6;i16oL��W8LX;=@K96�?9E�@A6��;76=9W69@oL�W?9q�=6186X�;i6=?@8;9L�LKCA�E?W?I6L�C;K1E�9;@�k6�LKL@?896E2��L�q;K�?=6�<611�?<?=6� i6;i16� <6=6� 16X@� A;W616LL� L;W6� �;k16LL��89X=?L@=KC@K=6�96@<;=DL�LKCA�?L�=;?EL�?9E�A8IA<?qL�<6=6�C;9L8E6=?k1q� E?W?I6E� C;76=89I� k;@A� C69@=?1� ?9E��=6I8;9?1�?=6?L2� 0K=@A6=W;=6� :A?81?9E� A?E� ?1L;� 6Ji6=869C6E��96I?@876� X?C@;=L� k;@A� E;W6L@8C?11q� ?9E� ?k=;?E2� :A6��6C;9;W8C� E;<9@K=9� ;X� @A6� C;K9@=q� ?L� <611� ?L� W?9q��yK=;i6?9�C;K9@=86L�A?E�Li=6?E�@;�@A6��2G2�V9��L8?�3?i?9�@=?I8C?11q�X?C6E�@A6�@LK9?W82�Q?W?I6L�C?KL6E�<6=6�89E66E�899KW6=?k16�?9E�?EE89I�@;�@A6�i=;k16W�<?L�@A6�A8IA6=�C;L@� ;X� 18789I2� >;96@A616LL� :A?8� 0?C@;=q� Q6761;iW69@��Kk18C� 4;Wi?9q� �8W8@6E� <?L� ?k16� @;� ;76=C;W6� @A6L6��;kL@?C16L� EK6� @;� @A6� ?EW8=?k16� i6=X;=W?9C6� ;X� 8@L��yJ6CK@876�Q8=6C@;=L�?9E�L@?XX�<A8CA�?1L;�=6LK1@6E�89�@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�6?=989I�?9�89C=6?L6�89�96@�i=;X8@L� ;76=� ����� ;X� H?A@� �*�2-�� W8118;9� ?9E� @A6��4;Wi?9q�<811�C;9@89K6�@;�6JC61�89�@A6�X;11;<89I�q6?=L2�V9�786<�;X�@A6L6�i=;X8@L�;K=�LA?=6L�A?E�89C=6?L6E�X=;W�H?A@��2.+�i6=�LA?=6�?@�@A6�k6I89989I�;X������@;�H?A@��2*+�i6=�LA?=6�?@�@A6�69E�;X�@A6�q6?=�;=�?9�89C=6?L6�;X�?L�WKCA�?L�)�2�.¦

V9������@A6�4;Wi?9q�A?L�+�;9,I;89I�i=;�6C@L2�:A6q�?=6�@A6�:0Q�V9EKL@=8?1�yL@?@6�:A6�4;1;98?1�5A?;�:?;��K?��89� 4;9E;W898KW� kq� @A6� k6?CA� ?9E� @A6� �?A?E� �6D��K?9I�B6L8E69C6�4;9E;W898KW�89�@A6�C8@q2�:A6�4;1;98?1�5A?;�:?;��K?��89�4;9E;W898KW�8L�K9E6=�C;9L@=KC@8;92�:A6� �?A?E� �6D� �K?9I� B6L8E69C6� 8L� ?@� @A6� L@?I6� ;X��?ii1q89I� X;=� yV�� ?ii=;7?1� <A816� �A?L6� �� ;X� @A6� :0Q��V9EKL@=8?1� yL@?@6� 8L� 96?=1q� L;1E� ;K@� ?9E� �A?L6� �� 8L��CK==69@1q�k689I�E6761;i6E2� �?L@1q� <6� <;K1E� 18D6� @;� @?D6� @A8L� ;ii;=@K98@q� @;��C;976q� ;K=� I=?@8@KE6� @;� @A6� LA?=6A;1E6=L� CKL@;W6=L��X89?9C8?1�89L@8@K@6L�?9E�kKL896LL�?1186L�X;=�@A68=�C;9@89K6E�LKii;=@2� MK=� @A?9DL� ?1L;� I;� @;� @A6� 4;Wi?9qoL��yJ6CK@876�Q8=6C@;=L�?9E�6?CA�?9E�676=q�6Wi1;q66�X;=�@A68=��C;9@=8kK@8;9�C;WW8@W69@�?9E�E6E8C?@8;9�89�C?==q89I�;K@�@A68=� EK@86L� @;� @A6� XK116L@� C?i?k818@86L� @;<?=EL� @A6��4;Wi?9qoL� LKCC6LL� ?9E� i=;Li6=8@q� ?L� ?� =6?1� 6L@?@6��E6761;iW69@�C;Wi?9q2

Message from the Chairman of the Board

Q=�GK9@A;=9�G?@A8=?@A?84A?8=W?9�;X�@A6�H;?=E

Page 119: TFD: Annual Report 2011

Annual Report 2011 117

Social Development in 2011

:A?8�0?C@;=q�Q6761;iW69@��Kk18C�4;Wi?9q��8W8@6E�f:0Qg�?9E�8@L�LKkL8E8?=86L�<6=6�?<?=6�@A?@�X;=�?�kKL896LL�@;�=6W?89�LKL@?89?k16�8@L�I=;<@A�WKL@�k6�89�@?9E6W�<8@A�8@L�L;C8?1�=6Li;9L8k818@q2�:A8L�C;9C6=9L�6Li6C8?11q�C?=6�?9E�k696�@L�C=6?@6E�X;=�?9E�6J@69E6E�@;�C;WWK98@86L�89�?=6?L�<A6=6�<6�C;9EKC@�;K=�kKL896LL2

�����<?L�@A6�q6?=�:A?81?9E�LKXX6=6E�@A6�<;=L@�«;;E�89�8@L�A8L@;=q2�G676=?1�i=;789C6L�?9E�H?9ID;D�<6=6�LKk-W6=I6E�89�<?@6=�X;=�W;9@AL�<A8CA�C?KL6E�?�1;@�;X�LKXX6=89I�X;=�X?W8186L�?9E�C;WWK98@86L�1;9I89I�X;=�X;;E�?9E�E?81q�LKii186L2�:A?@oL�<Aq�:0Q�C;9EKC@6E�?�C;WWK98@q�=61?@8;9�?C@878@q�@;�X?=,«K9I�C;WWK98@86L�?9E�@A;L6�LKXX6=89I�X=;W�@A6�E8L?L@6=2�V9�LKWW?=q�:0Q�i=;78E6E�6EKC?@8;9�6978=;9W69@?1�?9E�iKk18C�LKii;=@L�@A=;KIA�i=;�6C@L�<A8CA�?11;<6E�897;176W69@L�;X�;K=�L@?XX�?9E�=61?@6E�C;WWK98@86L2�:A6q�<6=6(

R>""#��>&�$�'(&0&(A��%&H(�&u/(&"3"$H/�0&0�>�&(H("$>""#0&'(&�H�(!�3CH�&%&H(�&'(T7A/((2�A�v�"0&3'��� :;I6@A6=�<8@A� @A6� �589E96LL� 89�B6@K=9�X;=�F;K=�GW816���=;�6C@�:0Q�16E�kq�8@L�4GB�@6?W� C;9EKC@6E� ?� X1;;E,?XX6C@6E� ?=6?� 89��¬�qK@@A?q?� �=;789C6� ?9E� X;K9E� @A?@� �+��A;KL6A;1EL� 89� :?Wk;9�H?9Ii?69I�H?9IL?8�Q8L@=8C@��qK@@A?q?��=;789C6�LKXX6=6E�X=;W�@A6�X1;;E� ?9E� <6=6� 9;@� q6@� ?LL8L@6E� kq� ?9q��?I69Cq2�:0Q�6769@K?11q�E8L@=8kK@6E�LK=787?1�D8@L�@;�6?CA�A;KL6A;1E�@;�=618676�@A68=�i18IA@�?9E�@;�i=;78E6�W;=?1�LKii;=@�X;=�@A6W�@;�I;�@A=;KIA�@A8L�E8XX8CK1@�@8W62�

Page 120: TFD: Annual Report 2011

Thai Factory Development Public Company Limited118

+#/'�(&"3�'(&0&(A��b@"3H"�&3C'�u&3�("$u""�H(2�"/C2(2�X!""�H$"�R/(/��T!""�H$"�\]^H'2"">HYv�"{�'(� M9�@A6�.*@A�H8=@AE?q��99876=L?=q�;X��8L��?�6L@q�@A6�589I�:0Q�A?789I�=6?18�6E�@A?@�;96�;X�A8L�W8LL8;9L�8L�@;�69A?9C6�6EKC?@8;9�?9E�D9;<16EI6�;X�:A?8�CA81E=69�kq�A8IA18IA@89I�?9�8Wi;=@?9C6�;X�=6?E89I�?9E�kq�X;CKL89I�?@�I8789I�CA81E=69�;X�?11�?I6L�?9�6?L86=�?CC6LL�@;�96<�I;;E�?9E�?ii=;i=8?@6�k;;DL�<?L�C;11?k;=?@89I�<8@A�@A6�:;9ID?L6W�X;=�yEKC?@8;9�0;K9E?@8;9�?9E�>?9W66�H;;DL�4;��@E�89�;=I?98�89I�@A6��H;;DL�X;=�0K@K=6�H;;DL�X;=�.*��GCA;;1L���=;�6C@2� :A=;KIA�@A6�i=;�6C@�:0Q�i=;78E6E��9?9C8?1�LKii;=@�@;�kKq�k;;DL�X;=�i=8W?=q�?9E�L6C;9E?=q�L@KE69@L�9?@8;9<8E6�89C1KE89I�@A;L6�89�@A6�@A=66�L;K@A6=9W;L@�i=;789C6L�;X�:A?81?9E�78?�@A68=�LCA;;1L2�:A6�I;?1� 8L�@;�C=6?@6�?�E6L8=6�?W;9I�CA81E=69�@;�=6?E�?9E�@;�6Wk?=D�;9�?��;K=96q�@;�L6?=CA�X;=�96<�D9;<16EI6�<A8CA�<811�k6�@A6�k?L8L�X;=�@A68=�6EKC?@8;9�?9E�@A68=�XK@K=62�

�"/(2#�0�>"@��3(�'(&0&(A��R&3�3'&�>H/@@"�($"�(2�H">"@&�3"@��$"���3'�� 0;=�@A6��=L@�@8W6�:0Q�i=;78E6E��9?9C8?1�LKii;=@�@;�?�WKL8C�i6=X;=W?9C62�G@6iA?986�M9II;<89;@;�@A6�V9E;96L8?9�i8?98L@�i6=X;=W6E�A6=�L;1;�=6C8@?1�?L�i?=@�;X�@A6�G@6iA?986�Q6kK@�89�:A?81?9E�i=;�6C@�Li;9L;=6E�kq�:0Q�?@�@A6�?KE8@;=8KW�;X�@A6�H?9ID;D�4K1@K=?1�C69@6=2�:0QoL�LKii;=@�k6A89E�@A6�i8?98L@�<?L�i?=@�;X�;K=�89@69@8;9�@;�?11;<�q;K9I�WKL8C�i1?q6=L�?�i1?@X;=W�@;�E;�<A?@�@A6q�1;76�@;�i=;W;@6�C;9C69@=?@8;9�89�CA81E=69�?9E�@;�69A?9C6�@A68=�6Ji=6LL8;9�C?i?C8@q�k6X;=6�@A6�iKk18C2�� :0Q�A;i6E�@A?@�8@L�L;C8?1�?C@878@86L�89������89�H?9ID;D�?9E�89�@A6�i=;789C6L�<;K1E�I876�L;W6@A89I�k?CD�@;�C;W-WK98@86L�?9E�@A6�L;C86@q�X;=�@A6�LKL@?89?k16�E6761;iW69@�;X�@A8L�<;=1E2

Page 121: TFD: Annual Report 2011

Annual Report 2011 119

Principles on the Good Corporate Governance

� :A6�k;?=E�;X�E8=6C@;=L�?99;K9C6E�@;�KL6�@A6�I;;E�C;=i;=?@6�I;76=9?9C6�i;18Cq�C;76=89I� @A6� 8Wi;=@?9@�i=89C8i16L�C;Wi1q89I�<8@A�k?L8C�I;;E�C;=i;=?@6�I;76=9?9C6�i=89C8i16L�9KWk6=89I��-�C1?KL6L�;X�@A6�G@;CD�yJCA?9I6�;X�:A?81?9E�89C1KE89I�16?E6=LA8i�?9E�89E6i69E69C6�;X�E8=6C@;=L�8Wi;=@?9@�EK@86L�?9E�=6Li;9L8k818@86L�;X�@A6�k;?=E�6@A8CL�;X�@A6�6J6CK@876�k;?=E�?9E�6Wi1;q66L�X89?9C8?1�=6i;=@�?EW898L@=?@8;9�?9E�?KE8@�=6i;=@�=8IA@L�?9E�6pK?18@q�;X�LA?=6A;1E6=L�?9E�=;16L�@;<?=EL�L@?D6A;1E6=L�E8LC1;LK=6�;X�89X;=W?@8;9�?9E�@=?9Li?=69Cq�i;18Cq�;9�89@6=9?1�C;9@=;1�i;18Cq�;9�C;9X18C@�;X�89@6=6L@�?9E�i;18Cq�;9�C;9X8E69@8?18@q2��;<676=�@A6�k;?=E�;X�E8=6C@;=L�=6?18�6E�@A6�8Wi;=@?9C6�?9E�96C6LL8@q�;X�I;;E�I;76=9?9C6�?9E�A?789I�@A6�89@69@8;9�@;�E6761;i�@A6�I;;E�I;76=9?9C6�;X�@A6�C;Wi?9q�C;9@89K;KL1q�<8@A�@A6�?8W�@;�=6786<�?9E�8Wi=;76�LKCA�i;18Cq�?99K?11q�L;�@A?@�@A6�i;18C86L�<811�k6�W;E6=9�Ki,@;,E?@6�X;=�@A6�L8@K?@8;9�?9E�C;76=�@A6�W;=6�89@6=9?@8;9?1�i=;C6EK=6L2

� :A6�i=89C8i16L�;9�I;;E�C;=i;=?@6�I;76=9?9C6�C?9�k6�E878E6E�@;�L6769�8Wi;=@?9@�CA?i@6=L�?=6�?L�X;11;<L(�� 4A?i@6=� �� HKL896LL�iA81;L;iAq� 4A?i@6=� �� :A6�k;?=E�;X�E8=6C@;=L� 4A?i@6=� +� y@A8CL�;X�@A6�k;?=E�;X�E8=6C@;=L�@A6�W?9?I6W69@�?9E�@A6�6Wi1;q66L� 4A?i@6=� *� B6i;=@L�;9�@A6�X89?9C6�@A6�W?9?I6W69@�?9E�@A6�?KE8@2�� 4A?i@6=� -� B8IA@L�?9E�6pK8@q�;X�@A6�LA?=6A;1E6=L� 4A?i@6=� �� B;16�;X�@A6�L@?D6A;1E6=L� 4A?i@6=� )� Q8LC1;LK=6�;X�@A6�89X;=W?@8;9�?9E�@=?9Li?=69Cq

12�@(��k !/H&3�HH@2&>"H"@2A� :A6�4;Wi?9q� A?L� @A6� 89@69@8;9� @;� k6� @A6� k6L@� ;9� @A6� ;=I?98�?@8;9� @A?@� E;6L� kKL896LL� ;9� =6?1� 6L@?@6��E6761;iW69@� <8@A� I;;E�W?9?I6W69@� X;CKL89I� ;9� 89C=6?L89I� @A6� ;i6=?@8;9� @;� k6� X16J8k16� <8@A� @A6� C?i?k818@q� 89��C;Wi6@8@8;9�?9E�C?9�;i6=?@6�<8@A�;i@8W8�?@8;9�@;�@A6�897;176E�i6=L;9L� 89C1KE89I�@A6�L@?D6A;1E6=L2��;=6;76=�@A6�4;Wi?9q� 8L�E6@6=W896E� @;�k6�?9�;=I?98�?@8;9�<8@A�I;;E�6@A8CL� @=?9Li?=69Cq�?9E�?CC;K9@?k818@q� @;� 89C=6?L6� @A6�7?1K6�@;�@A6�kKL896LL�?9E�?CC6i@?k818@q�kq�676=q;96�897;176E2� 0=;W�@A6�L?8E�89@69@8;9�@A6�4;Wi?9q�A?L�i=6LC=8k6E�@A6�iA81;L;iAq�89�@A6�kKL896LL�X;=�@A6�k;?=E�;X�E8=6C@;=L�@A6�W?9?I6W69@�?9E�@A6�6Wi1;q66L�@;�KL6�?L�IK8E61896L�X;=�@A6�;i6=?@8;9L2��V@�6WiA?L8�6L�@A6�i6=L;9961�@;�A?76�I;;E�?@@8@KE6�<8@A�@A6�16?=989I�k6A?78;=�?9E�E6761;iW69@�C=6?@8761q�?9E�C;9LC8;KL1q�;9�@A6�;76=?11�L;C86@q2��:A6�L?8E�iA81;L;iAq�C;9L8L@L�;X�@A6�X;11;<89I�6LL69C6(

B�&3@�&3'&@>�H&3(2�u/H&3�HH"@���(&"3H�3#C""#'"�@"��(�C"0��3�3'�� 7''"/3(�u&>&(A�8L�@A6�=6Li;9L8k818@q�;9�E6C8L8;9,W?D89I�?9E�L61X,?C@8;9�?9E�C?9�6Ji1?89�@A6�E6C8L8;9L2� ��H@"3H&u&>&(A�8L�@A6�=6Li;9L8k818@q�@;<?=E�@A6�EK@q�<8@A�?E6pK?@6�C?i?k818@q�?9E�6XX6C@87696LL2� +�/&(�u>�(���(��3(�8L�@=6?@89I�@A6�L@?D6A;1E6=L�?9E�?11�i?=@86L�6pK?11q��KL@8X8?k1q�?9E�6Ji18C?k1q2� Q��3H@���3'A� 8L�@=?9Li?=69@�;i6=?@8;9L�@A?@�C?9�k6�76=8X86E�?9E�@A6�89X;=W?@8;9�E8LC1;L6E�@;�?11� 897;176E��� i?=@86L2� x&H&"3("'���(�>"3CI(���0�>/��8L�A?789I�@A6�78L8;9�@;�kK81E�?EE6E�7?1K6�@;�@A6�kKL896LL�89�@A6�1;9I�=K92�� +(2&'H�8L�W?89@?8989I�@A6�6@A8C?1�7?1K6�<A816�E;89I�@A6�kKL896LL2�

1"�@"��(�x�>/�H� � :;�@A6�LA?=6A;1E6=L� ◆� V@�LA?11�E;�kKL896LL�<8@A�LKL@?89?k16�I=;<@A�?9E�i=;X8@?k818@q�C;9L8E6=89I��� � � � � @A6�I;;E�=6@K=9�;9�8976L@W69@2�

Page 122: TFD: Annual Report 2011

Thai Factory Development Public Company Limited120

� � :;�@A6�CKL@;W6=L�� ◆� V@�LA?11�kK81E�L?@8LX?C@8;9�@;�@A6�CKL@;W6=L�kq�i=6L69@89I�@A6�i=;EKC@L��� � � � � ?9E�L6=78C6L�<8@A�A8IA�pK?18@q�?@�@A6�89@6=9?@8;9?1,L@?9E?=E�16761�?@��� � � � � @A6�X?8=�i=8C6L2� � :;�@A6�6Wi1;q66L� ◆� V@� LA?11� LKii;=@� @A6� E6761;iW69@� ;9� C?i?k818@q� ;X� <;=D89I� ?@� @A6��� � � � � i=;X6LL8;9?1�16761�C;9@89K;KL1q�<8@A�C;9X8E69C6�X;=�@A6�18X6�pK?18@q�;X��� � � � � @A6�6Wi1;q66L�@;�k6�6pK?1�@;�@A6�16?E89I�C;Wi?986L2� � �� � :;�@A6�C;WWK98@q� ◆� V@�LA?11�k6�=6Li;9L8k16�X;=�?9E�A?L�i?=@8C8i?@6E�89�E6761;iW69@�;X�@A6��� � � � � 6978=;9W69@�<8@A�I;;E�pK?18@q�18X6�X;=�@A6�C;WWK98@q2� � :;�@A6�@=?E6�i?=@96=� ◆� V@�LA?11�kK81E�I;;E�=61?@8;9L�X;=�WK@K?1�89@6=6L@2

� 1"�@"��(�'/>(/��� � �@@8@KE6� ◆� �?789I�@A6�;<96=LA8i�X66189I2� � � � ◆� 0;CKL89I�@A6�kKL896LL�89@6=6L@�?L�i=8;=8@q2� � � � ◆� V@�8L�CKL@;W6=,C69@6=6E2� � � � ◆� 0;CKL89I�@A6�;=I?98�?@8;9�@;�A?76�C;9@89K;KL�E6761;iW69@2� � � � ◆� �?789I�@A6�C;9LC869C6�;9�@6?W�Li8=8@�<8@A�@A6�WK@K?1�I;?1�@A?@�8L�C16?=2� � :A89D89I�W6@A;E� ◆� :A89D89I�89�?9?1q@8C?1�W6@A;E�<8@A�@A6�L@=?@6I8C�LqL@6W�?9E�89,1896��� � � � � 8LLK62� � £;=D89I�k6A?78;=� ◆� �?789I�@A6�C16?=�X=?W6<;=D�?9E�<;=D89I�i1?92� � �� � � � ◆� :A6�<;=D89I�W6@A;E�C?9�k6�?E�KL@6E�?CC;=E89I�@;�@A6�L8@K?@8;92� � � � ◆� £;=D89I�89�@6?W<;=D2� � � � ◆� B6C;=E89I� ?9E� C;116C@89I� 89X;=W?@8;9� X;=� ?9?1qL8L� ?9E�kK81E89I� ?L��� � � � � D9;<16EI62� � �� � � � ◆� �?789I�@A6�LqL@6W�@;�@=?9LX6=�@A6�<;=D89I�W6@A;E�LqL@6W?@8C?11q2� � � � ◆� 59;<89I�A;<�@;�W?9?I6�@A6�@8W62

12�@(��g Q2�!"��#"$%&��'("�H k�b(�(�"$>��#��H2&@�3#&3#�@�3#�3'�"$(2�u"��#"$#&��'("�H� � ◆� :A6�k;?=E�;X�E8=6C@;=L�K9E6=�@A6�16?E6=LA8i�;X�@A6�CA?8=W?9�LA?11�A?76�@A6�L@?@6�;X�16?E6=LA8i��� � � ?9E�C?9�C;9@=;1�@A6�;i6=?@8;9L�;X�@A6�W?9?I6W69@�6XX8C869@1q�?9E�6XX6C@8761q�@;�?CA8676�@A6�@?=I6@L��� � � @A?@�?=6�@A6�A6?=@�;X�@A6�kKL896LL�;X�@A6�4;Wi?9q�kq�kK81E89I�?9E�89C=6?L89I�@A6�8976L@W69@��� � � 7?1K6�@;�@A6�LA?=6A;1E6=L�@A6�I;76=9W69@�L6C@;=�@A6�i6;i16�?9E�@A6�L@?D6A;1E6=L2��� � ◆� :A6�k;?=E�;X�E8=6C@;=L�LA;K1E�C;9L8L@�;X�89E6i69E69@�E8=6C@;=L�<8@A�D9;<16EI6�?9E�C?i?k818@q��� � � ?9E�LA;K1E�C;97696�?@�16?L@�X;K=�@8W6L�i6=�W;9@A2�:A6�89E6i69E69@�E8=6C@;=L�WKL@�?CC6LL�@;��� � � @A6� X89?9C8?1�E?@?�?9E�;@A6=�kKL896LL�LKXX8C869@1q� @;�6Ji=6LL�;i898;9L� 89E6i69E69@1q� D66i89I��� � � 89@6=6L@�;X�@A;L6�897;176E�kq�?@@69E89I�@A6�W66@89I�=6IK1?=1q2

� g�7@@"&3(��3(H"$"(2��'"��&((��H� � ◆� :A6�k;?=E�;X�E8=6C@;=L�WKL@�?ii;89@�@A6�89E6i69E69@�C;WW8@@66�?L�i?=@�;X�8@­�X=;W�@A6�E8=6C@;=L��� � � ?@� 16?L@� +� i6=L;9L� <8@A� �� i6=L;9� WKL@� A?76� D9;<16EI6� ;9� ?CC;K9@89I�X89?9C62� :A6� ?KE8@��� � � C;WW8@@66�WKL@�A?76�@A6�pK?18X8C?@8;9�;9�89E6i69E69C6�?CC;=E89I�@;�@A6�9;@8C6�;X�@A6�Gy:�;9��� � � @A6�pK?18X8C?@8;9�?9E�LC;i6�;X�;i6=?@8;9L�;X�@A6�?KE8@�C;WW8@@66�@;�89Li6C@�LKi6=78L6�@A6�;i6=?@8;9L��� � � ;X� @A6� 4;Wi?9q2� V@� LA?11� =6i;=@� ;9� X89?9C6� 89@6=9?1� C;9@=;1� L616C@8;9� ;X� @A6� ?KE8@;=� ?9E��� � � C;9L8E6=?@8;9�;9� @A6� 89@6=6L@� 89C1KE89I� =6i;=@89I�;9�I;76=9?9C6�;X� @A6�kKL896LL�;X� @A6�?KE8@��� � � C;WW8@@662���@�i=6L69@�@A6�4;Wi?9q�A?L�@A=66�W6Wk6=L�;X�@A6��KE8@�4;WW8@@66�<8@A�?CD9;<16EI6��� � � X;=�=6786<89I�@A6�4;Wi?9q�X89?9C8?1�=6i;=@�?9E�=61?@6E�6Ji6=869C6L�?L�X;11;<L(

Page 123: TFD: Annual Report 2011

Annual Report 2011 121

� �2� �=2��=?L;9I� �?=?,=?@?9?DK1� �KE8@�4;WW8@@66�4A?8=W?9� � ���-���i=6L69@�� Q8=6C@;=�?9E��KE8@�4;WW8@@66�4A?8=W?9�� � � � 5=K9I@A6i1?9E���42� � �//.���i=6L69@��� �6?E�;X�@A6�;XX8C6� � � � �2�2�24�4;9LK1@?9@�;XX8C6� � �//)� � G698;=��LL8L@?9@��?9?I89I�Q8=6C@;=� � � � :A?8�089?9C8?1�:=KL@���42� � �//�� � yJ6CK@876�Q8=6C@;=� � � � 089?9C6��;KL6�4;2��@E2� � �/..�,�//-�� G698;=�4=6E8@��?9?I6=� � � � >?7?�089?9C6�¡�G6CK=8@q�4;2��@E2

� �2� �=2�>?9� 58@�?1?DL?9?� �KE8@�4;WW8@@66��6Wk6=� � �//*����//)� � �E78L;=�@;�@A6�H;?=E�;X�Q8=6C@;=L� � � � :A?8�089?9C8?1�:=KL@���42� � �//�����//)� �� �E78L;=�@;�@A6�H;?=E�;X�Q8=6C@;=L� � � � y?L@6=9�Qq9?W8C�089?9C6�f:A?81?9Eg�4;2��@E2� � �/./����//+� � Q8=6C@;=� � � � H?9D�;X��L8?

� +2� �=2�G;WW?=@� G?9IDA?L?i� �KE8@�4;WW8@@66��6Wk6=� � �//+���i=6L69@�� 4;9LK1@?9@�89�:?J?@8;9� � � � G?iL?@?i;=9�4;2��@E2� � �//�����//+� � �=;X6LL;=�;X�:?J�4;116C@8;9�GqL@6W� � � � :A6�B6769K6�Q6i?=@W69@

� � ◆� :A6� H;?=E� ;X� Q8=6C@;=L� ;9� ��� >;76Wk6=� ����� ?ii;89@6E� @A=66� 89E6i69E69@� E8=6C@;=L� ?L��� � � W6Wk6=L�;X�@A6�4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66�<A;L6�@6=W��� � � ;X�;XX8C6�8L�@A=66�q6?=L�;=�K9@81�@A6q�?=6�9;�1;9I6=�@A6�4;Wi?9qoL�E8=6C@;=L2�:A6�@A=66�?=6�XK11q��� � � pK?18X86E�?CC;=E89I�@;�@A6�C=8@6=8?�;X�@A6�G@;CD�yJCA?9I6�;X�:A?81?9E�fGy:g�?9E�@A6�G6CK=8@86L��� � � ?9E�yJCA?9I6�4;WW8LL8;9�fGy4g�B6(�®K?18X8C?@8;9L�;X�89E6i69E69@�E8=6C@;=L2�:A6q�?=6(

� �2� �=2��=?L;9I� �?=?,=?@?9?DK1� 4;=i;=?@6� �;76=9?9C6� >;W89?@8;9� ?9E� B6WK96=?@8;9��� � � � 4A?8=W?9�� �2� �=2�>?9� 58@�?1?DL?9?� 4;=i;=?@6� �;76=9?9C6� >;W89?@8;9� ?9E� B6WK96=?@8;9��� � � � 4;WW8@@66� +2���=2�G;WW?=@� G?9IDA?L?i� 4;=i;=?@6� �;76=9?9C6� >;W89?@8;9� ?9E� B6WK96=?@8;9��� � � � 4;WW8@@66

j� +>���3(H"$(2�u"��#"$#&��'("�H�3#(2��@@"&3(��3(H� � ◆� :A6�k;?=E�;X�E8=6C@;=L�WKL@�A?76�?@�16?L@�-�i6=L;9L2� � ◆� :A6�4;Wi?9q�?8WL�@;�A?76�@A6�89E6i69E69@�E8=6C@;=L�@;�k6�@A6�W;L@�i=;X6LL8;9?1�i;LL8k16�kK@��� � � 9;�16LL�@A?9�+�i6=L;9L2� � ◆� :A6�E8=6C@;=L�LA;K1E�C;W6�X=;W�@A6�?K@A;=8@86L�89�7?=8;KL�X861EL�@;�89@6I=?@6�@A6�96C6LL?=q�?k818@q��� � � C;9L8L@6E�;X�@A6�i6=L;9L�D9;<16EI6?k16�89�=6?1�6L@?@6�E6761;iW69@�?@�16?L@�+�i6=L;9L�?@�16?L@��� � � ;96�16I?1,D9;<16EI6?k16�i6=L;9�?9E�;96�i6=L;9�89�?CC;K9@89I�?9E�X89?9C62� � ◆� �ii;89@W69@L�;X�@A6�E8=6C@;=L�LA;K1E�C;Wi1q�<8@A�@A6�Li6C8X8C�?I69E?�@=?9Li?=69Cq�?9E�C1?=8@q2

Page 124: TFD: Annual Report 2011

Thai Factory Development Public Company Limited122

]� 12���'(��&H(&'H�3#�/�>&$&'�(&"3H"$(2�u"��#"$#&��'("�H� � ◆� �?789I�@A6�pK?18X8C?@8;9�?9E�E8LpK?18X8C?@8;9�W66@89I�@A6��Kk18C�4;Wi?9q��C@2� � ◆� :A6� 89E6i69E69@� E8=6C@;=L�WKL@� A?76� @A6� pK?18X8C?@8;9L� C;9C6=989I� 89E6i69E69Cq� ?CC;=E89I��� � � @;� @A6� 9;@8C6L� ;X� @A6�G@;CD�yJCA?9I6� ;X� :A?81?9E� fGy:g� ?9E� @A6�G6CK=8@86L� ?9E�yJCA?9I6��� � � 4;WW8LL8;9�fGy4g�B6(�®K?18X8C?@8;9�?9E�LC;i6�;X�<;=D�;X�@A6�?KE8@�C;WW8@@66�?9E�C?9�;76=L66��� � � @A6�89@6=6L@L�;X�?11��@A6�LA?=6A;1E6=L�6pK?11q�?9E�9;�C;9X18C@�;X�89@6=6L@�k6@<669�@A6�4;Wi?9q��� � � ?9E�@A6�W?9?I6W69@� @A6�W?�;=�LA?=6A;1E6=L�;X�;@A6=�C;Wi?986L�<A8CA� @A6�W?9?I6W69@����� � � W?�;=�LA?=6A;1E6=L�89�@A6�L?W6�I=;Ki2���;=6;76=�8@�C?9�?@@69E��@A6�k;?=E�W66@89IL�?9E�6Ji=6LL��� � � ;i898;9L�89E6i69E69@1q2� � ◆� �CC;=E89I�@;�@A6�=K16�?9E�=6IK1?@8;9�;X�@A6�G@;CD�yJCA?9I6�;X�:A?81?9E��fGy:g�?9E�@A6�G6CK=8@86L��� � � ?9E�yJCA?9I6�4;WW8LL8;9�fGy4g�B6(�®K?18X8C?@8;9L�;X�?9�89E6i69E69@�E8=6C@;=�E6@6=W896�@A6��� � � L@=KC@K=6�;X��8L@6E�4;Wi?9qoL�H;?=E�;X�Q8=6C@;=L�@A?@�LA?11�k6�?@�16?L@�;96,@A8=E�;X�@A6�H;?=E��� � � W6Wk6=LA8i�8L�W?E6�Ki�;X�89E6i69E69@�E8=6C@;=L�?9E�@A6�LKk�E8=6C@;=L�LA;K1E�k6�?9�89E6i69E69@��� � � E8=6C@;=2�:A6�4;Wi?9q�8L�?k16�@;�E6@6=W896�@A6�pK?18X8C?@8;9L�;X�?9�89E6i69E69@�E8=6C@;=�;76=�@A6��� � � L@?9E?=E�;X�Gy:�?9E�Gy42� � ◆� :A6� 89E6i69E69@�E8=6C@;=L�WKL@�A?76� @A6�pK?18X8C?@8;9L�C;9C6=989I� 89E6i69E69Cq� X=;W�W?�;=��� � � LA?=6A;1E6=L�6J6CK@876L�?9E�=61?@6E�i6=L;9�;=�E8=6C@;=�9;@�k689I�?L�6J6CK@876�;X�@A6�4;Wi?9q��� � � LKkL8E8?=q�?9E�?LL;C8?@6E�C;Wi?986L2�:A;L6�pK?18X8C?@8;9L�?=6�C;Wi1q�<8@A�@A6�=K16L�?9E�=6IK1?@8;9L��� � � =6I?=E89I�C1?KL6���(�pK?18X8C?@8;9L�;X�?9�89E6i69E69@�E8=6C@;=�;X�>;@8X8C?@8;9�;X�@A6�4?i8@?1��?=D6@��� � � GKi6=78L;=q�H;?=E�>;2�:;=4A;=2��.����.�B6(��ii18C?@8;9�X;=�?9E��ii=;7?1�;X�MXX6=�X;=�G?16�;X��� � � >6<1q�VLLK6E�GA?=6L�?L�X;11;<L2

�/�>&$&'�(&"3H"$QR%�H&3#�@�3#�3(#&��'("�� � �2� �;1E89I�9;�W;=6�@A?9�X876�i6=C69@�;X� @A6� @;@?1�LA?=6L�<8@A�7;@89I�=8IA@L�;X� @A6�4;Wi?9q� 8@L��� � � LKkL8E8?=q�?9E�?LL;C8?@6E�C;Wi?986L�;=�;@A6=��K=8L@8C�i6=L;9L�<8@A�?�i;LL8k16�C;9X18C@�;X�89@6=6L@­��� � � LA?=6L�A61E�kq�Li;KL6�?9E�CA81E=69�1;<6=�@A?9�16I?1�?I6�LA?11�?1L;�k6�C;K9@6E� � �2� �?789I�9;�W?9?I6W69@�=;16�;=�k689I�?9�6Wi1;q66�L@?XX�;=�?E78L;=�=6C68789I�X8J6E�L?1?=q�;=��� � � C;9@=;1189I�;=�i=;78E89I�i=;X6LL8;9?1�L6=78C6�LKCA�?L�k689I�?KE8@;=�;=�?@@;=96q�;X�@A6�4;Wi?9q��� � � 8@L�LKkL8E8?=q�?9E�?LL;C8?@6E�C;Wi?986L�;=�;@A6=��K=8L@8C�i6=L;9L�<8@A�?�i;LL8k16�C;9X18C@�;X�89@6=6L@­��� � � A?789I�9;�89@6=6L@�89�LKCA�W?996=�X;=�9;�16LL�@A?9�@<;�q6?=L� � +2� �?789I�9;�kKL896LL�=61?@8;9LA8i�<8@A�@A6�4;Wi?9q�8@L�LKkL8E8?=q�?9E�?LL;C8?@6E�C;Wi?986L�;=��� � � ;@A6=��K=8L@8C�i6=L;9L�<8@A�?�i;LL8k16�C;9X18C@�;X�89@6=6L@�89�?�W?996=�@A?@�W?q�89@6=X6=6�@A6�KL6�;X��� � � i6=L;9?1��KEIW69@�89E6i69E69@1q­�A?789I�9;�=61?@8;9LA8i�89�;@A6=�CA?=?C@6=8L@8CL�@A?@�W?q�i=6769@��� � � ?9�89E6i69E69@�6Ji=6LL8;9�?k;K@�@A6�4;Wi?9qoL�;i6=?@8;9L� � *2� �?789I�9;�k1;;E�=61?@8;9LA8i�9;�=61?@8;9LA8i�89�@6=WL�;X�W?==8?I6�;=� 16I?1�=6I8L@=?@8;9�<8@A�?��� � � i6=L;9�;X�i;LL8k16�C;9X18C@�;X�89@6=6L@�?L�i?=69@L�Li;KL6�CA81E=69�89C1KE89I�CA81E=69oL�Li;KL6L�;=��� � � C1;L6E�=61?@876L�;X�6J6CK@876L�;=�W?�;=�LA?=6A;1E6=L�C;9@=;1189I�i6=L;9L�;=�i6=L;9L�9;W89?@6E��� � � ?L�6J6CK@876�;=�C;9@=;1189I�i6=L;9�;X�@A6�4;Wi?9q�;=�8@L�LKkL8E8?=q� � -2� �k16�@;�;76=L66�@A6�89@6=6L@�;X�?11�LA?=6A;1E6=L�6pK?11q� � �2� �k16�@;�?7;8E�?�C;9X18C@�;X�89@6=6L@� � )2� �k16�@;�?@@69E�LKk,C;WW8@@66�W66@89IL�@;�C;9L8E6=�8LLK6L�89E6i69E69@1q� �

Page 125: TFD: Annual Report 2011

Annual Report 2011 123

� � .2� >676=�k669��KEI6E�;X�78;1?@89I�@A6�1?<L�;9�L6CK=8@86L�?9E�6JCA?9I6�@A6�1?<L�;9�X89?9C6�kKL896LL��� � � L6CK=8@86L�kKL896LL�?9E�C=6E8@�X;9C86=�kKL896LL�@A6�1?<L�;9�C;WW6=C8?1�k?9D89I�@A6�1?<L�;9�18X6��� � � 89LK=?9C6�?9E�9;9,18X6�89LK=?9C6�?9E�@A6�1?<L�;9�?9@8,W;96q�1?K9E6=89I�;=�X89?9C8?1�kKL896LL6L��� � � 89�@A6�L?W6�W?996=�<A6@A6=�@A6q�?=6�:A?8�;=�89@6=9?@8;9?1�1?<L�69X;=C6E�kq�?K@A;=8�6E�?I69C86L��� � � 89C1KE89I� 9676=� k669� �KEI6E�;X� ;XX69E89I� @A6� 1?<L�;9�K9X?8=� L6CK=8@86L� @=?E89I� ;=� X=?KEK169@� ;=��� � � C;==Ki@6E�W?9?I6W69@� � /2� �;LL6LL89I�9;�;@A6=�pK?18X8C?@8;9L�@A?@�i=6769@�A8W�A6=�X=;W�89E6i69E69@1q�6Ji=6LL89I�;i898;9L��� � � ?k;K@�@A6�4;Wi?9qoL�;i6=?@8;9� � ��2� >;@�18L@6E�89�@A6�Gy:oL�18L@�;X�i6=L;9L�E66W6E�89?ii=;i=8?@6�@;�k6�6J6CK@876L�?CC;=E89I�@;�@A6�Gy:oL��� � � =6IK1?@8;9L

h� B�&3#/(&�H�3#��H@"3H&u&>&(&�H"$(2�u"��#"$#&��'("�H�3#H/uI1"��&((��H b'"@�H"$�"��"$(2�!"��#"$%&��'("�H� � �2� :;�=6786<�?9E�?ii=;76�?C@8;9L�?L�=6pK8=6E�kq�@A6�1?<L� � �2� :;�=6IK1?=1q�=6786<�W?9?I89I�E8=6C@;=oL�i6=X;=W?9C6­�@;�L6@�W?9?I89I�E8=6C@;=oL�=6WK96=?@8;9L� � +2� :;�E6@6=W896�@A6�kKL896LLoL�78L8;9�?9E�k6�=6Li;9L8k16�X;=�@A6�kKL896LLoL�;i6=?@8;9�=6LK1@L�?9E��� � � i6=X;=W?9C6L�;X�@A6�W?9?I6W69@�kq�i=;W;@89I�?@@69@87696LL�?9E�i=KE69C6� � *2� :;�=6786<�?9E�?ii=;76�W?�;=�L@=?@6I86L�?9E�i;18C86L�;k�6C@876L�X89?9C8?1�I;?1L�<;=D�i1?9L�?9E��� � � @;�=6IK1?=1q�W;98@;=�@A6�W?9?I6W69@�X;=�@A68=�C;Wi18?9C6� � -2� :;�L6@�Ki�?�=618?k16�?CC;K9@89I�LqL@6W�X89?9C8?1�=6i;=@89I�?9E�?KE8@89I�?L�<611�?L�?�i=;C6LL�@A?@��� � � 67?1K?@6L�@A6�L;K9E96LL�;X�?9�89@6=9?1�C;9@=;1�LqL@6W�?9E�?9�89@6=9?1�?KE8@89I�LqL@6W�@;�69LK=6��� � � @A68=�6XX8C869Cq�?9E�@A6�6XX6C@87696LL�;X�@A6�4;Wi?9qoL�=8LD�W?9?I6W69@�X89?9C8?1�=6i;=@89I�?9E��� � � W;98@;=89I�i=?C@8C6L� �� � �2� :;�LKi6=78L6�?9E�=6L;176�i=;k16WL�;X�C;9X18C@�;X�89@6=6L@�?W;9I�L@?D6A;1E6=L� � )2� :;�;76=L66�@A6�H;?=E�;X�Q8=6C@;=oL�i=?C@8C6L�@;�k6�89�1896�<8@A�C;=i;=?@6�I;76=9?9C6�?9E�6@A8C?1��� � � <;=D�i=?C@8C6L

� � B�{"���H@"3H&u&>&(&�H"$(2�b/uI1"��&((��H� � :A6�H;?=E�;X�Q8=6C@;=L�A?L�L6@�Ki�@<;�C;WW8@@66L­�9?W61q�@A6��KE8@�4;WW8@@66�?9E�@A6�4;=i;=?@6��� � �;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66�<A;L6�=6Li;9L8k818@86L�?=6�?L�X;11;<L2�

b'"@�H"$�"��"$(2�7/#&(1"��&((��� � �2� :;�69LK=6�@A?@�k;@A�pK?=@6=1q�?9E�?99K?1� X89?9C8?1�L@?@6W69@L�?=6�C;Wi16@6�?CC;=E89I�@;�@A6��� � � I696=?11q,?CC6i@6E�?CC;K9@89I�i=89C8i16L�kq�C;;=E89?@89I�<8@A�?9�?KE8@;=�?9E�?9�89@6=9?1�?KE8@;=� � �2� :;�;76=L66�?9�89@6=9?1�C;9@=;1�LqL@6W�@;�69LK=6�6XX6C@87696LL�?9E�C;Wi18?9C6�<8@A�@A6�I696=?11q,�� � � ?CC6i@6E� L@?9E?=EL� kq� =6786<89I� 8@� <8@A� @A6� 4;Wi?9qoL� ?KE8@;=� ?9E� ?9� 89@6=9?1� ?KE8@;=� @;��� � � E6@6=W896�8@L�?E6pK?Cq� �� � +2� :;�L616C@�?9E�9;W89?@6�@A6�4;Wi?9qoL�?KE8@;=� � *2� :;�i=6769@�?�i=;k16W�;X�C;9X18C@�;X� 89@6=6L@�kq�=6786<89I�C;996C@6E�@=?9L?C@8;9L�k6@<669�@A6��� � � 4;Wi?9q�?9E�8@L�LKkL8E8?=86L�;=�;@A6=�C;996C@6E�i6=L;9L�;=�?I69C86L� � -2� :;�EK1q�C;Wi1q�<8@A�=K16L�?9E�=6IK1?@8;9L�<8@A89�?�@8W6X=?W6� �� � �2� :;� i=6i?=6� ?� C;=i;=?@6� I;76=9?9C6� =6i;=@� ;X� @A6� �KE8@� 4;WW8@@66� ?9E� @;� E8LC1;L6� 8@� 89� ?9��� � � ?99K?1�=6i;=@2�:A6�=6i;=@�WKL@�k6�L8I96E�kq�4A?8=W?9�;X�@A6��KE8@�4;WW8@@66� � )2� :;�i6=X;=W�;@A6=��;kL�?L�=6pK8=6E�kq�@A6�H;?=E�;=�?L�E6L8I9?@6E�;9�?�C?L6,kq,C?L6�k?L8L2

Page 126: TFD: Annual Report 2011

Thai Factory Development Public Company Limited124

� � b'"@�H"$�"��"$(2�1"�@"��(�S"0��3�3'�TU"�&3�(&"3�3#���/3���(&"31"��&((�� :A6�4;=i;=?@6��;76=9?9C6� >;W89?@8;9� ?9E�B6WK96=?@8;9� 4;WW8@@66� A?L� ?� EK@q� @;� =6C;WW69E��� � LKi6=78L6� ?9E� =6786<� C;=i;=?@6� I;76=9?9C6� i=?C@8C6L� ;X� @A6�4;Wi?9q� ?L�<611� ?L� 9;W89?@6� @A;L6��� � pK?18X86E�?L�@A6�4;Wi?9qoL�E8=6C@;=L�@;�=6i1?C6�E8=6C@;=L�=6L8I989I�;9�=;@?@8;9�;=�89�;@A6=�C?L6L2�:A6��� � 4;WW8@@66�?1L;�=6786<L�?9�67?1K?@8;9�LqL@6W�;X�i6=X;=W?9C6�;X�@A6�H;?=E�?9E�;@A6=�C;WW8@@66L2�V@�8L��� � =6Li;9L8k16�X;=�?�LKCC6LL8;9�i1?9�;X�@A6�4;Wi?9qoL�W?9?I89I�E8=6C@;=�<A8CA�<811�@A69�k6�=6i;=@6E�@;��� � @A6�H;?=E�X;=�?ii=;7?1�;=�X;=�i=;i;L89I�@;�@A6�GA?=6A;1E6=Lo��66@89I�?L�@A6�C?L6�W?q�k62�:A6�4;WW8@@66��� � ?1L;�L@KE86L�CA?9I6L�?9E�@=69EL�;X�E8=6C@;=oL�=6WK96=?@8;9L�?9E�=6C;WW69E�8@�?L�?�i;18Cq�@;�D66i��� � pK?18@q�i6;i16�<8@A�@A6�4;Wi?9q�<A816�?C@89I�?L�?9�89C69@876�@;�A61i�6Ji?9E89I�@A6�4;Wi?9q2�V@L��;kL��� � ?=6�?L�X;11;<L2� � �2� :;�=6786<�C;=i;=?@6�I;76=9?9C6�i;18C86L�?9E�i=?C@8C6L�?9E�kKL896LL�6@A8CL�@;�L66�8X�@A6q�?=6��� � � L;K9E�?9E�?E6pK?@6­�@;�8Wi=;76�?9E�KiE?@6�LKCA�i;18C86L� � �2� :;�W;98@;=�@A6�C;Wi18?9C6�;X�?�C;=i;=?@6�I;76=9?9C6�i;18Cq�?9E�kKL896LL�6@A8CL�kq�@A6�H;?=E��� � � @A6�W?9?I6W69@�?9E�L@?XX�?CC;=E89I�@;�@A6�4;Wi?9qoL�i=?C@8C6L�?9E�i;18C86L� � �� � +2� :;�i=;W;@6�C;Wi18?9C6�<8@A�C;=i;=?@6�I;76=9?9C6�i;18C86L�?9E�i=?C@8C6L�?9E�kKL896LL�6@A8CL�X;=��� � � C;9@89K6E�6XX6C@�?9E�@;�69LK=6�@A?@�8@�X8@L�@A6�4;Wi?9qoL�kKL896LL� � *2� :;�=6C;WW69E�@A6�4;Wi?9q�@A6�H;?=E�@A6�W?9?I6W69@�?9E�<;=DI=;KiL�;9�C;=i;=?@6�I;76=9?9C6� � -2� :;�E6@6=W896�A;<�@;�9;W89?@6�E8=6C@;=�;=�W?9?I89I�E8=6C@;=�LqL@6W?@8C?11q�?9E�@=?9Li?=69@1q� � �2� :;�9;W89?@6� @A;L6�?ii=;i=8?@6�?L�?�E8=6C@;=�;=�?�W?9?I89I�E8=6C@;=� 89� C?L6�;X� 7?C?9Cq� X;=��� � � XK=@A6=�=6C;WW69E?@8;9�@;�@A6�H;?=E�;=�@A6�GA?=6A;1E6=Lo��66@89I�?L�@A6�C?L6�W?q�k62� � )2� :;�=6C=K8@�XK@K=6�E8=6C@;=L�@;�=6i1?C6�@A;L6�<A;L6�@6=W�8L�6Ji8=6E�X;=�XK=@A6=�=6C;WW69E?@8;9�@;��� � � @A6�H;?=E�;=�@A6�GA?=6A;1E6=Lo��66@89I� � .2� :;�9;W89?@6�E8=6C@;=�pK?18X86E�?L�?�W6Wk6=�;X�@A6�4;WW8@@66�X;=�=6C;WW69E?@8;9�@;�@A6�H;?=E��� � � 89�C?L6�;X�7?C?9Cq� � /2� :;�=6C;WW69E�A;<�@;�67?1K?@6�i6=X;=W?9C6L�;X�E8=6C@;=L�@A6�H;?=E�?9E�@A6�4;WW8@@66�?9E�@;��� � � X;11;<�Ki�<8@A�@A6�67?1K?@8;9� � ��2� :;�=6786<�?9E�i=;i;L6�?W69EW69@L� @;� @A6�LC;i6L�;X�<;=D�?9E�=6Li;9L8k818@86L�;X�4;=i;=?@6��� � � �;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66�?9E�@;�E6@6=W896�8@L�=6WK96=?@8;9L�@A?@��� � � LK8@�6?CA�L8@K?@8;9� � ��2� :;�=6C;WW69E�=6WK96=?@8;9L�;X��?9E�A;<�@;�i?q�=6WK96=?@8;9L�;=�;@A6=�k696X8@L�@;�@A6�H;?=E��� � � @A6�4;WW8@@66L�?9E�W?9?I89I�E8=6C@;=�<8@A�X?8=�?9E�=6?L;9?k16�C=8@6=8?�?9E�@;�i=;i;L6�8@�@;�@A6��� � � H;?=E�X;=�C;9L8E6=?@8;9� � ��2� :;�i6=X;=W�;@A6=��;kL�?L�69@=KL@6E�kq�@A6�H;?=E2

�� p">#&3C(2�u"��#���(&3CH�3#(2���'�&@(H"$#"'/��3(H�3##�(�� � ◆� �?76�@A6�;XX8C6�;X�@A6�W?9?I89I�E8=6C@;=�@;�k6�@A6�L6C=6@?=q�;X�@A6�4;Wi?9q�@;�A;1E�k;?=E�W66@89IL��� � � LA?=6A;1E6=Lo�W66@89IL�?9E�?E78C6�;9�@A6�7?=8;KL�1?<L�@A?@�@A6�E8=6C@;=L�LA;K1E�D9;<2� � ◆� :A6�k;?=E�;X�E8=6C@;=L�LA;K1E�E6E8C?@6�?9E�i?q�?@@69@8;9�@;�@A6�4;Wi?9q�XK11q�?9E�?=6�=6?Eq��� � � @;�?@@69E�@A6�W66@89IL�=6IK1?=1q�?@�16?L@�;9C6�676=q�@A=66�W;9@AL�?9E�?L�96C6LL?=q2�VX�@A6=6�8L��� � � ?�Li6C8?1�?I69E?� 8@� =6pK8=6L�?@� 16?L@�;96�A?1X�;X� @A6� @;@?1�E8=6C@;=L� @;�?@@69E� @;�?CA8676� @A6��� � � pK;=KW2��kL69C6�;X�@A6�k;?=E�W66@89IL�W;=6�@A?9�@A=66�C;9L6CK@876�@8W6L�<8@A;K@�?�=6?L;9?k16��� � � C?KL6�LA?11�k6�=6I?=E6E�?L�9;@�<?9@89I�@;�k6�?�E8=6C@;=�?9qW;=62� � ◆� :A6�CA?8=W?9�;X�@A6�k;?=E�LA;K1E�I876�?ii=;7?1�;9�@A6�W66@89I�?I69E?�kq�C;9LK1@89I�<8@A�@A6��� � � W?9?I89I�E8=6C@;=­�A;<676=�@A6�W?9?I89I�E8=6C@;=�LA;K1E�C;9L8E6=�?�=6pK6L@�kq�L;W6�E8=6C@;=L��� � � @;�iK@�;@A6=�8Wi;=@?9@�W?@@6=L�89�@A6�?I69E?�89�@A6�96J@�W66@89I2�

Page 127: TFD: Annual Report 2011

Annual Report 2011 125

� � ◆� :A6�CA?8=W?9�;X�@A6�k;?=E�LA;K1E�I876�C;9X8E69C6�@A?@�@A6�k;?=E�;X�E8=6C@;=L�@;�?11;C?@6�@A6�@8W6��� � � LKXX8C869@1q� X;=� @A6� W?9?I6W69@� @;� i=6L69@� E;CKW69@L� ?9E� 89X;=W?@8;9� X;=� E8LCKLL8;9� ?9E��� � � ?E6pK?Cq�X;=�@A6�E8=6C@;=L�@;�E8LCKLL�@A6�8Wi;=@?9@�8LLK6L2� � ◆� :A6� CA?8=W?9� ;X� @A6� k;?=E� LA;K1E� A?76� @A6� C16?=�W6?LK=6� X;=� @A6� E8=6C@;=L� @;� =6C6876� @A6��� � � 89X;=W?@8;9�897;176E�89�?E7?9C6�<8@A�LKXX8C869@�@8W6�@;�L@KEq�?9E�E6C8E6�C;==6C@1q�;9�@A6�W?@@6=L��� � � ?@�6?CA�k;?=E�W66@89I2� � ◆� :A6�k;?=E�;X�E8=6C@;=L�LA;K1E�L66D�E;CKW69@L�E?@?�C;9LK1@89I�<;=EL�?9E�7?=8;KL�L6=78C6L��� � � C;9C6=989I�@A6�;i6=?@8;9L�X=;W�@A6�A8IA,16761�W?9?I6W69@�?9E�W?q�L66D�89E6i69E69@�;i898;9L��� � � X=;W�;K@L8E6�C;9LK1@?9@L�?L�96C6LL?=q�@;�LKii16W69@�6?CA�W66@89I2� � ◆� V@�LA;K1E�i=6i?=6�@A6�W89K@6L�;X�@A6�k;?=E�W66@89IL�X;=�C1?=8@q�?9E�=6X6=69C62

Q2�u"��#"$#&��'("�H�B��(&3C�((�3#�3'�&3g^kk

:8W6fLg���:;@?1�W66@89I

Name /678�-6:--Directors

;<�=>?���-Committee

@>��?--Committee

A68B687?�-E6��8G7G=�H-I6J�G7?�6G-

7G�--��J>G�87?�6G-

Committee

�2� Q=2�GK9@A;=9� G?@A8=?@A?8 )���) - - -�2� �=2��=?L;9I� �?=?,=?@?9?DK1 ����) - -���- *���*+2� �=2�>?9� 58@�?1?DL?9? )���) - -���- *���**2� �=2�G;WW?=@� G?9IDA?L?i )���) - -���- *���*-2� �=2��KWi;1� :8q?=?@ )���) ����� - -�2� �=2�:?7?@CA?8� 38?=?7KE@A8¤ )���) ����� - -)2� �=2��9KDK1� �k;99KCA )���) ����� - -.2� �=L2�GKW?166� M9ICA?=8@ ����) - - -

1"�@�3Ab�'��(��Al��=L2�G8=8i;=9���89i=?q;9I�f�LL8L@?9@��?9?I89I�Q8=6C@;=��EW898L@=?@8;9�V9X;=W?@8;9�:6CA9;1;Iqg

������l� ���AC�D��E��F�����G��A�EHI���J���K�ALK�M�LI������L�N�K�������O�P�ALF��A����QLRAH�AT�-/J�1=-1������������ ���AC� UN�F���� � D�LF��HR��J� I�ALF��A� V��� V�K� L�LF�LI� ��� ALN��FL��AC� D��E��F���� � G��A�EHI���J� ��I��� � ���NN����LI������L�N�K�������O�WXLFH��EL�Y���AZ���OA�Z���L����AI��O�P�ALF��A��LL���M�[�C�-<1=-1������ � ��G��H�AT�1=J�1=-1

� s� +0�>/�(&"3"$(2�u"��#"$#&��'("�H� � ◆� :A6� k;?=E� ;X� E8=6C@;=L� LA;K1E� i=6i?=6� @A6� L61X,67?1K?@8;9� X;=W� X;=� KL6� ?L� @A6� X=?W6<;=D� X;=��� � � 6J?W89?@8;9�;X�@A6�;i6=?@8;9�;X�@A6�E8=6C@;=L�C;9L@?9@1q2� � ◆� :A6� k;?=E� ;X� E8=6C@;=L� LA;K1E� L6@� 8@L� <;=D89I� L@?9E?=EL� <8@A� C=8@6=8?� ?9E� 67?1K?@8;9� ;9� 8@L��� � � ;i6=?@8;9L�@;�C;Wi?=6�<8@A�@A6�C=8@6=8?�i6=8;E8C?11q2� � ◆� :A6� W?9?I89I� E8=6C@;=� LA;K1E� i?=@8C8i?@6� 89� 6Ji1?8989I� @A6� 6Ji6C@?@8;9L� X=;W� @A6� k;?=E� ;X��� � � E8=6C@;=L2� �

Page 128: TFD: Annual Report 2011

Thai Factory Development Public Company Limited126

� � ◆� :;�C;Wi1q�<8@A�@A6�i=89C8i16L�;X�C;=i;=?@6�I;76=9?9C6�@A6�H;?=E�A?L�C;W6�Ki�<8@A�?9�67?1K?@8;9��� � � X;=W�<A6=6� @A6� H;?=E�<811� k6� LKk�6C@� @;� 8@� ;9C6� ?� q6?=2� V9� ���)� @A6� H;?=E� C;9EKC@6E� ?��� � � L61X,67?1K?@8;9�;9�?�I=;Ki�k?L8L�kq�KL89I�?9�67?1K?@8;9�X;=W�;X�@A6�Gy:�?9E�@A6�V9L@8@K@6�;X��� � � Q8=6C@;=L�?L�?�X=?W6<;=D�@;�CA6CD�?9E�8Wi=;76�@A6�i6=X;=W?9C6L�;X�8@L�E8=6C@;=L2�:A6�67?1K?@8;9��� � � X;=W�;X�@A6�69@8=6�H;?=E�C;9L8L@L�;X�X;K=�@;i8CL�?L�X;11;<L� �2� G@=KC@K=6�;X�@A6�H;?=E��� �2� G@=?@6Iq�?9E�E8=6C@8;9L�;X�@A6�4;Wi?9q� +2� �;98@;=89I�?9E�67?1K?@8;9�;X�@A6�W?9?I6W69@��� *2� B6Li;9L8k818@86L�;X�@A6�H;?=E� � � B6LK1@L�;X�@A6�67?1K?@8;9�X;K9E�@A?@�@A6�69@8=6�H;?=E�A?E�EK1q�?9E�?ii=;i=8?@61q�i=6X;=W6E�W;L@��� � ;X�8@L��;k2

12�@(��j +(2&'H"$(2�u"��#"$#&��'("�HT(2���3�C���3(�3#(2���@>"A��H G;�?L�@;�LA;<�@A6�89@69@8;9�;X�E;89I�@A6�kKL896LL�kq�@A6�4;Wi?9q�@=?9Li?=69@1q�<8@A�W6=8@L�?9E�=6Li;9L8k818@q�@;<?=E�@A6�L@?D6A;1E6=L�C;9L8E6=89I�@A6�L;C86@q�?9E�@A6�6978=;9W69@�L;�8@�LA;K1E�L6@�@A6�4;Wi?9q�6@A8CL�X;=�@A6�k;?=E�;X�E8=6C@;=L� @A6�W?9?I6W69@�?9E�?11� @A6�6Wi1;q66L� @;�KL6�?L�IK8E61896L� 89�i=?C@8C6� 89�i?=?1161�<8@A� @A6��4;Wi?9q�=K16L�=6IK1?@8;9L�?L�X;11;<L(

� j�k+(2&'H"$(2�u"��#"$#&��'("�H�3#(2���3�C���3(� 0;=� C;Wi18?9C6� <8@A� @A6� ?k;76� i=89C8i16� @A6� k;?=E� ;X� E8=6C@;=L� ?9E� @A6� W?9?I6W69@� @;� A?76� EK@q��;9�@A6�6@A8CL�?L�X;11;<L(��� +2�2�� :A6� k;?=E� ;X� E8=6C@;=L� ?9E� @A6�W?9?I6W69@� LA?11� i6=X;=W� @A6� EK@q� ?CC;=E89I� @;� @A6� 1?<L��� � � ;k�6C@876L�?9E�=6IK1?@8;9L�;X�@A6�4;Wi?9q�?9E�@A6�=6L;1K@8;9L�;X�@A6�LA?=6A;1E6=oL�W66@89I2�� +2�2�� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�W?9?I6�X;=�@A6���k696X8@�;X�@A6�4;Wi?9q�@A6��� � � LA?=6A;1E6=L� ?9E� @A6� 6Wi1;q66L� ?@� i=6L69@� ?9E� XK@K=6� ?1L;� @;�W?89@?89� @A6� 8W?I6� ;X� @A6��� � � 4;Wi?9q2� +2�2+� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�W?9?I6�@A6��;k�<8@A�89@6I=8@q�X;=�@A6�k696X8@�;X��� � � @A6�4;Wi?9q�@A6�LA?=6A;1E6=L�?9E�@A6�6Wi1;q66L�?@�i=6L69@�?9E�XK@K=62� +2�2*� :A6�k;?=E�;X� E8=6C@;=L�WKL@�A?76� @A6� 8Wi;=@?9@� =;16� 89� C;9@=;1� ?9E�E6C8L8;9,W?D89I�;9� @A6��� � � i;18Cq� 89C1KE89I�?ii;89@89I� @A6�W?9?I6W69@� @;�W?9?I6�E?81q�?XX?8=L�<8@A�6?CA�L8E6�A?L� @A6��� � � =6Li;9L8k818@q� ;9� @A6� EK@q� @;<?=E� 6?CA�;@A6=� @;� C;Wi1q�<8@A� @A6� ;k�6C@876L� ?9E� =K16L� ;X� @A6��� � � 4;Wi?9q2�:A6�k;?=E�;X�E8=6C@;=L�LA;K1E�I876�i;<6=�@;�@A6�W?9?I6W69@�@;�E;�@A6�E?81q��;kL��� � � XK11q�<8@A;K@�89@6=X6=89I�;9�@A6�;i6=?@8;9L�?9E�9;��KL@8X8?k16�C?KL62� +2�2-� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�9;@�A?76�C;9X18C@�;X�89@6=6L@�;=�C;Wi6@8@8;9�<8@A��� � � @A6�4;Wi?9q�E8=6C@1q�;=�89E8=6C@1q2� +2�2�� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�LA?11�W?9?I6�@A6�;i6=?@8;9L�?7;8E89I�C;9X18C@��� � � ;X�89@6=6L@�<8@A�@A6�4;Wi?9q�L;�@A6�W?9?I6W69@�8L�6XX6C@876�?9E�k696X8C8?1�@;�@A6�4;Wi?9q��� � � 89C1KE89I� ◆� >;@�L66D89I�i6=L;9?1�89@6=6L@�X=;W�@A6�E8=6C@;=LA8i2� ◆� >;@�?kKL6�@A6�C;9X8E69@8?1�89X;=W?@8;9�;X�@A6�4;Wi?9q2� ◆� >;@�?�E8=6C@;=�89�?�C;Wi6@89I�C;Wi?9q2� ◆� >;@�A?789I�89@6=6L@�89�L8I989I�?�C;9@=?C@�X;=�@A6�4;Wi?9q2� +2�2)� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�W?9?I6�@A6��;k�C?=6XK11q�?9E�9;@�k89E�@A6��� � � 4;Wi?9q�@A?@�W?q�A?76�C;9X18C@�<8@A�@A68=�EK@q�1?@6=2

Page 129: TFD: Annual Report 2011

Annual Report 2011 127

� +2�2.� :A6� k;?=E� ;X� E8=6C@;=L� ?9E� @A6�W?9?I6W69@�WKL@� 9;@� L66D� i6=L;9?1� 89@6=6L@� X=;W�<;=D89I��� � � E8=6C@1q�;=�89E8=6C@1q2� +2�2/� :A6�k;?=E�;X�E8=6C@;=L�?9E� @A6�W?9?I6W69@�WKL@�<;=D�;9� @A68=�EK@q� 89� XK11�C?i?C8@q� X;=� @A6��� � � W?J8WKW�89@6=6L@�@;�@A6�4;Wi?9q2� +2�2��� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�9;@�k6�?9�8Wi;=@?9@�;i6=?@;=�;=�LA?=6A;1E6=��� � � ;=�A?789I�?�X?W81q�W6Wk6=�?L�?�E8=6C@;=�;=�LA?=6A;1E6=�89�@A6�kKL896LL�;=�?9q�kKL896LL�89�@A6�� � � L?W6�C;9E8@8;9�?9E�k689I�C;Wi6@8@8;9�;=�E;89I�kKL896LL�<8@A�@A6�4;Wi?9q�=6I?=E16LL�;X� X;=��� � � L61X,89@6=6L@�;=�X;=�;@A6=L2� +2�2��� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�@6?W�WKL@�9;@�E;�?9q�D89E�;X�W?9?I6W69@�@A?@��� � � <;K1E�C;9X18C@�<8@A�@A6�4;Wi?9q�89@6=6L@�;=�I=?9@�?E7?9@?I6�@;�@A6�;@A6=�i6=L;9�;=�C;Wi?9q�X;=��� � � L61X�;=�;@A6=�i=;X8@2� +2�2��� :A6�k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@�WKL@�E6@6=W896�@;�i=;@6C@�?9E�618W89?@6�C;==Ki@8;9��� � � ;X�?11�D89EL�k?L6E�;9�Li66E896LL�C1?=8@q�?9E�E6X898@696LL2� +2�2�+� :A6�k;?=E�;X�E8=6C@;=L�?9E� @A6�W?9?I6W69@�WKL@�k6� 89E6i69E69C6� 89�E6C8L8;9,W?D89I�?9E��� � � i6=X;=W?9C6�89C1KE89I�C=6?@89I�L?@8LX?C@8;9�X=;W�@A6�C;==6C@96LL�;X�@A6�E6C8L8;9,W?D89I�kq�@A6��� � � k;?=E�;X�E8=6C@;=L�?9E�@A6�W?9?I6W69@2

j�g=�@>���3(�(&"3HuA(2���@>"A��H� :A6�4;Wi?9qoL�kKL896LL�8L�@A6�=6?1�6L@?@6�E6761;iW69@�k;@A�89�@A6�89EKL@=8?1�?9E�=6L8E69@8?1�L6C@;=L2�:A6�4;Wi?9q�;i@8W8�6�@;�@A6�LA?=6A;1E6=L�@A?@�8@�8L�96C6LL?=q�@;�W?89@?89�i=;X6LL8;9?18LW�X16J8k818@q�?9E�89E6i69E69C6�@;�W?89@?89�@A;L6�CA?=?C@6=8L@8CL�XK=@A6=2��G;�@A6�4;Wi?9q�A?L�IK8E61896L�X;=�@A6�6Wi1;q66L�?L�X;11;<L(��� +2�2�� G�A6�E;6L�@A6�EK@q�<8@A�=6Li;9L8k818@q�89@6I=8@q�E6@6=W89?@8;9�E6E8C?@8;9�?9E�;kL6=7?@8;9�;X�@A6��� � � =K16L�?9E�i;18C86L�<8@A�89@6=6L@�;X�@A6�4;Wi?9q�?L�i=8;=8@q2�� +2�2�� G�A6�L@=8C@1q�W?89@?89L�@A6�L6C=6@L�;X�@A6�CKL@;W6=L�@=?E6�i?=@96=L�?9E�C?=89I�9;@�@;�?11;<�@A6��� � � L6C=6@�;X�@A6�4;Wi?9q�@;�@A6�;K@L8E6=L�@A?@�W?q�C?KL6�E?W?I6�@;�@A6�4;Wi?9q2� +2�2+� G�A6�=6Li6C@L�89�i6=L;9?1�=8IA@L�;X�;@A6=�6Wi1;q66L�?7;8E89I�k=89I89I�E?@?�;=�89X;=W?@8;9�;X��� � � ;@A6=�6Wi1;q66L�C;9C6=989I�@A6�;i6=?@8;9L�?9E�i6=L;9?1�W?@@6=L�@;�E8LC1;L6�;=�C;WW69@�89�@A6��� � � X;=W�@;�C?KL6�E?W?I6�@;�6Wi1;q66L�;=�;76=?11�8W?I6�;X�@A6�4;Wi?9q2� +2�2*� G�A6� E;6L� 9;@� E6X?W6� ;=� E;� ?9q@A89I� @;� 16?E� 89@;� @A6� 89@6=9?1� E878L8;9� <A8CA� E?W?I6� @A6��� � � 4;Wi?9q�;=�i6=L;9L�897;176E2� +2�2-� G�A6�W?89@?89L�?9E�C=6?@6L�K98@q�?9E�@6?W�Li8=8@�?W;9I�@A6�6Wi1;q66L�?9E�A61iL�@;�LKii;=@��� � � 6?CA�;@A6=�X;=�k696X8@�@;�@A6�4;Wi?9q�;9�@A6�;76=?112� +2�2�� G�A6� @=6?@L� @A6� C;116?IK6L�<8@A� i;18@696LL� Li8=8@� ?9E� I;;E� AKW?9� =61?@8;9L� 9;@� C;9C6?189I��� � � 96C6LL?=q�E?@?�;9�@A6�;i6=?@8;9�;X�@A6�C;116?IK6L�?9E�k6�I;;E�C;;i6=?@6�<8@A�;@A6=�i6;i16��� � � 89C1KE89I�I8789I�A;9;=�@;�;@A6=L�9;@�C1?8W89I�@A6�<;=D�i=;EKC@L�;X�;@A6=L�?L�A8L�;<92� �� +2�2)� G�A6�LA?11�k6A?76�?9E�E6761;i�A8WL61X�A6=L61X�X;=�k696X8@�@A6WL6176L�?9E�@A6�C;Wi?9q�kq�?1<?qL��� � � L66D89I�D9;<16EI6�?9E�6Ji6=869C6�@;�kK81E�<;=D89I�?k818@q�?EA6=6�@;�@A6�W6=8@L�?kL@?8989I�X=;W��� � � ?11�@A6�78C6L�9;@�@;�k6A?76�@A?@�W?q�C?KL6�k?E�=6iK@?@8;9�@;�L61X�?9E�@A6�4;Wi?9q2� +2�2.� G�A6�LA?11�9;@8Xq�@A6�LKi6=8;=�;=�@A6�?KE8@�C;WW8@@66�8X�X89E89I�@A6�4;Wi?9q�;=�8@L�W?9?I6W69@��� � � ;=�6Wi1;q66�@;�E;�L;W6@A89I�89�k?E�X?8@A�;=�C;==Ki@8;92� +2�2/� G�A6�LA?11�i?q�?@@69@8;9�?9E�A61i�89�?9q@A89I�@;�C;9L6=76�@A6�6978=;9W69@�?9E�?@W;LiA6=6�;9��� � � <;=D89I�89C1KE89I�E6761;iW69@�;X�@A6�;=I?98�?@8;9�@;�6JC61169C62� +2�2��� G�A6�LA;K1E�?7;8E�@;�I876���=6C6876�@A89IL�I8789I���?CC6i@89I�?�i?=@q�;=�?9q�k696X8@L�X=;W�@A6��� � � @=?E6�i?=@96=L�;=�L@?D6A;1E6=L�;X�@A6�4;Wi?9q�6JC6i@�X;=�@A6�k696X8@�89�E;89I�kKL896LL�89�@A6��� � � =8IA@6;KL�<?q�;X�@A6�4;Wi?9q�;=�89�X6L@87?1�;=�@=?E8@8;9�?@�@A6�LK8@?k16�7?1K62��:A6�=6C8i869@�LA?11��� � � C;9L8E6=� 8X� @A6� I8X@� =6C6876E� 89� @A6�W;96@?=q� X;=W� ;=� @A89IL�<8@A� A8IA� 7?1K6� LA?11� 9;@8Xq� @A6��� � � LKi6=8;=�;=�=6@K=9�8@2

Page 130: TFD: Annual Report 2011

Thai Factory Development Public Company Limited128

12�@(��] R&3�3'&�>��@"�(T��3�C��&�>��@"�(�3#�/#&(&3C k� ��@"�(H"3$&3�3'��3#�#�&3&H(��(&"3� � ◆� :A6�C;WW8@@66�LA;K1E�=6i;=@�;9�@A6�L@?@KL�67?1K?@8;9�?9E�@=69E�;X�@A6�4;Wi?9q�LKWW?=8�89I��� � � 89�@A6�@6=WL�@A?@�8L�6?Lq�@;�K9E6=L@?9E�89�@A6�?99K?1�=6i;=@�;X�@A6�4;Wi?9q2��� � ◆� :A6�k;?=E�;X�E8=6C@;=L�WKL@�i=6i?=6�@A6�k?1?9C6�LA66@�i=;X8@�?9E�1;LL�L@?@6W69@�?9E�=6i;=@�;X��� � � @A6�?KE8@;=�@;I6@A6=�<8@A�@A6�?99K?1�=6i;=@�;X�@A6�k;?=E�;X�E8=6C@;=L�i=6L69@6E�@;�@A6�LA?=6A;1E6=L��� � � 89�@A6�?99K?1�I696=?1�W66@89I�f���g�X;=�?ii=;7?12� � ◆� V@�LA?11�i=6i?=6�@A6�?EW898L@=?@876�=6i;=@�;9�?9?1qL8L�89�7?=8;KL�X;=WL�?L�@A6�k;?=E�;X�E8=6C@;=L��� � � =6pK8=6E�;@A6=�@A?9�@A6�X89?9C8?1�?9E�?KE8@�=6i;=@L2

g� 1"3(�">�3#&3(��3�>�/#&(� � ◆� :A6�k;?=E�;X� E8=6C@;=L� LA;K1E� =6786<� @A6�6XX6C@87696LL�;X� @A6� 89@6=9?1� C;9@=;1� LqL@6W�;X� @A6��� � � 4;Wi?9q�X;=�@A6�<A;16�I=;Ki�?9E�LA;K1E�=6i;=@�@;�@A6�LA?=6A;1E6=L�;9�LKCA�?C@8;92�:A6�?KE8@��� � � LA;K1E�C;76=�676=q@A89I�89C1KE89I�@A6�X89?9C8?1�C;9@=;1�;i6=?@8;9L�I;76=9?9C6�?9E�C;Wi18?9C6��� � � C;9@=;1�=8LD�W?9?I6W69@�?9E�i=8;=8@q�@;�@A6�K9KLK?1�8@6WL2

� j� Q2��/#&('"��&((���3#(2��/#&("�� � ◆� :A6�k;?=E�;X�E8=6C@;=L�LA;K1E�i=;78E6�@A6�LqL@6W�@A?@�8L�;XX8C8?1�?9E�@=?9Li?=69@�89�W?89@?8989I��� � � =61?@8;9�<8@A�@A6�89@6=9?1�?9E�6J@6=9?1�?KE8@;=L�<8@A�@A6�?KE8@�C;WW8@@66�?L�@A6�C;;=E89?@;=2� � ◆� :A6�6J@6=9?1�?KE8@;=�LA;K1E�C;9X8=W�89E6i69E69Cq�;X�A8WL61X�6?CA�q6?=�@;�@A6�?KE8@�C;WW8@@66��� � � ?9E�@A6�7?=8;KL�W6@A;EL�KL6E�89�@A6�?KE8@89I�;XX8C6�X;=�C;9X8E69C6�;X�89E6i69E69Cq�;X�@A6�6J@6=9?1�� � � ?KE8@;=2� � ◆� :A6�?KE8@;=�8L�69@8@16E�@;�76=8Xq�@A6�=6i;=@L�;=�;@A6=�X89?9C8?1�=6i;=@L�@A?@�@A6�k;?=E�;X�E8=6C@;=L��� � � 8LLK6L�@;I6@A6=�<8@A�@A6�X89?9C8?1�=6i;=@�@A?@�8@�A?L�?KE8@6E�?9E�C?9�=6i;=@�@A6�?k9;=W?18@q�89�@A6��� � � =6i;=@�@A?@�8L�89C;9L8L@69@�<8@A�@A6�?KE8@6E�X89?9C8?1�L@?@6W69@2� � ◆� :A6�?KE8@�C;WW8@@66�A?L�@A6�EK@q�@;�k6�=6Li;9L8k16�X;=�@A6�=6786<�?9E�@A6�X89?9C8?1�=6i;=@2� � ◆� :A6� =6WK96=?@8;9� ;9� @A6� ?KE8@� ?9E� ;@A6=� X66L� i?8E� @;� @A6� ?KE8@;=� LA;K1E� k6� E8LC1;L6E��� � � L6i?=?@61q�89�@A6�X89?9C8?1�L@?@6W69@�X;=�@=?9Li?=69Cq�?9E�89E6i69E69Cq�;X�@A6�?KE8@;=2

� ]� �&H���3�C���3(� � ◆� G6@�Ki�@6?W<;=D�;=�C16?=1q�?K@A;=8�6�@;�@A6�K98@�<8@A89�@A6�4;Wi?9q�X;=�76=8Xq89I�?9E�I;76=989I��� � � ;X�@A6�=8LD�W?9?I6W69@�LKCA�?L�X89?9C8?1�=8LDL�;i6=?@8;9�=8LDL�kKL896LL�=8LDL�;=�6769@�=8LD�6@C2� � ◆� �=;78E89I�@A6�=8LD�?9?1qL8L�?9E�@=69E�@A?@�W?q�A?ii69�?9E�?XX6C@�@A6�4;Wi?9q�89@6=9?11q�?9E��� � � 6J@6=9?11q2� � ◆� �=6i?=89I�@A6�=8LD�W?9?I6W69@�=6i;=@�@;�k6�i=6L69@6E�@;�@A6�k;?=E�;X�E8=6C@;=L2

12�@(��h �&C2(H�3#��/&(A"$(2�H2���2">#��H k� �&C2(H�3#��/&(A"$(2�H2���2">#��H� � ◆� :A6�k;?=E�;X� E8=6C@;=L� LA;K1E�i=;78E6� C;9769869C6�?@� @A6� LA?=6A;1E6=L�W66@89IL�<8@A�6pK?1��� � � @=6?@W69@�X;=�?11�9;@A89I�@;�18W8@�@A6�89X;=W?@8;9�;X�@A6�4;Wi?9q�?9E�?@@69E�@A6�W66@89IL�;X�@A6��� � � LA?=6A;1E6=L2��� � ◆� :A6�LA?=6A;1E6=L�LA;K1E�=6C6876�@A6�6pK?1�;ii;=@K98@q�@;�6Ji=6LL�;i898;9L�?9E�i=6L69@�pK6L@8;9L��� � � @;�@A6�W66@89I�?CC;=E89I�@;�@A6�?I69E?�?9E�8@6WL�i=6L69@6E2��:A6�CA?8=W?9�;X�@A6�W66@89I��� � � LA;K1E�?11;C?@6�@A6�@8W6�?ii=;i=8?@61q�?9E�i=;W;@6�6Ji=6LL8;9�;X�;i898;9L�?9E�89pK8=86L�?@�@A6��� � � W66@89I2

Page 131: TFD: Annual Report 2011

Annual Report 2011 129

� � ◆� :A6� LA?=6A;1E6=L� LA;K1E� A?76� @A6� =8IA@� @;� 7;@6� X;=� 6?CA� 8@6W� i=;i;L6E� ?9E� @A6� k;?=E� ;X��� � � E8=6C@;=L�LA;K1E�9;@�kK9E16�W?9q�K9=61?@6E�kKL896LL6L�X;=�?ii=;7?1�89�;96�=6L;1K@8;92��� � ◆� y?CA�E8=6C@;=�6Li6C8?11q�@A6�CA?8=W?9�;X�@A6�k;?=E�CA?8=W?9�;X�@A6�C;WW8@@66L�LA;K1E�?@@69E��� � � @A6�W66@89IL�;X�@A6�LA?=6A;1E6=L�@;�?9L<6=�@A6�pK6L@8;9L�kq�@A6�W66@89I�?@@69E?9@L2

12�@(��� �">�"$(2�H(���2">#��H� � ◆� :A6� k;?=E� ;X� E8=6C@;=L� LA;K1E� k6� ?<?=6� ?9E� I876L� C;9X8E69C6� @A?@� @A6� L@?D6A;1E6=� ;X� @A6��� � � 4;Wi?9q�LA?11�k6�@?D69�C?=6�XK11q2� � ◆� :A6�k;?=E�;X�E8=6C@;=L�LA;K1E�=6i;=@�@A6�9;9,X89?9C8?1�E?@?�@A?@�LA;<L�@A6�L@?D6A;1E6=�?=6�@?D69��� � � C?=6�?9E�C;9L8E6=6E�76=q�<611�89�W?D89I�?�E6C8L8;9�X;=�@A6�4;Wi?9q2� � ◆� :A6�k;?=E�;X�E8=6C@;=L�LA;K1E�Li6C8Xq�XK11q�<A;�?=6�@A6�L@?D6A;1E6=L�?9E�=?9D�@A68=�i=8;=8@q�X;=��� � � C;9L8E6=?@8;9�<8@A;K@�?9q�W8L@?D6�;=�X?81K=6�89�kKL896LL�;i6=?@8;9�?@�@A6�69E2

� � :A6�=;16�;X�@A6�L@?D6A;1E6=L�;X�@A6�4;Wi?9q�8L�?L�X;11;<L

��k��H@"3H&u&>&(A$"�(2�H2���2">#��H� � :A6�4;Wi?9q�8L�E6@6=W896E�@;�k6�@A6�I;;E�=6i=6L69@?@876�;X�@A6�LA?=6A;1E6=L�@;�E;�kKL896LL�@;�kK81E�A8IA6L@�L?@8LX?C@8;9�X;=�@A6�LA?=6A;1E6=L�C;9L8E6=89I�@A6�7?1K6�I=;<@A�;X�@A6�4;Wi?9q�89�@A6�1;9I�=K9�?9E�I;;E�=6@K=9�;9�8976L@W69@�C;9@89K;KL1q�?@�@A6�LK8@?k16�167612��V@�LA?11�E;�@=?9Li?=69@1q­�kK81E�C;9X8E69C6�;X�@A6�?CC;K9@89I�LqL@6W�@;�C;Wi1q�<8@A�@A6�L?8E�i=89C8i16�L;�8@�6Wk=?C6L�@A6L6�IK8E61896L(� �2�2�� :A6�4;Wi?9qoL�I=;<@A�;X�7?1K6�89�@A6�1;9I�=K9� � � ◆� V@�i6=X;=WL�@A6�EK@q�<8@A�89@6I=8@q�?9E�X?8=96LL�@;�@A6�W?�;=�?9E�K1@8W?@6�LA?=6A;1E6=L�X;=��� � � � ;76=?11�W?J8W8�?@8;92� � � ◆� V@�W?9?I6L�kq�KL89I�@A6�D9;<16EI6�?k818@q�?9E�LD811�XK11q�89C1KE89I�C?=6XK196LL�?9E�i=KE69C6��� � � � 89�@A6�E6C8L8;9�@;�E;�89�?9q�C?L6L2� � � ◆� V@�E;6L�9;@�E;�?9q@A89I�@;�C?KL6�C;9X18C@�;X�89@6=6L@�@;�@A6�4;Wi?9q2� �2�2�� Q8LC1;LK=6�;X�89X;=W?@8;9� � � ◆� V@� =6i;=@L� @A6� L@?@KL� ?9E� @A6� XK@K=6� @=69E� ;X� @A6� 4;Wi?9q� @;� @A6� LA?=6A;1E6=L� 6pK?11q��� � � � =6IK1?=1q�?9E�XK11q�?L�8@�?C@K?11q�A?ii69L2� � � ◆� V@� LA?11� 9;@� L66D� L61X,89@6=6L@� ?9E� X=;W� @A6� 897;176E� i6=L;9L� KL89I� ?9q� 7?1K6� ;X� @A6��� � � � 4;Wi?9q�9;@�E8LC1;L6E�@;�@A6�iKk18C2� � � ◆� V@�E;6L�9;@�E8LC1;L6�C;9X8E69@8?1�E?@?�@;�@A6�;K@L8E6=L�<A8CA�W?q�C?KL6�?E76=L6�6XX6C@L�@;�@A6��� � � � 4;Wi?9q2

� ��g��>�(&"3H2&@�&(2(2�'/H("���H� � :A6�4;Wi?9q� 8L�E6@6=W896E� @;�C=6?@6�L?@8LX?C@8;9�?9E�C;9X8E69C6�<8@A� @A6�CKL@;W6=L� @;� =6C6876� @A6�I;;E��i=;EKC@L�?9E�L6=78C6�<8@A�@A6�pK?18@q�?@�@A6�LK8@?k16�i=8C6�89C1KE89I�W?89@?8989I�I;;E�?9E�LKL@?89?k16�=61?@8;9L�L;�8@�A?L�L6@�@A6�IK8E61896L�?L�X;11;<L(� �2�2�� �=;EKC6L�pK?18@q�I;;EL�?9E�L6=78C6�<8@A�E6@6=W89?@8;9�@;�E6761;i�@A6�L@?9E?=E�;X�@A6�I;;EL�@;��� � � A?76�A8IA6=�pK?18@q�C;9@89K;KL1q�?9E�=676?1�@A6�89X;=W?@8;9�;9�@A6�I;;EL�?9E�L6=78C6�C;==6C@1q��� � � ?9E�C;Wi16@61q�9;�E8L@;=@8;9�;X�X?C@L�?9E�D66iL�Ki�<8@A�@A6�6769@2� �2�2�� �876L�<?==?9@q�;9�@A6�I;;EL�?9E�L6=78C6�K9E6=�@A6�LK8@?k16�C;9E8@8;9L2� �2�2+� �=;EKC6L�@A6�LqL@6W�X;=�@A6�CKL@;W6=L�C?9�C;Wi1?89�;9�@A6�I;;EL�L6=78C6�?9E�;i6=?@8;9L�@A6��� � � k6L@�X;=�@A6�I;;EL�@;�=6C6876�pK8CD�=6Li;9L62� �2�2*� Q;�9;@�W?D6�6JC6LL876�i=;X8@�C;Wi?=6E�<8@A�@A6�pK?18@q�;X�@A6�I;;EL�;=�L6=78C6�89�@A6�L?W6�@qi6��� � � ;=�D89E�?9E�E;�9;@�Li6C8Xq�@A6�@=?E6�C;9E8@8;9L�@A?@�?=6�K9X?8=�@;�@A6�CKL@;W6=L2

Page 132: TFD: Annual Report 2011

Thai Factory Development Public Company Limited130

� �2�2-� 4;Wi186L�<8@A�@A6�@6=WL�?9E�C;9E8@8;9L�<8@A�@A6�CKL@;W6=L�L@=8C@1q� 8X� 8@�C?99;@�E;� 8@� 8@�WKL@��� � � 9;@8Xq�@A6�CKL@;W6=L�89�?E7?9C6�@;�C;9L8E6=��;89@1q�X89E89I�IK8E61896L�;9�C;==6C@8;92� �2�2�� 566iL�@A6�L6C=6@�;X�@A6�CKL@;W6=L�L6=8;KL1q�?9E�C;9L@?9@1q�89C1KE89I�9;@�KL89I�X;=�L61X,89@6=6L@��� � � ?9E�X;=�@A6�897;176E�i6=L;9L�8116I?11q2

��j��>�(&"3H�&(2&(H(��#�@��(3��HT'"�@�(&("�H�3#'��#&("�H� � :A6�4;Wi?9q�LA?11�C;9L8E6=�@A6�6pK?18@q�?9E�89@6I=8@q�89�@A6�kKL896LL�;i6=?@8;9L�?9E�@A6�89@6=6L@L��;89@1q�<8@A�8@L�@=?E6�i?=@96=L�?L�@A6q�LA?11�C;Wi1q�<8@A�@A6�1?<L�?9E�=K16L�L@=8C@1q�?9E�I;;E�6@A8CL�89�@A6�kKL896LL�;i6=?@8;9L2��£A816�@A6�kKL896LL�@A?@�8L�89�C;Wi6@8@8;9�@A6�4;Wi?9q�LA?11�?EA6=6�@;�@A6�=K16L�;9�I;;E�C;Wi6@8@8;9�?9E�IK8E61896L�?9E��X?8=96LL� 89�k;==;<89I� X=;W� @A6�C=6E8@;=�?9E� =6i?qW69@2� �G;�?L� @;�C;Wi1q�<8@A� @A6�L?8E�i=89C8i16� @A6�4;Wi?9q�A?L�Li6C8X86E�i=?C@8C?1�IK8E61896L�?L�X;11;<L(� �2+2�� B61?@8;9L�<8@A�@A6�@=?E6�i?=@96=L� � � ◆� V@�LA?11�9;@�E6W?9E�;=�=6C6876�;=�i?q�X;=�@A6�k696X8@�;X�?9q�89�k?E�X?8@A�X=;W�8@L�@=?E6�i?=@96=L2� � � ◆� V@�LA?11�C;Wi1q�<8@A�@A6�6J8L@89I�C;9E8@8;9L�L@=8C@1q�<8@A�i?=@96=L2� � � ◆� V9�C?L6�;X�C?99;@�C;Wi1q�<8@A�@A6�C;9E8@8;9L�8@�LA?11�9;@8Xq�@A6�@=?E6�i?=@96=L�89�?E7?9C6�@;��� � � � �;89@1q�X89E�@A6�IK8E61896L�;9�L;1789I�@A6�i=;k16WL�<8@A��KL@8X8C?@8;92� �2+2�� B61?@8;9L�<8@A�@A6�@=?E6�C;Wi6@8@;=L� � � ◆� V@�LA?11�C;Wi1q�<8@A�@A6�=K16L�;9�I;;E�C;Wi6@8@8;92� � � ◆� V@�LA?11�9;@�@=q�@;�E6L@=;q�@A6�=6iK@?@8;9�;X�@A6�C;Wi6@8@;=�kq�L1?9E6=89I�?9E�k?L616LL�?116I?@8;92� �2+2+� B61?@8;9L�<8@A�@A6�@=?E6�C=6E8@;=L�� � � ◆� V@�LA?11�W?89@?89�?9E�C;Wi1q�<8@A�@A6�C;9E8@8;9L�<8@A�@A6�C=6E8@;=L�L@=8C@1q�;9�=6i?qW69@�?9E��� � � � C?=6�;X�L6CK=8@86L�IK?=?9@66L�?9E�;@A6=�C;9E8@8;9L�89C1KE89I�9;@�KL89I�@A6�XK9EL�=6C6876E��� � � � X=;W�1;?9L�@;�k6�C;9@=?=q�@;�@A6�;k�6C@876�89�@A6�?I=66W69@�W?E6�<8@A�@A6�169E6=L2� �� � � ◆� B6i;=@�@A6�X89?9C8?1�L@?@KL�@;�@A6�C=6E8@;=L�<8@A�A;96L@q2� � � ◆� B6i;=@�@;�@A6�C=6E8@;=L�89�?E7?9C6�8X�8@�C?99;@�C;Wi1q�<8@A�@A6�;k18I?@8;9L�89�@A6�C;9@=?C@��� � � � ?9E�@=q�@;�X89E�IK8E61896L�;9�?��;89@�L;1K@8;92

� ��]��H@"3H&u&>&(A$"�(2���@>"A��H� � :A6�4;Wi?9q�LA?11�=6I?=E�@A6�6Wi1;q66L�?=6�?�X?C@;=�@;�8@L�LKCC6LL�L;�8@�E6@6=W896L�@;�E6761;i�kK81E�CK1@K=6�?9E�I;;E�?@W;LiA6=6�89C1KE89I�i=;W;@89I�@6?W<;=D�X;=�C;9X8E69C6�;X�@A6�6Wi1;q66L2��G;�@A6q�C?9�E;�LKL@?89?k16�<;=D�<8@A�@A6�4;Wi?9q�L;�8@�Li6C8X86L�@A6�IK8E61896L�?L�X;11;<L(� �2*2�� :A6�6Wi1;q66L�=6C6876�X?8=�=6WK96=?@8;9�89�@A6�X;=W�;X�L?1?=86L�?9E�;=�?99K?1�C;Wi69L?@8;9��� � � 89C1KE89I�@A6�7?=8;KL�X=89I6�k696X8@L2� �2*2�� 4?=6L�X;=�@A6�<;=D89I�C;9E8@8;9�<8@A�L?X6@q�X;=�@A6�18X6�?9E�i=;i6=@q�;X�@A6�6Wi1;q66L2� �2*2+� �ii;89@L� ?9E� @=?9LX6=L� 89C1KE89I� I876L� =6<?=EL� ?9E�W?D6L� E8LC8i189?=q� ?C@8;9�<8@A� 6pK?18@q��� � � A;96L@q�?9E� �KL@8X8C?@8;9�k?L6E�;9� @A6�D9;<16EI6�?k818@q�?9E�LK8@?k818@q� 89C1KE89I�W?D89I�;=��� � � i6=X;=W89I�X;=�@A6�6Wi1;q66L2� �2*2*� �876L�i=8;=8@q�;9�E6761;iW69@�?9E�@=?9LX6=�;X�D9;<16EI6�?9E�?k818@q�;X�@A6�6Wi1;q66L�kq�I8789I��� � � ;ii;=@K98@q�@;�@A6�6Wi1;q66L�<8E61q�?9E�=6IK1?=1q2� �2*2-� �8L@69L�@;�@A6�8E6?L�?9E�i=;i;L8@8;9L�X=;W�@A6�6Wi1;q66L�?@�?11�16761L�6pK?11q�?9E�6pK8@?k1q2� �2*2�� 4;Wi186L�<8@A�@A6�1?<L�?9E�=6IK1?@8;9L�C;9C6=989I�@A6�6Wi1;q66L�L@=8C@1q2� �2*2)� �?9?I6L� kq� ?7;8E89I� ?9q@A89I� K9X?8=� <A8CA� W?q� A?76� 6XX6C@L� ;9� @A6� EK@q� L@?k818@q� ;X� @A6��� � � 6Wi1;q66L� �2*2.� :=6?@L�@A6�6Wi1;q66L�<8@A�i;18@696LL�?9E�=6Li6C@�6pK?11q�X;=�676=q;962� �2*2/� :A6�6Wi1;q66L�A?76�?9�;ii;=@K98@q�@;�9;@8Xq�;9�8116I?18@q�;X�@A6�4;Wi?9q�kq�=6i;=@89I�@;�@A6��� � � LKi6=8;=�;=�@A6�?KE8@�C;WW8@@662

Page 133: TFD: Annual Report 2011

Annual Report 2011 131

��h��H@"3H&u&>&(A$"�(2�H"'&�(A�3#(2��30&�"3��3(� � :A6�4;Wi?9q�8L�?<?=6�?9E�C?=6�X;=�L?X6@q�;X�@A6�L;C86@q�6978=;9W69@�?9E�18X6�pK?18@q�;X�@A6�i6;i16�89C1KE89I�I8789I�i=8;=8@q�@;�C;9L6=7?@8;9�;X�@A6�6J8L@89I�?9E�18W8@6E�9?@K=?1�=6L;K=C6L�X;=�@A6�96J@�I696=?@8;9�89C1KE89I�KL89I�@A6�696=Iq�<8@A�6XX8C869Cq�X;=�LKL@?89?k16�E6761;iW69@2��:A6=6X;=6�@A6�4;Wi?9q�A?L�i=6LC=8k6E�@A6�IK8E61896L�?L�X;11;<L(� �2-2�� :;�C;9L8E6=�@A6�;i@8;9�<8@A�W898WKW�8Wi?C@�;9�@A6�L;C86@q�6978=;9W69@�?9E�18X6�pK?18@q�;X�@A6��� � � i6;i16�kq�KL89I�@A6�k696X8@L�X=;W�9?@K=?1�=6L;K=C6L2� �2-2�� :;�LKii;=@�@A6�C=6?@876�?C@878@86L�X;=�@A6�L;C86@q�?9E�6978=;9W69@�=6IK1?=1q�X=;W�@A6�4;Wi?9qoL��� � � i=;X8@2� �2-2+� :;�89CK1C?@6�@A6�C;9LC869C6�;X�L;C8?1�=6Li;9L8k818@q�?9E�@A6�6978=;9W69@�?W;9I�@A6�6Wi1;q66L��� � � ?@�?11�16761L�C;9@89K;KL1q�?9E�6?=96L@1q2� �2-2*� :;�I876�i=8;=8@q�;X�?11�@=?9L?C@8;9�E6?1�<8@A�@A6�@=?E6�i?=@96=L�<A;�A?L�@A6�L?W6�I;?1�89�L;C86@q��� � � ?9E�6978=;9W69@2� �2-2-� :;�@=6?@�?9E�C;;i6=?@6�;=�C;9@=;1�X;=�L@=8C@�@=6?@W69@�?CC;=E89I�@;�@A6�89@69@8;9�;X�@A6�1?<�?9E��� � � =6IK1?@8;9L�8LLK6E�kq�@A6�C;=i;=?@6�I;76=9?9C6�L6C@8;92� �2-2�� :;�=6I?=E�8@�?L�?�W?89�EK@q�?9E�i;18Cq�@;�I876�i=8;=8@q�@;�@A6�?C@878@86L�;X�@A6�C;WWK98@q�?9E��� � � L;C86@q�?8W89I�X;=�E6761;iW69@�;X�L;C86@q�@A6�6978=;9W69@�C=6?@878@q�?9E�C;9L6=7?@8;9�;X�@A6��� � � I;;E�9?@K=?1�=6L;K=C6L2��V9C1KE89I�LKii;=@89I�6EKC?@8;9�@;�@A6�q;K@A�LKii;=@�iKk18C�?C@878@86L�@A?@��� � � k696X8@�@A6�E6i=876E�C;WWK98@86L�@;�k6�L@=;9I6=�L61X,=618?9@�K9E6=�@A6�L61X,LKXX8C869@�6C;9;Wq��� � � <8@A�C=6?@878@q�@;�LD811�?9E�E6761;iW69@�;X�;CCKi?@8;9�@;�@A6�I696=?1�C;WWK98@86L2

12�@(��s %&H'>"H/��"$&3$"���(&"3�3#(��3H@���3'A :A6�=;16�;X�@A6�k;?=E�;X�E8=6C@;=L�C;9C6=989I�@A6�E8LC1;LK=6�;X�89X;=W?@8;9�?9E�@=?9Li?=69Cq� � ◆� :A6�k;?=E�;X�E8=6C@;=L�A?L�@A6�EK@q�@;�E8LC1;L6�89X;=W?@8;9�;9�X89?9C8?1�?9E�9;9,X89?9C8?1�=6i;=@��� � � LKXX8C869@1q� =618?k1q� ?9E� 89� @8W6� X;=� @A6� LA?=6A;1E6=L� ?9E� @A6� L@?D6A;1E6=L� @;� =6C6876� @A6��� � � 89X;=W?@8;9�6pK?11q�?L�i=6LC=8k6E�kq�@A6�1?<�=6IK1?@8;9�?9E�@A6�iKk18C�L6C@;=�897;176E2��� � ◆� :A6�4;Wi?9q�LA;K1E�k6�i=6i?=6E�@A6�C;=i;=?@6�89X;=W?@8;9�C?=6XK11q�C16?=1q�?9E�C;Wi?C@1q��� � � KL89I�L8Wi18X86E�1?9IK?I6�<8@A�@=?9Li?=69Cq2�B6IK1?=1q�E8LC1;L6�;X�8Wi;=@?9@�89X;=W?@8;9�;9�k;@A��� � � i;L8@876�?9E�96I?@876�L8E6L�<A8CA�C?=6XK11q�9;@�@;�C?KL6�KL6=L�W8LK9E6=L@?9E89I�?9E�C;9XKL6�;X��� � � X?C@K?1�89X;=W?@8;92� � ◆� �=;78E89I�?9� 8976L@;=� =61?@8;9L�K98@� @;�iKk18C8�6L�C;WWK98C?@6L�E?@?� @A?@� 8L�k696X8C8?1� @;� @A6��� � � LA?=6A;1E6=L� @A6� 8976L@;=L� @A6� L6CK=8@86L� ?9?1qL@L� ?9E� @A6� 897;176E� i6=L;9L� @;� D9;<� @A6��� � � 89X;=W?@8;9�;X�@A6�4;Wi?9q2��� � ◆� :A6� k;?=E� ;X� E8=6C@;=L� LA;K1E� i=;78E6� LKXX8C869@� =6L;K=C6L� @;� A61i� E6761;i� C?i?k818@q� ;X� @A6��� � � W?9?I6W69@�89�i=6L69@89I�89X;=W?@8;9�?9E�C;WWK98C?@8;9L2� � ◆ :A6�4;Wi?9q�LA;K1E�E8LC1;L6�@A6�8Wi;=@?9@�89X;=W?@8;9�@;�@A6�iKk18C�?L�X;11;<L(� ◆� Mk�6C@876L�;X�@A6�4;Wi?9q2� ◆� 089?9C8?1�L@?@KL�?9E�;i6=?@8;9�=6LK1@L�;X�@A6�4;Wi?9q2� ◆� G@=KC@K=6�;X�LA?=6A;1E89I�?9E�@A6�=8IA@�@;�7;@62� ◆� �8L@�;X�@A6�E8=6C@;=L�C;WW8@@66L�@A6�L698;=�W?9?I6W69@�?9E�@A68=�=6WK96=?@8;92� ◆� 0?C@;=L�?9E�i;18C86L�;9�=8LD�W?9?I6W69@�@A?@�8L�78L8k16�C;9C6=989I�@A6�;i6=?@8;9L�?9E��� � X89?9C62� ◆� VLLK6L�<8@A�6LL69C6�C;9C6=989I�@A6�6Wi1;q66L�?9E�@A6�L@?D6A;1E6=L2� � ◆� V@�LA;K1E�K97681�89�@A6�?99K?1�=6i;=@�;9�@A6�9KWk6=�;X�@8W6L�@A?@�6?CA�;X�@A6�E8=6C@;=L�?9E�;=��� � � @A6� LKkC;WW8@@66L� ?@@69EL� @A6�W66@89IL� C;Wi?=6E�<8@A� @A6� 9KWk6=� ;X� @8W6L� ;X� @A6� k;?=E��� � � W66@89IL�?9E�;=�LKkC;WW8@@66L�6?CA�q6?=2

Page 134: TFD: Annual Report 2011

Thai Factory Development Public Company Limited132

Policy on internal control

k� Ou{�'(&0�"$(2�&3(��3�>'"3(�">� � � � �V9@6=9?1�4;9@=;1��8L�@A6�i=;C6LL�;X�<;=D89I�;=�8Wi16W69@89I�@A6��;k�@A?@�@A6�k;?=E�;X�E8=6C@;=L�?9E�i6=L;9961��� � � � ;X�?11�16761L�;X�@A6�4;Wi?9q�i=;78E6E�X;=�C;9X8E69C6�<8@A��KL@8X8C?@8;9�;9�@A6�;i6=?@8;9L�;X�@A6�4;W�� � � � i?9q�@;�?CA8676�@A6�X;11;<89I�;k�6C@876L(� ◆� :A6�;i6=?@8;9L�LA?11�A?76�6XX8C869Cq�?9E�6XX6C@87696LL�kq�?CA86789I�@A6�I;?1�;X�@A6�4;Wi?9q�89C1KE89I��� � C?=89I�9;@�@;�1;L6�;=�W8LKL6�@A6�?LL6@L2� ◆� :A6�X89?9C8?1�=6i;=@89I�WKL@�k6�?CCK=?@6�?9E�89,@8W6�i=6L69@?@8;92� ◆� :A6�C;Wi18?9C6�<8@A�i;18C86L�=K16L�?9E�=6IK1?@8;9L�LA?11�k6�i6=X;=W6E�@A6�EK@86L�L@=8C@1q�@;�@A6�=K16L��� � ?9E�=6IK1?@8;9L�;X�@A6�G@;CD�;X�yJCA?9I6�;X�:A?81?9E�;=�1?<L�=61?@89I�@;�kKL896LL�;X�@A6�C;Wi?9q2

� g� =�@"�(�3'�"$(2�&3(��3�>'"3(�">HAH(��� � � � :A6� 89@6=9?1� C;9@=;1� LqL@6W� 8L� @A6� 8Wi;=@?9@�W6CA?98LW� @A?@� I876L� C;9X8E69C6�<8@A� �KL@8X8C?@8;9� @;� @A6��� � � � W?9?I6W69@�X;=(� ◆� �61iL�@;�=6EKC6�@A6�kKL896LL�=8LD2� ◆� �61iL�@;�E;�kKL896LL�6XX6C@8761q�<8@A�LK8@?k16�?11;C?@8;9�;X�@A6�=6L;K=C6L�?9E�?CA8676�@A6�6L@?k18LA6E��� � I;?12� ◆� �61i�@;�i=6769@�C;==Ki@8;9�i=;@6C@�W8LKL89I�?9E�L?X6IK?=E�?9E�C?=6�;X�i=;i6=@q2� ◆� �61iL�@;�?LLK=6�@A6�=618?k818@q�;X�@A6�X89?9C8?1�L@?@6W69@2� ◆� �61iL�@A6�i6=L;9961�@;�C;Wi1q�<8@A�@A6�1?<L�?9E�=K16L�897;176E2� ◆� �61iL�@;�I876�i=;@6C@8;9�;9�@A6�8976L@W69@�;X�@A6�LA?=6A;1E6=L2

� � � � :A6� 89@6=9?1�C;9@=;1� 8L� @A6�W?89�X?C@;=�k6A89EL�@A6�LKCC6LL�;X�?11�kKL896LL�68@A6=� 89�I;76=9W69@�;=��� � i=87?@6�L6C@;=L2�:A6�W?9?I6W69@�?L�@A6�16?E6=�WKL@�i6=X;=W�@A68=�EK@86L�89�=6Li;9L8k16�@;�7?=8;KL�616W69@L��� � ?9E�6978=;9W69@�;X�@A68=�K98@L2��V9�?EE8@8;9?1�@A6q�LA;K1E(� ◆� y9C;K=?I6� @6?W�<;=D�W89E,L6@� @;� @A6�LKk;=E89?@6L�;X�?11� 16761L� @;�k6�?<?=6�;X� @A6� 8Wi;=@?9C6� @;��� � C;;=E89?@6�?9E�C;Wi1q�<8@A�C;9L@?9@1q�?9E�C;9@89K;KL1q2��G;�@A6�W6?LK=6L�?9E�W6CA?98LWL�;X�@A6��� � 89@6=9?1�C;9@=;1�LqL@6W�L6@�Ki�kq�@A6�W?9?I6W69@�@;�?CC;Wi18LA�@A6�6L@?k18LA6E�;k�6C@8762� ◆� B6IK1?=1q� W;98@;=89I� ?9E� 67?1K?@89I� ;X� 89@6=9?1� C;9@=;1� 89� ;=E6=� @;� ;k@?89� LK8@?k16� L@=?@6I86L� ?9E��� � W6CA?98LW�K9E6=�@A6�7?=8?@8;9�89�E8XX6=69C6�C8=CKWL@?9C6�;X�=8LDL2

� � � � :A6�89@6=9?1�C;9@=;1�=6I?=E16LL�;X�E6L8I9�;=�8Wi16W69@?@8;9�LA?11�I876�;91q�C;9X8E69C6�?@�@A6�=6?L;9�� � ?k16�16761�?L�8@�C?9�i=;@6C@�X=;W�1;LL�<?L@6�;=�?CC;Wi18LAW69@�?9E�6XX6C@87696LL2���;<676=�8@�C?9�9;@��� � ?LLK=6�;=�I876�C;9X8E69C6�;X� @A6�kKL896LL�LKCC6LL�k6C?KL6�@A6� 89@6=9?1�C;9@=;1�A?L�L676=?1� 18W8@?@8;9L��� � <A8CA�W;L@1q�897;1789I�<8@A�@A6�AKW?9�k6A?78;=2

j� v">&'A"3&3(��3�>'"3(�">"$(2�1"�@�3A� � +2�� :A6�4;Wi?9q�C;WW8@�@A?@�8@L�W?9?I6W69@�WKL@�?<?=6�<8@A�@A6�8Wi;=@?9@�;X�89@6=9?1�C;9@=;1�8L��� LKXX8C869@1q�6XX8C869@�@;�?CC6i@?k16�=8LD�16761�?9E�LK8@?k16�<8@A�@A6�C8=CKWL@?9C6L�;X�@A6��;k�;=�?C@878@q�;X�@A?@��� K98@L2�V@�E878E6L�@A6�EK@86L�?9E�=6Li;9L8k818@86L�C;9C6=989I�@A6�89@6=9?1�C;9@=;1�;X�@A6�4;Wi?9q�?L�X;11;<L(� � � +2�2�� :A6�k;?=E�;X�E8=6C@;=L�?L�<611�?L� @A6�?KE8@�C;WW8@@66�WKL@�i6=X;=W� @A68=�EK@86L�?9E��� � � � =6Li;9L8k818@86L�@;�i=;78E6�@A6�6XX6C@876�89@6=9?1�C;9@=;1�LqL@6W�@;�W?9?I6�?9E�C;9@=;1�;X��� � � � =8LDL�89�@A6�LK8@?k16�167612��Gi6C8Xq89I�@A6�i;18Cq�C;9C6=989I�@;�@A6�89@6=9?1�C;9@=;1�LqL@6W��� � � � =8LD�W?9?I6W69@�?9E�W;98@;=89I�;X�@A6�67?1K?@8;9�C;9L@?9@1q�@A?@�<A6@A6=�;=�9;@�@A6��� � � � 6L@?k18LA6E�LqL@6W�I;6L�?L�i1?996E2���;<676=� @A6�?KE8@�C;WW8@@66�A?L� @A6�EK@q� @;��� � � � =6786<�@A?@�@A6�616W69@L�;X�@A6�89@6=9?1�C;9@=;1�LqL@6W�;X�@A6�X876�?Li6C@L�?=6�C;Wi1q�<8@A��� � � � 6XX6C@87696LL�?L�X;11;<L(

Page 135: TFD: Annual Report 2011

Annual Report 2011 133

� � � � ◆� :A6�kKL896LL�A?L�I;;E�C;9@=;1�6978=;9W69@2� � � � ◆� :A6�kKL896LL�A?L�i=;i6=�i=;C6EK=6�;X�=8LD�?LL6LLW69@2� � � � ◆� :A6�kKL896LL�A?L�I;;E�C;9@=;1�;9�?C@878@86L2�� � � � ◆� :A6�kKL896LL�A?L�I;;E�LqL@6W�;9�89X;=W?@8;9�?9E�C;WWK98C?@8;9L2� � � � ◆� :A6�kKL896LL�A?L�I;;E�LqL@6W�;9�W;98@;=89I�?9E�67?1K?@8;92

� � � +2�2�� :A6�W?9?I6W69@�A?L�EK@q�?9E�=6Li;9L8k818@q�@;�XK1X811�@A6�i;18Cq�<A8CA�@A6�k;?=E�;X�E8=6C@;=L��� � � � A?L� E616I?@6E� L;� @A6�4;Wi?9q� E6@6=W8989I� @A6�W?9?I6W69@�WKL@� k6� @=6?@6E� ?L� 8@��� � � � 8Wi;=@?9@�;X�@A6�89@6=9?1�C;9@=;12��:A6�W?9?I6W69@�A?L�E8=6C@�EK@q�?9E�=6Li;9L8k818@q�@;��� � � � i=;78E6�@A6�89@6=9?1�C;9@=;1�LqL@6W�89�@A6�C;Wi?9q�89C1KE89I�<;=DL�;=�7?=8;KL�?C@878@86L��� � � � ;X�?11�16761L�;=�1?@69@�89�@A6�kKL896LL�W6@A;EL�;X�@A6�W?9?I6W69@�XK9C@8;9�kq(� � � � ◆� :A6�L698;=�W?9?I6W69@�LA?11�i=;78E6�@A6�89@6=9?1�C;9@=;1�@A?@�C;76=L�?11�616W69@L�89��� � � � � @A6�4;Wi?9q�69C;K=?I89I�@A6�LKk;=E89?@6L�E8LC8i1896�?9E�I;;E�C;9LC869C6�;9�@A6�� � � � � 89@6=9?1�C;9@=;12� � � � ◆� :A6�W8EE16�W?9?I6W69@�LA?11�i=;78E6�@A6�89@6=9?1�C;9@=;1�<8@A�@A6�=6Li;9L8k818@q�@;��� � � � � 67?1K?@6�@A6�6XX8C869Cq�;X�@A6�89@6=9?1�C;9@=;1�?E�KL@�@A6�LqL@6W�@;�k6�C;Wi16@6�?9E��� � � � � =6786<�;9�8@L�C;Wi18?9C62�

� � � +2�2+� :A6�6Wi1;q66L�;X�?11�16761L�WKL@�i6=X;=W�@A68=�EK@86L�kq�C;Wi1q89I�<8@A�?11�1?<L�=6IK1?@8;9L��� � � � =K16L� ?99;K9C6W69@� i;18C86L� i1?9L�W6?LK=6L� ?9E� @A6� 89@6=9?1� C;9@=;1� LqL@6W� @A6��� � � � W?9?I6W69@�A?L�6L@?k18LA6E2��4;9EKC@�@A68=�EK@86L�A;96L@1q�<8@A�C?=6�89�@A6�i6=X;=W?9C6�� � � � ?9E�=6IK1?=1q�i=;78E6�@A6�8Wi16W69@?@8;9�@A?@�69LK=6L�@A6�6XX8C869Cq�;X�89@6=9?1�C;9@=;1�� � � � LqL@6W2��L�?�=6LK1@�@A6�;i6=?@8;9L�LA?11�C;Wi1q�<8@A�@A6�I;?1�6XX6C@8761q�?9E�6C;9;W8C?11q2��� � � � �11� @A6� 6Wi1;q66L�WKL@� A?76� @A6� C;9LC869C6� @;� k6� ?<?=6� ;X� @A6� 8Wi;=@?9C6� ;X� @A6��� � � � 89@6=9?1�C;9@=;12

� � � +2�2*� V9@6=9?1� C;9@=;1� @A6� 89@6=9?1� ?KE8@;=� A?L� EK@86L� ?9E� =6Li;9L8k818@86L� ;X� 67?1K?@8;9� @A6��� � � � 89@6=9?1� C;9@=;1� ?9E� 6J?W89?@8;9� @A6� ;i6=?@89I� LqL@6W� i6=8;E8C?11q� ?9E� =6IK1?=1q2��� � � � �iE?@89I�?9E�?LLK=89I�@A?@�@A6�7?=8;KL�C;9@=;1�W6?LK=6L�?=6�LK8@?k16�<8@A�?11�L8I98X8C?9@��� � � � L8@K?@8;9�C8=CKWL@?9C6�?9E�89C8E69C6�;X�=8LD�<8@A�@A6�;k�6C@876�@;�?LL8L@�?9E�=6C;WW69E��� � � � @A6� L698;=� ?9E� W8EE16� W?9?I6W69@L� @;� i=;78E6� @A6� 6XX8C869@� 89@6=9?1� C;9@=;1� 89� @A6��� � � � C;Wi?9qoL�kKL896LL�K98@L�?L�@A6�i;18C86L(��� � � � ◆� :A6� 89@6=9?1� ?KE8@;=� 8L� 89E6i69E69@� ?9E� i6=X;=W� @A68=� EK@86L� 89� ?� W;=6� 6XX6C@876��� � � � � W?996=�?L�8@�E66WL�?ii=;i=8?@6�?CC;=E89I�@;�@A6�i=;X6LL8;9�L@?9E?=E�;X�@A6�89@6=9?1��� � � � � C;9@=;1� � � � ◆� :A6�89@6=9?1�?KE8@;=�A?L�@A6�=8IA@�@;�=6pK6L@�X;=�CA6CD89I�@A6�?LL6@L�?9E�?C@878@86L��� � � � � 89C1KE89I�@A6�k;;DL�?CC;K9@89I�LKii16W69@?=q�E;CKW69@L�;9�@A6�=6C;=EL�k;;DD66i89I�� � � � � C;==6Li;9E69C6L�?9E�=6i;=@L�897;176E2� � � � ◆� :A6�89@6=9?1�?KE8@;=�C?9�?LD�@A6�?KE8@6E�K98@L�@;�I876�E?@?�6Ji1?9?@8;9L�?9E�E61876=q��� � � � � ;X�@A6�E;CKW69@L�;9�@A6�?KE8@6E�W?@@6=L2� � � � � � � � � �;<676=�@A6�i6=L;9961�;X�?11�16761L�WKL@�i=;78E6�XK11�C;;i6=?@8;9�@;�I876��� � � � � � � @A6�?7?81?k818@q�;X�89X;=W?@8;9�=6L;K=C6�?9E�W?@6=8?1�966E6E�kq�@A6�89@6=9?1�?9E�6J@6=9?1��� � � � � � � ?KE8@;=L�<A8CA�@A68=�EK@86L�8L�6J?W89?@8;9�?9E�67?1K?@8;9�@;�69LK=6�@A?@�@A6�89@6=9?1�C;9@=;1��� � � � � � � LKXX8C869@�?9E�6XX6C@876�?L�89@69E6E�@;�=6Li;9E�<8@A�@A6�C;Wi?9q�I;?1�?9E�I876�=6C;W�� � � � � � � W69E?@8;9�X;=�8Wi=;76W69@��?L�8@�E66WL�?ii=;i=8?@62�

Page 136: TFD: Annual Report 2011

Thai Factory Development Public Company Limited134

Report of the Audit Committee

� V9������@A6�?KE8@�C;WW8@@66�;X�:A?8�0?C@;=q�Q6761;iW69@��Kk18C�4;Wi?9q��8W8@6E�A?L�C;9EKC@6E�@A6�6J6CK@8;9�89�?CC;=E?9C6�<8@A�@A6�=6pK8=6W69@L�;X�@A6�G@;CD�yJCA?9I6�;X�:A?81?9E�?9E�@A6�EK@86L�?LL8I96E�kq�@A6�k;?=E�;X�E8=6C@;=L�?L�X;11;<L­

� �2� V9������@A6=6�<6=6�X876�W66@89IL�;X�@A6�?KE8@�C;WW8@@66�<8@A�?11�;X�8@L�W6Wk6=L�?@@69E89I�89�6?CA��� � W66@89I�?9E�?@�16?L@�;96�W66@89I�<8@A�@A6�6J@6=9?1�?KE8@;=2� �2� :A6�?KE8@�i1?9�;X�@A6�89@6=9?1�?KE8@�K98@� X;=�@A6�q6?=������A?L�k669�6J?W896E�?9E�?ii=;76E�<8@A��� � X;CKL� ;9� 69A?9C6W69@� ;X� 6XX8C869Cq� ;X� @A6� 89@6=9?1� C;9@=;1� LqL@6W� LKXX8C869@� 6J?W89?@8;9� ;9� @A6��� � 6LL69@8?1�?9E�Li;@L�?ii=;i=8?@6�?9E�LCA6EK16�X;=�=6IK1?=�89@6=9?1�?KE8@�=6i;=@�@;�@A6�?KE8@�C;WW8@@662� � :A6�?KE8@�C;WW8@@66�A?L�6J?W896E�?9E�67?1K?@6E�@A6�?KE8@�<;=D�;X�@A6�89@6=9?1�?KE8@�L6C@8;9�89�������� � ?9E�?I=66E�@A?@�@A6�89@6=9?1�C;9@=;1�LqL@6W�8L�LKXX8C869@�?9E�6XX8C869Cq�X;=�LKi6=78L8;9�;X�@A6�;i6=?@8;9��� � ;X�@A6�C;Wi?9q�?9E�8@L�LKkL8E8?=86L2� +2� B6786<L�;9�@A6�4;Wi?9qoL�X89?9C8?1�=6i;=@L�k;@A�@A6�pK?=@6=1q�?9E�q6?=1q�A?76�k669�W?E6�@;�69LK=6��� � ?CCK=?Cq�?9E�?E6pK?@6�;X�@A6�X89?9C8?1�89X;=W?@8;9�89�?CC;=E?9C6�<8@A�I696=?11q�?CC6i@6E�?CC;K9@89I��� � i=89C8i16L� 89� @8W61q� W?996=� ?9E� A?76� k669� X?8=1q� i=6L69@6E� @A6� ?C@K?1� X89?9C8?1� i;L8@8;9� ;X� @A6��� � C;Wi?9q�k6X;=6�LKkW8LL8;9�@;�@A6�k;?=E�;X�E8=6C@;=L2� *2� :A6�?KE8@�C;WW8@@66�69LK=6E�@A?@�@A6�4;Wi?9q�C;Wi1q�<8@A�C;=i;=?@6�I;76=9?9C6�i=89C8i16L�k?L6E�;9��� � @A6�G@;CD�yJCA?9I6�;X�:A?81?9EoL�IK8E61896L�?9E�=6IK1?=1q�C;9@89K6�@;�E6761;i�?9E�D66i�Ki�<8@A�@A6��� � 89@6=9?@8;9?1�L@?9E?=EL�89�@A6�W?@@6=2� -2� B6786<L� @A6�i6=X;=W?9C6�;X� @A6�C;Wi?9q� @;�69LK=6�C;Wi18?9C6�<8@A� 1?<L�?9E� =6IK1?@8;9L�;=� 1?<L��� � =61?@89I�@;�kKL896LL�;X�@A6�4;Wi?9q2� �2� B6786<L�?9E�E8LC1;LK=6�;X�89X;=W?@8;9�89�C?L6�@A?@�?=6�C;996C@6E�@=?9L?C@8;9�;=�@=?9L?C@8;9�@A?@�W?q��� � 16?E�@;�C;9X18C@�;X�89@6=6L@�L;�?L�@;�69LK=6�@A6�?CCK=?@696LL�?9E�C;Wi16@696LL2� )2� G616C@8;9�?9E�9;W89?@6�@A6�6J@6=9?1�?KE8@;=�?9E�=6WK96=?@8;9L�89�;=E6=�@;�i=;i;L6�@;�@A6�k;?=E�;X��� � E8=6C@;=L�<A;�<811�@A69�i=6L69@�@A6�=6C;WW69E?@8;9�89�@A6�LA?=6A;1E6=oL�W66@89I2

f�=2��=?L;9I��?=?,=?@?9?DK1g�KE8@�4;WW8@@66�4A?8=W?9

06k=K?=q��+�����

Page 137: TFD: Annual Report 2011

Annual Report 2011 135

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED

AND SUBSIDIARIES

AUDITOR'S REPORT AND FINANCIAL STATEMENTS

AS AT DECEMBER 31, 2011 AND 2010

Page 138: TFD: Annual Report 2011

Thai Factory Development Public Company Limited136

AUDITOR’S REPORT

To The Shareholders of

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED

I have audited the consolidated statements of financial position of THAI FACTORY

DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and the separate statements

of financial position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED as at

December 31, 2011 and 2010, the related consolidated statements of comprehensive income and

separate statements of comprehensive income, consolidated statements of changes in shareholders’

equity and separate statements of changes in shareholders’ equity, and consolidated statements of cash

flows and separate statements of cash flows for the years then ended. These financial statements are the

responsibility of the Company's management as to their correctness and completeness of the

presentation. My responsibility is to express an opinion on these financial statements based on my audit.

I conducted my audits in accordance with generally accepted auditing standards. Those

standards require that I plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free of material misstatement. An audit includes examining, on a test basis,

evidence supporting the amounts and disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significant estimates made by management, as well as

evaluating the overall financial statements presentation. I believe that my audit provides a reasonable

basis for my opinion.

In my opinion, the consolidated financial statements and separate financial statements referred

to above present fairly, in all material respects, the consolidated financial position of THAI FACTORY

DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES and separate financial

position of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED as at December 31,

2011 and 2010 the results of their and its operations and cash flows for the years then ended in

conformity with generally accepted accounting principles.

Page 139: TFD: Annual Report 2011

Annual Report 2011 137

As stated in note 3, 5 and 35 to the financial statements for the year ended December 31, 2011,

the Company and subsidiaries adopted the new and revised financial reporting standards issued by the

Federation of Accounting Professions and according to the notification of the Department of Business

Development, regarding the condensed form which should be included in the financial statements B.E.

2554, that the adoption is effective for the financial statements beginning on or after January 1, 2011 for

preparation and presentation these financial statements. Accordingly the comparative consolidated and

separate financial statements for the year ended December 31, 2010 have been presented by the new

format and retroactive adjustment for the first using financial reporting standards in accordance with the

consolidated financial statements and separate financial statements for the year ended December 31,

2011.

D I A International Audit Co., Ltd.

(Mrs. Vilairat Rojnuckarin)

C.P.A. (Thailand)

Registration No. 3104

February 29, 2012

Page 140: TFD: Annual Report 2011

Thai Factory Development Public Company Limited138

(Unit : Baht)

���� 2011 2010 2011 2010

(Restated) (Restated)

ASSETS

Current assets

Cash and cash equivalents 12,977,831 18,301,718 1,023,714 244,834

Trade accounts and other receivable � 264,098,841 57,889,411 249,438,001 46,306,997

Properties for sale � 828,473,037 1,110,812,619 828,473,037 1,110,812,619

Other current assets 151,685 246,220 62,332 17,557

Total current assets 1,105,701,394 1,187,249,968 1,078,997,084 1,157,382,007

Non-current assets

Deposits at financial institutions

with restrictions � 15,365,297 4,687,093 15,365,297 4,687,093

Loan to related party and interest

receivable - subsidiary - - 224,856,333 225,563,905

Investments in subsidiaries �� - - 101,576,482 101,576,482

Leasehold rights �� 543,634,424 589,898,004 49,496,845 48,895,159

Investment properties � 708,460,271 676,672,838 204,773,577 143,923,541

Equipment � 18,102,092 8,800,767 16,612,700 6,576,940

Other non-current assets

Income tax refundable 18,198,869 24,552,856 - 9,337,576

Collateral for letter of guarantee -

related parties 15,000,000 15,000,000 15,000,000 15,000,000

Others 8,995,614 8,149,087 3,168,927 2,282,586

Total non-current assets 1,327,756,567 1,327,760,645 630,850,161 557,843,282

Total assets 2,433,457,961 2,515,010,613 1,709,847,245 1,715,225,289

Notes to financial statements are parts of these financial statements.

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION

Consolidated financial statements Separate financial statements

AS AT DECEMBER 31, 2011 AND 2010

Page 141: TFD: Annual Report 2011

Annual Report 2011 139

(Unit : Baht)

���� 2011 2010 2011 2010

(Restated) (Restated)

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Bank overdrafts �� 51,131,777 16,710,760 46,470,413 13,625,130

Trade accounts and other payable �� 256,249,567 352,191,904 236,360,451 332,017,287

Current portion of financial lease payable � 3,265,846 1,089,393 3,038,948 779,025

Current portion of long-term loans from

financial institutions �� 152,462,205 391,996,462 129,624,923 368,504,523

Current portion of debt restructuring payable �� 41,473,657 40,937,509 - -

Current portion of long-term loans from

related parties ��� 11,736,861 11,579,103 - -

Short - term loan from related parties and

interest payable - subsidiary - - 43,950,023 18,138,588

Deposit from sale of project ��� - - 129,500,000 129,500,000

Accrued income tax 28,268,546 - 28,268,546 -

Other current liabilities 2,456,272 2,886,089 1,382,755 1,627,529

Total current liabilities 547,044,731 817,391,220 618,596,059 864,192,082

Non-current liabilities

Financial lease payable � 7,419,375 1,469,682 7,376,516 1,303,613

Long-term loans from financial

institutions �� 335,534,712 273,222,162 132,162,190 47,970,694

Debt restructuring payable �� 111,227,074 151,437,349 - -

Long-term loans from related parties

and interest payable ��� 330,730,661 332,327,097 - -

Rental deposit received 86,088,130 74,498,846 16,919,200 6,310,725

Employee benefit obligations � 2,986,385 - 2,642,380 -

Estimated long-term liabilities � 9,620,627 8,377,188 3,897,710 2,654,272

Total non-current liabilities 883,606,964 841,332,324 162,997,996 58,239,304

Total liabilities 1,430,651,695 1,658,723,544 781,594,055 922,431,386

Notes to financial statements are parts of these financial statements.

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION (Continued)

Consolidated financial statements Separate financial statements

AS AT DECEMBER 31, 2011 AND 2010

Page 142: TFD: Annual Report 2011

Thai Factory Development Public Company Limited140

(Unit : Baht)

���� 2011 2010 2011 2010

(Restated) (Restated)

LIABILITIES AND SHAREHOLDERS' EQUITY (Continued)

Shareholders' equity

Share capital

Registered

836,000,000 ordinary shares of Baht 1 each 836,000,000 836,000,000 836,000,000 836,000,000

Issued and paid - up share capital

701,357,785 ordinary shares of Baht 1 each 701,357,785 701,357,785 701,357,785 701,357,785

Premium on ordinary shares 147,196,958 147,196,958 147,196,958 147,196,958

Retained earnings (Deficit)

Appropriated - statutory reserve 15,602,230 12,228,741 15,602,230 12,228,741

Unappropriated 104,705,343 (39,647,575) 64,096,217 (67,989,581)

Difference from changing investment proportion

in subsidiaries (45,699,839) (45,699,839) - -

Total owners of the Company 923,162,477 775,436,070 928,253,190 792,793,903

Non-controlling interest 79,643,789 80,850,999 - -

Total shareholders' equity 1,002,806,266 856,287,069 928,253,190 792,793,903

Total liabilities and shareholders' equity 2,433,457,961 2,515,010,613 1,709,847,245 1,715,225,289

Notes to financial statements are parts of these financial statements.

Consolidated financial statements Separate financial statements

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION (Continued)

AS AT DECEMBER 31, 2011 AND 2010

Page 143: TFD: Annual Report 2011

Annual Report 2011 141

(Unit : Baht)

���� 2011 2010 2011 2010

(Restated) (Restated)

Revenues from sales and services

Sale income - land 662,945,325 - 662,945,325 -

Sale income - condominium 184,901,042 833,307,082 184,901,042 833,307,082

Revenues from rental and services 284,275,993 260,564,881 26,830,102 17,923,870

Total revenues from sales and services 1,132,122,360 1,093,871,963 874,676,469 851,230,952

Cost of sales and services

Cost of sale - land (426,084,544) - (426,084,544) -

Cost of sale - condominium (132,512,134) (560,183,478) (132,512,134) (560,183,478)

Cost of rental and services (141,282,622) (149,263,930) (5,507,538) (6,030,265)

Total cost of sales and services (699,879,300) (709,447,408) (564,104,216) (566,213,743)

Gross profit 432,243,060 384,424,555 310,572,253 285,017,209

Other income

Interest income 510,469 179,115 24,030,426 25,243,425

Others 11,057,390 6,497,299 11,123,652 7,193,494

Total other income 11,567,859 6,676,414 35,154,078 32,436,919

Selling expenses (34,685,645) (49,331,513) (33,855,598) (46,795,384)

Administrative expenses (146,419,173) (117,859,315) (124,828,467) (96,904,628)

Directors' remuneration (6,718,780) (6,045,000) (4,830,000) (4,440,000)

Financial cost (71,273,344) (88,357,960) (8,558,199) (19,831,427)

Profit (Loss) before income tax 184,713,977 129,507,181 173,654,067 149,482,689

Income tax (38,194,780) - (38,194,780) -

Profit (Loss) for the year 146,519,197 129,507,181 135,459,287 149,482,689

Other comprehensive income - - - -

Total comprehensive income for the year 146,519,197 129,507,181 135,459,287 149,482,689

Net profit (loss) attributable to :

Owners of the Company 147,726,407 140,544,161 135,459,287 149,482,689

Non-controlling interests (1,207,210) (11,036,980) - -

146,519,197 129,507,181 135,459,287 149,482,689

EARNINGS PER SHARE � Basic earnings (loss) per share 0.2106 0.2004 0.1931 0.2131

Weighted average number of ordinary shares (shares) 701,357,785 701,357,785 701,357,785 701,357,785

Diluted earnings (loss) per share 0.2061 0.2004 0.1889 0.2131

Weighted average number of ordinary shares (shares) 716,929,718 701,357,785 716,929,718 701,357,785

OPQRS!QP!TUVWVXUWY!SQWQRZRVQS!W[R!\W[QS!PT!Q]RSR!TUVWVXUWY!SQWQRZRVQSK

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF COMPREHENSIVE INCOME

Consolidated financial statements Separate financial statements

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

Page 144: TFD: Annual Report 2011

Thai Factory Development Public Company Limited142

TH

AI F

AC

TO

RY

DE

VE

LO

PME

NT

PU

BL

IC C

OM

PAN

Y L

IMIT

ED

AN

D S

UB

SID

IAR

IES

STA

TE

ME

NT

S O

F C

HA

NG

ES

IN S

HA

RE

HO

LD

ER

S' E

QU

ITY

FOR

TH

E Y

EA

RS

EN

DE

D D

EC

EM

BE

R 3

1, 2

011

AN

D 2

010

(Uni

t : B

aht)

Diff

eren

ce

Issu

ed a

nd fr

om c

hang

ing

Tota

l ow

ners

Tota

l

pai

d-up

Pr

emiu

m o

nA

ppro

pria

ted

- in

vest

men

t pro

porti

onof

the

shar

ehol

ders

'

,-/

0sh

are

capi

tal

ordi

nary

shar

esst

atut

ory

rese

rve

Una

ppro

pria

ted

in su

bsid

iarie

sC

ompa

ny e

quity

z{|

{}~�

�{��{

����~

����

��-.

��3LL

I���

����

����

��{�

���}

��63

7,59

8,03

5

147,

196,

958

12

,228

,741

11

8,82

7,53

0

(21,

988,

068)

89

3,86

3,19

6

92,6

76,2

08

98

6,53

9,40

4

Effe

ct o

f cha

nge

in a

ccou

ntin

g po

licie

s�

-

-

-

(225

,695

,530

)

-

(225

,695

,530

)

-

(2

25,6

95,5

30)

z{|

{}~�

�{��{

����~

����

��-.

��3LL

I��{

����

����

�{��

��}

��63

7,59

8,03

5

147,

196,

958

12

,228

,741

(1

06,8

68,0

00)

(2

1,98

8,06

8)

668,

167,

666

92

,676

,208

760,

843,

874

Tota

l com

preh

ensi

ve in

com

e fo

r the

yea

r-

-

-

14

0,54

4,16

1

-

140,

544,

161

(1

1,03

6,98

0)

12

9,50

7,18

1

Div

iden

d pa

ymen

t��

S

hare

div

iden

d63

,759

,750

-

-

(6

3,75

9,75

0)

-

-

-

-

C

ash

divi

dend

-

-

-

(9,5

63,9

86)

-

(9,5

63,9

86)

-

(9

,563

,986

)

Add

ition

al p

urch

ase

inve

stm

ent i

n su

bsid

iarie

s��

-

-

-

-

(2

3,71

1,77

1)

(23,

711,

771)

(788

,229

)

(24,

500,

000)

z{|

{}~�

�{��{

����~

����

��-.

��3L.

L70

1,35

7,78

5

147,

196,

958

12

,228

,741

(3

9,64

7,57

5)

(4

5,69

9,83

9)

775,

436,

070

80

,850

,999

856,

287,

069

z{|

{}~�

�{��{

����~

����

��-.

��3L.

L���

����

����

��{�

���}

��70

1,35

7,78

5

147,

196,

958

12

,228

,741

(6

69,9

16)

(4

5,69

9,83

9)

814,

413,

729

80

,850

,999

895,

264,

728

Effe

ct o

f cha

nge

in a

ccou

ntin

g po

licie

s�

-

-

-

(38,

977,

659)

-

(38,

977,

659)

-

(3

8,97

7,65

9)

z{|

{}~�

�{��{

����~

����

��-.

��3L.

L��{

����

����

�{��

��}

��70

1,35

7,78

5

147,

196,

958

12

,228

,741

(3

9,64

7,57

5)

(4

5,69

9,83

9)

775,

436,

070

80

,850

,999

856,

287,

069

Tota

l com

preh

ensi

ve in

com

e fo

r the

per

iod

-

-

-

147,

726,

407

-

14

7,72

6,40

7

(1,2

07,2

10)

146,

519,

197

App

ropr

iate

d - s

tatu

tory

rese

rve

�-

-

3,

373,

489

(3

,373

,489

)

-

-

-

-

z{|

{}~�

�{��{

����~

����

��-.

��3L.

.70

1,35

7,78

5

147,

196,

958

15

,602

,230

10

4,70

5,34

3

(45,

699,

839)

92

3,16

2,47

7

79,6

43,7

89

1,

002,

806,

266

Ret

aine

d ea

rnin

gs (D

efic

it)

Ow

ners

of t

he C

ompa

ny

Con

solid

ated

fina

ncia

l sta

tem

ents

Non

-

cont

rolli

ng

inte

rest

s

Page 145: TFD: Annual Report 2011

Annual Report 2011 143

TH

AI F

AC

TO

RY

DE

VE

LO

PME

NT

PU

BL

IC C

OM

PAN

Y L

IMIT

ED

AN

D S

UB

SID

IAR

IES

STA

TE

ME

NT

S O

F C

HA

NG

ES

IN S

HA

RE

HO

LD

ER

S' E

QU

ITY

FOR

TH

E Y

EA

RS

EN

DE

D D

EC

EM

BE

R 3

1, 2

011

AN

D 2

010

(Uni

t : B

aht)

Issu

ed a

ndTo

tal

pai

d-up

Pr

emiu

m o

nA

ppro

pria

ted

-sh

areh

olde

rs'

����

shar

e ca

pita

lor

dina

ry sh

ares

stat

utor

y re

serv

eU

napp

ropr

iate

d e

quity

Bal

ance

as a

t Dec

embe

r 31

, 200

9 (b

efor

e re

stat

emen

t)63

7,59

8,03

5

14

7,19

6,95

8

12

,228

,741

81,4

71,0

17

87

8,49

4,75

1

Effe

ct o

f cha

nge

in a

ccou

ntin

g po

licie

s�

-

-

-

(2

25,6

19,5

51)

(225

,619

,551

)

Bal

ance

as a

t Dec

embe

r 31

, 200

9 (a

fter

res

tate

men

t)63

7,59

8,03

5

14

7,19

6,95

8

12

,228

,741

(144

,148

,534

)

652,

875,

200

Tota

l com

preh

ensi

ve in

com

e fo

r the

yea

r-

-

-

149,

482,

689

149,

482,

689

Div

iden

d pa

ymen

t �

S

hare

div

iden

d63

,759

,750

-

-

(63,

759,

750)

-

C

ash

divi

dend

-

-

-

(9

,563

,986

)

(9

,563

,986

)

Bal

ance

as a

t Dec

embe

r 31

, 201

070

1,35

7,78

5

14

7,19

6,95

8

12

,228

,741

(67,

989,

581)

792,

793,

903

Bal

ance

as a

t Dec

embe

r 31

, 201

0 (b

efor

e re

stat

emen

t)70

1,35

7,78

5

14

7,19

6,95

8

12

,228

,741

(29,

111,

356)

831,

672,

128

Effe

ct o

f cha

nge

in a

ccou

ntin

g po

licie

s�

-

-

-

(3

8,87

8,22

5)

(3

8,87

8,22

5)

Bal

ance

as a

t Dec

embe

r 31

, 201

0 (a

fter

res

tate

men

t)70

1,35

7,78

5

14

7,19

6,95

8

12

,228

,741

(67,

989,

581)

792,

793,

903

Tota

l com

preh

ensi

ve in

com

e fo

r the

yea

r-

-

-

135,

459,

287

135,

459,

287

App

ropr

iate

d - s

tatu

tory

rese

rve

�-

-

3,

373,

489

(3,3

73,4

89)

-

Bal

ance

as a

t Dec

embe

r 31

, 201

170

1,35

7,78

5

14

7,19

6,95

8

15

,602

,230

64,0

96,2

17

92

8,25

3,19

0

OPQRS!QP!TUV

WVXUWY!SQWQRZ

RVQS!W[R!\W[QS!P

T!Q]RSR!TUV

WVXUWY!SQWQRZ

RVQSK

Sepa

rate

fina

ncia

l sta

tem

ents

Ret

aine

d ea

rnin

gs (D

efic

it)

Page 146: TFD: Annual Report 2011

Thai Factory Development Public Company Limited144

(Unit : Baht)

2011 2010 2011 2010

(Restated) (Restated)

Cash flows from operating activities

Profit (Loss) before income tax 184,713,977 129,507,181 173,654,067 149,482,689

Adjustment net profit (loss) to cash receipt (disbursement)

from operating activities

Doubtful account - 1,315,550 - -

Employee benefit obligations 2,986,385 - 2,642,380 -

Depreciation and amortisation 82,985,673 81,184,753 12,847,157 5,617,925

Gain on sales of assets (873,982) (1,677,639) (873,982) (227,640)

Interest expenses 74,148,139 88,357,960 8,558,198 20,651,518

Profit from operation before changes of operating

assets and liabilities 343,960,192 298,687,805 196,827,820 175,524,492

(Increase) Decrease in changes of operating assets

Trade accounts and other receivable (206,209,430) 4,291,766 (203,131,004) 3,719,645

Properties for sale 242,510,183 469,164,806 245,397,192 469,164,805

Other current assets 94,535 (33,054) (44,775) 96,114

Other non-current assets (846,527) (12,044,915) 8,451,235 (13,979,606)

(Increase) Decrease in changes of operating assets 35,548,761 461,378,603 50,672,648 459,000,958

Increase (Decrease) in changes of operating liabilities

Trade accounts and other payable (96,857,970) (89,241,455) (96,572,472) (75,493,875)

Other current liabilities (429,818) (1,028,056) (244,773) (1,106,271)

Rental deposit received 11,589,284 4,972,243 10,608,475 1,513,925

Increase (Decrease) in changes of operating liabilities (85,698,504) (85,297,268) (86,208,770) (75,086,221)

Cash provided by (used in) operating activities 293,810,449 674,769,140 161,291,698 559,439,229

Interest paid (73,833,680) (76,729,937) (39,205,910) (41,552,800)

Income tax received 17,364,414 7,813,757 - -

Income tax paid (20,936,660) (23,835,201) (9,926,234) (12,991,463)

Net cash from (used in) operating activities 216,404,523 582,017,759 112,159,554 504,894,966

Notes to financial statements are parts of these financial statements.

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF CASH FLOWS

Consolidated financial statements Separate financial statements

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

Page 147: TFD: Annual Report 2011

Annual Report 2011 145

(Unit : Baht)

2011 2010 2011 2010

(Restated) (Restated)

Cash flows from investing activities

(Increase) Decrease in deposits at financial

institutions with restrictions (10,678,204) (3,223,480) (10,678,204) (3,223,480)

Increase in loan to related parties and interest receivable - (6,055,775) (23,638,103) (33,057,194)

Decrease in loan to related parties and interest receivable - 6,055,775 24,345,675 16,565,585

Purchase of properties awaiting development or sale - (26,205,254) - (26,205,254)

Cash received from amendment of lease agreement 9,356,912 - - -

Improvement of leasehold right (2,126,852) - - -

Purchase of investment properties (307,029) (157,187) - -

Purchase of equipment (4,285,905) (622,549) (3,972,173) (215,030)

Cash received from sales of equipment 1,336,451 1,677,640 1,336,448 227,640

Cash paid for purchase investment in subsidiary - (24,500,000) - (24,500,000)

Net cash from (used in) investing activities (6,704,627) (53,030,830) (12,606,357) (70,407,733)

Cash flows from financing activities

Increase (Decrease) in bank overdrafts 34,421,017 4,849,937 32,845,283 1,968,483

Advance received from related party - - 6,000,000 16,037,590

Repayment of advance received from related party - - (6,000,000) (16,037,590)

Draw down of short-term loan from other person - 17,000,000 - 17,000,000

Repayment of short-term loan from other person (17,000,000) - (17,000,000)

Draw down of short-term loan from related party - - 132,300,000 88,000,000

Repayment of short-term loan from related party - - (108,200,000) (70,000,000)

Repayment of liabilities under financial lease (1,323,690) (1,026,603) (1,031,496) (754,353)

Draw down of long-term loans from financial institutions 60,103,787 188,367,164 150,103,787 188,367,164

Repayment of long-term loans from financial institutions (237,325,494) (625,167,730) (304,791,891) (603,267,302)

Repayment of debt restructuring payable (39,674,127) (39,327,204) - -

Repayment of long-term loan from other person - (30,000,000) - (30,000,000)

Repayment of long-term loan from related party (31,225,276) (23,122,427) - -

Dividend payment - (9,563,986) - (9,563,986)

Net cash from (used in) financing activities (215,023,783) (534,990,849) (98,774,317) (435,249,994)

Net increase (decrease) in cash and cash equivalents (5,323,887) (6,003,920) 778,880 (762,761)

Cash and cash equivalents at beginning of period 18,301,718 24,305,638 244,834 1,007,595

Cash and cash equivalents at ending of period 12,977,831 18,301,718 1,023,714 244,834

Notes to financial statements are parts of these financial statements.

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

Consolidated financial statements Separate financial statements

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED AND SUBSIDIARIES

STATEMENTS OF CASH FLOWS (Continued)

Page 148: TFD: Annual Report 2011

Thai Factory Development Public Company Limited146

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED

AND SUBSIDIARIES

NOTES TO FINANCIAL STATEMENTS

AS AT DECEMBER 31, 2011 AND 2010

1.� GENERAL INFORMATION�

THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED (“the Company”) is a public company

incorporated in year 1991 and domiciled in Thailand. Its registered address is No. 26 JC Kevin Tower, 10th Floor,

Narathiwat-Ratchanakarin Road, Yannawa, Sathorn, Bangkok.

The Company is principally engaged in the property development business

2. PREPARATION OF INTERIM FINANCIAL STATEMENTS BASIS

2.1 The financial statements have been prepared in conformity with generally accepted accounting principles enunciated under the Accounting Professions Act B.E. 2547 and also presented in accordance with the notification of the Department of Business Development, the Ministry of Commerce dated September 28, 2011, regarding the condensed form which should be included in the financial statements B.E. 2554 and regulation of the Securities and Exchange Commission regarding to preparation and presentation of financial report under the Securities and Exchange Act B.E. 2535.

The financial statements have been prepared under the historical cost convention, except as transaction disclosed in related accounting policy.

2.2 Basis of consolidation

2.2.1 The consolidated financial statements include the financial statements of THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and the subsidiaries which THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED holds share capital or has the significant power to control such subsidiaries. The subsidiaries’ operations were included since the purchase date and they will not be included when the control power is finished. The mentioned subsidiaries are as follows:

2.2.2 Material balances and transactions between the Company and subsidiaries have been eliminated

from the consolidated financial statements.

Proportion of

Name Nature of business shareholding Relationship

2011 2010

(%) (%)

Total Industrial Services Company Limited Factory rental 100.00 100.00 Shareholder/common director

SG Land Company Limited Office condominium rental 49.91 49.91 Shareholder/common director

Page 149: TFD: Annual Report 2011

Annual Report 2011 147

2.2.3 The consolidated financial statements have been prepared in conformity with the same

accounting policy for the accounts and accounting events of the Company and subsidiaries.

2.2.4 These consolidated financial statements were prepared with the only objective to show

consolidated financial position and operational result of THAI FACTORY DEVELOPMENT

PUBLIC COMPANY LIMITED and subsidiaries. Therefore, the use of these consolidated

financial data for any other purpose would be limited value due to the different nature of

business of the subsidiaries whose financial statements were consolidated.

3. NEW ACCOUNTING STANDARDS ISSUANCE

3.1 In 2010 and 2011, The Federation of Accounting Professions issued various new and revised financial reporting

standards which certain standards are relevant to the operations of the Company and subsidiaries, effective for the

accounting period beginning on or after January 1, 2011. The Company applied those standards as below:

Financial reporting standards Contents

TAS 1 (Revised 2009) Presentation of Financial Statements

TAS 2 (Revised 2009) Inventories

TAS 7 (Revised 2009) Statements of Cash Flows

TAS 8 (Revised 2009) Accounting Policies, Changes in Accounting

Estimates and Errors

TAS 10 (Revised 2009) Events After the Reporting Period

TAS 16 (Revised 2009) Property, Plant and Equipment

TAS 17 (Revised 2009) Leases

TAS 18 (Revised 2009) Revenue

TAS 19 Employee Benefits

TAS 23 (Revised 2009) Borrowing Costs

TAS 24 (Revised 2009) Related Party Disclosures

TAS 27 (Revised 2009) Consolidated and Separated Financial Statements

TAS 33 (Revised 2009) Earnings per Share

TAS 34 (Revised 2009) Interim Financial Reporting

TAS 36 (Revised 2009) Impairment of Assets

TAS 37 (Revised 2009) Provisions, Contingent Liabilities and Contingent

Assets

TAS 38 (Revised 2009) Intangible Assets

TAS 40 (Revised 2009) Investment Property

TFRS 3 (Revised 2009) Business Combination

The adoption to the new and revised accounting standards results the change in accounting policies of the Company

and subsidiaries which are disclosed in note 5.

Page 150: TFD: Annual Report 2011

Thai Factory Development Public Company Limited148

3.2 In addition the above new issued and revised accounting standards and financial reporting standards, the other

standards are expected to be effective for the financial statements beginning on or after January 1, 2013 and have

not been adopted in the preparation of these interim financial statements as following:

Financial reporting standards Contents

TAS 12 Income Taxes

TAS 20 (Revised 2009) Accounting for Government Grants and

Disclosure of Government Assistance

TAS 21 (Revised 2009) The Effects of Changes in Foreign Exchange Rate

TSIC 10 Government Assistance-No Specific Relation

to Operating Activities

TSIC 21 Income Taxes- Recovery of Revalued Non-

Depreciable Assets

TSIC 25 Income Taxes- Changes in the Tax Status of an

Enterprises or its Shareholders

At present, the Company is evaluating the effects of those standards on the financial statements in the year in which

they are initial applied.

4. SIGNIFICANT ACCOUNTING POLICIES

4.1 Revenue recognition

4.1.1 Revenues from sales

Revenues from sales of land, factory and condominium�are recognised as income when the

significant risk and rewards of�ownership have been transferred�to the buyer that the Company

retains neither�continuing managerial involvement nor effective control over the land, factory

and condominium sold. The recognized amount and cost incurred in respect of the transaction

can be measured reliably.

4.1.2 Rental income and related service income

Rental income is recognised as income over the periods of the leases. Service income is

recognised when services have been rendered taking into account the stage of completion.

4.1.3 Other revenues and expenses

Other revenues and expenses are recognised on accrual basis.

4.1.4 Cost of land, factory and condominium sold are recognized as cost of sales based on proportion

of land, factory and condominium sold.

Page 151: TFD: Annual Report 2011

Annual Report 2011 149

4.2 Cash and cash equivalents

Cash and cash equivalents consist of cash in hand, cash at banks, and all highly liquid investments with

an original maturity of three months or less and not subject to withdrawal restrictions.

4.3 Trade accounts and other receivable/Allowance for doubtful accounts

Trade accounts and other receivable are stated at the net realizable value. Allowance for doubtful

accounts is provided for the estimated losses that may be incurred in collection of receivables. The

allowance is generally based on collection experiences and analysis of debtor aging.

4.4 Properties for sale

Properties for sale are valued at the lower of cost and net realizable value.

4.5 Investments

Investments in subsidiaries are accounted for in the separate financial statements using the cost method

less allowance for loss on diminution in value (if any).

4.6 Investment properties/Depreciation

Investment properties are properties which are held to earn rental income, for capital appreciation or for

both, but not for sale in the ordinary course of business, use in the production or supply of goods or

services or for administrative purposes.

Investment properties are stated at cost less accumulated depreciation and allowance for loss on

impairment of assets (if any).

Depreciation of Investment properties is calculated by reference to its cost on the straight-line basis

over the following estimated useful lives:

Building and factory � 30 years�

Office condominium 28 years�

Improvement of leasehold building� 29 - 30 years

Improvement of office condominium 5 years

Infrastructure system 20 years

Improvement of leasehold land 8, 29 years

4.7 Equipment /Depreciation

Equipment is stated at cost less accumulated depreciation and allowance for loss on impairment of assets (if any).

Depreciation of equipment is calculated by reference to its cost on the straight-line basis over the following estimated useful lives:

Improvement of leasehold office building� 4 years�

Furniture and equipment� 5, a years�

Motor vehicles� 4 years�

Page 152: TFD: Annual Report 2011

Thai Factory Development Public Company Limited150

4.8 Leasehold rights and amortization

Leasehold rights are stated at cost less accumulated amortization. Amortization is calculated by reference to cost on a straight-line basis over the following lease period:

Leasehold rights - land� 30, 40 years�

Leasehold rights - factory 15 years�

4.9 Capitalization of interest costs on borrowings

Interest costs on borrowings incurred during the development/construction periods is capitalised as part

of the cost of related projects. Capitalization ceases when the projects are completed and ready for their

intended use or sale or when the projects are suspended until active development resumes.

4.10 Impairment of assets

The Company assesses at each reporting date whether there is an indication that an asset may be

impaired. If any such indication exists, the Company makes an estimate of the asset’s recoverable

amount. Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered

impaired and is written down to its recoverable amount. Impairment losses are recognised in the income

statement. (The recoverable amount means the net selling price or its utilization value whichever is higher.)

4.11�Related party transactions

Related parties comprise enterprises and individuals that control, or are controlled by, the Company,

whether directly or indirectly, or which are under common control with the Company.

They also include associated companies and individuals which directly or indirectly own a voting

interest in the Company that gives them significant influence over the Company, key management personnel, directors and officers with authority in the planning and direction of the Company’s

operations.

4.12 Finance leases

Leases of equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the

present value of the minimum lease payments. The outstanding rental obligations, net of finance

charges, are included in other long-term payables, while the interest element is charged to the income

statements over the lease period. The equipment acquired under finance leases is depreciated over the

useful life of the asset.

Page 153: TFD: Annual Report 2011

Annual Report 2011 151

1B.-� Operating Lease agreement�-�the Company and subsidiaries are the lease�� � �

The Company and subsidiaries recorded long-term lease agreement of land made before 1999 as expense according to the rate and term stipulated in the agreement. In 2011, the Company and subsidiaries recorded long-term lease agreement of land made since 1999 in which substantially all the risks and rewards of ownership of assets remain with the lessor classified as an operating lease agreement. Rentals applicable to such operating leases are charged to the statement of comprehensive income by using the straight-line method over the lease term, commencing from the subsidiaries can take benefit from such leased land

1B.1 Operating lease agreement - the Company and subsidiaries are the lessor� � �

� Assets leased out under operating leases are included in investment property in the statement of financial position. They are depreciated over their expected useful lives on a basis consistent with other similar fixed assets. Rental income (net of any incentives) is recognised on a straight-line basis over the lease term.

4.15 '()*+),-./*+�.*�0/(1.2*�,3((1*,.1+ The Company and subsidiaries record the transactions in foreign currencies converting into Thai Baht

by using the exchange rates ruling on the transaction dates. The outstanding balances of accounts in foreign currencies as at the balance sheets date are converted into Thai Baht by using the exchange rates ruling on the same day.

Gain or loss on exchange is taken into income or expense as incurred.

4.16 Employee benefits and provident fund

4.16.1� Employee benefits�

The Company and subsidiaries provide for post employment benefits, payable to employees under the Thai Labor Law. The present value of employee benefit liabilities recognized in the statements of financial position is estimated on an actuarial basis using Projected Unit Credit Method. The calculation was made by utilizing various assumptions about future events. The Company is responsible for the selection of appropriate assumptions. The assumptions used in determining the net period cost for employee benefits include the discount rate, the rate of salary increment, and employee turnover. Any changes in these assumptions will impact the net periodic cost recorded for employee benefits. On an annual basis, the Company and subsidiaries determine the appropriate discount rate, which represents the interest rate that should be used to determine the present value of future cash�flows currently expected to be required to settle the employee benefits. In determining the appropriate discount rate, the Company and subsidiaries consider the market yield based on Thai government bonds with currency and term similar to the estimated term of benefit obligation.

� The principal actuarial assumptions used were as follows; Discount rate� 5%�Employee turnover� Age-related scale and kind of employees�Mortality� According to Thailand TMO N^�male

and female tables �

Page 154: TFD: Annual Report 2011

Thai Factory Development Public Company Limited152

4.16.2 Provident fund

The Company and subsidiaries establish provident fund under the defined contribution plan.

The fund’s assets are separated entitles which are administered by the external fund manager.

The Company, the subsidiaries and employees made contribution into such provident fund.

The Company’s and subsidiaries’ contribution payments to the provident fund were recorded

as expenses in the statements of comprehensive income in the incurred period.

4.17 Income tax

Income tax is provided for in the accounts based on the taxable profits determined in accordance with

the Revenue Code. .

4.18 Financial instruments

Financial assets shown in balance sheets consist of cash and cash equivalent and accounts receivable.

Financial liabilities shown in balance sheets consist of overdraft and short-term loans from financial

institutions, liabilities under financial lease and long - term loans. Accounting policies regarding to

recognition and measurement have been disclosed for each related transaction.

4.19 Use of accounting estimates

Preparation of financial statements in conformity with generally accepted accounting principles

requires management to make estimates and assumptions in certain circumstances, affecting amounts

reported in these financial statements and related notes. Actual results could differ from these estimates.

4.20 Provisions

Provisions are recognised when the Company and subsidiaries have a present obligation as a result of a

past event. It is probable that an outflow of resources embodying economic benefits will be required to

settle the obligation, and a reliable estimate can be made of the amount of the obligation. If some or all

the expenditure is required to settle a provision, is expected to be reimbursed when it is virtually certain

that reimbursement will be received if the Company and subsidiaries settle the obligation. The amount

recognized should not exceed the amount of the provision.

4.21 Earnings per share

4.21.1 Basic earnings per share is calculated by dividing the comprehensive income for the year by the

weighted average number of ordinary shares issued during the year.

4.21.2 Diluted earnings per share is calculated by dividing the comprehensive income for the period by

the weighted average number of ordinary shares issued during the period plus the weighted

average number of ordinary shares which would need to be issued to convert all dilutive

potential ordinary shares (warrants) into ordinary shares.

Page 155: TFD: Annual Report 2011

Annual Report 2011 153

5. EFFECT OF FIRST TIME ADOPTION OF THAI FINANCIAL REPORTING STANDARDS

5.1 Presentation of financial statements

The Company and subsidiaries adopted TAS 1 (Revised 2009) regarding the presentation of financial

statements including revised titles for the financial statements. The financial statements consist of

- Statements of financial position

- Statements of comprehensive income

- Statements of changes in shareholders' equity

- Statements of cash flows

- Notes to financial statements

5.2 Property, plant and equipment

TAS 16 (Revised 2009) stated that the Company and subsidiaries have to include initial estimated cost of asset

dismantlement, removal and restoration as asset costs and subject to depreciation. The depreciation charge has

to be determined separately for each significant part of an asset. Furthermore, useful life, the residual value and

depreciation method have to be reviewed at least at each financial year-end.

From January 1, 2011, the Company and subsidiaries estimated cost of asset dismantlement and scrap, and

changed the estimated useful lives of factory building for rent by changing from 20 years and 25 years to 30

years.

The Company and subsidiaries made retroactively adjusted the estimate of cost of asset dismantlement and

scrap�on the 2010 financial statements, presented for comparative purpose. The Company and subsidiaries

change the estimated useful lives by using prospective method in accordance with the transitional provisions of

the revised TAS.

The effects on the statement of financial position as at December 31, 2010 and the statement of comprehensive

income for the year ended December 31, 2010 are as follows:

� (Unit: Baht)

Consolidated financial statements

Separate Financial statements

Statement of financial position as at December 31, 2010�

Increase in property, plant and equipment� a,3bb,3a5 3,b53,aM0

(Increase) in estimated long-term liabilities�� %a,/^^,0aa& %3,b45,3^3&

�����Increase in deficit� 00M,NM5� 00,5^0

Page 156: TFD: Annual Report 2011

Thai Factory Development Public Company Limited154

� (Unit: Baht)

Consolidated financial statements

Separate Financial statements

Statement of comprehensive income for the year ended December 31,2010

���(Decrease) in cost of rental and services� %3^,0a/& %4M,b/^&

���(Decrease) in loss for the year %3^,0a/& %4M,b/^&

5.3 Investment properties

Under the revised TAS, investment property, defined as property owned to earn rentals; capital

appreciation; or both, is disclosed in the financial statements separately from other property, plant and

equipment.

The Company and subsidiaries have selected the cost model for accounting for investment properties

under the revised TAS. The change in accounting policy has been applied to reclassify the comparative

financial statements. From January 1, 2011,�the estimate of cost of asset dismantlement and scrap, the

depreciable amount and useful life of the investment property have been reassessed in accordance with

the requirements of TAS 16 (Revised 2009) as stated in note 4.2.

The effects on the statement of financial position as at December 31, 2010�are as follows:

� � (Unit: Baht)

Consolidated financial statements�

Before

reclassification � Reclassification�

After

reclassification�

Statement of financial position

as at December 31, 2010

���Investment properties� ¦ 676,672,838 676,672,838

���Property, plant and equipment for rent � 676,672,838 (676,672,838) ¦

� � �

� � %Unit : Baht&

Separate financial statements�

Before

reclassification � Reclassification�

After

reclassification�

Statement of financial position

as at December 31, 2010

���Investment properties� ¦ 05/FN3/F450 05/FN3/F450

���Property, plant and equipment for rent � 05/FN3/F450 %05/FN3/F450& ���������������¦

Page 157: TFD: Annual Report 2011

Annual Report 2011 155

4.4 Revenues

From January 1, 2011, the Company and subsidiaries have changed the accounting policy relating to

recognition of revenues from sales of real estate - condominium project from recognize income based on the

percentage of completion work to be based on the significant risk and rewards of ownership have been

transferred to the buyer in accordance with TAS 18 (Revised 2009) Revenues, effective on January 1, 2011.

The Company and subsidiaries changed the accounting policy by using retroactive method in accordance with

the transitional provisions of TAS 18.

The effects on the statement of financial position as at December 31, 2010 and the statement of comprehensive

income for the year ended December 31, 2010 are as follows:

(Unit: Baht)�

Consolidated financial statements�

Before

Restatement Adjustment

After

Restatement

Statements of financial position

as at December 31, 2010

���Trade accounts receivable -Unrelated parties� 11,608,709 (1,396,880) 10,211,829

���Unbilled income� 131,851,772 (131,851,772)� -

���Properties for sale� 989,598,374� 121,214,245� 1,110,812,619�

���Other current assets� 8,691,878� 3,660,619� 12,352,497�

���Advance received from customers (221,505,637)� (48,128,138)� (269,633,775)

���Unrecognized income (9,942,370)� 9,942,370� -�

���Accrued expenses� (37,412,240) 7,692,802� (29,719,438)

�� Deficit� (669,916) (38,866,754) (39,536,670)

(Unit: Baht)�

Consolidated financial statements�

Before

Restatement Adjustment

After

Restatement

Statement of comprehensive income for

the year ended December 31, 2010�

���Sale income-condominium� 0M/,177,646 730,129,436 833,307,082

���Cost of sale-condominium� (72,439,784)� (487,743,694)� (560,183,478)

���Selling expenses� (24,061,360)� (25,270,153)� (49,331,513)

���Administrative expenses� (82,324,132)� (11,910,995)� (94,235,127)�

���Reversal estimated specific business tax and

transfer fee� 18,513,905� (18,513,905)� -�

���Profit (Loss) for the year� (57,210,690)� 181,690,689� 129,479,999

���Basic earnings per shares (Baht)� (0.0658) 0.2662 0.2003

Page 158: TFD: Annual Report 2011

Thai Factory Development Public Company Limited156

(Unit: Baht)�

Separate financial statement�

Before

Restatement Adjustment

After

Restatement

Statements of financial position

as at December 31, 2010

� �

���Trade accounts receivable –Unrelated parties� /,940,762 (1,396,880) 3,543,882

���Unbilled income� 131,851,772 (131,851,772)� -

���Properties for sale� 989,598,374� 121,214,245� 1,110,812,619�

���Other current assets� 5,552,154� 3,660,619� 9,212,773�

���Advance received from customers (221,094,001) (48,128,138)� (269,222,139)�

���Unrecognized income (9,942,370) 9,942,370� -�

���Accrued expenses� (25,987,585)� 7,692,802� (18,294,783)�

�� Deficit� (29,111,356)� (38,866,754) (67,978,110)�

(Unit: Baht)�

Separate financial statement�

Before

Restatement Adjustment

After

Restatement

Statement of comprehensive income for

the year ended December 31, 2010�

���Sale income-condominium� 103,177,646 730,129,436 833,307,082

���Cost of sale-condominium� (72,439,784)� (487,743,694)� (560,183,478)

���Selling expenses� (21,525,231)� (25,270,153)� (46,795,384)�

���Administrative expenses� (62,391,821)� (11,910,995)� (74,302,816)�

���Reversal estimated specific business tax and

transfer fee� 18,513,905� (18,513,905)� -�

���Profit (Loss) for the year� (32,258,637)� 181,690,689� 149,432,052�

���Basic earnings per shares (Baht)� (0.0531) 0.2662 0.2131

Page 159: TFD: Annual Report 2011

Annual Report 2011 157

5.5 Employee benefits�

From January 1, 2011, the Company and subsidiaries have applied TAS 19 Employee Benefits.

Under the new policy, the obligation of the Company and subsidiaries in respect of post-employment

benefits is retirement benefit recognized in the financial statements based on calculations performed

annually by a qualified actuary using the projected unit credit method. Previously, this obligation was

recognised as and when payments were made.

The Company and subsidiaries have chosen to record such liability as expense on a straight-line method

within 5 years since January 1, 2011, in accordance with the transitional provisions of TAS 19

The effects on the statement of financial position as at December 31, 2011 and the statement of

comprehensive income for the year ended December 31, 2011 are as follows:�

� (Unit: Baht)

� Consolidated financial statements

Separate financial statements

Statements of financial position as at December 31, 2011

���Increase in employee benefit obligations 2,986,385 2,642,380

Statement of comprehensive income

for the year ended December 31, 2011�

���Increase in employee benefit resulting in:

������Increase in administrative expense 3,536,935 2,792,930

Decrease in profit 3,536,935 2,792,930

Decrease in profit per share

���Basic earnings per share (Baht) 0.0050 0.0040

� �

Page 160: TFD: Annual Report 2011

Thai Factory Development Public Company Limited158

6. ADDITIONAL DISCLOSURE OF CASH FLOWS INFORMATION

6.1 Cash and cash equivalents comprise of :

(Unit: Baht)

Consolidated

financial statements

Separate

financial statements

2011 2010� 2011 2010�

Cash� 425,000 255,000 380,000 210,000

Current accounts 218,073� 62,497 138,220 34,834

Savings accounts� 12,334,758 17,984,221 505,494 -

Total� 12,977,831 18,301,718 1,023,714 244,834

6.2 Non-Cash Transaction

For the year ended December 31, 2011 and 2010 :

(1) In 2011, the Company has loan from a new financial institution to pay long-term loan from the former

financial institution in amount of Baht 269 million.

(2) In 2011, the Company transferred assets for sale to investment properties in amount of Baht 62.7 million

(2010 amount of Baht 42.0 million).

Page 161: TFD: Annual Report 2011

Annual Report 2011 159

7. TRADE ACCOUNTS AND OTHER RECEIVABLE � � (Unit: Baht)� Consolidated�

financial statements�Separate

financial statements�

2011 2010� 2011 2010�

(Restated) (Restated) Trade accounts receivable� ����Accounts receivable - rental and related�services business� 0^,5N5,bb^ 13,283,100 /,3a4,334 3,45/,aa3 ����Less: Allowance for doubtful accounts� %/,a53,M3b& (3,071,271) ¦ -

Total� 0/,b43,b50 0M,300,a3N /,3a4,334 3,45/,aa3 ���Account receivable -�related parties�� ¦ ¦ /NM,44M /3a,0bN

Total trade accounts receivable� 0/,b43,b50 0M,300,a3N /,b^4,^^4 3,a^3,M40

Other receivable� ����Advance to purchase land� 3/b,/40,MMM 30,MMM,MMM 3/b,/40,MMM 30,MMM,MMM ����Prepaid expenses� N,b^N,5a/ 0^,N^b,4N3 b,4M5,a^5 05,a/b,aba ����Accounts receivable - sale of investment� ¦ b,/50,bNM ¦ b,/50,bNM ����Others� 5,504,^0^ 3,/4N,/MM 3,NMb,/43 0,34b,/aa

Total other receivable� 34M,55b,3MM 5^,b^^,4a3 354,^b3,33b 5/,5/5,N5b

Total trade accounts and other receivable 3b5,MNa,a50 4^,aaN,500 35N,5/a,MM0 5b,/Mb,NN^

The outstanding balances of accounts receivable as at December 31, 2011 and 2010 are aged, based on due

date, as follows: � (Unit: Baht)�

Consolidated� financial statements�

Separate financial statements�

2011 2010� 2011 2010� (Restated) (Restated) Unrelated parties�� Within due 0,^05,/0N 1,985,646 ¦ - Overdue�� Less than 3 months� 5,5MN,0a3 6,071,959 0,3a/,3/M 1,158,315 3 months to 6 months N5/,0/4 738,975 30^,N55 66,980 Over 6 months to 1 year�� /,/NM,054 670,004 ^,4^/ 443,436 Over 1 year onwards ^,M/^,aab 3,816,516 0,^^b,5^a 875,151

Total� 0^,5N5,bb^ 13,283,100 /,3a4,334 2,543,882 Less: Allowance for doubtful accounts� %/,a53,M3b& (3,071,271) ¦ -

Net� 0/,b43,b50 10,211,829 /,3a4,334 2,543,882 Related parties�� Overdue � � Less than 3 months ¦ - /NM,44M 328,169

Total� ¦ - /NM,44M 328,169 Grand total�� 0/,b43,b50 10,211,829 /,b^4,^^4 2,872,051

Page 162: TFD: Annual Report 2011

Thai Factory Development Public Company Limited160

8. PROPERTIES FOR SALE

���� (Unit: Baht) � Consolidated financial statements

and Separate financial statements

� 2011 2010�

� � (Restated& Land and land improvement�� 937,348,792 750,701,876 Building and building improvement 40,398,041 40,398,041 Construction expense� 869,457,061 774,595,446 Other expense in project� 142,179,192 117,985,053 Interest expense� 142,881,362 109,590,614

Total 2,132,264,448 1,793,271,030

Less: Transferred to accumulated cost of sales - condominium

%692,695,612&� (560,183,479)

Less: Transferred to accumulated cost of sales - land� %426,084,544& - Less: Transferred to investment properties� %175,402,799& (112,666,476)

Total 838,081,493 1,120,421,075 Less: Allowance for diminution in value of properties for sale� %9,608,456& (9,608,456)

Net 828,473,037 1,110,812,619

The Company capitalized financial cost for the year ended December 31, 2011 and 2010 amount of Baht 33.3 million and Baht 23.8 million, respectively, as a part of the cost of the properties for sale.

The Company has mortgaged its properties for sale with a total net book value as at December 31, 2011 and 2010 of Baht 721.3 million and Baht 1,018.1 million, respectively, as collateral for overdrafts and long-term loans from financial institutions.

Properties for sale amount of Baht 207.0 million represented residential condominium (HuaHin) project. As at December 31, 2010, the project was pending but as at December 31, 2011, the Company start the project development.

Additional information of condominium project: �

� Consolidated financial statements and Separate

financial statements � 2011 2010�

Percentage of total sale amount of the project� 97.16% 90.92% Project value which is operating 1,130,603,457 1,149,473,649 Project value which has to buy and to sell agreements � 1,098,603,457 1,045,120,851 Project value which has to buy and to sell agreements - already ���transferred� 1,018,208,124 833,307,082�Project value which has to buy and to sell agreements - not ���transferred yet� 80,395,333 211,813,769

Page 163: TFD: Annual Report 2011

Annual Report 2011 161

I. DEPOSITS AT FINANCIAL INSTITUTIONS WITH RESTRICTIONS��

These represent fixed deposits pledged with banks to secure long-term loan from financial institutions and letters of

guarantee issued by the banks on behalf of the Company.

.L. INVESTMENTS IN SUBSIDIARIES�

(Unit: Baht)�

Separate financial statements

Company’ name

Issued and

paid-up share capital Percentage of�shareholding

Investment at cost�

2011 2010� 2011 2010� 2011 2010�

(%) (%)

Total Industrial Services

Company Limited� 100,000,000 100,000,000 100.00 100.00 N^F44MFMMM N^F44MFMMM

SG Land Company Limited 100,450,000 100,450,000 49.91 49.N0 45,523,850 45,523,850

Total 143,073,850� 143,073,850�

Less : Allowance for diminution in value of

investments in subsidiaries (41,497,368) (41,497,368)

Net� 0M0F4^bF5a3 0M0F4^bF5a3

The subsidiary has not payment dividend in 2011 and 2010

The Company used the share certificates of SG Land Company Limited as collateral with a bank to guarantee

credit line of long-term loans from financial institutions.

Total Industrial Services Company Limited

According to the Board of Directors Meeting No. 8/2010 held on September 16, 2010, the Company passed

a resolution to acquire investment in ordinary shares of Total Industrial Services Company Limited from

minor shareholders for 2,450,000 shares at Baht 10 per share, totaling Baht 24.5 million (24.5%). Therefore,

the Company has shareholding proportion in such subsidiary 100% (from 75.5%). The Company has

acquired such investment on September 17, 2010. The Company recorded the difference between

acquisition cost and book value as “difference from changing investment proportion in subsidiaries” under

shareholders’ equity.

Page 164: TFD: Annual Report 2011

Thai Factory Development Public Company Limited162

Book value of assets and liabilities of Total Industrial Services Company at investment date are consist

of :

(Unit : Baht)

Consolidated�

financial statements

2010

ASSETS Cash and cash equivalents 72,882 Accounts receivable - net������������������������������������������������� 2,500,657 Other current assets� 6,304,569 Leasehold right on building and equipment for lease - net���������������������������������������������������������������������� 283,252,868 Leasehold improvement and equipment - net 1,330,616

Other non-current assets � 9,506,490�

Total assets� 302,968,082�

LIABILITIES Bank overdrafts� %4,545,531&� Accounts payable %1,060,659&� Accounts payable – construction %9,255,500&� Other current liabilities� %1,031,937&� Financial lease payable� %567,187&� Long-term loan from financial institution� %256,252,941&�

Other non- current liabilities� %27,037,067&�

Total liabilities� %299,750,822&�

Net assets 3,217,260�Net assets as purchase proportion (24.5%) 788,229�Cash paid for additional investment (24,500,000)�

Difference from changing investment proportion in subsidiaries %23,711,771&�

Page 165: TFD: Annual Report 2011

Annual Report 2011 163

11.

LE

ASE

HO

LD

RIG

HT

S�

��

��

(Uni

t: B

aht)�

Con

solid

ated

fina

ncia

l sta

tem

ents

Sepa

rate

fina

ncia

l

stat

emen

ts�

N

ote

Prep

aid

rent

al -

land

Prep

aid

rent

al

- bui

ldin

g�

Leas

ehol

d

right

s - la

nd

Leas

ehol

d

right

- fa

ctor

y To

tal

Leas

ehol

d

right

s - la

nd�

Cos

t:

��

��

��

Dec

embe

r 31,

201

0�

130,

155,

616�

475,

927,

507�

75,8

35,1

59�

18,4

52,5

78�

700,

370,

860�

48,8

95,1

59

Impr

ovem

ent o

f lea

seho

ld ri

ght

-

2,12

6,85

2 -

- 2,

126,

852

-

Tran

sfer

from

pro

perti

es fo

r sal

e

- -

7,48

0,84

8 -

7,48

0,84

8 7,

480,

848

Tran

sfer

from

equ

ipm

ent�

-

310,

451

- -

310,

451

-

Res

tate

men

t�

2,10

8,59

9 (2

,108

,599

) -

- -

-

Dec

reas

e fr

om a

men

dmen

t of a

gree

men

t�11

.2

- -

- %9

,356

,912

&�%9

,356

,912

& -

Dec

embe

r 31,

201

1�

132,

264,

215

476,

256,

211�

83,3

16,0

07

9,09

5,66

6�70

0,93

2,09

9�56

,376

,007

Acc

umul

ated

am

ortiz

atio

n:

��

��

��

Dec

embe

r 31,

201

0�

20,4

04,4

03�

81,5

33,7

67�

4,36

6,25

6�4,

168,

430�

110,

472,

856�

-

Am

ortiz

atio

n fo

r the

yea

r

7,63

4,96

2 30

,762

,780

7,

776,

506

616,

635

46,7

89,8

83

6,87

9,16

1

Tran

sfer

from

equ

ipm

ent�

-

34,9

36

- -

34,9

36

-

Dec

embe

r 31,

201

1�

28,0

39,3

65�

112,

331,

483�

12,1

42,7

62�

4,78

4,06

5�15

7,29

7,67

5�6,

879,

161

Net

boo

k va

lue:

��

��

��

Dec

embe

r 31,

201

0�

109,

751,

213

394,

393,

740�

71,4

68,9

02

05F3

a5F0

5a�

589,

898,

004

42,9

05,3

98

Dec

embe

r 31,

201

1�

104,

224,

850

363,

924,

728�

71,1

73,2

45

4,31

1,60

1�54

3,63

4,42

4 41

,713

,582

Am

ortiz

atio

n fo

r th

e ye

ar:

��

��

��

200M

��

��

39,6

84,9

05

-

2010

��

��

46,7

89,8

83�

6,87

9,16

1

Page 166: TFD: Annual Report 2011

Thai Factory Development Public Company Limited164

19

11.1� Separate financial statement

The Company has leasehold rights to land which it leases from the Privy Purse Bureau to construct a

residential building�(Mahadlekluang project). The residential building is belonged to the Privy Purse

Bureau and the Company has to comply with conditions stipulated in the agreement as stated in note

32.2.1.

In 2008, the Company entered into an agreement with an overseas investor holding shares of a subsidiary (SG

Land Company Limited) that the leasehold right and others will be sold to the subsidiary in amount of Baht

280 million which equivalently belong to the Company and the overseas investor (Baht 140 million each).

The Company partly received payment from the subsidiary in amount of Baht 129.5 million. The agreement

of leasehold right transfer is in the process. As at December 31, 2011, the Company recorded such amount as

deposit from sale of project (liabilities in the statement of financial position).

As at December 31, 2011 and 2010, the Company has placed the land leasehold right received from the Privy

Purse with a total net book value of Baht 49.5 million and Baht 48.9 million, respectively as collateral for

long-term loans from financial institutions as stated in note 17.

11.2 Subsidiary

(1) The subsidiary has leasehold rights to land which it leases since 1993 from the Privy Purse Bureau

which was recorded as repaid rental - land. The subsidiary constructed an office building�on the

leased land and the office building is belonged to the lessor since the construction date. The

subsidiary has the right to use such office building as long as the leased term of land. The

subsidiary recorded office building for rent as prepaid rental – building.

(2) The subsidiary has leasehold rights to land�from a company to construct office building for rent and

leasehold rights to land�from individuals to construction factory for lease as stated in note 12.

(3) The subsidiary has leasehold rights to factory�from�the Industrial Estate Authority of ThailandL

In the second quarter of 2011, the subsidiary has amended the agreement made with the Industrial Estate

Authority of Thailand since 2004 by changing lease term of a factory from 30 years to 15 years, resulting the

remaining lease term is approximately 7 years. The subsidiary has received rental returned from such

agreement amendment in amount of Baht 9.4 million.

The subsidiary has placed factory leasehold rights under agreements with the Industrial Estate Authority of

Thailand, and land leasehold rights under agreements with individuals, the Privy Purse Bureau and a

company with a total net book value as at December 31, 2010 and 2010 amount of Baht 543.6 million and

Baht 589.9 million, respectively as collateral for bank overdraft facilities, long-term loans from financial

institutions and debt restructuring payable

Page 167: TFD: Annual Report 2011

Annual Report 2011 165

13.

INV

ESTM

ENT

PR

OPE

RTI

ES

(Uni

t: B

aht)

C

onso

lidat

ed fi

nanc

ial s

tate

men

ts�

A

sset

s of l

ease

d la

nd�

Ass

ets o

f the

Com

pany

’s la

nd

Gra

nd to

tal

Im

prov

emen

t

of le

aseh

old

land

Bui

ldin

g an

d

impr

ovem

ent

Infra

stru

ctur

e

syst

em

Tota

l La

nd

Bui

ldin

g an

d

fact

ory

Tota

l

Cos

t :

Dec

embe

r 31,

201

0 12

,426

,164

�b/

5,05

8,27

4 16

,224

,123

�bb

3,70

8,56

1 4a

,324

,267

91

,002

,765

05

N,/3

^,M/

3 81

2,03

5,59

3

Add

ition

s�¦

307,

030

¦ 30

7,03

0�¦

¦ ¦

/M^F

M/M

Impr

ovem

ent�

¦ -

- ¦

¦ 1,

243,

438

1,24

3,43

8 0F

35/F

5/a

Tran

sfer

from

pro

perti

es fo

r sal

e�¦

¦ ¦

¦ 04

,546

,593

47

,189

,730

b3

F^/b

F/3/

b2

F^/b

F/3/

Dec

embe

r 31,

201

1 12

,426

,164

�63

4,36

5,30

4 16

,224

,123

�66

3,01

5,59

1 ^/

,a^M

,abM

0/

N,5/

4,N/

2 30

/,/M

b,^N

2 87

6,32

2,38

4

Acc

umul

ated

am

ortiz

atio

n:

Dec

embe

r 31,

201

0 1,

620,

765

125,

353,

707

2,98

4,79

4 12

9,95

9,26

5 ¦

4,5M

/,5N

M 4,

5M/,

5NM

135,

362,

755

Am

ortiz

atio

n fo

r the

yea

r 44

3,15

7 28

,115

,269

81

1,20

6 29

,369

,632

¦

3,12

9,72

5 3,

129,

725

32,4

99,3

57

Dec

embe

r 31,

201

1 2,

063,

920

153,

468,

976

3,79

6,00

0 15

9,32

8,89

7 ¦

8,53

3,21

5 8,

533,

215

167,

862,

112

Net

boo

k va

lue:

Dec

embe

r 31,

201

0�10

,805

,400

50

8,70

4,56

7 13

,239

,329

53

2,74

9,29

6 4a

,324

,267

a4

,599

,275

05

/FN3

/F45

3 67

6,67

2,83

a

Dec

embe

r 31,

201

1�10

,362

,24/

48

0,89

6,32

8 12

,428

,123

50

3,68

6,69

4 73

,870

,860

13

0,90

2,71

7 20

4,77

3,57

7 70

8,46

0,27

1

Am

ortiz

atio

n fo

r th

e ye

ar:

200M

34,9

33,3

50

2,97

6,16

8 37

,909

,518

2011

29,3

69,6

32

3,12

9,72

5 32

,499

,357

Page 168: TFD: Annual Report 2011

Thai Factory Development Public Company Limited166

(Unit: Baht) Separate financial statements�

Land

Building and factory Total

Cost : December 31, 2010 4a,324,267 91,002,764 05N,/3^,M/0 Improvement ¦ 1,243,439� 1,243,439�Transfer from properties for sale� 04,546,593 47,189,730 b/,736,323

December 31, 2011 ^/,a^M,abM 0/N,5/4,N// 30/,/Mb,^N/

Accumulated amortization: December 31, 2010 ¦ 4,5M/,5NM 4,5M/,5NM Amortization for the year� ¦ 3,129,726 3,129,726

December 31, 2011 ¦ 8,533,216 8,533,216 Net book value: December 31, 2010� 4a,324,267 N4F3b^FbMM 05/FN3/F450

December 31, 2011� 73,870,860 130,902,717 204,773,577

Amortization for the year: �200M� 2,976,0ba

2010� 3,129,726

Since January 1, 2011, the Company and subsidiaries have applied TAS 40 (Revised 2009) Investment Property.

Therefore, the Company made reclassification from property, plant and equipment held for lease to be investment

properties.

The subsidiary operates its factory rental business on land leased from the Industrial Estate Authority of Thailand

as stated note 32L3L3�and 32.2.3 and from individuals as stated in note 32.2.4. The subsidiary provided office for

rent on the land leased from a company as stated in note 32.2.6.

The Company and subsidiary have mortgaged investment properties with a total net book value as at December 31,

2011 and 2010 of Baht 708.5 million and Baht 676.7 million, respectively (the Company only : Baht 204.8 million

and Baht 143.9 million, respectively) and assigned the rights to benefits under the insurance policies covering its

building held for lease to its lenders, as collateral for banks overdraft facilities, long-term loans from financial

institutions and debt restructuring payable.

Page 169: TFD: Annual Report 2011

Annual Report 2011 167

Investments properties as at December 31, 2011 are as follows: � �� �� � (Unit : Baht)

Items Locations�

Net book value

of investment

properties Fair value Apprisal method

1. Land and factory building� Navanakorn Real Estate 32,662,497 48,100,000 Cost replacement

2. Land and factory building� TFD Real Estate 172,111,080 142,108,850 Cost replacement

3. Leasehold on land and factory right building Lamchabang Real Estate 116,385,264 319FMMMFMMM Discounted cash flow

4. Leasehold on land and factory right building King Kaew 119,776,012 35MFMMMFMMM Discounted cash flow

5. Leasehold on land and office right building Ratchdamri 267,525,417 456FMMMFMMM Discounted cash flow

Total 708,460,270 1,287,208,850

1. The fair value was appraisal value of 2011 by an independent appraiser. 2. The fair value of land and building according to 4 and 5 was included leasehold right which had net book value of Baht

130.2 million as stated in note 11 3.�Investment properties according to no.2 at net book value amount of Baht 63.5 million are being appraised the fair value,

thus, fair value of such assets was not included. For comparison purposes �

13. EQUIPMENT

(Unit: Baht)

Consolidated financial statements

Improvement of �

leasehold office Motor Furniture and

building vehicles equipment Total

Cost:

December 31, 200M 4,173,628 21,829,538 13,998,588 41,001,754

Additions 253,102 12,546,885 935,754 13,735,741

Transfer to investment properties (310,451) - -� (310,451)

Disposals -� (3,718,070) (90,843) (3,808,913)

December 31, 2000 5,116,279 30,658,353 14,843,499 50,618,131

Accumulated depreciation:

December 31, 200M 4,673,164 16,994,647 10,569,176 32,200,987

Transfer to investment properties (34,936) ¦ ¦ (34,936)

Depreciation for the year 79,303 2,491,156 1,125,974 3,696,433

Depreciation on disposals ¦ %3,255,603) (90,842) %3,346,445)

December 31, 2000 4,681,531 16,230,200 11,604,308 32,516,039

Net book value:

December 31, 200M 536,464 4,834,891 3,429,412 8,800,767

December 31, 2000 434,748 14,428,153 3,239,191 18,102,092

Depreciation for the yearS

200M 3,590,329

2010 3,696,433

Page 170: TFD: Annual Report 2011

Thai Factory Development Public Company Limited168

(Unit: Baht) Separate financial statements

Improvement of � leasehold office Motor Furniture and building vehicles equipment Total

Cost : December 31, 200M 5F43MF4a4 0aF5N5F4/b 00F05bFN/4 /5F0b3FM4b Additions� - 12,546,886 789,609 13,336,495 Disposals� - %3,718,070&� - %3,718,070&

December 31, 2000 5F43MF4a4 27,323,352 11,936,544 43,780,481

Accumulated depreciation:� December 31, 200M 5F43MF4b3 05F4a^FM4^ aF5^^F5N^ 3^F4a4F00b Depreciation for the year - 3,040,/4b bab,N03 3,a/a,3ba Depreciation on disposals - %/,344,bM/& - %/,344,bM/&

December 31, 2000 5F43MF4b3 0/,5a3,a0M N,0b5,5MN 3^,0b^,^a0

Net book value: December 31, 200M 3/ /FNM^F5^N 3FbbNF5/a bF4^bFN5M

December 31, 2000 3/ 0/,a5M,453 3,^^3,0/4 0b,b03,^MM

Depreciation for the yearS� 2010 3Fb50F^4b

2011 3,a/a,3ba

As at December 31, 2011, certain equipment items have been fully depreciated but are still in use. The

original cost of those assets amounted to approximately Baht 40.4 million (2010 : Baht 37.3 million) [the

Company only: Baht 21.1 million (2010 : Baht 19.0 million)].

Page 171: TFD: Annual Report 2011

Annual Report 2011 169

.4B BANK OVERDRAFTS �

As at December 31, 2011 and, 2010, the Company and subsidiaries have bank overdraft facility in total Baht 45 million (the Company only : Baht 40 million) guaranteed by part of properties for sale of the Company.

The subsidiary mortgaged most of its building held for lease, assigned the rights to benefits under the insurance policies covering its building held for lease, and assigned the rights under land and building lease agreements with the Industrial Estate Authority of Thailand to its lenders, to secure bank overdrafts and long-term loans from financial institutions.

15. TRADE ACCOUNTS AND OTHER PAYABLE� � (Unit : Baht) Consolidated

financial statements Separate

financial statements

2011 2010� 2011 2010�

Trade accounts payable� ����Trade accounts payable� 35,a30,b43 11,956,554 3/,^a3,0bN 8,307,236 ����Accounts payable - construction� 30,^55,aNN 0N,54^,Nba 30,^55,aNN 0N,54^,Nba ����Accounts payable - land� 3b,^N3,34M ¦ 3b,^N3,34M ¦

Total trade accounts payable� ^/,/4a,aM0 31,414,522 ^3,/0N,/0a 27,765,204

Other payable� ����Advance received from customers� N^,4a4,50a 269,633,775 N^,4a4,50a 269,222,139 ����Retention for constructors� 3M,050,/0N 15,708,461 0N,Nba,0/M 04,^Ma,5b0 ����Accrued expenses� 4/,MN0,aaa 29,719,438 /a,4/^,MNM 18,294,783 ����Other� 03,M^3,050 5,715,708 ^,N4M,5N4 0,026,700

Total other payable� 0a3,aNM,^bb 320,777,382 0b5,M50,0// 304,252,083

Total trade accounts and other payable 34b,35N,4b^ /43,0N0,NM5 3/b,/bM,540 //3,M0^,3a^

16B� FINANCIAL LEASE PAYABLE

Long-term financial lease are due as follows:

(Unit: Baht)�

Consolidated�

�financial statements�

Separate

financial statements

2011 2010� 2011 2010�

Within 1 year 3,755,913 1,173,708 3,495,449 ab/F/5M

Over 1 year but not over than 5 years 8,073,550 1,668,243 8,027,404 0F5/4F5b^

Total 11,829,463 2,841,95M 11,522,853 3F3NaFaM^

Less : Deferred interest (1,144,242)� (282,875)� (1,107,389) (216,169)

Present value of minimum amount

must be paid 10,685,221 2,559,074 10,415,464 3FMa3,638

Less : Current portion (3,265,846)� (1,089,393&� (3,038,948) (779,025)

Net 7,419,375� 1,469,683� 7,376,516 1,303,613

Page 172: TFD: Annual Report 2011

Thai Factory Development Public Company Limited170

17B� LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS�

(Unit: Baht)

Credit line��Million��Consolidated��

financial statements Separate

financial statements

Credit No.

Amount

December 31, 2011

Remaining amount 2011 2010� 2011

2010�

1 434� - - 275,294,750 - 275,294,750 2 500 ¦ 25,330,798 40,000,000 25,330,798 40,000,000 3� 90 - 42,679,690 53,904,965 42,679,690 53,904,965 4 30 ¦ 5,784,288 22,626,081 5,784,288 22,626,081 5 275 - 226,209,804 248,743,407 - - 6 120 ¦ - 24,649,421 - 24,649,421 7 1,796 1,467 97,992,337 - 97,992,337 - 8 100 10 90,000,000 - 90,000,000 -

Total� 3,345 1,477 487,996,917 665,218,624 261,787,113 416,475,217

Less: current portion 1 - %275,294,750) - %275,294,750) 2 %13,599,495& %5M,MMM,MMM) %13,599,495& %5M,MMM,MMM) 3� %12,248,803& (11,643,098) %12,248,803& (11,643,098) 4 %4,784,288&� (16,917,254) %4,784,288& (16,917,254) 5 %22,837,282&� (23,491,939) - - 6 - (24,649,421) - (24,649,421) 7 %97,992,337& - %97,992,337& -

8 - - - -

Total current portion %152,462,205&� (391,996,462) %129,624,923&� (368,504,523)

Net 335,534,712 273,222,162 48,030,918 47,970,694

Movement of the account for year ended December 31, 2011 are as follows :

(Unit: Baht) Consolidated�

financial statements� Separate

financial statements Balance as at December 31, 2010 665,218,624 416,475,217 Received loan increase� 419,108,537 50N,108,537 Repayment loan %596,330,245&� %573,796,641&�Balance as at December 31, 2011 5a^,996,916 261,787,113

Page 173: TFD: Annual Report 2011

Annual Report 2011 171

Credit line (1) Baht loan from a local bank, with total facility of Baht 434 million of which Baht 284.6 million has

been drawn down, with interest at MLR per annum. Loan repayments in the amount stipulated in the

loan agreement are to be made when the land/land with factory buildings in the related project are

sold, and the loan is otherwise repayable in monthly installments, commencing from June 2009. It

is to be repaid in full within June 2014.

Such loan is secured by the mortgage of most of the Company’s properties for sale and the

assignment of the beneficiary rights under the insurance policies covering these assets to the lender.

In the second quarter of 2011, the Company has loan credit line (7) to pay all remaining loan and

redeem all collateral.

Credit line (2) Baht loan from a local bank, with total facility of Baht 500 million of which Baht 40 million has been drawn down, with interest at MLR per annum. Loan repayments in the amount stipulated in the loan agreement are to be made when condominium units are sold, and the loan is otherwise repayable in monthly installments, commencing from March 2010. It is to be repaid in full within March 2011.

Such loan is secured by the following:

(1) Assignment of the Company’s leasehold rights to land which is leased from the Privy Purse Bureau

(2) Pledge of the Company’s rights to make bank account withdrawals and to administer the bank account.

The Company did not withdraw the remaining amount of Baht 460 million within due date of loan withdrawal on December 1, 2009 (According to loan agreement, the loan line will be cancelled if the Company does not withdraw the money within the specified period).

As at December 31, 2010, such loan in amount of Baht 40 million was defaulted since March 2010. The Company recorded interest as defaulted rate and paid the interest since the defaulted date. The defaulted loan was included in current portion of long-term loan presented in the statement of financial position and the Company is under the negotiation to compromise the repayment term, to increase facility and to extend the withdrawal period.

On February 25, 2011, the Company made memorandum with the bank to amend the repayment condition as follows:

(1) Loan Baht 40 million and accrued interest under the agreement Baht 4.9 million. As at the memorandum date, the Company paid principal Baht 5.0 million and interest Baht 0.2 million. The remaining principal was extended to be paid through 30 installments, commencing from the memorandum date by making monthly payment for principal and interest at least Baht 1.3 million each with interest rate at MLR, commencing from March 2011. However, the loan must be repaid in full within August 2013.

%2&� Fee of facility cancellation Baht 9.2 million and defaulted interest Baht 0.2 million. The bank will release the debt in (2) including defaulted interest Baht 4.7 million if the Company can completely comply with the condition in (1).�

Page 174: TFD: Annual Report 2011

Thai Factory Development Public Company Limited172

Credit line (3) On April 30, 2008, the Company has facility of loan from a local bank Baht 90 million. The facility will be used together with an investor in total amount Baht 180 million which has been drawn down in full amount, at interest rate MLR – 1% per annum. The principal is required to be monthly repaid together with interest at Baht 1.2 million each, commencing from May 2008. However, it must be fully repaid within May 2017.

Such loan is guaranteed by pledging 10,022,950 ordinary shares of a subsidiary which were held by the Company at par value Baht 5 each and by such subsidiary as the co-receivable.

Credit line (4) On August 20, 2009, the Company has loan from a local bank with total facility of Baht 30 million of which has been draw down in full amount, at interest rate MLR + 0.5 % per annum. The interest is required to be monthly paid and the principal is grace for 1 year since the first drawn down. However, it must be repaid in full within March 2011.

In October 2010, the Company and the lender made MOU to amend the principal and interest repayment to be monthly payment of principal and interest at least Baht 1.5 million, commencing in November 2010. However, it must be repaid in full within April 2012.

Such loan is secured by the mortgage of a part of the Company’s land and factory for lease and the assignment of the beneficiary rights under the insurance policies covering the assets to the lender.

Credit line (5) On November 12, 2009, the subsidiary has loan from local bank with total facility of Baht 275 million which has been draw down in full amount, at the interest rate SPRL + risk at 0.5% per annum. The principal and interest are required to be monthly paid at least Baht 3.4 million per month, commencing on November 2009. However, it must be repaid in full within November 2019.

Such loan is secured by the following: (1) The mortgage of the subsidiary’s factory buildings for lease and the assignment of the

beneficiary rights under the insurance policies covering these assets to the lender. (2) Assignment of the subsidiary’s rights of land lease and building lease from individual

and Industrial Estate Authority of Thailand. (3) Letter of guarantee by the Company in the amount of half of the debt. (4) Letter of guarantee in full amount by the advisor of the Board of Directors.

Credit line (6) On September 10, 2010, the Company has loan from local bank with total facility of Baht 120.2 million which has been drawn down in full amount, at interest rate MLR + 1% per annum. The interest is required to be monthly paid and the principal will be paid by release mortgaging of condominium according to the condition. However, it must be repaid in full with in February 2012.

Such loan is secured by the mortgage of part of the Company’s properties for sale (Condominium) and the assignment of the beneficiary rights under the insurance policies covering the assets to the lender.

In the second quarter of 2011, the Company fully repaid loan according to the agreement.

Page 175: TFD: Annual Report 2011

Annual Report 2011 173

Credit line (7) On June 9, 2011, the Company has loan from local bank with total facility of Baht 1,796 million which has been draw down in amount of Baht 329.1 million, at the interest rate MLR per annum to repay credit line (1) and to develop TFD Industrial Estate project. The interest is required to be monthly paid and the principal will be paid by release mortgaging of real estate according to the condition. However, it must be repaid in full within June 2017.

Such loan is secured by the following: (1) The mortgage of land with its construction and the assignment of the beneficiary rights

under the insurance policies covering these assets to the lender. (2) Pledge of the Company’s right on the fixed deposit to the bank.

Credit line (a) On June 9, 2011, the Company has loan from local bank with total facility of Baht 0MM million which has been draw down in amount of Baht NM million, at the interest rate MLR per annum. The interest is required to be monthly paid and the loan must be repaid in full within November 2012.

Such loan is secured by the following: (1) The mortgage of land with its construction and the assignment of the beneficiary rights

under the insurance policies covering these assets to the lender. (2) Pledge of the Company’s right on the promissory note to the financial institutions. (3) Letter of guarantee by the advisor of the Board of Directors.

18. DEBT RESTRUCTURING PAYABLE

(Unit: Baht)

Consolidated financial statements

2011 2010� Debt restructuring payable 152,700,731 192,374,858

Less: Current portion (41,473,657) (40,937,509)

Net 111,227,074� 151,437,349�

A subsidiary has made a debt restructuring agreement with a financial institution at interest rate MLR - 1 % per annum by making monthly principal and interest payment of Baht 4.2 million each and it must be fully paid within April 2017. Such loan was guaranteed by mortgaging leasehold right and office condominium leasehold of the subsidiary including the assignment of the beneficiary rights under the insurance policies covering these assets to the lender.

Page 176: TFD: Annual Report 2011

Thai Factory Development Public Company Limited174

19. LONG-TERM LOAN FROM RELATED PARTY AND INTEREST PAYABLE

(Unit: Baht)

Consolidated financial statements

2011 2010�

Long-term loan from related party 223,208,760 345F5/5FM/b

Interest payable 119,258,762 aNF5^3F0b5

Total 342,467,522 343,906,200

Less: Current portion %11,736,861&� (11,579,103)

Net 330,730,661 332,327,097

On April 30, 2008, a subsidiary has entered into a loan agreement with an overseas company (related party) with details as follows:

Credit line (1) The subsidiary has loan from the related party Baht 90 million which has been drawn down in full amount with interest rate 15 percent per annum and the principal is required to be monthly repaid together with interest at compromise rate in amount not lower than Baht 1.2 million per month.

As stipulated in the agreement, such loan must be fully repaid within 9 years since the date of drawn down or the loan closing date whichever is earlier.

Credit line (2) The subsidiary has loan from the related party Baht 135 million which has been drawn down in full amount with interest rate 15 % per annum and the interest is required to be monthly paid with interest at compromise rate.

The principal is required to be firstly repaid in the month of closing loan and fully repaid within 3 years since the loan closing date.

Credit line (3) The subsidiary has loan from the related party Baht 140 million of which Baht 120 million has been drawn down with interest rate 15 % per annum. Interest is required to make monthly payment.

As stipulated in the agreement, the payment condition is as same as the credit line (2).

Remark: “the loan closing date” means the date that liabilities under debt restructuring agreement (note 18) and liabilities under loan agreement Baht 180 million (THAI FACTORY DEVELOPMENT PUBLIC COMPANY LIMITED and SCHUBERT HOLDINGS PTE. LTD. with Siam Commercial Bank Plc.) have been fully repaid.

Page 177: TFD: Annual Report 2011

Annual Report 2011 175

20. EMPLOYEE BENEFIT OBLIGATIONS

The Company and subsidiaries have employee benefit obligations as at January 1, 2011. The Company and

subsidiaries have chosen to record such liability as expense on a straight-line method within 5 years as

stated in note 5.5. Movement of employee benefit obligations during the transitional provisions as follows:

� (Unit: Baht)

� Consolidated

financial

statements

Separate

financial

statements

Unrecognized obligation as at January 1, 2011 8,970,127 7,536,687

���Recognised in statements of comprehensive income � %1,794,025&� %1,507,337&�

Unrecognized obligation as at December 31, 2011 7,176,102 6,029,350

Employee benefit obligations comprise of : �

���Recognised employee benefit � 1,794,025 1,507,337

���Present employee benefit � 0,742,910 1,285,593�

���Less Employee benefit payment� �������%550,550&� %150,550&�

Remaining employee benefit obligations as at December 31, 2011 2,986,385 2,642,380

21.� ESTIMATED LONG-TERM LIABILITIES

� (Unit: Baht)

Consolidated�financial

statements�

Separate financial

statements�

3M00 3M0M� 3M00 3M0M�

� � %Restated&� � %Restated&�

Building dismantlement� N,620,627 8,377,188 3,897,710� 2,654,272�

Total N,620,627 8,377,188 3,897,710� 2,654,272�

Page 178: TFD: Annual Report 2011

Thai Factory Development Public Company Limited176

22. RELATED PARTY TRANSACTIONS

During the period, the Company and subsidiaries had significant business transactions with related persons

or parties, which have been concluded on commercial terms and bases agreed upon in the ordinary course of

business between the Company and those companies. Be low is a summary of those transactions.

(Unit : Million Baht)

For the year ended December 31, Consolidated

financial statements

Separate financial

statements Pricing Policy 2011 2010 2011 2010 Transactions with related persons and parties Interest income -� 1.0� - -� Interest rate 5.85% per annum Interest expense 27.6 40.0 ¦ ¦ Interest rate 15% per annum Consulting fee and other benefit expenses 17.3 14.0� 15.2 11.9� Contract price ��Commission� ¦� 9.2� ¦� 9.2 At the rate 2-3% of the land

prices� � � Transactions with subsidiaries (eliminated from the consolidated financial statements) Interest income ¦ ¦� 3/Lb 34L3 Interest rate at 6.625% and 15%

per annum Interest expense ¦ ¦ 3L3� ML0� Interest rate at 7.25% per annum Building management income ¦ ¦ /LN� 3.7 Contract price Advance from - Increase during the period ¦� ¦ bLM 15.5 No interest is charged Advance from - Decrease during the period ¦� ¦ 6.0� 15.5� Advance to - Increase during the period ¦� ¦ NL3� -� No interest is charged Advance to - Decrease during the period ¦ ¦� 9.2 - �

The relationship between the Company and related parties is summarised as follows:

The related parties’ name Relationship

SCHUBERT HOLDINGS PTE. LTD. Shareholding in subsidiary

Vibhavadi Hospital Plc. A former director of the Company is a

director and a shareholder in related

company

JC Asset Company Limited Shareholding in the Company

V.C.A.L. Business Group Company Limited Shareholding in the Company

VSSL Enterprise Company Limited Shareholding in the Company

Mr. Gurdist Chansrichawla Shareholding in subsidiary

Mr. Apichai Taechaubol Advisor of board of directors, director and

shareholder in related company

Page 179: TFD: Annual Report 2011

Annual Report 2011 177

Details of the outstanding balances between the Company and related parties as at December 31, 2011 and

2010 are as follows:

(Unit: Baht)

Consolidated

financial statements

Separate

financial statements

Note 2011 2010 2011 2010

Trade accounts receivable

Subsidiary

SG Land Company Limited - - 390,550 328,169

Total - - 390,550 328,169

Loans to related parties and interest receivable

Subsidiaries

Total Industrial Services Company Limited 22.1.1 ¦ ¦� ¦� �����^FN0/F4b3

SG Land Company Limited 22.1.2 ¦ ¦� 224,856,333 30^Fb4MF/5/

Total - - 224,856,333� 225,563,905

Receivable – sale of investment

Related party

Vibhavadi Hospital Plc. ¦ b,341,690 ¦ b,341,690

Total ¦ b,341,690 ¦ b,341,690

Other receivable and advance to

Related party

SCHUBERT HOLDINGS PTE. LTD. 22.2 1,301,349 874,640 - -

Total 1,301,349 874,640 - -

Collateral for letter of guarantee

Related party

VSSL Enterprise Co., Ltd. 22.4 15,000,000 15,000,000 15,000,000 15,000,000

Total 15,000,000 15,000,000 15,000,000 15,000,000

Short – term loan from related party and interest

payable

Subsidiary

Total Industrial Services Company Limited -� - 4,103,953 -

SG Land Company Limited 22.3 -� -� 39,846,070 18,138,588�

Total - - 43,950,023 18,138,588

Page 180: TFD: Annual Report 2011

Thai Factory Development Public Company Limited178

(Unit: Baht)

Consolidated

financial statements

Separate

financial statements

Note 2011 2010 2011 2010

Long – term loan from related party and interest

payable

Related party

SCHUBERT HOLDINGS PTE. LTD. 19 342,467,522� 343,906,200� - -�

Total 342,467,522 343,906,200 - -

Deposit from sale of project

Subsidiary

SG Land Company Limited 11 - - 129,500,000 129,500,000

Total - - 129,500,000 129,500,000

For the year ended December 31, 2011 and 2010, movements of loans to related parties and loan from related

parties were as follow :-

(Unit: Baht)

During the period

Balance as at Balance as at

December 31, December 31,

Note 2010 Increase Decrease 2011

1. Loans to related parties

Subsidiary

Total Industrial Services Company Limited 22.1.1

Loan 7,889,750 - (7,889,750) -

Interest receivable 23,812 174,041 (197,853) -

Total 7,913,562 174,041 (8,087,603) -

SG Land Company Limited 22.1.2 �

Loan 161,830,143 - %11,225,275&� 150,604,868

Interest receivable 55,820,200 23,464,061 %5,032,796&� 74,251,465

Total 217,650,343 23,464,061 %16,258,071&� 224,856,333

Grand Total 225,563,905 23,638,102 %24,345,674&� 224,856,333

Page 181: TFD: Annual Report 2011

Annual Report 2011 179

(Unit: Baht)

During the period

Balance as at Balance as at

December 31, December 31,

Note 2010 Increase Decrease 2011

2. Short -term loan from related parties �

Subsidiary 22.3

Total Industrial Services Company Limited

Loan � - 7,300,000 %3,200,000& 4,100,000

Interest payable - 12,216 %8,263& 3,953

Total - 7,312,216 %3,208,263& 4,103,953

SG Land Company Limited

Loan � 18,000,000� 025,000,000 %105,000,000&� 38,000,000�

Interest payable 138,588 2,201,889� %494,407&� 1,846,070

Total 18,138,588 127,201,889 %105,494,407& 39,846,070

Grand total 18,138,588 134,514,105 %108,702,670& 43,950,023

3. Long -term loan from related party

SCHUBERT HOLDINGS PTE. LTD. 19

Loan 254,434,036 ¦� %/0,225,276& 223,208,760

Interest payable 89,472,164 36,290,262 %6,503,664& 119,258,762

Total 343,906,200� 36,290,262� %/^,728,940&� 342,467,522�

22.1 Loans to related parties

22.1.1 Loan to subsidiary – promissory notes with interest rate 6.625% per annum, due at call.

22.1.2 The Company entered into loan agreements with a subsidiary with details as follows:

Credit line (1) Baht 90 million of which full amount has been draw down, with interest rate 15

percent per annum and the principal is required to be monthly repaid together with interest at

compromise rate in amount not lower than Baht 1.2 million per month.

Credit line (1) The subsidiary must be fully repaid to the Company within 9 years since the

date of drawn down or the loan closing date whichever is earlier.

Page 182: TFD: Annual Report 2011

Thai Factory Development Public Company Limited180

Credit line (2) Baht 135 million which has been drawn down in full amount with interest rate

15 percent per annum and the interest is required to be monthly paid with interest at

compromise rate.

Credit line (2) As stipulated in the agreement, the principal is required to be firstly repaid in

the month of closing loan and fully repaid within 3 years since the loan closing date.

Credit line (3) Baht 140 million which has not been drawn down with interest rate 15 percent

per annum. The subsidiary entered into this loan in order to pay for purchase of leasehold right

of Mahadlekluang project (the Company project).

Credit line (3) As stipulated in the agreement, the payment condition is as same as the credit

line (2).

Remark: “the loan closing date” means the dated that liabilities under debt restructuring

agreement (note 18) and liabilities under loan agreement Baht 180 million (THAI FACTORY

DEVELOPMENT PUBLIC COMPANY LIMITED and SCHUBERT HOLDINGS PTE. LTD.

with Siam Commercial Bank Plc.) have been fully repaid.

22.2 Advance paid to

Advance paid to related parties for operation purpose has no interest charge.

22.3 Short - term loan from subsidiary

A short - term loan from subsidiary with interest rate 7.25 percent per annum and due at call,

documented by a promissory note. Such loan has no collateral.

22.4 Collateral for letter of guarantee

The Company paid collateral to a related company because the Company used letter of guarantee in

amount of Baht 21.5 million of the related company by bank issuance letter of guarantee to be placed

at the Privy Purse Bureau as stated in note 32.2.1 (6). The Company will earn remuneration at 2% per

annum for the collateral in amount of Baht 15 million.

22.5 Guarantee obligations with subsidiary

The Company has guarantee obligations with related parties, as described in note 32.4.1

23. SHARE CAPITAL

According to 2010 Annual General Meeting held on April 29, 2010, the Company passed the resolution to

increase share capital from Baht 760 million to Baht 836 million, divided into 76,000,000 ordinary shares at

Baht 1 per share, totaling Baht 76 million. The new shares were issued to serve share dividend and the

adjustment of exercise right ratio for purchasing ordinary share of warrant holders.

The Company registered to increase the shares capital with the Ministry of Commerce on May 10, 2010.

Page 183: TFD: Annual Report 2011

Annual Report 2011 181

24. WARRANTS TO PURCHASE ORDINARY SHARES

The Stock Exchange of Thailand approved the listing of 30,980,393 warrants to purchase the Company’s

ordinary shares as registered securities on the Stock Exchange of Thailand, commencing from April 18,

2003. The warrants (approved by the Company’s Extraordinary General Meeting of the Shareholders No.

1/2002 held on July 16, 2002) have a life of 10 years and are exercisable every three months with the first

exercise date being on June 30, 2003 and the final exercise date on March 31, 2013. The warrants are

exercisable in a ratio of 1 warrant to 1 ordinary share at an exercise price of Baht 5 per share.

The 2004 Annual General Meeting of the Company’s Shareholders held on April 29, 2004 passed a

resolution approving a stock split to change the par value of the Company’s shares, from Baht 5 per share to

Baht 1 per share, changing the number and exercise price of the Company’s remaining warrants from

24,480,393 warrants at an exercise price of Baht 5 per warrant to 122,401,965 warrants at an exercise price

of Baht 1 per warrant, to be consistent with the change in the par value of the Company’s shares.

According to 2010 Annual General Meeting held on April 29, 2010, the Company passed the resolution to

pay dividend by common shares, therefore, the Company adjusted the exercise right ratio for purchasing

ordinary shares. Formerly, the Company had declared share dividend at a ratio of exercise right of 1 warrant

to purchase 1 ordinary shares at the exercise price of Baht 1 per share. The new ratio of exercise right is 1

warrant to purchase 1.1 ordinary shares at the exercise price of Baht 1 per share. The warrant have a life of

10 years and are exercisable every three months with the first exercise date being on June 30, 2003 and the

final exercise date on March 31, 2013.

During this period, no warrants were exercised to purchase ordinary shares.

As at December 31, 2011 and 2010, 122,401,965 warrants to purchase ordinary shares have not yet been

exercised.

25. STATUTORY RESERVE

Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set

aside to a statutory reserve at least 5 percent of its net income after deducting accumulated deficit brought

forward (if any) until the reserve reaches 10 percent of the registered capital. The statutory reserve is not

available for dividend distribution.

Page 184: TFD: Annual Report 2011

Thai Factory Development Public Company Limited182

26. DIRECTORS’ REMUNERATION AND MANAGEMENT BENEFIT EXPENSES

26.1 DIRECTORS’ REMUNERATION

Director remuneration is the benefits paid to the Company and subsidiaries of directors excluding salaries and related benefits which were paid to executive directors according to Section 90 of the Public Company Limited Act.�

26.2 MANAGEMENT BENEFIT EXPENSES

Management benefit expense focuses expense relating to salaries, remunerations and other benefits to their directors and management, in accordance with the definitions of the Office of the Securities and Exchange Commission. Management under definition includes a chief executive officer, the next four executive levels immediately below that chief executive officer and all persons in positions comparable to these fourth executive levels. In 2011, management benefit expense including board consulting consist of the consulting fee amount of approximately Baht 8.7 million and other benefit expenses amount of Baht 8.6 million (2010: consulting fee Baht 8.7 million and other benefit expenses Baht 5.3 million) [for the Company only : consulting fee Baht 6.6 million and other benefit expenses Baht 8.6 million (2010: consulting fee Baht 6.6 million and other benefit expenses Baht 5.2 million)].

27. PROVIDENT FUND

The Company and subsidiaries and their employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. The Company and subsidiaries and their employees contributed to the fund monthly at rates of 3-10 percent of basic salary. The fund, which is managed by MFC Asset Management Public Company Limited, will be paid to the employees upon termination in accordance with the fund rules. During the year 2011, the Company and subsidiaries contributed Baht 2.5 million (2010: Baht 2.4 million) [for the Company only: Baht 2.1 million (2010: Baht 2.0 million)] to the fund.

28. EXPENSES ANALYSED BY NATURE OF EXPENSE

28.1 Significant expenses analysed by nature of expense for the year ended December 31, 2011 and 2010 are as

follows :

(Unit: Baht)�

Consolidated

financial statements

Separate

financial statements

2011 2010 2011 2010

� %Restated&� %Restated&

Change in properties for sale 219,603,260 264,969,439 219,603,260 264,969,439

Purchase land, work in progress and project

development expenses 338,993,417 136,702,868 338,993,417 136,702,868

Staff expense 48,621,877 39,208,062 35,958,250 28,482,621

Directors’ remuneration� 6,718,780 6,045,000 4,830,000 4,440,000

Management benefit expenses 3N,0^4,M4/ 39,522,170 26,765,541 27,041,812

Depreciation and amortisation 82,985,673 81,184,753 12,847,157 5,617,925

Page 185: TFD: Annual Report 2011

Annual Report 2011 183

28.2 Depreciation and amortisation are summarised below.

(Unit: Baht)���

Consolidated

financial statements

Separate

financial statements

2011 2010 2011 2010

Depreciation and amortisation which is cost of

rental and�related services� 72,410,079 77,594,423 3,129,726 2,976,168

Depreciation and amortisation which is selling

and administrative expenses 10,575,594 3,590,330 9,717,431 2,641,757

Total 82,985,673� 81,184,753 12,847,157 5,617,925

29. BASIC EARNINGS PER SHARE / RECONCILATION OF DILUTED EARNINGS PER SHARE

There is no disclosure of the reconciliation of diluted earnings per share in the financial statements for the three

months and year ended December 31, 2010 as the exercise price of the warrant to purchase ordinary shares is

higher than the average market price of the ordinary shares for the period.

The reconciliation of basic earnings per share with diluted earnings per share�for the year ended December 31, 2011

is presented as follows:

For the year ended December 31, 2011�

Consolidated

financial statements�

Separate

financial statements�

Net profit

Weighted

average

number of

ordinary

shares

Profit

per

share Net profit

Weighted

average

number of

ordinary

shares

Profit

per

share

(Baht) (Share) (Baht) (Baht) (Share) (Baht)

Basic earnings per share �

Net profit (loss) - owners of the Company� 147,726,407 701,357,785 0.2106 135,459,287 701,357,785 0.1931

Effect of diluted ordinary shares

��033F5M0FNb4 warrants issued to �

� �existing shareholders� - 15F571F933 - 15F571F933

Diluted earnings (loss) per share

��Profit of ordinary shareholders as if

�� warrants were exercised 147,726,407 716,929,718 0.2061 135,459,287 716,929,718 0.1889

Page 186: TFD: Annual Report 2011

Thai Factory Development Public Company Limited184

30. DIVIDEND PAYMENT

According to the 2010 Annual General Meeting held on April 29, 2010, the Company passed resolutions

approving to pay dividend of the 2009 operation and retained earnings at Baht 0.115 per share, totaling Baht

73.3 million to the Company’s shareholders in details as follows:

(1) By dividend share for 63,759,803 ordinary shares at the ratio 10 ordinary shares: 1 dividend share

at Baht 1 each which equal to Baht 0.10 per ordinary share, totaling Baht 63.7 million.

In case the remaining ordinary shares are not reach 1 dividend share, they will be paid by cash at

Baht 0.10 per ordinary share.

(2) By cash at Baht 0.015 per ordinary share, totaling Baht 9.6 million.

The dividend is fixed to be paid on May 27, 2010.

31. SEGMENT INFORMATION

Business operations of the Company and subsidiaries involve two principal segments: business of property

development for sale and property for lease, and hotel business. These operations are mainly carried on in

Thailand.

Below is for the year December 31, 2011 and 2010 (after restatement) of the Company and subsidiaries by

segment.

(Unit: Million Baht)

Properties for sale

business�

Properties for lease

business

Consolidated financial

statements

2011 2010 2011 2010 2011 2010� Revenues from external customers 847.8 833.3 284.3 260.6 1,132.1 1,093.9

Total revenues 847.8 833.3 284.3 260.6 1,132.1 1,093.9

Segment income (loss) 244.4� 211.2

Interest income ML4 ML3�

Other income 00L0 bL4�

Profit (Loss) before financial cost and

income tax 256.0 217.9�

Financial cost %71.3& %88.4&

Profit (Loss) before income tax 184.7� 129.5�

Income tax (38.2)� ¦�

Comprehensive income� 146.5 129.5

Page 187: TFD: Annual Report 2011

Annual Report 2011 185

32. COMMITMENTS AND CONTINGENT LIABILITIES

32.1 Capital Commitments as at December 31, 2011

32.1.1 The Company had commitments of approximately Baht 121.9 million in respect of agreements to

design, improve and construct residential condominium and management and control construction

agreement (2010: Baht 85.9 million).

32.1.2 The Company had commitments under the following agreements in respect of TFD Industrial Estate

project:

- Agreement to construction standard factory building and utilities system of approximately Baht

5.2 million.

¦ Agreement to buy land for project development approximately Baht 906.6 million (2010: Baht

146.8 million) and the commission for land acquisition Baht 14.7 million.

32.2 Operating Lease Commitments

32.2.1 The Company has leasehold rights to land which it leases from the Privy Purse Bureau and on which

it has the right to construct a residential building. In January 2007, a permit to construct the

residential building was received from the relevant government agency.

In June 2007 and February 2008, the Company entered into an agreement with Privy Purse Bureau to

construct the building and lease the land with completed building in a period of 30 years,

commencing from January 1, 2010.

On September 21, 2010, the Company received the letter of the Privy Purse Bureau to approve

changing pattern and size of the project requested by the Company and to have new conditions. As at

December 31, 2011, the Company had the following commitments in respect of this agreement:

(1) The permit to construct the residential building is to be in the name of the Privy Purse Bureau

and ownership of the building and other constructions on this land is to be transferred to the

Privy Purse Bureau, while the Company is to pay all expenses related to the construction of the

building until completion.

(2) The construction period is 5 years since the date of the permit to construct the new building

from the relevant government agency.

(3) The lease period is 30 years commencing from the end of the construction period as per (2).

However, if the construction is completed before the end of construction period, the lease

period commences from the completion date by making monthly rental payment. The

Company is obliged to pay rental at a rate of Baht 500,000 per month in the first year, and such

rental rate is to be increased by five percent every year until the end of lease period.

Page 188: TFD: Annual Report 2011

Thai Factory Development Public Company Limited186

(4) During the construction period, the Company is obliged to make payment of compensation for

loss of benefit at a rate of Baht 500,000 per month over the construction, commencing in

September 2010 and the entrance usage at Baht 4,700 per month.

(5) The Company has to make extra payment to the Privy Purse Bureau in amount of Baht 30

million within December 20, 2010.

(6) The Company has to rendered letter of guarantee in credit line of Baht 50 million within

December 20, 2010 and it was partially rendered Baht 21.5 million by using the credit line for

bank issuance letter of guarantee to VSSL Enterprise Company Limited (related party) to the

Privy Purse Bureau for the period of three years, commencing from May 27, 2010.

Refer to (5) and (6), the Company required to extend the period of payment special remuneration and

render letter of guarantee and on December 14, 2010, the Company received letter from the Privy

Purse Bureau approve to extend to 30 days after pass the environment valuation approved by the

related agent.

32.2.2 In April 2003, the subsidiary entered into an agreement with the Industrial Estate Authority of

Thailand to lease land for use in the subsidiary’s operation of its factory rental business for a period

of 30 years ending on June 23, 2033. Under this agreement, the subsidiary is committed to pay an

annual rental of approximately Baht 4.8 million, and such rental rate may be increased by ten percent

on the contemporaneous rental rate every five years. As at December 31, 2011, the subsidiary has the

committed to pay rental under these lease approximately:

Within Million Baht

1 Year 5.3

2 Years to�5 Years� 21.3

After�5 Years� 82.3

Total 108.9

32.2.3 In March 2004, the subsidiary entered into agreements with the Industrial Estate Authority of

Thailand to lease land for use in the subsidiary’s operation of its factory rental business for a period

of 15 years ending on December 31, 2018. Under these agreements, the subsidiary is committed to

pay annual rental of approximately Baht 1.7 million, and such rental rates may be increased by ten

percent on the contemporaneous rental rates every five years. As at December 31, 2011, the

subsidiary has committed to pay rental under theses leases approximately:

Within Million Baht

1 Year 1.9

2 Years to�5 Years� 7.5

After�5 Years� 3.7

Total 13.1

Page 189: TFD: Annual Report 2011

Annual Report 2011 187

32.2.4 In February 2006, the subsidiary entered into agreements with individuals in order to lease land for

use in the subsidiary’s operation of its factory rental business, for a period of 30 years, ending on

February 19, 2036. As at December 31, 2011, the subsidiary has committed to pay rental under these

leases approximately:

Within Million Baht

1 Year 1.6

2 Years to�5 Years� 6.4

After�5 Years� 34.1

Total 42.1

In addition, the subsidiary entered into agreements to lease the land for a further 30 years, from

February 20, 2036 to February 19, 2066. The subsidiary is committed to pay key money of Baht 15

million and monthly rental totaling Baht 68.4 million during the years 2036 - 2066. At the end of the

rental period, the subsidiary may extend the lease for a further period of not less than 20 years and

must comply with conditions stipulated in the agreements.

32.2.5 The subsidiary has leasehold right to land from the Privy Purse Bureau and has the right to construct

a condominium for lease on such land with the lease term of 30 years, commencing from November

1993 until October 2023. The condominium is belonged to the Privy Purse Bureau. As at December

31, 2011, the subsidiary has commitment to pay remaining rental approximately:

Within Million Baht

1 Year 2.9

2 Years to�5 Years� 16.9

After�5 Years� 25.7

Total 45.5

Moreover, the subsidiary has commitment to pay for entrance usage in amount of Baht 50,000 per

month.

32.2.6 The subsidiary has leasehold right on land (sublease) from a company and has the right to construct

an office building on such land with the lease term of 30 years, commencing from December 1995

until November 2025. The office building is belonged to the sub-leasers at the end of the contract.

32.3 Long-term service commitments

32.3.1 As at December 31, 2011, the Company had the following commitments in respect of an agreement

with the Industrial Estate Authority of Thailand to collaborate in the development of TFD Industrial

Estate project.

(1) A fee for supervision of services within the Industrial Estate. The Company is committed to pay an annual fee of approximately Baht 1.2 million, commencing in 2009. Such fee rate may be increased by 10 percent on the contemporaneous fee rate every three years.

(2) Sales promotion expenses of approximately Baht 1.8 million

Page 190: TFD: Annual Report 2011

Thai Factory Development Public Company Limited188

(3) Contribution of approximately Baht 11.3 million to the fund for maintenance and replacement

of infrastructure system and other facilities when the land users receive permission of land

utilisation from the Industrial Estate Authority of Thailand

32.3.2 As at December 31, 2011, a subsidiary has commitment under service agreement amount of Baht 14.5

million (2010: Baht 8.1 million).

32.4 Guarantees

32.4.1 As at December 31, 2011, the Company has guaranteed bank credit facilities of a subsidiary

amounting to Baht 140 million (2010: Baht 140 million).

32.4.2 As at December 31, 2011, there were outstanding bank guarantees of Baht 38.2 million (2010 : Baht

16.7 million) [the Company only: Baht 34.7 million (2010: Baht 13.2 million)], issued by banks on

behalf of the Company and subsidiary in respect of certain performance bonds as required in the

normal course of business. These included the following letters of guarantee:

Bank guarantees on behalf of the Company

- As at December 31, 2011, letters of guarantee amounting to Baht 32.1 million to guarantee

performance under the agreement with the Industrial Estate Authority of Thailand to collaborate in

the development of TFD Industrial Estate project (2010: Baht 10.8 million).

- As at December 31, 2011, letters of guarantee amounting to Baht 2.6 million to guarantee

electricity use, among others (2010: Baht 2.4 million).

Bank guarantees on behalf of the subsidiary

- As at December 31, 2011, letters of guarantee amounting to Baht 3.5 million to guarantee

electricity use, among others (2010: Baht 3.5 million).

32.5 Lawsuit

In 2006, SG Land Company Limited, a subsidiary, was sued by a company for breaching the building lease

agreement and claimed for damage Baht 5 million per month since the date which was sued unit the subsidiary

moves out of the building. The Civil Court dismissed the case. In October 2007, the plaintiff appealed the

judge. In February 2011, the Appeal Court affirmed the judge. As December 31, 2011, the case is finalized

because the plaintiff did not submit the case to the Supreme Court within 1 month after the Appeal Court’s

judge.

32.6 Other

The Company entered into agreement to buy and to sell with a company at agreement value of Baht 275.3 million, the company has gradually transferred the ownership under agreement to buy and to sell amount of Baht 260.3 million which was recorded as income in the statement of comprehensive income, the remaining ownership is expected to transfer within 2012

Page 191: TFD: Annual Report 2011

Annual Report 2011 189

33. FINANCIAL INSTRUMENTS

33.1 Financial risk management

The Company’s financial instruments, as defined under Thai Accounting Standard No. 48 “Financial Instruments: Disclosure and Presentations”, principally comprise cash and cash equivalents, trade accounts receivable, loans to, investments, advances, trade accounts payable, accounts payable - purchases of land, accounts payable - construction, and short-term and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below.

!"#$%&�"%'(�The Company is exposed to credit risk primarily with respect to trade accounts receivable and loans. The Company manages the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur material financial losses. In addition, the Company does not have a high concentration of credit risk since it has a large customer base. The maximum exposure to credit risk is limited to the carrying amounts of receivables and loans as stated in the statement of financial position.�

)*&#"#'&�"+&#�"%'(�The Company’s exposure to interest rate risk relates primarily to its cash at banks, loans to, bank overdrafts, short-term and long-term borrowings. However, since most of the Company’s financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected to be minimal.

Significant financial assets and liabilities as at December 31, 2011 classified by type of interest rates are summarized in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date or the reprising date if this occurs before the maturity date.

� Consolidated�financial statements

� Fixed interest� Floating� �

rates - within � interest Non-interest� Interest

1 year� rate bearing Total rate

� (Thousand Baht) (% p.a.)

Financial assets

Cash and cash equivalent ¦� 03,335 643 12,978 ML^4

Trade accounts receivable� ¦� ¦ 03,652 13,652

Deposits at financial institutions � � � � �

with restrictions� 04,355 10 - 15,365 3LMM�¦�3L0M

Total� 04,355� 12,345 14,295 41,995

Financial liabilities�

Bank overdrafts� - 51,132 -� 51,132 7.55 ¦ 8.10

Trade accounts payable -� -� 73,358 73,358

Long-term loans from financial� � � � �

institutions � -� 487,997 - 487,997 6.25 ¦ 8.25

Debt restructuring payable� -� 152,701 - 152,701 6.25

Long – term loans from related parties 330,731 -� - 330,731

Total� 330,731 691,830 73,358 1,095,919

Page 192: TFD: Annual Report 2011

Thai Factory Development Public Company Limited190

�Separate�financial statements

� Fixed interest� Floating� �

rates - within � interest Non-interest� Interest

1 year� rate bearing Total rate

� (Thousand Baht) (% p.a.)

Financial assets

Cash and cash equivalent -� 505� 518 1,023� 0.75

Trade accounts receivable� -� -� 3,676 3,676 -

Loans to related parties and

interest receivable

224,856

-�

-�

224,856

15.00

Deposit at financial institutions with restrictions�

15,355

10

-

15,365

2.00 ¦ 2.10�

Total� 240,211� 515 4,194 244,920

Financial liabilities�

Bank overdrafts� -� 46,470 -� 46,470 7.55 ¦ 7.75

Trade accounts payable� -� � 72,319 72,319 -�

Short-term loans from related � � � �

parties and interest payable 43,950 -� -� 43,950 7.25�

Long-term loans from financial institutions� - 261,787 - 261,787 6.25 ¦ 8.25

Total� 43,950 308,257 72,319 424,526

,-"#%.*�/0""#*/1�"%'(�The exposure of the Company and its subsidiaries to foreign currency risk is limited since the majority of business transactions are denominated in Thai Baht.

33.2 Fair values of financial instruments

As the majority of the Company’s financial assets and liabilities are short-term in nature and the loans carry interest at rates close to current market rates, their fair value is not expected to be materially different from the amounts presented in the statement of financial positionL�A fair value is the amount for which an asset can be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. Methodology of fair value measurement depends upon characteristics of the financial instruments. The fair value is determined by reference to the latest quoted market price or by using an appropriate valuation technique.

34. CAPITAL MANAGEMENT

The objective of financial management of the Company and subsidiaries is to maintain the continuity of operation capability and appropriate capital structure.

As at December 31, 2011 and 2010, the Company and subsidiaries have Debt to Equity ratio as follows:

� Consolidated

�financial statements�Separate

financial statements�

� 2011 2010� 2011 2010�� � � � �

Debt to Equity ratio� 1.43� 1.94� 0.84� 1.16�

Page 193: TFD: Annual Report 2011

Annual Report 2011 191

35. RECLASSIFICATION

� Some transactions of the 2010 financial statements were reclassified in conformity with the presentation of

the 2011 financial statements. This transaction is in accordance with the changes in the accounting policy as a

result of the adoption of the new and revised TFRS as mentioned in the notes to the financial statements no 5.

The significant reclassification is as follows:

� � �Unit : Baht� Consolidated�financial statements�

Before reclassify� Reclassify�

After reclassify�

Statements of financial position

as at December 31, 2010�

ASSETS� ���Trade accounts receivable and other accounts receivable�

-

57,889,411�

57,889,411

���Trade accounts receivable� ������Trade accounts receivable - Unrelated parties� 10,211,829 %10,211,829&� - Advances to contractors� 4,624,095 %4,624,095&� - ���Other current assets Prepaid expenses 12,352,497 %12,352,497&� - Accounts receivable - sale of investment 6,341,690 %6,341,690&� -

Other 2,605,520 %2,359,300& 246,220 ���Advance to purchase land� 21,000,000 %21,000,000&� - Land, building and equipment held for lease� 394,393,740 (394,393,740)� ¦ ���Leasehold rights� 195,504,264 394,393,740 589,898,004 LIABILITIES� ���Trade accounts payable and other accounts payable�

-

352,191,904

352,191,904

���Trade accounts payable 11,956,554 %11,956,554&� - ���Accounts payable - construction 19,457,968 %19,457,968&� - ���Other current liabilities ������ Advance received from customers 3bN,633,775 %269,633,775&� - Retention for constructors 15,708,461 %15,708,461& - Accrued expenses� 3N,719,438 %3N,719,438& -

Other� a,601,797 %5,715,708& 2,886,089

Total 997,121,867� ¦� 997,121,867

� � � �

Page 194: TFD: Annual Report 2011

Thai Factory Development Public Company Limited192

� �Unit : Baht�� Separate�financial statements�

Before reclassify� Reclassify�

After reclassify�

Statements of financial position

as at December 31, 2010�

ASSETS� ���Trade accounts receivable and other accounts receivable� ¦ 5b,306,997 5b,306,997 ���Trade accounts receivable� ������Trade accounts receivable - Unrelated parties� 2,543,882 %2,543,882&� ¦ ������Trade accounts receivable - Related parties� 328,169 %328,169& ¦ ���Advances to contractors� 5,624,095 %5,624,095& ¦ ���Other current assets Prepaid expenses 9,212,773 %9,212,773& ¦ Accounts receivable - sale of investment 6,341,690 %6,341,690& ¦ Other 1,273,945 %1,256,388& 17,557 ���Advance to purchase land� 21,000,000 %21,000,000& ¦ LIABILITIES� ���Trade accounts payable and other accounts payable� ¦ //3,017,287 //3,017,287 ���Trade accounts payable aGDEHG:D9! %FGDEHG:D9&! 4!���Accounts payable - construction 8IGB;HGI9F! %8IGB;HGI9F&! ¦!���Other current liabilities ! ! !�������Advance received from customers :9IG:::G8DI! %:9IG:::G8DI&! 4! Retention for constructors 8;GHEFGB98! %8;GHEFGB98&! ¦! Accrued expenses� 8FG:IBGHFD! %8FG:IBGHFD&� 4! Other� :G9;BG::I! %8GE:9GHEE&! 8G9:HG;:I!

Total DHIGI9IGDHE! 4! DHIGI9IGDHE!�

36. APPROVAL OF INTERIM FINANCIAL STATEMENTS �

These financial statements were authorized for issue by the Company's Board of Directors on February 29,

2012.

Page 195: TFD: Annual Report 2011

Annual Report 2011 193

Nature of Business

�k� !�'�C�"/3#�� ◆ :A?8�0?C@;=q�Q6761;iW69@�f:0Qg�<?L�=6I8L@6=6E�;9����>;76Wk6=��/))�<8@A�@A6�iK=i;L6�@;�C;9L@=KC@��� � L@?9E?=E�i=6,kK81@�89EKL@=8?1�i1?9@L�X;=�L?16�;=�=69@�89�7?=8;KL�89EKL@=8?1�6L@?@6L2� ◆ V9��//��:0Q�<?L�18L@6E�89�@A6�G@;CD�yJCA?9I6�;X�:A?81?9E2�:A6�4;Wi?9q�=6I8L@6=6E�@;�C;976=@�8@L61X��� � 89@;�?�iKk18C�C;Wi?9q�;9�*�06k=K?=q��//*2�� ◆ V9� ���+� @A6� 4;Wi?9q� 6Ji?9E6E� 8@L� X?C@;=q� E6761;iW69@� i=;�6C@� 78?� 8@L� LKkL8E8?=q� <A8CA� 8L� :;@?1��� � V9EKL@=8?1�G6=78C6L�4;2��@E2�@;�E6761;i�Vy�:oL�i=;i6=@86L�?9E�?1L;�L@?=@6E�E6761;i89I�C8@q�kKL896LL�E8L@=8C@��� � f4HQg�=6L8E69@8?1�i=;i6=@q2� ◆ V9����)�,����.�@A6�4;Wi?9q�L;1E�W;L@�1?9EL�?9E�X?C@;=86L�@;�@A6�:A?8�V9EKL@=8?1�0K9E���f:V0��g2�:A6��� � 4;Wi?9q�A?L�k669�?ii;89@6E�?L�?�W?9?I6=�@;�W?9?I6�?11�;X�@A6�XK9EoL�X?C@;=86L2� ◆ V9����)�@A6�4;Wi?9q��;896E�<8@A�@A6�V9EKL@=8?1�yL@?@6��K@A;=8@q�;X�:A?81?9E�@;�L6@�Ki�8@L�;<9�:0Q��� � V9EKL@=8?1�yL@?@6�?@�@A?�G?,?9�GKk,Q8L@=8C@��K?9I�Q8L@=8C@�4A?CA?69IL?;��=;789C6�@;�E6761;i�1?9EL��� � ?9E�=6?Eq,W?E6�X?C@;=86L�@;�L6=78C6�X;=�8976L@;=L�V9������:0Q�<?L�C;9@89K;KL1q�89@6=6L@6E�kq�@A6��� � 8976L@6=L�<A8CA�?XX6C@�C;Wi6@8@876� 1?9E�L?16L�?9E�=6?Eq,W?E6�X?C@;=86L�W;L@� @A6�CKL@;W6=L�?=6� 89��� � ?K@;,i?=@�?9E�616C@=;98CL�?LL6Wk16L�kKL896LL�L6C@;=� ◆ V9����.�:0Q�<?L��8976L@6E�89�;XX8C6�kK81E89I�X;=�=69@�<8@A�kKL896LL�?118?9C6�K9E6=�@A6�9?W6�G���?9E��� � 4;2��@E2� ◆ :A6�q6?=����/�<?L�@A6�q6?=�;X�@A6�-/��6=8@?I6�C;Wi16@6E�?9E�=6?Eq�X;=�;<96=LA8i�@=?9LX6=�89�@A6��� � q6?=�;X������?9E������ ◆ M9��?q���������@A6�4;Wi?9q�89C=6?L6E�8@L�=6I8L@6=6E�C?i8@?1�X=;W�H?A@�)���������@;�H?A@��� � .+��������2

�g� O0��0&��"$(2�!/H&3�HH GA?=6A;1E89I�=?@8;�89�8@L�LKkL8E8?=86L�8L�?L�X;11;<L(

��C&H(���#1�@&(�> b2���2">#&3C��(&"�2� :;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2�� f=6?Eq,W?E6�X?C@;=q�<8@A�Vy�:g

H?A@�����W8118;9 100.00%

�2� G���?9E�4;2��@E2�f;XX8C6�kK81E89I�=69@?1g H?A@����2*-�W8118;9 49.91%

Page 196: TFD: Annual Report 2011

Thai Factory Development Public Company Limited194

�j� b(�/'(/��"$=3'"��� G@=KC@K=6�;X�:0Q�=6769K6�EK=89I�@A6�i?L@�@A=66�q6?=L�kq�C;=6�kKL896LL�@qi6(

QA@�H"$u/H&3�HHg^^q g^k^ g^kk

B&>>&"3!�2(

% B&>>&"3!�2(

% B&>>&"3!�2(

%

�2� 0?C@;=q�?9E�=6L8E69@8?1��� E6761;iW69@�i=;�6C@L�89�89EKL@=8?1�6L@?@6L� ,� 89C;W6L�X=;W�L?16 - - - - 662.9 58.0� ,� 89C;W6L�X=;W�=69@�?9E�L6=78C6�X66L 67.0 6.8 85.7 7.8 97.0 8.5�2� B69@�;X�;XX8C6�Li?C6�kKL896LL� ,� V9C;W6L�X=;W�=69@�?9E�L6=78C6�X66L 176.0 18.0 174.8 15.9 187.3 16.4+2� �;@61�L6=78C6�?i?=@W69@�kKL896LL 37.0 3.80 - - - -*2� 4;9E;W898KW�kKL896LL 646.0 65.9 833.3 75.7 184.9 16.2-2� M@A6=�89C;W6L 54.0 5.5 6.7 0.6 11.6 1.0

:;@?1 980.0 100.0 1,100.5 100.0 1,143.7 100.0

�]� Ou{�'(&0�H"$(2�!/H&3�HH� :A6�4;Wi?9qoL�kKL896LL�;k�6C@876L�8L�@;�k6�?�16?E6=�X;=�1?9E�L?16L�89�89EKL@=8?1�6L@?@6L�X;=�@A6�16?L89I�;X�G�y�L@?9E?=E�89EKL@=8?1�i1?9L�?9E�X;=�L61189I�=6L8E69@8?1�C;9E;W898KWL�?11�;X�<A8CA�?=6�8@L�W?�;=�L;K=C6L�;X�89C;W6�<A8CA�?=6�iK=LK6E�<8@A�?�i=;?C@876�8976L@W69@�i;18Cq�X;CKL89I�W?891q�?@�X?L@�?9E�A8IA,=6@K=9�8976L@W69@L2

Page 197: TFD: Annual Report 2011

Annual Report 2011 195

Status of Industry and Competition

!/H&3�HH/3#��+�'2v�"#/'(�&3� �k� !�'�C�"/3#�� � �@�i=6L69@�@A6�4;Wi?9qoL�i=;EKC@L�C?9�k6�E878E6E�89@;�X876�I=;KiL�?L�X;11;<L(� � ◆ V9EKL@=8?1�yL@?@6� � ◆ G?16�?9E�=69@?1��?9E�=6?Eq,W?E6�X?C@;=q�<?=6A;KL6L�?9E�W?9?I6W69@�� � ◆ B69@?1�X;=�;XX8C6�Li?C6�?9E�W?9?I6W69@� � ◆ G?16�X;=�4;9E;W898KWL� � ◆ 4;9L@=KC@8;9�Q6L8I9�?9E�4;9L@=KC@8;9�4;9@=;1

��3##�0�>"@��3($"�&3#/H(�&�>�H(�(�� :0Q�A?L�6L@?k18LA6E�@A6�:0Q�V9EKL@=8?1�yL@?@6�?@�H?9Ii?D;9I�Q8L@=8C@�4A?CA;69IL?;��=;789C6�@;�E6761;i�1?9EL�?9E�?CC;Wi?9q89I�89X=?L@=KC@K=6�LqL@6W�?L�<611�?L�@;�kK81E�X?C@;=86L�@A6=62�:A6�C;Wi?9q�A?L�L8I96E�?�C;9@=?C@�@;�;i6=?@6�@A6�i=;�6C@�<8@A�@A6�V9EKL@=8?1�yL@?@6��K@A;=8@q�;X�:A?81?9E�fVy�:g�<A6=6�@A6�X8=W�;XX6=L�8@L�i=;EKC@L�89�?�I696=?1�89EKL@=q��;96�?9E�?�X=66,@=?E6��;96�@;�=6Li;9E�@;�E6W?9EL�;X�k;@A�:A?8�?9E�X;=68I9�8976L@;=L2�:A6�i=;�6C@oL�CKL@;W6=� @?=I6@L�?=6�?K@;�i?=@�?LL6Wk16=L�616C@=;98C�i?=@L�W?9KX?C@K=6L�?9E�;@A6=�9;9,i;11K@89I�W?9KX?C@K=89I�89EKL@=86L2�

b�>�H"���3("$0�'�3(>�3#H"�>�3#H�&(2���#A��#�$�'("�&�H £8@A� =6I?=E� @;� 8@L� X?C@;=q� i=;EKC@L� @A6�4;Wi?9q� A8=6L� ?=CA8@6C@L� @;� E6L8I9� X?C@;=86L� k?L6E� ;9� E6L8I9��L@?9E?=EL�<A6=6�W;E6=9�W?@6=8?1L�?=6�KL6E�?9E�C;9L@=KC@8;9�8L�LKi6=78L6E�kq�8@L�69I8966=L2�:A6�4;Wi?9q�KL6L�?�k8EE89I�i=;C6LL�kq�8978@89I�L676=?1�C;9@=?C@;=L�<8@A�6Ji6=@8L6�89�C;9L@=KC@�=6?Eq�W?E6�X?C@;=q�@;�k8E�X;=�C;9L@=KC@8;9�C;9@=?C@2�:A6�C;9@=?C@L�?=6�=6<?=E6E�@;�C;9@=?C@;=L�<8@A�=6167?9@�6Ji6=869C6�<A;�;XX6=� =6?L;9?k16�C;9@=?C@�i=8C6�C;WW69LK=?@6�<8@A�@A6�4;Wi?9qoL�6L@8W?@6E�C;L@L2

� �@�i=6L69@�@A6�4;Wi?9q�;<9L�1?9EL�?9E�=6?Eq�W?E6�X?C@;=86L�89�X876�89EKL@=8?1�6L@?@6L�L8@K?@6E�89�X;K=�i=;789C6L�?L�X;11;<L(� �2� 4A;9kK=8�fH;<89g�V9EKL8?1�yL@?@6�89�4A;9kK=8��=;789C6� �2� >?7?�>?D;=9�V9EKL@=8?1��=;W;@8;9�¯;96�89��?@AKW�:A?98��=;789C6� +2� �?6W�4A?k?9I�V9EKL@=8?1�yL@?@6�89�4A;9kK=8��=;789C6� *2� 589ID?6<�£?=6A;KL6��=;�6C@�89�G?WK@��=?D?9��=;789C6� -2� :0Q�V9EKL@=8?1�yL@?@6��=;�6C@�89�4A?CA;69IL?;��=;789C6

b�>�H"$��H&#�3(&�>'"3#"�&3&/�HQ2�hqp��&(�C�v�"{�'(� :0Q�8976L@L�89�@A6�C;9L@=KC@8;9�;X�@A6���.,K98@�C;9E;W898KW�i=;�6C@�89�G;8�GKDAKW78@�-/2�:A6�i=;�6C@�<A8CA�8L�<;=@A�H?A@��2�+�k8118;9�;XX6=L�?�L?16?k16�?=6?�;X��*.//2+*�LpK?=6�W6@6=L2��@�i=6L69@�/.�i6=�C69@�;X�;<96=LA8i�A?L�k669�@=?9LX6==6E�@;�CKL@;W6=L2�V@� 8L�6Ji6C@6E�@A?@�?11�<811�k6�@=?9LX6==6E�kq�@A6�L6C;9E�pK?=@6=�;X�2012.

Page 198: TFD: Annual Report 2011

Thai Factory Development Public Company Limited196

Q2�1">"3&�>z�"Q�"p/�p&3v�"{�'(� :0Q� 8L� CK==69@1q� E6761;i89I� @A6� =6L8E69@8?1� C;9E;W898KW� i=;�6C@� ?@� 5?;� :?;� :?Wk;9� �?D9?W� �=?9���=?9kK=8�Q8L@=8C@��=?CAK?k�58=8�5A?9��=;789C6�89�?�/,�,*�2+�=?82�:A6�i=;�6C@�8L�E878E6E�89@;�@<;�L6C@;=L�?L�X;11;<L2

� G6C@8;9��(�:A8L� =6X6=L� @;�?� =6L8E69@8?1� C;9E;W898KW� @;�k6�L8@K?@6E�;9� @A6�),�,�+2*� =?82�:A6�i=;�6C@oL��� � � 6978=;9W69@?1�8Wi?C@�?LL6LLW69@�=6i;=@�?9E�8@L�6978=;9W69@?1�8Wi?C@�W6?LK=6L�?9E�L;1K@8;9L��� � � A?76�?1=6?Eq�k669�?ii=;76E�kq�@A6�MXX8C6�;X�>?@K=?1�B6L;K=C6L�?9E�y978=;9W69@?1��1?9�?9E��� � � �;18Cq2� V9� ?EE8@8;9� @A6� i=;�6C@� =6C6876L� 8@L� i6=W8@� @;� C;9L@=KC@� =69;7?@6� ;=� =6W;76� kK81E89I��� � � f�6=W8@�M=��g�>;2���/��--��?9E�?�i6=W8@�@;�kK81E�?�C1Kk�?CC;=E89I�@;�8@L�i6=W8@�f�6=W8@�M=��g��� � � >;2�+���--�2�:A6�L6C@8;9�C;9L8L@L�;X�� � � �2� ���.,X1;;=�kK81E89I�f:;<6=��g�C;9L8L@89I�;X���-�K98@L�<8@A�?�C;9L@=KC@8;9�?=6?�;X��)��*��� � � � LpK?=6�W6@6=L�?9E�?�@;@?1�L?16?k16�?=6?�;X��/*-)2*/�LpK?=6�W6@6=L2� � � �2� ���.,X1;;=�kK81E89I�f:;<6=�Hg�C;9L8L@89I�;X��).�K98@L�<8@A�?�C;9L@=KC@8;9�?=6?�;X��*�*+��� � � � LpK?=6�W6@6=L�?9E�?�@;@?1�L?16?k16�?=6?�;X���+)/2+��LpK?=6�W6@6=L2� � � +2� �9�.,X1;;=�i?=D89I�1;@�kK81E89I�f:;<6=�4g�<8@A�?�C;9L@=KC@8;9�?=6?�;X������LpK?=6�W6@6=L��� � � � @A?@�C?9�?CC;WW;E?@6���.�C?=L2

� G6C@8;9��(���@A=66,X1;;=�L?16L�;XX8C6�kK81E89I�<8@A�?�C;9L@=KC@8;9�?=6?�;X��//-�LpK?=6�W6@6=L�?9E�?�i?=D89I��� � � Li?C6�;X�+���LpK?=6�W6@6=L�@A?@�C?9�?CC;WW;E?@6����C?=L2

� � � �@�i=6L69@�@A6�C;9L@=KC@8;9�;X�@A6�@A=66,L@;=6q�L?16L�;XX8C6�kK81E89I�A?L�k669�C;Wi16@6E�?9E�KL6E�?L�@A6�i=;�6C@oL�L?16L�;XX8C62�B6I?=E89I�@A6�@<;�=6L8E69@8?1�@;<6=L�@A6q�?=6�?@�@A6�L@?I6�;X�i8189I2

Q2�B�2�#>����H&#�3'�v�"{�'(� :0Q�8L�E6761;i89I�@A6��?A?E16D�B6L8E69C6��=;�6C@�1;C?@6E�?@�G;8��?A?E16D1K?9I���B?�E?W=8�B;?E2�:A6�i=;�6C@�k;?L@L�?�*+,X1;;=� =6L8E69@8?1�kK81E89I�<A8CA�<811� A;KL6�-���C;9E;W898KW�K98@L2�:A6�i=;�6C@� 8L� CK==69@1q��L66D89I�?9�yV��?ii=;7?1�X=;W��898L@=q�;X�>?@K=?1�B6L;K=C6L�?9E�y978=;9W69@2

O$$&'�u/&>#&3C$"���3(Q2�bS��3#v�"{�'(� :0Q�8L�C;,8976L@�89�?9�;XX8C6�kK81E89I�X;=�=69@�;9�k6A?1X�;X�G���?9E�4;��@E2�:A8L�897;176L�@<;�kK81E89IL�X;=�=69@�<8@A�?�=69@?k16�?=6?�;X��)))��LpK?=6�W6@6=L2�:A6�i=;�6C@L�?=6�1;C?@6E�?@�G;8��?A?E16D1K?9I���B?�E?W=8�B;?E2��@�i=6L69@�:0Q�8L�W?9?I89I�@A6�?LL6@2

1"3(��'(&3CT#�H&C3&3C�3#'"3H(�/'(&"3H/@��0&H&"3� :0Q�;XX6=L�?�C;Wi=6A69L876�C;9L@=KC@8;9�L6=78C6�@;�CKL@;W6=L�<8LA89I�@;�kK81E�;=�6J@69E�@A68=�X?C@;=86L2�:A8L�8L�?9�?EE8@8;9?1�L;K=C6�;X�;K=�89C;W6L2

�g� =3#/H(�&�>"0��0&���3#'"�@�(&(&"3H =3#/H(�&�>�H(�(�H�3#���#AI��#�$�'("�&�H� V9������:A?81?9EoL� 89EKL@=8?1� L6C@;=� C;9@89K6E� @;�6Ji?9E� X=;W� @A6�i=678;KL�q6?=� @A6�C;K9@=qoL�k6@@6=��i;18@8C?1� L8@K?@8;9� <A8CA� <;9� k?CD� C;9X8E69C6� ;X� :A?8� ?9E� X;=68I9� 8976L@;=L� ?9E� @A6=6X;=6� 16E� @;� 6Ji?9L8;9L� 89��E;W6L@8C�8976L@W69@2�V9�?EE8@8;9�X;11;<89I�@A6�X1;;E�?@�@A6�69E�;X������?�1;@�W;=6�8976L@;=L�6Ji=6LL6E�89@6=6L@�@;�kKq�1?9E�?9E�@;�=69@�X?C@;=86L� 89�@A6�:0Q�V9EKL@=8?1�yL@?@6�L89C6�@A6�i=;�6C@� 8L� 1;C?@6E�?@�W;=6�@A?9�@<;�W6@6=L�A8IA6=�@A?9�@A6�L6?�16761�<A8CA�69LK=6L�X6<�6XX6C@L�X=;W�@A6�X1;;E2�V9�?EE8@8;9�@A6�i=;�6C@�8L�@A6�C1;L6@�@;�H?9ID;D�X;=�?�i=;�6C@�;XX6=89I�@A6�¯;96���H;?=E�;X�V976L@W69@�fHMVg� 8976L@W69@�i=87816I6L2��L�X;=� 1;C?@8;9L�i=;769�W;L@�i;iK1?=�?W;9I�8976L@;=L�@A6q�?=6�W;L@1q�89�4A;9kK=8�?9E�4A?CA;69IL?;�?=6?�=?@A6=�@A?9�@A6�;@A6=�?=6?2�

Page 199: TFD: Annual Report 2011

Annual Report 2011 197

� 4;Wi6@8@8;9�89�@A8L�kKL896LL�=6W?89L�W6E8;C=6�L89C6�@A6=6�?=6�X6<�;i6=?@;=L�?9E�@A6�kKL896LL�=6pK8=6L�A8IA�8976L@W69@2�Q8=6C@� C;Wi6@8@;=L� ?=6� ;@A6=� 89EKL@=8?1� 6L@?@6L� 89� @A6� L?W6�?=6?� ?L�:0Q� 8L� 9;<� L6@@89I� Ki� 8@L� ;<9��89EKL@=8?1�6L@?@62�� �L�X;=�;K=������kKL896LL�i1?9�:0Q�<811�Li66E�Ki�8@L�:0Q�V9EKL@=8?1�yL@?@6�E6761;iW69@�1;C?@6E�?@�?9�89@6=L6C@8;9�?@�5W�*+�;X�@A6��;@;=<?q�?@�:?Wk;9�:A?�G?,?9�4A?CA;69IL?;��=;789C6�L89C6�@A6�1;C?@8;9�8L�C1;L6E�@;�@A6�GK7?=9?kAKW8�V9@6=9?@8;9?1��8=i;=@�?9E�@A6��?6W�4A?k?9I�Q66i�G6?��;=@2�:A6�iK=i;L6�8L�@;�L611�1?9EL�?9E�kK81E� =6?Eq,W?E6� X?C@;=86L� ?9E� <?=6A;KL6� X;=� L?16� ?9E� X;=� =69@� @;� @A6� LKii;=@89I� 89EKL@=q2� ��W?�;=� 89EKL@=8?1��;i6=?@;=�A?L�?1=6?Eq�k;KIA@�6Wi@q� 1?9E� 89� @A6�:0Q� V9EKL@=8?1�yL@?@62�MK=� @?=I6@� CKL@;W6=L�A;<676=�?=6�G�yL��;i6=?@89I�?�9;9,i;11K@89I�kKL896LL�@A?@�1;;DL�X;=�@=?9Li;=@?@8;9�C;9769869C6�9;@?k1q�616C@=;98C�i?=@L�?9E�?K@;W;k816�i?=@�?LL6Wk16=L2

1"3#"�&3&/������(� :A?81?9EoL�C;9E;W898KW�W?=D6@�89������=6W?896E�=;kKL@�1?=I61q�@;�?�iK=CA?L89I�i;<6=�;X�1;C?1�CKL@;W6=L�<A8CA�A?L�k669�L@=;9I�Ki�@;�9;<2���;<676=�L89C6�@A6=6�?=6�L;�W?9q�C;9E;W898KW�E6761;i6=L�E6761;i89I�i=;�6C@L�?1;9I�@A6�W?LL�@=?9Li;=@?@8;9�=;K@6L�;X�LDq�@=?89�?9E�K9E6=I=;K9E�@=?89�@A6=6�8L�9;<�;76=LKii1q�;X�C;Wi16@61q,kK81@�C;9E;W898KWL2�Q6761;i6=L� ?=6� X;=C6E� @;� ;XX6=� 7?=8;KL� L?16L� i=;W;@8;9L� @;� L@8WK1?@6� L?16L�<8@A89� @A68=� CKL@;W6=��@?=I6@�I=;KiL2�

� �;<676=�X=;W�9;<�@;�@A6�96J@�+,-�q6?=L�@A6�6C;9;W8C�?9E�i;18@8C?1�C=8L8L�@A?@�A?L�L69@�?�96I?@876�8Wi?C@�@;�@A6�X89?9C8?1�W?=D6@�?9E�@A6=6X;=6�<811�?XX6C@�iK=CA?L89I�i;<6=�;X�A;W6kKq6=L�89�:A?81?9E�<811�k6�?�W?�;=�X?C@;=�?XX6C@89I� E6W?9EL� X;=� =6L8E69@8?1� C;9E;W898KWL� 89� H?9ID;D2� �L8E6� X=;W� @A8L� X?C@;=� =8L89I� 89@6=6L@� =?@6L� C;L@1q��C;9L@=KC@8;9�?9E�E6C;=?@89I�W?@6=8?1L�?9E�A8IA6=�1?k;=�C;L@L�?=6�?1L;�96I?@876�X?C@;=L�@;�@A6�=6L8E69@8?1�W?=D6@2

� �@� i=6L69@� @A6�W?=D6@� k;?L@L�*�����K98@L� ;X� C;9E;W898KWL�������K98@L� ;X�<A8CA�<6=6� 1?K9CA6E��EK=89I�@A6�1?@@6=�A?1X�;X������?9E�@A6�X8=L@�X;K=�W;9@AL�;X������89�H?9ID;D�@A=;KIA�*-�i=;�6C@L2��W;9I�@A6W��-����K98@L� ?=6� LC?@@6=6E� 89��/�k=?9E,96<�i=;�6C@L� E6761;i6E�kq� 18L@6E� =6?1� 6L@?@6� E6761;i6=L� 89� @A6�G@;CD��yJCA?9I6�;X�:A?81?9E�fGy:g�<A816�@A6�=6W?8989I�-����K98@L�?=6�i=;EKC@L�;X�9;9,18L@6E�=6?1�6L@?@6�E6761;i6=L�89����i=;�6C@L2

� 0=;W�@A6�X8=L@�pK?=@6=�;X������=6?1�6L@?@6�E6761;i6=L�A?E�@;�C;9X=;9@�<8@A�A8IA6=�C;9L@=KC@8;9�C;L@L�?9E�A8IA6=�89@6=6L@�=?@6L�<A816�CKL@;W6=oL�E6W?9E�X;=�C;9E;W898KW�<?L�X?1189I2��:A;L6�1;;D89I�X;=�?�i1?C6�@;�1876�89�H?9ID;D�@;;D�?�1;9I6=�@8W6�@;�W?D6�?�E6C8L8;92�V9������8@�8L�6Ji6C@6E�@A?@�XK@K=6�A;W6�kKq6=L�<811�A?76�@;�LA;K1E6=�6769�A8IA6=�C;L@L�L89C6�Q6i?=@W69@�;X�:=6?LK=q�A?L�?1L;�89C=6?L6E�8@L�?ii=?8L6E�1?9E�i=8C6�kq���,-��i6=�C69@2�:A8L�KiE?@6�<811�LK=61q�A8D6�@A6�C;L@�;X�C;9E;W898KW�i=;�6C@L�kq��-,���i6=�C69@�;9�?76=?I62��4;9E;W898KWL�@A?@�@69E�@;�L611�<611�=6W?89�@A;L6�;XX6=89I�16LL�@A?9�H?A@�)�����i6=�LpK?=6�W6@6=�;=�89�;@A6=�<;=EL�@A;L6�@A?@�C;L@�16LL�@A?9�H?A@��2-�W8118;9�?�K98@�L89C6�@A6q�?@@=?C@�@A6�1?=I6L@�I=;Ki�;X�i;@69@8?1�kKq6=L�?9E�;96�C?9�6?L81q�<8@96LL�?�1?=I6=� W?=D6@� LA?=6� ;X� @A8L� @qi6� ;X� C;9E;W898KW� 89� @A6� W?=D6@2� � �1@6=9?@61q� k;@A� 1?=I6� ?9E� LW?11� E6761;i6=L��89C=6?L89I1q�69@6=�@A8L�W?=D6@2���W?=D6@�LA?=6�=?@8;�k6@<669�1?=I6�?9E�LW?11�;i6=?@;=L�8L�--(*-�<A816�E6W?9EL�X;=�C;9E;W898KW�=6W?89� =;Lq�?L�<8@A� @A6� X1;;E�6Ji6=869C6� XK@K=6�kKq6=L� X661�A8IA,=8L6�kK81E89IL� 18D6�C;9E;W898KW�i;L6L�?�1;<6=�=8LD�X;=�X1;;E�6Ji;LK=62��L�X;=�@A6�?@@=?C@876�1;C?@8;9�X;=�XK@K=6�=6L8E69@8?1�C;9E;W898KW�i=;�6C@L�@A6�?=6?L�?=;K9E�B?@CA?E?i8L6D,B?W?�V°�=;?E�?9E�8996=�GKDAKW78@�?=6�L@=;9I1q�8E69@8X86E2

� �L�X;=�:0QoL�kKL896LL�89������89�@A6�=6L8E69@8?1�C;9E;W898KW�W?=D6@�:0Q�A?L�E6761;i6E�@A6�4;1;98?1�5?;�:?;��K?��89��=;�6C@�1;C?@6E�?@�:?Wk;9��?D9?W��=?9��=?CAK?k�58=8�5A?9��=;789C6�f?E�?C69@�@;�@A6��?E�G?8�F?8�B;q?1,898@8?@6E�i=;�6C@g�@;�L?@8LXq�18X6L@q16�;X�C8@q�E<6116=L�<8LA89I�@;�Li69E�@A68=�<66D69E�96J@�@;�@A6�L6?2�:A6�i=;�6C@�8L�@A6�X8=L@�?9E�L;16�A8IA,=8L6�C;9E;W898KW�89�@A6�5?;�:?;�?=6?�89��=?CAK?k�58=8�5A?9��=;789C62�:A6�i=;�6C@�

Page 200: TFD: Annual Report 2011

Thai Factory Development Public Company Limited198

8L�1;C?@6E�96J@�@;�?�k6?CA�?9E�@A6=6X;=6�;XX6=L�?�i?9;=?W8C�786<�;X�k;@A�@A6�L6?�?9E�@A6�k6?CA2�HK81@�K9E6=�@A6�C;9C6i@�;X�@A6�8C;98C�;X�16I69E?=q�=61?J?@8;9�@A6�4;1;98?1�5?;�:?;��K?��89��=;�6C@�;XX6=L�?�K98pK6�C;1;98?1�E6L8I9�LK==;K9E6E�kq�=KLA�9?@K=?1�?Wk8?9C6�;9�?�pK86@�1;C?@8;9�i6=X6C@�X;=�@A6�X69I�LAK8�C;9C6i@�?L�8@�8L�k?CD6E�Ki�kq�?�W;K9@?89�<A816�X=;9@89I�?�1;9I�L6=696�<A8@6,L?9E�k6?CA2

� Q2�1">"3&�>z�"Q�"p/�p&3v�"{�'(C;9L8L@L�;X�@<;��.,L@;=6q�kK81E89IL�;9�?9�?=6?�;X�W;=6�@A?9�)�=?82�:A6�+.+,K98@L�i=;�6C@�7?1K6L�W;=6�@A?9�H?A@�+�k8118;92�V@�8L�;91q��+�D81;W6@6=L�?<?q�X=;W��K?��89�Q8L@=8C@2��E�?C69@�@;�5?;�:?;�@A6�i=;�6C@�;XX6=L�?��.�,E6I=66�i?9;=?W8C�786<�<A816�@A6�L89I16,1;?E6E�C;==8E;=�@A?@�?11;<L�?�XK11�786<�;X�@A6�L6?�?9E�k6?CA�89�676=q�K98@2�:A6�i=;�6C@�<A8CA�8L�89�?�C;1;98?1�L@q16�=6X16C@L�1KJK=q�?9E�616I?9C6�89�?�7?=86@q�;X�=;;WL�L@?=@89I�X=;W�?�;96,k6E=;;W�C;9E;W898KW�;X�-�2)��LpK?=6�W6@6=L�@;�?�@<;,k6E=;;W�K98@�;XX6=89I�).2���LpK?=6� W6@6=L� ?9E� ?� @A=66,k6E=;;W� K98@� ;X� �-�2��,�)�2��� LpK?=6� W6@6=L2� V9� ?EE8@8;9� @<;,L@;=6q� EKi16J��C;9E;W898KWL�;XX6=89I�@<;�@;�X;K=�k6E=;;WL�89�?�Li?C6�k6@<669�//2��,�)�2-��LpK?=6�W6@6=L�?=6�?7?81?k16�89�@?9E6W�<8@A�@A=66,�@;�X;K=,k6E=;;W�i69@A;KL6�K98@L�<8@A�KL6?k16�?=6?L�k6@<669��.�2��,+���LpK?=6�W6@6=L2

Q2�B�2�#>����H&#�3'�v�"{�'(T�1;C?@6E�?@�G;8��?A?E16D��K?9I����KWi898��?@AKW<?9�H?9ID;D�8L�?�i=;�6C@�;XX6=89I�?�+�,q6?=�16?L6�=8IA@�@;�kKq6=L�;9�?�@8@16�E66E�>;2�����2�:A6�i=;�6C@�@;�k6�kK81@�;9�@A6��,+,�.�=?8�<811�A;KL6�@<;�*+,L@;=6q�@;<6=L�C;9L8L@89I�;X�-���K98@L�?9E�8L�CK==69@1q�<?8@89I�X;=�@A6�6978=;9W69@?1�8Wi?C@�?LL6LLW69@�?ii=;7?1�X=;W�@A6�?K@A;=8@86L2�:A6�-/��6=8@?I6��=;�6C@� 89�G;8�GKDAKW78@�-/�W6?9<A816�A?L�?1=6?Eq�@=?9LX6==6E�;<96=LA8i�@;�/.�i6=�C69@�;X�CKL@;W6=L2�:A6�i=;�6C@oL�;<96=LA8i�LA;K1E�?11�k6�@=?9LX6==6E�@;�8@L�CKL@;W6=L��kq�®��;X�����2

Page 201: TFD: Annual Report 2011

Annual Report 2011 199

Policy on the conflict of interest

k� v">&'A"3(2�'"3$>&'("$&3(���H( :A6� i;18Cq� ;X� @A6� 4;Wi?9q� 897;176L� @A6� C;9X18C@� ;X� 89@6=6L@� 8L� k?L6E� ;9� @A6� i=89C8i16� @A?@� ?9q��E6C8L8;9,W?D89I� ;X� @A6� i6=L;9961� ?@� ?11� 16761L� ;X� @A6� kKL896LL� WKL@� i6=X;=W� X;=� @A6� ;i@8W8�6E� 89@6=6L@� ;X� @A6��4;Wi?9q�;91q2�:A6�L?8E�E6C8L8;9�LA?11�k6�W?E6�X=66�;X�i6=L;9?1�89X1K69C6�X?W81q�@86�;=�C1;L6�?LL;C8?@6L�<A;�W?q�?XX6C@�@A6�E6C8L8;9,W?D89I�@;�E6C8E6�<A8CA�@A6�;i@8W8�6E�89@6=6L@�;X�@A6�4;Wi?9q�8L2��yLi6C8?11q�X;=�?11�i6=L;9961�@;�<;=D� XK11� @8W6� X;=� @A6� 4;Wi?9q� 89� XK11� C?i?k818@q� ?9E� LA;K1E� 9;@� A?76� 89@6=6L@� 89� ;@A6=� kKL896LL� ;K@L8E6� @A6��4;Wi?9q�@;�@?D6�@A6�@8W6�;XX�;=�E6E8C?@8;9�@;�@A6�EK@q�;9�=6Li;9L8k818@q�X;=�@A6�4;Wi?9q�?9E�W?q�C?KL6�E?W?I6�@;�8@2

� � :A6�C;9X18C@�;X�89@6=6L@�W?q�A?ii69�89�C?L6�@A6�i6=L;9961�;X�?11�16761L�A?76�@A6�i6=L;9?1�89@6=6L@�;=�X?W81q�W6Wk6=L�;=�C1;L6�?LL;C8?@6L�;9�X89?9C6�;=�;@A6=�L8E6L�89�@A6�kKL896LL�<A8CA�W?q�=6C6876�89@6=6L@�X=;W�@A6�E6C8L8;9,W?D89I�;X�@A?@�i6=L;9�89�i6=X;=W?9C6�;X�EK@q�@;�@A6�4;Wi?9q�;=�=6?18�6�8@L�?C@878@q�;=�;i6=?@8;9�;=�XK@K=6�i1?92�

� � :A6�4;Wi?9q�E66WL�@;�k6�@A6�EK@q�;X�i6=L;9961�;X�?11�16761L�@;�?7;8E�A?789I�897;176W69@�89�X89?9C6�?9E�;=�=61?@8;9�<8@A�@A6�;K@L8E6=L�<A;�W?q�=6LK1@�89�@A6�4;Wi?9q�@;�1;L6�89@6=6L@�;=�C?KL6�C;9X18C@�;9�1;q?1@q�;=�89@6=6L@�;=�;kL@=KC@8;9�;X�6XX6C@876�i6=X;=W?9C62�

� � :A6�4;Wi?9q�A?L�@A6�i;18Cq�@;�L?X6IK?=E�8@L��KL@8X86E�89@6=6L@L�<A816�@;�A?76�@A6�LC;i6�;X�X=66E;W�89�7?=8;KL�?C@878@86L�;X�@A6�i6=L;9961�;X�?11�16761L�@;�@A6�W898WKW2

g� +,��@>�H"$(2�H&(/�(&"3H"3(2�'"3$>&'("$&3(���H(� � :A6�i6=L;9961�;X�?11� 16761L� LA;K1E� @?D6� @A6� X;11;<89I�6J?Wi16L�?L�IK8E61896L� X;=� @A68=� 89@6=6L@�?9E��C;9L8E6=�8@�?L�?9�8Wi;=@?9C6�@A89I�X;=�<;=D89I�Q8LC1;L6�?9E�C;9LK1@�89�L@6i�@;�A61i�K9=?761�i=;k16WL�;=�16?E�89@;�@A6�?ii=;i=8?@6�L;1K@8;9L2��:A6q�LA;K1E�?LD�X;=�?E78C6�<A69�@A6q�?=6�89�L8@K?@8;9�;X�E;Kk@�;=�C;9XKL62

� g�k S�3���>&30�H(��3(� � � :A6�I696=?1�=K16�;X�@A8L�W?@@6=�8L�@A6�i6=L;9961�;X�?11�16761L�X?W81q�W6Wk6=L�;=�C1;L6�?LL;C8?@6L�WKL@�9;@�A;1E�@A6�LA?=6L�;=�=6C6876�89@6=6L@�X=;W�@A6�C;Wi6@8@;=�C;Wi?986L�;=�?9q�69@6=i=8L6L�89C1KE89I�@A6�CKL@;W6=L�@=?E6�i?=@96=L�L6116=L�@A?@�@A6�4;Wi?9q�A?L�C;9@?C@2�

� � � :A6�iK=CA?L6�;X�LA?=6L�;X�@A6�18L@6E�C;Wi?986L�89�@A6�Gy:�;=�8976L@W69@�78?�@A6�WK@K?1�XK9E�;=�8976L@W69@�K98@L�?=6�9;@�C;9X18C@�;X�89@6=6L@�?L�1;9I�?L�8@�E;6L�9;@�?XX6C@�@A6�i6=X;=W?9C6�<8@A�@A6�4;Wi?9q2

� g�g b/@@>A"$C""#H�3#H��0&'�H("(2�1"�@�3A� � � :A6�C;9X18C@�;X�89@6=6L@�W?q�A?ii69�8X�@A6�i6=L;9961�?@�@A6�16761�;X�X?W81q�;=�C1;L6�?LL;C8?@6L�LKii1q�I;;EL�;=�L6=78C6�@;�@A6�4;Wi?9q�?L�?�@=?E6�i?=@96=�L6116=2�VX�@A?@�i6=L;9�C?9�16?E�;=�89X1K69C6�@;�@A6�L?8E�;i6=?@8;9L�?1@A;KIA�9;�EK@q�897;176E�@A6�kKL896LL�;i6=?@8;9L�;X�@A6�4;Wi?9q�<8@A�@A?@�kKL896LL2

� � � V9�@A6�6769@�@A?@�@A6�i6=L;9961�;X�?11� 16761L�;X�@A6�4;Wi?9q�A?76�?�X?W81q�W6Wk6=�;=�C1;L6��?LL;C8?@6� ?L� ?9� 6Wi1;q66� ;<96=� CKL@;W6=� @=?E6� i?=@96=�L6116=� ;=� C;Wi6@8@;=� ?9E� L�A6� i?=@8C8i?@6L� 89� @A6��E6C8L8;9,W?D89I�897;176�<8@A�@A6�kKL896LL�=61?@6E�<8@A�@A?@�69@6=i=8L6�LA?11�k6�=6I?=E6E�?L�C;9X18C@�;X�89@6=6L@2

� � � �8D6<8L6�8X�@A6�CKL@;W6=�@=?E6�i?=@96=�L6116=�;=�6Wi1;q66�;X�?�C;Wi6@8@;=�A?L�?�X?W81q�W6Wk6=�?L� 6Wi1;q66� ;X� @A6�4;Wi?9q� @A69� 8@� 8L� 9;@� ?ii=;i=8?@6� @;� ?K@A;=8�6� @A?@� i6=L;9� @A6� i;<6=� @;� 89X1K69C6� ;9� ?��E6C8L8;9,W?D89I�89�@A6�C;Wi?9qoL�?C@878@q�897;176�<8@A�@A6�X?W81q�W6Wk6=2

Page 202: TFD: Annual Report 2011

Thai Factory Development Public Company Limited200

� � � :A6�4;Wi?9q�LA?11�9;@�kKq�;=�16?L6�i=;i6=@q�6pK8iW69@�=?<�W?@6=8?1�;=�KL6�L6=78C6�X=;W�?9�6Wi1;q66�;X�@A6�4;Wi?9q�X?W81q�W6Wk6=�;=�C1;L6�?LL;C8?@6�?9E�9;@�L8I9�?�C;9@=?C@�X;=�@A?@�W?@@6=�f6JC6i@�@A6�6Wi1;qW69@�C;9@=?C@g�6JC6i@�89�?�Li6C8?1�C?L6�?9E�?ii=;76E�89�<=8@89I�X=;W�@A6��?9?I89I�Q8=6C@;=2��

g�j +3(��(�&3��3(�3#C&$(H� � � :A6�i6=L;9961�;X�?11�16761L�LA;K1E�9;@�=6C6876�69@6=@?896E�@A89IL�I8X@L�i?LL69I6=�@8CD6@L�Li;=@L�@8CD6@L�?9E�;@A6=�@8CD6@L�X;=�=6C=6?@8;9�;=�69@6=@?89W69@�;=�;XX6=L�@A?@�?=6�i6=L;9?1�W?@@6=L�897;1789I�@A68=�EK@q�8X�LKCA�?C@8;9�C?9�16?E�@;�k89E89I�@A6�4;Wi?9q�;=�C?KL6�@A6W�@;�k6�iK@�89�@A6�L8@K?@8;9�;X�C;9X18C@�;X�89@6=6L@2

g�] 7''�@(&3C�'�#��&'{"u�H�2"H("�@/u>&'H��0&'�"��3A@"H&(&"3H� � � :A6�W?9?I6W69@�;=�6Wi1;q66�C?9�i?=@8C8i?@6�89�@A6�;K@L8E6�?C@878@86L�<8@A�I;;E�=6?L;9L2��V9�L676=?1� C?L6L� @A6�4;Wi?9q�69C;K=?I6L� 8@L� i6=L;9961� @;�i?=@8C8i?@6� 89� @A6�6J@6=9?1� ?C@878@86L�?L� 8@� E66WL� @A;L6��?C@878@86L�W?q�6Ji?9E�@A6�i6=Li6C@876�?9E�6Ji6=869C6�@;�8@L�i6=L;9961�<A8CA�C?9�A61i�@;�8Wi=;76�@A6��;k�;X�@A6L6�i6;i16�@;�@A6�4;Wi?9q�6769�W;=62��:A6�i6=L;9961�<A;�?CC6i@�@A6��;kL�89�i=;X6LL8;9?1� 89L@8@K@8;9L�?L�16C@K=6=L�iKk18C�L6=78C6�;=�;XX8C6L�LKCA�?L�?�E8=6C@;=�C;9LK1@?9@�6@C�@A6q�WKL@�?LD�X;=�?ii=;7?1�X=;W�@A6��?9?I89I�Q8=6C@;=�k6X;=6�?CC6i@?9C6�;X�@A6��;k�;=�@8@162��:A6�6Wi1;q66�@A?@�=6C6876E�?ii=;7?1�LA;K1E�k6�=6?18�6E�@A?@�L�A6�<;K1E�9;@�k=89I�@A6�4;Wi?9q�;=�A8L�A6=�@8@16�@;�k89E�@A6�;K@L8E6�?C@878@q�6JC6i@�kq�?ii=;7?1�@;�E;�L;2

� V9�@A6�6769@�@A?@�@A6�W?9?I6W69@�;=�6Wi1;q66�8L�?ii;89@6E�@A6�L6C=6@?=q�;X�@A6�k;?=E�;X�E8=6C@;=L�;X�@A6�4;Wi?9q�;=�?I69@�89�@A6�W?9?I6W69@�;X�?�i=;�6C@�E8=6C@;=�89�?9�?XX818?@6�;=�LKkL8E8?=q�LA?11�9;@�k6�=6I?=E6E�?L�?�C;9X18C@�;X�89@6=6L@2

j� %�$&3&(&"3H� � �0?W81q��W6?9L� @A6�i6=L;9�<8@A� =61?@8;9� @;� @A6�i6=L;9961�;X� ?11� 16761L� X=;W� @A6�k1;;E1896�;=� 16I?1��W?==8?I6�89C1KE89I�16I?11q�?E;i@6E�i6=L;9L2

� � �41;L6�W6Wk6=��W6?9L�@A6�i6=L;9�<8@A�897;176W69@�<8@A�@A6�i6=L;9961�;X�?11�16761L�89�?9q�=61?@8;9L�C1;L61q2

Q��3H�'(&"3H�&(2b/uH&#&��&�H

�k� Q��3H�'(&"3H�&(2b/uH&#&��&�H� � 4;996C@6E�@=?9L?C@8;9�W6?9L�kKL896LL�@=?9L?C@8;9�@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�69@6=�89@;�<8@A�@A6�C;K9@6=i?=@q�k689I�?�i6=L;9�;=�?�C;Wi?9q�<A8CA�8L�=61?@6E�kq�<?qL�;X�LA?=6A;1E89I�A?789I�LA?=6A;1E6=L�?9E�;=�E8=6C@;=L�<8@A�C;9@=;1189I� 89@6=6L@� 89�C;WW;9�k689I�C;9@=;116E�kq� @A6�4;Wi?9q�68@A6=�E8=6C@1q�;=� 89E8=6C@1q�k689I�K9E6=�@A6�L?W6�C;9@=;1�<8@A�@A6�4;Wi?9q2��V9�?EE8@8;9�C;996C@6E�i6=L;9�;=�C;996C@6E�C;Wi?9q�?1L;�89C1KE6L�?��;89@�769@K=6�C;Wi?9q�?9E�i6=L;9�<A;�A?76�W?@6=8?1�89X1K69C6�@;�@A6�4;Wi?9q�W?9?I6W69@�E8=6C@;=�;=�6Wi1;q66�<A;�8L�?K@A;=8�6E�@;�i6=X;=W�i1?9989I�?9E�C;9@=;1189I�;X�@A6�4;Wi?9qoL�;i6=?@8;92

� � V9������ @A6�4;Wi?9q�?9E� 8@L� LKkL8E8?=86L�69@6=6E� 89@;� L;W6�C;996C@6E� @=?9L?C@8;9L�<8@A� =61?@6E��i6=L;9�;=�=61?@6E�C;Wi?9q2��4;996C@6E�@=?9L?C@8;9L�89������<6=6�@=?9L?C@8;9L�89�=61?@8;9�@;�=6769K6�X=;W�L?16L�;X�1?9E� 1;?9� =6769K6� X=;W� =69@� ?9E� L6=78C6� E6i;L8@� =6C6876E� X=;W�i=;�6C@� L?16L� ?9E� L?16L� ;X� 8976L@W69@L2�GKCA��@=?9L?C@8;9L�A?76�k669�C;9C1KE6E�;9�@A6�@6=WL�?9E�?I=66W69@�E6@6=W896E��;89@1q�kq�@A6�i?=@86L�@;�@A6�@=?9L?C@8;9L�K9E6=�9;=W?1�C;K=L6�;X�kKL896LL2��:A6�C;996C@6E�@=?9L?C@8;9L�EK=89I�@A6�q6?=������?=6�18L@6E�k61;<(

Page 203: TFD: Annual Report 2011

Annual Report 2011 201

>H��������HK��I��O�����@MK@L@?9E89I

?L�?@�+�L@�Q6C6Wk6=������2� :=?9L?C@8;9L�k6@<669�@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L� �2�� :;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2� � �;?9�@;�=61?@6E�i?=@q�?9E�89@6=6L@�=6C687?k16�f)2�-�i6=�C69@�i?g 4,104� �2��G����?9E�4;2��@E� � :=?E6�?CC;K9@L�=6C687?k16� 391� � GA;=@���@=6W�1;?9�@;�=61?@6E�i?=@q�?9E�89@6=6L@�=6C687?k16�f)2�-�i6=�C69@�i?g� 39,846� � �;?9�@;�=61?@6E�i?=@q�?9E�89@6=6L@�=6C687?k16�f�-�i6=�C69@�i?g 224,856� � Q6i;L8@�X=;W�L?16�;X�i=;�6C@ 129,500�2� B61?@6E�i?=@q�@=?9L?C@8;9L�� �2���GG��y9@6=i=8L6�4;Wi?9q��8W8@6E�� � 4;11?@6=?1�X;=�16@@6=�;X�IK?=?9@66,�=61?@6E�i?=@86L 15,000+2� :=?9L?C@8;9L�k6@<669�LKkL8E8?=q�C;Wi?9q� +2��G���?9E�4;2��@E2�k;==;<6E�X=;W� � GCAKk6=@��;1E89I��@62��@E2�f�-2���i6=�C69@�i?g 342,468� � GCAKk6=@��;1E89I��@62��@E2�f�CC;K9@L�=6C687?k16�;@A6=�?9E��E7?9C6g 1,301

� :A6�E6@?81L�;X�@A8L�@=?9L?C@8;9�<8@A�=61?@6E�C;Wi?9q�A?76�k669�E8LC1;L6E�K9E6=�>;@6����@;�@A6�?KE8@6E��X89?9C8?1�L@?@6W69@�X;=�@A6�q6?=�����2

�g�B��H/��"�7@@�"0�>v�"'�HH&3Q��3H�'(&"3H�&(2b/uH&#&��&�H� :=?9L?C@8;9L�<8@A�LKkL8E8?=86L�<811�k6�?ii=;76E�kq�@A6�C;Wi?9qoL�C;WW8@@66�?L�X;11;<L(� � ◆ :A6�;i6=?@8;9�E6i?=@W69@�;X�@A6�LKkL8E8?=q�<811�LKkW8@�?�=6i;=@�@;�@A6�C;Wi?9qoL�C;WW8@@66�<8@A��� � � 69;KIA�89X;=W?@8;9�X;=�@A6�8976L@;=�@;�E6@6=W896�8X�@A6�i=;�6C@�8L�LK8@?k16�X;=�8976L@W69@2��� � ◆� �9�897;176E�i6=L;9�E;6L�9;@�A?76�@A6�=8IA@�@;�7;@62� � ◆� :A6=6�WKL@�k6�?�i=8C6�?LL6LLW69@�kq�?�=6C;I98�6E�89E6i69E69@�?LL6LL;=2� � ◆� :A6=6�WKL@�k6�?9�;i898;9�X=;W�?9�89E6i69E69@�C;WW8@@66�;=�?9�6J?W8989I�C;WW8@@662� � ◆� �11�?k;76�?C@8;9L�<811�k6�i=;C6LL6E�X;11;<89I�@A6�1?<�?9E�;@A6=�=61?@6E�=6IK1?@8;9L2

� � £A69�@=?9L?C@8;9L�<8@A�LKkL8E8?=86L�=6pK8=6�?9�?LL8I9W69@�;X�?�C;WW8@@66�;=�?ii18C?@8;9�;X�L@?9E?=E�kKL896LL�i=?C@8C6L� @A;L6� @=?9L?C@8;9L� C;W6�K9E6=� @A6�i;<6=� ;X� ?9�6J6CK@876� C;WW8@@66�?9E�;=� @A6�;i6=?@8;9L��E6i?=@W69@�<A8CA�C?9�W?D6�?ii=;7?1L�=6I?=E89I�@=?9L?C@8;9L2

�j� v">&'A"$Q��3H�'(&"3H�&(2b/uH&#&��&�H� � :A6�C;Wi?9qoL�i;18Cq�8L�@;�?7;8E�@=?9L?C@8;9L�<8@A�LKkL8E8?=86L�6JC6i@�<A69�96C6LL?=q2�VX�@A6�@=?9L?C@8;9�8L�96C6LL?=q� 8@�WKL@�k6� @=?9Li?=69@1q�i=;C6LL6E� 89�?�W?996=� @A?@�k696X8@L� @A6�C;Wi?9q�?9E�I696=?1� 8976L@;=L2���EE8@8;9?11q�=K16L�=61?@6E�@;�E8LC1;LK=6�<811�k6�L@=8C@1q�X;11;<6E�89�@A6�?ii=;7?1�i=;C6LL2

Page 204: TFD: Annual Report 2011

Thai Factory Development Public Company Limited202

Risk Factors

� :0Q�E6761;iL�1?9EL�?9E�kK81EL�=6?Eq�W?E6�X?C@;=86L�X;=�LW?11�?9E�W6E8KW,L8�6E�69@6=i=8L6L�fG�yg�?@�@A6�:0Q�V9EKL@=8?1�yL@?@6�?9E�;@A6=L2�V9�?EE8@8;9�:0Q�kK81EL�?9E�L611L�=6L8E69@8?1�C;9E;W898KWL�i=;78E6L�kK81E89I�W?9?I6W69@�L6=78C6�?9E�?LL6@�W?9?I6W69@�L6=78C6�@A=;KIA�?�i=;i6=@q�XK9E2��L�?�=6LK1@�@A6�X;11;<89I�?=6�=8LD�X?C@;=L�@A?@�W?q�?XX6C@�@A6�C;Wi?9q�;i6=?@8;92

Q2��"�>#�H�'"3"�A� QK=89I�@A6�i?L@�q6?=�@A6�<;=1EoL�W?�;=�6C;9;W8C�i=;k16W�<?L�?�E6k@�C=8L8L�89�C6=@?89�yK=;i6?9��98;9�fy�g�W6Wk6=�C;K9@=86L�16?E89I�@;�?�X;=6C?L@�;X�?9�6C;9;W8C�L1;<E;<9�89�@A6�=6I8;9?1�6C;9;Wq2�£A816�@A6�E6k@�C=8L8L�8@L61X�C;9@=?C@6E�@A6�y�oL�6C;9;W8C�I=;<@A�?@�@A6�;@A6=�X=;9@�?�W?�;=�6?=@ApK?D6�?9E�@A6�:LK9?W8�?X@6=W?@A�89�3?i?9�?1L;�A8@�@A6�<;=1EoL�6C;9;Wq�89�I696=?1�?L�3?i?9�=6W?89L�@A6�<;=1EoL�16?E89I�6C;9;W8C�i1?q6=2�:A6�9?@K=?1�E8L?L@6=�W?@6=8?11q�=6EKC6E�@A6�C;K9@=qoL�i=;EKC@878@q�<A816�8@�<;K1E�@?D6�L;W6�@8W6�k6X;=6�@A6�C;K9@=q�XK11q�=6C;76=L2�:A8L�89�C6=@?89�6XX6C@�A?L�X;=C6E�C6=@?89�3?i?96L6�@;�W;76�@A68=�i=;EKC@8;9�k?L6L2��L�X;=�@A6�:A?8�I;76=9W69@oL�6C;9;W8C�L@8WK1?@89I�W6?LK=6L�?8W6E�?1L;�@;�?@@=?C@�W;=6�X;=68I9�8976L@W69@L�<6�k618676�@A?@�@A6q�<811�k696X8@�;K=�kKL896LL�89�I696=?12

%"��H(&'@">&(&'�>�3#H�'/�&(A&HH/�H� �;18@8C?1�89C8E69@L�EK=89I�@A6�i?L@�X6<�q6?=L�?9E�@A6�C;9@89K6E�C8781�K9=6L@�89�@A6�C;K9@=qoL�L;K@A6=9�k;=E6=�i=;789C6L�A?76�?XX6C@6E�@A6�C;9X8E69C6�;X�:A?8�?9E�X;=68I9�8976L@;=L2�:A6q�A?76�6Ji=6LL6E�E;Kk@L�;76=�@A6�I;76=9W69@oL�i;18Cq�<A816�@A6�89L@?k818@q�?EEL�W;=6�=8LD�@;�kKL896LL6L�L6@�Ki�A6=62���;<676=�?L�@A6�i;18@8C?1�L8@K?@8;9�8L�I6@@89I�k6@@6=�?9E�?L�8976L@;=L�L66W�@;�k6C;W6�W;=6�C;9X8E69@�@A8L�L69@8W69@�A61iL�69A?9C89I�8976L@W69@�?C@878@86L2�£8@A�?�L@=;9I6=�6C;9;W8C�i=;Li6C@�;X�@A6�C;K9@=q�8@L61X�?9E�@A6�I;76=9W69@oL�6Ji;=@�;=869@6E�W6?LK=6L�:0Q�k618676L�@A?@�@A8L�<811�k6�?�k;;9�X;=�KL�89�I696=?12

U�(/��>#&H�H(��H� � >?@K=?1� E8L?L@6=L� LKCA� ?L� @A6� C;K9@=qoL� <;=L@� X1;;E� 89� @A6� i?L@� q6?=� 8@L� -�,q6?=� A8L@;=q� @A?@� ?XX6C@6E��7?=8;KL�i=;789C6L�9?@8;9<8E6�A?76�L69@�?�E=?L@8C�8Wi?C@�@;�@A6�C;K9@=qoL�6C;9;W8C�?9E�L;C8?1�L@?k818@q2�V9�?EE8@8;9�@A6�?I=8CK1@K=?1�L6C@;=�@A6�i=;EKC@8;9�L6C@;=�?9E�@A6�89EKL@=q�=6pK8=6�L;W6�@8W6�k6X;=6�XK11q�=6C;76=89I�X=;W�@A6�X1;;E2

� 0;=@K9?@61q�;K=�:0Q�89EKL@=8?1�6L@?@6�<?L�9;@�?XX6C@6E�X=;W�@A6�X1;;E�;K=�C?=6XK1�i=6i?=?@8;9�?9E�;K=�1;C?@8;9�L8@K?@6E�96J@�@;�?�W?89�@=?9Li;=@?@8;92�:A6�X1;;E�A?E�9;�96I?@876�8Wi?C@�@;�KL�8@�6769�A61i6E�KL�@;�L6=76�CKL@;W6=L�LKXX6=89I�X=;W�@A6�X1;;E�?@�;@A6=�89EKL@=8?1�6L@?@6L�<8LA�@;�k6�W;76E�@;�;K=�i=;�6C@2�:0Q�@A6=6X;=6�<?L�?k16�@;�?E-E8@8;9?11q�89C=6?L6�;K=�X8J6E�=6769K6L�X=;W�@A6�L?16L�?9E�16?L6�;X�1?9EL�?9E�X?C@;=86L�W?89@69?9C6�X66L�?9E�K@818@q�L6=78C6�X66L2�

R&3�3'&�>�&H�H� �L�@A6�q6?=�69E�;X������@A6�4;Wi?9qoL�1;9I,@6=W�1;?9L�k;==;<6E�X=;W�X89?9C8?1�89L@8@K@8;9L�@;�8976L@�89�?9�89EKL@=8?1�6L@?@6�E6761;iW69@�i=;�6C@�?9E�X;=�kK81E89I�89EKL@=8?1�i1?9@L�?9E�=6L8E69@8?1�C;9E;W898KWL�@;@?1�H?A@�*..�W8118;92�:A8L�<?L�H?A@��))�W8118;9�;=���2���i6=�C69@�E6C=6?L6E�<A69�C;Wi?=6E�<8@A������@;@?1�;X�H?A@���-�W81-18;92��L�?�=6LK1@�;K=�@;@?1�18?k818@86L�?L�@A6�69E�;X������E6C=6?L6E��+2)-�i6=�C69@�X=;W�@A6�q6?=�k6X;=62�:A6�=?@8;�;X�E6k@�@;�6pK8@q�?1L;�E6C=6?L6E�X=;W��2/*�@8W6L�89������@;��2*+�@8W6L�89�����2�V9�k=86X�@A8L�=6X16C@L�@A6�C;Wi?9qoL�LKCC6LL�@;�=6EKC6�8@L�X89?9C8?1�=8LD�=6I?=E89I�@A6�C;L@�;X�C?i8@?1�@;�?�C6=@?89�167612

Page 205: TFD: Annual Report 2011

Annual Report 2011 203

� V9������@A6�4;Wi?9q�A?E�?9�89@6=6L@�=?@6�=8LD�6Ji;L6E�@;�8@L�E6i;L8@L�?@�X89?9C8?1�89L@8@K@8;9L�1;?9L�;76=E=?X@L�LA;=@,@6=W�?9E�1;9I,@6=W�1;?9L�L89C6�W;L@�89@6=6L@�=?@6L�X1KC@K?@6E�?CC;=E89I�@;�W?=D6@�=?@6L2�:0QoL�89@6=6L@�=?@6�=8LD�A;<676=�=6W?896E�1;<2�£6�<6=6�?k16�@;�W?89@?89�18pK8E8@q�@;�6Ji?9E�;K=�kKL896LL�<A816�=6EKC89I�;K=�X89?9C8?1�=8LD2�V9�?EE8@8;9�<6�W?9?I6E�@;�W?89@?89�@A6�18pK8E8@q�<A816�C?ii89I�;K=�E6k@�@;�6pK8@q�=?@8;�?@�?�1;<�167612�:A8L�<?L�E;96�@A=;KIA�?9�89C=6?L6�;X�;K=�i=;�6C@�L?16L�?9E�@A=;KIA�@A6�Li66E89I�Ki�;X�@A6�;<96=LA8i�@=?9LX6=�@;�CKL@;W6=L�<8@A89�@A6�@6=WL�;X�?�C;9@=?C@�L;�@A?@�@A6q�=6i?q�@A68=�1;?9L�<A816�<6�=6EKC6�;K=�89@6=6L@�=?@6�6Ji69L6L2�:A8L�=6LK1@6E�89�?�1;<�?9E�C;9@=;11?k16�=8LD2

1��#&(�&H�� :0Q� 8L� CK==69@1q� 6Ji;L6E� @;� C=6E8@� =8LD� =61?@89I� @;� @=?E6� =6C687?k16L� ?9E� 1;?9L2� MK=� W?9?I6W69@� A?L��X;=WK1?@6E�?�i;18Cq�?9E�i=;C6EK=6L�@;�C;9@=;1�C=6E8@�<A816�=6pK6L@89I�CKL@;W6=L�@;�i?q�89�?�i=;i6=�@8W6X=?W6�89�;=E6=�@;��C;9@=;1�@A6�=8LD2�V9�?EE8@8;9�:0Q�W?D6L�LK=6�@A?@�8@L�6J@69E6E�C=6E8@L�<811�9;@�k6�C;9C69@=?@6E�89�?�i?=@8CK1?=�I=;Ki�;X��CKL@;W6=L2�G89C6�;K=�CKL@;W6=�k?L6�8L�9;@�;91q�1?=I6�kK@�?1L;�E876=L6�<6�E;�9;@�X;=6L66�?9q�W?@6=8?1�E?W?I6�;=�1;LL�X=;W�;K=�C=6E8@�6J@69L8;9�?C@878@q2�

Page 206: TFD: Annual Report 2011

Thai Factory Development Public Company Limited204

Explanation and Analysis of Operating Results and Financial Status

R&3�3'&�>b(�(/H�3#"@���(&3C��H/>(H

k�b/����A"$(2��/#&("�H��@"�(H"$(2�'"�@�3A�3#&(HH/uH&#&��&�H$"�(2�A���g^kk�� :A6�?KE8@;=��=L2��81?8=?@��B;�9?D?=89�42�2�2�>;2�+��*�;X�MXX8C6�;X�Q�V���V9@6=9?@8;9?1��KE8@89I�=6i;=@6E�@A?@�LA6�A?L�6J?W896E�@A6�X89?9C8?1�L@?@6W69@L�89�?CC;=E?9C6�<8@A�I696=?11q�?CC6i@6E�?KE8@89I�L@?9E?=EL�6Ji=6LL6E�A6=�;i898;9�@A?@�@A6�X89?9C8?1�L@?@KL�;i6=?@89I�=6LK1@L�CA?9I6�89�LA?=6A;1E6=Lo�6pK8@q�?9E�C?LA�X1;<�?=6�X?8=1q�i=6L69@6E��89�?CC;=E?9C6�<8@A�I696=?11q�?CC6i@6E�?CC;K9@89I�i=89C8i16L2

g�b/����A"$'"3H">&#�(�#$&3�3'&�>H(�(/H�3#"@���(&3C��H/>(H� :A6�;i6=?@89I�=6LK1@L�?9E�@A6�X89?9C8?1�L@?@KL�;X�@A6�C;Wi?9q�?9E�8@L�LKkL8E8?=86L�89�@A6�i?L@�@A=66�q6?=L�C;K1E�k6�LKWW?=8�6E�?L�X;11;<L(� ������lQ2�$&3�3'&�>H(�(���3($"�A���g^^q�&(2"�&C&3�>>A�''"/3(&3CH(�3#��#�

Page 207: TFD: Annual Report 2011

Annual Report 2011 205

:E88 :E8E :EEI

4151*31+�0(/6�+)71+�)*8�+1(5.,1+�!!!!^WYR!UVXPZR!4!YWV_ 99:GIB;GD:;!!!!!!!!!!!!!!!! 4!!!!!!!!!!!!!!!!!!!!!!!! 4!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!^WYR!UVXPZR!4!XPV_PZUVU`Z 8FBGIE8GEB:!!!!!!!!!!!!!!!! FDDGDEHGEF:!!!!!!!!! 9B9GD:9GI;F!!!!!!!!!!!!!!!!!aRbRV`RS!T[PZ![RVQWY!WV_!SR[bUXRS :FBG:H;GIID!!!!!!!!!!!!!!!! :9EG;9BGFF8!!!!!!!!! :BDG;8EGF8H!!!!!!!!!!!!!!!!!aRbRV`RS!T[PZ![PPZ![RVQWY!c`SUVRSS D9G;F8GEE8!!!!!!!!!!!!!!!!!!!!!!!!!dPQWY![RbRV`RS!T[PZ!SWYRS!WV_!SR[bUXRS! 8G8D:G8::GD9E!!!!!!!!!!!!! 8GEIDGFH8GI9D!!!!!! I:9GB8FGHH9!!!!!!!!!!!!!9/+-�/0�+)71+�)*8�+1(5.,1+�!!!!!ePSQ!PT!SWYR!4!YWV_ 0B:9GEFBG;BB1!!!!!!!!!!!!!!! 4!!!!!!!!!!!!!!!!!!!!!!!! 4!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!ePSQ!PT!SWYR!4!XPV_PZUVU`Z 08D:G;8:G8DB1!!!!!!!!!!!!!!! 0;9EG8FDGBHF1!!!!!!! 0B98G9EEGEED1!!!!!!!!!!!!!!!!!ePSQ!PT![RVQWY!WV_!SR[bUXRS 08B8G:F:G9::1!!!!!!!!!!!!!!! 08BIG:9DGIDE1!!!!!!! 08BHGD:HGHF;1!!!!!!!!!!!!!!!!!ePSQ!PT![RVQWY!WV_!SR[bUXRS!4![PPZ![RVQWY!c`SUVRSS 0DHG9B;GE9B1!!!!!!!!!!!!!!!!!!!!!!!!dPQWY!XPSQ!PT!SWYRS!WV_!SR[bUXRS! 09IIGFHIGDEE1!!!!!!!!!!!!!!! 0HEIGBBHGBEF1!!!!!!! 09B9G;H:GF;:1!!!!!!!!!!!!:(/++�;(/0.-� BD:G:BDGE9E!!!!!!!!!!!!!!!! DFBGB:BG;;;!!!!!!!!! :HIGFB;GI:B!!!!!!!!!!!!!<-=1(�.*,/61!!!!!!fWUV!PV!SWYR!PT!UVbRSQZRVQ!UV!WSSPXUWQR_!XPZ\WVg D9GBIHG9;I!!!!!!!!!!!!!!!!!!!!!hVQR[RSQ!UVXPZR ;8EGB9I!!!!!!!!!!!!!!!!!!!!!!! 8HIG88;!!!!!!!!!!!!!!!! 8GB8EG8EE!!!!!!!!!!!!!!!!!!!!!!!iQ]R[S 88GE;HGDIE!!!!!!!!!!!!!!!!!! 9GBIHG:II!!!!!!!!!!!!! 8;GBB8G;9E!!!!!!!!!!!!!!!!!!!!!!!!!!dPQWY!PQ]R[!UVXPZR 88G;9HGF;I!!!!!!!!!!!!!!!!!! 9G9H9GB8B!!!!!!!!!!!!! ;DGDBIGD8I!!!!!!!!!!!!!!!^RYYUVj!Rk\RVSRS! 0DBG9F;G9B;1!!!!!!!!!!!!!!!!! 0BIGDD8G;8D1!!!!!!!!! 0DBGFHIGF:H1!!!!!!!!!!!!!!l_ZUVUSQ[WQUbR!Rk\RVSRS 08B9GB8IG8HD1!!!!!!!!!!!!!!! 088HGF;IGD8;1!!!!!!! 08DBGD9IG89B1!!!!!!!!!!!!mWVWjRZRVQ!cRVRTUQ!Rk\RVSR 0DDG:HBGH;:1!!!!!!!!!!!!!!nU[RXQP[So![RZ`VR[WQUPV 09GH8FGHFE1!!!!!!!!!!!!!!!!!!! 09GEB;GEEE1!!!!!!!!!!! 4!!!!!!!!!!!!!!!!!!!!!!!!!!!!pPSS!PV!SWYR!PT!UVbRSQZRVQS!UV!SRX`[UQURS!]RY_!TP[!Q[W_UVj 0BGFB:G:E91!!!!!!!!!!!!!!!!qUVWVXUWY!XPSQ 0H8G:HDGDBB1!!!!!!!!!!!!!!!!! 0FFGD;HGI9E1!!!!!!!!! 0FEG9F:G9:F1!!!!!!!!!!!!!!didlp!rstrO^r^ 0:;IGEI9GIB:1!!!!!!!!!!!!!!! 0:98G;IDGHFF1!!!!!!! 0:FFGEBFG;HH1!!!!!!!!!!!!>(/0.-�?@/++A�B10/(1�.*,/61�-)C 8FBGH8DGIHH!!!!!!!!!!!!!!!! 8:IG;EHG8F8!!!!!!!!! B;G8B9G999!!!!!!!!!!!!!!!hVXPZR!QWk 0DFG8IBGHFE1!!!!!!!!!!!!!!!!! 4!!!!!!!!!!!!!!!!!!!!!!!! 08IGD:;GEE81!!!!!!!!!!!!!!>(/0.-�?@/++A�0/(�-=1�D1)( 8B9G;8IG8IH!!!!!!!!!!!!!!!! 8:IG;EHG8F8!!!!!!!!! :;GF:8G99;!!!!!!!!!!!!!!!

E1-�;(/0.-�?7/++A�)--(.B3-)B71�-/��!!!iuVR[S!PT!Q]R!ePZ\WVg 8BHGH:9GBEH!!!!!!!!!!!!!!!! 8BEG;BBG898!!!!!!!!! BIGDD:GBF8!!!!!!!!!!!!!!!!!!OPV4XPVQ[PYYUVj!UVQR[RSQS 08G:EHG:8E1!!!!!!!!!!!!!!!!!!! 088GED9GIFE1!!!!!!!!! 0:DG;8EGF891!!!!!!!!!!!!!!

8B9G;8IG8IH!!!!!!!!!!!!!!!! 8:IG;EHG8F8!!!!!!!!! :;GF:8G99;!!!!!!!!!!!!!!!

FG4EHE:I�>F4�IJG4F�����K)+.,�1)(*.*2+�?7/++A�;1(�+=)(1 EK:8E9!!!!!!!!!!!!!!!!!!!!!!!!! EK:EEB!!!!!!!!!!!!!!!!!! EKEHED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!vRUj]QR_!WbR[WjR!V`ZcR[!PT!P[_UVW[g!S]W[RS!0S]W[RS1 HE8GD;HGHF;!!!!!!!!!!!!!!!! HE8GD;HGHF;!!!!!!!!! HE8GD;HGHF;!!!!!!!!!!!!!

�����L.73-18�1)(*.*2+�?7/++A�;1(�+=)(1� EK:E98!!!!!!!!!!!!!!!!!!!!!!!!! EK:EEB!!!!!!!!!!!!!!!!!! EKEHED!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!vRUj]QR_!WbR[WjR!V`ZcR[!PT!P[_UVW[g!S]W[RS!0S]W[RS1 H89GI:IGH8F!!!!!!!!!!!!!!!! HE8GD;HGHF;!!!!!!!!! HE8GD;HGHF;!!!!!!!!!!!!!

1. Income statements

Page 208: TFD: Annual Report 2011

Thai Factory Development Public Company Limited206

2011 2010 2009

ASSETS

Current assets

Cash and cash equivalents 12,977,831 18,301,718 24,305,638

Trade accounts and other receivable 264,098,841 57,889,411 13,776,960

Unbilled income 626,322,848

Properties for sale 828,473,037 1,110,812,619 935,902,175

Advances to contractors 4,277,830

Other current assets 151,685 246,220 18,460,221

Total current assets 1,105,701,394 1,187,249,968 1,623,045,672

Non-current assets

Deposits at financial institutions

with restrictions 15,365,297 4,687,093 1,463,613

Loan to related party and interest

receivable - subsidiary - - -

Investments in subsidiaries - - -

Leasehold rights 543,634,424 589,898,004 155,756,105

Investment properties 708,460,271 676,672,838 1,165,112,703

Equipment 18,102,092 8,800,767 11,768,548

Other non-current assets

Income tax refundable 18,198,869 24,552,856 14,200,224

Collateral for letter of guarantee -

related parties 15,000,000 15,000,000 -

Rental deposits - others - - 7,017,757

Others 8,995,614 8,149,087 20,825,490

Total non-current assets 1,327,756,567 1,327,760,645 1,376,144,440

Total assets 2,433,457,961 2,515,010,613 2,999,190,112

STATEMENTS OF FINANCIAL POSITION

2. Balance Sheet as December 31

- -

- -

Page 209: TFD: Annual Report 2011

Annual Report 2011 207

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities

Bank overdrafts

Trade accounts and other payable 2

Current portion of financial lease payable

Current portion of long-term loans from

financial institutions

Current portion of debt restructuring payable

Current portion of long-term loans from

related parties

Current portion of long-term loans from

other persons

Short - term loan from related parties and

interest payable - subsidiary

Deposit from sale of project

Accrued income tax

Other current liabilities

Total current liabilities 5

Non-current liabilities

Financial lease payable

Long-term loans from financial

institutions 3

Debt restructuring payable

Long-term loans from related parties

and interest payable 3

Rental deposit received

Employee benefit obligations

Estimated long-term liabilities

Total non-current liabilities 8

Total liabilities 1,4

STATEMENTS OF FINANCIAL POSITION (Continued)

2011

51,131,777

256,249,567

3,265,846

152,462,205

41,473,657

11,736,861

-

-

-

28,268,546

2,456,272

547,044,731

7,419,375

335,534,712

111,227,074

330,730,661

86,088,130

2,986,385

9,620,627

883,606,964

1,430,651,695

2010

16,710,760

352,191,904

1,089,393

391,996,462

40,937,509

11,579,103

-

-

-

-

2,886,089

817,391,220

1,469,682

273,222,162

151,437,349

332,327,097

74,498,846

-

8,377,188

841,332,324

1,658,723,544

2009

11,860,823

197,878,053

1,064,721

672,145,840

38,620,494

10,923,998

30,000,000

-

-

3,653,887

9,318,749

975,466,565

2,520,957

429,873,350

193,081,568

323,427,664

69,526,604

-

-

1,018,430,143

1,993,896,708

Page 210: TFD: Annual Report 2011

Thai Factory Development Public Company Limited208

2011

LIABILITIES AND SHAREHOLDERS' EQUITY (Continued)

Shareholders' equity

Share capital

Registered

836,000,000 ordinary shares of Baht 1 each 836,000

760,000,000 ordinary shares of Baht 1 each

Issued and paid - up share capital

701,357,785 ordinary shares of Baht 1 each 701,357

637,598,035 ordinary shares of Baht 1 each

Premium on ordinary shares 147,196

Retained earnings (Deficit)

Appropriated - statutory reserve 15,602

Unappropriated 104,705

Difference from changing investment proportion

in subsidiaries (45,699

Total owners of the Company 923,162

Non-controlling interest 79,643

Total shareholders' equity 1,002,806

Total liabilities and shareholders' equity 2,433,457

STATEMENTS OF FINANCIAL POSITION (Continued)

2011 2010 2009

836,000,000

701,357,785

147,196,958

15,602,230

104,705,343

(45,699,839)

923,162,477

79,643,789

1,002,806,266

2,433,457,961

836,000,000

701,357,785

147,196,958

12,228,741

(39,647,575)

(45,699,839)

775,436,070

80,850,999

856,287,069

2,515,010,613

760,000,000

637,598,035

147,196,958

12,228,741

118,827,530

(21,988,068)

893,863,196

92,676,208

986,539,404

2,980,436,112

Page 211: TFD: Annual Report 2011

Annual Report 2011 209

3. Statements of Cash Flows

2011 2010 2009

Cash flows from operating activities

Profit (Loss) before income tax 184,713,977 129,507,181 45,146,666

Adjustment net profit (loss) to cash receipt (disbursement)

from operating activities

Doubtful account - 1,315,550 -

Employee benefit obligations 2,986,385 - -

Depreciation and amortisation 82,985,673 81,184,753 86,284,898

Provision compensation for factory rental and related services - - (3,813,500)

Loss on devaluation of asset available for sale - - 4,842,206

Gain on sales of assets (873,982) (1,677,639) (22,635)

Gain on sales of investment in subsidiary - - (36,497,659)

Interest expenses 74,148,139 88,357,960 80,660,424

Profit from operation before changes of operating

assets and liabilities 343,960,192 298,687,805 176,600,400

(Increase) Decrease in changes of operating assets

Trade accounts and other receivable (206,209,430) 4,291,766 (1,806,731)

Unbilled income - - (466,457,637)

Properties for sale 242,510,183 469,164,806 102,174,118

Advances to contractors - - 10,603,713

Other current assets 94,535 (33,054) 18,554,592

Advances to purchase land - - 12,240,297

Other non-current assets (846,527) (12,044,915) 7,499,867

(Increase) Decrease in changes of operating assets 35,548,761 461,378,603 (317,191,781)

Increase (Decrease) in changes of operating liabilities

Trade accounts and other payable (96,857,970) (89,241,455) (152,253,530)

Other current liabilities (429,818) (1,028,056) 51,714,933

Rental deposit received 11,589,284 4,972,243 5,414,514

Increase (Decrease) in changes of operating liabilities (85,698,504) (85,297,268) (95,124,083)

Cash provided by (used in) operating activities 293,810,449 674,769,140 (235,715,464)

Interest paid (73,833,680) (76,729,937) (78,707,407)

Income tax received 17,364,414 7,813,757 -

Income tax paid (20,936,660) (23,835,201) (30,065,971)

Net cash from (used in) operating activities 216,404,523 582,017,759 (344,488,842)

STATEMENTS OF CASH FLOWS

Page 212: TFD: Annual Report 2011

Thai Factory Development Public Company Limited210

2011 2010 2009

Cash flows from investing activities

(Increase) Decrease in deposits at financial

institutions with restrictions (10,678,204) (3,223,480) 1,925,585

Increase in loan to related parties and interest receivable - (6,055,775) -

Decrease in loan to related parties and interest receivable - 6,055,775 -

Purchase of properties awaiting development or sale - (26,205,254) (1,631,535)

Cash received from amendment of lease agreement 9,356,912 - -

Improvement of leasehold right (2,126,852) - -

Purchase of investment properties (307,029) (157,187) -

Purchase of equipment (4,285,905) (622,549) (6,074,165)

Cash received from sales of equipment 1,336,451 1,677,640 267,358

Cash paid for increase share capital in subsidiary - - 104,993,117

Cash paid for purchase investment in subsidiary - (24,500,000) (22,062,150)

Net cash from (used in) investing activities (6,704,627) (53,030,830) 77,418,210

Cash flows from financing activities

Increase (Decrease) in bank overdrafts 34,421,017 4,849,937 (16,796,575)

Advance received from related party - - -

Repayment of advance received from related party - - -

Draw down of short-term loan from other person - 17,000,000 30,000,000

Repayment of short-term loan from other person (17,000,000) (30,000,000)

Draw down of short-term loan from related party - - -

Repayment of short-term loan from related party - - -

Repayment of liabilities under financial lease (1,323,690) (1,026,603) 2,111,272

Draw down of long-term loans from financial institutions 60,103,787 188,367,164 395,596,212

Repayment of long-term loans from financial institutions (237,325,494) (625,167,730) (37,866,234)

Repayment of debt restructuring payable (39,674,127) (39,327,204) (37,017,910)

Repayment of long-term loan from other person - (30,000,000) -

Repayment of long-term loan from related party (31,225,276) (23,122,427) (25,866,177)

Dividend payment - (9,563,986) (12,751,944)

Net cash from (used in) financing activities (215,023,783) (534,990,849) 267,408,644

Net increase (decrease) in cash and cash equivalents (5,323,887) (6,003,920) 338,012

Cash and cash equivalents at beginning of period 18,301,718 24,305,638 23,967,626

Cash and cash equivalents at ending of period 12,977,831 18,301,718 24,305,638

STATEMENTS OF CASH FLOWS (Continued)

Page 213: TFD: Annual Report 2011

Annual Report 2011 211

]�R&3�3'&�>��(&"H

g^kk g^k^ g^^q1.� �=;LL�i=;X8@��� 38.18% 35.14% 30.21%�2� �=;X8@�f1;LLg�k6X;=6�89C;W6�@?J 16.15% 11.77% 4.61%+2� >6@�i=;X8@�f1;LLg�@;�@;@?1�=6769K6�=?@8; 12.81% 11.77% 2.64%*2� >6@�i=;X8@�f1;LLg�i6=�LA?=6�fk?A@g 0.2106 0.2004 0.0703-2� Q878E69E�i6=�LA?=6�fk?A@g - ¤� - 0.115�2� B6@K=9�;9�6pK8@q�fBMyg� 14.61% 15.12% 2.62%)2� B6@K=9�;9��?LL6@L�fBM�g 6.02% 5.15% 0.87%.2� H;;D�7?1K6�i6=�LA?=6�fk?A@�i6=�LA?=6g 1.43 1.22 1.55/2� �8pK8E8@q�=?@8;�f@8W6g 2.02 1.49 1.66��2� :;@?1�18?k818@86L�@;�LA?=6A;1E6=Lo�6pK8@q�f@8W6g 1.43 1.94 2.02

¤��£?8@89I�X;=�?9�?ii=;7?1�;X�@A6�GA?=6A;1E6=Lo��66@89I

j�+,@>�3�(&"3�3#73�>AH&H"$O@���(&"3��H/>(H�3#R&3�3'&�>b(�(/H� ��� O@���(&"3@��$"���3'�H =3'"��H V9������:0Q�?9E�8@L�LKkL8E8?=86L�=6C;=E6E�?�@;@?1�L?16L�?9E�L6=78C6�89C;W6�;X�H?A@���+��W8118;9�89C=6?L6�?k;K@�+2*)¦�X=;W�����oL�H?A@���/*�W8118;92�M@A6=�89C;W6L�89������@;@?16E�H?A@����W8118;9�C;Wi?=6E�@;�H?A@�)�W8118;9�?�q6?=�k6X;=62��L�LKCA�:0QoL�@;@?1�89C;W6L�89������@;@?16E�H?A@���**�W8118;9�C;Wi?=6E�@;�����oL�H?A@������W8118;9�;=�+2/�¦��89C=6?L62�:A8L�<?L�?�=6LK1@�;X�@A6�4;Wi?9qoL�=6C;I98�89I�L?16L�89C;W6L�;X�=?<� 1?9E�<?L�H?A@���+�W8118;9�;=����¦�?9E� =6769K6� X=;W�L?16�C;9E;W898KW�L?16L�E6C=6?L6�<?L�H?A@�.++��W8118;9�89������?L�C;Wi?=6E�@;�H?A@��.-�W8118;9�X;=�q6?=������;=�).¦�E6C=6?L62�V9�?EE8@8;9�=69@?1�?9E�L6=78C6�89C;W6L�<?L�H?A@�����W8118;9�89������@;�=6W?89�?@�H?A@��.*�W8118;9�89������;=�/¦�89C=6?L62

� � �;L@�89C;W6L�X=;W�@A6�L?16L�;X�C;9E;W898KWL�@A6�4;Wi?9q�A?E�=6C;=E�89�����2�� � M@A6=�V9C;W6�89������?W;K9@����W8118;9�H?A@�<?L�89C=6?L6�X=;W������?W;K9@�-�W8118;9�H?A@2

1"H(H"$H�>�H�3#H��0&'�� � :A6�=?@8;�;X�C;L@�@;�L?16L�=6769K6L�89������=6W?896E�?@�@A6�L?W6�16761�?L�@A6�i=678;KL�q6?=�<A8CA�<?L�?k;K@��-¦�<A816�C;L@L�;X�16?L89I�?9E�L6=78C6L�89������@KWk16E�-�¦�?L�C;Wi?=6E�@;�����oL�89C;W6L�@A?@�?CC;K9@6E�X;=�-)¦�;X�8@L�89C;W6L2��L�?�=6LK1@�@A6�=?@8;�;X�C;L@L�;X�L?16L�?9E�L6=78C6�89�I696=?1�<?L�?k;K@���¦�E6C=6?L6�X=;W������<?L�?k;K@�)�¦2

� O@���(&3C�,@�3H�H� � :A6�=?@8;�;X�L?16L�?9E�?EW898L@=?@8;9�6Ji69L6L�@;�L?16L�?9E�L6=78C6L�89C;W6L�89������<?L��)¦�?L�C;Wi?=6E�@;�����oL�<?L���¦2�089?9C8?1�6Ji69L6L�=6LK1@6E�W?891q�X=;W�89@6=6L@�i?8E�W?@6=8?11q�E6C=6?L6E�X=;W�H?A@�..�W8118;9�89������@;�H?A@�)��W8118;9�89������;=��/¦�E6C=6?L62�:A8L�<?L�EK6�@A6�4;Wi?9q�A?E�=6i?qW69@�1;?9�@;�X89?9C8?1�89L@8@K@8;9L�kq�@=?9LX6=�L?16�;X�1?9E�@;�CKL@;W6=�<A8CA�1?9E�@;�L@?=@�8976L@89I�89�8@L�96<�i=;�6C@�EK=89I��@A6�q6?=2

Page 214: TFD: Annual Report 2011

Thai Factory Development Public Company Limited212

� U�(@�"$&(H� � :0Q�?9E�8@L�LKkL8E8?=86L�=6C;=E6E�?�96@�i=;X8@�;X�H?A@��*)�W8118;9�89������C;Wi?=6E�@;�?�96@�i=;X8@�;X�H?A@��*��W8118;9�89������;=�?k;K@�-¦�89C=6?L62�:A8L�=6LK1@�89������@A6�4;Wi?9q�A?E�=6C;I98�6E�H?A@���+�W8118;9�i=;X8@L�X=;W�L?16L�;X�=?<�1?9E�?L�W69@8;96E�6?=186=�K9E6=�@A6��89C;W6L��@;i8C�?k;762��L�X;=�:0Q�L6i?=?@6�X8�9?9C8?1�L@?@6W69@�@A6�4;Wi?9q�LA;<�?�96@�i=;X8@�;X�H?A@��+-�W8118;9�C;Wi?=6E�@;�H?A@��*/�W8118;9�96@�i=;X8@L�?�q6?=�6?=186=�;=�?k;K@�/¦�E6C=6?L6��8@L�W?89�89C;W6L�I696=?@6E�X=;W�@A6�L?16L�;X�C;9E;W898KW�K98@L�?9E�L6=78C6L�89������<?L�E6C=6?L6�?k;K@�).¦2

������l��CC;=E89I�@;�@A6�4;Wi?9q�?9E�LKkL8E8?=86L�X89?9C8?1�L@?@6W69@�X;=�@A6�q6?=�69E6E�+��Q6C6Wk6=������E8LC1;L6E�@;�@A6�G@;CD�yJCA?9I6�;9��)�06k=K?=q������@A6�4;Wi?9q�?9E�LKkL8E8?=86L�A?E�C;9L;18E?@6E�96@�1;LL�;X�H?A@�f*�2�)g�W8118;92���;<676=�@A6�=6L@?@6E�X89?9C8?1�L@?@6W69@�X;=�@A6�q6?=�69E6E�+��Q6C6Wk6=������E8LC1;L6E�89�C;Wi?=8L;9�<8@A�@A6�X89?9C8?1�L@?@6W69@�X;=�@A6�q6?=�69E6E�+��Q6C6Wk6=������E8LC1;L6E�@;�@A6�G@;CD�yJCA?9I6�;9��/�06k=K?=q������LA;<6E�@A6�96@�i=;X8@�;X�H?A@��*�2-*�W8118;92

� :A6�W?�;=�=6?L;9�X;=�@A6�CA?9I6�X=;W�96@�1;LL�@;�96@�i=;X8@�89�@A6�=6L@?@6E�X89?9C8?1�L@?@6W69@�<?L�@A?@�89������@A6�4;Wi?9q�?E;i@6E�96<�?CC;K9@89I�L@?9E?=E�?L�?99;K9C6E�kq�06E6=?@8;9�;X��CC;K9@89I��=;X6LL8;9L�?9E�CA?9I6E�@A6�W6@A;E�89�=6769K6�=6C;I98@8;9�;X�i=;i6=@q�E6761;iW69@�kKL896LL�X=;W�i6=C69@?I6�;X�C;Wi16@8;9�KL6E�i=678;KL1q�@;�=6769K6�=6C;I98@8;9�Ki;9�@=?9LX6=�;X�L8I98X8C?9@�=8LDL�?9E�=6<?=EL�;X�;<96=LA8i�@;�@A6�kKq6=2���L�?�=6LK1@�?CC;K9@89I�96@�i=;X8@�f1;LLg�;X�@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�<?L�?XX6C@6E2

� GKkL6pK69@� @;� @A6� ?E;i@8;9� ;X� 96<� ?CC;K9@89I� L@?9E?=E� @A6� 4;Wi?9q� A?L� ?ii186E� @A6� L@?9E?=E� @;��C;9E;W898KW�K98@�L?16L�=6769K6�=6C;I98@8;9�?9E�=6L@?@6E�@A6�8@L�X89?9C8?1�L@?@6W69@�X;=�@A6�q6?=�69E6E�+��Q6C6W-k6=�����2��

� 0;=W6=1q�89������@A6�C;9E;W898KW�L?16L�=6769K6�=6C;I98�6E�KL89I�i6=C69@?I6�;X�C;Wi16@8;9�W6@A;E�<?L�H?A@���+2�.�W8118;92���L89I�=6769K6�=6C;I98@8;9�Ki;9�C;9E;W898KW�K98@�@=?9LX6=�;X�;<96=LA8i�W6@A;E�@A6�L?16L�=6769K6�<?L�H?A@�.++2+��W8118;9�?9�89C=6?L6�;X�H?A@�)+�2�+�W8118;92��0;=W6=1q�89������@A6�96@�i=;X8@�f1;LLg�;X�@A6�4;Wi?9q�;91q�<?L�H?A@�f*�2�)g�W8118;9�A;<676=�?X@6=�?ii1q89I�@A6�96<�L@?9E?=EL�@A6�96@�i=;X8@�f1;LLg�<?L�H?A@��*�2-*�W8118;92��y?=989IL�f1;LL6Lg�i6=�LA?=6�<?L�H?A@�f�2��-.g�?9E�?X@6=�?ii1q89I� @A6�96<�?CC;K9@89I�L@?9E?=E�6?=989IL�f1;LLg�i6=�LA?=6�<?L�H?A@��2���*�?9�89C=6?L6�;X�H?A@��2�����i6=�LA?=62��V9������L?16L�=6769K6�=6C;I98@8;9�?@�-/��6=8@?I6�i=;�6C@�<?L�L8I98X8C?9@2

� :;� 9;@6� @A6� CA?9I6� 89� ?CC;K9@89I� L@?9E?=E� E8LCKLL6E� ?k;76� E;6L� 9;@� ?XX6C@� @A6� XK9E?W69@?1L� ;X� @A6��4;Wi?9q�89�C?==q89I�;K@�8@L�kKL896LL�?C@878@86L2

�u� R&3�3'&�>H(�(/H

7HH�(H� � �L�;X�Q6C6Wk6=�+�������@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�=6C;=E6E�@;@?1�?LL6@L�<;=@A�H?A@��2*++�k8118;92�MX�@A8L�H?A@��2�.��k8118;9�?LL6@L�<6=6�89�X;=W�;X�1?9EL�?9E�kK81E89IL�?7?81?k16�X;=�L?16L�?9E�16?L6�<A8CA�?CC;K9@6E�X;=�.�¦�;X�8@L�@;@?1�?LL6@L2�:A6�=6W?8989I�<?L�CK==69@�?LL6@L�?9E�;i6=?@89I�6pK8iW69@2�£A69�C;Wi?=6E�@;�@A6�L8�6�;X�8@L�?LL6@L�89������<A8CA�<?L�H?A@��2-�-�k8118;9�@A8L�<?L�E6C=6?L6�+¦�;=�H?A@�.��W8118;9�k6C?KL6�EK=89I������ @A6�4;Wi?9q�A?E� @=?9LX6==6E� C;9E;W898KW�;<96=LA8i� @;� 8@L� CKL@;W6=L� ?9E� @=?9LX6=� =?<� 1?9E� @;��CKL@;W6=L�<A8CA�@A6=6X;=6�=6EKC6E�@A6�L8�6�;X�8@L�?LL6@L2�F6@�@A6�4;Wi?9q�C;9@89K6L�@;�8976L@�89�7?=8;KL�96<�?9E�6J8L@89I�i=;�6C@L�@;�I696=?@6�XK@K=6�89C;W6L2

Page 215: TFD: Annual Report 2011

Annual Report 2011 213

�&�u&>&(&�H� � �L�;X�69E�;X������@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�=6C;=E6E�@;@?1�18?k818@86L�<;=@A�H?A@��2*+��k8118;92�:A8L�C;9L8L@6E�;X�H?A@�)))�W8118;9�1;9I,@6=W�1;?9L�H?A@��-)�W8118;9�LA;=@,@6=W�1;?9L�H?A@��-��W8118;9�?CC;K9@�i?q?k16L�?9E�H?A@��*��W8118;9�<;=@A�;X�;@A6=�18?k818@86L2�£A69�C;Wi?=6E�@;������@;@?1�18?k818@86L�;X�H?A@��2�-/�k8118;9�8@L�18?k818@86L�<?L�E6C=6?L6�?k;K@��*¦�@;�H?A@���.�W8118;92�:A6�=?@8;�;X�E6k@�@;�6pK8@q�=?@8;�?1L;�E6C=6?L6�X=;W��2/*�@8W6L�89������@;��2*+�@8W6L�?�q6?=�1?@6=�?X@6=�@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�A?E�?1=6?Eq�=6i?8E�@A68=�1;?9L�@;�X89?9C8?1�89L@8@K@8;9L�X;11;<89I�@A6�@=?9LX6=�;X�C;9E;W898KW�;<96=LA8i�@;�8@L�CKL@;W6=L�89�����2

b2���2">#��H�+�/&(A� � �L�;X�69E�;X������LA?=6A;1E6=Lo�6pK8@q� @;@?16E�H?A@����+�W8118;92�:A8L�C;9L8L@6E�;X�H?A@�)����W8118;9�i?8E,Ki�?9E�;XX6=6E�C?i8@?1�H?A@��*)�W8118;9�LA?=6�i=6W8KWL�H?A@����W8118;9�?CCKWK1?@6E�i=;X8@L�E8XX6=69C6�X=;W�?�CA?9I6�;X�8976L@W69@�=?@8;�89�LKkL8E8?=q�C;Wi?986L�@;@?189I�H?A@�*��W8118;9�?9E�H?A@�.��W8118;9�<;=@A�;X�W89;=�LA?=6A;1E6=Lo�6pK8@q�89�LKkL8E8?=q�C;Wi?986L2�4;Wi?=6�<8@A�@A6�q6?=������LA?=6A;1E6=Lo�6pK8@q�<;=@A�H?A@�/-�� W8118;9� 89C=6?L6� ;X� H?A@� �*)� W8118;9� @A8L� =6LK1@� W?891q� @A6� 4;Wi?986L� ?9E� 8@L� LKkL8E8?=86L� A?E� ?� i=;X8@��LKCC6L8761q2

�&�/&#&(A� � :A6�CK==69@�=?@8;�;X�@A6�4;Wi?9q�?9E�8@L�LKkL8E8?=86L�?L�;X������?CC;K9@6E�X;=�?ii=;J8W?@61q��2���@8W6L�E;<9�X=;W������?k;K@��2*/�@8W6L�@A8L�=6LK1@�89������1;?9�X=;W�X89?9C8?1�89L@8@K@8;9L�<?L�E6C=6?L62�H6L8E6L�?EE8@8;9?1�8976L@W69@L�<6=6�W?E6�89�96<�?LL6@L�E6L8I9?@6E�X;=�L?16L�89�;=E6=�@;�E6761;i�96<�L;K=C6L�;X�89C;W6L�X;=�@A6�C;Wi?9qoL�XK@K=62

B�{"�$�'("�H�3#&3$>/�3'�H(2�(��A�$$�'($/(/��"@���(&"3H"�$&3�3'&�>H(�(/H

� �?�;=� X?C@;=L� ?9E� 89X1K69C6L� @A?@� W?q� ?XX6C@� XK@K=6� ;i6=?@8;9L� ;=� X89?9C8?1� L@?@KL� ?=6� E878E6E� 89@;� @<;��C?@6I;=86L�@A6�89@6=9?1�X?C@;=L�?9E�@A6�6J@6=9?1�X?C@;=L(

k� =3(��3�>$�'("�H$�"�u/H&3�HH"@���(&"3� :A6�4;Wi?9q� ;i6=?@6L� 89� i=;i6=@q� E6761;iW69@� kKL896LL� L6C@;=� 89EKL@=8?1� 6L@?@6� i=;�6C@� 89� i?=@8CK1?=2��:A6=6X;=6�XK9E�=6pK8=6E�X;=�8976L@W69@�8L�=61?@8761q�A8IA2���;=6;76=�i=;i6=@q�E6761;iW69@�=6pK8=6L�169I@Aq�@8W6�@;�k6�Li69@�;9� 1?9E� 8Wi=;76W69@�?9E� 89L@?11?@8;9�;X� 89X=?L@=KC@K=62� �:A6�9?@K=6�;X� @A6�kKL896LL� 8@L61X� 6Ji;L6E� @A6��4;Wi?9q�@;�X89?9C6�?9E�18pK8E8@q�=8LDL�8X�L?16L�E;�9;@�W66@�i1?996E�@?=I6@�;=�8X�i=;�6C@L�6Ji6=869C6�E61?q2�4;9E;W898KW�?9E� ;XX8C6� =69@� kKL896LL6L� k6?=� @A6� L?W6� =8LDL� <8@A� @A6� 89EKL@=8?1� 6L@?@6� kKL896LL� ?9E� ?1L;� LKk�6C@� @;��C;Wi6@8@8;9�X=;W�i1?q6=L�89�@A6�L?W6�89EKL@=q2���;<676=�@A6�=8LDL�X=;W�89@6=9?1�X?C@;=L�C?9�k6�IK?=E6E�?I?89L@�?9E�C;9@=;116E�kq�6XX6C@876�=8LD�W?9?I6W69@2�

g� +,(��3�>$�'("�H� yJ@6=9?1�X?C@;=L�?9E�89X1K69C6L�<A8CA�W8IA@�?XX6C@�@A6�4;Wi?9qoL�;i6=?@8;9�?=6�@A6�6C;9;W8C�C;9E8@8;9L�89�:A?81?9E�?9E�@A6�=6I8;9�<;=1E�6C;9;Wq�89@6=6L@�=?@6�;81�i=8C6�9?@K=?1�E8L?L@6=�CA?9I6L�89�1?<L�?9E�=6IK1?@8;9L�8Wi;L6E�kq�I;76=9W69@�?I69C86L�?L�<611�?L�C;9LKW6=�k6A?78;=2��GKCA�X?C@;=L�?=6�k6q;9E�@A6�4;Wi?9qoL�C;9@=;1�?9E�6Ji6C@?@8;92���69C6�@A6�=8LD�W?9?I6W69@�W6?LK=6L�@;�C;9@?89�=8LDL�X=;W�89@6=9?1�X?C@;=L�WKL@�k6�6XX6C@876�?9E�X16J8k16�@;�?11;<�@A6�4;Wi?9q�@;�?1L;�?CC;WW;E?@6�6J@6=9?1�X?C@;=L�?9E�89X1K69C6L2

Page 216: TFD: Annual Report 2011

Thai Factory Development Public Company Limited214

Report of the Board of Directors’ Accountability to the Financial Statements

� :A6�H;?=E�;X�Q8=6C@;=L� 8L� =6Li;9L8k16� X;=� @A6�?CCK=?Cq�?9E�C;Wi16@8;9�;X�?�C;9L;18E?@6E�L@?@6W69@�;X� @A6��C;Wi?9q�?9E�8@L�LKkL8E8?=86L�?9E�X89?9C8?1�89X;=W?@8;9�iKk18LA6E�89�@A6��99K?1�B6i;=@2�:A6�X89?9C8?1�L@?@6W69@�A?L�k669�i=6i?=6E�;9�@A6�k?L8L�;X�@A6��696=?11q,�CC6i@6E��CC;K9@89I��=89C8i16L�f����g�;X�:A?81?9E�Ki;9�?9�?ii=;i=8?@6�?CC;K9@89I�i;18Cq�=6IK1?=1q�i=?C@8C6E�?9�6J6=C8L6�;X�E8LC=6@8;9�@A6�k6L@�6L@8W?@6�?9E�@A6�E8LC1;LK=6�;X�?E6pK?@6�W?@6=8?1�89X;=W?@8;9�89�9;@6L�@;�@A6�X89?9C8?1�L@?@6W69@L�X;=�@A6�k6L@�89@6=6L@�;X�LA?=6A;1E6=L�?9E�8976L@;=L2

� :A6� H;?=E� ;X� Q8=6C@;=L� A?L� 6L@?k18LA6E� ?9E� W?89@?896E� ?9� 6XX6C@876� 89@6=9?1� C;9@=;1� @;� 69LK=6� @A?@� @A6��C;Wi?9qoL� ?CC;K9@89I� =6C;=E� 8L� ?CCK=?@6� C;Wi16@6� ?9E� ?E6pK?@6� X;=� @A6� W?89@69?9C6� ;X� ;K=� ?LL6@L� ?9E� X;=��W;98@;=89I�<6?D96LL6L�@;�i=6769@�C;==Ki@6E�;=�K9KLK?1�i=?C@8C6L�@A?@�?=6�W?@6=8?12

� V9�@A8L�=6I?=E�@A6�H;?=E�;X�Q8=6C@;=L�A?L�L6@�Ki�@A6��KE8@�4;WW8@@66�C;9L8L@89I�;X�9;9,6J6CK@876�89E6i69E69@�E8=6C@;=L�@;�k6�=6Li;9L8k16�X;=�@A6�pK?18@q�;X�@A6�X89?9C8?1�L@?@6W69@�?9E�@A6�89@6=9?1�C;9@=;12�:A6��KE8@�4;WW8@@66oL�;i898;9L�=6I?=E89I�@A6�W?@@6=L�?=6�iKk18LA6E�89�@A6��KE8@�4;WW8@@66oL�=6i;=@�?1L;�89C1KE6E�89�@A6��99K?1�B6i;=@2

� :A6� H;?=E� ;X� Q8=6C@;=L� 8L� ;X� @A6� ;i898;9� @A?@� @A6� C;Wi?9qoL� 89@6=9?1� C;9@=;1� LqL@6W� 89� I696=?1� =6W?89L��L?@8LX?C@;=q�16?E89I�@;�8@L�=6?L;9?k16�C;9X8E69C6�@A?@�@A6�X89?9C8?1�L@?@6W69@L�;X�@A6�C;Wi?9q�?9E�LKkL8E8?=86L�?L�;X�Q6C6Wk6=�+�������?=6�=618?k16�89�C;Wi18?9C6�<8@A�@A6������?9E�=6167?9@�1?<L�=K16L�?9E�=6IK1?@8;9L2

Q=�GK9@A;=9�G?@A8=?@A?84A?8=W?9�;X�@A6�H;?=E

�=2��KWi;1�:8q?=?@�?9?I89I�Q8=6C@;=

Page 217: TFD: Annual Report 2011

Annual Report 2011 215

Shareholders and Management

Q2�%&��'("�H�3#B�3�C���3(�2"���2">#&3CO�#&3��Ab2���H"$(2�1"�@�3A�H�(%�'��u��j^Tg^kk

R/>>U���U/�u��"$O�#&3��Ab2���H�b2����

+��Q6C2��� +��Q6C2��� V9C=6?L6�fQ6C=6?L6g

�2��=L2�GKW?166��M9ICA?=8@�� - 6,200,440 -

%&��'("�H��3#��3�C���3(H����/3���(&"3�H�(%�'��u��jkTg^kk

� f�g�H?A@���������<?L�?ii=;76E�kq�@A6����������?L�=6WK96=?@8;9L�X;=�@A6�H;?=E�;X�Q8=6C@;=L�<A6=6�@A6�H;?=E�;X�Q8=6C@;=L�LA?11�?11;C?@6�LKCA�=6WK96=?@8;9L�@;�6?CA�E8=6C@;=2��:A6�E8=6C@;=Lo�=6WK96=?@8;9�=6C6876E�?L�@A6�W66@89I�?11;<?9C6�?9E�?99K?1�C;Wi69L?@8;9�?L�X;11;<L(�

R/>>U��� v"H&(&"3HB��(&3C7>>"��3'��!(����

733/�>1"�@�3H�(&"3�!(����

Q"(�>���/3���(&"3�!(����

�2� Q=2�GK9@A;=9� G?@A8=?@A?8 4A?8=W?9�?9E�V9E6i69E69@�Q8=6C@;= 77,000.- 1,260,000.- 1,337,000.-

�2� �=2��=?L;9I� �?=?,=?@?9?DK1 �KE8@�4;WW8@@66�4A?8=W?9�4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4A?8=W?9�?9EV9E6i69E69@�Q8=6C@;=�

101,000.- 490,000.- 591,000.-

+2� �=2�>?9� 58@�?1?DL?9? �KE8@� 4;WW8@@66� �6Wk6=� 4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66�?9E�V9E6i69E69@�Q8=6C@;=��

83,000.- 420,000.- 503,000.-

*2� �=2�G;WW?=@� G?9IDA?L?i �KE8@� 4;WW8@@66� �6Wk6=� 4;=i;=?@6��;76=9?9C6�>;W89?@8;9�?9E�B6WK96=?@8;9�4;WW8@@66�?9E�V9E6i69E69@�Q8=6C@;=��

83,000.- 420,000.- 503,000.-

-2� �=2��KWi;1� :8q?=?@ Q8=6C@;=�yJ6CK@876�Q8=6C@;=�?9E��?9?I89I�Q8=6C@;= 56,000.- 420,000.- 476,000.-

�2� �=2�:A?7?@CA?8� 38?=?7KE@A8 Q8=6C@;=�yJ6CK@876�Q8=6C@;=�?9E�Q6iK@q��?9?I89I�Q8=6C@;= 56,000.- 420,000.- 476,000.-

)2� �=2��9KDK1� �k;99KCA Q8=6C@;=�yJ6CK@876�Q8=6C@;=�?9E�Q6iK@q��?9?I89I�Q8=6C@;= 56,000.- 420,000.- 476,000.-

.2� �=L2�GKW?166� M9ICA?=8@� Q8=6C@;= 48,000.- 420,000.- 468,000.-

Q"(�> h�^T^^^�I ]Tgs^T^^^�I ]T\j^T^^^�I

������l *� �=2�:A?7?@CA?8��38?=?7KE@A8��=6L8I96E�89�@A6�i;L8@8;9�;X�Q8=6C@;=�;9�06k=K?=q��������������� � ¤� �=2� �i8CA?8� � :?6CA?Kk;1� E8=6C@;=� <A;� <?L� 616C@6E� @;� =6i1?C6� �=2� :A?7?@CA?8� 38?=?7KE@A8� ?9E��� � � ?ii;89@6E� 89� @A6� i;L8@8;9� ;X� � yJ6CK@876� 4A?8=W?9� � X=;W� @A6� H;?=E� ;X� Q8=6C@;=� �66@89I� >;2� ��������� � � ;9�3?9K?=q��������

Page 218: TFD: Annual Report 2011

Thai Factory Development Public Company Limited216

� f�g�:A6�W?9?I6W69@oL�=6WK96=?@8;9�L@?=@L�X=;W�@A6��LL8L@?9@��?9?I89I�Q8=6C@;=�16761�Ki�@;�@A6��?9?I89I�Q8=6C@;=�?L�X;11;<�

Q"(�>"$���/3���(&"3 B�3�C���3(H g^kk B�3�C���3(H g^k^

G?1?=q����99K?1�V9C69@876 8 26,765,541.- 8 27,041,811-

������l V9������@A6=6�<6=6�.�W?9?I6W69@L�C;9L8L@�;X�¤�g��=2��i8CA?8��:?6CA?Kk;1���g��=2�:A?7?@CA?8��38?=?7KE@A8�� � +g��=2��KWi;1��:8q?=?@�*g��=2��9KDK1���k;99KCA�-g��L2��81?8�G2�>I;<���g��L2�G8=8i;=9���89i=?q;9I�� � )g��L2�3?=8q?D;=9��G;E?@A?9q?iA?@�.g��L2�B?CA?966��G8<?<6�� �����¤� �=2��i8CA?8��:?6CA?Kk;1�?L�@A6�4A?8=W?9�;X��E78L;=��@;�H;?=E�;X��Q8=6C@;=��?ii=;76E�@A6�C;9@?C@6E�?I=66W69@�kq�@A6��� � H;?=E�;X��Q8=6C@;=L��66@89I�>;2��������;9��3?9K?=q��������2�yXX6C@876�E?@6��06k=K?=q���������@;�06k=K?=q��-��� � ����

Page 219: TFD: Annual Report 2011

Annual Report 2011 217

Major Shareholders as at December 30, 2011

U"�"$b2���H %�2���34��LL6@L�4;Wi?9q��8W8@6E 173,636,171 24.757�2����=L2�GK<?9966� �A?8=;�D8��?� 150,160,077 21.410+2����242�2�2�HKL896LL��=;Ki�4;Wi?9q��8W8@6E 100,978,636 14.398*2����=2��8LK@A� �8=8q?W6@@?DK1 70,000,000 9.981-2����=2�4A?8L8@A� �8=8q?W6@@?DK1 28,600,000 4.078�2����=2��i8CA?8� :?6CA?Kk;1 9,544,249 1.361)2����=2��8�8@� �8=8q?W6@@?DK1 8,000,000 1.141.2����=2�G;9Ii;1� 4A?@CA?<?9i?9 7,801,800 1.112/2���:A?8X?��;1E89I�4;2��@E2 7,580,000 1.081��2�M@A6=� 145,056,852 20.682

Q"(�> s^kTjhsTs\h k^^

Page 220: TFD: Annual Report 2011

Thai Factory Development Public Company Limited218

General Information

� :A6�:A?8�0?C@;=q�Q6761;iW69@��Kk18C�4;Wi?9q��8W8@6E�f�:0Q�g�� =6I8L@6=6E�9;2����)-+)���*)-�fH;=���;=��3;=2��/*g�<8@A�A6?E�;XX8C6��?@�� ��@A�012�>;2����34�56789�:;<6=�>?=?@A8<?@,B?@CA?9?D?=89�B;?E� F?99?<?�GKkE8L@=8C@�G?@A;=9�Q8L@=8C@�H?9ID;D������� :612��(��f���g��)�,*�+��f-��896Lg� 0?J2��(��f���g��)�,*�+.,/� £6kL8@6��(���<<<2@XE,X?C@;=q2C;W�

U�(/��"$!/H&3�HH� :A6�4;Wi?9qoL�W?89�?C@878@86L�?=6�C?@6I;=8�6E�?CC;=E89I�@;�8@L�L;K=C6L�;X�=6769K6�89@;�-�@qi6L�?L�X;11;<L(� �2� V9EKL@=8?1�yL@?@6� �2� G?16�?9E�=69@?1��?9E�=6?Eq,W?E6�X?C@;=q�<?=6A;KL6L�?9E�W?9?I6W69@� +2� B69@?1�X;=�;XX8C6�Li?C6�?9E�W?9?I6W69@� *2� G?16�X;=�4;9E;W898KWL� -2� 4;9L@=KC@8;9�Q6L8I9�?9E�4;9L@=KC@8;9�4;9@=;1

Q2�1"�@�3A�H1�@&(�>� :A6�4;Wi?9qoL�=6I8L@6=6E�C?i8@?1�8L�H?A@�.+��W8118;9�E878E6E�89@;�.+��W8118;9�;X�;=E89?=q�LA?=6L�<8@A�?�i?=�7?1K6�;X�H?A@��2�:A6�4;Wi?9qoL�LA?=6L�8LLK6E�A?L�=6I8L@6=6E�?@�)��+-)).-�LA?=6L�<8@A�?�i?=�7?1K6�;X�H?A@���?9E�i?8E�Ki�;X�H?A@�)��+-)).-2,2�:A6�;=E89?=q�LA?=6L�=6W?8989I�?@��+*�*���-�LA?=6L�E878E6E�?L�K9i?8E�?@�-+�LA?=6L�?9E�X;=�<?==?9@L�?@��+*�*�����LA?=6L�<A8CA�9;9�6J6=C8L6�?@����*��/�-�K98@L�<8@A�6J6=C8L6E�i=8C6�;X�H?A@���?9E�@A6�1?L@�6J6=C8L6E�E?@6�8L�;9��?=CA�+�����+2

Q2�b/uH&#&��A1"�@�3&�H� :;@?1�V9EKL@=8?1�G6=78C6L�4;2��@E2�<?L�6L@?k18LA6E�89��i=81����+�<8@A�=6I8L@6=6E�C?i8@?1�;X�H?A@�����W8118;9L�:0Q� A;1EL� ���¦� ;X� LA?=6L� ?9E� @A6� 4;Wi?9qoL� ?C@878@q� i=;78E6L� ?� L?16� ?9E� =69@?1� 1?9E� L89I16� =6?Eq,W?E6��X?C@;=q�?9E�<?=6A;KL6L2���6?E�;XX8C6�8L�L8@K?@6E�?@���@A�012�>;2����34�56789�:;<6=�>?=?@A8<?@,B?@CA?9?D?=89�B;?E�F?99?<?�GKkE8L@=8C@�G?@A;=9�Q8L@=8C@�H?9ID;D������2:612��(��f���g��)�,*�-�,���0?J2��(��f���g��)�,*�-�£6kL8@6��(��<<<2@8LC;W,X?C@;=q2C;W

� G���?9E�4;2��@E2�<?L�6L@?k18LA6E�89�3K96��/..�<8@A�=6I8L@6=6E�C?i8@?1�;X�H?A@����2*-�W8118;9L�:0Q�A;1EL�*/2/�¦�;X�LA?=6L�?9E�@A6�4;Wi?9qoL�?C@878@q�i=;78E6L�;XX8C6�kK81E89I�=69@?12��6?E�;XX8C6�8L�L8@K?@6E�?@�>;2�������G;8��?A?E��6D��K?9I�+�B?@CA?E?W=8�B;?E��KWi898�GKkE8L@=8C@��?@AKW<?9�Q8L@=8C@�H?9ID;D���-��2:612��(��f���g��-�,/*.-�f���g��-�,.-)),).����0?J2��(��f���g��-�,.-)-�f���g��-�,/*)�

Page 221: TFD: Annual Report 2011

Annual Report 2011 219

� Q2�b2���H��C&H(���� � :A?81?9E�G6CK=8@86L�Q6i;L8@;=q�4;2��@E2� � *@A�?9E�)@A�01;;=�>;2���� � :A6�G@;CD�yJCA?9I6�;X�:A?81?9E�HK81E89I� � B?@CA?E?i8L6D�B;?E� � 51;9I@;6q�H?9ID;D������� � :612� (��f���g���/,������ � 0?J2� (��f���g��-*,-�*/

Q2�7/#&("�� � �=L2�GK78W;9��5=8@@?q?D86=9��4���>;2��/.��;=� � �L2��81?8=?@��B;�9?D?=89�4���>;2�+��*�;=� � �L2�G;W�89@?9?���A;1A8=K9=?@�4���>;2�--//�;=� � �=2��8LK@A���A6@i?98CDDK1��4���>;2�)+�/� � QV��V9@6=9?@8;9?1��KE8@�4;2��@E2� � >;2�+���+��GKDAKW78@����B;?E�fG?89KW@A8ig�� � 51;9I@;6q�H?9ID;D�������� � :612� (��f���g��-/,-+��� � 0?J2� (��f���g��-/,./-��f���g��-/,./-/

Q2�b">&'&("��� � :A6�0?=�y?L@��?<�MXX8C6�f:A?81?9Eg�4;2��@E2� � �*@A�01;;=�>;2�����)*,)-�� � B2G2�:;<6=�Q89E?69I� � H?9ID;D���+���� � :612� (��f���g�)��,*/����� � 0?J2� (��f���g�)��,*/��

Q2�R&3�3'&�>7#0&H"�� � �=2�:AKW=;9I��4A869@?CA?DK1� � >;2�-�������G?@AK��=?E8@�B;?E� � 4A;9I�>;9L8�F?99?<?�H?9ID;D������

Q2�b2����&H(&3CH� � :A6�4;Wi?9qoL�LA?=6L�?=6�18L@6E�?9E�@=?E6E�;9�@A6�G@;CD�yJCA?9I6�;X�:A?81?9E2

Q2�!�3���H�3#O(2��R&3�3'&��H� � VL?1?W8C�H?9D�;X�:A?81?9E� � G8?W�48@q�H?9D��1C2� � :A6�G8?W�4;WW6=C8?1�H?9D��1C2� � H?9D�;X��qKEAq?��1C2� �� � �;76=9W69@�G?789IL�H?9D� � 4V�H�:A?8�H?9D��1C2� � 5?L8D;=9@A?8�H?9D��1C2� � :A?8��818@?=q�H?9D��1C2� � H?9ID;D�H?9D��1C2� �

Page 222: TFD: Annual Report 2011
Page 223: TFD: Annual Report 2011

����������� ������ ����������������������� �Thai Factory Development Public Company Limited

���������� ���������������������������������������� ������� ��������!�� ��"�#� $%������& �'�$ �(�����)��*�+�,-�& ����(�����)��*�+.,/

��th�012�34�56789�:;<6=����>?=?@A8<?@,B?@CA?9?D?=89�BE2F?99?<?�G?@A;=9�H?9ID;D������

:612���,�)�,*�+�,-�0?J2���,�)�,*�+.,/www.tfd-factory.com

SINCE 1977