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วันที่/เวลา 23 ก.ค. 2553 13:15:00
  หัวข้อข่าว Information Memorandum: OFM
  หลักทรัพย์ OFM
  แหล่งข่าว mai

 
                                                                                    
                                                (Translation)
                                       - Information Memorandum -
                                    OfficeMate Public Company Limited

Head Office:     24 Soi On-Nut 66/1, On Nut Road, Suanluang, Suanluang, Bangkok 10250
                 Tel (66) 2-739-5555 Fax (66) 2-721-1717 Website www.officemate.co.th

Factory Location: 70 Moo 2, Ruampattana, Lamtoiting, Nongjok, Bangkok 10530
                  Tel (66) 2-792-5777 Fax (66) 2-988-7313

Listing Date            As at 28 July 2010 (Trading commencement on 28 July 2010)

Listing Securities      No. of common shares 80,000,000 shares Par value per shares 1.00 baht
                        Total value 80 million baht (Initial public offering amount 20.00 million shares
                        Par value per shares 1.00 baht Total value 20 million baht)

Capital                 As of 28 July 2010
                        Registered Capital Common Shares        80 (million baht)
                        Paid-up Capital Common Shares           80 (million baht)

Secondary Market        MAI

Offering Price          4.90 baht

Offering Date           14 - 16 July 2010

Objectives and plan for utilizing the capital increase 1. Future projects 25 million baht
                                                       2. Loan repayment 50 - 55 million baht
                                                       3. Increased working capital 18-23 million baht

Green Shoe Option       - None -

Type of Business and Nature of Operation
The Company's main business is distributor of stationery supplies and office equipment by sales order
through catalog, Call-Center and electronic commercial system (e-Commerce). In additional, the Company
starts distributing personal-used products in 2009.

- Product Characteristics
  1. Stationery supplies and office equipment with over 10,000 available items can be categorized into 11
     groups; including computer suppliers; writing and correction; office stationary; glue, tape and packing,
     paper; pad and envelope; filing and storage; conference and presentation; office electronics; factory
     and maintenance canteen and cleaning; and office furniture.
  2. Personal-used products with over 10,000 available items can be categorized into 16 groups; including
     beauty and personal care; health; games; fashion; book; gift and stationary; movie and DVD; home
     and living; home appliance; gadget; mobile; kitchen; entertainment; camera; toy ; and pet shop.

- Revenue Structure
The main revenue of the Company is from sales of stationary supplies and office equipment, and some
revenue is advertising incomes from catalogue. The revenue structure is as follows;

                                    2007                 2008                  2009                 Q1/2010
          Revenue             million              million               million                million
                                          %                    %                     %                     %
                               baht                 baht                  baht                   baht
 Revenues from sales          811.13    95.8%      925.74    95.9%       871.16 95.3 %          253.36   89.7%
 Advertising incomes           26.09     3.1%       36.32     3.8%        36.71     4.0 %        27.77    9.8%
 Other incomes                  9.66     1.1%        3.37     0.3%         6.28     0.7 %         1.36    0.5%
 Total revenues               846.88     100%      965.43     100%       914.16     100%        282.48    100%


  Remark: Other incomes include printing incomes, service incomes, profit from selling asset, interest
  income, bad debt recovery and profit from selling investment. However, other incomes in 2007 also
  include cash discount from supplier.

- Target Customers
  The Company has over 70,000 customers, which mostly are corporate companies and government units
  and located in Bangkok, metropolitan and industrial zone. Corporate companies are such as PTT PCL,
  Kasikornbank PCL, HSBC (Thailand), FedEx (Thailand), Ajinomoto Group, CF Group, Mitpol Group, and
  AOT. Government units are such as Ministry of Science and Technology, Chulalongkorn University, Red
  Cross, Kasetsart University, and Department of Health. The company will expand and diversify customer
  bases through over 40 sales representatives and public relation plans.

- Distribution Channels
  There are two distribution channels as follows;
  1. Call Center
      The customers can shop through catalogue offering variety of products under renowned brands, and
  place their orders via call center system. The company's call center system comprises of well-trained
  telemarketing officers, over 120 lines for "OfficeMate Contact Center: 02-739-5555" and over 30 lines for
  "OfficeMate Fax Ordering 02-721-1717".
      Alternatively, the end-user customers can place their orders via "Trendyday Contact Center: 02-739-
  5555 # 4" and "Trendyday Fax Ordering 02-721-1717".

  2. Online
      The Company has developed online registering and ordering system for www.officemate.co.th that
  mainly focuses on stationary supplies and office equipment orders from B2B customers. On the other
  hand, the Company has added community and entertainment features in www.trendydy.com for B2C
  customers.
      In additional, the Company has developed E-Procurement, particularly applying for procurement
  department of corporate. This system reduces ordering procedures, times, and unnecessary expenses.

       The Company offers country-wide delivery, free of charge with minimum 499 baht order. Over 50
  trucks provide the next business day delivery services for customers in Bangkok and 11 nearby provinces,
  including Nakornpathom, Chonburi, Ayudhaya, Rayong, Patumthani, Chachoengsao, Samutsakorn,
  Prachinburi, and Saraburi. On the other hand, the customers in other provinces are delivered by Thailand
  Post or subcontract agents within 3-7 business days.

- Source of Supply
  To retain customer trust and confidence, the Company selected its products from 2 sources as follows;
  1. Manufacturer and distributor for renowned brands i.e. Sony, Panasonic, Kingston, Maxell, Hewlett-
      Packard, 3M. Samsung, Nanmee, Double A, Nestle.
  2. Original Equipment Manufacturer (OEM) for house brand products under the Company's trademark i.e.
      Boku Boku, I-Ya, Furradec. Its house brand products include pen, ruler, correction tapes, paper clips,
      plastic filing and office furniture.

- Market Competition
        Stationary supplies and office equipments industry has over 20,000 products and covers wide range of
  customer, including government, corporate and household segment. In 2007, this market valued at 15.6
  billion baht approximately and can be divided into 3 parts; (1) Office supplies market i.e. pen, paper
  accounts for 50% of total market (2) Office Machine i.e. facsimile, copy machines accounts for 40% of
  total market (3) Office Furniture accounts for 10% of total market. During 2008 - 2009, world economic
  crisis and domestic political issues lowered consumer confidence and affected over all industries.
          This equipments industry can be structured into 2 layers; (1) Manufacturer, exporter, importer, and
  distributor and (2) Trader i.e. modern trade and retailer.
          The nature of competition in this industry is a price competition, as products are quite similar and
  there are a large numbers of players. The key players can be categorized in 4 groups;
            (1) Modern Trade i.e. Tesco Lotus, BIG C, Carrefour that has stationary zone, focusing on
                competitive pricing, but offering low-range of products.
            (2) Category Killer

                  i. Trader with store and shelf space that focuses on cash and carry customer. The main
                       player is Office Depot (Thailand), which took over Office Center in May 2008.
                  ii. Distance Trader via call center or online system. The main players are Lyreco
                       (Thailand) and OfficeMate.
          (3) Retailer that mostly located in local community.
          (4) Single-products Trader i.e. Double A, Metro systems Corp.

Environmental Impacts                              - None -

Summary of Material Contracts                      - None -

Feasibility Study                                  - None -

Technical and Management Assistance                - None -

Future Projects
      In order to expand market coverage and sustain the growth of sales and profits, the Company highly
  focuses on the development of management system and human resources, the major cores of distance
  trade business.
      OfficeMate Selling Network Project is to develop contact center system, hardware and software,
  supporting sale representative to work at home. This project, with approximately 15 million baht
  investments during 2020 - 2011, aims to increase country-wide sale representative with lower marginal
  costs of selling and administrative expense.
      Trendyday Project is to improve www.trendyday.com to be an Online Shopping Mall with broaden
  range of products. The Company will launch various marketing plan to promote the website and also
  associate with financial companies to launch Redeem Center for online redeeming credit card points. This
  project requires approximately 5 million baht investment during 2010 - 2011.
      Trendyday Affiliate Program Project is one of online marketing tools to create affiliated networks
  through Webpage or Blog; these online networks suggest Trendyday products to consumers and get
  commission from their sales. This project requires approximately 5 million baht during 2010 - 2011 to
  develop online marketing system and tools, such as banner, text link, and product review.

Related Transactions
      In 2008, 2009 and Quarter 1     of 2010, the Company's related transactions were as follows;
1.
Related parties                       : Mr. Worawoot Ounjai
Relationship                          : Major shareholder and Managing Director
Description of related transactions   : Guaranteed 120 million baht loan for the Company without
                                        collateral fees until the end of terms
Necessity / Rationale                 : To support liquidity and business operation.
Opinion of Audit Committee            : Audit committee considered and viewed that this transaction was
                                        reasonable and benefit to the Company, and no collateral fees were
                                        charged for this transaction.
2.
Related parties                     : Mr. Worawoot Ounjai
Relationship                        : Major shareholder and Managing Director
Description of related transactions : Guaranteed 40 million baht loan for the Company without collateral
                                      fees until the end of terms
Necessity / Rationale               : To support liquidity and business operation
Opinion of Audit Committee          : Audit committee considered and viewed that this transaction was
                                      reasonable and benefit to the Company, as no collateral fees were
                                      charged for this transaction. Moreover, the Company hasn't used
                                      this loan.


Contingencies and Commitments
- Lease agreements
The Company entered into operating lease agreements for land, equipments and services for a period of 1
year which are renewable upon mutual agreement. As at March 31, 2010 and December 31, 2009, the
Company is committed to pay operating lease of Baht 12.56 million and Baht 1.18 million, respectively.
 - Letter of guarantee
As at March 31, 2010 and December 31, 2009, the Company has a commitment with bank for the letters of
guarantee issued by bank totaling Baht 3.87 million and Baht 3.90 million, respectively, which were
guaranteed by pledged deposits at financial institutions.

Risk Factors
- Risk from Economic Uncertainty
Since most of the Company's clients are firms and shops that have to effectively control their budget under
economic uncertainty. This may reduce or delay the sale order of stationeries and office appliances and
consequentially affect the Company's sale. In order to lessen such risk, the Company plans to expand its
products to fulfill client's demand under well-know brand and house brand. This will enhance the sale order
from the Company's clients. Additionally, the Company plans to diversify its clienteles and expand its clients
to general public via sales representatives and advertising promotion. In 2009, the Company adds life style
products such as beauty and health, computer games, books, household appliances and toys to satisfy the
demand of personal use clients.

- Risk from Competition within the Industry
         Business of selling stationeries and office appliances and life style products has a large number of
competitors due to low capital investment, which indicate low barrier to entry. Nature of business operators
are various ranging from retail shop, modern trade, direct sale and catalog sale resulting in difference
competitive behavior. The Company's target to maintain its position as a leader in Business of selling
stationeries and office appliances via catalog systems and expand business to satisfy all retail clients by
placing emphasize on quality products at competitive prices, usages of modern management system so as to
enhance and improve selling system via Call Center and website, free next day delivery as well as after sale
services. The objective is to differentiate the Company's services that will generate competitive advantages
and sustain market shares.

- Risks from the Influences of Major Shareholders in determining the Company's policy and management
         After this public offering, Mr. Worawoot Ounjai, who is the Company's major shareholders and
executive will hold 71.49 percent of the paid-up capital. This will allow the control of shareholder's meeting
resolution in various agenda except the agendas regarding legal matter or the Company's regulation that
require 3 / 4 of the shareholders' voting. Consequentially, other shareholders may not be able to collect
voting to monitor and balance the power of major shareholders except the matter that Mr. Worawoot Ounjai
may have conflict of interest as defined by the SET. However, major shareholders have the intention for the
Company to have comprehensible, independent, transparent and sustainable business operation in
compliance with good corporate governance principal that can be monitored by shareholders. This intention
is supported by the Company's management structure which consists of 3 committees including Board of
Directors, Audit Committee and Executive Committee. All committees consist of experienced and competent
personals with clear scope of duties and responsibility.

- Risks from dependent on executives
         During the start-up period, the Company depends on the executives with responsibility in setting
target, business strategies and management to direct the Company's growth and capability with systematic
working process such as call center system, warehouse management system, modern information
technology system that enable the Company's business operation. At present, risk from dependent on
executives is low. However, the Company still depends on key executives in directing business directions
and strategy, business planning and decision regarding future projects.

- Risk from offering shares to the Company's management and employees at discounted prices
         According to the resolution of the Extraordinary Shareholder's Meeting 3/2008 on May 21, 2008 and
the resolution of the General Shareholder's Meeting 1/2010 on March 12, 2010 regarding the approval to
issue and offer newly issued share in the amount of 4,000,000 shares to management and employees of the
Company, which accounted for 5.00 percents of total issued shares after this offering. The Company issued
and offered such newly issued shares during March 29-31, 2010 at 1.85 Baht per shares, which is lower that
the price offer to general pubic. In this regards, all shares that offered to management and employee will
be subject to silence period for 1 year and 6 months from the commencement date of trading on the Stock
Exchange of Thailand.      Upon completion of every 6-month period of trading, the shares can gradually be
sold at 25 percents of the number of shares that are subject to the prohibition of sale in compliance with the
transfer condition as stipulated by the Company.

Lawsuit                          - None -

No. of Employees                 As of 31 March 2010 No. of Employees 557

Company Background
         The Company was established on February 28, 1994 by Ounjai Family who has more than 40 years
of experience in selling stationeries and office appliances business. At present, the Company's registered
and paid-up capital is Baht 80 Million. During the start-up period, the Company operates its selling
stationeries and office appliances business via catalog system by taking order via Call Center system. Later
on, the Company expanded its product categories to furniture and related office appliances as well as
developed sale system that is more modern; convenience with easy access via E-Commerce and E-
Procurement systems to services the procurement of both government and private agencies that emphasize
efficiency and transparency. Clients can immediately place the order via the Company's website with next
day delivery in Bangkok and Vicinity area. In preparation for future business expansion, the Company
invested in new outsized warehouse equipped with inventory management and modern logistic equipment
that can serve upto 5,000 companies' order daily.
            In addition, the Company expanded to new E-Commerce business known as E-Commerce
(Electronic Community Commerce) with the objective to satisfy the demand of personal use clienteles via
www.trendyday.com by add life style products under category "Trendyday" that focus on life style and
modern products. The Company also adjusted marketing strategy to be more pro-active by making monthly
catalog as additional channel in publicize sale promotion and relationship management tools with clients.

Major Developments of the Company can be summarized as follows:
 1994         - Established the Company with initial capital of Baht 5 Million to sell stationeries and office
                appliances via catalog system with the first publication of 20,000 copies and taking order
                via Call Center system.
 1999         - Launched service via website www.officemate.co.th to enhance efficiency and increase
                distribution channel with more easy access.
 2001         - Adjusted warehouse system to horizontal system on 2,000 square meter and manage
                warehouse by warehouse management system that offer convenience in warehouse and
                logistic management.
 2002         - Installed Intelligent Call Center by using software system to assist the management and
                monitory of Call Center system to be more efficient.
 2003         - Developed E-Procurement systems, which is B2B system to specifically serve the need of
                corporate clienteles.
 2005         - Publish "at Office", a monthly magazine with the first publication of 40,000 copies.
 2008         - Commence the operation of the new warehouse that is modern and can serve over 10,000
                orders of stationeries and office appliances on storages are of over 7,200 square meter.
              - Published 200,000 copies of over 600 pages 4 colours catalog that presented details of
                over 8,000 products to serve the expanding clienteles.
              - Converted to Public Company on June 2, 2008 with registered capital of Baht 80 Million
                and Paid-up Capital of Baht 56 Million.
 2009         - Launched website www.trendyday.com to serve the demand of personal use clienteles by
                adding life style products under category ' Trendyday'
              - Adjusted marketing strategy to be more pro-active by making monthly catalog
                "Trendyday / OfficeMate Catalog" to replace "At Office" Magazine by directly present sale
                promotion to clients and uses as relationship management tool
              - Launch Redeem Center services as a channel for exchange gift online with emphasizes on
                commercial banks' credit card business as target clients during the initial phase.
 2010           - Sell over 10,000 stationeries and office appliances and over 10,000 life style products.


                                                  

Investment in Subsidiary/Associated/ Related Companies                   - None -

Change in Capital in the least 3 years
                                                                                                  (million baht) 
          Date           Capital increase     After the increase                        Note
                           (decrease)             (decrease)
 11 June 2007                 43.00                  56.00          Business expansion
 2 April 2010                 4.00                   60.00          Employee stock option plan

Accounting Period       1 January - 31 December

Auditor                 Mr. Vichai Ruchitanont, Certified Public Accountant, Registration Number 4054,
                        ANS Audit Company Limited

Registrar               Thailand Securities Depository Company Limited

Financial Advisor       Thanachart Securities Public Company Limited

Dividend Policy         The Company has a policy to pay out dividend off at least 40% of its net profit after
                        deducting other reserves as per the Company's Articles of Association and governing
                        law. This dividend payment is only made if there are no other financial needs by the
                        Company and the payment does not significantly affect the Company's normal
                        operating activities.

B.O.I. Certificates     - None -

No. of Shareholders As of 19 July 2010

                                                                  No. of      No. of shares     % of paid-up
                                                                shareholder
 1. Strategic shareholders
     1.1 Directors, manager, and executive management               12         59,356,000           74.20
          including related persons and associated persons
                                                                     -              -
     1.2 Directors, manager, and executive management
          including related persons
                                                                     -              -
     1.3 Controlling shareholders
 2. Non-Strategic shareholders hold > 1 trading unit               598         20,644,000           25.81
 3. Non-Strategic shareholders hold < 1 trading unit                -               -
          Total Shareholders                                       610         80,000,000          100.00



Major Shareholders As of 19 July 2010

                 Name                                Pre IPO                           Post IPO
                                          No. of shares    % of paid-up      No. of shares     % of paid-
                                                             capital                            up capital
 1. Ounjai Family                            57,191,000           95.32         57,191,000           71.49
    Mr. Worawoot Ounjai                      41,941,000           69.90         41,941,000           52.43
    Mrs. Malinee Ounjai                       4,000,000            6.67          4,000,000            5.00
    Mrs. Pranee Ounjai                        3,250,000            5.42          3,250,000            4.06
    Ms. Jutima Ounjai                         2,000,000            3.33          2,000,000            2.50
    Ms. Jutiporn Ounjai                       2,000,000            3.33          2,000,000            2.50
    Ms. Ploy Ounjai                           2,000,000            3.33          2,000,000            2.50
    Mr. Poom Ounjai                           2,000,000            3.33          2,000,000            2.50
 2. Mr. Supakrit Mekapanuwat                            -              -         1,290,300            1.61
 3. Ms. Tanaporn Prechathanachot                        -              -            800,000           1.00
 4. Mr. Anop Boonthaveepat                       481,000           0.80             481,000           0.60
 5. Ms. Wilawan Rerkriengkrai                    421,000           0.70             421,000           0.53
 6. Mr. Wichit Kitsawatpaisan                    421,000           0.70             421,000           0.53
 7. Ms. Napasorn Kochasan                        421,000           0.70             421,000           0.53
 8. Mrs. Pattama Wannavittayapa                  421,000           0.70             421,000           0.53
 9. Mr. Weerawat Chutichetapong                         -              -            387,100           0.48
 10. Mr. Sittichai Rungroatneunkit                      -              -            310,000           0.39
                   Total                     59,356,000           98.93         62,143,400           77.68

Foreign Shareholders            As of 2 April 2010
                                No. of foreign shareholders - None -
                                Total No. of share held - None - or - None - % of paid-up capital
                                (Note : The company has a limitation on the percentage of equity shares
                                held by foreign shareholders stated in the article of Association No. 5 that
                                "Thai nationality shareholders must held over 75 percent of issued shares of
                                the Company.)

Board of Directors

                Name                                    Position                  Start Date
 1. Mr. Sahus Treetipbut              Chairman of the Board / Audit committee     21 May 2008
 2. Ms. Angkarat Priebjrivat          Director/ Chairman of Audit committee       21 May 2008
 3. Ms. Chuleeporn Piemsomboon        Director/ Audit committee                   21 May 2008
 4. Mr. Worawoot Ounjai               Director/ Managing Director                 4 September 1995
 5. Mr. Wichit Kitsawatpaisan         Director                                    21 May 2008
 6. Ms. Wilawan Rerkriengkrai         Director                                    21 May 2008
 7. Mr. Anop Boonthaveepat            Director                                    21 May 2008

Audit Committee
The shareholders meeting No.3/2551 held on 21 May 2551 passed a resolution appointing the audit
committee.
Members of the audit committee
Chairman               Ms. Angkarat Priebjrivat *
Member                 Mr. Sahus Treetipbut     *
Member                 Ms. Chuleeporn Piemsomboon *
Secretary              Ms. Wandee Sribonrung
Remark * Committee who specializes in finance and accounting


Scope of duties and responsibilities
1. To review the accuracy and sufficiency of the financial reports of the Company.
2. To review the Company to ensure that the internal control and internal audit systems are suitable and
effective, and to review the independence of internal audit section, including approving the appointment,
transference, or termination of internal audit section supervisor (heads) or those of other workgroups
responsible for internal audit.
3. To review the Company to ensure that its operation is in accordance with the laws governing Securities
and Exchange, regulations of the SET and laws concerning the business of the Company.
4. To consider, propose, and appoint independent persons who shall be assigned as the Company's auditor,
to propose remuneration, and to participate in a meeting with the auditors at least once a year without
management team.
5. To review connected transactions and any other transaction that may cause potential conflicts of interest
in accordance with SET laws and SET regulations in order to ensure that those items are reasonable and of
utmost benefits to the Company.
6. To publicize the audit committee report signed by the chairman of the audit committee in the Company's
annual report; the report should include the following details.
         a. Opinions on accuracy, completeness and credibility of the Company's financial reports;
         b. Opinions on sufficiency of the Company's internal control system;
         c. Opinions on the Company's s compliance with the laws governing Securities and Exchange,
            regulations of the SET and laws concerning the business of the Company.
         d. Opinions on suitability of auditors of the Company;
         e. Opinions on transactions of possible conflicts of interest
         f. The number of audit committee's meetings, and attendance of each audit committee member;
         g. Opinions or observation by the audit committee during their auditing practice according to
            charter; and
         h. Other transactions that shareholders and public investors should be informed under the scope of
            work and responsibilities assigned by the Company's board of directors
7. To take care of any other action assigned by the board of directors with the consent of audit committee

Terms for holding office         1. Chairman 3 years
                                 2. Member 3 years

Listing Conditions               - None -

Silent Period
         Shareholders, who own common shares before the company's public offering, holding 44,000,000
shares or 55 % of paid-up capital after the initial public offering certify to The Stock Exchange of Thailand
that their shares will not be sold for the period of one year from the first trading date. Upon the expiry of 6
months period of the prescribed time, those shareholders will be allowed to sell of 25 % of the total amount
of shares prohibited for sale and the rest after one year.
         However, Executives and Employees, who were allotted 4,000,000 shares during 29 - 31 March
2010 at 1.85 baht per share, and Ounjai Family, who owns 55,992,000 shares, certify to the Company that
their shares will not be sold for the period of one year and six months from the first trading date. Upon the
expiry of every 6 months period of the prescribed time, those shareholders will be allowed to sell of 25 % of
the total amount of shares prohibited for sale.

Relaxation                       - None -

Others                           - None -


Statistical Summary
                                         OfficeMate Public Company Limited
                                                                         (in thousands) (baht/share*)
                 Year                     Total     Net     Earning Dividend     Book     Payout
                                          Sales    Profit    (Loss)              Value     Ratio
                                                  (Loss)                                    (%)
 Period of 3 months
                                     253,358      13,958     0.25        n.a.        2.01        n.a.
 Ended 31 March 2010 (Reviewed)
 Period of 12 months
                                     871,161      26,635     0.48       0.19         1.82      39.95
 Ended 31 December 2009 (Audited)
 Period of 12 months
                                     925,735      17,123     0.41       0.17         1.96      42.51
 Ended 31 December 2008 (Audited)
 Period of 12 months
                                     811,132      28,496     2.44       4.10         6.02     167.88
 Ended 31 December 2007 (Audited)
* Weighted average number of issued and paid-up common shares, which used for calculation in year 2007,
2008, 2009 and Quarter 1/2010 were 11,676,712 shares, 42,098,630 shares, 56,000,000 shares and
56,044,444 shares.
** Par @ 1.00 Baht

                                         OfficeMate Public Company Limited

                                                           2007          2008        2009      Q1/2010
                    Balance Sheet
                    (in thousands)                       (Audited)     (Audited)   (Audited) (Reviewed)
 Cash and cash equivalents                                  78,133        24,230       9,606      19,548
 Short-term investment in Open- ended Fixed
                                                                   -           -        23,048           27,784
 Income Fund
 Trade accounts receivable - net                              63,504      67,066       74,931           91,286
 Inventories - net                                            69,853      79,765       80,948           78,051
 Accrued incomes                                               5,163       6,477        4,545                -
 Prepaid expenses                                              1,946       1,845        1,881                -
 Other current assets                                          2,152         559        1,183            8,678
 Total Current Assets                                        220,751     179,943      196,141          225,346
 Pledged deposits at financial institutions                    1,543       2,785        4,087            4,104
 Property, plant and equipment - net                         160,419     162,964      151,146          147,985
 Intangible assets - net                                         563       5,372        4,848            4,727
 Other non- current assets                                       747         227          239              272
 Total Non- Current Assets                                   163,272     171,349      160,320          157,089
 Total Assets                                               384,023     351,291      356,461          382,435
 Bank overdraft                                               45,000      25,000            -              291
 Trade accounts payable                                      129,577     141,453      160,177          159,916
 Current portion of liability                                 20,390      21,153       16,905           17,119
 Unearned advertising income                                       -          78          156            4,428
 Accrued corporate income tax                                  6,595       4,129        7,811           13,301
 Accrued expenses                                             26,925       9,328       13,368            7,381
 Other current liabilities                                     4,142       7,103        8,561           24,209
 Total Current Liabilities                                   232,629     208,244      206,977          226,646
 Long-term loan from financial institution - net              79,635      60,435       44,534           40,235
 Liability under financial lease agreements - net              1,455          24        3,007            2,892
 Total Non-current Liabilities                                81,090      60,459       47,541           43,128
 Total Liabilities                                          313,718     268,703      254,518          269,773
 Registered capital                                           13,000      80,000       80,000           80,000
 Issued and paid-up capital                                   13,000      56,000       56,000           60,000
 Premium on share capital                                          -           -            -            3,400
 Retained earnings                                            57,305      26,588       45,943           49,261
 Total Shareholders' Equity                                  70,305      82,588      101,943          112,661
 Total Liabilities and Shareholders' Equity                 384,023     351,291      356,461          382,435

                                                    
               Income Statement                        2007      2008      2009      Q1/2010
                 (in thousands)                      (Audited) (Audited) (Audited) (Reviewed)
Revenues from sales                                    811,132   925,735   871,161    253,358
Advertising incomes                                      26,092    36,317    36,712     27,765
Other incomes                                              9,657     3,374     6,283     1,361
Total revenues                                         846,880   965,426   914,157    282,484
Costs of sales                                          638,411   703,524   668,892    196,038
Selling and administrative expenses                     165,496   230,327   202,117     65,374
Total expenses                                         803,907   933,851   871,008    261,412
Income before finance costs and income tax              42,974    31,574    43,149     21,072
Finance costs                                              1,869     6,667     4,909       894
Income tax                                               12,608      7,784   11,605      6,220
 Net income                                             28,496    17,123    26,635     13,958

          Statements of Cash Flows                     2007         2008          2009           Q1/2010
                 (in thousands)                      (Audited)    (Audited)     (Audited)      (Reviewed)
Cash flows from operating activities
Income before income tax                                 41,104      24,907          38,240           20,178
Income from operating activities before changes in
                                                         54,073      51,882          61,937           22,665
operating assets and liabilities
Net cash from operating activities                      45,167       19,758        65,380            23,506
Net cash used in investing activities                (119,184)     (28,241)      (27,039)           (6,417)
Net cash used in financing activities                  120,670     (45,420)      (52,965)           (7,147)
Net increase (decrease) in cash and cash
                                                        46,653     (53,903)         14,624            9,942
equivalents
Cash and cash equivalents at beginning of the
                                                         31,479      79,133          24,230            9,606
periods
Cash and cash equivalents at end of the
                                                        78,133      24,230           9,606           19,548
periods

Prepare by    Thanachart Securities Public Company Limited


 
   
 
 
 
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