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Samart Corporation PCL
July 2009
2
1950: Started as a radio repair shop in SaraburiProvince,North of Bangkok
1985: Started large scale system integration projects1992: Awarded first NMT cellular concession in the
Kingdom of Cambodia1993: SAMART was listed in Stock Exchange of Thailand1995-96: SAMTEL was listed in Stock Exchange of Thailand1996-97: Samart Enters Paging services & GSM 1800
services. (Divested later in 2000)Telekom Malaysia acquires 25% in Samart
2001: Samart wins 32 yr concession to build, own & operate Air Traffic Management Services in Cambodia
2003: Samart I-Mobile a handset and content distributor company was listed in Stock Exchange of Thailand
2005: Samart was awarded “Royal Garuda” by H.M. The King of Thailand for its services to Thai Society
2006: Samart enters utilities Sector. - Won 10 yr contract to supply 16 MWe to subsidiary of Siam Cement in Cambodia. - Won 10 yr waste management contract at
Suvarnabhumi Airport
40%
19%
41%
Background
TelekomMalaysia
Free Float
Total Shares Outstanding: 976 mill
Vilailuck Group
Shareholding Structure
3
59%70%
100%
100% 100%
TECH RELATEDBUSINESS
60%70%
Mobile multimediaICT Solutions & Services
Security solutions TV/Satellite antenna manuf Call Center Waste Mgt@ new airport
Air Traffic Mgt Power plant 23 MW
SAMART Inter Holding
100%
100%
Business Structure
4,300 mill shares (par Bt. 0.10/share)Mkt cap = $ 210 mill
600 mill sharesMkt cap = $ 145 mill
Listed in 1993976 mill shares
Market cap = USD 180 mill
“ As a holding company, we aim to invest in profitable technology related ventures, thus creating a investment portfolio generating above average returns for shareholders ”
4
2005 2006 2007 2008 1H-09
Total Profit 584 1,990 574 261 165
Contribution by :
SIM 48% 14% 33% 25% 19%SAMTEL 27% 12% 13% 29% 44%Other Biz 25% 0% 54% 46% 37%Extra Gain* 0% 74% 0% 0% 0%
4
Revenue & NP Breakdown by Businesses
2005 2006 2007 2008 1H-09
Total Revenue 18,858 31,002 19,649 16,286 8,210
Contribution by :
SIM 69% 79% 78% 70% 52%SAMTEL 11% 9% 11% 18% 36%Other Biz 30% 12% 11% 12% 12%
* Disposal of assets
(in Baht million)
Increasing contributionfrom Samtel
Increasing contributionfrom Samtel
5
Samart Inter Holding
- Monopoly Concession to manage Nationwide Air Tarffictill year 2033 (concession is extendable with further investments)
- Tariff collection from airlines (inbound & over flights)- THAI, Vietnam Airlines, British Airways, Qantas
Bangkok Airways, Qatar Airlines, Singapore Airlinesand Malaysian Airlines are top tier clients
- High growth potential from air traffic movement (in and out of Cambodia)
- CATS increased its tariff by 15% since July 2008
-- On a DCF basis, the NPV of CATS is USD 274 million
- Samart is exploring ways to unlock its value in CATS
(In kingdom of Cambodia)
50000
55000
41400
33000
37000
23
20
18
16.5
15
0
10000
20000
30000
40000
50000
60000
2004(A) 2005 (A) 2006 (A) 2007 (A) 20080
5
10
15
20
25
Flights Revenue ($ mill)
Strategy:
Explore similar investment opportunities in Indo-China region
6
Samart Inter Holding (In kingdom of Cambodia)
- 16 MWe contracted capacity beginning 2008 till 2017 - Off taker is Kampot Cement (wholly owned by Siam Cement, Thailand)
- USD 6 mill/year in revenue guaranteed per year- Fuel is supplied by off taker
- In operation since Jan 08- Potential capacity
expansion by off-taker
Strategy:
Explore opportunities inutilities sector in Kingdomof Cambodia
7
Tech Related Business
-Govt. Call Center 1111-FDA Call Center-BUG 1113-Bank, Insurance Cos
• Build a backlog of contracts from Govt & privatesector clients
• Increase portion of outsourcing revenues to70% from 50% at present
• Invest in training call agents to ensure highestquality
Turnkey Outsourcing Strategy
• 1,600 call center representatives• Winner of 2 awards in 2007
8
8
Samart i-mobile Public Company Limited
Samart CorpTelekomMalaysia
Free Float
Total Shares: 4,300 mill
1993: Started as a handset & pager importer to complement Samart’s GSM cellular & paging operations
1997: Received license to operate “Audiotext services”2002: Launched Multimedia Content services under brand name
“BUG”2003: Listed in Stock Exchange of Thailand and raised
Baht 1,210 mill (USD 30 mill)2004: Launched first house brand handset “ I-mobile” VDO
phone. Sold 100,000 units in six months2005: Expanded handset business to Malaysia, Cambodia.
Attained 3rd position (15% market share) in Thailand2006: Telekom Malaysia acquired 24.4% stake in SIM from
Samart and opened up opportunities in newer markets such as Indonesia, Bangladesh & India“ I-mobile” became second brand in Thailand with market share of 22%. A total of 2 mill hand sets were sold in domestic markets & 2.4 mill were sold in international markets
2007: JV with Celcom and started retail operations in Malaysia. A total of 4 mill handsets were sold. Market share in Thailand =28%
2008: Prime mister’s award for “Thai owned” brand
Shareholding Structure
9 9
Key Strengths
- # 2 Brand in Thailand backed by Strong Product Innovation
- Dec 2004 First VDO phone in Thailand
- Sept 2005 First MP3 phone in Thailand
- Mar 2006 First TV phone in Thailand
- Jun 2006 First 8 mill pixel camera phone
- Jan 2007 First inbuilt FM antenna speaker phone
- Jan 2007 First phone with walkie-talkie function
- 2008 Dual SIM with standby function
Motion sensor function
- Regional Foot print
2005 Foray into Malaysia Market (exclusive with Nokia for 3G handsets)
Appointed dealers in Bangladesh, Lao, Cambodia
2006 Started operations in Bangladesh, Indonesia, Vietnam & India
- Market Leader in voice content market
80% of voice content market
1010
“Theme: Devices, applications, services based on Mobility concept delivering enriched lifestyle experience to the end users”
Leveraging Strengths
� Total 24 i-mobile handset models to be launchedin 2009
i-Trip• Hit Hotel
• Weather
i-Music• Ringtone
• Full Song
i-Clip• Wallpaper
• VDO Clip
i-Movie• Movie Detail
• Show Time
i-Horo• Gypsy
• Birthday
• Etc.
i-Game• Adventure,etc
• Multiplayer
i-Food• Hit Restaurant
• Search
i-Sport• Football, etc.
• Match/Result
i-News• Local
• International
i-Promotion• Discount
• Rewards
• Privileges
i-Lotto• Result
• Analysis
i-Application• Stock watch
• Biz info
� Upgraded versions of applications thru “ i-link”
Device Applications
1111
• Provide Voice & Non Voice information
/ content through multi service channels
/ devices
• Provide easy to access to content
through “i-link” service
• Distribute i-mobile and other
branded mobile handsets through
• Traditional Trade: Key dealer,
SMD, Franchise
• Modern Trade: i-mobile shop
and hyper market
Samart iSamart i--mobile PLCmobile PLC
Mobile BusinessMobile Business International BusinessInternational Business
• Export Successful SIM Business Model
• Malaysia
• Indonesia
• Vietnam, Laos, Cambodia
• Bangladesh
• India
• M-East
Multimedia BusinessMultimedia Business
wap.bug2mobile.com
International
Business Structure
1212
Own Designed Products
High end (9 Series)
Mid end (6 Series)
Low Mid end (5 Series)
Low end (3 Series)
Super low end (1&2)
Off the shelf,Quick shipment2004
� 75% of total handsets are designed in-house
PDA (Sense)
2005/6Co-design handset3 moths shipmentUnique features
2007/8Own design handset4-5 moths shipmentCustomized features
Product positioning
Handset Road Map
Q2Y09
HitzSeries
IM 202
Music Series
IM 319IM 320Slim 2.2” QVGA,BT, MP3, VGA Camera
IM 322Dual SIM,2.2”TFT QVGABT, VGA Camera
IM 523
SENSE 80
Trend Setter Series
IM 626
Q1Y09
IM 533Dual SIM, Analog TV
2.4” QVGA, Instant FM, BT
IM 522Dual SIM, 2.2” QVGA,Instant FM, BT
IM 535Dual SIM, Angalog TV2.2”TFT QVGABT, VGA Camera
IM360 Analog TV, VGA2.4” QVGAInstant FM, BT
IM536 Analog TV, DualSIM,VGA, 2.4” QVGAInstant FM, BT
IM 1031.4” CSTNTorch
IM 222DualSIM, CIF Camera1.8” TFT, MP3, SMS
IM 627
IM 530
Y08
IM620 Analog TV, DualSIM,3MP, 2.4” QVGA, EDGEInstant FM, BT, Java
IM628 SlideAnalog TV, DualSIM-Dual Talk3MP, 2.4” QVGA, EDGE, BT, Java, Instant FM,MSN, Push email (TBC)
IM638CG GSM+CDMA Dual Talk3MP, 2.4” QVGAInstant FM, BT
SENSE 50Analog TV, DualSIM,Touch, 8 MP, 3.0” WQVGA, EDGE, Instant FM, BT, Java,MSN, Push email (TBC)
IM650 TouchAnalog TV, DualSIM,Touch , 3MP, 3.0”WQVGA, EDGEInstant FM, BT, Java
IM550 TouchAnalog TV, DualSIM,Touch , VGA Camera, 2.8” QVGA, EDGEInstant FM, BT, Java
SENSE 60HSDPA, Andriod, Analog TV, GPS,Touch, 3 MP, 3.5” HVGA, Instant FM, BT, Java, GoogleMSN, Push email (TBC)
IM105CSTN, 1.44”, 128x128, no FM
IM 104CCDMA 800MHz,1.5” 128x128, FM
IM 232CGGSM+CDMA, CIF Camera2.0” TFT, MP3, FM
IM106CULC CDMACSTN, 1.44”128x128, FM
Sense
Camera Series
Multimedia Series
IM630 QWERTY, Dual SIM1.3MP, 2.5” Landscape, QVGATV, Java, EDGE, BTMSN, Skype,Push email(TBC)
IM 2xxDual SIM, CIF Camera1.7” TFT, 128x160MP3, FM
IM 2xxDual SIM, CIF Camera1.7” TFT, 176x220MP3, FM
T760Dual SIM8MP, Analog TV2.4” QVGA, EDGE
1414
Handset Market Perspective
Thai handset market forecast 2007:2009
Source: CNS
Market share by brands: 2008
Source: CNS
• The market to de driven by mid-low, low priced handsets ( Baht 4,000 and below)
• Mobile Penetration in Bangkok to reach 120% by end 2008
15
2,040,000
2,855,492 2,780,011
1,307,843
1,258,130
199,458
1,167,7612,400,000
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2006 2007 2008 1H2009
15
4,440,000
4,023,2534,038,191
1,507,301
13.96%
6.75%
11.97%
12.06%
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2006 2007 2008 1H-2009
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
Total Handsets Sales & Gross Margins
Handset Sales & Margins
Handset sales: Domestic vs Inter
International
Domestic
- Improving handset margins is due to higher margin phones (mostly the low-end)
- Margin trend is likely to be sustained in the neighborhood of 10%-12% in 2009
1616
Growth Outlook: Handsets
- Presently dominates 28% market share in Thailand, 15% in Malaysia & 5% in Indonesia
- Increasing growth opportunities S-E Asia in low penetration countries such asBangladesh, India, Indonesia & Vietnam
- About 50% of existing handset sales are in overseas markets. Trend in Q1-2009is slower due to economic difficulties in the world
- Set up key hub in Dubai for exports to African continent, one of the leastpenetrated region in the world
1717
�A total of 613 (from 507 in 2008)outlets in domestic market (including shops, franchisees, Kiosk, modern trade)
Distribution Channels: 2009
�A total of 170 (from 104 in 2008) outlets ininternational market(including shops, franchisees, Kiosk, modern trade, etc.)
1818
Content Business: Unique positioning
BUG1900
BUG1113
BUG2Mobile
ShowDed
i-Sport
App Solution
Voice Voice NonNon --Voice Voice New BusinessNew Business
EDT
International
Horoscope Portal
Exporting application platformto the region
Community Blog
Subscription based applications
Premium Phone Service1900-1900-XXTariff: 6-9 bt/min
24/7 live directory servicesTariff: 7 bt/min
1919
Content Business Model
☺ High margin business! (GM >33%)
☺ We are a neutral content provider (access by 50 mill mobile & 10 mill fixed line users)
☺ Act as an content aggregator (work with over 100+ content/media providers)
☺ Content is accessible by all fixed line and mobile subscribers
- Revenue sharing with operators - up to 50% for voice revenue- up to 20% for non-voice contents
☺ 50% content is in-house, 50% outsourced
☺ Biggest in sport content provider in Thailand
“We bundle content in every single handset sold thru us, thus enabling higher content usage”
2020
Operators keep 40% of revenue (as they do billing, etc.) for voice content
Accessing Voice Content via Fixed line
Content Business: Business Model
Accessing Voice & Non-Voice Content via Fixed line
move
Operators keep 50% of revenue for voice content & 20% of revenue for non-voice content
In house Outsourced 50% of content is produced in-house and remaining 50% is outsourced or aggregated
2121
Content Business: “Voice Business”
Directory
Main Revenue Stream
Alert &Subscription
Recurring Revenue
HoroscopeSportInformation
Main Revenue Stream
Download15%
Sport36%
Consultancy1%Chat
7%
Horoscope10%
Information11%
Voting & TVC Service
3%
Entertainment
4%
Game13%
O t h e r3 %
D T A C2 8 %
O r a n g e1 4 %
A I S + D P C5 5 %
TRUE23%
TOT
52%
TTT
20%
Other
5%
fixed line operators Mobile operators
Bug 1900 categories
2222
Develop more strategic partners (ieTrue Move ) and find new revenue streamDevelop more strategic partners (ieTrue Move ) and find new revenue stream
Turn existing customers to be more subscription baseTurn existing customers to be more subscription base
Launch sport SIM with all operators with privilegesLaunch sport SIM with all operators with privileges
1)Prepare for 3G
Interactive ChatInteractive Chat
VDO ConferenceVDO Conference
Interactive GameInteractive Game
Rich content/StreamingRich content/Streaming
Change status of competitors to partnersChange status of competitors to partners
HoroHoro ChatChat AgentAgent
2) Secure current userbase
Content Strategy 2009
2323
Revenue/NP/Dividend history
8,562
8,857 6,7532,882
5,300
408 204 452 0
14,8603,183
898
507 662 730 377
0%
20%
40%
60%
80%
100%
2006 2007 2008 1H-09
Cont ent
Mobile Solut ions
Int ernat ional H/ S
Domest ic H/ S
24,600
15,434
11,406
4,341
0
5,000
10,000
15,000
20,000
25,000
30,000
2006 2007 2008 1H-09
488
321
11456
0100
200300
400500
600
2006 2007 2008 1H-09
0.047
0.062 0.062
0.045
54%55%
83%
169%
0
0.01
0.02
0.03
0.04
0.05
0.06
0.07
2005 2006 2007 20080%
20%
40%
60%
80%
100%
120%
140%
160%
180%
Incl Baht 115 mill gainfrom disposal of BLISS/TTM
RevenuesRevenue breakdown by segment
Net Profit Dividend & Payout Ratio
(all figures in baht million, except for dividend))
24
Balance-Sheet Review
1,018 820 712 674
6,0695,452 5,539
8
5 8
4,633
3,787 3,9333,690
5,335
29
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2006 2007 2008 1H-09
Current Liabilities
Non-Current Liabilities
Current Asset
Non-current Asset
728742
848
893
0
100
200
300
400
500
600
700
800
900
1,000
2006 2007 2008 1H-09
Consolidated Company Only
2,139929 797 794
5,224
4,491 4,620
14
11 15 12
4,958
3,590 3,542 3,458
4,503
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
2006 2007 2008 1H-09
Current Liabilities
Non-Current Liabilities
Current Asset
Non-current Asset
(all figures in baht million)
Retained Earnings
25
Samart Telcoms: Existing Businesses
Know how in VSAT network & applications:
- Rural Telephony network in 4,000 villages- School net network in 10,600 schools (ongoing)- Soft switch installation for TOT- Satellite/High speed network for Govt. agencies- Broadcasting on Ku & C band (ongoing)
POS/EFT market:
- Credit card readers, Payment gateway- Fleet solutions- Services to Banks, retailers
Leading SI in ICT field:
- New Bangkok International Airport- Government ministries and agencies
( MOI/MOJ/MOD)
No 1. in Satelliteapplication market
No 1. in by marketShare (terminals sold)
Top 3 SI in Thailand(Govt projects)
26
SAMTEL Business Structure
Providing network services& applications• Conventional/ IP Satellite• Lease Line/DSL • Networking• Next Generation Network • Broadcasting/ Business TV
• Video Conference,etc.
Network Services
Providing turnkey IT &security solutions for private / government sector• Government (Ministry of Industry, Ministry of Justice, Ministry of Defense)
• State Enterprise• Airport (NBIA)
System Integration
Providing full operational services in specific industries (build and operate business)• Business Solutions- Provincial Electricity Authority ERP projects
• ICT Maintenance services- NBIA- Other projects
IT Outsourcing
Providing specific businessprocess application &services for business effectiveness• Payment Solutions• e Learning• e Logistics
E-Business
70% of total revenue 20% of total revenue 6% of total revenue
- Long-term projectsmin 5yrs tenure(monthly revenue)
- Gross margins ofover 25%
- Funded by projectfinance
- Turnkey projects- Budgetary allocationevery year
- Gross margins ofover 18-20%
- Funded workingcapital
4% of total revenue
- Largest “e” learningsystem in Thailand5 universities
- Automatic meter readingsystem for PEA
- Installation & maintenance
27
Revenue Breakdown: Govt. Clients Dominate
2007 2008
Corporate
15%
Government
85%
Network Services
70%
System Integration
19%
E-Business
7%
IP Business
1%
IT Outsourcing
3%
System Integration
25%
IP Business
12%
Network Services
42%
E-Business
5%
IT Outsourcing
16%
Corporate
13%
Government
87%
28
Network Services
Project concept
Check budget availability
Presentation to entry level staff
Project economics/feasibility
Approval from agency
Rollout
Key Characteristics:
-The entire process takes approximately 12 months- Flexibility to carry out “closed bid”- Recurring revenue (service income) stream- Lower risk as contracts are guaranteed by Government bodies- Upside potential by expanding service scope and or project tenure
Ongoing & Completed projects:
- Rural Telephony network in 4,000 villages (Baht 8,640 million)- School net network in 10,600 schools (Baht 2,580 million)- Soft switch installation for TOT (Baht 1,000 million)- Automatic Meter Reading for PEA (Baht 889 million)
Potential projects:
- Check inn system outsourcing at Suvarabhumi airport (Baht 5,000million) 10 year contract
- Village internet (Baht 2,500 million)- Softswitch (Baht 1,000 million per year)- Fiber optic/cable maintenance- 1,000,000 broadband ports (Project value Bt 4 bn, w on on 26 th
March)
29
System Integration
Project concept
Inputs for TOR
“E” Auction
Contract Signing
Implementation
Final acceptance
Key Characteristics:
-The entire process takes approximately 12 months involvingTOR till “e” auction
- Typical project value the we bid is from Bt. 70 mill to Bt. 1,000 mill- Build & Transfer projects- Ability to get maintenance contracts- Yearly budget allocation from State agencies(the budget size is appox Baht 70 billion per year on IT/Networking)
Potential projects:
- Mostly from following ministries:
- Ministry of Interior- Ministry of Defense- Ministry of Justice- Ministry of Labor- Supreme Commander HQ
- Thai Mobile network installation (Baht 15,000 mill)
- IP Core project (Baht 900 million) Signed in Feb 2009
30
System Integration
Key Project Highlights (Completed & Ongoing)
Ministry of InteriorInformation Super High WayLinking all provincial offices in Thailand (Baht 1,000 mill)
ITV MobileTV Broadcasting Station
Department of Industrial WorksComputer network
systems for supporting services
Suvarnabhumi AirportDesign & Installation of Airport Information Management System (AIMS) in Consortiumwith Siemens, ABB, & Satyam (Project Value Baht 2,399 mill)
Suvarnabhumi AirportCommon User Terminal Equipment System (CUTE)(Project Value THB 1,000 mill)
Ministry of DefenseCommunication network System(Baht 799 mill)To be completed by2009
31
IT Outsourcing
Project design
Budget allocation
“E” Auction
Contract Signing
Implementation
Key Characteristics:
- Built, Own & Operate, or could be one time deployment- Project value range from Baht 350 million to Baht 4,000 million- Yearly budget allocation from State agencies(the budget size is appox Baht 70 billion per year on IT/Networking)
Ongoing and Completed Projects:
- Automatic meter reading (Baht 889 million)- ERP outsourcing for PEA (Baht 3,500 million, negotiations)- ERP outsourcing for MOL (Baht 3,000 million, negotiations)
Potential Projects:
- Automatic meter reading phase II (Baht 600 million)- Prepaid electricity meter (Baht 1,000 million)- ERP implementation CAT (Baht 350 million)
32
Revenue/NP/Dividend history
1,182 991
1,710
2,349
1,1861,554
603
1,156
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 1H-09
Service Revenue
Product Revenue
2,880
2,177
2,900 2,963
0
500
1,000
1,500
2,000
2,500
3,000
3,500
2006 2007 2008 1H-09
112
331
105111
0
50
100
150
200
250
300
350
2006 2007 2008 1H-09
Revenues Revenue breakdown by segment
Net Profit Dividend & Payout Ratio
(all figures in baht million, except for dividend))
0.1
0.1
0.320.3
55%55%58%
62%
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
2005 2006 2007 2008
50%
52%
54%
56%
58%
60%
62%
64%
33
Balance-Sheet Review
1,410 1,336 1,222 1,071
1,973 1,869 2,334
310131
45
1,7101,829
2,140
3,653
4,03658
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2006 2007 2008 1H-09
Current Liabilities
Non-Current Liabilities
Current Asset
Non-current Asset
305
350
252
226
0
50
100
150
200
250
300
350
400
2006 2007 2008 1H-09
Consolidated
Retained Earnings
Company Only
Total assets & liabilities grew in tandem withbusiness growth
2,072 2,058 2,116 2,100
594970 1,0661
11
1
657
1,0411,182
2,037
1,958
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
2006 2007 2008 1H-09
Current Liabilities
Non-Current Liabilities
Current Asset
Non-current Asset
(all figures in baht million)
34
Samart Corporation PCL
Consolidated Financial Performance
35
24,33715,434
11,119
4,162
2,1172,713
2,957
2,835
20679641,9012,098
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2006 2007 2008 1H-09
Related Business
ICT Solutions (Samtel)
Mobile Multimedia (SIM)
Consolidated Financials
31,001
8,210
16,286
19,649
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
2006 2007 2008 1H-09
RevenuesRevenue breakdown by segment
Dividend Payout
(all figures in baht million, except for dividend))
574
1,990
165261
0
500
1,000
1,500
2,000
2,500
2006 2007 2008 1H-09
Net Profit
0.2
0.36
0.420.3
74%
61%
20%
49%
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
0.4
0.45
2005 2006 2007 2008
0%
10%
20%
30%
40%
50%
60%
70%
80%
36
Balance-Sheet Review
4,774 4,821 4,464 4,245
9,489 8,295 8,810
1,9961,742
1,127
7,197
6,308 7,132
8,658
10,267
1,465
0
5,000
10,000
15,000
20,000
25,000
30,000
2006 2007 2008 1H-09
Current Liabilities
Non-Current Liabilities
Current Asset
Non-current Asset
1,941 1,948
1,913
2,097
1,800
1,850
1,900
1,950
2,000
2,050
2,100
2,150
2006 2007 2008 1H-09
Consolidated Company Only
3,858 3,952 4,024 4,042
1,528 1,217 839
1,623
1,158
801 552
361
532
717 981
822
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2006 2007 2008 1H-09
Current Liabilities
Non-Current Liabilities
Current Asset
Non-current Asset
(all figures in baht million)
Retained Earnings
