Ar2010 PDF

1
CONTENTS
3
4
8
10
22
24
36
38
40
52
56
67
92
94
95
98
100
102
113
117
118
119
201
214
215
| Investor Information
| Financial Highlights
| Message from the Chairman
| CEO Talk
| Shareholding Structure
| Report of the Board of Directors
| Board of Directors
| Executive Committee & Management Committee
| Prole of Directors & Key Management
| Organization Structure
| Product Portfolio
| Operating and Financial Review
| Thai Beverage Logistics
| Thai Beverage Energy
| Our People Our Success
| Credit Rating Announcement
| Awards
| Corporate Governance Report
| Corporate Social Responsibility (CSR) Report
| Audit Committee Report
| Audit Report of Certied Public Accountant
| Financial Statements
| Interested Persons Transactions Report
| Announcements to SGX in 2010
| General Corporate Information
Annual Report 2010 | Thai Beverage Public Company Limited
BEYOND HORIZON
Horizon may seem to be limitation but in fact, it stretches far beyond any boundaries.
To achieve business sustainability requires various factors besides nancial goals.
These aspects include international recognition of the highest production standards,
human resources development to ensure readiness for changes and global competition,
cutting-edge technology and leading operations which lead to the excellent performance.
To reach our ultimate goal of being an organization with transparency, stability and
management of world-class production, revered and admired by customers and
consumers alike, the company must be prompt to harness powerful ideas and business
edges to make benecial contributions to the society.
ThaiBevs Philosophy therefore does not see horizon as limitation, since our vision
stretches far beyond to achieve business and social excellence. We aim to be a green
organization that cares for the society and environment; our goals and objectives
guide us to create and nurture the sustainable abundance of nature and humans
quality of life.
Green, is not only our companys color, but also a symbol of our care for the society
and the world.
INVESTOR INFORMATION
Thai Beverage Public Company Limited
is listed on the Singapore Exchange
(SGX-ST) main board.
SGX Ticker
THBEV
Reuters
THAIBEVS STOCK PERFORMANCE
tbev.si
Bloomberg
thbev sp
Google Finance
SIN:Y92
ThaiBev Close
STI Rebased
SET Rebased
Price (S$)
0.4
0.35
IPO date
0.3
May 30, 2006
0.25
IPO offer price
0.2
S$ 0.28
0.15
Fiscal year ends
0.1
Note: STI and SET indices are

rebased in order to compare
with ThaiBevs price.
December 31
0.05
External Auditor
KPMG Phoomchai Audit Ltd.
2010
4 Jan 15 Feb 29 Mar 10 May 22 Jun 3 Aug 14 Sep 26 Oct 7 Dec
Dividend Policy
not less than 50% of net prot
after deducting all appropriated
THAIBEVS MONTHLY VOLUME
reserves and investments

Vol. (M Shares)
500
450
400
Share price *
2010 High S$ 0.30
2010 Low S$ 0.245
* data from January 4, 2010
350
300
250
200
to December 31, 2010
150
100
Investor Relations Contact

Investor Relations Department
14 Vibhavadi Rangsit Rd., Chomphon
Chatuchak, Bangkok 10900 THAILAND
50
2010
Jan
Feb
Mar
Apr
Investor Relations Department

E-mail: ir@thaibev.com
Panya Thongchai
Tel:
+662 785 5035
Fax:
+662 272 2280
E-mail: panya.t@thaibev.com
Namfon Aungsutornrungsi
Tel:
+662 785 5037
Fax:
+662 272 2280
E-mail: namfon.a@thaibev.com
Ariya Silakorn
Tel:
+662 785 5036
Fax:
+662 272 2280
E-mail: ariya.s@thaibev.com
Corporate website:
www.thaibev.com
IR website:
www.thaibev.com/ir.html
May
Jun
Jul
$XJ
Sep
Oct
1RY
0
Dec
FINANCIAL HIGHLIGHTS
Annual Report 2010
Restated*
2010
2009
Revenue from sales
121,361
107,969
Total revenues
121,735
108,258
Cost of sales
88,097
76,610
Gross prot
33,264
31,359
Operating prot
14,690
15,264
EBIT
15,064
15,553
Net prot
10,721
10,643
4,492
4,356
19,556
19,909
Current assets
35,190
33,492
Non-current assets
42,112
43,658
Total assets
77,302
77,150
Current liabilities
18,370
18,090
704
2,616
Total liabilities
19,074
20,706
Shareholders equity
58,228
56,444
Total liabilities and shareholders equity
77,302
77,150
Statements of Income (Mil.Baht)
Depreciation and amortisation

EBITDA
Balance Sheets (Mil.Baht)
Non-current liabilities
Liquidity Ratio
Current Ratio
times
1.91
1.85
Quick Ratio
times
0.44
0.40
Average Collection Period
days
5.97
6.03
Average Inventory Period
days
110.50
133.22
Average Payable Period
days
14.29
15.55
Cash Cycle
days
102.18
123.70
Restated*
2010
2009
Protability Ratio
Gross Prot Margin
27.41
29.04
EBITDA Margin
16.11
18.44
EBIT Margin
12.41
14.41
Operating Cash Flows to Operating Prot Ratio
103.56
115.44
Net Prot Margin
8.83
9.86
Return on Equity
18.70
19.27
Return on Assets
13.88
13.54
Return on Fixed Assets
28.90
27.53
times
1.57
1.37
Debt to Equity Ratio
times
0.33
0.37
Interest Bearing Debt to Equity Ratio
times
0.16
0.21
Interest Bearing Debt to EBITDA Ratio
times
0.48
0.60
Interest Coverage Ratio
times
75.59
36.29
Dividend Payout Ratio
83.33
78.57
Efciency Ratios
Total Assets Turnover
Leverage Ratios
* Restated with fair value of acquiree net assets from the acquisition in late 2009 per valuation report from independent nancial advisor.
Sales of Baht
121.4
Billion in 2010
from spirits 63%

from beer 28%
IURP1RQ$OFRKRO
2WKHUV
Total Sales
Billion Baht
2010
2009
121.4
108.0
White 348
Spirits: Volume
2010
Brown 168
Beer: Volume
Million liters
Million liters
2010
503
Chang
Other
93
2009
2009
White 346
Chang
Brown 141
Other
Million liters
484
87
MESSAGE FROM THE CHAIRMAN
Dear Shareholders
2010 was considered a least favorable year for the Thai business community. Despite long-drawn-out
demonstrations with violent outcome, the nations overall economy in 2010 managed to generate a
GDP growth of 7.8% when compared to a contraction of 2.3% in 2009.
ThaiBev shone through with our resilience, delivering positive growth at the top and bottom line
with sales growth across all business segments. This year, we launched full-scale into our
premiumisation strategy and have begun to enjoy the fruits of our success.
Our Groups net prot grew by Baht 10,721 million or 0.7% year-on-year in 2010 and a testament
to the success of our premiumisation strategy. I am pleased that our management has done well to
deliver strong business performance in a year of uncertainty.
We see corporate social responsibility (CSR) as one of our greatest missions. We focus on different
dimensions of CSR with programs that involve the social, religious, educational, public health,
sports and cultural aspects. Some examples include ThaiBev Unites to Fight the Cold,
a project that has been carried out for more than 10 years in Thailand where blankets are offer to
villagers who live in remote areas in preparation for the harsh winter period.
As a publically listed company, we adhere and comply with the strictest guidelines of the Singapore
Exchange. Since our listing, ThaiBev has received numerous awards and recognitions from the
investment community for our good corporate governance and transparent conduct. On behalf of
the board members and the management team, I would like to assure all shareholders that ThaiBev
will continue to honor and uphold the highest standards of integrity in its business dealings.
Amongst the key commitments from the management team, a priority is to strive to deliver the
highest returns to our shareholders by executing on the boards directive in the best interest of every
stakeholder. ThaiBev intends to maintain its dividend policy of a payout ratio not less than 50% of
net prot after deducting all appropriated reserves and investment.
I would like to take this opportunity to express my sincere gratitude to the Board of Directors and
the management team for their tireless pursuit to achieve the companys goal. Furthermore,
my appreciation to our business partners and alliances for your kind support throughout the year,
and more importantly, I would like to acknowledge and thank all of our shareholders for your loyalty
and belief in the ThaiBevs businesses and our long-term vision.
Charoen Sirivadhanabhakdi
Chairman of the Board
10
CEO TALK
Dear Shareholders
In 2010, the overall Thai economy saw positive growth
despite several adverse factors throughout the year,
including the uncertain global economy, the domestic
political situations, the Baht currency uctuation as well as
the severe oods nationwide. Thailands economy gradually
showed signs of improvement late last year when these
situations subsided.
Against this backdrop, ThaiBev shone through with our
resilience, delivering positive sales growth across all
business segments. In 2010, total sales were Baht
121,361 million, an increase of 12.4%. Gross prot was
Baht 33,264 million, an increase of 6.1%. Net prot was
Baht 10,721 million, an increase of 0.7%. Groups sales
across ThaiBevs range of products such as spirits, beer,
and non-alcohol beverages delivered reasonably strong
results. We are attributing this desirable outcome mostly to
our premiumisation strategy. Hence, we will continue to
11
implement this strategy to further compete with our import

counterparts in the area of on-premise trade like hotels,
restaurants, and entertainment establishment. And in the
area of brand emphasis, we will continue to reinforce and
promote our leading brands like Hong Thong, Blend 285,
SangSom, and Mekhong.
For the beer segment, I am delighted to report that we have
been seeing positive results from our brand refresh and
re-launch strategy for the new Chang Classic, Chang Draught,
and Chang Light. The annual beer sale in terms of value
has grown by 11.7%. Rigorous sports and music platform
marketing campaigns executed during the year has been
the major impetus that elevated and heightened Chang
beers brand awareness amongst consumers.
Demand for ThaiBevs non-alcohol beverages continued
to grow in 2010, led by Oishis ready-to-drink (RTD) tea
product with volume growth of approximately 30.1%. Oishi
continues to maintain a leading market share of 60.7%.
To meet the growing popularity and demand for RTD
tea consumption in Thailand, new Cold Aseptic Filling
production lines were added. The new production lines
consist of two-phase implementation that expects to yield
additional 124 million liters of capacity per year. The rst,
starting February 2011, the new lines will begin producing
bottled RTD tea and to be followed by the second-phase
commencing in third quarter for additional UHT pack RTD
production. This will bring Oishi total annual production
capability to 393 million liters. As the Oishi brand becomes
more recognised, we will look into ways to leverage on this
prominence brand for further market expansion.
Sales of drinking water grew by 80.1% while that of soda
water grew by 79.9%. Although these products display
strong growth percentage, they have generally grown from
a lower base. Drinking water and soda water segment are
highly competitive. But we are determined to grow in this
area. As such, we will continue to support both products
with brand building campaign.
Our international sales performance, in terms of value,

grew by 20.5% driven by three focus regions
the United States, UK/Europe and Asia. Much of the
contribution has predominately been in the area of
spirits produced by our Scottishs holding, Inver House
Distillers. Our scotch whiskey brand, Speyburn, continues
to outperform our expectations. We are also pleased to
see continuing growth for our Chang beer export. As
for China, our North Asian subsidiary Yunnan Yulinquan
Liquor Co., Ltd., the white spirits operation has achieved
32% sales growth and is profitable. Although overall
international revenue contribution to the Group consists
of around 3%, I am confident that this portion will
steadily increase over time through brand marketingsupported activities.
The management team is condent that our continuous
branding activities, together with internal progress of the
organization both in local and international markets, will drive
growth of both top-line and bottom-line of the Company to
meet our estimates. I, on behalf of the management team,
would like to thank you for your support and look forward to
such warm encouragement as we step forward.
Thapana Sirivadhanabhakdi
President and CEO
A nn ua
Ann
Annual
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20
2010
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Business operations with transparency

and accountability in compliance
with good corporate governance.
Experienced and skillful

management team,
combined with creative
and refreshing new generation.
12
Focuses on Human resources

development through provision
of training courses and modernization
of organization to ensure readiness
for the ever-changing business.
13
STRATEGY
GOOD GOVERNANCE
Apart from sound operating result, an excellent organization shall process

good corporate governance and focus on development of ethical
and capable human resources. ThaiBev therefore aims to develop its people
to be great both in aspect of business and morality and;
to righteously and appropriately apply their capability
to achieve peaceful and thriving co-existence with the community.
Each step of our growth reects our peoples achievement
to drive the organization forward,
along with the social and environmental development,
in order to establish sustainable balance
in the world of business and the world we live in.
ThaiBev Groups strategy aims

to enhance its competing ability,
including increase in revenues
and protability and building
of image and knowledge base.
Thai Beverage Training Co., Ltd.

was established with the key mission
to train and develop quality human
resources for every aspect of business.
ThaiBev won the Runner-Up title

in the category of Most Transparent
Company Award 2010: Foreign Listings,
from Securities Investors Association
(Singapore) (SIAS).
ACCEPTANCE
14
LEADERSHIP
Our long-standing experience, success, and expertise in food and beverage industry,
coupled with our innovative product ideas,
makes ThaiBev brands well-accepted among domestic and overseas consumers.
To proudly secure the leading position in the global market,
we are inspired to become a leader in product creation along with fostering
business stability a leader who is swift to respond to changes in global market.
ThaiBevs beer business of 2010

has been improving gradually consequent
to the Companys restructured
distribution and Chang Beer
re-branding in Q4 of 2009.
ThaiBevs spirits business in 2010

witnessed continuous growth, mainly derived
from growth in brown spirits. Hong Thong
and Blend 285 were main contributors
are popular among consumers due to
their value-for-money quality and price.
Apart from adherence

to the Good Corporate Governance,
ThaiBev focuses on maintaining
its production standards to strive
for international recognition
in respect of its product quality.
15
In 2010, Mekhong spirit won International

Wine and Spirit Competition Award
and Los Angeles International Wine & Spirits Award.
Chang beer won the Gold Medal for Beers, Waters, Soft Drinks
and Non-Alcohol Beverages from World Selection 2010 of Monde
Selection Bruxelles International Institute for Quality Selections.
Since Chang beer received the gold medal for 3 consecutive years
from 2008-2010, it was awarded the International High Quality
Trophy as an honorary guarantee.
Mekhong Spirit is broadly available in

the US market, especially in major cities.
Many delightful Mekhong cocktails such
as Sabai Sabai and Lemongrass Lawan
have been introduced since.
16
Chang beer is available at Thai restaurants

in London and more than 30 cities across
the world and impresses consumers with
superb taste and quality that lives up to its
reputation as the award- winning Thai beer.
17
STANDARD
INTERNATIONAL
Internationally-acclaimed products possess subtle avor

that pleases delicate taste buds of consumers in different markets.
To be the preferred choice of different demographics thus presents major challenge
in terms of product development and in-depth market understanding,
combinded with international standards creativity, management,
production and distribution, in which ThaiBev take pride.
TRIS afrmed the rating of Thai Beverage

Public Company Limited at AA with a Stable outlook.
S&P and Moodys, global rating agencies, also afrmed
ThaiBevs rating at BBB rating with a Stable outlook,
and Baa2 with a Stable outlook, respectively.
IBHL aims to be a global player

with a comprehensive product portfolio
for international markets across the globe.
18
SUCCESS
ACHIEVEMENT
ThaiBev takes pride in domestic and international recognition symbolized

in awards presented by leading and prominent institutions.
We are inspired by such recognition to further raise our standards in every dimension.
Our devotion only grows stronger, fueled by the faith
in being a transparent organization with award-winning products,
well environmental conservation and development of the quality of life of our people
and the surrounding communities. These are our prestigious prizes,
which drive us to look beyond the horizon and reach for even greater goals that lie ahead.
SIAS Investors Choice Award

for Most Transparent Company
2006, 2009, 2010
Prime Minister
Industry Award
2009, 2010
Best IR in Singapore Market

by a Thai Company
2006, 2007, 2008
19
International High Quality Trophy 2010 - Chang Beer
International Golden Award

for Food & Beverages - SangSom
1982, 1983, 2006
Australias A.I.B.A.
Gold medal in
1998, 2007
20
LOCAL
21
GLOBAL
To gauge how far the horizon is, we have to move toward it.
ThaiBev has journeyed through limitations in forms of distance, nations and languages.
To us, the world has become one.
We are now poised to introduce Thai-style happiness to world consumers,
a window of opportunity for the world to learn about and appreciate Thai brands,
which lead to sincere recognition.
ThaiBev is expanding from existing to new territories with focus on systematic development.
Our 360 degree vision makes possible product diversity, quality production,
intensive efciency enhancement of technology, human resources and sales and marketing system.
From where we stand, the business horizon simply records how far we have ourished and;
we are ready to move beyond the horizon to contribute to prosperity of the organization,
society and to preserve environment with unbroken devotion.
BANGKOK
Thai Beverage Logistics Co., Ltd. (TBL)

is working around the clock; Day and Night,
to deliver its high quality products
to destinations in Thailand and overseas.
SHANGHAI
TBL provides logistics service across

Thailand equivalent to approximately
1,400 million liters per year.
TBL is one of the largest

distribution networks in Thailand
and among the biggest ones
in Southeast Asia.
LONDON
InterBev has ofces

in seven countries distributing
and selling our beverage products
to over 80 countries.
Local partners and management team

are critical factors to IBHL when it engages
in new markets, as well as having
on team key executives with long experience
in the beer and spirits businesses
from different countries around the world.
ThaiBev is determined to expand overseas.

It entered the Chinese market in 2009
through the acquisition of Yunnan Yulinquan
Liquor Co., Ltd.
23
22
SHAREHOLDING STRUCTURE
As at December 31, 2010

Authorized share capital of Baht 29,000,000,000 with paid-up capital of
Baht 25,110,025,000 consisting of 25,110,025,000 issued common shares,
with the par value of Baht 1 each.
100%
100%
Distillery Group
100%
Sangsom Co., Ltd.
100%
Brewery Group
100%
100%
Beer Group
Beer Thip Brewery (1991) Co., Ltd.
100%
100%
Liquor Marketing Group

100%
Pomthip Co., Ltd.
100%
Sole Agent Group

100%
Num Yuk Co., Ltd.
100%
Marketing Group
100%
Thipchalothorn Co., Ltd.
Overseas Group
Thai Beverage Marketing Co., Ltd.
100%
Fuengfuanant Co., Ltd.
100%
Cosmos Brewery (Thailand) Co., Ltd.
100%
Pomkit Co., Ltd.
100%
Num Kijjakarn Co., Ltd.
100%
Krittayabun Co., Ltd.
100%
Chang International Co., Ltd.
100%
Mongkolsamai Co., Ltd.
100%
100%
Pomklung Co., Ltd.
100%
Num Palang Co., Ltd.
100%
Surathip Co., Ltd.
100%
Chang Corp Co., Ltd.
100%
Beer Thai (1991)

Public Company Limited
Thanapakdi Co., Ltd.
100%
Pomchok Co., Ltd.
100%
Num Muang Co., Ltd.
100%
Sunthornpirom Co., Ltd.
100%
Piromsurang Co., Ltd.
100%
Vidhayathan Co., Ltd.
100%
Kanchanasingkorn Co., Ltd.
100%
Pomcharoen Co., Ltd.
100%
Num Nakorn Co., Ltd.
100%
Sura Piset Thipharat Co., Ltd.
100%
Pomburapa Co., Ltd.
100%
Num Thurakij Co., Ltd.
100%
Sura Bangyikhan Co., Ltd.
100%
Pompalang Co., Ltd.
100%
Numrungrod Co., Ltd.
100%
Pomnakorn Co., Ltd.
100%
Numthip Co., Ltd.
100%
Mekhong Distillery Limited
100%
Athimart Co., Ltd.
100%
100%
100%
(D) (N)
(D) (N)
Dhospaak Co., Ltd.
International Beverage Holdings Limited

100%
InterBev (Singapore) Limited
100%
InterBev (Cambodia) Co., Ltd.
100%
InterBev Malaysia Sdn. Bhd.
100%
Best Spirits Company Limited
100%
International Beverage Holdings (China) Limited
100%
International Beverage Holdings (UK) Limited
100%
InterBev Trading (China) Limited
100%
Yunnan Yulinquan Liquor Co., Ltd.
S.S. Karnsura Co., Ltd.
100%
International Beverage Holdings Limited USA, Inc.
100%
Kankwan Co., Ltd.
100%
Blairmhor Limited
100%
Theparunothai Co., Ltd.
100%
Red Bull Distillery (1988) Co., Ltd.*
100%
United Winery and Distillery Co., Ltd.
100%
100%
100%
Simathurakij Co., Ltd.
100%
Nateechai Co., Ltd.
100%
Luckchai Liquor Trading Co., Ltd.
100%
Sura Piset Pattharalanna Co., Ltd.*
100%
100%
99.99%
United Products Co., Ltd.
100%
Business Development Group

(Supply Chain Group)
Non-Alcohol Beverage
and Food Business Group
89.26%
Wrangyer Beverage (2008) Co., Ltd.

Thai Drinks Co., Ltd.
Oishi Group Public Company Limited
89.26%
89.26%
99.83%
Oishi Trading Co., Ltd.

Oishi Ramen Co., Ltd.
SPM Foods and Beverages

Company Limited
5.98%
Archa Beer Co., Ltd.
Thai Molasses Co., Ltd.

100%
100%
Feed Addition Co., Ltd.
100%
Pan International (Thailand) Co., Ltd.
100%
Charun Business 52 Co., Ltd.
100%
Thai Cooperage Co., Ltd.*

Thai Beverage Recycle Co., Ltd.
100%
Thai Beverage Logistics Co., Ltd.
100%
Dhanasindhi Co., Ltd.
(N)
Note : According to Auditors Note

D : Dormant
N : Non-trading
* : Those companies are in Business Development Group (Supply Chain Group) or Distillery Group, as the case may be.
We represent those companies in Other Group for the benet and the clearness in consideration of the group of companys shareholding.
Thai Cooperage Co., Ltd.*

0.41%
40%
Chang Beer International Co., Ltd.
(D) (N)
58.63%
100%
93.50%
Thai Thum Distillery Co., Ltd.
Beer Chang Co., Ltd.

100%
Speyburn-Glenlivet Distillery
Company Limited (D) (N)
100%
The Knockdhu Distillery

100%
The Balblair Distillery

100%
The Pulteney Distillery

Thai Beverage Training Co., Ltd. (i)
Thai Beverage Energy Co., Ltd.

100%
99.72%
100%
Thai Beverage Brands Co., Ltd.
Sura Piset Sahasan Co., Ltd.
(N)
18.55%
41.45%
Sura Piset Pattharalanna Co., Ltd.*
33.83%
Sura Piset Samphan Co., Ltd.
(N)
49.49%
Liquorland Limited
44%
Inver House Polska Limited
100%
Wee Beastie Limited
50.02%
Inver House Distribution SA
100%
Moffat & Towers Limited
Red Bull Distillery (1988) Co., Ltd.*

7.54%
100%
Remarks:
i : Incorporated on January 26, 2010
ii : Incorporated in Singapore on April 14, 2010
iii : International Beverage Holdings Limited acquired 100% shares of this
company on September 17, 2010. This company was incorporated in Singapore.
Updated (January 1 February 28, 2011):
(a) International Beverage Trading Limited was incorporated in Bermuda
on January 5, 2011.
(D) (N)
100%
Other Group
Trademark Group
100%
100%
100%
100%
(N)
Blairmhor Distillers Limited
(D) (N)
(D) (N)
(D) (N)
Inver House Distillers Limited

100%
Glen Calder Blenders Limited
100%
Hankey Bannister & Company Limited
100%
R Carmichael & Sons Limited
100%
J MacArthur Jr & Company Limited
100%
Mason & Summers Limited
100%
James Catto & Company Limited
100%
Super Brands Company Pte. Ltd.
100%
Beer Chang International Limited
(ii)
(iii)
(D) (N)
(D) (N)
(D) (N)
(D) (N)
(D) (N)
(D) (N)
24
REPORT OF THE BOARD OF DIRECTORS
Breakdown in Shares and Types of Share
Company / Location
Type of
Business
Type of
Share
Paid-up Capital
(Baht)
Shares
Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
1.
Beer Thai (1991) Public Company Limited

15 Moo 14, Vibhavadi Rangsit Road
Chomphon Sub-District, Chatuchak District
Bangkok 10900
Common
Beer brewery
and production
of drinking water
and soda water
5,550,000,000.00
555,000,000
555,000,000
100.00%
2.

Bangkok 10900
Common
Beer brewery
and production
of drinking water
and soda water
6,600,000,000.00
660,000,000
660,000,000
100.00%
3.
Sangsom Co., Ltd.

14 Vibhavadi Rangsit Road
Chomphon Sub-District
Chatuchak District, Bangkok 10900
Spirits distillery
Common
7,500,000,000.00
750,000,000
750,000,000
100.00%
4.
Spirits distillery
333 Moo 1, Tambon Tha Toom
Amphoe Si Maha Phot, Prachin Buri 25140
Common
900,000,000.00
90,000,000
90,000,000
100.00%
5.

Spirits distillery
Common
700,000,000.00
70,000,000
70,000,000
100.00%
6.

315 Moo 4, Tambon Mae Faek
Amphoe San Sai, Chiangmai 50290
Spirits distillery
Common
700,000,000.00
70,000,000
70,000,000
100.00%
7.

Spirits distillery
Common
700,000,000.00
70,000,000
70,000,000
100.00%
8.

82 Moo 3, Tambon Bang Ku Wat
Amphoe Muang Pathum Thani
Pathum Thani 12000
Spirits distillery
Common
4,000,000,000.00
400,000,000
400,000,000
100.00%
9.
Athimart Co., Ltd.

170 Moo 11, Tambon Nikhom
Amphoe Satuek, Buri Ram 31150
Spirits distillery
Common
900,000,000.00
90,000,000
90,000,000
100.00%
10.

101 Moo 8, Tambon Kaeng Dom
Amphoe Sawang Wirawong
Ubon Ratchathani 34190
Spirits distillery
Common
800,000,000.00
80,000,000
80,000,000
100.00%
11.
Kankwan Co., Ltd.

Spirits distillery
Common
800,000,000.00
80,000,000
80,000,000
100.00%
12.

99 Moo 4, Tambon Hat Kham
Amphoe Muang Nong Khai,
Nong Khai 43000
Spirits distillery
Common
700,000,000.00
70,000,000
70,000,000
100.00%
13.
Red Bull Distillery (1988) Co., Ltd.

Bangkok 10900
Spirits distillery
Common
5,000,000,000.00
500,000,000
500,000,000
100.00%
Remark
25
Company / Location
Type of
Business
Type of
Share
Paid-up Capital
(Baht)
Shares
Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
14.

14 Sangsom Building, Soi Yasoob 1
Vibhavadi Rangsit Road
Spirits distillery
Common
1,800,000,000.00
180,000,000
180,000,000
100.00%
15.

1 Moo 6, Tambon Ban Daen
Amphoe Banphot Phisai
Nakhon Sawan 60180
Spirits distillery
Common
900,000,000.00
90,000,000
90,000,000
100.00%
16.
Nateechai Co., Ltd.

Spirits distillery
Common
800,000,000.00
80,000,000
80,000,000
100.00%
17.

46 Moo 1, Tambon Nong Klang Na
Amphoe Muang Ratchaburi
Ratchaburi 70000
Spirits distillery
Common
800,000,000.00
80,000,000
80,000,000
100.00%
18.

Spirits distillery
Common
1,000,000,000.00
10,000,000
10,000,000
100.00%
19.
Pomthip Co., Ltd.

40/53 Moo 3, Talad Bangkhen Sub-District
Laksi District, Bangkok 10210
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
20.
Pomkit Co., Ltd.

48, 50, 52 Suranaree Road
Tambon Nai Muang
Amphoe Muang Nakhon Ratchasima
Nakhon Ratchasima 30000
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
21.
Pomklung Co., Ltd.

22/1 Soi 2 (Paprao)
Paprao Road, Tambon Padad
Amphoe Muang Chiang Mai
Chiang Mai 50100
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
22.
Pomchok Co., Ltd.

16/1 Moo 1, U Thong Road
Tambon Tha Wasukri
Amphoe Phra Nakhon Si Ayutthaya
Phra Nakhon Si Ayutthaya 13000
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
23.

135/3 Moo 4, Kanchanavithi Road
Tambon Bang Kung
Amphoe Muang Surat Thani
Surat Thani 84000
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
24.
Pomburapa Co., Ltd.

51/42 Moo 3, Sukhumvit Road
Tambon Ban Suan
Amphoe Muang Chon Buri
Chon Buri 20000
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
Remark
Company / Location
Type of
Business
26
Type of
Share
Paid-up Capital
(Baht)
Shares
Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
25.
Pompalang Co., Ltd.

439 Moo 11, Tambon Muang Kao
Amphoe Muang Khon Kaen
Khon Kaen 40000
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
26.
Pomnakorn Co., Ltd.

85/35, 85/36 Petchakasem Road
Tambon Na-Muang
Ratchaburi 70000
Beer and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
27.
Num Yuk Co., Ltd.

40/53 Moo 3, Talad Bangkhen Sub-District
Spirits
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
28.

1, 3, 5 Trok Wat Muang, Suranaree Road
Tambon Nai Muang
Spirits
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
29.

Spirits
distributor
22/1 Soi 2 (Paprao), Paprao Road
Tambon Padad, Amphoe Muang Chiang Mai
Chiang Mai 50100
Common
10,000,000.00
1,000,000
1,000,000
100.00%
30.
Num Muang Co., Ltd.

Tambon Tha Wasukri
Spirits
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
31.

149/3 Chulachomklao Road
Tambon Tha Kham
Amphoe Phun Phin, Surat Thani 84130
Spirits
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
32.

51/40-41 Moo 3, Sukhumvit Road
Tambon Ban Suan
Chon Buri 20000
Spirits
distributor
Common
10,000,000.00
1,000,000
1,000,000
100.00%
33.

Khon Kaen 40000
Spirits
distributor
Common
10,000,000.00
100,000
100,000
100.00%
34.
Numthip Co., Ltd.

Tambon Na-Muang
Ratchaburi 70000
Spirits
distributor
Common
10,000,000.00
100,000
100,000
100.00%
35.

Beer, Spirits and Common

non-alcoholic
beverages
agency
1,000,000.00
100,000
100,000
100.00%
36.


non-alcoholic
beverages
agency
5,000,000.00
500,000
500,000
100.00%
37.
Surathip Co., Ltd.


non-alcoholic
beverages
agency
1,200,000.00
120,000
120,000
100.00%
Remark
27
Company / Location
Type of
Business
Type of
Share
Paid-up Capital
(Baht)
Shares
Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
38.


non-alcoholic
beverages
agency
5,000,000.00
500,000
500,000
100.00%
39.


non-alcoholic
beverages
agency
5,000,000.00
500,000
500,000
100.00%
40.

Trading of
bio gas
Common
860,000,000.00
8,600,000
8,600,000
100.00%
41.

Production and
distribution
of energy drink
Common
200,000,000.00
20,000,000
20,000,000
100.00%
42.

Trading of
molasses
Common
40,000,000.00
40,000
39,889
99.72%
43.

Trading of
feeds and
fertilizer
Common
1,000,000.00
10,000
10,000
100.00%
44.

Trading of
supplies and
procurement
Common
1,000,000.00
10,000
10,000
100.00%
45.

Brick producer
and distribution
of spirits
Common
121,800,000.00
1,218,000
1,218,000
100.00%
46.
Thai Cooperage Co., Ltd.

Oak barrel
producer
Common
300,000,000.00
30,000,000
30,000,000
100.00%
47.

Trading of
bottles
Common
123,000,000.00
1,230,000
1,230,000
100.00%
48.

1 East Water Building
Soi Vibhavadi-Rangsit 5
Transportation
and distribution
Common
1,012,000,000.00
101,200,000
101,200,000
100.00%
49.

Import and
export spirits
for trading /
international
marketing and
non-alcoholic
beverages
agency
Common
300,000,000.00
30,000,000
30,000,000
100.00%
50.

14 Soi Yasoop 1, Vibhavadi Rangsit Road
Construction
Common
20,000,000.00
20,000
20,000
100.00%
Remark
Company / Location
Type of
Business
28
Type of
Share
Paid-up Capital
(Baht)
Shares
Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
51.
Dhospaak Co., Ltd.

1 East Water Building, 20th Floor
Advertising
agency
Common
25,000,000.00
2,500,000
2,500,000
52.

Training
Common
10,000,000.00
1,000,000
1,000,000 100.00%
100.00%
Ordinary
(Incorporated on January 26, 2010)

53.

Room 901-2, Silvercord Tower 1
30 Canton Road, Tsim Sha Tsui
Kowloon, Hong Kong
Holding
company
54.

Common
Beer brewery
and production
of drinking water
and soda water
55.

Trademark
holding
56.

57.
Remark
HKD 1,724,100,000.00 1,724,100,000 1,724,100,000 100.00%
1,666,666,500.00
166,666,650
166,666,650 100.00%
Common
5,000,000.00
50,000
50,000 100.00%
Trademark
holding and
production of
concentrate
materials
Common
1,000,000.00
10,000
10,000 100.00%

Trademark
holding and
production of
concentrate
materials
Common
1,000,000.00
100,000
100,000 100.00%
58.
Sura Piset Pattharalanna Co., Ltd.

Holding
company
Common
1,000,000,000.00
10,000,000
10,000,000 100.00%
59.

14 Sangsom Building
Distribution of
beverages
Common
60,000,000.00
600,000
600,000 100.00%
60.

9 UM Tower Building, 20th Floor
Ramkhamhaeng Road
Suan Luang Sub-District
Suan Luang District
Bangkok 10250
Japanese
restaurants,
bakery shops
and production
and distribution
of food and
beverage
Common
375,000,000.00
187,500,000
167,360,199
89.26%
61.
Thai Thum Distillery Co., Ltd.*

Production
and distribution
of spirits
Common
17,500,000.00
17,500
17,483
99.90%
62.
Sura Piset Sahasan Co., Ltd.*

Trading of
spirits
Common
100,000,000.00
1,000,000
1,000,000 100.00%
( 1)
29
Company / Location
Type of
Business
Type of
Share
Paid-up Capital
(Baht)
Shares
Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
Remark
63.
Sura Piset Samphan Co., Ltd.*

Trading of
spirits
Common
100,000,000.00
1,000,000
1,000,000 100.00%
64.

Bangkok 10900
Environmental
public relations
Common
5,000,000.00
500,000
500,000
100.00%
65.

No. 138 Cecil Street # 05-02 Cecil Court
Singapore 069538
Trading of
alcoholic
beverages
Common
SGD 3,000,000.00
3,000,000
3,000,000
100.00%
66.

No. 35, Street 322, Sangkat Boeung
Keng Kang 1, Khan Chamkamon
Phnom Penh, Cambodia
Trading of
alcoholic
beverages
Common
USD 200,000.00
1,000
1,000
100.00%
67.

No. 9-1, Jalan USJ 1/1B
Regalia Business Centre
47620 Subang Jaya, Selangor, Malaysia
Trading of
alcoholic
beverages
Common
MYR 100,000.00
100,000
100,000
100.00%
68.

Kowloon, Hong Kong
Trading of
alcoholic
beverages
Ordinary
HKD 15,300,000.00
15,300,000
15,300,000
100.00%
69.
International Beverage Holdings (UK)

Limited
Moffat Distillery, Airdrie, ML6 8PL
Scotland
Holding
company
Common
GBP 71,670,000.00
71,670,000
71,670,000
100.00%
70.
International Beverage Holdings (China)

Limited
Kowloon, Hong Kong
Holding
company
Ordinary
HKD 210,500,000.00
21,050,000
21,050,000
100.00%
(2)
71.
United Products Company Limited

56 Sukhapibal Road
Tambon Nakhon Chai Si
Amphoe Nakhon Chai Si
Nakhon Pathom 73120
Production
and distribution
of spirits
Common
350,000,000.00
3,500,000
3,499,619
99.99%
(b)
72.
SPM Foods and Beverages Company

Limited
79 Moo 3, Tambon Lamlookbua
Amphoe Dontoom
Nakhon Pathom 73150
Production and
distribution of
drinking water
and energy
drinks and
spirits agency
Common
606,250,000.00
60,625,000
60,520,000
99.83%
73.

9 Ramkhamhaeng Road
Suan Luang District, Bangkok, 10250
Production
and distribution
of food and
beverage
Common
420,000,000.00
4,200,000
3,748,870
89.26%
74.

444 1st Floor, Room No. 1 A 08-09
Phaya Thai Road, Wangmai Sub-District
Pathumwan District, Bangkok 10330
Japanese ramen
restaurants
Common
158,000,000.00
1,580,000
1,410,289
89.26%
75.
Chang Beer International Co., Ltd.*

Dormant
Common
1,000,000.00
100,000
100,000
100.00%
Company / Location
Type of
Business
30
Type of
Share
Paid-up Capital
(Baht)
No. of
Shares Held
(Direct and
Indirect)
Shares
Issued
% of
Shareholding
Remark
76.

Consultancy
service
Common
500,000.00
5,000
5,000
100.00%
77.
Chang International Co., Ltd.*

Dormant
Common
100,000.00
10,000
10,000
100.00%
78.
Chang Corp Co., Ltd.*

Dormant
Common
100,000.00
10,000
10,000
100.00%
79.
Super Brands Company Pte. Ltd.

138 Cecil Street # 05-02 Cecil Court
Singapore 069538
Trademark
Holding
Ordinary
SGD 10,000.00
10,000
10,000
100.00%
( 3)
(Incorporated on April 14, 2010)

80.
Beer Chang International Limited

Singapore 069538
Not yet
operated
Ordinary
SGD 10,000.00
10,000
10,000
100.00%
( 4)
81.

USA, Inc.
275 Madison Avenue, Suite 1718
New York, NY 10016
Trading of
alcoholic
beverages
Common
USD 1.00
1,000
1,000
100.00%
( 5)
82.
Blairmhor Limited*
Scotland
Holding
Company
Common
9,009,407.00
900,940,700
900,940,700
100.00%
83.
Inver House Distillers Limited

Scotland
Production
and distribution
of spirits
Common
10,000,000.00
10,000,000
10,000,000
100.00%
84.
InterBev Trading (China) Limited

Room 01-03 Level 1
No. 63 Kunluo Road, Shuangjiang Zheng
Ershan County, Yuxi Yunnan
China 650011
Trading of
alcoholic
beverages
RMB 10,000,000.00
100.00%
(6)
85.
Yunnan Yulinquan Liquor Co., Ltd.

Yunlin Village, Shuangjiang Town
Eshan County, Yuxi City, Yunnan, China
Spirits distillery
RMB 120,000,000.00
100.00%
(6) (c)
86.
Blairmhor Distillers Limited*

Scotland
Dormant
Common
200.00
2,000
2,000
100.00%
87.
Wee Beastie Limited*

Scotland
Dormant
Common
100.00
100
100
100.00%
88.
Moffat & Towers Limited*

Scotland
Dormant
Common
1.00
100.00%
89.
Glen Calder Blenders Limited*

Scotland
Dormant
Common
100.00
100
100
100.00%
90.
Hankey Bannister & Company Limited*

Scotland
Dormant
Common
100.00
100
100
100.00%
91.
R Carmichael & Sons Limited*

Scotland
Dormant
Common
30,000.00
30,000
30,000
100.00%
31
Type of
Business
Company / Location
Type of
Share
Paid-up Capital
(Baht)
No. of
Shares Held
(Direct and
Indirect)
Shares
Issued
% of
Shareholding
92.
J MacArthur Jr & Company Limited*

Scotland
Dormant
Common
100.00
100
100
100.00%
93.
Mason & Summers Limited*

10 Foster Lane, London, EC2V 6HH
England
Dormant
Common
10,030.00
10,030
10,030
100.00%
94.
James Catto & Company Limited*

Scotland
Dormant
Common
50,000.00
50,000
50,000
100.00%
95.
The Knockdhu Distillery Company Limited*

Scotland
Dormant
Common
100.00
100
100
100.00%
96.
Speyburn-Glenlivet Distillery Company

Limited*
Scotland
Dormant
Common
100.00
100
100
100.00%
97.
The Pulteney Distillery Company Limited*

Scotland
Dormant
Common
2.00
100.00%
98.
The Balblair Distillery Company Limited*

Scotland
Dormant
Common
2.00
100.00%
99.
Liquorland Limited
8 Westbank Road, Belfast, BT3 9JL
Northern Ireland
Off licences
Common
495,000.00
495,000
245,000
49.49%
100. Inver House Polska Limited

ul. Obodrzycw 34 A/1, 81-812 Sopot
Poland
Trading of
alcoholic
beverages
Common
PLN 700,000.00
700,000
308,000
44.00%
101. Inver House Distribution SA*

Avenue des Tilleuls, 62140 Marconne
France
Dormant
Common
EUR 24,930.00
2,493
1,247
50.02%
Remark
Remarks : *These are currently non-trading companies

(1)
On January 26, 2010 its registered capital is Baht 10,000,000 consisting of 1,000,000 issued common shares. Thai Beverage Public Company Limited
directly and indirectly holds 1,000,000 shares in Thai Beverage Training Co., Ltd. representing 100% of the registered capital. Currently, Thai Beverage
Training Co., Ltd.s issued shares had not been fully paid. Its paid up capital is Baht 2,500,000.
(2)
On November 18, 2010, International Beverage Holdings (China) Limited registered the increase of paid up capital from HKD 193,500,000 to HKD 210,500,000.
(3)
On April 14, 2010 its registered capital is SGD 10,000 consisting of 10,000 issued common shares. Thai Beverage Public Company Limited indirectly holds
10,000 shares, representing 100% in Super Brands Company Pte. Ltd. through International Beverage Holdings Limited.
(4)
On September 17, 2010 International Beverage Holdings Limited acquired 100% shares of this company. On November 16, 2010 Beer Chang International
Limited registered the increase of capital from SGD 2 to SGD 10,000.
(5)
On March 26, 2010 International Beverage Holdings Limited USA, Inc. registered the increase of capital from USD 10,300,000 to USD 10,800,000; and
on November 9, 2010 this company registered the increase of capital from USD 10,800,000 to USD 11,800,000.
(6)
This company was incorporated with the type of investment as equity interest, therefore, there is no shares to be issued.
Updated (January 1 February 28, 2011):

(a)
International Beverage Trading Limited was incorporated on January 5, 2011. Its registered capital is USD 100,000 consisting of 100,000 issued common
shares. Thai Beverage Public Company Limited indirectly holds 100,000 shares, representing 100% in International Beverage Trading Limited through
International Beverage Holdings Limited. International Beverage Trading Limited engages in investment of stocks of maturing spirits.
(b)
On February 7, 2011 Sura Piset Pattharalanna Co., Ltd. acquired 375 common shares of United Products Company Limited, resulting Thai Beverage Public
Company Limited indirectly holds 3,500,000 shares in United Products Company Limited, representing 100% of the registered capital.
(c)
On February 23, 2011 Yunnan Yulinquan Liquor Co., Ltd. registered the increase of equity interest from RMB 120,000,000 to RMB 159,388,200.
32
LIST OF DIRECT AND

DEEMED INTERESTS OF EACH DIRECTOR
As at January 21, 2011
Name of directors
1.
Mr. Charoen Sirivadhanabhakdi
Direct Interests
Siriwana Co., Ltd. (2)
2.
Khunying Wanna Sirivadhanabhakdi
281,286,762 Director and his spouse have

deemed interests through his
associated companies in THBEV
shares, totaling of
Shiny Treasure Holdings Limited (2)
369,750,000
25.50
MM Group Limited (3)
Risen Mark Enterprise Ltd. (4)
Golden Capital (Singapore) Limited (5)
Shiny Treasure Holdings Limited
25,000
50
MM Group Limited
25,000
50
Percentage
of
Shareholding
Number of
Shares
16,441,405,762
65.48
710,500,000
49
50,000
100
50,000
100
140,600,420
100
16,441,405,762
65.48
281,286,762 Director and her spouse have

deemed interests through her
associated companies in THBEV
shares, totaling of
Shiny Treasure Holdings Limited (2)
369,750,000
25.50
Corp. (3)
Risen Mark Enterprise Ltd. (4)
Golden Capital (Singapore) Limited (5)
Shiny Treasure Holdings Limited
25,000
50
MM Group Limited
25,000
50
0.00
Maxtop Management
Mr. Narong Srisa-an
Deemed Interests
Maxtop Management Corp. (3)
Siriwana Co., Ltd. (2)
3.
Increase
Percentage (decrease) during
of
the accounting
Shareholding
period (1)
Number of
Shares
710,500,000
49
50,000
100
50,000
100
140,600,420
100
4.
Mr. Komen Tantiwiwatthanaphan
34,068,668
0.14
5.
Mr. Puchchong Chandhanakij
0.00
6.
Ms. Kanoknart Rangsithienchai
0.00
7.
Mr. Chukiet Tangpongprush
0.00
8.
Mr. Staporn Kavitanon
9.
Prof. Kanung Luchai
10. Mr. Manu Leopairote
11. Mr. Ng Tat Pun
12. Mr. Michael Lau Hwai Keong
13. Prof. Pornchai Matangkasombut
14. Mr. Sakthip Krairiksh
Thai Beverage Public Company Limited 241,541,500
0.96
15. Gen. Dr. Choo-Chat Kambhu Na Ayudhya

16. Mr. Vivat Tejapaibul
- His spouse
50,000,000
0.20
17. Mr. Panote Sirivadhanabhakdi
0.43
18. Mr. Thapana Sirivadhanabhakdi
0.43
19. Mr. Sawat Sopa (6)
0.00
0.00
20. Mr. Ueychai Tantha-Obhas

21. Mr. Sithichai Chaikriangkrai
22. Dr. Pisanu Vichiensanth
Remarks: (1)
(2)
(3)
(4)
(5)
(6)

-
This is to comply with the requirement of Public Limited Company Act B.E. 2535 (as amended). This shows the total number of shares which the director directly
and indirectly holds shares of the company increasing or decreasing during a scal year. In this regard, no director holds shares in the Companys afliate companies.
The company does not have any outstanding debentures.
Siriwana Co., Ltd. holds 11,368,060,000 shares in Thai Beverage Public Company Limited. Shares in Siriwana Co., Ltd. were held by Shiny Treasure Holdings Limited
which the director holds shares in Shiny Treasure Holdings Limited as per details shown in the table above.
Maxtop Management Corp. holds 4,223,760,762 shares in Thai Beverage Public Company Limited. (According to the report of change of interests of Maxtop Management
Corp. which was submitted and announced via Singapore Exchange website on September 28, 2010) Shares in Maxtop Management Corp. were held by MM Group
Limited which the director holds shares in MM Group Limited as per details shown in the table above.
Risen Mark Enterprise Ltd. holds 833,335,000 shares in Thai Beverage Public Company Limited. Shares in Risen Mark Enterprise Ltd. were held by MM Group Limited
which the director holds shares in MM Group Limited as per details shown in the table above.
Golden Capital (Singapore) Limited holds 16,250,000 shares in Thai Beverage Public Company Limited. Shares in Golden Capital (Singapore) Limited were held by MM
Group Limited which the director holds shares in MM Group Limited as per details shown in the table above.
Mr. Sawat Sopa was appointed as Director by the 2010 Annual General Meeting of Shareholders on April 29, 2010.
33
STATISTICS OF SHAREHOLDERS
As at March 8, 2011
INFORMATION ON SHARE CAPITAL

Authorised share capital
Baht 29,000,000,000
Issued and fully paid-up capital
Baht 25,110,025,000
Class of shares
Common shares with a par value of Baht 1
Number of shares issued
25,110,025,000 shares
Voting rights
One vote per one share
Analysis of Shareholders by Size of Shareholdings
Size of Shareholdings
Number of
Shareholders
Number
of Shares
%
0.00
1 999
10
8.85
1,008
N/A
N/A
N/A
N/A
10,001 1,000,000
33
29.20
11,308,925
0.05
1,000,001 and above
70
61.95
25,098,715,067
99.95
113
100.00
25,110,025,000
100.00
1,000 10,000
Total
The 21.23 % the Companys shares are held in the hands of public. Accordingly, the Company has complied with Rule 723
of the Listing Manual of the SGX-ST.
TOP TWENTY SHAREHOLDERS
No.
Name of shareholders
Number of Shares
1.
Siriwana Co., Ltd.
11,368,060,000
45.27
2.
The Central Depository (Pte) Limited
6,908,865,002
27.51
3.
Maxtop Management Corp.
3,694,675,000
14.71
4.
Sparkle View Development Limited
1,042,543,572
4.15
5.
Trinity Fortune Investment Ltd.
524,000,000
2.09
6.
Citibank Nominees Singapore Pte Ltd
110,236,750
0.44
7.
Mrs. Atinant Bijananda
107,000,000
0.43
8.
Mr. Thapana Sirivadhanabhakdi
107,000,000
0.43
9.
Mrs. Thapanee Techajareonvikul
107,000,000
0.43
10.
Mr. Panote Sirivadhanabhakdi
107,000,000
0.43
11.
Mrs. Wallapa Traisorat
107,000,000
0.43
12.
Mrs. Varang Srethbhakdi
65,650,500
0.26
13.
Mr. Winyou Chaiyawan
65,641,500
0.26
14.
Mr. Vanich Chaiyawan
64,863,500
0.26
15.
Mr. Veeravet Chaiyawan
61,600,000
0.24
16.
Miss Somruedee Siravongprasert
55,000,000
0.22
17.
Miss Weena Chaiyawan
50,000,000
0.20
18.
Mrs. Chompoonuch Tejapaibul
50,000,000
0.20
19.
Mrs. Nontana Chaiyawan
48,000,000
0.19
20.
Mr. Vivat Tejapaibul
41,541,500
0.16
24,685,677,324
98.31
Total
34
Statistics of Shareholders under The Central Depository (Pte) Limited
Size of Shareholdings
Number of
Shareholders
Number
of Shares
10
0.12
2,640
0.00
1 999
1,000 10,000
6,132
73.27
26,136,175
0.38
10,001 1,000,000
2,204
26.34
134,066,236
1.94
1,000,001 and above

Total
23
0.27
6,748,659,951
97.68
8,369
100.00
6,908,865,002
100.00
Twenty Largest Shareholders under The Central Depository (Pte) Limited

No.
Name of shareholders
Number of Shares
1.
Citibank Nominees Singapore Pte Ltd
2,878,367,269
41.66
2.
DBS Nominees Pte Ltd
1,816,629,383
26.29
3.
HSBC (Singapore) Nominees Pte Ltd
600,148,074
8.69
4.
UOB Kay Hian Pte Ltd
445,008,000
6.44
5.
Risen Mark Enterprise Ltd
383,335,000
5.55
6.
Vivat Tejapaibul
200,000,000
2.89
7.
DBSN Services Pte Ltd
162,729,312
2.36
8.
United Overseas Bank Nominees Pte Ltd
105,024,560
1.52
9.
Morgan Stanley Asia (S'pore) Securities Pte Ltd
59,356,000
0.86
10.
DB Nominees (S) Pte Ltd
31,981,415
0.46
11.
BNP Paribas Securities Services S'pore
24,826,231
0.36
12.
Rafes Nominees Pte Ltd
11,760,442
0.17
13.
Merrill Lynch (Singapore) Pte Ltd
8,300,265
0.12
14.
CIMB Securities (S'pore) Pte Ltd
6,294,000
0.09
15.
DBS Vickers Securities (S) Pte Ltd
2,385,000
0.03
16.
Daiwa Capital Mkts S'pore Ltd
2,060,000
0.03
17.
Lee Heng Tin
1,750,000
0.03
18.
OCBC Securities Private Ltd
1,562,000
0.02
19.
Ong Poh Leng
1,500,000
0.02
20.
Wee Soon Kiat
1,500,000
0.02
6,744,516,951
97.61
Total
35
Particular of Material Contracts with the Interested Persons for the year 2010 consist of:
Molasses purchase agreements, Thai Molasses Co.,Ltd., the companys subsidiary entered into molasses purchase and sale
agreements with Plantheon Trading Co.,Ltd., a related company, in order to sell to other subsidiaries within the group under
the purchase price and condition specied in the agreements.
Net book value of the company freehold land and building as at 31 December 2010 were as follows:
(million Baht)
Land
8,004
Surplus on land revaluation
4,263
Land improvement
669
Building and improvements
10,458
Total
23,394
The company leases various premises, primarily for the branch ofces and warehouses. All of these leases are operating
leases and not nancial leases.
As at 31 December 2010, the amount of freehold land held for planned future business operations amounted to Baht
1,221 million which was 8.2% of prot before income tax.
36
BOARD OF DIRECTORS
10
11
12
1. Mr. Charoen Sirivadhanabhakdi

Chairman
6. Ms. Kanoknart Rangsithienchai

Director
2. Khunying Wanna Sirivadhanabhakdi

Vice Chairman
7. Mr. Chukiet Tangpongprush

Director
3. Mr. Narong Srisa-an

Vice Chairman
8. Mr. Staporn Kavitanon

Independent Director and
Audit Committee Chairman
4. Mr. Komen Tantiwiwatthanaphan

Vice Chairman
5. Mr. Puchchong Chandhanakij
Director
9. Prof. Kanung Luchai

Audit Committee Member

11. Mr. Ng Tat Pun
Independent Director
37
13
14
15
16
17
18
19
20
21
22


President and CEO

19. Mr. Sawat Sopa

Director and Executive Vice President



Director


Director

Director and Senior Vice President
Ms. Vaewmanee Soponpinij

Company Secretary /
Secretary to the Board
Mr. Thidi Suwanarat
Assistant Secretary to the Board
38
EXECUTIVE COMMITTEE
10
11
12
13
14
15
16
17
18
39
EXECUTIVE COMMITTEE
1. Mr. Charoen Sirivadhanabhakdi

Executive Chairman
7.
2. Khunying Wanna Sirivadhanabhakdi

1st Executive Vice Chairman
8.
3. Mr. Narong Srisa-an

2nd Executive Vice Chairman
9.
4. Mr. Komen Tantiwiwatthanaphan

3rd Executive Vice Chairman

16. Mr. Jean Lebreton

Senior Vice President
5. Mr. Puchchong Chandhanakij

4th Executive Vice Chairman

17. Mr. Polapatr Suvarnazorn

6. Ms. Kanoknart Rangsithienchai


18. Mr. Marut Buranasetkul


President and CEO
Mr. Sawat Sopa

13. Mr. Vichai Chaiyavaranurak

14. Mr. Karn Chitaravimol
15. Mr. Matthew Kichodhan
MANAGEMENT COMMITTEE

President and CEO
Marketing

Beer Production
9.
Mr. Jean Lebreton
2. Mr. Sawat Sopa

Spirit Production

Business Development

General Affairs

Sales
7. Mr. Karn Chitaravimol

Non-Alcohol Production

Corporate Services

Finance

International Business

Strategy
40
DIRECTOR PROFILE
Mr. Charoen Sirivadhanabhakdi was appointed Chairman of the Board of Directors of

Thai Beverage Public Company Limited in 2003. He has been the Chairman of Beer
Thai (1991) Public Company Limited since 2001, the Chairman of the Red Bull
Distillery Group of Companies since 2004, the Chairman of TCC Land Co., Ltd. since
2002, the Chairman of Berli Jucker Public Company Limited since 2001 and the
Chairman of South East Group Co., Ltd. since 1997. In addition, he has been the
Chairman of TCC Holding Co., Ltd. since 1987.
Mr. Charoen
Sirivadhanabhakdi
Chairman
Executive Chairman
Mr. Charoen holds an Honorary Doctoral Degree in Agricultural Business Administration

from Maejo Institute of Agricultural Technology, an Honorary Doctoral Degree in
Industrial Technology from Chandrakasem Rajabhat University, an Honorary Doctoral
Degree in Management from Huachiew Chalermprakiet University, an Honorary Doctoral
Degree in Business Administration from Eastern Asia University, an Honorary Doctoral
of Philosophy Degree in Business Administration from Mae Fah Luang University, and
an Honorary Doctoral Degree in Management from Rajamangala University of Technology
Suvarnabhumi. Mr. Charoen has received many honors and Royal decorations, including
the Knight Grand Cordon (Special Class) of the Most Exalted Order of the White
Elephant, Knight Grand Cordon (Special Class) of the Most Noble Order of the Crown of
Thailand, the Knight Grand Cross (First Class) of the Most Admirable Order of the
Diredgunabhorn, Knight Grand Commander (Second Class, Higher Grade) of the Most
Illustrious Order of Chula Chom Klao, and Grand Companion (Third Class, Higher
Grade) of the Most Illustrious Order of Chula Chom Klao.
Khunying Wanna Sirivadhanabhakdi was appointed Vice Chairperson of the Board of

Directors in 2003. She has been the Chairperson of Beer Thip Brewery (1991) Co., Ltd.
and the Sangsom Group of Companies since 2004. She has also been the Vice
Chairperson of TCC Capital Land Limited since 2003, the Vice Chairperson of Berli
Jucker Public Company Limited since 2001 and the Vice Chairperson of the Executive
Board of T.C.C. Holding Co., Ltd. since 1972.
Khunying Wanna
Sirivadhanabhakdi
Vice Chairman
Khunying Wanna holds an Honorary Doctoral Degree in Bio-technology from

Ramkhamhaeng University, an Honorary Doctoral Degree in Business Administration
from Maejo Institute of Agricultural Technology, an Honorary Doctoral Degree in
Business Administration from Chiang Mai University and an Honorary Doctoral of
Philosophy Degree in Social Sciences from Mae Fah Luang University.
On the social activity side, she is the Vice Chairperson of the Bhumirajanagarindra
Kidney Institute Foundation, a Director of the Siriraj Foundation, a Director of Ramathibodi
Foundation, a Director of the Crown Prince Hospital Foundation, a Director of the
Kidney Foundation of Thailand, a Director of the Elephant Reintroduction Foundation,
a Director of the Committee for Recruitment and Promotion of Voluntary Blood Donors
of the Thai Red Cross Society, and a Director of the Sala Chalermkrung Foundation.
Khunying Wanna received numerous Royal Thai decorations, such as the Knight Grand
Cordon (Special Class) of the Most Exalted Order of the White Elephant (Ladies), the
Knight Grand Cordon (First Class) of the Most Noble Order of the Crown of Thailand
(Ladies), the Knight Commander (Second Class, Lower Grade) of the Most Illustrious
Order of Chula Chom Klao and the Knight Grand Cross (First Class) of the Most
Admirable Order of the Diredgunabhorn.
41
Mr. Narong Srisa-an was appointed Vice Chairman of the Board of Directors in 2003.
He has 44 years experience in the banking industry, having served in Kasikorn Bank
Public Company Limited from 1954 to 1998 as its Executive Vice Chairman. He also
holds directorships in several public companies in Thailand, including Chairman of
Oishi Group Public Company Limited, Chairman of Double A (1991) Public Company
Limited (Previously, Advance Agro Public Company Limited) and Independent Director
of True Corporation Public Company Limited. He holds an Honorary Master of Economics
from Thammasat University.
Mr. Narong Srisa-an

Vice Chairman
2nd Executive Vice Chairman
Mr. Komen Tantiwiwatthanaphan was appointed Vice Chairman of the Board of Directors
in 2003. He has had over 40 years experience in managing companies in the distilling
industry. He has served as President of Sahasan (2529) Co., Ltd. since 1986, and as
Director and Senior Vice President of Suramaharas Public Company Limited from 1986
to 1999. He holds a High School Certicate from China.

Vice Chairman
Mr. Puchchong Chandhanakij was appointed a Director and Executive Vice Chairman in
2003. Before joining Thai Beverage Public Company Limited, he was Managing Director
of LSPV Co., Ltd. from 1988 to 2003. He was Executive Director (Finance) of the
T.C.C. Group of Companies from 1983 to 1988, Director of Robina Credit Ltd. from
1980 to 1982 and Vice President of Asia Credit Ltd. from 1975 to 1979. He also holds
the position of independent director of Krisdamahanakorn Public Company Limited.
He holds a Bachelor of Business Administration and a Master of Science in Accounting
from California State University, Long Beach, USA.
Director
42
Ms. Kanoknart Rangsithienchai was appointed as an Executive Vice Chairman of the

Company in May 2010. Prior to this appointment, she was the Director and Executive
Vice President since 2003. She has extensive experience in nance and accounting.
Before joining the Company, she had been the Executive Vice President of the Sangsom
Group of Companies from 2000 to 2003, and the Vice President of the Ofce of
Controller, Surathip Group of Companies from 1983 to 1999. From 1975 to 1982, she
served as the Accounting Manager of the T.C.C. Group of Companies and as an
accountant at J&JHO Co., Ltd., from 1970 to 1975.
Director
She holds a Bachelor of Accounting from Thammasat University and has completed the
Director Accreditation Program with the Thai Institute of Directors.
Mr. Chukiet Tangpongprush was appointed as an Executive Vice Chairman of Thai

Beverage Public Company Limited in May 2010. Prior to this appointment, he was the
Director and Senior Vice President since 2003. Before joining, he was a lawyer from
1963 to 1983. From 1983 to 1986, he served rst as Manager of law rm and later as
Executive Director of Surathip Sansukko Co., Ltd. From 1987 to 1999, he served rst
as Executive Director and later as the head of the General Affairs Department of
Suramaharas Public Company Limited. He joined Sura Bangyikhan Co., Ltd. in 2000
as the head of the Human Administration and General Affairs.
Director
He holds a Bachelor of Laws from Thammasat University and the Thai Barrister at Law
from the Institute of Legal Education Barrister at Law, and has completed the Director
Accreditation Program with the Thai Institute of Directors. He is also a member of the
Thai Bar and of the Lawyers Council of Thailand.
Mr. Staporn Kavitanon was appointed a Director in 2004. He has extensive experiences
in the management of companies with directorship and membership of Committees at
various companies, such as Bangkok Bank Berhad, Siam Food Public Company Limited,
Berli Jucker Public Company Limited, and Kang Yong Electric Public Company Limited.
He was also the Vice Chairman of Bangkok Bank Public Company Limited since 1994.
He holds a Bachelor of Arts in Economics from Thammasat University and a Master of
Arts in Economics from Vanderbilt University, USA.
Audit Committee Chairman
43
Prof. Kanung Luchai was appointed an Independent Director in 2004. He has wideranging experiences in the public sector and legal business, having worked as Junior
and Senior Public Prosecutor in the Department of Public Prosecution from 1946 to
1973 and Director-General of the Policy and Planning Ofce of the Ministry of Interior
from 1973 to 1975. He served as the Deputy Under-Secretary of State for the Ministry
of Interior from 1975 to 1976 and as the Deputy Minister of Interior from 1976 to
1977. He practiced law at Bangkok International Law Ofces Co., Ltd., from 1976 to
Prof. Kanung Luchai

1985, and at Kanung-Prok Law Ofce Co., Ltd., from 1986 to 1992. He is currently a
Director of Kanung & Partners Law Ofces Company Limited and a Director of Kanung
& Partners International Consultancy Company Limited. He is also a Director of Thailand
Iron Works Public Company Limited and Bangkok Bank Public Company Limited.
In 2001, he received the Prof. Sanya Thammasak Award for being an Outstanding
Lawyer from the Private Sector. He holds a Bachelor of Laws from Thammasat University,
a B.A. Hons., LL.B. Cambridge University, United Kingdom, an Honorary Doctorate
Degree of Law from Chulalongkorn University and Thammasat University, and an
Honorary Doctorate Degree of Management Technology from Suranaree University of
Technology. He is also a member of the Thai Bar Association.
Mr. Manu Leopairote was appointed an Independent Director in 2004. He has extensive
experiences in the public sector, having served as a Director, Secretary General,
Inspector-General and Director-General from 1968 to 1999, and as the Permanent
Secretary at the Ministry of Industry from 1999 to 2004. He was also the Chairman of
PTT Public Company Limited from 1999 to 2004. From 1994 to 2008, he was the
Chairman of Technonet Asia, and from 1995 to 1996, the Chairman of the International
Sugar Organization Council of England. He was also part-time lecturer at the Faculty of
Economics, Thammasat University, Assumption University, and Bangkok University.
Mr. Manu Leopairote
He was the President of the Thammasat University Association from 2003 to 2004
and was the President of the Thammasat University Economics Association from 2000
to 2006.
He holds a Bachelor of Science in Economics (Honors) from Thammasat University, a
Master of Science in Economics from the University of Kentucky, USA, the National
Defense College of Thailand Class 34, and an Honorary Doctoral Degree in Business
Administration from Thammasat University. He won the Asian Productivity Organization
Award in 2005.
44
Mr. Ng Tat Pun was appointed as an Independent Director in 2006. He has extensive
experience in the banking and nance industry. He started his banking career with
Citibank in 1971. Since then, he has served in various senior positions with local and
international nancial institutions. From 1988 to 1997, he was the Executive Vice
President of OCBC Bank, Singapore, in charge of its International Banking and Financial
Institutions business. In 1998, he was appointed the Executive Director and Chief
Executive Ofcer of OCBC Bank, Malaysia. He was a Managing Director at JP Morgan
Mr. Ng Tat Pun

Chase from 1999 to 2002, a Managing Director and subsequently a Senior Advisor at
UBS AG. from 2003 to 2008. He is also an Independent Director, Chairman of the
Audit Committee, Member of the Nomination Committee of Engro Corporation Ltd.,
Singapore and Chairman of the Board of Directors of SP Chemical Holdings Ltd.
He holds a Bachelor of Arts degree (Economics and History) from the University of
Singapore.
Mr. Michael Lau Hwai Keong was appointed as an Independent Director in 2006.
He is a Managing Director, Advisory Services of Octagon Advisors Pte. Ltd. and a
director of Octagon Advisors (Shanghai) Co., Ltd. From June 2000 to September 2004,
he served as the Executive Vice President, International of United Overseas Bank Ltd.,
where he was responsible for the administration and governance of the banks
international operations. He was an Advisor to Asia Pulp and Paper Ltd. from February
1999 to May 2000. He has held various positions at the Monetary Authority of Singapore
(MAS) from February 1985 to July 1989 and from April 1991 to August 1997. His
Mr. Michael Lau Hwai Keong
last position at the MAS was Senior Deputy Director (Development and Domestic
Institutions). From August 1989 to March 1991, he was a Senior Manager (Institutional
Sales) at J M Sassoon & Company, a stock broking company. He was also the Executive
Vice President of the Central Depository (Pte) Limited (CDP) from November 1997 to
February 1999.
He holds a Bachelor of Business Administration (First Class Honors) from the National
University of Singapore and the Chartered Financial Analyst (CFA) from Institute of
Chartered Financial Analysis.
45
Prof. Pornchai Matangkasombut was appointed as an Independent Director in 2006.

He was the President of the Mahidol University from 1999 to 2007 and, before his
appointment in 1999, Dean of Sciences from 1991 to 1999 and has been a professor
at the University. He has been a member of the International Union of Immunological
Societies since 1971 and a Member of the Executive Board of the International Union
of Microbiological Societies from 1986 to 1990. He has won the highest level of Royal
Decorations (Knight Grand Cordon of White Elephant, Special Class and Knight Grand
Prof. Pornchai Matangkasombut

Cordon of the Crown of Thailand, Special Class) and the Royal Thai Award of Chula
Chom Klao Order (Special Third Class) and the Palmes Academiques (Commandeur)
from the Government of France, the Borden Research Award in Medicine. He was also
an Honorary Research Associate at Harvard University and a Visiting Professor at Osaka
University and the University of Saigon. He was awarded honorary doctorates from
Osaka and Mahidol Universities.
He holds a Bachelor of Arts (B.A.) Degree, Doctor of Medicine (M.D.) and Doctor of
Philosophy (Ph.D.) all from the University of Wisconsin.
Mr. Sakthip Krairiksh was appointed an Independent Director in 2005. He has extensive
experience in the public sector, having worked in Thai ministries. He began his career
as a civil servant in 1971 at the Ministry of Interior. From 1979 to 2004, he served
as a Diplomat in the Ministry of Foreign Affairs, where he held various positions,
including Secretary to the Minister, Deputy Chief of Mission of the Embassy in
Washington, USA, Director-General, Protocol Department, Director-General, Information
Department, Spokesman of the Foreign Ministry, and Ambassador to the Kingdom of
Cambodia, Japan and the United States. He was an Advisor to the Prime Minister in
2004 and from 2004 to September 2007 the Permanent Secretary, Ministry of Tourism
Mr. Sakthip Krairiksh
and Sports.
He holds a Bachelor of Political Science from Boston University, USA, a Master degree
of Public Administration from Bangkok Thonburi University, and has attended the
National Defense College. He also holds an Honorary Doctorate Degree from Soka
University, Japan. He has received various Royal Thai and foreign decorations, such as
the Knight Grand Cordon (Special Class) of the Most Noble Order of the Crown of
Thailand, the Knight Grand Cordon (Special Class) of the Most Exalted Order of the
White Elephant, the Grand Companion (Second Class, lower grade) of the Most
Illustrious Order of Chula Chom Klao, the Order of the Sacred Treasure, Gold and Silver
Star and the Grand Cordon of the Order of the Rising Sun.
He is currently a Chairman of the University Council at the Rajamangala University of
Technology Krungthep.
46
Gen. Dr. Choo-Chat Kambhu Na Ayudhya was appointed Independent Director in 2006.
He served the Royal Thai Army from 1973 to 1987 as Surgeon of Phramongkutklao
Hospital. From 1987 to 1991, he was Chairman of the Department of Anatomy of the
Phramongkutklao College of Medicine. From 1991 to 1994, he was a Deputy
Commander of Army Medical Department School, the Royal Thai Army Medical
Department (Sena Rak School of the Royal Thai Army Medical Department). From
1994 to 2004, he held various positions in the Royal Thai Army Medical Department,
Gen. Dr. Choo-Chat

Kambhu Na Ayudhya
including the Director-General of the Armed Forces Research Institute of Medical

Sciences, an Assistant Surgeon-General, Deputy Surgeon-General, Director-General of
the Phramongkutklao Medical Center, Surgeon-General, and General Special Army
Expert and Consultant. He is a senior surgeon and physician at the Medical Bureau to
the Royal Court of Thailand.
He received his Diploma in Medicine from Westf. Wilhelms Universitt zu Munster,
and Doctorate in Medicine from the Georg-August Universitt zu Goettingen. He also
has a Diploma from the National Defense College of Thailand (WorRorPorOr 399),
a Certicate of Prociency in General Surgery from the Royal College of Surgeons of
Thailand and a Diploma from the Army War College (34). He is a permanent member of
the Royal College of Surgeons of Thailand, the International College of Surgeons, and
the Medical Association of Thailand. As for Royal decorations, he has won the Knight
Grand Commander (Special Class, Higher Grade) of the Most Illustrious Order of Chula
Chom Klao, Knight Grand Cordon (Special Class) of the Most Exalted Order of the White
Elephant and Knight Grand Cordon (First Class) of the Most Noble Order of the Crown
of Thailand.
Mr. Vivat Tejapaibul was appointed a Director in 2003. He has over 18 years experiences
in the banking industry, having served in Bangkok Metropolitan Bank Public Company
Limited in various positions from 1979 to 1998, including Secretary to the Chairman,
Deputy Director of the Trading Department, Director of Branch Administrative and Vice
President.
He holds a Bachelor of Laws from Thammasat University and a Masters Degree in
Business Administration from Fairleigh Dickinson University, USA.
Mr. Vivat Tejapaibul
Director
47
Mr. Panote Sirivadhanabhakdi was appointed Director in February 2007. He has been
Director of Beer Thai (1991) Public Company Limited from 2000 to 2004 and Director
of Beer Thip Brewery (1991) Co., Ltd. since 2004 and Director of Sura Bangyikhan
Group of Companies since 2002. He holds a Bachelor of Science in Manufacturing
Engineering from Boston University, USA, a Master of Science in Analysis, Design and
Management of Information System from the London School of Economics and Political
Science, England and Industrial Engineering and Economics from Massachusetts
University, USA.
Mr. Panote Sirivadhanabhakdi
Director

President and CEO
Mr. Thapana Sirivadhanabhakdi was appointed the President and CEO of the Company
in January 2008. Prior to this appointment, he was the Director and Executive Vice
President of the Company from 2003 to January 2008. In addition, he has also held
several executive positions in many leading companies such as Vice Chairman of Red Bull
Distillery Group of Companies since 2004, Director of Berli Jucker Public Company Limited
since 2001, Director of Beer Thai (1991) Public Company Limited and Vice Chairman
of Dhospaak Co., Ltd. since 2004, Vice Chairman of Oishi Group of Companies since 2006,
Executive Chairman of Oishi Group Public Company Limited since February 2011, Director
and Chairman of the Executive Committee of Univentures Public Company Limited and Vice
Chairman of Siam Food Products Public Company Limited since 2007, and Vice Chairman
of the South East Group of Companies since 2008. He has also acted as a Director of several
Thai Beverage subsidiary companies.
He holds a Bachelor of Business Administration (Finance), a Master of Science Administration
in Financial Economics from Boston University, USA, and an Honorary Degree of Doctor
of Philosophy in Department of General Management from Ramkhamhaeng University.
In 2009, he received Asias Best Companies 2009, Thailand: Best CEO award from
FinanceAsia Magazine.
Mr. Sawat Sopa was appointed as a Director in April 2010. Prior to this appointment,
he was the Executive Vice President of the Company since 2004. He is responsible for
liquor production and technique. He was the Managing Director of Beer Thai (1991)
Co., Ltd., and Executive Vice Chairman of Red Bull Distillery (1988) Co., Ltd., from
1992 to 1995 and from 1995 to present, respectively. From 1980 to 1992, he served
as an Executive Director of the 43 Group of Companies and Assistant Chief Executive
Director, responsible for liquor and alcohol production. From 1964 to 1975, he served
Mr. Sawat Sopa

Director and
Executive Vice President
rst as an engineer and later as the Chief Engineer of Siam Chem Co., Ltd. From 1963
to 1964, he served as an engineer in Bangchak Oil Renery. Mr. Sawat sits on the
boards of directors of various organizations including the Thab Neelaniti Foundation,
Chulalongkorn University Association, The Petroleum & Petrochemical College,
Chulalongkorn University and President of Gymnastics Association of Thailand. He has
48
also been appointed as Special Commissioner of the Secretariat of the House of

Representatives to consider draft bills on workmens protection, the securities and
stock market and excise tax, a specialist to the Committee of the House Standing
Committee on Natural Resources and Environment, and a member of the Financial
Committee and Subcommittee of the Ethanol Investment Project under the Royal
Ethanol Project Bureau, Ministry of Science, Technology and Environment.
He holds a Bachelor degree of Science in Chemical Engineering from Chulalongkorn
University, a Master Degree of Industrial Management, Kensai Kasu Center, Japan,
a Master Degree Dynamic Management International Executive, Syracuse University,
USA and has completed the Director Accreditation Program with the Thai Institute of
Directors. He is a Member (Fifth Class) of the Most Exalted Order of the White Elephant
and a Companion (Fourth Class) of the Most Noble Order of the Crown of Thailand.
Mr. Ueychai Tantha-Obhas was appointed as a Director and Executive Vice President in
May 2010. Prior to this appointment, he was the Director and Senior Vice President of
the Company since July 2005. Before joining Thai Beverage Public Company Limited,
he was the Chief Executive Ofcer from July 1995 to December 2002, and Managing
Director of Riche Monde (Bangkok) Ltd. from January 1988 to February 1994, the
Managing Director of Sarin Property Co., Ltd. from March 1994 to June 1995, and the
Group Product Manager of Colgate Palmolive Co., Ltd. from September 1979 to June
1983. From May 1973 to August 1979, he held various sales and marketing positions
in Karnasuta General Assembly Co., Ltd.
Mr. Ueychai Tantha-Obhas
Director and
He holds a Bachelor of Science in Accounting from St. Louis University, Missouri, USA,
a Master of Business Administration from Thammasat University and has completed
the Advance Management Program from INSEAD, France.
Mr. Sithichai Chaikriangkrai was appointed a Director and Executive Vice President in
May 2010. Prior to this appointment, he was the Director and Senior Vice President of
the Company since 2003. He joined the T.C.C. Group in year 1990. He has over 30
years experience in nancial positions, including the Finance and Accounting Manager
of Asia Voyages & Pansea Hotel from 1983 to 1990, as a Financial Analyst of Goodyear
(Thailand) Co., Ltd. from 1980 to 1983, and as an External Auditor in Coopers &
Lybrand from 1977 to 1980.
Mr. Sithichai Chaikriangkrai

Director and
He holds a Bachelor of Accountancy (First Class Honors) from Thammasat University,

and has a Diploma in Computer Management from Chulalongkorn University and
completed the Director Certication Program with the Thai Institute of Directors. He
also has a Certicate of the Mini MBA Leadership Management from Kasetsart University.
In 2009, he received Asias Best Companies 2009, Thailand: Best CFO awards from
FinanceAsia Magazine.
49
Dr. Pisanu Vichiensanth has been a Director and Senior Vice President since February
2004. He has held several positions in Thai Beverage Group of Companies, including
Executive Vice President from 2000 to 2003 and Senior Vice Executive President from
2003 to 2004, at subsidiary, Beer Thai (1991) Public Company Limited. He is currently
the President of Beer Thai (1991) Public Company Limited. Before joining Thai
Beverage Public Company Limited, he had been the Vice President of Engineering and
Development (1997-2000) and Assistant Plant Executive (1994-1996) of Carlsberg
Dr. Pisanu Vichiensanth

Director and
Brewery (Thailand) Co., Ltd. He was a consultant at Pan Engineering Consultant Co.,
Ltd. from 1992 to 1994. From 1977 to 1993, he held several teaching positions,
including Head of Food Science and Technology at Thammasat University and Head of
Food Technology at Khon Kaen University from 1992 to 1993, and from 1989 to
1992, respectively. He lectured in food technology at Khon Kaen University from 1977
to 1990.
He holds a Ph.D. in Engineering from Technical University, Berlin, Germany, a Master
of Technology (Second Class Honors) in Biotechnology from Massey University, a Master
Brewer from the Scandinavian School of Brewing, Denmark and a Bachelor of Science
(Food Science) from Kasetsart University.
Mr. Vichai Chaiyavaranurak was appointed a Senior Vice President on August 1, 2008.
Prior to the appointment, he held many executive positions in Thai Beverage Group of
Companies, including the director of Thai Beverage Logistics Co., Ltd., the director of
Thai Beverage Marketing Co., Ltd., and Accounting & Finance President (Marketing
Group) of Thai Beverage Public Company Limited.
He holds a Bachelor of Business Administration in Finance and Banking, Thammasat
University.
Mr. Vichai Chaiyavaranurak
50
Mr. Karn Chitaravimol was appointed as a Senior Vice President on February 1, 2011
and was appointed as Managing Director of Thai Drinks Co., Ltd., Wrangyer Beverage
(2008) Co., Ltd., and SPM Foods and Beverages Company Limited. Prior to this
appointment, he was an Advisor of Thai Beverage Public Company Limited from October
2010 to January 2011 and the Managing Director of Thai Beverage Logistics Co., Ltd.
from January 2009 to September 2010. Before joining the Company, he was the Senior
Executive Vice President, Business Development and Investments of TCC Land
Industrial and Logistics Co., Ltd. in 2008, the Executive Vice President Logistics
Mr. Karn Chitaravimol
Business and the Executive Vice President Consumer Product Business of Berli Jucker
Public Company Limited, respectively, in 2007 and from 1999 to 2007. He was the
Senior Vice President Consumer Product Business of Premier Group of Companies
from 1996 to 1999, the President Tissue Paper Products and the Vice President
Marketing and Sales Consumer Products Business of Thai-Scott Paper Company
Limited, respectively, from 1993 to 1995 and 1991 to 1993.
He holds a Master Degree in MBA Marketing from Oklahoma State University, USA.
Mr. Matthew Kichodhan was appointed as Senior Vice President on September 9,

2009. He has extensive experiences in Thailand and International markets. From 1990
to 1995, he worked at Lever Brothers (Thailand) Co., Ltd. with a last position as Product
Group Manager. In 1995 to 2004, he has held various positions with PepsiCo Inc. in
Asia Pacic and International markets with a last position as Brand Marketing Director,
Asia Pacic. From 2004 to 2006, he was Vice President, Business Management, Asia
Pacic for Gillette Asia Pacic Group, Singapore, and from 2006 to 2009, he was the
Director and Chief Operating Ofcer of Minor Corporation Public Company Limited.
Mr. Matthew Kichodhan
He also holds directorships at various companies; as Director of Wave Entertainment

Public Company Limited, Director of BEC World Public Company Limited, and
Independent Director of Ocean Glass Public Company Limited.
In September 2010, he was appointed as Director and President of Oishi Group Public
Company Limited and Director in Oishi Group of Companies.
He holds a Bachelor of Commerce from University of Toronto, Canada and a Master of
Science, Management from Imperial College (Management School), University of
London, England.
51
Mr. Jean Lebreton was appointed Senior Vice President in February 2008. At Thai
Beverage Public Company Limited, Mr. Lebreton works with other senior executives to
develop and implement strategy and facilitate the integration of future acquisitions.
He worked for the Boston Consulting Group (BCG) from 1989 to 2005. After working
for BCG in France for ve years, he moved to Thailand in 1994 to open the Bangkok
ofce of BCG. He became a partner in the company in 1995. After leaving BCG in
2005, Mr. Lebreton worked independently for several years before joining Thai Beverage
Public Company Limited.
Mr. Jean Lebreton
Mr. Lebreton has extensive experience in Asia, including several years in Shanghai,
China. He has worked in many industry sectors as a consultant, including consumer
goods, banking, and energy, covering topics such as market development, consumer
research, re-engineering, and value management.
Mr. Lebreton has an MBA from Wharton School of the University of Pennsylvania.
Mr. Polapatr Suvarnazorn was appointed as a Senior Vice President on May 14, 2010.
From 2003 to 2010, he assumed the position of Vice President Ofce of External
Affairs of Thai Beverage Public Company Limited. Before joining this company, he was
the Executive Vice President of External Affairs of Riche Monde (Bangkok) Ltd. during
1986 and 2003. In 1984 to 1986, he held the role of Managing Director of Caldbeck
MacGregor (Thailand) Limited. He worked as the Client Service Director of Ogilvy &
Mather (Thailand) Co., Ltd. during 1976 and 1984. From 1974 to 1976, he was the
Account Executive of Leo Burnett Limited (Thailand).
Mr. Polapatr Suvarnazorn
He holds a Bachelor Degree in Asian Studies and a Master Degree in Chinese Philosophy
from Auckland University, New Zealand.
Mr. Marut Buranasetkul was appointed as a Senior Vice President on May 14, 2010. In
2008 to 2010, he was the Vice President Ofce of the President of Thai Beverage
Public Company Limited, the Managing Director of Thai Drinks Co., Ltd., and the
Deputy Managing Director of Thai Beverage Marketing Co., Ltd. Before joining the
Company, he was the Senior Executive Vice President (Marketing & Sales) & Chief
Marketing Ofcer of CAT Telecom Public Company from 2005 to 2009. During 2001
and 2008, he held various positions as the director of CAT Buzz TV Ltd. from 2007 to
2008, the director of Hutchison CAT Wireless Multimedia Ltd. from 2006 to 2008, the
Marketing Director, Digital Business of GMM Grammy Entertainment Public Company
Mr. Marut Buranasetkul
Limited from 2004 to 2005, and the Marketing Manager, Channel Distribution
Management of Advanced Info Service Public Company Limited from 2001 to 2004.
He holds a Bachelor Degree in Computer Science (Applied Statistics in General
Business) from Chulalongkorn University and a Master Degree in Business Administration
(Marketing & General Management) from Cleveland State University, USA.
52
ORGANIZATION STRUCTURE
Audit Committee
Board of Directors
Office of Internal Audit
Executive Committee
Ofce of the Chairman

of the Executive Board
General Affairs
President and CEO
Ofce of the President

Ofce of Corporate Communications*
Ofce of Corporate Secretariat*
Ofce of External Affairs*
Ofce of Legal Affairs*
Corporate
Services
Strategy
Ofce of
Human
Resources
Ofce of
Strategic
Planning
Ofce of
Information
Technology
Centre of
Excellence
Finance
Ofce of
Controller
Ofce of
Treasury
Ofce of
General Services
* Under process of being transferred to report to General Affairs.
Sales
Ofce of
Sales Planning
and Support
Marketing
Ofce of
Marketing
53
Risk Management Committee
Nomination Committee
Remuneration Committee
International Businesses
Business
Development
Ofce of
Business
Development
Non-Alcohol
Production
Ofce of Non-Alcohol
Production
Beer
Production
Spirit
Production
Ofce of Beer
Production
Ofce of Liquor
Production
Ofce of Technical
Service and Environment
Ofce of Engineering
Ofce of Natural
Essences Production
54
RESPONSIBILITIES AND
AUTHORIZATION OF EACH OFFICE
Ofce of the Chairman of the Executive Board
Ofce of Natural Essences Production
Co-ordinates and scrutinizes documentation work for
Oversees the process of natural essences production to
presentation to the Chairman of the Executive Board and is
meet the quality set forth by the Company.
responsible for the related secretarial tasks.

Ofce of Beer Production
Ofce of the President
Manages and oversees the production of the three beer
Manages secretarial tasks for the President. Provides
companies in compliance with the goals and policies of the
essential back-up in both administrative and strategic
Company, including the promotion of the development of
tasks. Coordinates with all internal units as well as external
production and personnel skills for the sustainable benet
organizations both domestically and internationally.
of the Group.
Arranges meetings of each ad hoc committee as assigned.

Ofce of Non-Alcohol Production
Ofce of Internal Audit
Manages and oversees the production operation and the
Assists the Board in promoting good corporate governance;
development of new products in non-alcoholic beverage
reports to the Audit Committee on signicant issues of risk
category in compliance with the goals and policies of
management, internal controls and governance; provides
the company, including the promotion of production and
advisory services and the resolution of issues concerning
personnel skills development for the sustainable benets of
internal controls; and promotes risk management to all
the company.
units operations.
Ofce of Business Development
Ofce of Liquor Production
Supervises and oversees the operation of all related
Manages and oversees operations of the three liquor groups
businesses under the responsibility of the Ofce of Business
in compliance with the goals and policies of the Company,
Development in compliance with the Companys policies
including the promotion of the development of production and
including giving advice and strategic planning to develop
personnel skills for the sustainable benet of the Company.
the businesses in charge to gain a maximize value added

to the Company.
Ofce of Technical Service & Environment

Formulates liquor production processes and controls liquor
Ofce of Marketing
production at 17 distilleries to meet the requirements of
Creates marketing, sales, advertising, public relations,
each type as well as the standards of the Thai Industrial
product development and merchandise distribution plans
Standards Institute. This includes the formulation of
in support of Group activities. Manages budgets, arranges
environmental management systems and controlling water
and controls the total product distribution in compliance
treatment systems.
with goals. Analyzes and formulates marketing strategies in

line with market competition.
Ofce of Engineering
Oversees the engineering section to support the distilleries
Ofce of Sales Planning and Supporting
and the Companys afliates to align with goals for the
Supervises and oversees support on the sale activities by
utmost benet to the Group.
coordinating with production and logistics units in order to

ensure that the sale activities are performed according to
the strategic plan.
55
Ofce of Controller
Ofce of Corporate Communications
Supervises and oversees the corporate functions of accounting
Supervises and responsible for all aspects of corporate
and budgeting to ensure the compliance with generally
communications functions, namely advertising and public
accepted accounting principles in Thailand to present the
relations, internal and external communications, electronic
complete, accurate and timely nancial informations as
communications as well as investor relations, to garner the
well as compliance with the procedures set forth by the
utmost benets for the company, particularly in regards
Board of Directors.
to corporate image and the fostering of relationship to

efciently support the companys businesses and activities.
Ofce of Treasury
Supervises and oversees support for treasury affairs to
Ofce of Corporate Secretariat
ensure technical and legal compliance of operations, as
Arranges all board of directors and shareholders meetings,
well as compliance with the procedures set forth by the
provides minutes of the relevant meetings of the Company
Board of Directors.
and its subsidiaries as well as other sub-committee meetings

as assigned by the management; Oversees the compliance
Ofce of Strategic Planning
in according to the Public Company Limited Law, Civil and
Oversees and coordinates the Companys transformation
Commercial Code in relation to Partnership and Company
program through the Project Management Ofce (PMO),
Limited, Securities Laws and the Listing Manual of the
centralizes all M&A activities in close coordination with the
Singapore Exchange which relevant to the Company and/
nance Ofce, with a focus on strategic evaluation and
or subsidiaries; Prepares and keeps documents pursuant
Post Merger Integration, and leads key projects as required
to Public Limited Company, Private Limited Company and
to dene and implement the groups strategy.
Securities Laws as applicable; Controls disclosure of material

information to ensure compliance with laws, regulations
Centre of Excellence
and the Listing Manual, as well as the Company policy;
Manages the budgeting and reporting processes, oversees
Analyzes Securities Laws relating to the Companys business;
the investor relation department, and identifies and
Provides appropriate advice to all directors and key executives
disseminates best practices.
in relation to the compliance with rules and regulations

of the Securities Laws including the resolutions of
Ofce of Human Resources
shareholders, the resolutions of Board of Directors of the
Institutes international-standard human resources
Company; Oversees the share registration of the Company
procedures that are capable of coordinating between the
and its group of companies; Coordinates with related
headquarters and regional ofces taking into account the
parties on the company secretary and share registrar works;
value of human resources, commitment to ethics, and
and Organizes the preparation of the annual report.
compliance with laws.

Ofce of External Affairs
Ofce of Information Technology
Oversees external affairs. Directly and indirectly creates
Responsible for information technology (IT) services,
positive relationships with business partners, leading to
including development of advanced IT systems so that
commercial opportunities and supporting negotiations and
business units can access information and tools to enhance
business connections over the short and long terms. In
the Companys competitiveness.
addition, build relations with government and social aspects

organizations as well as planning and running corporate
Ofce of General Services
community programmes.
Oversees administrative works for both the Company and its

afliates, such as cleaning services and maintenance of
Ofce of Legal Affairs
ofce buildings, supply of ofce equipment and stationery,
Analyzes and advises all units of the Company on legal issues
security systems and insurance for the assets. Ensures that
to ensure full compliance with the law and for the best interests
the work complies with Company policies and regulations
of the Company as well as being responsible for litigation
to efciently support the major business and activities of
matters, juristic acts/contracts matters, registration matters
the Group.
relating to partnerships/companies, and intellectual property.
PRODUCT PORTFOLIO
56
57
Brown Spirits
1. SangSom
2. SangSom Premium
3. SangSom Superior
4. Mekhong
5. Mekhong (Flask)
6. Drummer
7. SangSom Similan
8. Blend 285
9. Crown 99
10. Hong Thong
11. Mungkorn Thong
Brandy
12. Meridian
3 4
12
9 10 11
White Spirits
Ruang Khao 28 Degrees

Paitong 30 Degrees
Paitong 35 Degrees
White Tiger 28 Degrees

Niyomthai 28 Degrees
58
59
White Spirits
White Bear 30 Degrees

Tajeen 30 Degrees
Tajeen 35 Degrees
Tajeen 40 Degrees
Chaiya
Chao Praya
Hanuman
Mae Wang
Nagaraj
Phaya Seur
Chinese Herb
Spirits
Sua Dum
Chiang-Chun
Choo Sip Niw
Others
Shinobu Sake
Beer
Chang Classic
Chang Draught
Chang Light
Archa
Federbru
60
61
Non Alcohol Beverage
Chang Drinking Water
Chang Soda Water

Chang Bitter Lime-Lemon Flavored Soda Water
Chang Apple Mint Flavored Soda Water
62
Non Alcohol Beverage
Power Plus
(Electrolyte Beverage)
Wrangyer
Fruitnette
Ranger (Export)
(100% Fruit Juice)
(Energy Drink)
Black Up Coffee
63
Oishi Beverage
Amino Plus
Matcha Mineral Greentea

Matcha Milktea
Cofo Coffee
64
Oishi Beverage
Oishi Green Tea
Oishi Black Tea
65
Oishi Chilled & Frozen Foods
Gyoza
Cup Oden
Japanese Restaurants / Kiosks
Kani
Sandwiches
66
67
OPERATIONAL AND FINANCIAL REVIEW
Overview
both sales and profit growth. Besides strengthening
Founded in Thailand in October 2003, Thai Beverage
product sales, this adds new products to satisfy diverse
Public Company Limited (ThaiBev) consolidated
consumers demand while preparing ThaiBev for the
Thailands leading businesses of beer and spirits,
time when the economy picks up and the public regains
belonging to the principal shareholders and other
high purchasing power. For instance, the new, one-liter
business associates, into a single holding company. It was
SKU of Blend 285 spirit meets the demand of those
later registered on the Singapore Exchange (SGX) on
desiring value for their money. Besides catering to larger
May 30, 2006, raising S$1.574 billion (approximately
drinking crowd, the attractive designs of labels, lids, and
Baht 38 billion). A portion of the fund raised was used to
caseswith an embossed emblemadd a prestigious
pay off short-term debts and for working capital. ThaiBev
image to Blend 285 as a premium product.
is not only Thailands leading beverage manufacturer,

but also one of Southeast Asias biggest manufacturers.
Apart from its alcoholic drinks, which established the
Today, ThaiBev has four core businesses: spirits, beer,
foundation of its business, today ThaiBev has expanded
non-alcoholic drinks, and food.
its business scope to protable, non-alcoholic beverages.

This is evident in its acquisition of Oishi Group Public
Vision
Company Limited (Oishi), with a steady growth prospect
Our vision is to be a leading manufacturer and distributor
after ThaiBev had moved its product distribution from
of beverages with a focus on commercial excellence,
Oishis former distributors to ThaiBevs own distribution
premiumization of products, and professionalism. Our
channels. Besides Oishi products, ThaiBev aggressively
mission is to forge partnerships with our key stakeholders
promoted Chang water and Chang soda in 2010. Both
by offering six guiding values:
products successfully gained market shares particularly
Offer quality products for every customer segment;
bottled water. Besides its presence in food outlets
Satisfy distributors needs by offering professional
and restaurants, stores, and modern-trade outlets,
services;
Chang water are delivered to homes and ofces in an
Provide rst-quartile returns to our shareholders with
effort to create brand awareness. Business diversication
consistent, high revenue growth and protability;
to non-alcoholic drinks will lower risks, particularly excise
Become a role model in professionalism, transparency,

and good corporate governance;
Trust, empower, and reward our staff to make them
accountable and;
tax hikes on alcoholic drinks, which affect the spirit and

beer businesses; optimize ThaiBevs distribution network;
and position ThaiBev as an overall leader of the beverage
business, not just alcoholic drinks.
Contribute to the society.

ThaiBev is committed to retaining its market leadership
Strategies
by focusing on marketing investment to ensure its products
ThaiBevs product development plan seeks continuous
are at top of mind of target-group customers. Marketing
market premiumization in both quality and price that ts
activities through music and sports are in focus as they
market changes while internationalizing the image of its
appeal to these customers; for instance our support for
products on par with imports. Both the development of
concerts in conjunction with leading music companies
existing products and the introduction of new ones with
and sponsorship for leading English Premier League and
continually high protability will enable ThaiBev to forge
Thai Premier League soccer clubs.
68
ThaiBevs distribution network is at the heart of its
Human resources being indispensable to organizational
success. With the spirits and beer business network dating
success, ThaiBev has promoted training courses to
back three decades, coupled with its cordial relationship
sharpen employees skills. On the part of the organization,
with distribution agents, ThaiBev is committed to the
a restructuring exercise prepared ThaiBev for dynamic
consistent development of this network. This was evident
business circumstances and a performance management
in its restructuring of distribution agents and introduction
system was implemented to ensure efcient management
of innovative technologies as well as initiatives for
of employees.
improving sales, including the application of handheld

computers to the work of sales teams and the issuing
Thai economy
of ThaiBev credit cards to facilitate retail outlets
The rst two months of the year saw ongoing improvement
purchaseswhich saves time, boosts work efciency,
in the domestic economy from late 2009 in line with the
and aids cash management for such retail outlets. In
global recovery. However, the heightened political conicts
addition, ThaiBev has invested in logistics system
starting in mid-March eroded consumers condence and
development. This year witnessed construction completion
the PCI (Private Consumption Index), as a curfew was
of three distribution centers at Nakhon Ratchasima
enforced.
(for the Northeast), Chon Buri (for the East), and Surat
down on dining out, particularly in Bangkok Metropolis
Thani (for the South) to lower long-term transportation
and key cities where protests erupted.
Consumers hesitated to spend while cutting
costs.
In the latter half of the year, consumers condence
While remaining focused on developing international
climbed with the apparent belief that the domestic
business for further growth, ThaiBev has assigned
situation would improve once political issues died down.
professional teams to dene business formats to suit each
Yet, the related overall index remained below 100, which
country. It was through gradual moves that ThaiBev made
reected consumers lingering worries, particularly those
its presence in overseas markets with an aim to create a
about political circumstances after the chaos, which
stable foundation for its business and products. It focuses
indeed delayed economic recovery.
on establishing distribution channelsthe route to
oods ravaged many parts of the country, wreaking havoc
marketwhich is identied as the key success factor for
on properties and farms while sapping consumers
the business. The year saw ThaiBevs marketing activities
condence and spending. This prompted the government
launched to establish its brand in key target countries,
to devise plans to accelerate recovery.
Late in the year,
including concerts of famed vocalist Bird Thongchai

McIntyre in the US to publicize its brand and attract more
For alcoholic drinks, consumers demand hinges on the
customers in the US market. Besides, Chang served as
domestic economywhich was why a healthy trend was
the ofcial beverage partner of major golf tournaments
observed for the rst two months of the year. Amid political
like the CIMB Asia Pacic Classic in Malaysia, the rst
chaos, consumers condence plummeted, as did the
PGA tournament held in Southeast Asia this year. ThaiBev
overall ambience, to the extent that the positive news and
also renewed its sponsorship agreement of Everton
events of the second quarter of the yearincluding the
Football Club through 2014. These activities and
World Cup Soccer tournamentcould not compensate
sponsorships are expanding the presence of Chang in
sufciently. Thanks to market improvement, ThaiBevs
the global markets.
beverage business began to take off in the second half
69
of the year, so it is expected that such improvement will
Excise tax
raise consumers condence in spending on foods and
In 2010, the government made no adjustment in excise tax
drinks, among others.
rates for alcoholic beverages.
70
71
DOMESTIC BUSINESS
The Thai economy began its revival from late 2009 through
political situation, coupled with the World Cup Soccer
the rst two months of 2010. But the outbreak of political
tournament in June to July, prompting more frequent dining
conflicts in late February, worsening through May,
out by consumers, which in turn raised the sales of drinks.
devastated the domestic political and economic situations
However, with the severe domestic oods toward the end of
for the rst half of the year, with repercussions on domestic
the rainy season hurting the economies of several provinces,
tourism and consumers condence. For safety concerns,
peoples lower consumption during that period caused
consumers dined out less often, which directly affected the
drink makers to speed up their year-end sales to make up
beverage industry, particularly in key provinces with
for the decline in several affected areas.
political conicts. These problems hit beer and imported

spirits, the common drinks consumed in entertainment
outlets and tourism attractions, head on. But the overall
market edged up around mid-year with the improved
72
BEER BUSINESS
The domestic beer market slightly shrank from the past
year, ThaiBev scored a lower percentage decline than
year because of the increased political insecurity, which
domestic rivals. Its gradually improving beer business
in turn undermined consumers condence. In fact, such
resulted from the restructuring of goods distribution and
conicts of the rst half of the year shrank the domestic
rebranding of Chang Beer since the last quarter of 2009.
beer marketparticularly consumption at food outlets and

pubs hurt by the governments state of emergency
Launched in mid-2008, the restructuring of ThaiBevs
declaration. The market turned positive only with the World
distribution network continued in 2010. Today, its sales
Cup Soccer tournaments boost along with eased political
teams work through handheld computers and sales data
tension, which bolstered consumers condence. However,
became more systematized. These data nd uses in the
this years beer market has not recovered because of the
analysis of consumption patterns, as well as product
overwhelming oods.
placement and sales. In 2010, ThaiBev added a payment

system through credit cards for retail shops to address the
On the whole, however, with a 4.4% rise in sales from
needs of those without cash on hand at the time of sales
last year, ThaiBevs beer business of 2010 featured
teams visit. The improvement of sales channels through
improvement. Despite its lower sales for the rst half of the
all retail outlets has improved relationships between
73
ThaiBev and such outlets to the benet of ThaiBevs beer
but also sponsored Everton Football Club of the English
business. As generally known, the beer businesss key
Premier League and 12 Thai Premier League teams.
success factors lie in beer distribution and shelf-life
In addition, ThaiBev continually monitored consumers
management at points of sale before reaching consumers.
opinions to improve its mix of marketing components to
This differs from the spirits business, which relies on the
align with consumers demand.
push by agents, because spirits have no shelf-life problems.

Sales of Federbru Beer slowed down in 2010 in line with
In 2010, ThaiBev continued to invest in the rebranding and
the domestic premium beer market, consequent to domestic
modernization of Chang Beer. Marketing investment
insecurity, since this market primarily relies on dining-out
accompanied sales promotions, with more intensive
sales volumes. ThaiBevs return to investment in Federbru
promotion of Chang Draught and Chang Light to address
is expected once the market improves.
the needs of modern consumers who prefer low-degree

beer; sales promotions focused on sports and music
sponsorships. Notably, Chang Beer not only sponsored the
live telecast of the 2010 World Cup Soccer tournament,
SPIRITS BUSINESS
74
75
The overall domestic spirits business in 2010 edged up

slightly since premium spirits were terribly hurt by political
insecurity, which sharply lowered consumers trips to pubs
and bars in the rst half of the year. Spirits consumption
at food outlets, pubs, bars, and entertainment outlets
normally takes the lions share of premium spirits, in which
consumers tend to pick more prestigious products to
support their image. This year, brown spirits took the lead
in driving the growth of the spirits business. As a rule, local
brown spirits are regarded as belonging to low-to-middle
markets, mostly consumed off-premise. Consequently,
Thai brown spirits were less affected than premium ones.
ThaiBevs spirits business in 2010 witnessed saw growth,
mainly derived from the steady growth in brown spirits, with
5.9% growth from the previous year. The growth of its
brown spirits stemmed from the huge popularity of Hong
Thong and Blend 285, due to their value-for-money quality
and price. Although net prot of overall spirits sales
increased, the year saw a decrease in gross prot due to
the rising costs of molassesthe key ingredient of spirits.
In 2010, because of the domestic drought, the supply of
domestic molasses ran low.
NON-ALCOHOLIC BEVERAGE
BUSINESS
Steady and healthy growth is widely foreseen for this

market. This, coupled with ThaiBevs strong distribution
channels, contributed to its optimization of resources. In
view of this opportunity, ThaiBev is taking this non-alcoholic
beverage business seriously.
The year saw ThaiBevs substantial investment in marketing
and publicity for Chang water and Chang soda, including
TV and radio ads and various marketing activities. As a
result, these ThaiBev products were warmly welcomed by
consumers, as seen in high sales growth rates of 80.1%
for Chang water and 79.9% for Chang soda, buoyed by
expansion in food outlets and modern-trade channels.
Oishi drinks continued their popularity among consumers,
with Oishi green tea topping the domestic market shares of
green-tea drinks thanks to a strong brand buoyed by
consumers condence. Besides, the marketing campaign
known as Pai Tae Tua Tour Yok Gaeng (Free-All-the-Way
Trip with Friends), in its third year, led to skyrocketing
sales, particularly during the summer months. For the year,
sales of Oishi beverages rose by 30.1% with steady growth
projection. In view of the opportunity from this growth,
ThaiBev invested in raising the production capacity of Oishi
by installing a cold aseptic line during the year so as to
deploy it in 2011.
76
77
FOOD BUSINESS
78
79
For the rst half of the year, the domestic economic and
political situations dealt a stunning blow to the restaurant
business as a whole. Still, Japanese food continued to nd
widespread popularity among consumers, partly because of
peoples admiration for healthy dishes and their tastes.
ThaiBevs food businessbest known by the Oishi chain of
restaurantscontinued its steady expansion of branches in
2010; 20 new branches made their debuts this year, raising
the total number of outlets to 125. Despite the gloomy
political and economic outlooks of the rst half of the year,
Oishi food outlets registered healthy growth, thanks to its
consistent brand advertisement. In fact, the year witnessed
23.6% growth in this business from 2009, accounted for
by both branch expansion and sales in existing stores.
Notably, Shabushi restaurants enjoyed extraordinary growth
as a major contributor to Oishis income.
Besides the food business, Oishi has recognized channels
to expand its food business through home deliveries, an
exciting market buoyed by the demand of consumers who
do not prefer home cooking. Today, Oishis home delivery
business is still modest, so expansion in this business
stands to add substantial income to ThaiBevs food
business.
80
81
INTERNATIONAL BUSINESS
ThaiBev through its wholly own subsidiary, International
Development in 2010
Beverage Holdings Limited (IBHL), is responsible for
Overall performance of international business
building the international business. In 2010, IBHL has
ThaiBevs international operations showed dramatic growth
ofces in Hong Kong, Singapore, Cambodia, Malaysia, UK,
in 2010 across all regions, with sales growth of 20.5% when
USA, and China. IBHL distributes to over 80 countries,
compared year-on-year. ThaiBevs international business
selling whiskies from the Inver House portfolio, Chinese
contributed 3.2% of the Companys overall sale revenue in
spirits from Yunnan Yulinquan Liquor Co., Ltd. (YLQ),
2010. The growth in 2010 was backed by the expansion of
and ThaiBevs Chang Beer, Thai spirits and non-alcohol
Chang Beer coverage, Inver House Scotch whisky expansion
product portfolio.
into USA and new markets in Europe, and continuing

growth in China via YLQ.
Our international production centers include ve distilleries

in Scotland, and one distillery in Yunnan, China.
Chang Beer export

Chang Beer sales continue to grow in many regions
Strategy
especially in Asia and US, with the sales growth of 59%
IBHLs strategy continues to build on the three building
YoY. In USA market, Chang Beer saw the signicant sales
blocks i.e. premiumization of its product portfolio;
growth of 24%. The music marketing was the key activities
professionalization of the organization; and internationalizing
we used to support Chang Beer in USA. Key concerts were
its products across the world markets.
arranged in the key markets such as New York and L.A.

The concerts with Thai super stars such as Bird Thongchai,
IBHL is focusing on building its agship brands Chang
Nuvo and Da Endorphine were well accepted. Also, more
beer, Mekhong (branded overseas as the Spirit of
penetration into both on-premise and off-premise channels
Thailand), its single malt whiskies, Balblair, Old Pulteney,
helped improve beer sales in USA. In Asia market, coverage
Speyburn and anCnoc, blended scotch whiskies such as
expansion continues to drive the sales of Chang Beer to
Hankey Bannister, and Caorunn GIN, to be produced in the
72% growth.
UK. IBHL has identied key focus markets for each brand
and is directing its efforts and resources at these brand
Sports marketing also another marketing platform that was
market units (BMUs). IBHL intends to be a global player
used to promote Chang Beer. Chang Beer is proud to be the
with a comprehensive portfolio of products across the
main sponsor on Everton FCs jersey again. The contract
international markets.
with Everton FC was renewed and this will be another 3

years sponsorship with Everton until 2014. The sponsorship
Identifying and establishing an appropriate route to market
helped promote Chang brands presence in all regions. In
is one of IBHLs key strategies, whether wholly owned or
addition, Chang Beer sponsored the rst PGA tour in Asia,
third party is subject to the market conditions, and our
as the ofcial beverage partner.
goals for that specic market.
Thai Spirits
Local partners and management are a critical part of the
The Company expanded Mekhong through more distribution
strategy as IBHL moves into new markets, with our key
channels in 2010. For US market, Mekhong is expanding
executives experienced in the beer and spirits businesses
availability through Thai restaurants nationwide.
from different countries around the world.
82
Inver House products
Yunnan Yulinquan products
Inver Houses single malt portfolio was the key driver for our
After ThaiBev completed the acquisition of Yunnan
US market with Speyburn continued to outperform our
Yulinquan Liquor Co., Ltd. (YLQ) in China in 2009, the
expectation. Also, Inver Houses portfolio of whiskies was
Company helped YLQ extend its coverage in Yunnan.
introduced to the new market in Eastern Europe and Russia.
The new sales ofce of YLQ was established in 2010 at
The expansion into Eastern Europe will help push the sales
Kunming, to serve more distribution channel in this area.
growth of the whisky portfolio and compensate for the
The new strategy that YLQ started in 2010 was to expand
slowdown in mature markets like Western Europe.
beyond their current product portfolio, which mostly falls

into economy segment, to mid to high tier brands. Promoting
more of the upper tier products helped YLQ to improve
margin and protability.
83
2003
84
October
was established as a holding company
for the alcohol beverage business
May
MILESTONES
ThaiBev successfully listed

in the Singapore Exchange
main board
2006
October
Acquisition of Pacic Spiritss UK
se
(PSUK), owner of Inver House
Distillers in Scotland and
acquisition of Best Spirits
Company Limited
September
Acquisition of 43.9% of Oishi Group Public
Company Limited (Oishi) and disposal of 100% of
Thai Alcohol Public Company Limited; followed by
acquisition of additional Oishi shares via tender offer
2008
in November, resulting ThaiBev holds more than 50%

of total sold shares in Oishi
September
2009
ThaiBev turned a new chapter

in the history of Beer Chang
under one umbrella concept of
Kon Thai Hua Jai Deaw Gun
November
Acquisition of Yunnan
Yulinquan Liquor Co., Ltd.,
Chinese white spirit
distillery in China
May
ThaiBevs rst distribution center (DC) in
Nakhon Ratchasima province commenced operations.,
followed by two more DCs in Chonburi and Surat Thani
provinces, respectively, in June and August 2010
2010
November
Soda Chang launched its latest innovative
products Flavored Soda with 2 new variants,
Bitter Lime-Lemon and Apple Mint
85
MANAGEMENT DISCUSSION
AND ANALYSIS
Performance for the year ended 31 December 2010
The Company acquired Yunnan Yulinquan Liquor Co., Ltd.,
1,904 million, or 6.1%, due to a higher gross prot in the
a white spirits distillery in Peoples Republic of China, in
spirits business of 3.3%, the beer business of 15.3%, the
the fourth quarter of 2009 through an indirect subsidiary
non-alcoholic beverages business of 5.8% and the food
in Hong Kong at a total consideration of RMB 69 million.
business of 17.3%.
The operation of this company was included in the spirits

business segment since the fourth quarter ended
Earnings before interest, tax, depreciation and amortization
31 December 2009 onwards.
(EBITDA) was Baht 19,556 million, a decrease by Baht

355 million or 1.8%, due to a decrease of EBITDA in the
Group
beer business of 71.2%, the non-alcoholic beverages
For the year 2010, total sales revenue of the Company was
business of 31.2% although there was an increase of
Baht 121,361 million, an increase by Baht 13,392 million,
EBITDA in the spirits business of 0.8% and the food
or 12.4%, from Baht 107,969 million of last year, due to
business of 26.5%.
an increase of sales revenue from the spirits business of

10.5%, the beer business of 11.7%, the non-alcoholic
Net prot was Baht 10,721 million, an increase by Baht 78
beverages business of 34.5% and the food business of
million, or 0.7%, due to a higher net prot in the spirits
23.6%.
business of 1.3%, the food business of 23.2% and a lower

net loss in the beer business of 0.2% although there was
Gross prot was Baht 33,264 million, an increase by Baht
a lower net prot in the non-alcoholic business of 22.3%.

Unit: Million Baht
Non%
%
alcoholic
to Sales beverages to Sales
Spirits
%
to Sales
Revenue from sales
77,034
100.0
33,729
100.0
6,611
100.0
4,075
100.0
(88)
100.0
121,361
100.0
Cost to sales
52,046
67.6
28,812
85.4
4,722
71.4
2,616
64.2
(99)
112.5
88,097
72.6
Gross prot
24,988
32.4
4,917
14.6
1,889
28.6
1,459
35.8
33,264
27.4
2,116
2.7
4,230
12.5
841
12.7
128
3.1
7,287
6.0
YTD_2010
Selling expenses
Administative expenses
Operating prot (loss)
Other income / Interest income
EBIT (loss)
Finance costs
Income tax
Net prot (loss)
Depreciation & Amortization
EBITDA (loss)
6,275
8.1
16,597
21.5
272
0.4
16,869
21.9
161
0.2
Beer
9.2
796
12.0
1,127
27.7
2.3
11,287
9.3
252
3.8
204
5.0
41
(46.6)
14,690
12.1
(41)
94
(2,310)
73
0.3
30
0.5
19
0.5
46.6
374
0.3
4.3
223
5.5
15,064
12.4
0.2
21
0.3
0.1
259
0.2
(755)
(2.2)
(118)
(1.8)
(1,628)
(4.8)
379
5.7
1,620
(690)
(2)
282
(6.8)
6.4
3.0
31.8
(7.1)
15.3
24.9
(12.5)
%
to Sales
3,091
4,924
2,302
11
(28)
Total
(2,404)
11,784
19,171
%
%
to Sales Eliminate to Sales
Food
33
0.8
4,084
3.4
186
4.6
10,721
8.8
4.8
382
5.8
188
4.6
4,492
3.7
(2.0)
664
10.0
411
10.1
19,556
16.1
86
Unit: Million Baht
YTD_2009
Revenue from sales
Cost to sales
Gross prot
Selling expenses
EBIT (loss)
Finance costs
Income tax
Net prot (loss)
EBITDA (loss)
Spirits
%
to Sales

Beer
Non%
%
alcoholic
to Sales beverages to Sales

Food

%
%
to Sales Eliminate to Sales

Total

%
to Sales

Unit: Million Baht
Increase (Decrease)
Revenue from sales
Cost to sales
Gross prot
Selling expenses
EBIT (loss)
Finance costs
Income tax
Net prot (loss)
EBITDA (loss)
Spirits

Beer

Nonalcoholic
beverages

Food

Eliminate
Total

87
Spirits Business
Net loss was Baht 1,628 million, a decrease by Baht 4
For the year 2010, sales revenue was Baht 77,034 million,
million or 0.2%, mainly due to an income tax impacts and
an increase by Baht 7,301 million, or 10.5%, mainly due to
there was a decrease of interest expenses.
an increase of sales price to cover the excise tax rise in May

2009 and an increase of sales volume. Total sales volume of
Non-Alcoholic Beverages Business
spirits was 515.8 million litres, an increase of 5.9%.
an increase by Baht 1,695 million, or 34.5%, mainly due
to an increase of Oishis beverages sales. Total sales volume
795 million, or 3.3%, mainly due to the increase in sales
of Oishi beverages, which consist of green tea, black tea,
although there was an increase in raw material cost.
and other non-alcoholic beverages, was 211.6 million litres,

an increase of 30.1%. Energy drinks generated sales volume
EBITDA was Baht 19,171 million, an increase by Baht 147
of 8.1 million litres, a decrease of 6.7%. Soda and drinking
million, or 0.8%, mainly due to an increase in gross prot
water generated sales volume of 24.3 million litres and
and a decrease in idle costs although there was an increase
92.7 million litres respectively, an increase of 79.9% and
in donation expenses and product protection expenses.
80.1% respectively.
Net prot was Baht 11,784 million, an increase by Baht
Gross prot was Baht 1,889 million, an increase by Baht 103
148 million, or 1.3%, mainly due to the increase EBITDA
million, or 5.8%, mainly due to the increase of Oishi beverages
and a decrease in interest expenses.
sales. The lower margin was mainly due to product mix of

Oishi beverages sales and an increase in raw material cost.
Beer Business
EBITDA was Baht 664 million, a decrease by Baht 301
an increase by Baht 3,533 million, or 11.7%, mainly due
million, or 31.2%, mainly due to an increase in marketing
to an increase of sales price to cover the excise tax rise in
expenses.
May 2009 and an increase of sales volume. Total sales

volume of beer was 596.5 million litres, an increase of 4.4%.
Net prot was Baht 379 million, a decrease by Baht 109

million, or 22.3%, mainly due to the decrease in EBITDA
although there was a decrease in interest expenses.
651 million, or 15.3%, mainly due to the increase in sales.
Food Business
EBITDA showed a loss of Baht 690 million, an increase by
Baht 287 million, or 71.2%, mainly due to an increase of
an increase by Baht 777 million, or 23.6%, mainly due to
sales promotion expenses.
an increase in number of branches and sales price.
88
Shareholders Equity
215 million, or 17.3%, mainly due to the increase in sales
Total equity as at the end of December 2010 was Baht
although food costs increased in accordance with the variety
58,228 million, an increase of Baht 1,785 million, or
of foods available.
3.2% compared with the end of 2009. This was mainly due
to an increase in net retained earning which comprised of
EBITDA was Baht 411 million, an increase by Baht 86
prot for the period and dividend payment.
million, or 26.5%, mainly due to the increase in gross prot

although branch rental fees increased.
Liquidity
Cash and cash equivalents, as at December 31, 2010,
Net prot was Baht 186 million, an increase by Baht 35
was Baht 3,359 million. The net increase from the beginning
million, or 23.2%, mainly due to the increase in EBITDA
of the period was Baht 769 million. Details of activities
and a decrease in interest expenses.
were as follows:
Financial Position
Unit: Million Baht

Net cash provided by operating activities
15,213
Assets
Net cash used in investing activities
(2,818)
Total assets as at the end of December 2010 was Baht
Net cash used in nancing activities
(11,235)
77,302 million, an increase by Baht 153 million, or 0.2%,
Net increase in cash
compared with the end of 2009. Current assets increased
and cash equivalents in period
1,160
by Baht 1,699 million, mainly due to an increase in
Adjustment from nancial statement translation
inventories. Non-current assets decreased by Baht 1,546
Cash and cash equivalents at beginning of period 2,590
million, mainly due to depreciation of property, plant and
Cash and cash equivalents at end of period
(391)
3,359
equipment.
Net cash provided by operating activities of Baht 15,213
Liabilities
million was mainly derived from net income of Baht 10,721
Total liabilities as at the end of December 2010 was Baht
million and non-cash items from depreciation and
19,074 million, a decrease by Baht 1,632 million, or 7.9%,
amortization of Baht 4,492 million.
compared with the end of 2009. This was mainly due to a

decrease in long-term loans from nancial institutions.
Net cash used in investing activities of Baht 2,818 million

was mainly due to purchase of property, plant and
The maturity of interest-bearing loans was as follows:
equipments.
Unit: Million Baht

Within December 2011
Within October 2012
Total
8,762
Net cash used in financing activities of Baht 11,235
600
million was mainly due to repayment of loans and
9,362
dividend payment.
89
Financial Ratios
Dec.31, 10
Dec.31, 09
Current Ratio (times)
1.91
1.85
Total Debt to Equity Ratio (times)
0.33
0.37
Net asset value per share (Baht)
2.31
2.24
Jan. Dec.10
Jan. - Dec.09
49
59
27
40
Accounts Receivable Turnover (days)

Inventory Turnover (days)
Spirits Business
Finished Goods (Excl. Legacy Stocks)
Beer Business
Finished Goods
Shareholder Returns
Dividends
The current policy of the Board of Directors is to recommend to our shareholders a dividend of not less than 50% of net
prots after deduction of all specied reserve, subject to investments plan and as the Board of Directors deems appropriate.
For the nancial year ended 31 December 2010, the Board of Directors has recommended total dividend of Baht 8,788.51
million.
Year 2010
Year 2009
8,788.51
8,286.31
25,110
25,110
Interim dividend per share (Baht)
0.15
0.15
Final dividend per share (Baht)
0.20
0.18
Total dividend per share (Baht)
0.35
0.33
83.33
78.57
18.70
19.27
Dividend for the year (Million Baht)

Number of shares issued (Million shares)
Dividend payout ratio (%)

Return on Equity
Return on Average Equity (%)
Earnings Per Share
Earnings per weighted average ordinary shares (Baht)
Weighted average number of ordinary shares for the year (million shares)
0.42
0.42
25,110
25,110
90
RISK MANAGEMENT STRATEGIES
Market Competition Risk

The political conicts during the second quarter of last year
negatively impacted the on-premise channel, which is a key
consumption channel of the beer business in Thailand.
As a result, beer consumption in 2010 shrank by 4% when
compared with the previous year. In the event of slow
market, major players pushed extra hard to increase beer
sales and the competition was even ercer in the past year.
For reasons given, beer producers could not raise the price
and in the mean time, they needed to spend more resources
to win the market share. This adversely affected their
protability. Subsequent to the extended crackdown in
early May and the lift of the States of The Emergency Act
of Thailand, the anti-government meetings in public venues
still recur regularly. Such political gathering hinders the
recovering on-premise business and therefore; the erce
competition in the beer industry is expected to continue at
least until the next general election.
Despite a rather low competition among taxpaying white
spirit producers, the market risk lies in the increasing
numbers of illegal white spirit producers, subsequent to
the latest tax increase of the white spirit in May 2009.
Mitigation of such risk depends on the ability to persuade
and encourage responsible authorities of the public sector
to solve this problem seriously.
On brown spirits side, ThaiBev effectively won the market
share from low-price imported spirits. However, the year
2011 is expected to see intense competition due to
marketing activities from imported spirits distributors in
an attempt to regain the market share.
ThaiBevs seasoned Marketing Team and Sales Team have
been long competing in the spirits and beer businesses.
Since the re-launch of Chang beer in October 2009,
ThaiBev has efciently ceased growth of major competitors
and began to regain the market share. Despite a rather
small market share regained, it positively indicates higher
market share to be gained by the Company in the following
years. In addition, ThaiBev, as the market leader with high
potential distribution, is condent in the competing ability
of our spirits business.
ThaiBev focused on communicating with related executives

in order to ensure their understanding about the Act.
In addition, legal ofcers were appointed in every region
to oversee the matter. They were assigned to visit relevant
agencies overseeing the Alcohol Beverage Control Act
enforcement to gain thorough understanding of the law in
order to ensure that the Companys activities are compliance
with the law.
There has been news that the Ministry of Finance is
considering making adjustments of the entire excise tax
system, including alcoholic beverages. To date; however,
there are still no certain directions on the adjustment
of excise tax for beers and spirits. Nevertheless, such
adjustment will denitely more or less affect the total
cost of goods, which largely comprises the excise tax.
Excise tax administration completely lies in the hand of
the related government agencies without any involvement
of the private sector and therefore; the Company closely
monitors the matter and prepares itself to ensure that such
tax adjustment results in a minimum impact to the business.
Our management team consists of executives with longstanding experience in the alcoholic beverage business
and has undergone several tax changes. The Company is
condent that the team will efciently manage the excise
tax risk as proven by its past records.
Operational Risk
Certain raw materials in alcoholic beverage production
are natural products; for example, rice, malt, hops and
molasses. Their prices vary according to the weather,
demand and supply in the market each year. Also, some
packaging materials such as foil labels are imported
supply, which requires a certain period of time for
preparation and delivery. ThaiBev therefore mitigates the
price uctuation risk by stipulating a policy to make
purchases from several vendors, entering into forward
contracts to control costs, entering into long-term
agreements with major producers to obtain the required
quantities and quality of goods and, supporting sellers to
relocate their production facilities closer to those of ThaiBev.
Finance and Investment Risk
Regulatory and Tax Risk
ThaiBevs business operations and expansion are capitalintensive and therefore, incur risks and several uncertainties.
In the past year, the Ministry of Public Health strictly

enforced the Alcohol Beverage Control Act. Therefore,
The business itself is capital-intensive. In addition, new
91
product research and development, new factory construction

and maintenance and modications of the existing factories
call for continuous investments. Furthermore, the Company
incurs expenses in constant surveillance on the latest
developments in the domestic and overseas beverage markets.
Previous investments were funded by external loan resources,
recapitalization, and ThaiBevs internal cash ow. It is
expected that future business expansion or modications
of breweries and distilleries of the Company will be funded
by additional borrowing and internal cash ow. In this
regard, ThaiBev has taken steps to secure additional
credit lines from financial institutions, including O/D
(overdrawing) credit lines, promissory notes credit line and
issuance of bills of exchange. ThaiBev currently commands
nancial liquidity of 3.6 times of the total average sales
of one month. If it somehow cannot secure commerciallyacceptable funds, it may then raise funds through
recapitalization, which would reduce shareholders proportion.
Furthermore, if it cannot secure the necessary funds to
maintain or expand plants, this may harm its nancial
status, performance and business opportunities. Such risk
is constantly mitigated by the Ofce of Controller, which is
in attendance at planning meetings to share information for
use in preparing the appropriate nancial structure.
of maturity, consciousness and capability, all of which form

part of determination whether candidates are qualied for
the available positions.
In respect of personnel development, Thai Beverage Training
Co., Ltd. was established with an aim to build condence
that the Company is moving towards its goals. ThaiBev
Training is responsible for creating and developing quality
personnel who uplifts the organization to become the
leading international beverage company. The project on
assessment of management and individual personnel
development was conducted in response to the growth of
the organization.
Moreover, the Company promotes the use of the Performance
Management System by developing an information system
to collect data, conduct performance evaluation, and
produce reports. This allows employees to learn about their
strengths and weaknesses in their performance and how
to enhance their potential. The High-Potential Personnel
Management Program has continued with an annual
assessment to identify the level of success of the program
in order to ensure that successors are nominated for
prominent positions and employees are provided with
opportunities to make advances in their career.
HR Risk: human resources preparation for stability

and business growth
Environmental Risk: Compliance with Environmental

Protection Law
ThaiBev places importance on human resource management

and puts in place personnel strategies with an intention
to prepare and formulate the standardized human resource
management in accordance with the ever-changing
competitive environment.
ThaiBev sees signicance in ensuring compliance with laws

and constant updates of production standards, reected in
our applications of various systems such as the Quality
Management System Standard (ISO 9000), Food Safety
Management System Standard (ISO 22000), Environmental
Management System Standard (ISO 14000), Good Manufacturing
Practice and Hazard Analysis Critical Control Points
(GMP&HACCP) and so on.
Due to the competitive circumstances in the market and

our growth, the effort to re-structure the organization, which
began in 2009, has reduced the complexity in terms of
management and resulted in enhanced working competency,
coordination, and dynamic. Also, such re-structure reduced
the cost of management to a reasonable level in terms of
momentary investment and time.
Developments were seen in the recruiting processes in
order to indentify qualied and proper personnel with sound
social, corporate and professional responsibilities. The
Company puts in place the psychological and qualication
tests and applies the test result to analyze candidates level
Furthermore, the Company appointed the Energy Management

Committee to oversee the consumption of electricity,
thermal energy and hydropower, with an aim to optimize
consumption of the 3 resources in a long run. Constant
surveillance is arranged for these 3 resources and annual
objectives are defined in order to control usage ratio.
In addition, contamination monitoring is set and continuous
search for alternative resources is carried out; for example,
random tests for sources of water used in production
process and the search for substitute fuels, etc.
92
THAI BEVERAGE LOGISTICS
ThaiBev Logistics driving beyond the Horizon Strategic&
Of course, year on year, asset value of Thai Beverage
Tactic driving to be the best largest distribution network in
Logistics is growing and signicantly contributes to the
Thailand and Regional
business value chain, such as the largest distribution

network (nationwide warehouses and distribution centers),
The horizon line is a starting journey of our Thai Beverage
modernization distribution services, asset utilization, and
Logistics Co., Ltd. (ThaiBev Logistics), Business is
cost control. Professional people and world-class IT
working around the clock; Day and Night delivers the high
technology are implemented, which allow the business
quality of Thai Beverage products to all destinations in
to optimize inventory in all locations, maximize asset
Thailand and Overseas. ThaiBev Logistics vision is to be
utilization and achieve the highest customer satisfaction,
the domestic and international leader in logistics industry,
while minimize overall supply chain cost-to-serve.
to maximize and sustain its ability to compete in the

industry and to be an integral part to the Thai Beverage
In Phase II, Development of ThaiBev Logistics project will
Public Company Limited in becoming the leader in
focus into 3 perspectives; nancial perspective, operation
beverage industry, both locally and internationality.
perspective, and customer perspective. The 1st phase,

3 distribution centers had been established in Nakon
Achievement in 2010 (Phase I) is an integration of
Ratchasima, Surat Thani and Chonburi with the investment
logistics related activities from all Factory, Distribution
in Warehouse Management System. All of these 3
Centers and Thai Beverages sales ofces into one Center
distribution centers already operate with the total eet of
of excellence. Thank you to the international standards
788 commercial vehicles. In the 2nd phase consists of
and World-class IT technology, result is maximize customer
investment in distribution centers in the other locations
satisfaction and lower supply chain costs. With the volume
such as Chiengmai, KhonKhan and the replacement of
sales of approximately 1,400 million liters per year,
transportation vehicles as planned. The 2nd phase of
ThaiBev Logistics organization had been redesigned
distribution center is expected to nish in the mid 2012,
with the modernize concept of International Logistics
and transportation is expected to nish in the Q3 of 2011.
Development.
The success is a choice we make. ThaiBev Logistics 2011
Currently at the end of Phase I, ThaiBev Logistics is one
will enhance efficiency of the business in 3 ways;
of the largest distribution networks in Thailand and one of
Distribution coverage, Cost & Asset management, Value
the biggest in Southeast Asia as well, ThaiBev Logistics
chain integration. Our strategic distribution network
infrastructure asset consists of:
nationwide will be tactically managed to efciently serve
4,800 People, warehouse and transport staffs
both alcohol and non-alcohol product group, this to be in
2,000 Commercial vehicles (100% own eets),
alignment with ThaiBevs strategy. Scope of services in
+ 1,000 Drop points,
2011 will focus in improving quality & cost of Thailand
+ 100 Sales ofces,
distribution network, and moving services into upstream
+ 86 Warehouses,
supply chain and the cross border logistics. Joint projects
+ 16 Transportation ofces,
with key business partners will be formed a strategic
+ 3 Strategic distribution centers
alliance to leverage the technology such as the Eco-
(2 distribution centers will be in Phase II).
driving, Safety driving through Tire management program,

Fuel (energy) saving, and Fleet maintenance program.
93
Thai Beverage Logistics gallery Thai Beverage Logistics 24 hours Beyond the Horizon
6.00 a.m.
At ThaiBev Logistics, Distribution Center
6.30 a.m.
Sales ofce is ready
7.00 a.m.
Truck arrive from
Kamphengpetch Beer Factory
7.30 a.m.
Truck reports at Transportation ofce
8.00 a.m.
Distribution Center
starts 1st Inbound loading
8.00 a.m.
Loading process
8.30 a.m.
Ready for next assignment
8.30 a.m.
Outbound process starts
8.45 a.m.
ThaiBev Logistics ready to deliver
9.00 a.m.
ThaiBevs Sales ofces
conrm Customers order
9.00 a.m.
Truck leaves Distribution Center
to all destinations
Operation works all day
6.00 p.m.
Trucks report for day end
7.30 a.m.
Next day,
Truck reports at Distribution Center
We are ThaiBev Logistics
94
THAI BEVERAGE ENERGY
It has been the determination of the Distillery Group to

develop clean alternative energies along with improving
the environment surrounding the facilities. Hence,
Thai Beverage Energy Co., Ltd. (ThaiBev Energy) focused
on studying the possibility of projects to capture biogas
and optimize the use of distillery slop at 11 distilleries in
different provinces nationwide.
Distillery slop is high strength; brownish-black wastewater
with high concentration of organic substance from the
distillation process. Currently, the distillery slop is treated
through the organic decomposition process in an anaerobic
opened lagoon and the treated wastewater is distributed to
agriculturists living near the facilities who benet from its
soil improvement quality.
Our study indicated that biogas produced during the
decomposition of the organic substance in the distillery
slop in an anaerobic opened lagoon release into the
atmosphere. ThaiBev Energy hence opted for the distillery
slop treatment by the Anaerobic Covered Lagoon system
by ADI Systems Inc. a Canadian company with over two
decades of expertise in wastewater treatment. The system
focuses on capturing the biogas and enables its use as
alternative energy to substitute the heavy fuel oil utilized
in steam boilers at the distilleries. The distilleries in 5
provinces i.e. Buri Ram, Ubon Ratchathani, Prachin Buri,
Khon Kaen, and Surat Thani, were chosen to participate in
the project, with the system construction and installation
budget of Baht 170 million for each distillery. The project
was divided into 2 phases, rst of which was the investment
of the rst 2 distilleries in Buri Ram and Ubon Ratchathani
provinces.
With the distillery slop treatment by Anaerobic Covered
Lagoon system, the lining and covering was provided
for every lagoon in order to prevent any environmental
problems, both in respect of leakage and disturbing odor in
areas surrounding the distilleries. Main constructions were
as follows;1. 3,000-cubic meter covered lagoon for distillery slop
equalization
2. 27,000-cubic meters covered lagoon for ADIBVF
Reactor distillery slop treatment
3. 100,000-cubic meter covered lagoon for treated
wastewater
4. A biogas supply system with burners for steam boilers.
This distillery slop treatment system could capture the

biogas occurred from decomposition of the organic
substance in distillery slop amounting to 26,000 cubic
meters per day. Such volumes are almost adequate for the
total substitution for fuel oil at all distilleries. Upon full
operation of the system, a surplus of biogas may be
produced, which can be further developed and utilized in
other business activities. Moreover, the treated wastewater
possesses soil improvement quality and the distribution
of the treated distillery slop to nearby agriculturists is
uninterruptedly continued.
Since the project incurred high investment due to the
overseas technologies utilized specially for the high strength
distillery slop treatment, ThaiBev Energy applied with the
Board of Investment for tax privileges. Moreover, it applied
for registration as a project under the Clean Development
Mechanism (CDM project) through the Thailand Greenhouse
Gas Management Organization (Public Organization)
pertaining to the Kyoto Protocol, under the United Nations
Framework Convention on Climate Change (UNFCCC) in
order to improve the projects return on investment.
ThaiBev Energy currently provides the service on distillery
slop treatment and disposal as well as sells the biogas
captured during the treatment as alternative energy in
substitution of heavy fuel oil at the following 5 distilleries.
1. Athimart Co., Ltd. in Prachin Buri Province
2. S.S. Karnsura Co., Ltd. in Ubon Ratchathani Province
3. Fuengfuanant Co., Ltd. in Prachin Buri Province
4. Kankwan Co., Ltd. in Khon Kaen Province
5. Nateechai Co., Ltd. in Surat Thani Province
The project is currently in the process of CDM registration.
It is estimated that these 5 distilleries can reduce the
emission of Green House Gas (GHG) equivalent to 200,000
tCO2e per year. All the 5 projects had received a Letter of
Approval issued by Thailand Greenhouse Gas Management
Organization (Public Organization) conrming that these
projects would assist The Kingdom of Thailand in achieving
sustainable development.
ThaiBev Energy success from the project not only signicantly
improved the surrounding environment and landscape of
distillery slop treatment but also, created a knowledge
center for environmental management of the community,
schools, and educational institutes in general. Furthermore,
its use of the biogas in substitution of heavy fuel oil
contributed to the reduction of oil import of the country.
95
OUR PEOPLE OUR SUCCESS
ThaiBev and the strategy of employees capacity building
..a few years ago, to stand still is to step back from

success. At present, moving forward does not mean survival
With the Management teams vision, Thai Beverage Public
in the competition. In the future, running is not enough for
Company Limited (ThaiBev) sees the value of People
winning..
and put its effort on staff development as much as on

technology or innovation. One of the companys challenges
is driving force of big organizations success through
employees capacity. At ThaiBev, employees are considered
valuable asset. Budget for human resource development
When the pattern of the competition has been

changed, the leader must adjust his/her concept idea
to comply with it. (New business model, new
leadership paradigm)
has been increasing every year. In order to achieve the goal

of human resource development mission, Thai Beverage
In reference to the above vision, the Management Team
Training Co., Ltd. (ThaiBev Training) was established
has shown their intention and determination to lead the
in early 2010. Its mission is to developing all personnel
organization to the international competition. So far,
so as to increase the ThaiBev Groups capacity in business
ThaiBev Group is recognized as a successful organization.
competition (ThaiBev Training as a strategic partner in
The challenge is how to make the new generation of
building corporate competitive advantage).
employees manage the organization sustainably since the
96
pattern of the competition starts changing from Capital
PPA (Personal Prole Analysis) and GTQ (General Training
Intensive or Industrial to Knowledge & Service Intensive.
Quotient). The data received is considered a research
Consequently, the Management Team has realized and
result, which will help planning effective human resource
been aware that it is necessary to adjust the way of thinking
development in the right direction and according to each
and the strategy in order to comply with the new direction.
executives skill.
The key is to mix the concept idea of management from
Future Direction and Strategy of Human Resource

Development
Industrial Organization with the new concept idea based on

Knowledge Organization. This leads to the driving force of
organizations capacity building especially the concrete
Leaders concept idea of human resource development
capacity in Know-How Capital competition.
must be in the same direction (new paradigm in people

development).
Human Resource Development & Increasing

Organizations Value
This must be the concept idea that all our employees have
potential and capacity to learn in order to creatively manage
ThaiBev Groups management direction has been set to the
the organization to move forward. It is the concept idea
strategy of increasing multi-competition capacity, such as
that we will help everyone to be High Performer in all
increasing revenue, increasing equity, increasing image
status. In order to support this concept idea, the company
value, setting up know-how capital.
has made a tool of strategic planning for human resource

management and development. This is a so-called Internal
Therefore, the organizations challenge is how to increase
Potential Benchmarking (IPB): Phase 1. It is used to
human capacity and pass humans knowledge to the
receive basic data in setting human resource development
organization through new products and services, corporate
plan so as to meet the needs at person level, management
culture, innovation, modern working system, etc. Once the
level, and organization level. Its objective is to understand
customers perceive them and feel condent with them,
how each employees skill and learning method is different
they will be willing to pay more, and buy more. As a result,
since rst day of working with the company.
the revenue will increase, and then the prot will increase.
Of course, one part of the revenue will be used for human
As an organization, in order to help every employee succeed
resource development to increase their capacity. If we do it
in their careers or in their tasks (High Performer), different
more quickly than others; it means that we will take the
strategies must be planned for individual like and readiness.
lead in the competition, impress the customers and gain
All of these are important mission of ThaiBev Training to
their loyalty.
increase competition capacity for the afliates in the year

2011.
As a result from this, during the last three months of year

2010, the company provided a capacity assessment and
executive development project through Increasing Personal
and Team Effectiveness for a group of 400 junior and
senior executives of the organization. Its aim was to have
the participants realize the necessity of capacity building in
competition. This started from oneself; that is, understand
ones strength and limitation both oneself and subordinates.
The most important thing was that the company used
97
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CREDIT RATING
ANNOUNCEMENT
On February 21, 2011 the annual review announcement,

TRIS Rating Co., Ltd. (TRIS) afrmed the company rating
of Thai Beverage Public Company Limited (ThaiBev) at
AA with a Stable outlook
To gain an international credit rating in order to establish
Companys overseas credit exibility in the nancial
markets, the Company engaged Standard and Poors
(S&P) and Moodys Investors Service Pty Limited
(Moodys), both well-recognized globally in their eld.
S&P afrmed the ThaiBev rating at BBB rating with a
Stable outlook (as Ratings Direct by S&P announced
July 1, 2010), and Moodys afrmed the ThaiBev rating at
Baa2 with a Stable outlook (as Global Credit Research
Credit Opinion by Moodys announced April 26, 2010).
(Note: The Thailand Country Rating from TRIS is AAA, BBB+ from
S&P and Baa1 by Moodys.)
The rating, if assigned, will be subjected to revision or withdrawal by each of
the Rating Companies, TRIS, S&P or Moodys when there has been material
change to the rating and/or annual review and/or review on opinion of each
of the Rating Companies.
98
99
100
AWARDS
As a good corporate citizen, ThaiBev has always been well
the Securities Investors Association (Singapore) or SIAS.
aware of its responsibility to ensure transparency of its
ThaiBev has received the award for three years i.e. 2006,
business operations, as well as to produce and sell quality
2009 and 2010.
products and to contribute to the society. ThaiBev adheres

to the good corporate governance and conducts its business
Apart from adherence to the Good Corporate Governance,
by taking its stakeholders into consideration, including
ThaiBev focuses on maintaining its production standards to
customers, business counterparts, employees, shareholders,
strive for international recognition in respect of its product
investors and the general public. These high standards
quality. In 2010, Chang Beer won the gold medal in the
will make ThaiBev an internationally-acclaimed company,
Beers, Waters, Soft Drinks and Non-Alcohol Beverages
recognized by domestic and international investors.
category from the World Selection 2010, organized for the

49th time by Monde Selection Bruxelles. 2010 marked the
The Company is determined to operate the business with
third consecutive year that Chang beer won the gold medal
transparency, strict compliance with laws and regulations,
(2008-2010) and therefore; it was awarded the International
which emphasize on fair and equal treatment to its
High Quality Trophy as an honorary guarantee from Monde
shareholders and investors, including disclosure of correct
Selection.
and adequate information in an equal and timely manner

via appropriate communications channel. In 2010,
Archa beer entered its rst tasting competition in 2010 and
ThaiBevs unbroken devotion has won the Company the
won a gold medal in the Beers, Waters, Soft Drinks and
Runner-up of SIAS Investors Choice Award in the category
Non-Alcohol Beverages category from the World Selection
of Most Transparent Company 2010: Foreign Listings from
2010 held by Monde Selection Bruxelles, subsequent to
2006
2006 | 2009 | 2010
2006 | 2007 | 2008
2007
2008
IFR Asia Award:

Capital Markets Deal
of the Year 2006
SIAS Investors Choice Award

for Most Transparent Company
2006 Runner-up: New Issues
2009 Winner: Foreign Listings
2010 Runner-up: Foreign Listings
IR Magazine Award
Best IR in the
Singapore Market
by a Thai Company
Singapore Corporate Award

2007 Best Annual Report
by a Newly Listed Company
Certicate of Excellence
by IR Magazine 2008
BEER PRODUCTS
1998 | 2007
2008 | 2009 | 2010
Other awards of beer products

Beverage Testing Institute (BTI)
The 2008 World Championships 2008 - Chang Beer
Beer Industry of Florida
Beer Festival of the South, Lager Category 2009 - Chang Beer
Australian International
Beer Awards
European Style Lager
1998 - Chang Beer
2007 - Archa Beer
Monde Selection Bruxelles International Institute for

Quality Selections
Beers, Waters, Soft Drinks and Non-Alcohol Beverages
- Chang Beer
International High Quality Trophy 2010 - Chang Beer
101
winning a gold medal from the Australian International
Institute Review of Spirits, and the International Wine &
Beer Awards (AIBA) in 2007.
Spirit Competition.
On spirits side, the recently launched Caorunn gin produced
Moreover, ThaiBev is socially responsible and places great
by ThaiBevs Inver House Distilleries in Scotland won gold
concern on environmental protection by opting to utilize
medals from several institutions namely, the International
standardized technology in order to minimize the impact on
Spirits Challenge 2010 (Design and Packaging Awards)
the environment, save energy and protect the environment
and the UK Packaging Awards 2010 (Glass Pack of the
of its surrounding communities. ThaiBevs factories are
Year). Furthermore, it received the 2nd consecutive gold
well managed and maintained. For these efforts, the
medal in the Super Premium category from the Gin Master
company was awarded the Prime Minister Award 2010
2010, a gold medal from the US Beverage Testing Institute,
from the Ministry of Industry. Beer Thai (1991) Public
a silver medal from the 2010 International Cocktail
Company Limited also won the award in the environment
Challenge, the Starpack Industry Awards, and the Super
conservation category from its continuous environmental
Premium Gold Medal from 2010 Travel Retail Masters.
management and pollution control. Beer Thip (1991)

Co., Ltd. won the award in the energy management
Our Scotch whisky products Old Pulteney, Hankey
category from its excellent energy management, machinery
Bannister, anCnoc and Balblair-- have received international
improvement, energy-saving measures and effective energy
recognition, totaling more than 50 medals and awards
consumption.
namely, the International Spirits Challenge 2010, the Los

Angeles International Wine & Spirits, the Beverage Testing
2008
2009
2009
2009
2009 | 2010
Asiamoneys Corporate
Governance Poll
2008 Best for Investor
Relations in Thailand
Asias Best Companies 2009

Thailand: Best CEO
by FinanceAsia Magazine
Asias Best Companies 2009

Thailand: Best CFO
by FinanceAsia Magazine
Thailand Energy Award 2009

Energy Recycle Off-Grid
- Gold
- Silver
Prime Ministers Industry

Awards
Energy Management
INVER HOUSES PRODUCTS
SPIRITS PRODUCTS
1982 | 1983 | 2006
2009
Monde Selection Bruxelles International Institute for
Quality Selections
- Drummer, Mekhong
2009 | 2010
International Golden Award

for Food & Beverages
- SangSom
International Wine and Spirit Competition

2009 - Drummer
2010 - Mekhong
2010
Los Angeles International Wine & Spirits Awards
2010 - Mekhong
Balblair, Old Pulteney, anCnoc, Hankey Bannister, Speyburn,

Caorunn, Cattos
- Icon of Whisky, Distiller of the Year 2008
- International Spirits Challenge (Drinks International)
- International Wine and Spirit Competition
- Los Angeles International Wine & Spirits Awards
- US Beverage Testing Institute Review of Spirits
- UK Packaging Award
- Gin Master
- Starpack Industry Awards
- International Cocktail Challenge
102
CORPORATE GOVERNANCE REPORT
At THBEV we adhere to good corporate governance principle, and the conduction of our business in compliance with all laws
and regulations applied to us. As a consequence, this year THBEV, as the Thai company listed on the Singapore Exchange
(SGX), received the Corporate Governance Asia Recognition Award 2010 from Corporate Governance Asia Magazine and
Most Transparent Company Award 2010 as the Runner-Up in the Foreign Listings Category from Securities Investors
Association (Singapore) (SIAS).
The Boards Conduct of Affairs

Principle 1
Our Board of Directors oversees the Companys business and affairs in accordance with the resolutions of shareholders and
the applicable laws. The Board must exercise good business judgment and act in good faith for the best interests of the
Company.
In this year, the Board met ve times, and the following table shows the details regarding the attendance to the meeting of
each director up to December 31, 2010:
Names
Positions
Number of Attendances /
Total of Meetings
1.
Chairman
4/5
2.
Vice Chairman
4/5
3.
Mr. Narong Srisa-an
Vice Chairman
4/5
4.
Vice Chairman
5/5
5.
Director
5/5
6.
Director
3/5
7.
Director
1/5
8.
Independent Director and Audit Committee Chairman
3/5
9.
Prof. Kanung Luchai
Independent Director and Audit Committee Member
5/5
5/5
11. Mr. Ng Tat Pun
3/5
5/5
5/5
5/5
5/5
Director
5/5
Director
4/5
President and CEO
4/5
3/5
5/5
(2)

Remarks:
(3)
5/5
5/5
(1) Mr. Sawat Sopa was appointed as director by the 2010 Annual General Meeting of Shareholders on April 29, 2010.
(2) Mr. Ueychai Tantha-Obhas was appointed as Executive Vice President by the Board of Directors Meeting No. 2/2010 on May 14, 2010.
(3) Mr. Sithichai Chaikriangkrai was appointed as Executive Vice President by the Board of Directors Meeting No. 2/2010 on May 14, 2010.
103
Matters Requiring Board Approval

Our Board recognizes their utmost duties to administer business and oversee the Companys operations. This includes the
administration of the subsidiary companies to be in line with the Companys core business plans to ensure that it complies
with the shareholders resolutions in good faith and under the law, its objectives, and Articles of Association. In addition,
our Board ensures that the Company and its subsidiary companies comply with the SGX Listing Manual. Our Board is also
responsible for the determination of visions and business strategies of the Company and the oversight of management
performance of their duties according to the Companys policies and report the nancial statements and general information
to shareholders and investors with accuracy and sufciency.
According to the Law, the Board is required to meet not less than four times in each year. In 2010, the Board met more
than such requirement in order to consider matter proposed by the management.
Training
All Directors have passed the Director Accreditation Program (DAP) of the Thai Institute of Directors. Some also accredited
the Director Certication Program (DCP) of the same institution. We also encourage and support directors to understand
Singapore Law and the Listing Manual applicable to our Company through training and information updating.
All Directors received a clear explanation of their roles and responsibilities at the time of their proposed appointment to
the Board.
Board Composition and Guidance

Principle 2
Board of Directors
Our Board consists of twenty two directors, including eight independent directors which are more than one-third of the total
number of the Board members. All directors have long-term experience in business or attained honorary position.
Executive Committee
The Board appointed an Executive Committee which consists of eighteen members, they either are the Board members or
top executive ofcers of the Company.
To enhance Company business operation, the Board granted them the authority to perform their duties. In this regard, some
of the Executive Committee members are assigned to oversee business units under the supervision of the President and
CEO. The Executive Committee may appoint other sub-committees to support the Executive Committee and the Board in
order to ensure the good corporate governance of the Company.
The Executive Committee meets once a month to discuss on the Companys business administration, except for the case of
emergency the meeting will be held as appropriate.
Apart from the oversight of the administration of THBEV, the Board also appoints certain Executive members to hold
directorship in both domestic and overseas subsidiary companies to monitor and control the business administration at
maximum efciency according to the Companys policy and for the best interest of the Company.
104
The Executive Committees responsibilities are as follows:
the Company. The Executive Committee also has

the authority to appoint the President and CEO or
Prepare and propose business plans, targets, operational
any appointee of the Company to be the authorized
plans, business strategies and annual budgets of the
representative of the Company to sign related
Company and its subsidiary companies to the Board of
employment contracts within the budget approved by
Directors of the Company;
the Board of Directors of the Company;
Determine and propose business plans, budgets and
Approve the appointment of the Companys representatives
management roles and responsibilities of the Company
to the Board of Directors and/or the sub-committee
and its subsidiary companies to the Board of Directors
of its subsidiary companies in order to supervise all
of the Company for approval;
administrative matters as approved by the Company

for the efciency and best interest;
Monitor the operations of the Company and its subsidiary

companies to be in line with business policy, targets,
Supervise and approve matters relating to the operation
operational plans, business strategies, budgets and
of the Company. It may appoint or authorize any one or
management roles and responsibilities as approved by
more persons to engage in any act on behalf of the
the Board of Directors of the Company for the efciency
Executive Committee as it deems appropriate such as
of and to facilitate business conditions;
appointment of the sub-committee to consider salary

increase and bonus of executive leveled employees
Approve payments for investments or operations,
ranking from Vice President to Executive Vice President,
borrowing or requesting for any facility from a nancial
appointment of any of the sub-committees that have
institution, lending, including being a guarantor with
particular knowledge and expertise to manage and monitor
respect to the normal business of the Company and its
before proposing to the Executive Committee, provided
subsidiary companies as stipulated by the Board of
that the Executive Committee is entitled to repeal,
Directors;
change or modify the scope of the authorization; and
Approve the annual budget for annual increase or

adjustment of salary and bonus payment for employees
Perform any other act as delegated by the Board of

Directors of the Company.
of the Company and its subsidiary companies;

However, the abovementioned approval shall not grant
Approve payments as determined by Board of Directors
power that cause the Executive Committee or the authorized
of the Company;
representative being able to approve any transaction

in which the Executive Committee or authorized
Propose the efcient organization and management
representative, or any related person has interest or may
structure of the Company and its subsidiary companies
have any conflict of interest with the Company or its
to the Board of Directors of the Company;
subsidiary companies (as dened in the Notication of the

Securities and Exchange Commission). Such approval must
Recruit, employ, terminate employment, promote,
be proposed to the meeting of the Board of Directors of
impose disciplinary penalty, transfer, adjust salary level,
the Company and/or the meeting of shareholders, as the
increase salary, adjust salary rate, and determine bonus,
case may be, for the approval, as stipulated in the Articles
welfare and other benefits as well as consider all
of Association of the Company or its subsidiary companies,
other remunerations for all levels of employees of
or any applicable laws.
105
In 2010, the Executive Committee met twelve times, and the following table shows the details regarding the attendance to
the meeting of each member up to December 31, 2010.
Number of Attendances /
Names
Positions
1.
Chairman of Executive Committee
2.
3.
Mr. Narong Srisa-an
2nd
Executive Vice Chairman
12/12
4.
11/12
5.
11/12
5th
12/12
6.
7.
8.
9.
Mr. Sawat Sopa
(2)
(1)
Executive Vice Chairman
Total of Meetings
11/12
9/12
4/12
President and CEO
11/12
10/12
12/12
11/12
11/12
13. Mr. Jean Lebreton
10/12
12/12
10/12
9/12
2/12
2/12
(3)
(4)
15. Mr. Somchai Suthikulpanit
(6)

Remarks:
(7)
(8)
(5)
(1) Ms. Kanoknart Rangsithienchai was appointed as 5th Executive Vice Chairman by the Board of Directors Meeting No. 2/2010 on May 14,
2010.
(2) Mr. Chukiet Tangpongprush was appointed as 6th Executive Vice Chairman by the Board of Directors Meeting No. 2/2010 on May 14, 2010.
(3) Mr. Sawat Sopa was appointed as director by the 2010 Annual General Meeting of Shareholders on April 29, 2010.
(4) Mr. Ueychai Tantha-Obhas was appointed as Executive Vice President by the Board of Directors Meeting No. 2/2010 on May 14, 2010.
(5) Mr. Sithichai Chaikriangkrai was appointed as Executive Vice President by the Board of Directors Meeting No. 2/2010 on May 14, 2010.
(6) Mr. Somchai Suthikulpanit ceased from Executive Committee member and Senior Vice President as he was appointed as Vice Chairman of
Thai Beverage Marketing Co., Ltd. on February 1, 2011.
(7) Mr. Polapatr Suvarnazorn was appointed as Senior Vice President by the Board of Directors Meeting No. 2/2010 on May 14, 2010 and was
appointed to be the Executive Committee member by the Board of Directors Meeting No. 4/2010 on November 12, 2010.
(8) Mr. Marut Buranasetkul was appointed as Senior Vice President by the Board of Directors Meeting No. 2/2010 on May 14, 2010 and was
appointed to be the Executive Committee member by the Board of Directors Meeting No. 4/2010 on November 12, 2010.
Mr. Karn Chitaravimol was appointed as Senior Vice President in replace of Mr. Somchai Suthikulpanit by the order of
the Chairman which was authorized by the Board of Directors Meeting No. 2/2010 on May 14, 2010.
Management Committee
The Board of Directors approved the set up of the Management Committee (MC) and authorized the President and CEO to
be in charge of all MC activities. The MC was formed in January 2008 and consists of the top executives of business and
support units. Up to present, the members have been changed due to the additional appointment and change of the top
executives responsibility.
106
As at December 31, 2010, the MC consists of eleven members
The Audit Committee meets at least once in each quarter
namely, Mr. Thapana Sirivadhanabhakdi, Mr. Sawat Sopa,
or more, in case of emergency. Please refer to the Audit
Mr. Ueychai Tantha-Obhas, Mr. Sithichai Chaikriangkrai,
Committee Report.
Dr. Pisanu Vichiensanth, Mr. Jean Lebreton, Mr. Vichai

Chaiyavaranurak, Mr. Somchai Suthikulpanit, Mr. Matthew
Risk Management Committee
Kichodhan, Mr. Polapatr Suvarnazorn, and Mr. Marut
The Board of Directors appointed the Risk Management
Buranasetkul.
Committee in order to enhance the risk management to

be efcient and success in covering all business lines.
The Chairman of the MC is Mr. Thapana Sirivadhanabhakdi,

the President and CEO.
As at December 31, 2010, the Risk Management Committee

consists of seventeen members who are either directors
From February 10, 2011 Mr. Karn Chitaravimol, Senior
or executives. The Directors are Mr. Narong Srisa-an,
Vice President, was appointed as MC member to supervise
Mr. Puchchong Chandhanakij, Ms. Kanoknart Rangsithienchai,
Non-Alcohol Production Business in replace of Mr. Somchai
Mr. Chukiet Tangpongprush, Mr. Thapana Sirivadhanabhakdi,
Suthikulpanit.
Mr. Sawat Sopa, Mr. Ueychai Tantha-Obhas, Mr. Sithichai

Chaikriangkrai, Dr. Pisanu Vichiensanth. The executives
Investment Committee
are Mr. Jean Lebreton, Mr. Vichai Chaiyavaranurak,
The Company is very careful and will cautiously proceed in
Mr. Somchai Suthikulpanit, Mr. Matthew Kichodhan,
the investment for our business expansion. In this regard, the
Mr. Polapatr Suvarnazorn, Mr. Marut Buranasetkul,
Executive Committee appointed the Investment Committee
Mr. Chalerm Pornrutchakit, and Mr. Mahin Kraivixien.
(IC) which consists of nine members from various units.
The Chairman of the Risk Management Committee is
Mr. Narong Srisa-an is the Chairman of the IC and
Mr. Narong Srisa-an. Mr. Somsak Sae-Kuay, Vice President
Mr. Thapana Sirivadhanabhakdi and Mr. Sithichai Chaikriangkrai
of the Ofce of Internal Audit, is the Secretary to the Risk
are the Vice Chairman of the IC. The IC is responsible for
Management Committee. In this regard, any executive who
consideration and advice the Executive Committee on the
is appointed as the Senior Vice President will automatically
acquisition/disposal of businesses, assets, including the
be the Risk Management Committee member.
merger of businesses of Thai Beverage Public Company

Limited group of companies both domestic and overseas.
From February 1, 2011 Mr. Somchai Suthikulpanit ceased

from Senior Vice President as he was appointed as
Audit Committee
Vice Chairman of Thai Beverage Marketing Co., Ltd.,
The Board of Directors appointed the Audit Committee
consequently Mr. Somchai Suthikulpanit ceased from
which consists of 4 members, namely, Mr. Staporn Kavitanon,
Risk Management Committee member. In addition,
Prof. Kanung Luchai, Mr. Manu Leopairote, and Mr. Ng Tat Pun.
Mr. Karn Chitaravimol who was appointed as Senior Vice
Mr. Staporn Kavitanon is the Chairman of the Audit
President, to supervise Non-Alcohol Production Business
Committee and Mr. Somsak Sae-Kuay, Vice President of
becomes the Risk Management Committee member.
the Ofce of Internal Audit, is the Secretary to the Audit

Committee.
Among others responsibilities, the Risk Management

Committee ensures the analysis of both internal and
In this regard, Mr. Ng Tat Pun was appointed by the Board
external risks, determines the acceptable level of risks for
of Directors to be the leader of the Audit Committee in its
the Company and its subsidiary companies, and determines
roles in respect of the interested person transactions
and reviews criteria of risk management as well as evaluates
undertaken by our Group.
an emergency plan of each office to ensure that it is
107
practical. They also consider and review; overall policies,
Chairman approves the agenda to be considered at the
guidelines of risk management of the Company and its
Board meetings and the Executive Committee meetings
subsidiary companies, risks in the operation of the Company
as he is the Chairman of the Executive Committee. The
and its subsidiary companies, including the preparation of
President and CEO supervises the disclosure of adequate
the risk management report, warning system and preventive
and appropriate information to the Management and to
measures for operational risks. This includes the risk
the Board for further consideration and actions at the
assessment of the Company and its subsidiary companies
appropriate time.
with timely review of the criteria of risk management.

The Chairman and the President and CEO are responsible
Nomination Committee
for their roles in the overseeing the business operation
The Board of Directors appointed the Nomination Committee
and administration in accordance with the policy of the
which consists of Mr. Staporn Kavitanon, Mr. Manu Leopairote,
Board of Directors and structure of the organization of
and Khunying Wanna Sirivadhanabhakdi. The Chairman
the Company.
of the Nomination Committee is Mr. Staporn Kavitanon.

Mr. Thidi Suwanarat is the Secretary to the Nomination
Board Membership
Committee. In this regard, the majority of NC members

including the NC Chairman are independent directors.
Principle 4
In order to assure a transparent process for the appointment
The Nomination Committee is responsible for the selection
of the directors to the Board, the Nomination Committee
of the suitable person to be appointed as director and/or
(NC) would review and assess qualities of candidates for
President and CEO, and setting the procedures and the
directorships (including executive directorships) before
guidelines for selection.
making recommendations to our Board. The NC also reviews

the retirement and re-election of directors for proposing the
Remuneration Committee
election to the Annual General Meeting of Shareholders of
The Board of Directors appointed the Remuneration
the Company to comply with our Articles of Association.
Committee which consists of Mr. Staporn Kavitanon,

Mr. Manu Leopairote, and Prof. Kanung Luchai. The
The Remuneration Committee (RC) also determines
Chairman of the Remuneration Committee is Mr. Staporn
remuneration policies and guidelines to set fair and
Kavitanon. Mr. Thidi Suwanarat is the Secretary to the
reasonable remunerations of any kind to directors and
Remuneration Committee. In this regard, all RC members
executive committee members, as well as, reviews, revises,
are independent directors.
amends, or revokes such policies and guidelines to be

proposed to the annual general meeting of shareholders of
The Remuneration Committee is responsible for setting
the Company for approval. The Committee is also in charge
the policies and the guidelines in the determination of
of the consideration and review of the remuneration of key
remunerations of any kind including to consider and review
executives and proposes to the Board of Directors of the
the remuneration of the key executives.
Company.
Chairman and CEO
In performing their roles, our NC and RC adhere to the

law and the Listing Manual of the Singapore Exchange
Principle 3
applicable to our Company. The NC and RC also adopted a
Our Chairman encourages constructive relations among
charter and proposed it to the Board for approval.
the Board, Executive Committee and the Management. The
108
Board Performance
Level and Mix of Remuneration
Principle 5
Principle 8
In conducting the business of the Company, the Board
The determination of level and band of remuneration of
perform their duties in good faith and due care according
the Directors, Executive Directors, and top executives of
to the laws, shareholders resolutions and to preserve the
the Company were based on the corporate and individual
interests of the Company. Our Board will do the self-
performance. The approval of the remuneration for the
assessment of their performances and responsibilities.
directors is proceeded with clarity and transparency to

comply with laws and the Code of Corporate Governance
Access to Information
2005 of SGX (including the amendment). The Remuneration

Committee will consider and endorse the remuneration
Principle 6
structure prior to propose to the shareholders for approval.
We are committed to providing our Board members with

adequate, complete, continuous and timely information
The level of remuneration reects their experience and
before the Board meetings. The Board members have
dedication. The remuneration bands rank from A to C as
separate and independent access to the Company Secretary.
follows.
The Company Secretary, in consultation and cooperation

with the Ofce of Legal Affairs, is responsible for advising
Remuneration bands:
the Board on the laws concerning public company limited,
A refers to remuneration below the equivalent of
private company including securities laws and relevant

regulatory matters. In this respect, we set up a Compliance
Unit, having a Compliance Manager responsible for this
Unit under supervision of the Company Secretary. This is
to ensure compliance with the legal and regulatory
S$250,000.
B refers to remuneration between the equivalent of
S$250,000 and S$499,999.
C refers to remuneration from the equivalent of
S$500,000 and above.
requirements. The Board approves the appointment and

the removal of the Company Secretary. In 2010, the
The Company entered into a long-term employment agreement
Company Secretary attended all Board meetings and
with Dr. Pisanu Vichiensanth, who is the director in the
Executive Committee meetings.
Company, the Managing Director of Beer Thai (1991) Public

Company Limited and the Managing Director of Cosmos
Procedure for Developing Remuneration Policies

Principle 7
The Remuneration Committee (RC) is authorized by the
Board to determine the remuneration of directors and/or
executives in consultation with the Chairman to propose for
the approval of the shareholders meetings.
If a member of the RC has an interest in a matter deliberated
by the Committee, he will abstain from participating in the
review and approval process for that matter.
Brewery (Thailand) Co., Ltd., and a Senior Master Brewer.
109
Disclosure of Remuneration
9.2 Top Executives

(Remark: S$ 1 = Baht 24)
Principle 9
Name of Executives
Remuneration Band
As at December 31, 2010, the remuneration bands of

directors and six top executives are as follows:
9.1 Directors
(Remark: S$ 1 = Baht 24)
Names of Directors
Remuneration Band
1.
2.
3.
Mr. Narong Srisa-an
4.
5.
6.
7.
8.
9.
Prof. Kanung Luchai
11. Mr. Ng Tat Pun
1.
Mr. Jean Lebreton
2.
Mr. Vichai Chaiyavaranurak
3.
Mr. Somchai Suthikulpanit
4.
Mr. Matthew Kichodhan
5.
Mr. Polapatr Suvarnazorn
6.
Mr. Marut Buranasetkul
Remarks:
C
B
(4)
B
C
(5)
(6)
B
B
(1) Mr. Sawat Sopa was appointed as director by the 2010

Annual General Meeting of Shareholders on April 29, 2010.
(2) Mr. Ueychai Tantha-Obhas was appointed as Executive
Vice President by the Board of Directors Meeting No. 2/2010
on May 14, 2010.
(3) Mr. Sithichai Chaikriangkrai was appointed as Executive
Vice President by the Board of Directors Meeting No. 2/2010
on May 14, 2010.
(4) Mr. Somchai Suthikulpanit ceased from Executive Committee
member and Senior Vice President as he was appointed
as Vice Chairman of Thai Beverage Marketing Co., Ltd. on
February 1, 2011.
(5) Mr. Polapatr Suvarnazorn was appointed as Senior Vice
President by the Board of Directors Meeting No. 2/2010 on
May 14, 2010 and was appointed to be the Executive
Committee member by the Board of Directors Meeting
No. 4/2010 on November 12, 2010.
(6) Mr. Marut Buranasetkul was appointed as Senior Vice
President by the Board of Directors Meeting No. 2/2010 on
May 14, 2010 and was appointed to be the Executive
Committee member by the Board of Directors Meeting
No. 4/2010 on November 12, 2010.
Mr. Karn Chitaravimol was appointed as Senior Vice President
20. Mr. Ueychai Tantha-Obhas (2)
in replace of Mr. Somchai Suthikulpanit by the order of the
21. Mr. Sithichai Chaikriangkrai (3)
Chairman which was authorized by the Board of Directors
Meeting No. 2/2010 on May 14, 2010.
Accountability
110
In support of this, the Board also assigned the Ofce of the

Corporate Secretariat to oversee the compliance with the
Principle 10
laws concerning the private company, public company
The Board is responsible for providing a balanced and
limited and the Securities Laws, which are applicable to
understandable assessment of the Companys performance,
the Company.
and for providing shareholders with quarterly and annual

nancial reports. The nancial statements for the rst three
In addition to the relevant laws and regulations, the Board
quarters are released to shareholders within 45 days of the
of Directors also announces the Business Ethics and
end of each quarter. The annual result is released within
indicated that all directors, executives and employees be
60 days of the end of each nancial year. In addition, after
complied. In the Business Ethics, the Board of Directors
the nancial disclosure, our top executives also participates
included the policy for the handling of information in order
in quarter results brieng and telephone conference from time
to protect against unduly handling of information for
to time. This is to ensure the timely update to our investors.
personal benets or the benets of other persons. It is the

responsibility of the directors, executives and employees
Audit Committee
of the Company to prevent any access by unauthorized

persons, and/or disclosure of, non-public information that
Principle 11
may affect the market price of the Companys shares and
The Board appointed the Audit Committee (AC), which
other nancial instruments issued by the Company, before
consists of four independent directors: three Thais and one
it has been received by the stock exchange, or before the
Singaporean. The AC responsibilities are clearly set forth in
information has been made public through SGXNET, or still
the Audit Committee Charter for instance, assessing the
be price-sensitive information.
adequacy and effectiveness of the internal controls of

the Company and its subsidiary companies, ensuring the
In addition the Board of Directors has a policy for directors
correctness and reliability of the preparation process and
and executives on dealing in the Companys securities.
information disclosures of the Company and its subsidiary
The directors and executives of the Company are prohibited
companies, and reviewing the Company and its subsidiary
from dealing in the Companys securities from the date
companies compliance with the applicable laws, regulations
commencing two weeks before the announcement of the
and rules of the Stock Exchange of Thailand and the
Company nancial statements for each of the rst three
Singapore Exchange. This includes the internal controls
quarters of the Companys nancial year and one month
and consideration of Interested Persons Transactions to
before the announcement of the Companys full year
prevent any occurrence of conict of interests.
nancial statements, and from trading at any time on

short-term considerations. Under the Companys Articles,
Internal Controls
the Directors must also notify the Company and the SGX-ST
of the particulars of his shareholding interest in the
Principle 12
Company at the time of his appointment and, for so long
Our Board values a sound management internal control
as he remains as a Director, of any interest in, and all
system. To safeguard shareholders investments and the
changes to, his shareholding in the Company within 2
Companys assets, the Board appointed an Executive
business days of any such change. The Company Secretary
Committee, each member of which oversees different
immediately announces such notice through SGXNET and
departments and business units to ensure the adequacy of
within 7 days provides a copy of the notice received to all
nancial, operational and compliance controls, including
other directors.
risk management policies.
111
Based on the information provided to it, the Audit Committee
different auditor from the Company. The Companys Audit
believes that the system of internal controls and risk
Committee and Board of Directors considered and satised
management of the Company is adequate.
that the appointment would not compromise the standard

and effectiveness of the audit of the Company, in
Internal Audit
compliance with the Rule 716 of the Listing Manual.
Principle 13
Communication with Shareholders
The Company established the Ofce of Internal Audit to

assist the Board through the Audit Committee (AC) in
Principle 14
promoting sound risk management and good corporate
Not only we make various announcements via SGXNET
governance by assessing the adequacy and effectiveness of
to communicate with our shareholders, but our Investor
the internal controls for key businesses and operations in
Relations Unit also works closely with our top executives
areas described in the audit plan. In this respect, the AC
to ensure timely disclosure. The unit arranges quarterly
appointed the Vice President, Ofce of Internal Audit, as
briengs following the disclosure of interim and full year
the Secretary to the AC. Annual audit plan was prepared to
results, so that investors may query management about
ensure that the performance of internal audit is accurate
nancial, marketing or strategic issues. Between reporting
and complete.
periods, the Investor Relations team regularly meets with

investors to communicate the policies and strategies of the
The AC will propose its opinions on the appointment of the
Company so that investors have a good understanding of
auditors of the Company and its subsidiary companies
the Company operation. Investor Relations provides timely
including their remuneration to the Board of Directors in
detailed information via the corporate website.
order to propose to the Shareholders Meeting for approval.

The 2010 Annual General Meeting of Shareholders held
The unit also reports to management about investors
on April 29, 2010, unanimously resolved to approve the
comments and concerns. Contact information for the
appointment of Ms. Nittaya Chetchotiros, Certied Public
Investor Relations Unit appears in this annual report or on
Accountant No. 4439 or Ms. Bongkot Amsageam, Certied
the investor relations section of the corporate website
Public Accountant No. 3684, or Mr. Santi Pongjareanpit,
http://www.thaibev.com/ir.html.
Certied Public Accountant No. 4623 of KPMG Phoomchai

Audit Ltd. to be the auditor of the Company. This
appointment is also complied with Rule 713(1) of the
Listing Manual of Singapore Exchange (Listing Manual).
According to the nancial statements ended December 31,
2010, there was no payment made by the Company for the
Non-Audit Fee to the auditor.
Normally, Thai Beverage Public Company Limited and
subsidiaries will appoint KPMG Phoomchai Audit Ltd.
(KPMG Thailand) and companies in the group of KPMG
Thailand in various countries to provide audit services.
However, there is one subsidiary in overseas which is
International Beverage Holdings Limited USA, Inc. appointed
Giving Mission to Strengthen Relationship

ThaiBev Unites to Fight the Cold, the longstanding project,
carried out for 11 consecutive years, to provide blankets to villagers in
remote areas as a relief from the harsh cold season.
112
113
CORPORATE SOCIAL
RESPONSIBILITY (CSR)
REPORT
GivingThaiBevs Mission to Strengthen Our Valuable

Relationship
Giving is distinguished as a unique Thai identity. ThaiBevs
mission includes truly giving with determined purposes
and principles in which the value of such giving does not
only extends to its stakeholders, but also to the
environment surrounded.
ThaiBevs giving represents its contributions to society
and the environment by fostering environmental
conscience among our staff and the public while
facilitating the development of the society as a whole. We
give to express our sincerity, driven by our gratitude to
mother nature for allowing us to create good things for the
society.
ThaiBev is looking beyond the horizon, regarded as the
frontier of its business. Even though our business has
extended to markets in many parts of the world, there is
still territory that stretches far beyond the horizon. ThaiBev
therefore, takes the concept of being a Responsible
Company more seriously than just a business trend. We
combine the concept of environmental conservation with
the long-term development of our business strategies to
make sure that both are compatible with our goal. After
listing on the Singapore Stock Exchange in 2006, ThaiBev
declared its determination to strive for commercial
excellence in the food and beverage industry by developing
its production processes, establishing personnel
e x c e l l e n c e , e nha nc i ng a dv a nc e d t e c h n ology of
management and production, engaging in charitable
activities, supporting and being socially responsible. The
Environmental Mission was added to contribute to the
world we all share and co-exist so that it may remain
beautiful, with the sound environment and sustainable
prosperity. Giving is infused in the good corporate
governance principles of ThaiBev to express its
determination to nurture the earth.
The summary of achievements in 2010 reflected

outstanding corporate governance, especially in terms of
transparency and professionalism. It has been ThaiBevs
determination to implement projects to constantly improve
the quality of life of local people in most regions. In 2010,
ThaiBev continued its contributions to the society to assist
both public and private sectors in social, religious,
educational, public health, sports as well as arts and
cultural aspects.
Contributions:
ThaiBev Unites to Fight the Cold, the longstanding
project, carried out for 11 consecutive years, to provide
no less than 200,000 blankets each year to villagers in
remote areas as a relief from the harsh cold season. By
2010, the total individuals received the blankets
exceeded 2,200,000 persons.
Integrated advertising and public relations campaigns

aiming to encourage people to commit good deeds in
coherent with His Majesty the Kings For Benet and
Happiness solemn promise to Thais.
Activities to improve the quality of life of the locals

living nearby ThaiBev facilities through learning new
professions that can create additional income.
Following the success of our village sponsorship with

the Population and Community Development Association
(PDA) in Buriram Province, ThaiBev incorporate with
Adam Scott Foundation to sponsor our second village
in Khon Kaen.
Establish ThaiBev Thai Talent program in sports and

arts to support talented Thai youths to reach their
dreams for professionalism or achievement.
Sponsorship for the Community Water Resources

Management under the Royal Initiative project to ght
against draught and to increase agricultural fertility that
leads to sustainable prosperity of the community.
114
Top-left:
ThaiBev, in cooperation with Sirivadhanabhakdi Foundation,

sponsored construction of a new building worth Baht 2.4 billion
of Bhumirajanagarindra Kidney Institute, for kidney patients
caring.
Top-right :
Bottom-left:
ThaiBev provides integrated support to several projects

nationwide at community and national levels, ranging from
scholarship programs, building construction, teaching and
education materials, and lunch projects at many schools.
Bottom-right: ThaiBev supported an orchestra of the College of Music,

Mahidol University, in order to develop the music potential of
youth comparable to the international level.
On social aspects, we continue to promote moderate
ThaiBev Football Academy (TBFA), aims to develop and

encourage football spirits through sponsorship granted to
the Football Association of Thailand.
On sports, ThaiBev regards sports as a method to rene
drinking and cooperating with authority on drink-drive
the minds and health of people; therefore, it provides
activities to prevent road accidents.
continuous supports to various sports associations.

Each year, ThaiBev increases direct and indirect
On education, ThaiBev adheres to the principle that the
assistance measures namely, funding, consultation,
nations sustainable future equals a long-term
and operation, for major sports associations and major
investment, and that only education holds the key to
sports events that Thailand participates in, such as
the most solid foundation of the Thai society in the long
volleyball, golf, billiards, tennis, and especially football.
run. Therefore, ThaiBev continues to provide scholarship
ThaiBev opens a window of opportunity for the football
for those with academic excellence, nancial aid for
industry to develop and encourage football spirits in
building construction, educational and teaching
wider demographics through sponsorship granted to the
materials, for general individuals as well as to staff.
Football Association of Thailand, various football clubs
115

in Kamphaeng Phet Province won the industrial award 2010
in the category of environmental conservation.
in Thai league, Everton Football Club, and the
These are parts of the mission and responsibility held dear
establishment of the ThaiBev Football Academy
by ThaiBev under the belief that it is the duty of an entity
(TBFA) project, which contributes to the social
with corporate governance and social responsibility to bring
sustainability. TBFA will soon open its second branch to
true happiness to society through giving, especially when
serve the needs of thousands of children from several
the act of giving expands beyond the horizon of business.
communities in Bangkok.
ThaiBev believes that being a Responsible Company is the

true Thai way of givinga rm commitment by ThaiBev
On public health, ThaiBev deeply cares about the health
along with its business operation. This is one of the ultimate
of underprivileged people in remote and rural parts of
goals of our journey beyond the horizon.
the country. It has provided constant support in forms

of funds and operations related to public health, as
captured below.
ThaiBev takes a team of reputable physicians to give
free medical checkups and treatments at Chang Clinic
in Kamphaeng Phet province on a monthly basis.
Donate medical equipment and tools to the Princess
Mothers Medical Volunteer Foundation (PMMV).
Sponsor the mobile unit of prosthetic limbs of
Mahavachiralongkorn Foundation and several others.
Donate and support Bhumirajanagarindra Kidney
Institute Foundation such as seminars and building
the kidney hospital.
Help wildlife injured in accidents by provide fund for
vehicles to the wildlife rescue unit of the Royal Forest
Department.
Help natural-disaster victims.
Preservation of Thai Arts and Culture by supporting

university symphony orchestras, exhibitions, traditional
fairs, and so on.
116
AUDIT COMMITTEE
1. Mr. Staporn Kavitanon

Chairman of the Audit Committee
2. Mr. Kanung Luchai
Audit Committee member
4. Mr. Ng Tat Pun
117
AUDIT COMMITTEE REPORT
The Audit Committee of Thai Beverage Public Company
4. Approved the 2011 audit plan of the Internal Audit
Limited consists of 4 independent directors who are
Ofce, supervised the internal audit function through
appropriately qualied to discharge their responsibilities,
the acknowledgement of its audit results and provided
namely Mr. Staporn Kavitanon as Chairman of the Audit
guidelines to the Ofce of Internal Audit.
Committee, Mr. Kanung Luchai, Mr. Manu Leopairote and
5. Proposed KPMG Phoomchai Audit Limited to continue
Mr. Ng Tat Pun as Audit Committee members. The Audit
the role as the Companys external auditor in 2011 and
Committee is guided by the Audit Committee Charter
the remuneration to the Board of Directors for approval
approved by the Board of Directors which clearly set out
of the shareholders at the Annual General Meeting.
its authority, responsibilities and duties.
The Audit Committee considered and was satisfied

with the independence, performance, competency and
In 2010, the Audit Committee held 4 regular meetings
experience of the external auditor.
with the Executive Management, Head of Internal Audit

Ofce and the external auditors of the Company in relation
The Audit Committee is of the view that the Companys
to the meeting agenda as appropriate. The major tasks
nancial statements have been prepared in accordance
undertaken by the Audit Committee were as follows:
with the generally accepted accounting standards. The

interested person transactions have been accurate, fairly
1. Reviewed the quarterly and full-year nancial statements
disclosed and in compliance with corporate governance
of the Company, including key signicant nancial
practices. The Companys internal controls have been both
reporting issues, to ensure accuracy, reliability, complete
adequate and appropriate to its business and found no
and adequate disclosure of signicant information and
material discrepancy.
in accordance with the generally accepted accounting

standards. The Audit Committee then recommended
the quarterly nancial results to the Board of Directors
for approval, as well as the annual nancial results to
the Board of Directors for endorsement and approval of
the shareholders at the Annual General Meeting.
2. Reviewed interested person transactions and transactions
that may lead to conict of interests to ensure their
compliance with the Companys policy and corporate
governance principles with proper transparency and
disclosure.
3. Reviewed and assessed the adequacy and appropriateness
of the Companys internal controls through the oversight
and audits of the Internal Audit Ofce.
Staporn Kavitanon
Chairman of the Audit Committee
February 22, 2011
118
AUDIT REPORT OF CERTIFIED PUBLIC ACCOUNTANT

To the Shareholders of Thai Beverage Public Company Limited
I have audited the accompanying consolidated and separate
Company Limited, respectively, in accordance with generally
balance sheets as at 31 December 2010 and 2009, and
accepted accounting principles.
the related statements of income, changes in equity and

cash ows for the years then ended of Thai Beverage
Disclosure of signicant differences between Thai Financial
Public Company Limited and its subsidiaries, and of
Reporting Standards and International Financial Reporting
Thai Beverage Public Company Limited, respectively. The
Standards is not a required part of the basic financial
Companys management is responsible for the correctness
statements under generally accepted accounting principles
and completeness of information presented in these
in Thailand, but it is presented in Note 37 to the nancial
nancial statements. My responsibility is to express an
statements for information purposes only. I have not audited
opinion on these nancial statements based on my audits.
or reviewed such information and therefore do not express

any audit opinion or review report thereon.
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 nancial statements are free of material
misstatement. An audit includes examining, on a test
basis, evidence supporting the amounts and disclosures in
the nancial statements. An audit also includes assessing
the accounting principles used and signicant estimates
made by management, as well as evaluating the overall
nancial statement presentation. I believe that my audits
provide a reasonable basis for my opinion.
(Nittaya Chetchotiros)
Certied Public Accountant
In my opinion, the consolidated and separate nancial
Registration No. 4439
statements referred to above present fairly, in all material

respects, the nancial positions as at 31 December 2010
and 2009 and the results of operations and cash ows for
KPMG Phoomchai Audit Ltd.
the years then ended of Thai Beverage Public Company
Bangkok
Limited and its subsidiaries, and of Thai Beverage Public
23 February 2011
119
BALANCE SHEETS
As at 31 December 2010 and 2009
Consolidated
financial statements
Assets
Note
2010
Separate
2009
2010
2009
(in Baht)
Current assets
Cash and cash equivalents
3,358,696,022
2,590,213,439
22,849,120
128,663,235
Current investments
795,459
3,744,237
5, 8
1,921,770,225
2,050,389,992
790,866,676
503,887,458
2,370,666,238
2,995,032,567
27,146,320,485
26,194,210,534
Trade accounts receivable

Short-term loans to and
other receivables from related parties
Inventories
Other current assets
10
TOTAL CURRENT ASSETS
1,971,422,068
2,148,994,269
18,901,550
13,849,022
35,189,870,935
33,491,439,929
2,412,416,908
3,137,544,824
Non-current assets
Investments in subsidiaries
11
80,047,424,542
80,091,287,047
Investments in associates
12
122,755,082
127,832,595
13,797,886
10,588,899
Other long-term investments

Long-term loans to and
39,405,277
51,908,826
2,502,181,738
3,466,307,738
Property, plant and equipment
13
36,442,590,607
37,745,873,799
47,129,294
62,938,895
Intangible assets
14
3,200,711,244
3,286,735,878
24,042,689
31,069,390
Leasehold rights
15
193,341,836
213,351,580
Other non-current assets
16
other receivables from related parties
2,099,718,673
2,221,933,597
314,936,650
325,816,250
TOTAL NON-CURRENT ASSETS
42,112,320,605
43,658,225,174
82,935,714,913
83,977,419,320
TOTAL ASSETS
77,302,191,540
77,149,665,103
85,348,131,821
87,114,964,144
The accompanying notes are an integral part of these nancial statements.
120
BALANCE SHEETS
Consolidated
Liabilities and equity
Note
2010
Separate
2009
2010
2009
(in Baht)
Current liabilities
Bank overdrafts and short-term loans
from nancial institutions
Trade accounts payable
17
6,262,242,793
5,718,476,373
5,000,000,000
3,100,000,000
5, 18
3,757,164,726
3,139,839,924
17
2,500,000,000
3,765,000,000
2,500,000,000
3,765,000,000
5, 17
163,275,883
153,590,445
6,083,425,215
7,390,687,827
2,200,000
2,225,876,373
2,222,224,192
144,375,369
24,745,821
3,461,275,011
3,088,996,006
144,233,439
159,410,338
18,369,834,786
18,090,326,940
13,872,034,023
14,439,843,986
5, 17
285,526
897,087
10,402,800,000
9,742,700,000
17
600,000,000
2,500,000,000
2,500,000,000
103,702,329
114,860,331
Current portion of long-term loans

Short-term loans from and
other payables to related parties
Short-term loans from other party
Income tax payable
Other current liabilities
19
TOTAL CURRENT LIABILITIES
Non-current liabilities
Long-term loans from and
Long-term loans from
nancial institutions
Other non-current liabilities
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
703,987,855
2,615,757,418
10,402,800,000
12,242,700,000
19,073,822,641
20,706,084,358
24,274,834,023
26,682,543,986
121
BALANCE SHEETS
Consolidated
Liabilities and equity
Note
2010
Separate
2009
2010
2009
(in Baht)
Equity
Share capital
20
Authorised share capital
29,000,000,000
29,000,000,000
29,000,000,000
29,000,000,000
Issued and paid-up share capital
25,110,025,000
25,110,025,000
25,110,025,000
25,110,025,000
(19,732,320,907) (19,732,233,059)
Difference arising from common

control transactions
Premium on ordinary shares
4
21
17,215,736,603
17,215,736,603
17,215,736,603
17,215,736,603
21
4,262,882,677
4,262,882,677
(1,923,389,031)
(1,331,393,075)
Fair value changes and revaluation

differences on assets
Currency translation differences
Retained earnings
Appropriated - legal reserve
Unappropriated
21
2,900,000,000
2,900,000,000
2,900,000,000
2,900,000,000
30,111,160,538
27,785,867,220
15,847,536,195
15,206,658,555
57,944,094,880
56,210,885,366
61,073,297,798
60,432,420,158
TOTAL EQUITY ATTRIBUTABLE TO

EQUITY HOLDERS OF THE COMPANY
284,274,019
232,695,379
TOTAL EQUITY
58,228,368,899
56,443,580,745
61,073,297,798
60,432,420,158
TOTAL LIABILITIES AND EQUITY
77,302,191,540
77,149,665,103
85,348,131,821
87,114,964,144
Minority interests
122
STATEMENTS OF INCOME
For the years ended 31 December 2010 and 2009
Consolidated
Note
2010
Separate
2009
2010
2009
(in Baht)
Income
5
121,361,355,617 107,969,216,150
Revenue from sale of goods

Management fees
Interest income
Dividends
Other income
23
TOTAL INCOME
Expenses
2,903,484,765
2,594,776,788
12,672,997
15,555,840
252,462,454
348,116,720
8,289,511,707
8,237,578,932
350,656,454
262,276,825
58,083,605
12,094,186
121,724,685,068 108,247,048,815
11,503,542,531
11,192,566,626
76,609,559,464
5, 27
88,097,084,609
Cost of sale of goods
1,013,606,212
921,094,859
Selling expenses
24
7,287,561,335
5,784,519,888
Administrative expenses
25
10,948,771,780
10,009,359,545
20,685,841
18,797,854
Management benet expenses
26
338,086,268
301,396,844
294,921,534
265,956,844
106,671,503,992
92,704,835,741
1,329,213,587
1,205,849,557
10,422,725
11,221,936
15,063,603,801
15,553,435,010
10,174,328,944
9,986,717,069
(258,712,073)
(548,600,526)
(950,846,638)
(1,126,923,188)
14,804,891,728
15,004,834,484
9,223,482,306
8,859,793,881
(4,083,980,588)
(4,361,795,875)
(296,296,416)
(216,511,391)
10,720,911,140
10,643,038,609
8,927,185,890
8,643,282,490
10,611,601,568
10,566,412,729
8,927,185,890
8,643,282,490
109,309,572
76,625,880
10,720,911,140
10,643,038,609
8,927,185,890
8,643,282,490
0.42
0.42
0.36
0.34
Cost of rendering of services
TOTAL EXPENSES
Share of prot of associates, net of

income tax
Prot before nance costs and
income tax expense
Finance costs
28
Prot before income tax expense

Income tax expense
29
Prot for the year

Prot attributable to:
Equity holders of the Company
Minority interests
Prot for the year
BASIC EARNINGS PER SHARE
31
4,262,882,677
80,572
80,572
80,572
32
(3,965,000)
25,110,025,000 (19,732,233,059) 17,215,736,603
Balance at 31 December 2009
Dividends
transactions
of subsidiaries for common control
Consideration paid to equity holders
of holding
Effects of change to percentage

-
TOTAL RECOGNISED INCOME
in equity
Prot for the year
4,262,802,105
25,110,025,000 (19,728,268,059) 17,215,736,603
Income recognised directly
differences
Translation of nancial statement
an available for sale investment
change in fair value on
Unrealised gains from
Balance at 1 January 2009
Note
Fair value
changes and
revaluation
differences
Issued
and paid-up
share capital
Total equity
attributable to
equity holders
Legal reserve Unappropriated of the Company
171,712,615
171,632,043
80,572
(3,965,000)
(8,286,308,250) (8,286,308,250)
- 10,566,412,729 10,738,125,344
- 10,566,412,729 10,566,412,729
(1,331,393,075) 2,900,000,000 27,785,867,220 56,210,885,366
171,632,043
171,632,043
171,632,043
(1,503,025,118) 2,900,000,000 25,505,762,741 53,763,033,272
Currency
translation
differences
Retained earnings
Consolidated financial statements
Premium on
ordinary
shares
Difference
arising from
common
control
transactions
STATEMENTS OF CHANGES IN EQUITY
(in Baht)
Total
equity
171,712,615
171,632,043
80,572
(3,965,000)
(3,874,247)
232,695,379 56,443,580,745
(78,317,450) (8,364,625,700)
(3,874,247)
76,625,880 10,814,751,224
76,625,880 10,643,038,609
238,261,196 54,001,294,468
Minority
interests
123
TOTAL RECOGNISED INCOME AND
EXPENSE
4,262,882,677
25,110,025,000 (19,732,320,907) 17,215,736,603
(87,848)
32
Dividends
transactions
of subsidiaries for common control
Consideration paid to equity holders
of holding
Effects of change to percentage

-
in equity
-
4,262,882,677
25,110,025,000 (19,732,233,059) 17,215,736,603
Prot for the year
Expense recognised directly
differences
Translation of nancial statement
Note
Fair value
changes and
revaluation
differences
Issued
and paid-up
share capital
Total equity
attributable to
equity holders
Legal reserve Unappropriated of the Company
(591,995,956)
(591,995,956)
(87,848)
(8,286,308,250) (8,286,308,250)
- 10,611,601,568 10,019,605,612
- 10,611,601,568 10,611,601,568
(1,923,389,031) 2,900,000,000 30,111,160,538 57,944,094,880
(591,995,956)
(591,995,956)
(591,995,956)
(1,331,393,075) 2,900,000,000 27,785,867,220 56,210,885,366
Currency
translation
differences
Retained earnings
Premium on
ordinary
shares
Difference
arising from
common
control
transactions
(in Baht)
Total
equity
(591,995,956)
(591,995,956)
(87,848)
9,721,589
284,274,019 58,228,368,899
(67,452,521) (8,353,760,771)
9,721,589
109,309,572 10,128,915,184
109,309,572 10,720,911,140
232,695,379 56,443,580,745
Minority
interests
124
Dividends
17,215,736,603
25,110,025,000
Prot for the year

-
17,215,736,603
17,215,736,603
25,110,025,000
25,110,025,000
32
32
Note
Premium on
ordinary
shares
Issued
and paid-up
share capital
2,900,000,000
2,900,000,000
2,900,000,000
Legal reserve
Retained earnings
Seperate financial statements
1 January 2010
Balance at 31 December 2009 and
Dividends
Prot for the year
15,847,536,195
(8,286,308,250)
8,927,185,890
15,206,658,555
(8,286,308,250)
8,643,282,490
14,849,684,315
Unappropriated
61,073,297,798
(8,286,308,250)
8,927,185,890
60,432,420,158
(8,286,308,250)
8,643,282,490
60,075,445,918
(in Baht)
Total equity
attributable to
equity holders
of the Company
125
126
STATEMENTS OF CASH FLOWS

Consolidated
Note
2010
Separate
2009
2010
2009
(in Baht)
Cash ows from operating activities

10,720,911,140
10,643,038,609
8,927,185,890
8,643,282,490
4,492,427,645
4,355,958,603
35,096,090
37,101,713
Interest income
(12,672,997)
(15,555,840)
(252,462,454)
(348,116,720)
Finance costs
258,712,073
548,600,526
950,846,638
1,126,923,188
14,298,232
(8,464,378)
(33,825)
(187)
(2,940,252)
40,579,017
50,000,000
50,000,000
9,375,000
9,375,000
(90,886,558)
(184,325,749)
(102,153,207)
(72,823,714)
(18,554)
(2,919,788)
Prot for the year

Adjustments for
Unrealised (gain) loss on exchange

Bad debts and (reversal of) doubtful
debts expense
Amortisation of advance payments to a specialist
Write-off and (reversal of) allowance for
obsolete inventories
Write-off and (gain) loss on disposal of property,
plant and equipment and intangible assets
(53,017,401)
(49,047,500)
(8,289,511,707)
(8,237,578,932)
(10,422,725)
(11,221,936)
4,083,980,589
4,361,795,875
296,296,416
216,511,391
19,348,236,539
19,707,581,013
1,627,725,994
1,444,578,155
131,617,693
(539,636,623)
Other receivables from related parties
(274,595,642)
(456,438,174)
(46,123,999)
(47,983,161)
Inventories
(861,223,393)
3,863,494,180
176,038,015
(387,615,549)
(5,052,528)
(191,623)
612,480,745
(257,334,906)
9,054,372
24,681,391
(1,685,375)
(12,779,953)
162,055,039
(24,636,898)
(11,046,586)
20,775,993
Other non-current liabilities
(10,785,555)
20,439,338
Income tax paid
(4,080,328,408)
(4,329,085,759)
(176,666,868)
(329,686,209)
NET CASH PROVIDED BY OPERATING ACTIVITIES
15,212,549,405
17,621,448,013
1,387,150,638
1,074,713,202
Gain on sale of investment

Dividends
Share of prot of associates, net of income tax
Income tax expense
Changes in operating assets and liabilities
Other payables to related parties
127

Consolidated
Note
2010
Separate
2009
2010
2009
(in Baht)
Cash ows from investing activities

Interest received
Dividends received
Decrease in current investments
Loans to related parties
12,554,868
15,599,523
265,678,783
355,677,681
8,289,511,707
8,237,578,932
2,948,778
5,378,615
1,621,400,000
2,816,196,822
(Increase) decrease in other long-term

(3,427,172)
90,536
(3,109,959,947)
(2,287,993,168)
(16,038,852)
(33,340,747)
Sale of property, plant and equipment
145,105,057
120,800,725
24,701
4,805,491
Purchase of intangible assets
(30,583,006)
(25,564,866)
(2,061,932)
(4,601,515)
72,214,924
(203,008,977)
1,504,600
(2,886,205,850)
Purchase of investments
(2,033,127)
(458,041,032)
(2,499,995)
(43,379,133)
Net cash inow on disposal of subsidiaries
95,410,000
95,410,000
(2,817,769,625)
(2,832,738,644)
10,252,929,012
8,446,731,681
investments
Purchase of property, plant and equipment
(Increase) decrease in other non-current assets

Increase in share capital in subsidiaries
NET CASH PROVIDED BY (USED IN)

INVESTING ACTIVITIES
128

Consolidated
Note
2010
Separate
2009
2010
2009
(in Baht)
Cash ows from nancing activities

Interest paid
(257,970,707)
(566,484,489)
(950,685,515)
(1,113,177,092)
(8,286,308,250)
(8,286,308,250)
(8,286,308,250)
(8,286,308,250)
(67,452,521)
(78,317,450)
543,766,420
(2,982,885,369)
1,900,000,000
(2,146,160,794)
(643,900,000)
4,473,900,000
600,000,000
3,000,000,000
3,000,000,000
(2,200,000)
(4,800,000)
(3,765,000,000)
(5,325,000,000)
(3,765,000,000)
(5,325,000,000)
(11,235,165,058) (14,243,795,558) (11,745,893,765)
(9,396,746,136)
Dividends paid to equity holders of the

Company
Dividends paid to minority interests
Increase (decrease) in bank overdrafts and
short-term loans from nancial institutions
Increase (decrease) in loans from related
parties
Proceeds from long-term loans from
Repayment of short-term loans from other
party
Repayment of long-term loans from
NET CASH USED IN FINANCING ACTIVITIES
Net increase (decrease) in cash and

cash equivalents
Cash and cash equivalents at beginning of year
1,159,614,722
544,913,811
(105,814,115)
124,698,747
2,590,213,439
1,920,971,995
128,663,235
3,964,488
(391,132,139)
124,327,633
3,358,696,022
2,590,213,439
22,849,120
128,663,235
Effect of exchange rate changes on balances

held in foreign currencies
CASH AND CASH EQUIVALENTS
AT END OF YEAR
129
NOTE TO THE FINANCIAL STATEMENTS

Note
Contents
General information
20
Share capital
Basis of preparation of the nancial statements
21
Additional paid-in capital and reserves
Signicant accounting policies
22
Segment information
Common control transactions and acquisitions
23
Other income
Related party transactions and balances
24
Selling expenses
25
Other investments
26
Employee benet expenses
27
Expenses by nature
Inventories
28
Finance costs
10
29
Income tax expense
11
Investments in subsidiaries
30
Promotional privileges
12
Investments in associates
31
Basic earnings per share
13
32
Dividends
14
Intangible assets
33
Financial instruments
15
Leasehold rights
34
Commitments with non-related parties
16
Other non-current assets
35
Events after the reporting period
17
Interest-bearing liabilities
36
Thai Financial Reporting Standards (TFRS)
18
19
not yet adopted

37
Signicant differences between TFRS and IFRS
130
These notes form an integral part of the nancial statements.

The nancial statements were authorised for issue by the Board of Directors on 23 February 2011.
1. General Information
Thai Beverage Public Company Limited, the Company, is incorporated in Thailand and has its registered ofce at 14
Vibhavadi Rangsit Road, Chomphon, Chatuchak Bangkok.
The Company was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in May 2006.
The principal businesses of the Group are the production, distribution of alcoholic and non-alcoholic beverages, Japanese
restaurants and bakery shops. Details of the Companys subsidiaries and associates as at 31 December 2010 and 2009
were as follows:
Ownership
Name of the entity
Type of business
Country of
interest (%)
incorporation
2010
2009
Thailand
100.00
100.00
Thailand
100.00
100.00
100.00
Direct subsidiaries
1.
Beer Thai (1991) PCL.
Beer brewery and production of

drinking water and soda water
2.

3.
Sangsom Co., Ltd.
Spirits distillery
Thailand
100.00
4.
Spirits distillery
Thailand
100.00
100.00
5.
Spirits distillery
Thailand
100.00
100.00
6.
Spirits distillery
Thailand
100.00
100.00
100.00
7.
Spirits distillery
Thailand
100.00
8.
Spirits distillery
Thailand
100.00
100.00
9.
Athimart Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
10. S.S. Karnsura Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
100.00
11. Kankwan Co., Ltd.
Spirits distillery
Thailand
100.00
12. Theparunothai Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
13. Red Bull Distillery (1988) Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
14. United Winery and Distillery Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
100.00
15. Simathurakij Co., Ltd.
Spirits distillery
Thailand
100.00
16. Nateechai Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
17. Luckchai Liquor Trading Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
18. Sura Piset Thipparat Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
19. Pomthip Co., Ltd.
Beer and non-alcoholic

beverages distributor
20. Pomkit Co., Ltd.

131
Ownership
Name of the entity
Country of
interest (%)
Type of business
incorporation
2010
2009
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Direct subsidiaries (continued)

21. Pomkung Co., Ltd.
22. Pomchok Co., Ltd.

23. Pomcharoen Co., Ltd.

24. Pomburapa Co., Ltd.

25. Pompalang Co., Ltd.

26. Pomnakorn Co., Ltd.

27. Num Yuk Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
28. Num Kijjakarn Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
29. Num Palang Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
30. Num Muang Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
100.00
31. Num Nakorn Co., Ltd.
Spirits distributor
Thailand
100.00
32. Num Thurakij Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
33. Numrungrod Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
34. Numthip Co., Ltd.
Spirits distributor
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
35. Thipchalothorn Co., Ltd.
Beer, spirits and non-alcoholic

beverages agency
36. Krittayabun Co., Ltd.

beverages agency
37. Surathip Co., Ltd.

beverages agency
38. Sunthronpirom Co., Ltd.

beverages agency
39. Piromsurang Co., Ltd.

beverages agency
40. Thai Beverage Energy Co., Ltd.
Trading of bio gas
Thailand
100.00
100.00
41. Wrangyer Beverage (2008) Co., Ltd.
Production and distribution of
Thailand
100.00
100.00
energy drink
42. Thai Molasses Co., Ltd.
Trading of molasses
Thailand
99.72
99.72
43. Feed Addition Co., Ltd.
Trading of feeds and fertilizer
Thailand
100.00
100.00
44. Pan International (Thailand) Co., Ltd.
Trading of supplies and
Thailand
100.00
100.00
Thailand
100.00
100.00
procurement
45. Charun Business 52 Co., Ltd.
Brick producer and

distribution of spirits
132
Ownership
Country of
interest (%)
Type of business
incorporation
2010
2009
46. Thai Cooperage Co., Ltd.
Oak barrel producer
Thailand
100.00
100.00
47. Thai Beverage Recycle Co., Ltd.
Trading of bottles
Thailand
100.00
100.00
48. Thai Beverage Logistics Co., Ltd.
Transportation and distribution
Thailand
100.00
100.00
49. Thai Beverage Marketing Co., Ltd.
Import and export spirits for
Thailand
100.00
100.00
Thailand
100.00
100.00
100.00
Name of the entity

Direct subsidiaries (continued)
trading/ international marketing

and non-alcoholic beverages
agency
50. Dhanasindhi Co., Ltd.
Construction
51. Dhospaak Co., Ltd.
Advertising agency
Thailand
100.00
52. Thai Beverage Training Co., Ltd.
Training
Thailand
100.00
53. International Beverage Holdings Limited
Holding company
Hong Kong
100.00
100.00
54. Cosmos Brewery (Thailand) Co., Ltd.
Thailand
100.00
100.00

55. Thai Beverage Brands Co., Ltd.
Trademark holding
Thailand
100.00
100.00
56. Beer Chang Co., Ltd.
Trademark holding and
Thailand
100.00
100.00
Thailand
100.00
100.00
production
of concentrate materials
57. Archa Beer Co., Ltd.
Trademark holding and

production
of concentrate materials
58. Sura Piset Phatra Lanna Co., Ltd.
Holding company
Thailand
100.00
100.00
59. Thai Drinks Co., Ltd.
Distribution of beverages
Thailand
100.00
100.00
60. Oishi Group PCL.
Japanese restaurants,
Thailand
89.26
89.93
Thailand
99.90
99.90
Thailand
100.00
100.00
100.00
bakery shops and distribution of

food and beverage
Indirect subsidiaries
61. Thai Thum Distillery Co., Ltd. #
Production and distribution

of spirits
62. Sura Piset Sahasan Co., Ltd. #
Trading of spirits
63. Sura Piset Sampan Co., Ltd. #
Trading of spirits
Thailand
100.00
64. Vitayathan Co., Ltd.
Environmental public relations
Thailand
100.00
100.00
65. InterBev (Singapore) Limited
Trading of alcoholic beverages
Singapore
100.00
100.00
66. InterBev (Cambodia) Co., Ltd.
Cambodia
100.00
100.00
100.00
67. InterBev Malaysia Sdn. Bhd.
Malaysia
100.00
68. Best Spirits Company Limited
Hong Kong
100.00
100.00
69. International Beverage Holdings
Holding company
United Kingdom
100.00
100.00
Holding company
Hong Kong
100.00
100.00
(UK) Limited
(China) Limited
133
Ownership
Name of the entity
Country of
interest (%)
Type of business
incorporation
2010
2009
Thailand
99.99
99.55
Thailand
99.83
99.83
Thailand
89.26
89.93
Indirect subsidiaries (continued)

71. United Products Co., Ltd.
of spirits
72. S P M Foods & Beverages Co., Ltd.

drinking water and energy drinks
and spirits agency
73. Oishi Trading Co., Ltd.

food and beverage
74. Oishi Ramen Co., Ltd.
Japanese ramen restaurants
Thailand
89.26
89.93
75. Chang Beer International Co., Ltd. #
Dormant
Thailand
100.00
100.00
76. Maekhong Distillery Limited
Consultancy service
Thailand
100.00
100.00
77. Chang International Co., Ltd. #
Dormant
Thailand
100.00
100.00
78. Chang Corp Co., Ltd. #
Dormant
Thailand
100.00
100.00
79. Super Brands Company Pte. Ltd.
Trademark holding
Singapore
100.00
80. Beer Chang International Limited
Not yet operated
Singapore
100.00
United States
100.00
100.00
Subsidiaries of indirect subsidiaries

Limited USA, Inc. *
of America
82. Blairmhor Limited *#
Holding Company
United Kingdom
100.00
100.00
83. Inver House Distillers Limited *
United Kingdom
100.00
100.00
Peoples Republic
100.00
100.00
100.00
100.00
of spirits
84. InterBev Trading (China) Limited **
of China
85. Yunnan Yulinquan Liquor Co., Ltd.**
Spirits distillery
Peoples Republic
of China
86. Blairmhor Distillers Limited *#
Dormant
United Kingdom
100.00
100.00
87. Wee Beastie Limited *#
Dormant
United Kingdom
100.00
100.00
88. Moffat & Towers Limited *#
Dormant
United Kingdom
100.00
100.00
89. Glen Calder Blenders Limited *#
Dormant
United Kingdom
100.00
100.00
90. Hankey Bannister &
Dormant
United Kingdom
100.00
100.00
91. R. Carmichael & Sons Limited *#
Dormant
United Kingdom
100.00
100.00
92. J MacArthur Junior &
Dormant
United Kingdom
100.00
100.00
93. Mason & Summers Limited *#
Dormant
United Kingdom
100.00
100.00
94. James Catto & Company Limited *#
Dormant
United Kingdom
100.00
100.00
95. The Knockdhu Distillery Co., Ltd. *#
Dormant
United Kingdom
100.00
100.00
96. Speyburn-Glenlivet Distillery Co., Ltd. *#
Dormant
United Kingdom
100.00
100.00
100.00
100.00
Company Limited *#
Company Limited *#
97. The Pulteney Distillery Co., Ltd. *#
Dormant
United Kingdom
100.00
98. The Balblair Distillery Co., Ltd. *#
Dormant
United Kingdom
100.00
134
Ownership
Country of
interest (%)
Type of business
incorporation
2010
2009
Off licences
United Kingdom
49.49
49.49
Poland
44.00
44.00
101. Inver House Distribution SA #
Dormant
France
50.02
50.02
Name of the entity

Associates of indirect subsidiaries ***
99. Liquorland Limited
Subsidiaries of International Beverage Holdings (UK) Limited
**
Subsidiaries of International Beverage Holdings (China) Limited
***
Associates of International Beverage Holdings (UK) Limited
These are currently non-trading.
On 26 January 2010 Thai Beverage Training Co., Ltd., the Companys subsidiary, was incorporated with an authorised share
capital of Baht 10 million by issuing 1 million ordinary shares with a Baht 10 par value. The initial paid up capital was Baht
2.5 per share.
On 14 April 2010 Super Brands Company Pte. Ltd., the Companys indirect subsidiary, was incorporated in Singapore
with an authorised share capital of SGD 10,000 by issuing 10,000 ordinary shares with a SGD 1 par value. International
Beverage Holdings Limited, the Companys subsidiary, holds its entire shares.
During 2010, Sura Piset Phatra Lanna Co., Ltd., the Companys direct subsidiary, acquired additional 15,406 ordinary shares of
United Products Co., Ltd., the Companys indirect subsidiary, from the existing equity holders, amounting to Baht 1.95 million.
2. Basis of preparation of the nancial statements

The nancial statements issued for Thai reporting purposes are prepared in the Thai language. This English translation of
the nancial statements has been prepared for the convenience of readers not conversant with the Thai language.
The nancial statements are prepared and presented in Thai Baht. All nancial information presented in Thai Baht has
been rounded in the notes to the nancial statements to the nearest million. They are prepared on the historical cost basis
except as stated in the accounting policies.
The nancial statements are prepared in accordance with Thai Financial Reporting Standards (TFRS); guidelines promulgated
by the Federation of Accounting Professions (FAP); applicable rules and regulations of the Thai Securities and Exchange
Commission; and with generally accepted accounting principles in Thailand.
During 2010, the FAP announced the re-numbering of the following TFRS.
Former no.
Revised no.
Topic
TAS 11
TAS 101
Doubtful Account and Bad Debts
TAS 40
TAS 105
Accounting for Investment in Debt and Equity Securities
TAS 48
TAS 107
Financial Instruments Disclosure and Presentation
135
The Group has adopted the revised Framework for the Preparation and Presentation of Financial Statements (revised 2009),
which was issued by the FAP during 2010 and effective on 26 May 2010. The adoption of the revised framework does not
have any material impact on the consolidated or separate nancial statements.
The FAP has issued during 2010 a number of new and revised TFRS which are not currently effective and have not been adopted
in the preparation of these nancial statements. These new and revised standards and interpretations are disclosed in note 36.
The preparation of nancial statements in conformity with TFRS requires management to make judgements, estimates
and assumptions that affect the application of policies and reported amounts of assets, liabilities, income and expenses.
Actual results may differ from estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised
in the period in which estimates are revised and in any future periods affected.
3. Signicant accounting policies

(a) Basis of consolidation
The consolidated nancial statements relate to the Company and its subsidiaries (together referred to as the Group) and
the Groups interests in associates.
Business combinations
Business combinations are accounted for under the purchase method. The cost of an acquisition is measured at the fair
value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs
directly attributable to the acquisition.
Business combinations of entities or businesses under common control are accounted for using a method similar to the pooling
of interest method and in accordance with the Guideline issued in 2010 by the FAP.
Subsidiaries
Subsidiaries are entities controlled by the Group. Control exists when the Group has the power, directly or indirectly, to govern
the nancial and operating policies of an entity so as to obtain benets from its activities. The nancial statements of
subsidiaries are included in the consolidated nancial statements from the date that control commences until the date
that control ceases. The accounting policies of subsidiaries have been changed where necessary to align them with the
policies adopted by the Group.
Associates
Associates are those entities in which the Group has signicant inuence, but not control, over the nancial and operating
policies. Signicant inuence is presumed to exist when the Group holds between 20% and 50% of the voting power of
another entity. The consolidated nancial statements include the Groups share of the income, expenses and equity movements
of associates after adjustments to align the accounting policies with those of the Group, from the date that signicant
inuence commences until the date that signicant inuence ceases. When the Groups share of losses exceeds its interest
in an associate, the Groups carrying amount is reduced to nil and recognition of further losses is discontinued except to
the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.
136
Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are
eliminated in preparing the consolidated nancial statements. Unrealised gains arising from transactions with associates
are eliminated against the investment to the extent of the Groups interest in the investee. Unrealised losses are eliminated
in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
(b) Foreign currencies
Foreign currency transactions
Transactions in foreign currencies are translated to Thai Baht at the foreign exchange rates ruling at the dates of the
transactions.
Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to Thai Baht at
the foreign exchange rates ruling at that date. Foreign exchange differences arising on translation are recognised in the
statement of income.
Non-monetary assets and liabilities measured at cost in foreign currencies are translated to Thai Baht using the foreign
exchange rates ruling at the dates of the transactions.
Foreign entities
The assets and liabilities of foreign entities are translated to Thai Baht at the foreign exchange rates ruling at the reporting date.
Goodwill and fair value adjustments arising on the acquisition of foreign entities are stated at exchange rates ruling on
the reporting date.
The revenues and expenses of foreign entities are translated to Thai Baht at rates approximating the average foreign
exchange rates ruling at the dates of the transactions.
Foreign exchange differences arising on translation are recognised in a separate component of equity until disposal of
the investments.
(c) Derivative nancial instruments
Forward exchange contracts are treated as off-balance sheet items.
(d) Cash and cash equivalents
Cash and cash equivalents comprise cash balances, call deposits and highly liquid short-term investments. Bank overdrafts
that are repayable on demand are a component of nancing activities for the purpose of the statement of cash ows.
(e) Trade and other accounts receivable
Trade and other accounts receivable (including balances with related parties) are stated at their invoice value less allowance
for doubtful accounts.
The allowance for doubtful accounts is assessed primarily on analysis of payment histories and future expectations of customer
payments. Bad debts are written off when incurred.
137
(f) Inventories
Inventories are stated at the lower of cost and net realisable value.
Cost is calculated using the weighted average cost principle, and comprises all costs of purchase, costs of conversion
and other costs incurred in bringing the inventories to their present location and condition. In the case of manufactured
inventories and work-in-progress, cost includes an appropriate share of production overheads based on normal operating
capacity and is calculated using standard cost adjusted to approximate average cost.
Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs to complete
and to make the sale.
(g) Investments
Investments in subsidiaries and associates
Investments in subsidiaries and associates in the separate nancial statements of the Company are accounted for using the
cost method. Investments in associates in the consolidated nancial statements are accounted for using the equity method.
Investments in other debt and equity securities
Debt securities that the Group has the positive intent and ability to hold to maturity are classied as held-to-maturity investment.
Held-to-maturity investments are stated at amortised cost. The difference between the acquisition cost and redemption
value of such debt securities is amortised using the effective interest rate method over the period to maturity.
Marketable equity securities are classied as available-for-sale investments. Available-for-sale investments are, subsequent to
initial recognition, stated at fair value, and changes therein, other than impairment losses and foreign currency differences
on available-for-sale monetary items, are recognised directly in equity. Impairment losses and foreign exchange differences
are recognised in the statement of income. When these investments are derecognised, the cumulative gain or loss previously
recognised directly in equity is recognised in the statement of income.
Equity securities which are not marketable are stated at cost less any impairment losses.
The fair value of nancial instruments classied as available-for-sale is determined as the quoted bid price at the reporting date.
Disposal of investments
On disposal of an investment, the difference between net disposal proceeds and the carrying amount together with the
associated cumulative gain or loss that was reported in equity is recognised in the statement of income.
(h) Property, plant and equipment
Owned assets
Property, plant and equipment are stated at cost less accumulated depreciation and impairment losses except for land which
is stated at its revalued amount. The revalued amount is the fair value determined on the basis of the propertys existing
use at the date of revaluation.
138
Leased assets
Leases in terms of which the Group substantially assumes all the risk and rewards of ownership are classied as nance leases.
Property, plant and equipment acquired by way of nance leases is capitalised at the lower of its fair value and the present
value of the minimum lease payments at the inception of the lease, less accumulated depreciation and impairment losses.
Lease payments are apportioned between the nance charges and reduction of the lease liability so as to achieve a constant
rate of interest on the remaining balance of the liability. Finance charges are charged directly to the statement of income.
Revalued assets
Revaluations are performed by independent professional valuers with sufcient regularity. The Groups policy requires an
appraisal to be conducted every three to ve years or when there are factors that might materially impact the value of the
land, to ensure that the carrying amount of these assets does not differ materially from that which would be determined
using fair values at the reporting date.
Any increase in value, on revaluation, is credited to equity under the heading revaluation surplus unless it offsets a
previous decrease in value recognised in the statement of income in respect of the same asset. A decrease in value is recognised
in the statement of income to the extent it exceeds an increase previously recognised in equity in respect of the same
asset. Upon disposal of a revalued asset, any related revaluation surplus is transferred from equity to retained earnings
and is not taken into account in calculating the gain or loss on disposal.
Depreciation
Depreciation is charged to the statement of income on a straight-line basis over the estimated useful lives of each part
of an item of property, plant and equipment. The estimated useful lives are as follows:
Land improvement
Building and constructions
Building improvements
Machinery and equipment
3-20
years
10-40
years
1.5-30
years
4-40
years
10-20
years
Furniture, xtures and ofce equipment
3-10
years
Vehicles
3-10
years
Oak barrels
No depreciation is provided on freehold land and assets under construction.

(i) Intangible assets
Goodwill
Goodwill in a business combination represents the excess of the cost of acquisition over the fair value of the Groups share of
the identiable net assets acquired. Negative goodwill in a business combination represents the excess of the fair value of
the Groups share of the identiable net assets acquired over the cost of acquisition.
Goodwill is measured at cost less accumulated impairment losses. Goodwill is tested for impairment as described in note 3 (k).
Negative goodwill is recognised immediately in the statement of income.
Other intangible assets
Other intangible assets that are acquired by the Group, which have nite useful lives, are stated at cost less accumulated
139
amortisation and impairment losses. Other intangible assets are amortised in the statement of income on a straight-line
basis over their estimated useful lives from the date that they are available for use. The estimated useful lives are as follows:
Computer software
3-10
years
Trademarks
3-20
years
10
years
Licences
(j) Leasehold rights
Leasehold rights are stated at cost less accumulated amortisation and impairment losses.
Amortisation is recognised in the statement of income on a straight-line basis over the agreement period.
(k) Impairment
The carrying amounts of the Groups assets are reviewed at each reporting date to determine whether there is any indication
of impairment. If any such indication exists, the assets recoverable amounts are estimated. For goodwill, the recoverable
amount is estimated at each reporting date, and as and when indicators of impairment are identied.
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss
is recognised in the statement of income unless it reverses a previous revaluation credited to equity, in which case it is
charged to equity.
Calculation of recoverable amount
The recoverable amount of available-for-sale nancial assets is calculated by reference to the fair value.
The recoverable amount of a non-nancial asset is the greater of the assets value in use and fair value less costs to sell.
In assessing value in use, the estimated future cash ows are discounted to their present value using a pre-tax discount
rate that reects current market assessments of the time value of money and the risks specic to the asset. For an asset
that does not generate cash inows largely independent of those from other assets, the recoverable amount is determined
for the cash-generating unit to which the asset belongs.
Reversals of impairment
An impairment loss in respect of a nancial asset is reversed if the subsequent increase in recoverable amount can be related
objectively to an event occurring after the impairment loss was recognised. For nancial assets carried at amortised cost
and available-for-sale nancial assets that are debt securities, the reversal is recognised in the statement of income. For
available-for-sale nancial assets that are equity securities, the reversal is recognised directly in equity.
An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods in respect of other
non-nancial assets are assessed at each reporting date for any indications that the loss has decreased or no longer exists.
An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount.
An impairment loss is reversed only to the extent that the assets carrying amount does not exceed the carrying amount
that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised.
(l) Interest-bearing liabilities
Interest-bearing liabilities are recognised initially at fair value less attributable transaction charges. Subsequent to initial
140
recognition, interest-bearing liabilities are stated at amortised cost with any difference between cost and redemption value
being recognised in the statement of income over the period of the borrowings on an effective interest basis.
(m) Trade and other accounts payable
Trade and other accounts payable (including balances with related parties) are stated at cost.
(n) Employee benets
Dened contribution plans
Obligations for contributions to dened contribution pension plans are recognised as an expense in the statement of income
as incurred.
(o) Provisions
A provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, and it is
probable that an outow of economic benets will be required to settle the obligation and a reliable estimate can be made
of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future
cash ows at a pre-tax rate that reects current market assessments of the time value of money and, where appropriate,
the risks specic to the liability.
(p) Difference arising from common control transactions
Difference arising from common control transactions relates to the restructuring of businesses under the common control
of the ultimate majority equity holder of the Company and arises from the difference between the cost of the combination
and the carrying amounts of net identiable assets at the date of combination (except for businesses acquired that are
not under common control, net identiable assets are measured at the fair value). The Company recognises the difference
arising from common control transactions under equity until disposal of the investment.
(q) Revenue
Revenue excludes value added taxes and is arrived at after deduction of trade discounts.
Sale of goods and services rendered
Revenue is recognised in the statement of income when the signicant risks and rewards of ownership have been transferred
to the buyer. No revenue is recognised if there is continuing management involvement with the goods or there are signicant
uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods. Service income is
recognised as services are provided.
When the outcome of a contract for the rendering of services can be estimated reliably, contract revenue is recognised in
the statement of income by reference to the stage of completion of the contract activity at the reporting date. When the
outcome of the contract cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised
that are recoverable.
141
Construction contracts
Contract revenue includes the initial amount agreed in the contract plus any variations in contract work, claims and
incentive payments to the extent that it is probable that they will result in revenue and can be measured reliably. As soon as
the outcome of a construction contract can be estimated reliably, contract revenue and expenses are recognised in the
statement of income in proportion to the stage of completion of the contract.
The stage of completion is assessed by reference to surveys of work performed. When the outcome of a construction contract
cannot be estimated reliably, contract revenue is recognised only to the extent of contract costs incurred that are likely
to be recoverable. An expected loss on a contract is recognised immediately in the statement of income.
Rental income
Rental income from investment property is recognised in the statement of income on a straight-line basis over the term of
the lease. Lease incentives granted are recognised as an integral part of the total rental income. Contingent rentals are
recognised as income in the accounting period in which they are earned.
Interest and dividend income
Interest income is recognised in the statement of income as it accrues. Dividend income is recognised in the statement
of income on the date the Groups right to receive payments is established.
(r) Expenses
Lease payments
Payments made under operating leases are recognised in the statement of income on a straight line basis over the term of
the lease. Contingent rentals are charged to the statement of income for the accounting period in which they are incurred.
Finance costs
Interest expenses and similar costs are charged to the statement of income for the period in which they are incurred, except
to the extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset
which necessarily takes a substantial period of time to be prepared for its intended use or sale. The interest component of
nance lease payments is recognised in the statement of income using the effective interest rate method.
Research and development
Research and development costs, including costs of developing new beverage products and package design are expensed
in the accounting period in which they are incurred.
Other income and expenses are recognised on an accrual basis.
(s) Income tax
Income tax on the prot or loss for the year comprises current tax. Current tax is the expected tax payable on the taxable
income for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
142
4. Common control transactions and acquisitions

Common control transactions
On 15 September 2010, International Beverage Holdings Limited, the Companys direct subsidiary, acquired the entire
2 ordinary issued shares of Beer Chang International Limited from the existing equity holders for a total amount of SGD
4,000. The said acquired company has not undertaken any business since incorporation, therefore the consolidated
nancial statements have not been revised as if the acquisition had taken place at the beginning of 2009. The difference
between the consideration to be paid by the Company for the acquisition and the carrying amount of the net identiable
assets is included in Difference arising from common control transactions.
On 2 February 2009, Sura Bangyikhan Co., Ltd., and another two subsidiaries of the Company acquired the entire 5,000
ordinary issued shares of Maekhong Distillery Limited from existing equity holders at Baht 13 per share, amounting to
Baht 65,000 and Beer Chang Co., Ltd., and another two subsidiaries of the Company acquired the entire 100,000 ordinary
issued shares of Chang Beer International Co., Ltd., from the existing equity holders at Baht 39 per share, amounting to
Baht 3.9 million. Both acquired companies incurred immaterial business transactions in 2008, the consolidated nancial
statements have not been revised as if the acquisition had taken place at the beginning of 2008. The consolidated balance
sheet as at 31 December 2008 has been restated to include the assets and liabilities at their carrying values. The difference
between the consideration to be paid by the Company for the acquisition and the carrying amount of the net identiable
assets is included in Difference arising from common control transactions.
Acquisitions
On 16 November 2009, International Beverage Holdings (China) Limited, the Companys indirect subsidiary, acquired the
entire ordinary shares of Yunnan Yulinquan Liquor Co., Ltd. from Best Spirits (China) Co., Ltd. for a cash consideration
of USD 10.10 million. Due to the fair value of the identiable net assets of Yunnan Yulinquan Liquor Co., Ltd. using
estimated amounts, the Company accounted for a business combination provisionally. However, the Company will adjust
the provisional amounts whenever the initial accounting is complete, within 12 months from the acquisition date.
143
Subsequently, in 2010 the Company reduced goodwill on acquisition in the amounted of Baht 67.5 million due to increase
in the fair value of the identiable net assets of Yunnan Yulinquan Liquor Co., Ltd.. The acquirees net assets at the
acquisition date comprised the followings:
2010
2009
Adjusted to
fair value
Recognised
value at the
acquisition date
(in million Baht)
10
10
37
37
Inventories
154
154
163
154
Intangible assets
171
117
25
21
Other assets
(17)
(17)
Short-term loan
(120)
(120)
Other liabilities
(147)
(147)
276
209
61
128
Consideration paid
337
337
Cash paid
110
110
Net cash outow
447
447
Net identiable assets and liabilities

Goodwill on acquisition
5. Related party transactions and balances

Related parties are those parties linked to the Group and the Company as shareholders or by common shareholders or
directors. Transactions with related parties are conducted at prices based on market prices or, where no market price exists,
at contractually agreed prices.
Relationships with related parties that control or jointly control the Company or are being controlled or jointly-controlled by
the Company or have transactions with the Group other than direct subsidiaries, indirect subsidiaries, subsidiaries of indirect
subsidiaries and associates of indirect subsidiaries (as presented in note 1) were as follows:
Name of entities
Country of
incorporation/
nationality
Nature of relationships
1. Thai Alcohol PCL.
Thailand
Directors and controlling equity holders hold

substantial shares indirectly
2. Sint Ek Panich Co., Ltd.
Thailand

144
Name of entities
Country of
incorporation/
nationality
3. Banglen Agriculture Co., Ltd.
Thailand

4. Pisetkij Co., Ltd.
Thailand
5. The Maewang Sugar Industry Co., Ltd.
Thailand

6. The Chonburi Sugar Corp. Ltd.
Thailand
7. The Utaradit Sugar Industry Co., Ltd.
Thailand

8. The Suphanburi Sugar Industry Co., Ltd.
Thailand

9. The Southeast Insurance Co., Ltd.
Thailand

10. The Southeast Life Insurance Co., Ltd.
Thailand

11. Southeast Capital Co., Ltd.
Thailand

12. T.C.C. Technology Co., Ltd.
Thailand

13. Thai Glass Industries PCL.
Thailand

14. Bang-Na Glass Co., Ltd.
Thailand

15. TCC Hotel Collection Co., Ltd.
Thailand

16. Terragro Fertilizer Co., Ltd.
Thailand

17. Permkha Commercial Co., Ltd.
Thailand

18. BJC Industrial and Trading Co., Ltd.
Thailand

19. North Park Real Estate Co., Ltd.
Thailand

20. TCC PD 11 Co., Ltd.
Thailand

21. Thippatana Arcade Co., Ltd.
Thailand

22. Siam Food Products PCL.
Thailand

145
Name of entities
Country of
incorporation/
nationality
23. BJC Healthcare Co., Ltd.
Thailand

24. Wattanapat Trading Co., Ltd.
Thailand

25. Silvercord Capital (Singapore) Limited
Singapore

26. Plantheon Trading Co., Ltd.
Thailand

27. New Noble Property and Loan Fund
Thailand
Directors and controlling equity holders are

the principal unit holder of this real estate
investment fund
28. Dynamic Assets Property and Loan Fund
Thailand

investment fund
29. Best Fortune Property and Loan Fund
Thailand

investment fund
30. Regent Gold Property Fund
Thailand

investment fund
31. Plaza Athenee Hotel (Thailand) Co., Ltd.
Thailand

the directors and hold substantial shares indirectly
32. North Park Golf And Sports Club Co., Ltd.
Thailand

33. Berli Jucker PCL.
Thailand

34. Thai Beverage Can Co., Ltd.
Thailand
Directors and controlling equity holders

hold 50% shares
35. PS Recycle Co., Ltd.
Thailand
36. T.C.C. International Limited
Hong Kong

relatives of controlling person
Controlling equity holders hold
37. Best wishes Co., Ltd.
Hong Kong
Controlling equity holders hold

146
The pricing policies for particular types of transactions are explained further below:
Transactions
Pricing policies
Sale of goods
Agreed prices which approximate market prices
Rendering of services
Contractual prices
Purchase of goods/raw materials
Agreed prices which approximate market prices
Receiving of services
Contractual prices
Purchase and sale of property, plant

and equipment
Contractual prices
Purchase and sale of investments
Contractual prices
Interest income and interest expense
Rate as mutually agreed by equity holders with

reference interest rates quoted by nancial institutions
Signicant transactions for the years ended 31 December 2010 and 2009 with related parties were as follows:
Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Subsidiaries
Management fees
2,903
2,595
124
125
Interest income
252
347
Interest expense
728
704
Dividends
8,290
8,237
Other income
Purchases of investments
43
2,886
10
11
Associates
Share of prot of associates,
net of income tax
147
Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Other related parties

Sales of goods
Purchases of raw materials and packaging
Overhead costs
Rendering of services
Other income
Sales of equipment
Purchases of plant and equipment
Directors remuneration
930
1,198
6,924
4,863
217
187
42
13
109
113
27
39
477
432
15
316
283
295
266
Balances as at 31 December 2010 and 2009 with related parties were as follows:
Trade accounts receivable from
related parties
Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Other related companies

The Utaradit Sugar Industry Co., Ltd.
11
PS Recycle Co., Ltd.
22
O.G.T. Co., Ltd.
96
Thai Alcohol PCL.
18
Others
Total
21
144
Sangsom Co., Ltd.
Athimart Co., Ltd.
Kankwan Co., Ltd.
Nateechai Co., Ltd.
Sura Piset Phatra Lanna Co., Ltd.
Pomthip Co., Ltd.
Pomkit Co., Ltd.
Pomkung Co., Ltd.
Pomchok Co., Ltd.
Pomburapa Co., Ltd.
PompalangCo., Ltd.
Pomnakorn Co., Ltd.
Num Yuk Co., Ltd.
Short-term
Other
loans to receivables
Subsidiaries
Short-term loans to and other receivables

from related parties
Total
Short-term
Other
2009
Consolidated nancial statements

2010
Total
30
13
279
592
537
22
11
19
21
17
18
Short-term
Other
52
17
290
611
21
17
555
Total
154
25
190
194
1,709
Total
19
11
14
14
12
39
173
29
201
196
20
14
12
1,748
(in million Baht)
Short-term
Other
2009
Separate nancial statements

2010
148
2010
Num Muang Co., Ltd.
Numthip Co., Ltd.
Surathip Co., Ltd.
Sunthronpirom Co., Ltd.
Dhospaak Co., Ltd.
Total subsidiaries
Short-term
Other
Subsidiaries (continued)

Short-term
Other
Total
2009
1,977
48
182
281
380
11
25
25
29
22
15
10
12
19
Short-term
Other
Total
2010
2,357
48
184
283
11
25
25
29
22
15
10
12
19
2,642
40
315
Total
350
16
39
45
13
10
15
2,992
40
316
16
39
45
13
10
15
(in million Baht)
Short-term
Other
Total
2009
149
Best Fortune Property and Loan Fund
New Noble Property And Loan Fund
Others
Total related companies
Total
Thai Alcohol PCL.
Co., Ltd.
The Maewang Sugar Industry
Co., Ltd.
T.C.C. Technology Co., Ltd.
The Suphanburi Sugar Industry
2010
791
791
14
759
Short-term
Other
Plantheon Trading Co., Ltd.
Related companies

791
791
14
759
504
504
17
38
33
392
Short-term
Other
Total
2009
504
504
17
38
33
392
1,977
394
14
14
Short-term
Other
Total
2010
2,371
14
14
2,642
Total
353
2,995
(in million Baht)
Short-term
Other
Total
2009
150
Num Yuk Co., Ltd.
Pompalang Co., Ltd.
Total subsidiaries
3
7
TCC PD 11 Co., Ltd.
Others
Total
39
39
29
North Park Real Estate Co., Ltd.
Related companies
Long-term
Other
Subsidiaries
Long-term loans to and other

receivables from related parties
39
39
29
Total
52
52
11
29
Long-term
Other
2009

2010
52
52
11
29
Total
2,499
2,499
395
113
20
165
192
1,605
Long-term
Other
2,502
2,499
395
113
20
165
192
1,605
Total
3,455
3,455
199
111
637
2,500
Total
11
11
3,466
11
3,455
199
111
637
2,500
(in million Baht)
Long-term
Other
2009

2010
151
Summary of loans to
related parties
152
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Short-term loans
1,977
2,642
Long-term loans
2,499
3,455
Total loans to related parties
4,476
6,097
Movements during the years ended 31 December 2010 and 2009 of loans to related parties were as follows:
Loans to related parties
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Short-term loans
Subsidiaries
At 1 January
2,642
3,336
Increase
877
842
Decrease
(1,542)
(1,536)
At 31 December
1,977
2,642
At 1 January
3,455
5,578
Increase
529
Decrease
(1,485)
(2,123)
At 31 December
2,499
3,455
Long-term loans
Subsidiaries
Loans to and other receivables from related parties of the Group and the Company as at 31 December 2010 and 2009
were denominated entirely in Thai Baht and other functional currencies of foreign subsidiaries.
Trade accounts payable to related parties
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Other related companies

Berli Jucker PCL.
Thai Beverage Can Ltd.
792
718
85
85
Plantheon Trading Co., Ltd.
63
21
Pisetkij Co., Ltd.
22
29
20
23
14
990
890
Others
Total
Sangsom Co., Ltd.
Sura Piset Thipparat Co., Ltd.
Athimart Co., Ltd.
Kankwan Co., Ltd.
Nateechai Co., Ltd.
Pomkit Co., Ltd.
Pomkung Co., Ltd.
Pomchok Co., Ltd.
Pomburapa Co., Ltd.
Pompalang Co., Ltd.
Pomnakorn Co., Ltd.
Num Muang Co., Ltd.
Short-term
loans from
Subsidiaries

Other
payables
Short-term
Total loans from
Other
payables
2009

2010
143
235
392
193
429
133
65
113
188
75
194
39
322
22
432
61
63
90
626
82
Short-term
Total loans from
15
Other
payables
145
236
394
194
434
134
65
114
189
75
195
41
324
23
433
61
64
91
632
97
298
55
324
212
691
43
10
45
20
84
13
168
114
289
400
340
496
340
334
53
51
225
135
Short-term
Total loans from
Total
11
16
300
56
326
213
696
43
11
45
21
85
14
169
115
290
402
342
498
340
336
54
52
227
146
16
(in million Baht)
Other
payables
2009

2010
153
Numthip Co., Ltd.
Surathip Co., Ltd.
Dhospaak Co., Ltd.
Total subsidiaries
Short-term
loans from

Other
payables
Total
Short-term
loans from
Other
payables
2009

2010
Total
5,955
48
210
17
663
14
29
127
152
85
75
133
223
266
Short-term
loans from
110
44
Other
payables
6,065
50
213
17
44
664
14
29
127
153
86
75
134
224
269
Total
7,259
14
14
405
138
28
132
83
46
55
284
615
190
499
Short-term
loans from
Total
114
42
7,373
16
42
14
406
138
28
133
83
47
57
285
616
191
500
(in million Baht)
Other
payables
2009

2010
154
Plaza Athenee Hotel (Thailand) Co., Ltd.
Southeast Capital Co., Ltd.
The Southeast Insurance Co., Ltd.
BJC Industrial and Trading Co., Ltd.
Others
Total
163
163
17
10
12
14
17
86
Other
payables
163
163
17
10
12
14
17
86
Total
Short-term
loans from
154
154
20
11
14
16
83
Other
payables
154
154
20
11
14
16
83
Total
5,955
Short-term
loans from
128
18
10
Other
payables
6,083
18
10
Total
7,259
Short-term
loans from
Total
132
18
10
7,391
18
10
(in million Baht)
Other
payables
2009

2010
of foreign subsidiaries.
Short-term loans from and other payables to related parties of the Group and the Company as at 31 December 2010 and 2009 were denominated entirely in Thai Baht and other functional currencies
Short-term
loans from
Thai Alcohol PCL.
Related companies

2009

2010
155
Sangsom Co., Ltd.
Kankwan Co., Ltd.
Pomkit Co., Ltd.
Pomkung Co., Ltd.
Pomchok Co., Ltd.
Pomburapa Co., Ltd.
Pomnakorn Co., Ltd.
Num Muang Co., Ltd.
Numthip Co., Ltd.
Long-term
loans from
Subsidiaries
Long-term loans from and other payables

to related parties
Other
payables
2010
Total
Long-term
loans from
Other
payables
2009
Total
64
490
947
168
235
286
92
221
330
20
195
401
176
241
90
155
219
241
176
151
3,564
Long-term
loans from
Other
payables
2010
64
490
947
168
235
286
92
221
330
20
195
401
176
241
90
155
219
241
176
151
3,564
Total
15
722
280
155
135
296
294
88
195
115
175
163
165
120
230
270
149
255
216
3,865
Long-term
loans from
Total
15
722
280
155
135
296
294
88
195
115
175
163
165
120
230
270
149
255
216
3,865
(in million Baht)
Other
payables
2009
156
Surathip Co., Ltd.
Total subsidiaries
Total
Other
payables
Total
Long-term
loans from
Other
payables
Total
10,403
10,403
69
195
471
58
28
23
10
80
162
411
149
145
140
Long-term
loans from
Other
payables
10,403
10,403
69
195
471
58
28
23
10
80
162
411
149
145
140
Total
9,743
9,743
72
172
461
57
25
25
10
22
197
361
230
208
Long-term
loans from
Total
9,743
9,743
72
172
461
57
25
25
10
22
197
361
230
208
(in million Baht)
Other
payables
2009

2010
Long-term loans from and other payables to related parties of the Group and the Company as at 31 December 2010 and 2009 were denominated entirely in Thai Baht.
Related company
Long-term
loans from
Long-term loans from and other payables

to related parties
2009

2010
157
Summary of loans from related parties
158
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Short-term loans
5,955
7,259
Long-term loans
10,403
9,743
Total loans from related parties
16,358
17,002
Movements during the years ended 31 December 2010 and 2009 of loans from related parties were as follows:
Loans from related parties
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Short-term loans
Subsidiaries
At 1 January
7,259
3,803
Increase
2,123
4,333
Decrease
(3,427)
(877)
At 31 December
5,955
7,259
At 1 January
9,743
8,725
Increase
1,965
2,190
Decrease
(1,305)
(1,172)
At 31 December
10,403
9,743
Long-term loans
Subsidiaries
Signicant agreements with related parties

Supporting service agreements
The Company entered into supporting service agreements with subsidiaries for supporting service such as human resource,
administration, accounting, nance, public relations, public co-ordination, technology, law, secretary and share register
and internal audit for the period of one year from 1 January 2004 to 31 December 2004. Unless there are notications
to terminate the agreement within 30 days before the expiry date, this agreement continues to be in effect for the successive
one year term. The subsidiaries are committed to pay a service fee at the rate of 0.5% of their principal revenue.
With effect from 1 January 2007, the supporting service fee rate was adjusted to 1% of the principal revenue. Service
fee rate was adjusted for development of new product, experiment and quality test, analysis, research and marketing survey
for new products and procurement of information.
Application service provisioning agreement
The Company entered into the application service provisioning agreement with T.C.C. Technology Co., Ltd., a related party,
for the provision of ongoing support and maintenance of the systems and infrastructure and is committed to pay system,
hardware and software rental fee and service fee on a monthly basis throughout the contract period for ve years, effective
159
from 31 May 2006, under the fees and conditions stated in the contract. Subsequently, the Company entered into additional
agreements, based on the number of users, ended 31 July 2012.
Procurement agreement
Pan International (Thailand) Co., Ltd., the Companys subsidiary, entered into the procurement agreements with other
subsidiaries, for necessary purchase and procurement services to the later subsidiaries. The procurement fee is 1% of the
value of goods and services purchased under such agreement.
Molasses purchase agreements
Thai Molasses Co., Ltd., the Companys subsidiary, entered into molasses purchase and sale agreements with various
related companies in order to sell to other subsidiaries within the Group. The terms and conditions of these agreements
specify that the seller would sell molasses to the buyers in specied quantity, price, quality, delivery and received, payments,
responsibility, weight, sample analysis on molasses, and quality control, etc.
Glass bottle purchase and sale agreement
Thai Beverage Recycle Co., Ltd., the Companys subsidiary, entered into the glass bottle purchase and sale agreement
with Berli Jucker PCL., a related party, to purchase various types of new glass bottles in order to sell to other subsidiaries
within the Group for a period of two years and eight months, effective from 1 May 2007 to 31 December 2009, under
the prices and conditions stated in the contract.
On 23 December 2009, the subsidiary entered into a new glass bottle purchase and sale agreement for a period of three years,
effective from 1 January 2010 to 31 December 2012, under the prices and conditions stated in the contract.
License agreements
-
Three subsidiaries entered into license agreements with Beer Chang Co., Ltd., Archa Beer Co., Ltd., and Thai Beverage
Brands Co., Ltd., the Companys subsidiaries, for rights and obligations for the sale of drinking water, soda water, beer,
draft beer and lager beer under the trade names of "CHANG", "ARCHA" and "FEDERBRAU". The subsidiaries are
committed to pay fees at a rate of 2% based on net sales at price, ex factory, excluding VAT and after deducting excise
tax, contributions to the health promotion fund and Thai Public Broadcasting Service.
Sura Bangyikhan Co., Ltd., the Companys subsidiary, entered into license agreements with 12 subsidiaries for the rights
to use trademarks for white spirits and Chiang - Chun blended spirits as stipulated in the agreement. The trademark fee
is from Baht 0.50 - 1.50 per bottle, based on the contents and size of the bottle. With effective from January 2010,
the trademark fee was adjusted to Baht 0.50 - 1.20 per bottle, based on the contents and size of the bottle.
Sales Distributor Agreements

Thai Beverage Marketing Co., Ltd., the Company's subsidiary, entered into sales distributor agreements with two subsidiaries
to sell beverage products under the prices and conditions stated in the agreements for ve years, effective from 3 October
2008 to 2 October 2013.
Biogas purchase and sale agreement
Thai Beverage Energy Co., Ltd., the Companys subsidiary, entered into biogas purchase and sale agreements with three related
companies for a period of 19 years, effective from the year 2009 to 2028, to supply biogas to use as a fuel source in spirits
distillery process under the price and conditions stated in the agreements. Subsequently in 2010, the aforementioned
agreements were made with additional two related companies for a period of 18 years, effective from the year 2010 to 2028.
160
Commitments with related parties

Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Non-cancellable operating lease

commitments
Within one year
216
218
43
36
After one year but within ve years
316
306
55
48
532
528
98
84
1,613
1,056
171
27
79
27
79
26
27
11
33
40
1,846
1,173
60
119
After ve years
Total
Other commitments
Purchase molasses
Sale molasses
Application service
provisioning agreement
Brewing supervision agreement
Other agreements
Total
6. Cash and cash equivalents

Consolidated
Separate
nancial statements
2010
2009
2010
2009
47
68
822
781
Cash at banks - saving accounts
1,387
1,678
22
128
Highly liquid short-term investments
1,103
63
Total
3,359
2,590
23
129
(in million Baht)
Cash on hand
Cash at banks - current accounts
161
The currency denomination of cash and cash equivalents as at 31 December was as follows:
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Thai Baht (THB) and other

functional currencies of
foreign subsidiaries
Hong Kong Dollars (HKD)
United States Dollars (USD)
Others
Total
3,057
2,490
23
129
273
28
69
31
3,359
2,590
23
129
7. Other investments
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Current investments
Short-term deposits at
12
(4)
(4)
14
11
15
15
Other long-term investments

Investment in government bonds
Other non marketable equity
securities
Less allowance for decline in
value of investments
Total
As at 31 December 2009, an indirect subsidiary invested in government bonds in the amount of Baht 8.5 million, bearing
interest rates at 5.90% and 4.25% per annum and maturity date in 2013 and 2014. The bonds has been pledged as a
collateral for electricity utilisation. Subsequently during 2010, the aforementioned indirect subsidiary invested additionally
in government bonds in the amount of Baht 3.66 million, bearing interest rate at 4.125% per annum and maturity date
in 2016. The bonds has been pledged as a collateral for natural gas utilisation
Other investments of the Group as at 31 December 2010 and 2009 were denominated entirely in Thai Baht.
162
8. Trade accounts receivable

Consolidated
Note
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Related parties
Other parties
21
144
1,937
2,089
1,958
2,233
(36)
(183)
1,922
2,050
(3)
41
Less allowance for

doubtful accounts
Net
Bad debts and (reversal of) doubtful debts
expense for the year
Aging analyses for trade accounts receivable were as follows:

Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Related parties
21
97
Less than 3 months
35
6-12 months
12
21
144
1,750
1,887
158
49
Within credit terms

Overdue:
Other parties
Within credit terms
Overdue:
Less than 3 months
6-12 months
10
Over 12 months
12
145
1,937
2,089
3-6 months
Less allowance for doubtful

accounts
Net
(36)
(183)
1,901
1,906
1,922
2,050
The normal credit term granted by the Group ranges from 7 days to 180 days.
163
The currency denomination of trade accounts receivable as at 31 December was as follows:

Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)

United States Dollars (USD)
Total
1,919
2,049
1,922
2,050
9. Inventories
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
10,017
10,678
Maturing spirits
9,028
9,237
Work in progress
3,867
3,162
Raw materials
2,548
1,835
Packaging materials
823
736
Spare parts
428
432
Others
608
377
27,319
26,457
(173)
(263)
27,146
26,194
Finished goods
Less allowance for decline in value

Net
The cost of inventories which is recognised as an expense and included in cost of sale of goods for the year ended 31
December 2010 amounted to Baht 87,176 million (2009: Baht 76,267 million).
164
10. Other current assets

Consolidated
nancial statements
Separate
nancial statements
2010
2009
2010
2009
Prepaid excise tax
743
774
Refundable VAT
367
442
Refundable excise tax
231
324
Prepaid expenses
189
171
10
Deposits
109
152
Others
340
296
1,979
2,159
19
13
(in million Baht)
Less allowance for doubtful accounts

Net
(8)
(10)
1,971
2,149
19
13
The currency denomination of other current assets as at 31 December was as follows:

Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Thai Baht (THB) and other functional

currencies of foreign subsidiaries
Others
Total
1,970
2,146
19
13
1,971
2,149
19
13
11. Investments in subsidiaries

Separate
nancial statements
2010
2009
(in million Baht)
At 1 January
80,091
77,162
Acquisitions
43
2,886
Disposals
At 31 December
(46)
80,047
80,091
165
Investments in subsidiaries as at 31 December 2010 and 2009, and dividend income from those investments for the
years then ended were as follows:
Ownership interest
2010
2009
Paid-up capital
2010
2009
Cost method
2010
2009
Dividend income
2010
2009
(in million Baht)
(%)
Subsidiaries
100.00
100.00
5,550
5,550
12,500
12,500
100.00
100.00
6,600
6,600
12,500
Sangsom Co., Ltd.
100.00
100.00
7,500
7,500
7,500
12,500
541
541
7,500
135
100.00
100.00
900
900
900
900
87
62
100.00
100.00
700
700
691
691
10
100.00
100.00
100.00
100.00
700
700
697
697
700
700
700
700
48
57
100.00
100.00
4,000
4,000
4,000
4,000
968
764
Athimart Co., Ltd.
100.00
100.00
900
900
900
900
104
121
100.00
100.00
800
800
800
800
142
102
Kankwan Co., Ltd.
100.00
100.00
800
800
800
800
158
166
100.00
100.00
700
700
700
700
121
106
100.00
100.00
5,000
5,000
5,000
5,000
395
215
100.00
100.00
1,800
1,800
1,800
1,800
95
76
100.00
100.00
900
900
888
888
124
49
Nateechai Co., Ltd.
100.00
100.00
800
800
800
800
62
72
100.00
100.00
800
800
766
766
26
57
Sura Piset Thipparat Co., Ltd.
100.00
100.00
1,000
1,000
1,010
1,010
Pomthip Co., Ltd.
100.00
100.00
10
10
10
10
11
104
Pomkit Co., Ltd.
100.00
100.00
10
10
10
10
34
Pomkung Co., Ltd.
100.00
100.00
10
10
10
10
122
Pomchok Co., Ltd.
100.00
100.00
10
10
10
10
91
177
100.00
100.00
10
10
10
10
19
21
Pomburapa Co., Ltd.
100.00
100.00
10
10
10
10
81
119
Pompalang Co., Ltd.
100.00
100.00
10
10
10
10
Pomnakorn Co., Ltd.
100.00
100.00
10
10
10
10
21
Num Yuk Co., Ltd.
100.00
100.00
10
10
10
10
364
369
100.00
100.00
10
10
10
10
681
1,046
100.00
100.00
10
10
10
10
129
302
Num Muang Co., Ltd.
100.00
100.00
10
10
10
10
354
430
100.00
100.00
10
10
10
10
212
244
100.00
100.00
10
10
10
10
291
341
100.00
100.00
10
10
10
10
409
Numthip Co., Ltd.
100.00
100.00
10
10
10
10
171
100.00
100.00
340
609
166

Ownership interest
2010
2009
Paid-up capital
2010
2009
Cost method
2010
2009
Dividend income
2010
2009
(in million Baht)
(%)
100.00
100.00
27
27
375
406
Surathip Co., Ltd.
100.00
100.00
150
221
100.00
100.00
25
25
209
140
100.00
100.00
24
24
118
89
100.00
100.00
860
860
864
864
100.00
100.00
200
200
200
200
99.72
99.72
40
40
35
35
74
41
100.00
100.00
32
32
28
54
100.00
100.00
34
34
29
19
100.00
100.00
122
122
84
84
100.00
100.00
300
300
296
296
100.00
100.00
123
123
134
134
128
54
100.00
100.00
1,012
1,012
1,012
1,012
100.00
100.00
300
300
300
300
124
34
100.00
100.00
20
20
24
24
29
52
Dhospaak Co., Ltd.
100.00
100.00
25
25
61
61
17
12
100.00
International Beverage
100.00
100.00
7,863
7,863
7,863
7,863
100.00
100.00
1,667
1,667
4,139
4,139
22
100.00
100.00
39
39
100.00
100.00
4,318
4,318
119
124
Archa beer Co., Ltd.
100.00
100.00
130
130
44
22
Sura Piset Phatra Lanna Co., Ltd.
100.00
100.00
1,000
1,000
1,015
1,015
89.26
89.93
375
375
6,206
6,253
600
698
100.00
100.00
60
60
60
60
54,306
54,303
80,047
80,091
8,290
8,238
Holdings Limited
Oishi Group PCL.

Total
167
Signicant movements during the year ended 31 December 2010 of investment in subsidiaries were as follows:
(a) The Executive Board of Directors meeting held on 24 May 2010 unanimously approved in principle for 16 distilleries,
the Companys subsidiaries, to purchase 23 Empty Bottle Inspection machines (E.B.I.) together with belt conveyor system,
amounting to Baht 387 million. This project will be invested in 2010 and 2011 in the amount of Baht 132 million and
Baht 255 million, respectively. Subsequently, all of the 16 distilleries had entered into the machine purchasing agreements
with an overseas company in the amount of JPY 370 million.
(b) The Executive Board of Directors meeting held on 21 June 2010 unanimously approved in principle for SPM Foods and
Beverages Company Limited, the Companys indirect subsidiary, to purchase the machine for beverage production,
amounting to Baht 126 million. Subsequently, the aforementioned had entered into the machine purchasing agreement
with a related company in the amount of Baht 16.25 million.
(c) The Executive Board of Directors meeting held on 27 July 2010 unanimously approved in principle for International
Beverage Holdings (China) Limited, the Companys indirect subsidiary, to increase its authorised share capital amounting
to HKD 17 million for an increase in the capital of Yunnan Yulinquan Liquor Co., Ltd., the subsidiary of the Companys
indirect subsidiary, amounting to RMB 15 million. Subsequently, on 18 November 2010, International Beverage Holdings
(China) Limited received payment for the aforementioned its share capital.
(d) The Executive Board of Directors meeting held on 23 August 2010 unanimously approved in principle for Yunnan
Yulinquan Liquor Co., Ltd., the subsidiary of the Companys indirect subsidiary, to acquire loan from a local nancial
institution in Yunnan Province, Peoples Republic of China in the amount not exceeding RMB 85 million or 70% of
appraisal value or total expenditures of production capacity of the expansion project, whichever is lower.
(e) In 2010, International Beverage Holdings Limited USA, Inc., a subsidiary of the indirect subsidiary, increased its authorised
share capital from USD 10.3 million to USD 11.8 million to fund its operations.
168
12. Investments in associates

Consolidated
2010
2009
(in million Baht)
128
112
11
11
Translation of nancial statement differences
(16)
At 31 December
123
128
At 1 January
Share of prots of investments - equity method
Investments in associates as at 31 December 2010 and 2009, and dividend income from those investments for the years
then ended were as follows:
Ownership
interest
2010
2009
Paid-up capital
2010
2009
Cost method
2010
Equity method Dividend income
2009
2010
2009
2010
2009
(in million Baht)
(%)
Associates
Held by subsidiaries of indirect
subsidiaries
Liquorland Limited
49.49
49.49
69
69
18
18
123
128
Inver House Polska Limited
44.00
44.00
Inver House Distribution SA
50.02
50.02
79
79
23
23
123
128
Total
(37)
Additions
Transfers
Disposals
Disposals
At 31 December 2010
on consolidation
Translation differences
-
Transfers
4,263
(2)
154
Additions
8,004
4,263
1 January 2010
7,852
At 31 December 2009 and
on consolidation
Translation differences
-
4,263
At 1 January 2009
21
Cost
Land
Surplus on
land
revaluation
7,867
Cost/ revaluation
13. Property, plant and equipment
12,267
(2)
154
12,115
(37)
21
12,130
Total
1,492
(1)
26
1,465
(1)
15
1,449
Land
improvement
19,305
(118)
(22)
1,135
209
18,101
37
(20)
458
156
17,470
Building,
building and
leasehold
improvement
44,305
(120)
(192)
486
354
43,777
31
(172)
615
565
42,738
Machinery
and
equipment
2,709
(35)
(6)
10
2,740
13
(11)
11
2,719
Oak
barrels
1,031
(1)
(38)
(78)
141
1,007
(1)
(26)
41
133
860
Furniture,
xtures
and ofce
equipment
3,149
(1)
(93)
425
2,818
(1)
(49)
254
2,614
Vehicles
1,431
(6)
(1,569)
2,016
990
(1,103)
1,340
753
Assets under
construction
and
installation
85,689
(284)
(351)
3,311
83,013
80
(279)
2,479
80,733
(in million Baht)
Total
169
Disposals
Assets under nance leases
Owned assets
At 31 December 2010
Owned assets

1 January 2010
Owned assets
At 1 January 2009
Net book value
4,263
4,263
8,004
4,263
7,852
8,004
4,263
7,852
At 31 December 2010
4,263
Effect of movement in exchange

rates
Disposals
7,867
Transfers
4,263
Depreciation charge for the year
7,867
1 January 2010
exchange rates
Transfers
Effect of movement in
revaluation
At 1 January 2009
Depreciation and impairment losses
Cost
Surplus on
land
Land
12,267
12,267
12,115
12,115
12,130
12,130
Total
Land
669
669
731
731
804
804
823
(1)
90
7 34
( 1)
90
645
improvement
10,458
10,458
10,093
10,093
10,304
10,304
8,847
(48)
(16)
901
8,008
13
(16)
845
7,166
improvement
Building,
building and
leasehold
9,769
9,769
12,170
10
12,160
14,067
14,064
34,536
(68)
(165)
57
3,105
31,607
20
(143)
(11)
3,070
28,671
equipment
Machinery
and
873
873
1,008
1,008
1,131
1,131
1,836
(21)
(4)
129
1,732
(5)
11
131
1,588
barrels
Oak
315
315
317
317
268
268
716
(37)
(58)
121
690
(22)
119
592
equipment
Furniture,
xtures
and ofce
663
660
325
323
124
120
2,486
(85)
(1)
79
2,493
(1)
(43)
(1)
48
2,490
Vehicles
1,429
1,429
987
987
750
750
(1)
installation
Assets under
construction
and
Total
36,443
36,440
37,746
12
37,734
39,578
39,571
49,246
(138)
(308)
4,425
45,267
39
(230)
4,303
41,155
(in million Baht)
170
171
Property, plant and equipment under construction

As at 31 December 2010, an indirect subsidiary had assets under construction and installation for PET bottling beverage
production by Cold Aseptic Filling project and UHT packing machine project totalling Baht 1,244.13 million (2009: Baht
32.10 million).
Capitalised borrowing costs relating to the acquisition of the aforementioned project amounted to Baht 4.98 million (2009: nil),
with a capitalization rate of 1.30 2.92% per annum (2009: not applicable) (see note 28).
The gross amount of the Groups fully depreciated plant and equipment that was still in use as at 31 December 2010
amounted to Baht 23,865 million (2009: Baht 10,521 million).
The carrying amount of idle land which is held for planned future business operations as at 31 December 2010 amounted
to Baht 1,221 million (2009: Baht 1,222 million).
Separate financial statements
Furniture,
xtures and
Leasehold
improvements ofce equipment
Vehicles
Assets under
construction
and installation
Total
(in million Baht)
Cost
At 1 January 2009
109
22
131
Additions
15
18
36
Disposals
(1)
(7)
(8)

-
123
18
18
159
Additions
11
Transfers
(16)
Disposals
(1)
(1)
10
138
18
169
At 1 January 2009
62
14
76
23
27
Disposals
(1)
(6)
(7)
84
12
96
22
27
Disposals
(1)
(1)
At 31 December 2010
105
15
122
47
55
39
18
63
33
47
1 January 2010
At 31 December 2010
Depreciation and impairment losses

1 January 2010
Net book value

At 1 January 2009
1 January 2010
At 31 December 2010
172
The gross amount of the Companys fully depreciated equipment, leasehold improvement and vehicles that was still in use
as at 31 December 2010 amounted to Baht 79 million (2009: Baht 4 million).
14. Intangible assets

Goodwill
Computer
software
Trademarks
Licences
Total
(in million Baht)
Cost
3,198
94
331
3,629
14
57
12
86
61
61
13
(3)
10
3,275
108
385
18
3,786
Additions
28
31
Disposals
(32)
(32)
(41)
(7)
(48)
3,203
136
380
18
3,737
164
27
260
451
15
27
44
(2)
170
42
285
499
17
37
55
(16)
(2)
(18)
154
59
320
536
3,034
67
71
3,178
3,105
66
100
16
3,287
3,049
77
60
15
3,201
At 1 January 2009
Additions
Acquisition through
business combinations
Translation differences on
consolidation
1 January 2010
consolidation
At 31 December 2010
Amortisation and impairment losses
At 1 January 2009
Amortisation charge for the year
consolidation
1 January 2010
consolidation
At 31 December 2010
Net book value
At 1 January 2009
1 January 2010
At 31 December 2010
173
Separate
Computer software
(in million Baht)
Cost
At 1 January 2009
Additions
At 31 December 2009 and 1 January 2010
Additions
At 31 December 2010
51
4
55
2
57

At 1 January 2009
At 31 December 2010
15
9
24
9
33
Net book value

At 1 January 2009
36
31
At 31 December 2010
24
15. Leasehold rights

Consolidated
(in million Baht)
Cost
At 1 January 2009
158
Additions
116
Translation differences on consolidation

Additions
Translation differences on consolidation
At 31 December 2010
(5)
269
(8)
261
174
Consolidated
(in million Baht)

At 1 January 2009
46
10
56
12
At 31 December 2010
68
Net book value

At 1 January 2009
112
213
At 31 December 2010
193
16. Other non-current assets

Consolidated
Note
2010
2009
Separate
2010
2009
(in million Baht)
Advance payments to
1,679
1,729
315
324
Deposits
187
293
Idle land
106
106
Others
128
94
2,100
2,222
315
326
a specialist
34
Total
17. Interest-bearing liabilities

Consolidated
Note
2010
Separate
2009
2010
2009
(in million Baht)
Current
Bank overdrafts
Secured
Unsecured
566
655
175
Consolidated
Note
2010
Separate
2009
2010
2009
(in million Baht)
Short-term loans from nancial

institutions
Letter of comfort
Unsecured
94
163
5,600
4,900
5,000
3,100
6,262
5,718
5,000
3,100
2,500
3,765
2,500
3,765
5,955
7,259
8,762
9,483
13,455
14,124
600
2,500
2,500
10,403
9,743
600
2,500
10,403
12,243
9,362
11,983
23,858
26,367
Bank overdrafts and short-term

loans from nancial institutions
Unsecured
Short-term loans from related parties
Unsecured
Non-current
Long-term loans from nancial
institutions
Unsecured
Long-term loans from related parties
Unsecured
Total
The periods to maturity of interest-bearing liabilities as at 31 December were as follows:

Consolidated
Separate
2010
2009
2010
2009
8,762
9,483
13,455
14,124
600
2,500
10,403
12,243
9,362
11,983
23,858
26,367
(in million Baht)
Within one year

Total
176
The principal features of the borrowings were as follows:

(a) Bank overdrafts are repayable on demand. As at 31 December 2010, the Group had total overdraft facilities amounting to
Baht 4,411 million (2009: Baht 4,003 million) which are partially supported by letters of comfort issued by the Company.
(b) Short-term loans from nancial institutions. As at 31 December 2010, the Group had short-term loan facilities from
several nancial institutions totalling Baht 37,671 million (2009: Baht 30,900 million) of money market rates quoted
by banks. The facilities are supported by unsecured promissory notes issued by the Group to several domestic nancial
instition totaling Baht 5,600 million and to an overseas nancial institution amounting to Baht 94 million and by a
letter of comfort issued by the Company, totalling Baht 5,694 million (2009: Baht 5,063 million).
On 27 February 2009, the Board of Directors approved the issuance and offering of short-term bill of exchange in the
amount not exceeding Baht 10,000 million.
(c) In 2007, the Company entered into a long-term loan agreement with a nancial institution in the amount of Baht
4,500 million which is to be repaid monthly in 12 installments, Baht 375 million each, commencing in February
2009. Interest is payable monthly at 5.60% per annum for the rst year and 5.75% per annum afterwards.
Subsequently, the Company has been granted the reduction of interest rate to 4.50% per annum for the rst year and
4.75% per annum afterwards. The last installment of long-term loan was paid in January 2010.
In 2008, the Company entered into a long-term loan agreement with a nancial institution amounting to Baht 3,190
million which is to be repaid monthly in 11 installments, Baht 300 million each for the rst 10 installments and Baht
190 million for the last installment, from 30 December 2009 to 29 October 2010 with a xed interest payable monthly
at 5% per annum. The last installment for long-term loan was paid in October 2010.
In November 2009, the Company entered into long term loans with two nancial institutions amounting to Baht 3,000
million which is to be repaid monthly in six installments, Baht 500 million each, commencing from December 2010
to May 2011, interest is payable monthly at 2.11% per annum.
In November 2010, an indirect subsidiary entered into long term loans with a nancial institution amounting to Baht
600 million which is to be repaid monthly in six installments, Baht 100 million each, commencing from May 2012
to October 2012, interest is payable monthly at 2.92% per annum.
Interest-bearing liabilities of the Group and the Company as at 31 December 2010 and 2009 were denominated entirely
in Thai Baht and other functional currencies of foreign subsidiaries.
177
18. Trade accounts payable

Consolidated
Note
2010
Separate
2009
2010
2009
(in million Baht)
990
890
Other parties
2,767
2,250
Total
3,757
3,140
Related parties
The currency denomination of trade accounts payable as at 31 December was as follows:

Consolidated
2010
Separate
2009
2010
2009
(in million Baht)

3,465
2,855
225
122
Euro (EUR)
56
109
Others
11
54
3,757
3,140
Australia Dollars (AUD)
Total
19. Other current liabilities

Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Accrued expenses
795
865
75
95
Value added tax payable
865
835
42
36
Accrued promotion expense
459
363
Assets payable
552
350
425
204
171
Withholding tax payable
107
110
20
17
Others
258
191
3,461
3,089
144
159
Advanced payments from

customers for purchase of goods
Outstanding cheque paid for
excise tax
Total
178
The currency denomination of other current liabilities as at 31 December was as follows:

Consolidated
2010
Separate
2009
2010
2009
(in million Baht)

3,175
Japanese (Yen)
Others
Total
3,065
144
158
253
33
24
3,461
3,089
144
159
20. Share capital

Par value
per share
2010
Number
Baht
(in Baht)
2009
Number
Baht
(million shares / million Baht)
Authorised
At 1 January
- ordinary shares
29,000
29,000
29,000
29,000
29,000
29,000
29,000
29,000
25,110
25,110
25,110
25,110
25,110
25,110
25,110
25,110
At 31 December
- ordinary shares
Issued and paid-up
At 1 January
- ordinary shares
At 31 December
- ordinary shares
21. Additional paid-in capital and reserves

Share premium
Section 51 of the Public Companies Act B.E. 2535 requires companies to set aside share subscription monies received in
excess of the par value of the shares issued to a reserve account (share premium). Share premium is not available for
dividend distribution.
Legal reserve
Section 116 of the Public Companies Act B.E. 2535 requires that a company shall allocate not less than 5% of its annual
net prot, less any accumulated losses brought forward, to a reserve account (legal reserve), until this account reaches
an amount not less than 10% of the registered authorised capital. The legal reserve is not available for dividend distribution.
179
Currency translation differences

The currency translation differences account within equity comprises all foreign currency differences arising from the
translation of the nancial statements of foreign operations, as well as from the translation of liabilities that hedge the Companys
net investment in a foreign operation.
Fair value changes
The fair value changes account within equity comprises the cumulative net change in the fair value of available-for-sale nancial
assets until the investments are derecognised or impaired.
Valuation changes
The valuation changes account within equity cumulative net change in the valuation of property, plant and equipment included
in the nancial statements at valuation until such property, plant and equipment is sold or otherwise disposed of.
22. Segment information

Segment information is presented in respect of the Groups business and geographical segments. The primary format,
business segments, is based on the Groups management and internal reporting structure.
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated
on a reasonable basis.
In preparing segmental information, those liabilities and related interest expense that are not specically attributable to
a particular segment are allocated on a percentage of net assets basis. Management believes this to be a fair indication
of the actual use of the liabilities.
Business segments
The Group comprises the following main business segments:
Spirits
Production and sales of branded spirits products (mostly outside the group);
Beer
Production and sales of branded beer products (mostly outside the group);
Non-alcoholic beverages
Production and sales of branded soda, water, ready-to-drink coffee, energy drink,
green tea and fruit juice avour (mostly outside the group); and
Food
Japanese restaurants, bakery shops and distribution of food and beverage

(mostly outside the group)
Geographical segments
Operating units of the Group are mainly located in Thailand. Portions of product produced from these units are exported
directly or indirectly through foreign subsidiaries to external customers. Certain operating units of subsidiaries are located
in foreign countries.
In presenting information on the basis of geographical segments, segment revenue is based on the geographical location
of customers. Segment assets are based on the geographical location of the assets.
45,540
1,621
5,990
53,151
52,046
2,116
6,275
60,437
Cost of sale of goods
Selling expenses
Prot (loss) for the period
Income tax expense
income tax expense
Prot (loss) before
Finance costs
income tax expense
nance costs and
Prot (loss) before
Total expenses
16,469
4,833
11,636
16,708
4,924
11,784
301
69,921
77,306
Total income
16,770
183
264
Other income
Interest income
161
16,869
69,733
77,034
Revenue from sale of goods
2009
Spirits
2010
Business segments results
Beer
(1,628)
(755)
(2,383)
73
(2,310)
36,133
3,091
4,230
28,812
33,823
92
33,729
2010
(1,632)
(568)
(2,200)
206
(1,994)
32,517
2,942
3,645
25,930
30,523
323
30,196
2009
379
(118)
261
21
282
6,359
796
841
4,722
6,641
29
6,611
2010
beverages
488
88
576
32
608
4,340
650
560
3,130
4,948
30
4,916
2009
Non-alcoholic
Food
186
33
219
223
3,871
1,127
128
2,616
4,094
17
4,075
2010
151
160
10
170
3,147
962
131
2,054
3,317
14
3,298
2009
(129)
(2)
(28)
(99)
(129)
(41)
(88)
(451)
(233)
(173)
(45)
(451)
(277)
(174)
2009
Elimination
2010
10,721
4,084
14,805
259
15,064
106,671
11,287
7,287
88,097
121,735
361
13
121,361
2009
10,643
4,362
15,005
549
15,554
92,704
10,311
5,784
76,609
108,258
273
16
107,969
(in million Baht)
Total
2010
180
6,735
47,827
7,325
5,924
13,249
7,977
48,603
5,808
6,874
12,682
Total Assets
Interest-bearing liabilities
Other liabilities
Total liabilities
1,039
64
116
2,220
34
61
13
2,257
45
75
Intangible assets
Leasehold rights
Depreciation
Amortisation
Gain on disposal of assets
equipment
1,019
Property, plant and
Capital expenditure
and equipment
Other assets
21,024
21,712
20,068
2009
2010
Spirits
18,914
Property, plant
Inventories
Business segments nancial position
33
1,615
428
3,255
1,146
2,109
19,002
1,925
12,746
4,331
2010
Beer
1,586
958
5,254
1,517
3,737
21,572
2,461
14,577
4,534
2009
11
378
1,558
2,314
1,026
1,288
7,657
2,639
4,018
1,000
2010
15
354
215
1,448
741
707
5,705
2,700
2,458
547
2009
Non-alcoholic beverages
13
175
306
823
666
157
2,040
1,172
765
103
2010
Food
12
143
18
267
755
541
214
2,046
1,314
643
89
2009
119
67
4,425
31
3,311
19,074
9,712
9,362
77,302
13,713
36,443
27,146
2010
2009
85
54
4,303
116
86
2,479
20,706
8,723
11,983
77,150
13,210
37,746
26,194
(in million Baht)
Total
181
182
Geographic segments
The segment nancial information of the Group based on geographical segments in the consolidated nancial statements
for the years ended 31 December 2010 and 2009 were as follows:
Property, plant
and equipment
Income
2010
2009
2010
2009
(in million Baht)
Thailand
117,815
105,047
35,088
36,217
Overseas
3,920
3,211
1,355
1,529
121,735
108,258
36,443
37,746
Total
23. Other income

Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Gain on disposal of assets
119
84
Gain on sale of investment
53
49
Revenue from sales of scraps
28
13
Net gain on foreign exchange
20
Others
151
145
Total
351
262
58
12
24. Selling expenses

Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
6,599
5,352
Transportation
465
282
Commission
224
151
7,288
5,785
Marketing and advertising
Total
183
25. Administrative expenses

Consolidated
Separate
2010
2009
2010
2009
Personnel expenses
4,448
4,029
Idle capacity
1,985
2,231
Travelling
672
792
Rental
762
658
503
447
Donation
596
394
Hire and services
488
287
(in million Baht)
Others
Total
1,495
1,171
10,949
10,009
21
19
26. Employee benet expenses

Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Management
Salaries and wages
170
153
170
153
Bonus
108
97
108
97
58
49
15
14
338
301
295
266
4,619
4,226
275
246
Bonus
773
708
71
64
Overtime and perdiem allowance
382
292
10
12
94
22
960
843
58
47
6,828
6,091
420
374
7,166
6,392
715
640
Contribution to dened benet plans

Others
Other employees
Salaries and wages
Contribution to dened benet plans

Others
Total
The dened contribution plans comprise provident funds established by the Group for its employees. Membership to the
funds is on a voluntary basis. Contributions are made monthly by the employees at rates ranging from 2% to 3% of their
basic salaries and by the Group at rates ranging from 2% to 3% of the employees basic salaries. The provident funds are
registered with the Ministry of Finance as juristic entities and are managed by a licensed Fund Manager.
184
27. Expenses by nature

The statements of income include an analysis of expenses by function. Expenses by nature disclosed in accordance with
the requirements of various TFRS were as follows:
Consolidated
2010
Separate
2009
2010
2009
(in million Baht)
Included in cost of sales of goods:

Changes in inventories of nished
124
(4,169)
82,330
67,270
2,379
2,062
3,975
3,885
6,054
4,800
545
552
4,786
4,330
715
640
518
471
35
37
Rental
762
658
30
20
goods and work in progress

Raw materials, consumables and
excise tax used
Included in selling expenses:

Marketing and sales promotion
expenses
Advertising and public relations
Included in administrative expenses:
28. Finance costs
Note
Consolidated
Separate
nancial statements
2010
2009
2010
2009
(in million Baht)
Interest expense:
Related parties
Financial institutions
Others
Less assets under construction
Net
728
704
264
482
223
357
67
66
264
549
951
1,127
(5)
259
549
951
1,127
185
29. Income tax expense

The current tax expense in the consolidated statement of income is less than the amount determined by applying the Thai
corporation tax rate to the accounting prot for the year principally because:
(a) the Groups unutilised tax losses brought forward from the previous year have been utilised during the year to set-off
against the current years tax charge for 2010 amounted to Baht 101 million (2009: Baht 21 million).
(b) a signicant portion of the Groups prot was derived from promoted activities for which concessionary tax rates apply
for 2010 amounted to Baht 37 million (2009: Baht 2 million).
(c) of the different treatment for accounting and taxation purposes of certain items of income and expense of the Group
for 2010 amounted to Baht (261) million (2009: Baht (214) million).
(d) losses suffered by certain subsidiaries of the Group can not be set-off against the prots of subsidiaries of the Group
for tax purposes for 2010 amounted to Baht 41 million (2009: Baht 104 million).
(e) the Group has any adjustment to tax payable in respect of previous years for 2010 amounted to Baht 1 million (2009:
Baht (7) million).
The current tax expense in the separate statement of income is less than the amount determined by applying the Thai
corporation tax rate to the accounting prot for the year principally because:
(a) dividends are not subject to tax for 2010 amounted to Baht 2,487 million (2009: Baht 2,471 million).
(b) of the different treatment for accounting and taxation purposes of certain items of income and expense for 2010
amounted to Baht 16 million (2009: Baht 30 million).
(c) the Company has any adjustment to tax payable in respect of previous years for 2010 amounted to Baht 0.28 million.
30. Promotional privileges

Promotional privileges from the Board of Investment
By virtue of the provisions of the Industrial Investment Promotion Act of B.E. 2520, two subsidiaries have been granted
privileges by the Board of Investment relating to the production of bio-gas and the production of beverage. The privileges
granted include:
The production of bio-gas
(a) exemption from payment of import duty on machinery approved by the Board;
(b) exemption from payment of income tax for certain operations for a period of eight years from the date on which the
income is rst derived from such operations;
(c) a 50% reduction in the normal tax rate on the net prot derived from certain operations for a period of ve years,
commencing from the expiry date in (b) above; and
186
(d) exemption from income tax on dividend income derived from certain promoted operations of its subsidiaries for a period
of eight years.
The production of beverage
(a) exemption from payment of import duty on machinery approved by the Board;
(b) exemption from payment of income tax for certain operations for a period of eight years from the date on which the
income is rst derived from such operations; and
(c) exemption from income tax on dividend income derived from certain promoted operations of its subsidiaries for a period
of eight years.
As promoted companies, the aforementioned subsidiaries must comply with certain terms and conditions prescribed in
the promotional certicates.
Summary of revenue from promoted and non-promoted businesses:
Consolidated
Separate
2010
2009
2010
2009
4,071
3,658
Non-promoted businesses
117,290
104,311
Total
121,361
107,969
(in million Baht)
Promoted businesses
Privileges granted to business operator in Free Zone

Also in 2004 another subsidiary was granted approval from the Customs Department to operate in a Free Zone, whereby
the subsidiary obtains privileges related to the payment of import and export taxes, valued added tax and excise tax. Various
other privileges are also granted.
187
31. Basic earnings per share

The calculations of basic earnings per share for the years ended 31 December 2010 and 2009 were based on the prot
for the years attributable to equity holders of the Company and the number of ordinary shares outstanding during the
years as follows:
Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht / million shares)
Prot attributable to equity holders of

the Company (basic)
Number of ordinary shares outstanding
Basic earnings per share (in Baht)
10,612
10,566
8,927
8,643
25,110
25,110
25,110
25,110
0.42
0.42
0.36
0.34
32. Dividends
At the meeting of the Board of Directors held on 10 August 2010, the directors had adopted a resolution to approve the
interim dividend payment for the year 2010 of 25,110 million ordinary shares at Baht 0.15 per share, totalling Baht 3,766
million. The interim dividend was paid to shareholders on 8 September 2010.
At the annual general meeting of the shareholders of the Company held on 29 April 2010, the shareholders approved the
appropriation of dividend of Baht 0.33 per share, amounting to Baht 8,286 million. On 10 September 2009, the interim
dividend of Baht 0.15 per share was paid, totalling Baht 3,766 million. The remaining dividend of Baht 0.18 per share,
totalling Baht 4,520 million, was paid on 26 May 2010.
At the annual general meeting of the shareholders of the Company held on 29 April 2009, the shareholders approved the
appropriation of dividend of Baht 0.30 per share, amounting to Baht 7,533 million. On 11 September 2008, the interim
dividend of Baht 0.12 per share was paid, totalling Baht 3,013 million. The remaining dividend of Baht 0.18 per share,
totalling Baht 4,520 million, was paid on 27 May 2009.
33. Financial instruments

Financial risk management policies
The Group is exposed to normal business risks from changes in market interest rates and currency exchange rates and
from non-performance of contractual obligations by counterparties. The Group does not hold or issue derivative nancial
instruments for speculative or trading purposes.
Risk management is integral to the whole business of the Group. The Group has a system of controls in place to create
and acceptable balance between the cost of risks occurring and the cost of managing the risks. The management continually
monitors the Groups risk management process to ensure that an appropriate balance between risk and control is achieved.
188
Capital management
The Boards policy is to maintain a strong capital base so as to maintain investor, creditor and market condence and to
sustain future development of the business. The Board monitors the return on capital, which the Group denes as result
from operating activities divided by total shareholders equity, excluding non-controlling interests and also monitors the
level of dividends to ordinary shareholders.
Interest rate risk
Interest rate risk is the risk that future movements in market interest rates will affect the results of the Groups operations
and its cash ows because loan interest rates are mainly xed. The Group is primarily exposed to interest rate risk from its
borrowings (Note 17). The Group mitigates this risk by ensuring that the majority of its borrowings are at xed interest rates.
The effective interest rates of loans receivable as at 31 December and the periods in which the loans receivable mature
or re-price were as follows:
Effective
interest rate
Within
1 year
After 1
year but
within 5
years
(% per annum)
Total
(in million Baht)
2010
Current
Loans receivable - Related parties
5.00
1,977
1,977
Non-current
5.00
2,499
2,499
1,977
2,499
4,476
5.00
2,642
2,642
5.00
3,455
3,455
2,642
3,455
6,097
Total
2009
Current
Non-current
Total
189
The effective interest rates of interest-bearing nancial liabilities as at 31 December and the periods in which those
liabilities mature or re-price were as follows:
Effective
interest rate
Within
1 year
After 1
year but
within 5
years
(% per annum)
Total
(in million Baht)
2010
Current
Bank overdrafts
2.52
568
568
Loans payable - Financial institutions
1.93
5,694
5,694
2.11
2,500
2,500
Non-current
2.92
Total
600
600
8,762
600
9,362
2009
Current
Bank overdrafts
2.50
655
655
1.70
5,063
5,063
4.59
3,765
3,765
2.11
2,500
2,500
9,483
2,500
11,983
Non-current
Total
190

Effective
interest
rate
Within
1 year
After 1
year but
within 5
years
(% per annum)
Total
(in million Baht)
2010
Current
1.91
5,000
5,000
2.11
2,500
2,500
Loans payable - Related parties
5.00
5,955
5,955
5.00
10,403
10,403
13,455
10,403
23,858
Non-current
Total
2009
Current
1.71
3,100
3,100
4.59
3,765
3,765
5.00
7,259
7,259
2.11
2,500
2,500
5.00
9,743
9,743
14,124
12,243
26,367
Non-current
Total
Foreign currency risk

The Group is exposed to foreign currency risk relating to purchases and sales of goods which are denominated in foreign
currencies. The Group primarily utilises forward exchange contracts to hedge such nancial assets and liabilities denominated
in foreign currencies. The forward exchange contracts entered into at the reporting date also relate to anticipated purchases
and sales, denominated in foreign currencies, for the subsequent period.
At 31 December, the Group and the Company were exposed to foreign currency risk in respect of nancial assets and
liabilities denominated in the following currencies:
Consolidated
Note
2010
Separate
2009
2010
2009
(in million Baht)
United States Dollars

28
69
191
Consolidated
Note
2010
Separate
2009
2010
2009
(in million Baht)
(7)
(7)
(9)
(18)
Gross balance sheet exposure
16
47
Estimated forecast purchase of assets
(6)
Estimated forecast purchase of goods
(749)
(899)
(4)
(3)
Gross exposure
(737)
(861)
Forwards to buy foreign currency
652
769
Net exposure
(85)
(92)
(56)
(109)
(21)
(5)
Estimated forecast other liabilities
Euro
18
(77)
(114)
Estimated forecast purchase of goods
(813)
(773)
(718)
(65)
(1,608)
(952)
1,352
778
(256)
(174)
(4)
(47)
(1)
(4)
(46)
(119)
(51)
(52)
(67)
(3)
(178)
(164)
177
152
(1)
(12)
(225)
(122)
Gross exposure
Net exposure
Great Britain Pound
Estimated forecast purchases Goods

Estimated forecast purchase of Advertising
Gross exposure
Net exposure
Australia Dollars
18
(225)
(122)
Estimated forecast purchases Goods
(1,094)
(495)
Gross exposure
(1,319)
(617)
773
(546)
(617)

Net exposure
192
Consolidated
Note
2010
Separate
2009
2010
2009
(in million Baht)
Hong Kong Dollars

273
30
273
31
(253)
(253)

Gross exposure
Japanese Yen
19

Estimated forecast purchase of machinery
(14)
(512)
(65)
(332)
(512)

Gross exposure
203
512
(129)
(2)
(1)
(1)
(1)
(2)
(1)
(1)
(1)
(2)
(2)
(3)
(1)
(1)

Net exposure
Other foreign currencies
Forwards to sell foreign currency

Net exposure
Credit risk
Credit risk is the potential nancial loss resulting from the failure of a customer or counterparty to settle its nancial and
contractual obligations to the Group as and when they fall due.
Management has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations
are performed on all customers requiring credit over a certain amount. At the reporting date there were no signicant
concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of each nancial
asset in the balance sheet. However, due to the large number of parties comprising the Groups customer base, management
does not anticipate material losses from its debt collection.
Liquidity risk
The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management
to nance the Groups operations and to mitigate the effects of uctuations in cash ows.
Determination of fair values
A number of the Groups accounting policies and disclosures require the determination of fair value, for both nancial
and non-nancial assets and liabilities. The fair value is the amount for which an asset could be exchanged, or a liability
193
settled, between knowledgeable, willing parties in an arms length transaction. Fair values have been determined for
measurement and/or disclosure purposes based on the following methods. When applicable, further information about the
assumptions made in determining fair values in disclosed in the notes specic to that asset or liability.
The fair value of trade and other short-term receivables and loans to and other receivables from related parties is taken
to approximate the carrying value.
The fair value of other long-term investments is taken to approximate the carrying value. Interest rates of investment in
government bonds are xed.
The fair value of trade accounts payable, loans from related parties and other payable, other payables from related parties,
and other current liabilities is taken to approximate the carrying value.
The fair value of loans is taken to approximate the carrying value. The loans are bearing interest at rates closed to current
market rate.
The fair value of forward exchange contracts is based on their listed market price, if available. If a listed market price is
not available, then fair value is estimated by discounting the difference between the contractual forward price and the
current forward price at the reporting date for the residual maturity of the contract using a risk-free interest rate (based
on government bonds).
Fair value of forward exchange contracts at 31 December was as follows:
Currency
denomination
2010
Consolidated
nancial statements
2009
(in million)
2010
2009
(in million Baht)
Currency forwards
Assets
-
0.09
Euro
34
16
1,348
773
Great Britain Pound
17
18
788
942
Australia Dollars
25
753
United States Dollars
22
23
658
768
542
1,399
201
508
3,748
2,991
Singapore Dollars
Liabilities
Japanese Yen
Total
194
34. Commitments with non-related parties

Consolidated
2010
Separate
nancial statements
2009
2010
2009
(in million Baht)
Capital commitments
Contracted but not provided for:
Buildings and other constructions
319
561
907
746
1,226
1,307
Within one year
348
294
10
300
227
11
19
25
667
546
17
17
Forward contracts to buy foreign currencies
3,831
3,050
Forward contracts to sell foreign currencies
(2)
2,777
2,218
1,386
1,454
234
245
801
552
560
527
11
327
472
Molasses purchase agreements
191
284
Bank guarantees
191
175
37
47
10,067
8,735
277
306
Machinery and equipment

Total
Non-cancellable operating lease
commitments
After ve years
Total
Other commitments
Goods and raw materials purchase

agreements
Specialist agreements
Unused letters of credit for goods and
supplies
Service agreements
Advertising services and
sponsorship agreements
Other agreements
Total
Signicant capital commitments

An indirect subsidiary has entered into factory building construction and machinery installation agreements with several
companies due to in 2009, the said indirect subsidiary has invested in Cold-Aseptic-Filling beverage and PET bottle
production project in the amount not exceeding Baht 1,430 million. Subsequently in 2010, the said indirect subsidiary
has also invested in UHT packaging machine project in the amount not exceeding Baht 980 million.
195
Signicant other commitments

Specialist agreements
In 2004, the Company and four subsidiaries entered into production and blending control agreements with a specialist
for a period of 40 years from 1 August 2004 to 1 August 2044. Under the agreements, the Company and its subsidiaries
are obliged to pay monthly service fees of Baht 4.3 million which are to be annually increased by 5% for the rst 20
years from 1 August 2004 to 1 August 2024. Afterwards, the Company and its subsidiaries have to pay monthly service
fees of Baht 0.25 million until the expiration of the agreements. Service fee under the agreements totaled Baht 1,766.2
million. Subsequently, the addendums were made on 5 January 2006, under which the Company and its subsidiaries have
to pay additional amount to this specialist amounting to Baht 2,000 million. Therefore, the total service fees under the
agreements both outstanding and already paid by the Company and its subsidiaries amounted to Baht 3,766.2 million.
As at 31 December 2010 the remaining commitments to be paid, relating to these agreements, amounted to Baht 1,386.4 million.
Sponsorship agreement
In 2008, a subsidiary renewed a sponsorship agreement with Everton Football Club, in the United Kingdom, for a period
of three years from 1 June 2008 to 31 May 2011 in order to promote the Groups businesses globally. Under the agreement,
the subsidiary is obliged to pay a minimum amount of GBP 0.5 million and a maximum amount of GBP 3.5 million per year,
dependent on the performance of Everton football team in each year.
Distributor agreement
In 2008, an indirect subsidiary renewed a distributor agreement with a local company to act as a distributor for green tea
products for a period of three years from 4 November 2008 to 3 November 2011.
Hot-ll PET bottle trading agreement
In 2005, an indirect subsidiary entered into a hot-ll PET bottle trading agreement with a local bottle manufacturing
company according to the quantity required from the indirect subsidiary on a monthly basis at the price specied in the
agreement. The agreement is for a 15-year period, commencing 150 days after the agreement date.
Material and package trading agreement
In 2007, a subsidiary and an indirect subsidiary entered into a material and package trading agreement with a local
company for distribution of products to the Groups shops and for materials and packaging management. The two subsidiaries
committed to pay the service charge at the rate specied in the agreement for a period of three years from 1 April 2007
to 31 March 2010 with the renewal option for another three years. Subsequently in April 2010, the said subsidiaries
entered into new agreements for a period of two years and eight months from 1 May 2010 to 31 December 2012.
Transportation agreement
In 2007, a subsidiary and an indirect subsidiary entered into a transportation agreement with a local company to transport
products from factory to the destination. Transportation cost is calculated for each trip at the rate stated in the agreement.
The term of the agreement is three years from 1 November 2007 to 31 October 2010. Subsequently, on 1 February 2010,
the said subsidiaries entered into a new agreement due to the transportation fee rate adjustment. The term of the agreement
is three years from 1 January 2010 to 31 December 2012 and may be extended for successive terms of one year each
or terminated if any party does not comply with the terms and conditions stated in the agreement or if not less than 30
days prior written notice is given by any one party to the other.
196
License agreement
A subsidiary entered into a license agreement with an overseas company for operating Japanese restaurants in the Kingdom
of Thailand as the master license for a period of 10 years from 20 May 2008. Unless there is a notication to terminate
the agreement within 180 days before the expiration, this agreement continues to be in effect for the successive 10 years
term. The subsidiary committed to pay Initial License Fee, License Fee and Royalty Fee as stated in the agreement.
On 29 June 2009, the said subsidiary entered into a license agreement with another overseas company for operating
Japanese restaurants in the Kingdom of Thailand as the master license for a period of 10 years from 29 June 2009.
Unless there is a notication to terminate the agreement within 180 days before the expiration, this agreement continues
to be in effect for the successive 10 years term. The subsidiary committed to pay Initial License Fee, License Fee and
Royalty Fee as stated in the agreement.
Natural gas trading agreement
On 30 September 2009, an indirect subsidiary entered into a natural gas trading agreement with a local company at the
condition specied in the agreement for a period of 7 years from 21 December 2009 to 30 November 2016 with the
renewal option by written notice not less than 90 days before the expiration.
Supply agreement
On 1 June 2010, an indirect subsidiary entered into a supply agreement to purchase Aseptic Preforms and Aseptic Plastic
Closures to support its aseptic llings line with a local company, whereby the subsidiary agreed to buy the raw material
at category and price specied in the terms and conditions of the agreement. The agreement has been effective until 31
August 2010 unless the counterparties agree otherwise.
35. Events after the reporting period

(a)
On 5 January 2011, International Beverage Trading Limited (IBTL) was incorporated in Bermuda with registered
share capital of USD 0.1 million by issuing 0.1 million ordinary shares with a USD 1 par value. International
Beverage Holdings Limited, the Companys subsidiary, holds the entire shares.
(b) At the Executive Board of Directors meeting held on 24 January 2011, the directors approved in principle for
Charun Business 52 Co., Ltd. to sell its entire assets.
(c)
At the Board of Directors meeting held on 23 February 2011, the directors agreed to propose a dividend
payment for the year of Baht 0.35 per share, totalling Baht 8,789 million. The interim dividend paid was Baht
0.15 per share, totalling Baht 3,767 million. The remaining dividend payment is Baht 0.2 per share, totalling
Baht 5,022 million.
36 . Thai Financial Reporting Standards (TFRS) not yet adopted

The Group has not adopted the following new and revised TFRS that have been issued as of the reporting date but are
not yet effective. The new and revised TFRS are anticipated to become effective for annual nancial periods beginning
on or after 1 January in the year indicated in the following table.
197
TFRS
Topic
Year
effective
TAS 1 (revised 2009)
Presentation of Financial Statements
2011
Inventories
2011
Statement of Cash Flows
2011
Accounting Policies, Changes in Accounting Estimates and Errors
2011
Events after the Reporting Period
2011
Construction Contracts
2011
TAS 12
Income taxes
2013
Property, Plant and Equipment
2011
Leases
2011
Revenue
2011
TAS 19
Employee Benets
2011
The Effects of Changes in Foreign Exchange Rates
2013
Borrowing Costs
2011
Related Party Disclosures
2011
Consolidated and Separate Financial Statements
2011
Investments in Associates
2011
Earnings per Share
2011
Interim Financial Reporting
2011
Impairment of Assets
2011
Provisions, Contingent Liabilities and Contingent Assets
2011
Intangible Assets
2011
Investment Property
2011
TFRS 3 (revised 2009)
Business Combinations
2011
Management expects to adopt and apply these new and revised TFRS in accordance with the FAPs announcement and
has made a preliminary assessment of the potential initial impact on the consolidated and separate nancial statements
of those new and revised TFRS assessed to have the greatest potential impact on the nancial statements in the period
of initial application. These standards are as follows:
TAS 16 (revised 2009) Property, plant and equipment
The principal changes introduced by the revised TAS 16 and affecting the Group are that (i) costs of asset dismantlement,
removal and restoration have to be included as asset costs and subject to annual depreciation; (ii) the depreciation charge
has to be determined separately for each signicant part of an asset; and (iii) in determining the depreciable amount, the
residual value of an item of property, plant and equipment has to be measured at the amount estimated receivable currently
for the asset if the asset were already of the age and in the condition expected at the end of its useful life. Furthermore,
the residual value and useful life of an asset have to be reviewed at least at each nancial year-end.
The revised TAS 16 permits as a transitional provision that these changes may be introduced prospectively from the year
of introduction. Management intends to adopt this transitional provision and accordingly the introduction of the revised
TAS 16 from 1 January 2011 has no impact on the nancial statements of 2010 or prior years. Management is currently
reviewing the impact on the nancial statements of introducing the revised TAS 16 from 1 January 2011.
198
TAS 19 Employee benets

Prior to the introduction of TAS 19, there was no Thai accounting standard covering employee benets and the Group
does not presently account for the costs of post-employment benets under dened benet plans; other long-term employee
benets; and termination benets until such costs are incurred. The new TAS 19 includes the requirements to recognise
and account for such costs in the period in which the service is performed. The requirements are complex and require
actuarial assumptions to measure the obligation and expense. Moreover, the obligations are measured on a discounted
basis because they may be settled many years after the employees render the related service. The transitional provisions
of TAS 19 permit the transitional liability to be recognised and accounted for in one of four different ways:
(i)
retrospectively;
(ii)
immediately in equity (retained earnings) at the transition date;
(iii)
immediately in prot or loss at the transition date;
(iiii)
as an expense on a straight-line basis over up to ve years from the transition date.
Management has determined that the transitional liability as at 1 January 2011 for post-employment benets is Baht
1,052 million for the Group and Baht 173 million for the Company. Management intends to adopt transitional provision
ii to recognise and account for this liability.
TAS 12 Deferred tax
Whilst not specically addressed in currently effective TFRS, provisions for income tax of the Group are typically based
on corporate income tax currently payable in the period under the Revenue Code of Thailand. The Group does not, therefore,
recognise deferred tax assets and liabilities for the current period.
Under TAS 12, deferred tax is recognised using the balance sheet method, providing for temporary differences between
the carrying amount of assets and liabilities for nancial reporting purposes and the amounts used for taxation purposes.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse,
based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised
to the extent that it is probable that future taxable prots will be available against which the temporary differences can
be fully utilised. Deferred tax assets are reviewed at each reporting date and reduce to the extent that it is no longer
probable that the related tax benet will be realised. Management is currently reviewing the impact on the nancial
statements of introducing the revised TAS 16 from 1 January 2011.
TAS 40 Investment property
Prior to the introduction of TAS 40, owned land held to earn rental income is classied as part of property, plant and
equipment. This land is carried at a revalued amount less any subsequent accumulated impairment losses. Any increase
in value, on revaluation, is credited to equity under the heading revaluation surplus.
Under TAS 40, owned property held to earn rental income is classied as part of investment property. TAS 40 allows
enterprises to choose either a fair value model or a cost model to measure investment property.
199
In accordance with the fair value model, an enterprise should measure all of its investment property at its fair value. Any
gain or loss arising from a change in the fair value of investment property should be recognised in prot or loss for the
period in which it arises. In accordance with the cost model, land and buildings held as investment property should be
measured at cost less accumulated depreciation and impairment losses. The Group will adopt the cost method for
investment property consisting of both land and buildings. Management is currently reviewing the impact on the nancial
statements of introducing the revised TAS 40 from 1 January 2011.
37. Signicant differences between TFRS and IFRS (unaudited/ unreviewed)

These consolidated nancial statements have been prepared in accordance with TFRS which differ in certain signicant
respects from International Financial Reporting Standards (IFRS). The following disclosure provides a summary of certain
signicant differences between TFRS and IFRS (other than specied in Note 36), as applicable to the consolidated nancial
statements of the Group, and a reconciliation of net prot and total equity from TFRS to IFRS. Neither the narrative
summary nor the reconciliation should be construed as being exhaustive or presented fairly in all material respects and
are provided for information purposes only.
(a) Financial instruments
TFRS has certain disclosure requirements for nancial instruments, but only limited guidance on the recognition and
measurement of nancial instruments. The Group has decided not to recognise derivative nancial instruments on the
balance sheet. However, foreign currency assets and liabilities hedged by these contracts are translated into Thai Baht
at exchange rates ruling at the reporting date.
Under IFRS, derivative nancial instruments are recognised initially at fair value; attributable transaction costs are
recognised in the statement of income when incurred. Subsequent to initial recognition, they are remeasured at fair
value. The gain or loss on remeasurement to fair value is recognised immediately in the statement of income.
(b) Goodwill
Until 31 December 2007, TFRS required goodwill arising from a business combination to be systematically amortised
over its estimated useful life, although its useful life should not exceed 20 years from initial recognition.
During 2007, TFRS on goodwill was revised in accordance with IFRS which is effective for annual accounting periods
beginning on or after 1 January 2008.
Under the revised TFRS, acquired goodwill is measured after initial recognition at cost less accumulated impairment losses.
The recoverable amount is estimated at each reporting date, and as and when indicators of impairment are identied.
200
Consolidated net profit

2010
2009
(in million Baht)
As reported in these consolidated nancial

statements under TAS/TFRS
10,721
10,643
30
19
(336)
(67)
Add (less): TAS/TFRS and IFRS differences

(net of tax effect)
(a) Deferred tax
(b) Employee benets
(c) Financial instruments
Under IFRS
(25)
(88)
10,390
10,507
Consolidated
total equity
2010
2009
(in million Baht)
As reported in these consolidated nancial

statements under TAS/TFRS
58,228
56,444
(321)
(351)
(1,052)
(706)
(83)
(59)
Add (less): TAS/TFRS and IFRS differences

(net of tax effect)
(a) Deferred tax
(b) Employee benets
(c) Financial instruments
(d) Investment in property
(47)
(47)
(e) Business combination (Goodwill)
102
102
56,827
55,383
Under IFRS
201
INTERESTED PERSONS
TRANSACTIONS
Audited results for year ended 31 December 2010
$JJUHJDWHYDOXHRIDOOLQWHUHVWHGSHUVRQV
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Pisetkij Co., Ltd.



TCC Hotel Collection Co., Ltd.

Thai Alcohol PCL. **

Other income
Pisetkij Co., Ltd.


Thai Alcohol PCL. **

Plantheon Trading Co., Ltd. **

Cost of sales

The Maewang Sugar Industry Co., Ltd.

The Suphanburi Sugar Industry Co., Ltd.

Permkha Commercial Co., Ltd. ***



Thai Beverage Can Co., Ltd.

Berli Jucker PCL.


10 The Southeast Life Insurance Co., Ltd.

11 The Uttaradit Sugar Industry Co., Ltd.

12 Berli Jucker Specialties Co., Ltd.

13 New Noble Property and Loan Fund

14 TCC Hotel Collection Co., Ltd.

15 Siam Food Products PCL.

16 Plantheon Trading Co., Ltd. **
202
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Other expenses
Bang-Na Glass Co., Ltd.



Berli Jucker PCL.


The Southeast Life Insurance Co., Ltd.

N.C.C. Management and Development Co., Ltd.

Plaza Athenee Hotel (Thailand) Co., Ltd.

Surasate Co., Ltd.

12 Dynamic Assets Property and Loan Fund

13 Best Wishes Co., Ltd

14 Best Fortune Property and Loan Fund

15 Thippatana Arcade Co., Ltd.

16 TCC PD 11 Co., Ltd.

17 AT Mediafront Co., Ltd.

18 Sea Food Beer Garden Co., Ltd.

19 Plantheon Trading Co., Ltd.

10 North Park Golf And Sports Club Co., Ltd.

11 TCC Hotel Collection Co., Ltd.
Purchase of assets
Berli Jucker PCL.


Exchange rate Baht 23.56 per 1 SGD.
** The list of Mandated Interested Persons has been extended to include this company by the approval of
the 2010 Annual General Meeting of Shareholders of the Company since 29 April 2010
*** Formerly Dhipaya Sugar (1999) Co., Ltd.
203
This Appendix of Renewal of the Shareholders' Mandate for Interested Person Transactions
(Shareholders' Mandate) will be proposed
to the 2011 Annual General Meeting of Shareholders for consideration and approval.
APPENDIX
Proposed Renewal of Shareholders Mandate for Interested Person Transactions
1. Background
The Board of Directors of Thai Beverage Public Company Limited (the Company) refer to (a) the Notice of Annual
General Meeting of the Company dated April 8, 2011 (the Notice), accompanying the 2010 Annual Report, convening
the Annual General Meeting (AGM) of the Company to be held on April 29, 2011, and (b) Resolution No. 9 set out in
the Notice.
2. Shareholders Mandate
Pursuant to the Companys Prospectus dated May 19, 2006 (the Prospectus), approval of the Shareholders was
deemed obtained for a shareholders mandate to enable the Company and its subsidiaries which are considered to be
entities at risk within the meaning of Rule 904(2) of the listing manual (the Listing Manual) of the Singapore
Exchange Securities Trading Limited (SGX-ST), in their ordinary course of businesses, to enter into categories of
transactions with specied classes of the Companys interested persons (the Interested Person Transactions), provided
that such transactions are entered into on an arms length basis and on normal commercial terms. The details of the
Interested Person Transactions and shareholders mandate were disclosed in pages 124 to 148 of the Prospectus. The
said shareholders mandate was updated at the AGM held on April 20, 2007, April 28, 2008, April 29, 2009, and
April 29, 2010 in the manner set out on pages 180 to 188, pages 201 to 212, pages 209 to 220 and pages 195 to 209 of
the Companys annual reports for the nancial year ended December 31, 2006, 2007, 2008 and 2009, respectively (the
Shareholders Mandate).
3. Proposed Renewal of the Shareholders Mandate
The Shareholders Mandate was expressed to take effect until the conclusion of the subsequent AGM. Accordingly, the
Directors propose that the Shareholders Mandate be renewed at the forthcoming AGM on April 29, 2011, to take effect
until the next AGM of the Company.
4. Details of the Shareholders Mandate
Details of the Shareholders Mandate, including the rationale for, and the benets to, the Company, the review procedures
for determining transaction prices with interested person and other general information relating to Chapter 9 of the
Listing Manual, are set out in the Schedule 1 to this Appendix.
5. Audit Committee Statement
The Audit Committee has reviewed the terms of the Shareholders Mandate and pursuant to Rule 920(1)(c) of the Listing
Manual conrms that:-
204
(a) the review procedures for determining the transaction prices under the Shareholders Mandate have not changed
since shareholders approved the Shareholders Mandate at the AGM held on April 29, 2010; and
(b) the review procedures referred to in Schedule 1 to this Appendix are sufcient to ensure that the transactions will be
carried out on normal commercial terms and will not be prejudicial to the interests of the Company and its minority
Shareholders.
If, during the periodic reviews by the Audit Committee, it is of the view that the established review procedures referred
to in Schedule 1 to this Appendix are no longer appropriate or adequate to ensure that the Interested Person Transactions
will be transacted on normal commercial terms and will not be prejudicial to the interests of the Company and minority
Shareholders, the Company will seek a fresh mandate from Shareholders based on new review procedures.
6. Directors and Substantial Shareholders Interests
The interests of the directors and substantial shareholders of the Company in the issued shares in the capital of the
Company as at January 21, 2011 and March 8, 2011 respectively can be found in the Annual Report in respect of the
nancial year ended December 31, 2010 to be, or which has been, distributed to shareholders.
7. Abstention from Voting
Mr. Charoen Sirivadhanabhakdi, Khunying Wanna Sirivadhanabhakdi, Mr. Thapana Sirivadhanabhakdi and Mr. Panote
Sirivadhanabhakdi, who are Directors of the Company, have interests in the shares of the Interested Persons (as described
in Schedule 1 to this Appendix), and also hold directorships and/or executive positions in them. They and their respective
associates will abstain from voting on Resolution No. 9 being the Ordinary Resolution relating to the proposed renewal of
the Shareholders Mandate in respect of their shareholdings in the Company, if any, at the 2011 AGM.
8. Independent Directors Recommendation
The Directors who are considered independent for the purposes of the proposed renewal of the Shareholders Mandate
are Mr. Komen Tantiwiwatthanaphan, Mr. Narong Srisa-an, Ms. Kanoknart Rangsithienchai, Mr. Chukiet Tangpongprush,
Mr. Sawat Sopa, Mr. Ueychai Tantha-Obhas, Mr. Sithichai Chaikriangkrai, Dr. Pisanu Vichiensanth, Mr. Vivat Tejapaibul,
Mr. Puchchong Chandhanankij, Gen. Dr. Choo-Chat Kambhu Na Ayudhya, Prof. Pornchai Matangkasombut, Mr. Michael
Lau Hwai Keong, Mr. Sakthip Krairiksh, Mr. Staporn Kavitanon, Prof. Kanung Luchai, Mr. Manu Leopairote and Mr. Ng
Tat Pun (the Independent Directors). The Independent Directors are of the opinion that the entry into the Mandated
Transactions described in Schedule 1 to this Appendix and with the Interested Persons (as described in Schedule 1 to
this Appendix) is in the ordinary course of its business will enhance the efciency of the Group and are in the best
interests of the Company.
For the reasons set out in Schedule 1 to this Appendix, the Independent Directors recommend that Shareholders vote in
favour of Resolution No. 9, being the Ordinary Resolution relating to the proposed renewal of the Shareholders Mandate
at the 2011 AGM.
9. Directors Responsibility Statement
The Directors collectively and individually accept responsibility for the accuracy of the information given herein and
conrm, having made all reasonable enquiries, that to the best of their knowledge and belief, the facts stated and the
opinions expressed herein are fair and accurate and that there are no material facts the omission of which would make
any statement herein misleading.
205
10. Action to Be Taken By Shareholders

Shareholders other than those who hold their shares in the Company through the CDP who are unable to attend the 2011
AGM and wish to appoint a proxy to attend and vote at the 2011 AGM on their behalf, will nd, attached to the invitation
to the 2011 AGM, a Proxy Form which they are requested to complete, sign and return in accordance with the instructions
printed thereon as soon as possible and, in any event, (i) so as to arrive at the registered ofce of the Company at
Sangsom Building, 14 Vibhavadi Rangsit Road, Chomphon Sub-district, Chatuchak District, Bangkok 10900, Thailand,
for the attention of the Company Secretary, not later than 24 hours before the time xed for the 2011 AGM or (ii) at the
venue of the 2011 AGM before the AGM commences. The sending of a Proxy Form by a Shareholder does not preclude
him from attending and voting in person at the AGM if he nds that he is able to do so.
Shareholders with securities accounts maintained with CDP will nd, attached to the Invitation to the 2011 AGM, a
Voting Instructions Form which they are requested to complete, sign and return in accordance with the instructions
printed thereon as soon as possible and, in any event so as to arrive at CDP within 7 days before the time xed for the
2011 AGM.
11. SGX-ST
The SGX-ST takes no responsibility for the accuracy of any statements or opinions made in this Appendix.
206
SCHEDULE 1 TO THE APPENDIX

General Mandate for Interested Person Transactions
We anticipate that we would, in the ordinary course of business, continue to enter into certain transactions with our
interested persons, including but not limited to those categories of transactions described below. In view of the timesensitive nature of commercial transactions, it would be advantageous for us to obtain a shareholders mandate to enter
into certain interested persons transactions in our ordinary course of business, provided that all such transactions are
carried out on normal commercial terms and are not prejudicial to the interests of our Company and our minority
Shareholders.
Chapter 9 of the Listing Manual allows a listed company to obtain a mandate from its shareholders for recurrent interested
person transactions which are of a revenue or trading nature or for those necessary for its day-to-day operations. These
transactions may not include the purchase or sale of assets, undertakings or businesses which are not part of our day-today operations.
Pursuant to Rule 920(1) of the Listing Manual, a general mandate is subject to annual renewal. The information required
by Rule 920(1)(b) is as follows:
(a) the class of interested persons with which the Entity At Risk (as dened below) will be transacting;
(b) the nature of the transactions contemplated under the mandate;
(c) the rationale and benet to the Entity At Risk;
(d) the methods or procedures for determining transaction prices;
(e) the independent nancial advisors opinion on whether the methods or procedures in (d) above are sufcient to
ensure that the transactions will be carried out on normal commercial terms and will not be prejudicial to the
interests of our Company and our minority Shareholders (where applicable);
(f) an opinion from our Audit Committee if it takes a different view to the independent nancial advisor (where
applicable);
(g) a statement from us that we will obtain a new mandate from our Shareholders if the methods or procedures in (d)
above become inappropriate; and
(h) a statement that the interested person will abstain, and has undertaken to ensure that its associates will abstain,
from voting on the resolution approving the transaction.
The Shareholders Mandate, if renewed, will be effective until the next annual general meeting.
207
Entities At Risk
For the purposes of the Shareholders Mandate, an Entity At Risk means:
our Company;
a subsidiary of our Company that is not listed on the SGX-ST or an approved exchange; or
an associated company of our Company that is not listed on the SGX-ST or an approved exchange, provided that the
Group or the Group and interested persons has control over the associated company.
Classes of Mandated Interested Persons

The Shareholders Mandate will apply to our Groups transactions with the list of interested persons as set out in the
Schedule 2 to the Appendix List of Our Interested Persons and Mandated Interested Persons (the Mandated Interested
Persons and each a Mandated Interested Person).
Transactions with Mandated Interested Persons which do not fall within the ambit of the Shareholders Mandate shall be
subject to the relevant provisions of Chapter 9 of the Listing Manual.
Mandated Transactions
The transactions with interested persons which will be covered by the Shareholders Mandate (Mandated Transactions)
relating to the provision to, or obtaining from, interested persons of products and services in the ordinary course of
business of our Group or which are necessary for the day-to-day operations of our Group (but not in respect of the
purchase or sale of assets, undertakings or businesses which are not part of our day-to-day operations) are as follows:
(a) purchases from interested persons of raw materials and packaging materials including new and used glass bottles,
aluminium cans, molasses, herbs for the production of beer concentrate, cartons and caps;
(b) obtaining from interested persons of insurance and insurance-related services;
(c) purchases from interested persons of all kinds of consumer products, ofce and storage supplies including tissue
paper and sugar for ofce use, scrap steel, malt bags and wooden pallets;
(d) obtaining from interested persons of services, including procurement services, services relating to provision of
accommodation, vehicles and facilities for the directors of the Company and/or subsidiaries, staff training,
telecommunications and software licensing, marketing and advertising and management services and services for the
manufacturing and distributorship of products;
(e) obtaining from interested persons of leases or subleases of ofce space, warehouses, passenger cars and land;
(f) provision to interested persons of services including procurement services, property improvement services, advertising
and sales services and manufacturing services;
208
(g) lease or sub-lease to interested persons of ofce space, warehouses, passenger cars and land;
(h) sale to interested persons of molasses and by-products including fertilizer, used bottles, and factory remnants such
as aluminium and glass remnants and scrap paper;
(i) sale to interested persons of our beer, spirits, water, soda and other products; and
(j) provision or the obtaining of such other products and/or services which are incidental to or in connection with the
provision or obtaining of products and/or services in sub-paragraphs (a) to (i) above.
Review Procedures for Interested Person Transactions
Our Audit Committee has oversight of all Interested Person Transactions undertaken by our Group including, the review
and where required, approval of such transactions. For this purpose, our Board of Directors has appointed Mr. Ng Tat
Pun, an independent non-executive Director and member of the Audit Committee, to lead the Audit Committee in its role
in respect of Interested Person Transactions undertaken by our Group (the Lead Independent Director for IPTs). We
have also established the following procedures to ensure that the Interested Person Transactions are undertaken on an
arms length basis and on normal commercial terms.
Review Procedures and Threshold Limits
In general, there are procedures established by our Group to ensure that Interested Person Transactions, including the
Mandated Transactions with the Mandated Interested Persons, are undertaken on an arms length basis and on normal
commercial terms consistent with our Groups usual business practices and policies, and on terms which are generally no
more favorable to the interested persons than those extended to or obtained from unrelated third parties.
In particular, the following review procedures have been implemented:
(1) Procurement and purchase of goods and obtaining services
(a) All procurement and purchases made by our Group of a recurring nature which are in the ordinary course of
business of our Group or which are necessary for the day-to-day operations of our Group, including procurement
and purchases which are Mandated Transactions with Mandated Interested Persons (such as the transactions
referred to in paragraphs (a), (b), (c), (d) and (j) above under General Mandate for Interested Person Transactions
Mandated Transactions) will be governed by internal control procedures, which detail matters such as the
constitution of internal approving authorities, their approval limits, the number of vendors (minimum of two) who
provide us quotes, and the review procedures. The guiding principle is to objectively obtain the best goods and/
or services on the best terms through competitive quotations, if appropriate. In determining whether the price
and terms offered by interested persons are fair and reasonable, factors such as, but not limited to, delivery
schedules, specication compliance, track record, experience and expertise, preferential rates, discounts or
rebates offered for bulk purchases, will be taken into consideration.
In addition, each interested person
transaction entered into by our Group will be monitored as an individual transaction and based on the value of
the transaction, will require the prior approval of the corresponding approving authority who is a Director or
management employee of the Group (not being an interested person or his associate) and who does not have any
interests, whether direct or indirect, in relation to the transactions (the Relevant Approving Authority) as
follows:
209
Approval Limits
Relevant Approving Authority
Interested person transaction not exceeding Baht

500,000 in value
A deputy managing director or ofcer of equivalent

rank
Interested person transaction above Baht 500,000

but not exceeding Baht 5 million in value
A managing director or ofcer of equivalent rank
Interested person transaction above Baht 5 million

A vice-chairman or ofcer of equivalent rank

A chairman

but not exceeding 3% of the latest audited net
tangible assets of the Group in value
Any two vice-chairmen and/or chairmen or ofcers

of equivalent rank
Interested person transaction above 3% of the latest

audited net tangible assets of the Group in value
Any two Audit Committee members, one of whom

must be the Lead Independent Director for IPTs
In relation to paragraph (j) above under General Mandate for Interested Person Transactions Mandated
Transactions, the Relevant Approving Authority (as determined by the value of the transaction) will also assess
and approve that the proposed transaction is one which is incidental to or in connection with the provision or
obtaining of products and/or services in sub-paragraphs (a), (b), (c) and (d) above under General Mandate for
Interested Person Transactions Mandated Transactions.
(b)
In the event that we cannot obtain competitive quotations (for instance, if there are no unrelated third party
vendors of similar products and services (taking into account quantum, specications and delivery schedules
among others), or if the product is proprietary in nature), based on the value of the proposed interested person
transaction, the corresponding Relevant Approving Authority as set out above (not being an interested person or
his associate) and who does not have any interests, direct or indirect, in relation to the transaction, will determine
whether the price and terms offered by the interested person are fair and reasonable.
(c)
Purchases under the prevailing terms of the Glass Bottle Purchase Agreement dated December 23, 2009 entered
into between Thai Beverage Recycle Co., Ltd. (former name was Bang-Na Logistic Co., Ltd.) and Berli Jucker
Public Company Limited (the Glass Bottle Purchase Agreement) will be covered under the Shareholders
Mandate, provided that any amendment to the material provisions of the Glass Bottle Purchase Agreement,
including any adjustment authorized by the agreement to the purchase price for glass bottles pursuant to and
any renewal or extension of tenure of the Glass Bottle Purchase Agreement, requires the approval of our Board
of Directors and the Audit Committee.
(2) Other Interested Person Transactions of a recurring nature

(a) We intend to conduct other interested person transactions not covered by paragraph (1) above which are of a
recurring nature and that occur in the ordinary course of business of our Group. These transactions are necessary
for the day-to-day operations of our Group and include the sale of products and provisions of services to interested
persons and lease or sub-lease of property to or from interested persons and the Mandated Transactions with
210
Mandated Interested Persons referred to in paragraphs (e), (f), (g), (h), (i) and (j) under General Mandate for
Interested Person Transactions Mandated Transactions above. We intend to conduct these transactions at
the prevailing market rates or prices of the product or service to be provided, and at prevailing market rentals for
leases and sub-leases of property, on terms no more favorable to the interested person than the usual commercial
terms extended to or, where applicable, by unrelated third parties (including, where applicable, preferential
rates, discounts to favored customers or for bulk purchases) or otherwise in accordance with applicable industry
norms, provided that:
(i) in relation to the sale of products and provision of services which are not contemporaneously in time as the
proposed interested person transaction being sold or provided to an unrelated third party, quotes from at
least two other suppliers who are unrelated third parties not being the relevant interested person or his
associates of similar products or services will be obtained; and
(ii) in relation to the lease or sub-lease of property, we are required to obtain enquiries with at least two landlords
and/or tenants who are unrelated third parties not being the relevant interested person or his associates of
similarly sized and located properties put to similar use.
In addition, each Interested Person Transaction entered into by our Group will be monitored as an individual
transaction and based on the value of the transaction, will require the prior approval of the corresponding
Relevant Approving Authority who is a Director or management employee of the Group (not being an interested
person or his associate) and who does not have any interests, whether direct or indirect, in relation to the
transactions as follows:
Approval Limits

200,000 in value

rank

but not exceeding Baht 500,000 in value

A vice chairman or ofcer of equivalent rank

A chairman


In relation to paragraph (j) above under General Mandate for Interested Person Transactions Mandated
Transactions, the Relevant Approving Authority (as determined by the value of the transaction) will also assess
and approve that the proposed transaction is one which is incidental to or in connection with the provision or
obtaining of products and/or services in sub-paragraphs (e), (f), (g), (h) and (i) above under General Mandate
for Interested Person Transactions Mandated Transactions.
211
(b) Where the prevailing market rates or prices are not available, whether due to the nature of products to be sold or
services to be provided, the unavailability or impracticality of obtaining quotes from third party sources or
otherwise, our Groups pricing for these products and services will be determined in accordance with the Groups
usual business practices and pricing policies, consistent with the usual margin our Group will obtain for the
same or substantially similar type of transaction with unrelated third parties. In determining the transaction
price payable by Mandated Interested Persons for these products or services, factors such as, but not limited to,
quantity, volume, consumption, customer requirements, specications, duration of contract and strategic
purposes of the transaction will be taken into account. In relation to leases and sub-leases of property, where
prevailing market rentals are not available, whether due to the unavailability or impracticality of obtaining rental
comparisons or otherwise, rental will be determined according to the Groups usual business practices and
policies. In addition, based on the value of the proposed interested person transaction, the corresponding
Relevant Approving Authority as set out in paragraph (a) above (not being an interested person or his associate)
and who does not have any interests, direct or indirect, in relation to the transaction, will determine whether the
price and terms offered by the interested person are fair and reasonable.
(3) Non-recurring interested person transactions
We may from time to time also conduct interested person transactions not covered by paragraphs (1) and (2) above
and which do not form part of the Shareholders Mandate. These transactions are not of a recurring nature or occur
outside the ordinary course of business of our Group or which may not be necessary for the day-to-day operations of
our Group and include the purchase or sale of assets, undertakings or businesses which are not part of our day-to-day
operations. We intend to conduct such transactions in accordance with the SGX-ST Listing Manual, including the
threshold, approval and other requirements under paragraphs 905 and 906 of the SGX-ST Listing Manual. In
addition, we will monitor each transaction on an individual basis, and each transaction will require the prior approval
of the corresponding Relevant Approving Authority below who is a Director or management employee of the Group
(not being an interested person or his associate) and who does not have any interests, whether direct or indirect, in
relation to the transaction. The Relevant Approving Authority will also review the transaction to ensure that they are
carried out on normal commercial terms and not prejudicial to the interests of our Company and minority Shareholders:
Approval Limits

200,000 in value

rank

but not exceeding Baht 500,000 in value

A vice chairman or ofcer of equivalent rank

A chairman


212
In the event that these interested person transactions require the approval of our Shareholders, additional information
may be required to be presented to Shareholders and an independent nancial adviser may be appointed for an opinion.
Other Review Procedures
Our Audit Committee led by the Lead Independent Director for IPTs will also review all interested person transactions
including, Mandated Transactions to ensure that the prevailing rules and regulations of the SGX-ST (in particular,
Chapter 9 of the Listing Manual) are complied with.
Our Group has also implemented the following procedures for the identication of interested person transactions
(including Mandated Transactions) and interested persons (including Mandated Interested Persons) and the recording of
all our interested person transactions:
(a) our Group Chief Financial Ofcer will maintain a register of all transactions carried out with interested persons,
including the Mandated Interested Persons (and the basis, including the quotations obtained to support such basis,
on which these transactions are entered into), whether mandated or non-mandated; and
(b) on a quarterly basis, our Group Chief Financial Ofcer will submit a report to our Audit Committee of all recorded
interested person transactions, and the basis of all recorded interested person transactions, entered into by our
Group. Our Companys annual internal audit plan will incorporate a review of all interested person transactions,
including the established review procedures for the monitoring of the interested person transactions including
Mandated Transactions, entered into or existing interested person transactions that are renewed or revised during the
current nancial year, pursuant to the Shareholders Mandate.
In addition, our Audit Committee led by the Lead Independent Director for IPTs will review, on a quarterly basis, internal
controls and review procedures for interested person transactions to determine if they are adequate and/or commercially
practicable in ensuring that the transactions between our Group and interested persons are conducted on normal
commercial terms and are not prejudicial to the interests of our Company and our minority Shareholders. In conjunction
with this review, our Audit Committee will also ascertain whether we have complied with the established review procedures.
Further, if during these periodic reviews by our Audit Committee, our Audit Committee is of the view that the internal
controls and review procedures for interested person transactions are inappropriate or not sufcient to ensure that the
interested person transactions will be on normal commercial terms and not prejudicial to the interests of our Company
and our minority Shareholders, our Audit Committee will (pursuant to Rule 920(1)(b)(iv) and (vii) of the Listing Manual)
revert to our Shareholders for a new Shareholders Mandate based on new internal controls and review procedures for
transactions with the Mandated Interested Persons. During the period prior to obtaining a new mandate from Shareholders,
all transactions with interested persons will be subject to prior review and approval by the Audit Committee.
For the purposes of the above review of the internal controls and review procedures, any member of our Audit Committee
who is not considered independent will abstain from participating in the Audit Committees review of the internal controls
and review procedures.
Our Audit Committee will have overall responsibility for determining the review procedures with the authority to delegate
to individuals or committees within our Group as they deem appropriate.
213
SCHEDULE 2 TO THE APPENDIX

List of our Mandated Interested Persons
1. TCC Holding Co., Ltd.
23. Pisetkij Co., Ltd.
2. Bang-Na Glass Co., Ltd.
24. Plaza Athenee Hotel (Thailand) Co., Ltd.
3. Berli Jucker Cellox Co., Ltd.
25. Queens Park Hotel Co., Ltd.
4. BJC Industrial and Trading Company Limited
(1)
26. Regent Gold Property Fund
5. Berli Jucker Foods Co., Ltd.
27. Siam Realty Co., Ltd.
6. Berli Jucker Logistics Co., Ltd.
28. Southeast Capital Co., Ltd.
7. Berli Jucker Public Company Limited
29. The Southeast Insurance Co., Ltd.
8. Berli Jucker Specialties Co., Ltd.
30. The Southeast Life Insurance Co., Ltd.
9. BJC Marketing Co., Ltd.
31. The Suphanburi Sugar Industry Co., Ltd.
10. BJC Healthcare Co., Ltd.
(2)
32. T.C.C. Service Apartment Co., Ltd.
11. Chalitlarp Co., Ltd.

12. Permkha Commercial Co., Ltd.
33. Terragro Co., Ltd.

(3)
(4)
(5)
(6)
34. T.C.C. Capital Co., Ltd.
13. Golden Wealth Co., Ltd.
35. T.C.C. Commercial Property Management Co., Ltd.
14. Indara Insurance Public Company Limited
36. T.C.C. Technology Co., Ltd.
15. Lake View Golf and Yacht Club Co., Ltd.
37. Thai Beverage Can Co., Ltd.
16. Lake View Land Co., Ltd.
38. The Chonburi Sugar Corporation Limited
17. Mae Ping Hotel (1988) Co., Ltd.
39. Thai Glass Industries Public Company Limited
18. N.C.C. Management and Development Co., Ltd.
40. The Maewang Sugar Industry Co., Ltd.
19. New Noble Property and Loan Fund
41. The New Imperial Hotel Public Company Limited
20. Nongkhai Country Golf Club Co., Ltd.
42. The Uttaradit Sugar Industry Co., Ltd.
21. North Park Golf and Sports Club Co., Ltd.
43. Plantheon Trading Co., Ltd.
22. PS Recycle Co., Ltd.
44. Thai Alcohol Public Company Limited
Note
(1) Its
(2) Its
(3) Its
(4) Its
(5) Its
(6) Its
former
former
former
former
former
former
name
name
name
name
name
name
was
was
was
was
was
was
BJC Engineering Co., Ltd.

BJC Trading Co., Ltd.
Dhipaya Sugar (1999) Co., Ltd.
The Southeast Insurance (2000) Co., Ltd.
Tara Hotel Co., Ltd.
T.C.C. Agro Co., Ltd.
214
ANNOUNCEMENTS TO SGX IN 2010
Compliance with Singapore Exchange Regulations and Best Practices

The Company recognizes the importance of the transparency of information disclosure. In 2010, the Company made
98 announcements via SGX-NET categorized as follows:
1. 4 announcements of quarterly and full year nancial statements.
2. 56 notices of substantial shareholders and directors interests and changes in interest. When the Company Secretary
was informed of the changes in interest of any director(s), the Company Secretary also reported such information to
other directors.
3. 4 announcements/reports involving with occupying the positions of Directors and Executives of Thai Beverage Public
Company Limited:
3.1 Report of persons occupying a managerial position who are related to a director, CEO, or substantial shareholder.
3.2 Appointment of Mr. Sawat Sopa as Director in April 2010.
3.3 Appointment of Mr. Polapatr Suvarnazorn as Senior Vice President General Affairs in May 2010.
3.4 Appointment of Mr. Marut Buranasetkul asSenior Vice President Corporate Services in May 2010.
4. 4 announcements of acquisitions and realizations of assets of other companies resulting from acquisitions by
Companys subsidiary; which is, Beer Chang International Limited acquired by International Beverage Holdings
Limited, and from the incorporation of wholly owned subsidiaries which are Super Brands Company Pte Ltd.
in Singapore and Thai Beverage Training Co., Ltd. in Thailand, as well as the disposal of 0.67% of the issued and
paid-up shares of Oishi Group Public Company Limited.
5. 30 miscellaneous announcements to either conform with the regulations of the SGX or to give information to investors,
involving the details of the capital increases of the Companys subsidiaries, the change of address of Singapore share
transfer agent, a summary of business performance results for each quarter for investors, clarications of news and
report about the Company, and disclosure of connected transactions among interested persons.
215
GENERAL CORPORATE INFORMATION

(Based on the Organization Structure)
Business Contact
Company Name
Address
Remark
Telephone
Fax

(02) 127 5555
(02) 272 2328

(02) 127 5555
(02) 272 2584
349 Moo 2, Tambon Mae Lad

Amphoe Klong Klung
Kamphaeng Phet 62120
(055) 728 400-15
(055) 728 416

(02) 127 5555
(02) 272 2584
68 Moo 2, Tambon Namtoa

Amphoe Bangban
(035) 289 333-45
(035) 289 371

(02) 127 5555
(02) 272 2584
77 Moo 1, Phaholyothin Road KM. 54

Tambon Lamsai, Amphoe Wangnoi
(035) 362 175-8
(035) 362 179

(02) 127 5555
(02) 272 2584

(02) 278 4321

Ext. 4128
(02) 278 4381
49 Moo 4, Tambon Hormkret

Amphoe Sampran, Nakhon Pathom 73110
(034) 321 778-9
(034) 321 777
Factory 1
37/3 Moo 7, Tambon Wangkhanai

Amphoe Thamuang, Kanchanaburi 71110
(034) 611 053
(034) 611 778
Factory 2
Factory
Brewery Group
1.
2.
3.
4.
Factory
Factory
Factory
Distillery Group
1.
Sangsom Co., Ltd.
2.
333 Moo 1, Tambon Tha Toom

Amphoe Si Maha Phot
Prachin Buri 25140
(037) 285 016-20
(037) 285 237
3.

(02) 278 4321

Ext. 4120
(02) 278 4381
149 Moo 5, WangseesoobNgew-Ngam Road, Tambon Phajuk

Amphoe Muang Uttaradit
Uttaradit 53000
(055) 449 126-30
(055) 449 131
Factory
315 Moo 4, Tambon Mae Faek

Amphoe San Sai, Chiang Mai 50290
(053) 849 550-4
(053) 849 555
Factory
4.
216
Business Contact
Company Name
Address
Remark
Telephone
5.
6.
Fax

(02) 278 4321

Ext. 4115
(02) 278 4381
50 Moo 7, Tambon Wangkhanai

Amphoe Thamuang, Kanchanaburi 71110
(034) 611 783-5
(034) 611 786

(02) 278 4321

Ext. 4114
(02) 278 4381
488 Moo 1, Tambon Wangdong

Amphoe Muang Kanchanaburi
Kanchanaburi 71190
(034) 527 100
(034) 527 111
Factory
Factory
Factory
7.
82 Moo 3, Tambon Bang Ku Wat

Amphoe Muang Pathum Thani
Pathum Thani 12000
(02) 598 2850-9
(02) 598 2858
8.

(02) 278 4321
(02) 278 4381
9.
Athimart Co., Ltd.
170 Moo 11, Tambon Nikhom

Amphoe Satuek, Buri Rum 31150
(044) 681 224, 012 (044) 681 223

(044) 627 203
Factory
10. S.S. Karnsura Co., Ltd.
101 Moo 8, Tambon Kaeng Dom

Amphoe Sawang Wirawong
Ubon Ratchathani 34190
(045) 426 532-5
(045) 426 537
Factory
11. Kankwan Co., Ltd.

(02) 278 4321
(02) 278 4381
309 Moo 6, Nampong-Kranuan Road

Tambon Nampong, Amphoe Nampong
Khon Kaen 40310
(043) 441 013-5
(043) 441 017

(043) 441 438
Factory
12. Theparunothai Co., Ltd.
99 Moo 4, Tambon Hat Kham

Amphoe Muang Nong Khai
Nong Khai 43000
(042) 449 711-13

(042) 449 715
(042) 449 714
Factory
13. Red Bull Distillery (1988) Co., Ltd.

(02) 278 4321
(02) 278 4381
8 Moo 5, Setthakit 1 Road

Tambon Nadee
Amphoe Muang Samut Sakhon
Samut Sakhon 74000
(034) 830 213-6
(034) 830 213-6

(02) 278 4321
(02) 278 4381
54 Moo 2, Sukhaphibal Road

Nakhon Pathom 73120
(034) 331 954

(034) 227 754-7
(034) 331 955
Factory
15. Simathurakij Co., Ltd.
1 Moo 6, Tambon Ban Daen

Amphoe Banphot Phisai
Nakhon Sawan 60180
(056) 279 088-9
(056) 350 660
Factory
16. Nateechai Co., Ltd.

(02) 278 4321
(02) 278 4381
1 Moo 2, Highway No. 41 Road

Tambon Tharongchang, Amphoe Punpin
Surat Thani 84130
(077) 357 170-3
(077) 357 174
14. United Winery and Distillery Co., Ltd.
Factory
Factory
217
Business Contact
Company Name
Address
Remark
Telephone
Fax
17. Luckchai Liquor Trading Co., Ltd.
46 Moo 1, Tambon Nong Klang Na

Ratchaburi 70000
(032) 741 761-2
(032) 741 763
18. Sura Piset Pattharalanna Co., Ltd.

(02) 278 4321
(02) 278 4381
19. United Products Company Limited
56 Sukhaphibal Road
Nakhon Pathom 73120
(034) 331 157
(034) 331 787
Sales Group
Beer Group
1.
Pomthip Co., Ltd.
40/53 Moo 3
Talad Bangkhen Sub-District
(02) 521 8395-7
(02) 973 4658
2.
Pomkit Co., Ltd.
48, 50, 52 Suranaree Road

Tambon Nai Muang
(044) 242 496
(044) 241 747
3.
Pomklung Co., Ltd.

Tambon Padad
Chiang Mai 50100
(053) 275 211
(053) 275 211

Ext. 212
4.
Pomchok Co., Ltd.

Tambon Tha Wasukri
(035) 241 032
(035) 241 032

Ext. 211
5.
135/3 Moo 4, Kanchanavithi Road

Tambon Bang Kung
Amphoe Muang Surat Thani
Surat Thani 84000
(077) 224 771-3
(077) 224 774-5
6.
Pomburapa Co., Ltd.
51/42 Moo 3, Sukhumvit Road

Tambon Ban Suan
Chon Buri 20000
(038) 287 268
(038) 272 525
7.
Pompalang Co., Ltd.

Khon Kaen 40000
(043) 224 222-4
(043) 340 438
8.
Pomnakorn Co., Ltd.

Tambon Na-Muang
Ratchaburi 70000
(032) 312 772-4
(032) 312 770-1
Liquor Marketing Group

1.
Num Yuk Co., Ltd.
40/53 Moo 3
Talad Bangkhen Sub-District
(02) 521 8395-7
(02) 973 4658
2.
1, 3, 5 Trok Wat Muang, Suranaree Road

Tambon Nai Muang
(044) 242 496
(044) 241 747
3.

Tambon Padad
Chiang Mai 50100
(053) 275 211
(053) 275 211

Ext. 212
Factory
Factory
218
Business Contact
Company Name
Address
Remark
Telephone
Fax
4.
Num Muang Co., Ltd.

Tambon Tha Wasukri
(035) 242 691
(035) 241 032
5.
149/3 Chulachomklao Road

Tambon Tha Kham, Amphoe Phun Phin
Surat Thani 84130
(077) 224 771-4
(077) 224 775
6.
51/40-41 Moo 3, Sukhumvit Road

Tambon Ban Suan
Chon Buri 20000
(038) 287 268-9
(038) 272 525
7.

Khon Kaen 40000
(043) 224 222-4
(043) 220 222
8.
Numthip Co., Ltd.

Tambon Na-Muang
Ratchaburi 70000
(032) 312 772-4
(032) 312 770-1
Sole Agent Group

1.

(02) 127 5555
(02) 272 2584
2.

(02) 127 5555
(02) 272 2584
3.
Surathip Co., Ltd.

(02) 127 5555
(02) 272 2584
4.

(02) 127 5555
(02) 272 2584
5.

(02) 127 5555
(02) 272 2584
Marketing Group
1.

(02) 127 5555
(02) 127 5925
2.
Chang International Co., Ltd.

(02) 127 5555
(02) 127 5925
Dormant
3.
Chang Corp Co., Ltd.

(02) 127 5555
(02) 127 5925
Dormant
4.
Dhospaak Co., Ltd.
1 East Water Building, 20th Floor

(02) 127 5555
(02) 127 5980

(02) 785 7000
(02) 785 7125
Business Development Group

(Supply Chain Group)
1.
219
Business Contact
Company Name
Address
Remark
Telephone
Fax
2.

(02) 785 7000
(02) 785 7148
3.

(02) 785 7000
(02) 785 7165
4.

(02) 785 7000
(02) 785 7320-2
5.

(02) 785 7131-4
(02) 785 7125
6.

(02) 127 5555
(02) 272 2584
7.

(02) 785 7031
(02) 785 7085
8.
1 East Water Building

(02) 127 5555
(02) 127 5975
9.
14 Soi Yasoop 1, Vibhavadi Rangsit Road

(02) 785 7000
(02) 785 7185
Non-Alcohol Beverage Business and

Food Business Group
1.

(02) 785 7000
(02) 785 7025
2.
14 Sangsom Building
(02) 785 7000
(02) 785 7025
3.
9 UM Tower Building, 20th Floor

Ramkhamhaeng Road
Suan Luang District, Bangkok 10250
(02) 717 2244
(02) 717 3920
4.
9 Ramkhamhaeng Road
Suan Luang District, Bangkok 10250
(02) 717 4773 - 4
(02) 717 4775
5.
444 1st Floor, Room No. 1 A 08-09

Phaya Thai Road, Wangmai Sub-District
Pathumwan District, Bangkok 10330
(02) 611 8143-4
(02) 611 8144
6.
SPM Foods and Beverages Company Limited
79 Moo 3, Tambon Lamlookbua

Amphoe Dontoom, Nakhon Pathom 73150
(034) 993 355
(034) 993 354
Trademark Group
1.

(02) 127 5555
(02) 272 2584
2.

(02) 127 5555
(02) 272 2584
Factory
220
Business Contact
Company Name
Address
Remark
Telephone
Fax
3.

(02) 127 5555
(02) 272 2584
4.
Chang Beer International Co., Ltd.

(02) 127 5555
(02) 272 2584
Dormant
Others
1.
Thai Beverage Training Co., Ltd.*

(02) 127 5555
2.
Thai Thum Distillery Co., Ltd.

(02) 278 4321
(02) 278 4381
Dormant
3.
Sura Piset Sahasan Co., Ltd.

(02) 278 4321
(02) 278 4381
Dormant
4.
Sura Piset Samphan Co., Ltd.

(02) 278 4321
(02) 278 4381
Dormant
Incorporated on January 26, 2010
Overseas Group*
1.

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
2.

Singapore 069538
(65) 6435 2880
(65) 6536 9930
3.
No. 35, Street 322

Sangkat Boeung Keng Kang 1
Khan Chamkamon, Phnom Penh
Cambodia
(855) (23) 727 424
(855) (23) 727 424
4.
No. 9-1, Jalan USJ 1/1B

Regalia Business Centre
47620 Subang Jaya, Selangor, Malaysia

Suite 6.01, 6th Floor, Plaza See Hoy Chan

Jalan Raja Chulan, 50200
Kuala Lumpur, Malaysia

5.

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
6.
International Beverage Holdings (UK)

Limited

Scotland
(44) 1236 769377
(44) 1236 779001
7.
International Beverage Holdings (China)

Limited

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
8.
Super Brands Company Pte. Ltd.**

Singapore 069538
(65) 6435 2880
(65) 6536 9930
9.
Beer Chang International Limited***

Singapore 069538
(65) 6435 2880
(65) 6536 9930
221
Business Contact
Company Name
Address
Remark
Telephone
Fax
10. International Beverage Holdings Limited

USA, Inc.
275 Madison Avenue, Suite 1718

New York, NY 10016
(1) 646 896 3800
(1) 646 896 3801
11. Blairmhor Limited

Scotland
(44) 1236 769377
(44) 1236 769781
12. Inver House Distillers Limited

Scotland
(44) 1236 769377
(44) 1236 769781
13. InterBev Trading (China) Limited
Room 01-03 Level 1

No. 63 Kunluo Road, Shuangjiang Zheng
Ershan County, Yuxi, Yunnan
China 650011
(89) 8774 010319
(86) 8774 010319
14. Yunnan Yulinquan Liquor Co., Ltd.
Yunlin Village, Shuangjiang Town

Eshan County, Yuxi City, Yunnan, China
(86) 8774 022068
(86) 8774 022199
15. Blairmhor Distillers Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
16. Wee Beastie Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
17. Moffat & Towers Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
18. Glen Calder Blenders Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
19. Hankey Bannister & Company Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
20. R Carmichael & Sons Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
21. J MacArthur Jr & Company Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
22. Mason & Summers Limited
10 Foster Lane, London, EC2V 6HH

England
(44) 1236 769377
(44) 1236 769781
Dormant
23. James Catto & Company Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
24. The Knockdhu Distillery Company Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
25. Speyburn-Glenlivet Distillery Company

Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
26. The Pulteney Distillery Company Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
27. The Balblair Distillery Company Limited

Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
28. Liquorland Limited
8 Westbank Road, Belfast, BT3 9JL

Northern Ireland
(44) 289 077 3990
(44) 289 037 0566
ul. Obodrzycw 34 A/1, 81-812 Sopot

Poland
(48) 585 502 111
(48) 585 502 111
30. Inver House Distribution SA
Avenue des Tilleuls, 62140 Marconne

France
(33) 2 181 6170
(33) 2 181 1321
International Beverage Trading Limited was incorporated on January 5, 2011. It is located at XL House, One Bermudiana Road
Hamilton HM II, Bermuda, Telephone No. : Phone (1) 441 292 7337, Fax No. (1) 441 295 5655
** Incorporated in Singapore on April 14, 2010.
*** International Beverage Holdings Limited acquired 100% shares of this company in Singapore on September 17, 2010.
NonTrading
Dormant
Legal Advisor
Weerawong, Chinnavat & Peangpanor Ltd.
22nd oor, Mercury Tower
540 Ploenchit Road
Lumpini, Pathumwan
Bangkok 10330
Compliance Advisor
Allen & Overy LLP
24 Rafes Place
#22-00 Clifford Centre
Singapore 048621
Certied Public Accountant

Ms. Nittaya Chetchotiros (CPA No. 4439)
or Ms. Bongkot Amsageam (CPA No. 3684)
or Mr. Santi Pongjareanpit (CPA No. 4623)
of KPMG Phoomchai Audit Ltd.
has been appointed as Company Auditor
on April 29, 2010.
222

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1

Annual Report 2010 | Thai Beverage Public Company Limited

THAIBEVS STOCK PERFORMANCE

May 30, 2006

IPO offer price

Fiscal year ends

Note: STI and SET indices are

4 Jan 15 Feb 29 Mar 10 May 22 Jun 3 Aug 14 Sep 26 Oct 7 Dec

THAIBEVS MONTHLY VOLUME

reserves and investments

to December 31, 2010

Investor Relations Contact

Investor Relations Department

Annual Report 2010 | Thai Beverage Public Company Limited

Revenue from sales

Total liabilities and shareholders equity

Statements of Income (Mil.Baht)

Depreciation and amortisation

Balance Sheets (Mil.Baht)

Average Collection Period

Average Inventory Period

Average Payable Period

Operating Cash Flows to Operating Prot Ratio

Net Prot Margin

Return on Fixed Assets

Debt to Equity Ratio

Interest Bearing Debt to Equity Ratio

Interest Bearing Debt to EBITDA Ratio

Interest Coverage Ratio

Dividend Payout Ratio

Total Assets Turnover

Annual Report 2010 | Thai Beverage Public Company Limited

from spirits 63%

Annual Report 2010 | Thai Beverage Public Company Limited

MESSAGE FROM THE CHAIRMAN

Annual Report 2010 | Thai Beverage Public Company Limited

implement this strategy to further compete with our import

Our international sales performance, in terms of value,

Business operations with transparency

Experienced and skillful

Focuses on Human resources

Apart from sound operating result, an excellent organization shall process

ThaiBev Groups strategy aims

Thai Beverage Training Co., Ltd.

ThaiBev won the Runner-Up title

Annual Report 2010 | Thai Beverage Public Company Limited

ThaiBevs beer business of 2010

ThaiBevs spirits business in 2010

Apart from adherence

In 2010, Mekhong spirit won International

Annual Report 2010 | Thai Beverage Public Company Limited

Mekhong Spirit is broadly available in

Chang beer is available at Thai restaurants

Internationally-acclaimed products possess subtle avor

TRIS afrmed the rating of Thai Beverage

IBHL aims to be a global player

Annual Report 2010 | Thai Beverage Public Company Limited

ThaiBev takes pride in domestic and international recognition symbolized

SIAS Investors Choice Award

Best IR in Singapore Market

International High Quality Trophy 2010 - Chang Beer

International Golden Award

Annual Report 2010 | Thai Beverage Public Company Limited