Summary of the Company Investment Plan 2008-2010

2008 ST&LT term investment 2009 ST&LT term investment 2010 ST&LT term investment

Deposit at financial institution Electric generation Coal-fired power plant in Luzon, Deposits at in neighboring Philippines. financial Mekong countries invested in Natural Energy institution such as Lao, Development to developer of In SPP &VSPP Cambodia and renewable projects projects as well as Myanmar Purchased of the ordinary shares of overseas and in In domestic projects Power Generation Services other ASEAN in Thailand relating Expanding investment opportunities in countries. to renewable fuel the ASEAN markets Natural-gas and and energy Renewable energy projects using wind, coal-fired power Projects using wind, solar cell and biomass. plants in waste and biomass In natural energy development Indonesia, as alternative fuel Philippines and sources. Vietnam.

Propose the Company Future Investment Plan 2011-2012

2011 2012

ST&LT investment
Invest in the coal-fired power plant projects in Indonesia and the Philippines Solar power plant ASEAN power plant project with the main focusing in Laos Extension for Rayong power plant Renewable energy project

ST&LT investment
Invest in purchasing stake in SPP4 from MEMC Singapore Pte Ltd. Solar power project chanhonesty@YAHOO.COM

FINANCIAL STATEMENT PROJECTION 2011-12

ASSUMPTIONS of P/L STATEMENT
Assumptions given by Lecturer:
Common-Size Analysis assumption 10% constant revenue growth for year 2011 & 2012. Interest Payment for short-term loan equals 2% and for long-term loan is 6% each year.

Our Assumptions: Selling & Admin Selling & services increase by 10%. Share of losses (profits) of investments increase by 10%. account receivable increase by 10 % * Output increase by 10 %

Profit & Loss Statement Projection 2011-2012

Profit & Loss Statement Items 2010 Million Baht 2011 Million Baht 2012 Million Baht

Revenue (10% increase)

COSS (10% increase) Gross Profit (Revenue-COSS) Administrative expense and director, managements remuneration EBIT Interest Payment Earning Before Tax Tax Payment

8,609
5,727 2,882 1,470 1,413 569 844 253

9,470
6,300 3,170 1,617 1,554 603 928 278

10,417
6,930 3,487 1,779 1,710 688 1021 306

Net Profit

591

650

715

Balance Sheet Projection 2011-2012

Current Assets Cash and cash equivalents Deposits at financial institutions Market securities Shot term investments Account Receivables Amounts due related parties Fuel and spare parts and supplies, net Other current assets 2010 Million Baht 7,748 108 506 965 6,545 60 2,127 516 2011 Million Baht 8,559 119
Current assets 556.6

2012 Million Baht 9,415 131 612.26 1,167 7,919 72 2,573 624

1,061 7,199.5 66 2,340 568

Total current assets

18,577

20,435

22,478

Balance Sheet Projection 2011-2012

Fixed Assets
2010 Million Baht 2011 Million Baht 2012 Million Baht

Long-term investments in marketable Deposits at financial institutions

2,076 0.2823

2,284 0.31053 Current assets 271 33,787 14,748 193 502

2,512

0.341583

Amounts due from a related party

Interests in joint ventures Property, plant and equipment, net Purchase agreements, net Other non-current assets

247
30,715 13,407 175 457

298
37,165 16,223 212 553

Total Fixed- current assets

Total assets

47,078
65,655

51,785
72,220

56,964
79,442

Balance Sheet Projection 2011-2012

Current Liabilities Trade payables Trade payable to a rerated parties A mounts due to related parties Current portion of long term loans from Financial institutions Debentures due with in one year Other current liabilities Account Payable Other Total Current Liabilities Non - current liabilities Long term loans from financial institution, net Retirement benefits obligation Other non-current liabilities Total non-current liabilities 8,840 180 6 9,027 9,724 199 7 9,929 10,696 218 7 10,922 213 540 1,811 227 594 1,992 249.7 653.4 2,191 2010 Million Baht 233 93 12 224 497 Current assets 546 601 2011 Million Baht 256 102 13 246 2012 Million Baht 282 112 14 271

Total Liabilities

10,838

11,921

13,113

Balance Sheet Projection 2011-2012

Shareholders Equity Premium on share capital Retain earnings appropriated Legal reserve Un appropriated Securities- available for sale Translation adjustments Total parents shareholders equity Minority interests Total shareholders equity 8,601 47 330 39,944 1,210 1,289 54,308 5,091 2010 Baht 9,461 55 363 Current assets 43,938 1,330 1,417 59,739 5,600 2011 baht 10,408 60 399.3 48,332 1,464 1,559 65,712 6,160 2012 baht

54,817

60,299

66,328

Total liabilities and share holders 'equity

65,655

72,220

79,442

Cash Flow Statement Projection 2011-2012

Cash flow statement
1 Operating cash flow Net profit

2010
7,363 591

2011
8,099 650

2012
8,909 715

Depreciation and amortization

Account receivable change Account Payable change Other current asset change 2 Investing cash flow Fixed asset change 3 Financing cash flow Long term loan change CPLTL Dividend payment Change cash flow (1)+(2)+(3) Cash at the beginning of FY Cash at the end of FY

2,234
333 66 186 (2,651) 1,191 (2) -261 2,763 -4,710 8,671 7,748

2,234
654.7 14 52 (2,916) 4,707 (2.2) 884 3,039 -5,181 9,538 8,523

2,234
720 23 56 (3,208) 5,179 (2.42 ) 972 3,343 -5,699 10,492 9,375

Future Capital Structure 2011-2012 (Unit - BB)

LIABILITY & EQUITY PROFILE
2010 2011 2012

LIABILITIES PROFILE

Long term debt

16.5%

16.5 %

16.5 %

EQUITY PROFILE

Equity

83.5 %

83.5 %

83.5 %

TOTAL OF CAPITAL

LIABILITIES+COMM ON STOCK

100 %

100%

100%

NOTE:- NO RETAINED EARNING AND PREFERENCE STOCK

FUTURE CAPITAL STRUCTURE 2011-2012

DEBT SERVICE CAPABILITY
2011 2012

D/E RATIO

19.77 %

19.77 %

DSCR

13

13

NOTE:1. EBITDA 2. CPLTL 3. INTEREST PAY.

2011 (BB) 1554.3 11,921.8 603.14

2O12 (BB) 1709.73 13,113.98 688.49

DEBT INSTRUMENTS SOURCE OF FUND 2011 2012

SOURCE OF FUNDS
DEBT INTRUMENTS 2011 2012

DEBT LONG TERM (loan from financial institutions )

9,724

10,696

EQUITY INSTRUMENT SOURCE OF FUND 2011-2012 (Unit- BB)

SOURCES OF FUNDS

EQUITY

2011

2012

Equity

1,998.7

2,198.57

COMMON STOCK

5,830

6,413

RETAINED EARNING

7,471

8,218

REPAYMENTS/REMUNERATIONS FOR 2011 2012

REPAYMENTS
REPAYMENTS/REMUNERATIONS

2011 (BB)

2012 (BB)

1. DEBT REPAYMENT

3642.44

4031.72

2. INTEREST PAYMENT

603.14

688.49

3. DIVIDEND PAYMENT

3039.3

3343.23