Thaibev Annual Report 2016

A LWAYS
W I T H
ANNUAL REPORT 2016
YOU
Contents
Investor Information 2
Financial Highlights 4
Message from the Chairman 8
CEO Talk 10
Board of Directors 12
Executive Committee & Management Committee 14
Profile of Directors & Key Management 16
Organization Structure 34
Product Portfolio 36
2016 Awards 52
Shareholding Structure 62
Report of the Board of Directors 64
Operational and Financial Review 82
Our People...Our Success 112
Credit Ratings 114
Corporate Governance Report 115
Audit Committee Report 138
Independent Auditors Report 139
Financial Statements 140
Interested Person Transactions Report 243
Announcements to SGX in 2016 257
General Corporate Information 258
Annual Report 2016

Thai Beverage Public Company Limited
Annual Report 2016

Investor Information
Thai Beverage Pubilc Company Limited
SGX TICKER / Y92

REUTERS / TBEV.SI
BLOOMBERG / THBEV:SP
GOOGLE FINANCE / Y92
is listed on the Singapore Exchange

(SGX-ST) mainboard
IPO Date
30 May 2006
Share Price *
2016 High S$1.055
2016 Low S$0.660
External Auditor
KPMG Phoomchai Audit Ltd.
*Data from 4 January 2016

to 30 September 2016
Dividend Policy
Not less than 50% of net profit
after deducting all appropriated
reserves and investments
Investor Relations Contact:

Investor Relations Department
14 Vibhavadi Rangsit Rd., Chomphon
Chatuchak, Bangkok 10900, THAILAND
IPO Offer Price

S$0.28
Fiscal Year Ended
30 September
ThaiBevs Share Price Performance
Share Price (S$)
ThaiBevs Monthly Trading Volume
1.10
Vol.
(M Shares)
1.00
600
0.90
500
0.80
400
300
0.70
200
0.60
100
0.50
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
2016
2016
0
Jan
THAIBEV
Close
SET
Rebased
STI
Rebased
Feb
Mar
Apr
May
Jun
Jul
Aug
Corporate Website:
www.thaibev.com
IR Website:
www.thaibev.com/ir.html
E-mail:
[email protected]
Tel:
+662 785 5555
Fax:
+662 272 3026
Sep
Annual Report 2016

Annual Report 2016

Financial Highlights
Balance Sheets
( Mil.Baht )
Jan-Sep
Jan-Sep
Jan-Sep
Y2016**
Y2015
Y2016**
Y2015
Revenue from sales
139,153
121,169
Total revenues
143,262
129,148
Cost of sales
97,591
85,050
Gross profit
41,562
36,119
Operating profit
19,433
16,864
EBIT
23,492
Net profit
19,036
24,811*
20,468*
3,293
3,273
Depreciation and amortisation

EBITDA
26,785
28,085 *
Current assets
50,104
48,060
Non-current assets
137,549
131,404
Total assets
187,653
179,464
Current liabilities
32,819
32,960
Non-current liabilities
31,122
34,497
Total liabilities
63,941
67,457
Shareholders' equity
123,712
112,007
Total liabilities and shareholders' equity
187,653
179,464
Gross Profit Margin
29.87
EBITDA Margin
19.25
23.18*
EBIT Margin
16.88
20.48*
Operating Cash Flows to Operating Profit Ratio
95.14
65.21
Net Profit Margin
13.68
16.89*
Return on Equity
15.67
18.89*
Return on Assets
10.30
Return on Fixed Assets
40.16
11.65 *
43.50 *
Total Assets Turnover
times
0.75
0.69
Liability to Equity Ratio
times
0.52
0.60
0.46
times
1.53
1.46
Quick Ratio
times
0.36
0.26
Average Collection Period
days
8.52
10.24
Interest Bearing Debt to Equity Ratio
times
0.37
Average Inventory Period
days
137.17
157.65
Interest Bearing Debt to EBITDA Ratio
times
1.72
Average Payable Period
days
17.55
20.00
Interest Coverage Ratio
times
32.94
Cash Cycle
days
128.14
147.89
* In 2015, included share of profit from disposal of discontinued operations

** As 2016 is the first new fiscal year ending September 30 and covering 9 months, from January to September,
the 9-month period of 2015 fiscal year from January to September is provided for comparison.
1.85 *
27.32 *
Leverage
Ratio
Current Ratio
29.81
Efficiency
Ratio
Liquidity
Ratio
Jan-Sep
Profitability
Ratio
Statements of Income
( Mil.Baht )
Annual Report 2016

Annual Report 2016

Total Sales Revenue
Sales Volume
(Million Liters)
Total Sales Revenue

Jan - Sep 2016
139
(for the nine-month period

ended 30 September 2016)
Billion Baht
Jan - Dec 2015
172
Billion Baht
Jan - Sep 2016 (for the nine-month period ended 30 September 2016)
Jan - Sep 2015 (for the nine-month period ended 30 September 2015)
2016 Total Sales Revenue Breakdown
55%
32%
Spirits
Beer
4%
9%
Food
Non-Alcoholic
Beverages
Million Liters
1600
1200
800
400
Spirits
Beer
Non-Alcoholic Beverage
Annual Report 2016

Annual Report 2016

Message from the Chairman
Dear Shareholders,
2016 marked the second year in which Thai Beverage
Public Company Limited (ThaiBev) pursued its
Vision 2020 goal to become the regions leading
beverage company and generate sustainable returns
for shareholders. Following the reorganization of
ThaiBevs management structure last year according
to the companys core product groups spirits, beer,
and non-alcoholic beverages each product group is
now more clearly defined. This has enabled each of them
to operate in greater sync with the visions focus on
strengthening and expanding distribution channels,
as well as growing brand equity; and has resulted in market
share gains of core brands. The progress contributed
to the double-digit growth in top and bottom line of
ThaiBev Groups financial performance in FY2016.
Sales revenue amounted to Baht 139,153 million and
net profit from continuing operations amounted to
Baht 19,036 million, representing year-on-year increases
of 14.8% and 14.3%, respectively. Given that Thailands
economy was rather stagnant during the year, the Board
of Directors considers the companys performance
in FY2016 satisfactory and has approved a dividend
payout of Baht 0.60 per share. The total dividend
payout amounts to Baht 15,066 million and translates
to a payout ratio of 80% of net profit, which is higher
than the payout ratio in FY2015.
ThaiBev maintained its leading position in Thailands
spirits market and expanded its distribution channels
in 2016, introducing its premium spirits to luxury hotels
and restaurants. ThaiBevs beer business also performed
to high levels of satisfaction. The relaunch of Chang
Classic in emerald green bottles has created a sensation
in the beer industry. Market share has significantly
increased within a short time while revenue and profit
have surged on the back of the continuous marketing
of Chang Classic, rendering ThaiBev on track towards
achieving its Vision 2020 aim to become the leader
in Southeast Asias beer market.
On the non-alcoholic beverage front, ThaiBev further

invested in brand-building and portfolio diversification
through innovation in 2016 to meet the full spectrum of
consumer demands. Products launched during the year
have been well-received by consumers and have helped
modernize brand image. The companys production base
in northeast Thailand has also been expanded, enabling
products to be delivered into consumers hands more
quickly and at lower transportation costs. By collaborating
with F&N and leveraging its robust distribution network
for business expansion in Southeast Asia, Oishi
Green Tea has also become the No.1 brand in Malaysias
ready-to-drink green tea market.
I would like to thank ThaiBevs Board of Directors,
executives, and employees for their devotion. Their
hard work is the key driving force behind ThaiBevs
business expansion and journey towards becoming
a stable regional beverage company characterized by
transparency, good governance, social responsibility,
and, eventually, truly sustainable business growth.
On behalf of the Board of Directors, I would also like to
express our gratitude towards shareholders, customers
and business partners. We are encouraged by your trust
and confidence in the potential of ThaiBev throughout
the years, and we look forward to your continued
support in the future.
Charoen Sirivadhanabhakdi
Chairman of the Board of Directors
10
Annual Report 2016

Annual Report 2016

CEO Talk
11
CEO Talk
CEO Talk
Dear Shareholders,
Thailands economy benefited from higher level of government
expenditure and the expansion of the tourism sector in
2016. Exports, however, shrank amid the economic
slowdown experienced by Thailands major trade partners
such as China and countries within Southeast Asia. Overall
on-premise consumption in Thailand also remained stagnant
during the year. Nonetheless, ThaiBev was able to generate
satisfactory revenue and profit growth in fiscal year ended
30 September 2016.
Brand-building, which is one of the strategic imperatives
under Vision 2020, was stepped up, enabling a variety
of products such as Chang beer, Oishi green tea,
Crystal drinking water, and est carbonated soft drinks
to gain market share in 2016. ThaiBevs spirits brands also
maintained their strong leading positions in the market.
Moreover, compelling sales strategies and a comprehensive
distribution network according to Vision 2020, together
with synergies within ThaiBev Group, have resulted in better
production-facility sharing and reduction in transportation
cost. This collaboration has also promoted synergies among
each sales channel such as traditional and modern trades,
and better order fulfilment via these channels.
Revenue generated by ThaiBevs spirits business for the
fiscal year ended 30 September 2016 increased slightly
to Baht 76,649 million, while net profit amounted to
Baht 14,548 million. Building on the strength of ThaiBevs
domestic spirits business, opportunities to extend the
spirits portfolios coverage into Southeast Asian markets
are also being pursued. To this end, ThaiBev has
incorporated a subsidiary to start distributing spirits
in Vietnam, a significant beverage market in the region.
Boosted by the continued success of the relaunched
Chang Classic, sales revenue generated by ThaiBevs
beer business rose 62.3 % year-on-year to Baht 44,397
million during the fiscal year 2016 while net profit surged
280.8 % over the same period. To further cultivate brand
loyalty and long-term profit growth, ThaiBev has further
invested in brand-building initiatives and communications
with consumers. Distribution channels have also been
expanded to cover more on-premise channel.
On the non-alcoholic beverage front, ThaiBev further
invested in brand-building and marketing activities, and
also launched new innovative drink flavors. Advertisement
and promotional campaigns have been adjusted to aim more
precisely at our target group. These initiatives led to a 6.8%
revenue growth and improve the brand equity of our core

products. This year, ThaiBev also developed and launched
a new soda water brand Rock Mountain to provide
an alternative choice of beverage for consumers who love
the right mixer for their drinks.
For food business, amid a slowdown of on-premise
consumption recovery remain a challenge. ThaiBevs food
business reported modest revenue growth in 2016. In the
effort to improve cost, the food business managed to turn
in satisfactory profit growth. To further strengthen the food
business, ThaiBev entered into a joint venture with
Hong Kongs leading food and beverage business group
Mei-Xin (International) Limited to open bakeries and
restaurants that do not overlap with Oishis Japanese
restaurants interests, which is another way of
strengthening our food business.
As part of ongoing human capital development initiatives,
ThaiBev launched the Limitless Opportunities program
in 2016, providing employees with various projects and
activities for potential development of our staff. This program
aims to provide our staff with more job-related knowledge and
skills, strong networking, and opportunities to make
a difference in society, in line with our Vision 2020.
The success enjoyed in 2016 would not have been possible
without the support of every stakeholders. I would like to
express my gratitude towards all shareholders, customers
and partners for your unwavering trust; as well as my
gratefulness for the Board of Directors, the senior
management team, and all employees for your determination
and hard work throughout the year. ThaiBev will continue
working in collaboration with all our stakeholders to pursue
progress and nurture business growth in a sustainable
manner, underpinned by good corporate governance and
social responsibility, in order to maximize benefits for all.
Thapana Sirivadhanabhakdi
President and CEO
Annual Report 2016

12
Annual Report 2016

Board of Directors
13
Board of Directors
Board of Directors
Prof. Kanung
Luchai
Mr. Charoen
Sirivadhanabhakdi
Chairman
Dr. Sakthip
Krairiksh
Independent Director
Mr. Narong
Srisa-an
Khunying Wanna
Sirivadhanabhakdi
Vice Chairman
Vice Chairman
Mr. Puchchong
Chandhanakij
Prof. Pornchai
Matangkasombut
Mr. Vivat
Tejapaibul
Ms. Kanoknart
Rangsithienchai
Director
Mr. Prasit
Kovilaikool
and Audit Committee
Member
and Audit Committee
Chairman
and Audit Committee
Member
Director
Director
Gen. Dr. Choo-Chat

Kambhu Na Ayudhya
Mr. Panote
Sirivadhanabhakdi
Director
Mr. Manu
Leopairote
Mr. Michael
Lau Hwai Keong
Mr. Ng Tat Pun
and Audit Committee
Member
Dr. Pisanu
Vichiensanth
Mr. Thapana
Sirivadhanabhakdi
Mr. Sithichai
Chaikriangkrai
President and CEO
Mr. Ueychai
Tantha-Obhas
Director and Senior

Executive Vice President
Director and Senior

Director and Senior

Executive Vice
President
Annual Report 2016

14
Annual Report 2016

Executive Committee / Management Committee
15
Executive Committee / Management Committee
Executive Committee
Khunying Wanna
Sirivadhanabhakdi
Mr. Charoen
Sirivadhanabhakdi
1st Executive Vice

Chairman
Mr. Narong
Srisa-an
Executive Chairman
2nd
Executive Vice
Chairman
Mr. Ueychai
Tantha-Obhas
Ms. Kanoknart
Rangsithienchai
5th
Executive Vice
Chairman
Mr. Puchchong
Chandhanakij
Director and Senior

Dr. Pisanu
Vichiensanth
Mr. Sithichai
Chaikriangkrai
Director and Senior

Director and Senior

Mr. Thapana
Sirivadhanabhakdi
Mr. Prapakon
Thongtheppairot
Executive Vice
President
Mr. Edmond Neo

Kim Soon
Executive Vice
President
Management Committee
1. Mr. Thapana
Sirivadhanabhakdi
President and CEO

Brand Investment Management /
Center of Excellence
2. Mr. Ueychai Tantha-Obhas

Director and Senior Executive
Vice President
Route to Market
3. Mr. Sithichai Chaikriangkrai

Vice President
Finance
4. Dr. Pisanu Vichiensanth
Executive Vice
President
Mr. Vivek
Chhabra
Senior Vice President
Mr. Marut
Buranasetkul
Ms. Vaewmanee
Soponpinij
Mr. Kamolnai
Chaixanien
Executive Vice
President
President and CEO
4th Executive Vice

Chairman
Dr. Agapol
Na Songkhla
Mr. Kosit
Suksingha
Mr. Jean
Lebreton
Mr. Pramote
Hassamontr
Ms. Tientip
Narach
Mr. Banjong
Chintanasiri

Vice President
Technology and Engineering
5. Mr. Prapakon
Thongtheppairot

Spirit Product Group
9. Mr. Vivek Chhabra

Non-Alcoholic Beverage Product
Group (Thailand)
10. Mr. Marut Buranasetkul

Japanese Food & Beverage
Business
11. Mr. Kamolnai Chaixanien

Corporate Affairs
12. Ms. Vaewmanee Soponpinij

Corporate Services
13. Mr. Jean Lebreton

Sustainable Business
Development
14. Mr. Pramote Hassamontr

Office of Spirit Production
6. Mr. Edmond Neo Kim Soon
15. Mr. Banjong Chintanasiri
7. Mr. Kosit Suksingha
16. Ms. Tientip Narach

Beer Product Group

Supply Chain Management
8. Dr. Agapol Na Songkhla

Human Capital

Accounting
Treasury
Annual Report 2016

16
Annual Report 2016

Profile of Directors & Key Management
Mr. Charoen Sirivadhanabhakdi
Khunying Wanna Sirivadhanabhakdi
Vice Chairman /1st Executive Vice Chairman
Chairman / Executive Chairman
Date of first appointment as a director:

26 October 2003
Date of last re-election as a director:
22 April 2015
Academic & Professional Qualifications:
Honorary Doctural Degree in Buddhism (Social work)
from Mahachulalongkornrajavidyalaya
Honorary Doctorate Degree in Business Administration
from Sasin Graduate Institute of Business Administration
of Chulalongkorn University
Honorary Doctoral Degree in Hospitality Industry
and Tourism from Christian University of Thailand
Honorary Doctoral Degree in Sciences and Food Technology
from Rajamangala University of Technology Lanna
Honorary Doctoral Degree in International Business
Administration from University of the Thai Chamber
of Commerce
Honorary Doctoral Degree in Management
from Rajamangala University of Technology Suvarnabhumi
Honorary Doctor of Philosophy in Business Administration
from Mae Fah Luang University
Honorary Doctoral Degree in Business Administration
from Eastern Asia University
Honorary Doctoral Degree in Management
from Huachiew Chalermprakiet University
Honorary Doctoral Degree in Industrial Technology
from Chandrakasem Rajabhat University
Honorary Doctoral Degree in Agricultural Business
Administration from Maejo Institute of Agricultural
Technology
Director Accreditation Program (DAP) 2004
Thai Institute of Directors Association (IOD)
Work experience within the 5 preceding years:
2003 Present
Chairman / Executive Chairman
March 2016 - Present
Chairman of the Board
Big C Supercenter Public Company Limited
October 2013 Present

Frasers Centrepoint Limited
February 2013 Present
Fraser and Neave, Limited
2004 Present
Chairman
Red Bull Distillery Group of Companies
2002 Present
Chairman
TCC Land Co., Ltd.
2001 Present
Chairman
Beer Thai (1991) Public Company Limited
2001 Present
Chairman
Berli Jucker Public Company Limited
1997 Present
Chairman
Southeast Group Co., Ltd.
1987 Present
Chairman
TCC Corporation Limited
Others:
Royal Thai decorations
- Royal Thai decorations, the Knight Grand Cordon
(Special Class) of the Most Exalted Order of the White
Elephant
(Special Class) of the Most Noble Order of the Crown
of Thailand
- Royal Thai decorations, the Knight Grand Cross
(First Class) of the Most Admirable Order
of the Direkgunabhorn
- Royal Thai decorations, the Knight Commander
(Second Class, lower grade) of the Most Illustrious Order
of Chula Chom Klao
Diamond Commerce Award from Ministry of Commerce

26 October 2003
22 April 2015
Honorary Doctoral Degree (Management)
from Mahidol University
Honorary Doctorate of Philosophy (Business Management)
from University of Phayao
Honorary Doctoral Degree from the Faculty of Business
Administration and Information Technology
from Rajamangala University of Technology Tawan-ok
Honorary Doctor of Philosophy in Social Sciences
from Mae Fah Luang University
Honorary Doctoral Degree in Business Administration
from Chiang Mai University
Honorary Doctoral Degree in Agricultural Business
Administration from Maejo Institute of Agricultural
Technology
Honorary Doctoral Degree in Bio-technology
from Ramkhamhaeng University
2003 Present
Vice Chairman / 1st Executive Vice Chairman
Director
January 2014 Present
Vice Chairman of the Board of Directors
Vice Chairman of the Board of Directors
2004 Present
Chairman
Beer Thip Brewery (1991) Co., Ltd.
2004 Present
Chairman
Sangsom Group of Companies
2001 Present
Vice Chairman
1972 Present
Vice Chairman
TCC Corporation Limited
Others:
Royal Decorations
(Special Class) of the Most Exalted Order of the White
Elephant
(Special Class) of the Most Noble Order of the Crown of
Thailand
- Royal Thai decorations, the Knight Grand Cross
(First Class) of the Most Admirable Order of the
Direkgunabhorn
- Royal Thai decorations, the Knight Commander
(Second Class, lower grade) of the Most Illustrious Order
of Chula Chom Klao
Honorific Social Positions
- Vice Chairperson of the Bhumirajanagarindra Kidney
Institute Foundation
- Director of the Siriraj Foundation
- Director of Ramathibodi Foundation
- Director of the Crown Prince Hospital Foundation
- Director of the Kidney Foundation of Thailand
- Director of the Elephant Reintroduction Foundation
- Director of the Committee for Recruitment and Promotion
of Voluntary Blood Donors of the Thai Red Cross Society
- Director of the Sala Chalermkrung Foundation
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Annual Report 2016

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Annual Report 2016

Mr. Narong Srisaan
Mr. Puchchong Chandhanakij
Ms. Kanoknart Rangsithienchai
Mr. Prasit Kovilaikool

26 October 2003

26 October 2003

26 October 2003

27 April 2012

28 April 2016

28 April 2016

28 April 2016

22 April 2015

Honorary Master of Economics from Thammasat University

Master of Science in Accounting from California State
University, Long Beach, USA
Bachelor of Business Administration
from California State University, Long Beach, USA

Bachelor of Accounting from Thammasat University

Honorable Doctoral of Laws from Chulalongkorn University
Honorable Doctoral of Laws from Eastern Asia University
Barrister-at-law (Thai BAR)
LL.M. from Columbia University, New York, USA
LL.B (2nd Class Honour) from Chulalongkorn University
Certificate of Property Valuation Assessment
from Land Reform Institute, Taiwan, associated
with Lincoln Land Institute, Massachusetts, USA
Certificate of Human Rights Teaching
from Strabourg University, Strabourg, France
Board Failure and How to Fix It, Improving the Quality
of Financial Reporting Certificate in 2004
Finance for Non Finance Director (FN) 2004
Vice Chairman / 2nd Executive Vice Chairman

2003 Present
Vice Chairman / 2nd Executive Vice Chairman
2006 Present
Chairman
Cosmos Brewery (Thailand) Co., Ltd.
2004 Present
Vice Chairman / Executive Chairman
2006 2014
Chairman
Oishi Group Public Company Limited
1989 2014
Chairman
Double A (1991) Public Company Limited
(Advance Agro Public Company Limited)
1998 2011
True Corporation Public Company Limited
Others:
44 years experience in the banking industry
Directorships in several public companies in Thailand
Director / 4th Executive Vice Chairman

2003 Present
Present
Vice Chairman / Executive Chairman
Present
Vice Chairman
Sura Bangyikhan Group of Companies

2010 Present
2006 Present
Vice Chairman
2004 Present
Vice Chairman
2003 2010
Director and Executive Vice President
2000 2003
1983 1999
Vice President of the Office of Controller
Surathip Group of Companies
1975 1982
Accounting Manager
T.C.C. Group of Companies
1970 1975
Accountant
J&JHO Co., Ltd.
Others:
Extensive experience in finance and accounting
Independent Director and Audit Committee Chairman

2012 Present
2010 Present
Chairman and Independent Director
2010 Present
Siam Food Products Public Company Limited
2010 Present
1998 Present
Member of Council of State
1992 Present
Lecturer of Legal Education Institute
Thai Bar Association
2009 2015
Member of Chulalongkorn University
Council Chulalongkorn University
19
Annual Report 2016

20
Annual Report 2016

Prof. Kanung Luchai
Mr. Manu Leopairote
Mr. Ng Tat Pun
Mr. Michael Lau Hwai Keong

21 May 2004

26 October 2004

27 March 2006

27 March 2006

22 April 2015

25 April 2013

22 April 2015

25 April 2014

Honorary Doctorate Degree of Law from Thammasat University
Honorary Doctorate Degree of Law

Honorary Doctoral Degree in Business Administration,
Thammasat University
Master of Science in Economics, University of Kentucky, USA
Bachelor of Science in Economics (Honors),
Thammasat University
National Defense College of Thailand Class 34 (1991-1992)
The Role of Chairman (RCM) 2001

Bachelor of Arts Degree (Economics and History)
from the University of Singapore

Bachelor of Business Administration (First Class Honors)
from the National University of Singapore
Chartered Financial Analyst (CFA) Charter
from the CFA Institute
Independent Director and Audit Committee Member
from Chulalongkorn University

Bachelor of Laws from Cambridge University United Kingdom
Barrister-at-Law from Grays Inn, United Kingdom
Bachelor of Arts from Cambridge University, United Kingdom
Barrister-at-law (Thai BAR)
Bachelor of Laws from Thammasat University
Audit Committee Program (ACP) 2004
2004 Present
2008 Present
2004 Present
Present
Director
Kanung & Partners Law Offices Company Limited
Present
Director
Kanung & Partners International Consultancy Company Limited
1991 November 2015
Independent Director / Chairman of the Board of Directors /
Chairman of the Audit Committee
Thailand Iron Works Public Company Limited
1990 2014
Independent Director / Audit Committee Member
Bangkok Bank Public Company Limited
Others:
The Prof. Sanya Thammasak Award for being an Outstanding
Lawyer from the Private Sector
Served as Chairman and Vice Chairman of the University Council

at Suranaree University of Technology over 12 years
Wide-ranging experiences in the public sector and legal business

2004 Present
Present
Present
2015 Present
Member
National Reform Steering Assembly
2014 2015
Member
National Reform Council
Others:
Asian Productivity Organization Award in 2005
Extensive experiences in the public sector

2006 Present
Present
Independent Director / Chairman of the Audit Committee /
Member of the Remuneration Committee
Engro Corporation Ltd.
Present
Independent Non-Executive Chairman
Sing Investment & Finance Limited
Present
Independent Non-Executive Chairman
SP Chemical Holdings Ltd.
Others:
Extensive experience in the banking and finance industry

2006 Present
Present
Managing Director, Advisory Services
Octagon Advisors Pte. Ltd.
Present
Director
Octagon Advisors (Shanghai) Co., Ltd.
21
Annual Report 2016

22
Annual Report 2016

Dr. Sakthip Krairiksh
Prof. Pornchai Matangkasombut
Gen. Dr. ChooChat Kambhu Na Ayudhya
Mr. Vivat Tejapaibul

8 July 2005

27 March 2006

27 March 2006

26 October 2003

25 April 2014

25 April 2014

25 April 2014

25 April 2014

Doctorate in Medicine from the Georg-August
Universitt zu Goettingen
Diploma in Medicine
from Westf. Wilhelms Universitt zu Munster
Diploma from the National Defense College of Thailand
(WorRorPorOr 399)
Certificate of Proficiency in General Surgery
from the Royal College of Surgeons of Thailand
Diploma from the Army War College (34)

Masters Degree in Business Administration
from Fairleigh Dickinson University, USA
Bachelor of Laws from Thammasat University

Honorary Doctorate Degree from Soka University, Japan
Doctorate degree of Public Administration
from Bangkok Thonburi University
Master degree of Public Administration
from Bangkok Thonburi University
Bachelor of Political Science from Boston University, USA
National Defense College of Thailand
2005 Present
Present
Chairman of the University Council
Rajamangala University of Technology Krungthep
Present
Member
National Legislative Assembly
Others:
Royal Decorations
- 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
- Grand Companion (Second Class, lower grade)
of the Most Illustrious Order of Chula Chom Klao
- Order of the Sacred Treasure, Gold and Silver Star, Japan
- Grand Cordon of the Order of the Rising Sun, Japan
Extensive experience in the public sector, especially
in foreign affairs, having worked in Thai Ministries

Honorary Doctorate from Osaka University
Honorary Doctorate from Mahidol University
Doctor of Philosophy (Ph.D.) from the University of Wisconsin
Doctor of Medicine (M.D.) from the University of Wisconsin
Bachelor of Arts (B.A.) from the University of Wisconsin
2006 Present
2013 - Present
University Council
Christian University
2006 Present
Trustee
Royal ThaiRed Cross Society
1984 Present
University Council
Rangsit University
Others:
Royal Decorations
- The highest level of Royal Decorations
(Knight Grand Cordon of White Elephant Special Class)
- The highest level of Royal Decorations
(Knight Grand Cordon of the Crown of Thailand, Special Class)
- Royal Thai Award of Chula Chom Klao Order
(Special Third Class)
- Palmes Academiques (Commandeur) from the Government
of France, the Borden Research Award in Medicine
Life Time Contribution Award from the Society
of Biotechnology of Japan on the occasion of the
90th Anniversarys celebration in Kobe, Japan
Member of the International Union of Immunological
Societies

2006 Present
Present
Senior surgeon and physician
Medical Bureau to the Royal Court of Thailand
Present
Audit Committee Chairman
Lucky Music Public Company Limited
Others:
Royal decorations
- 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
- Knight Grand Cordon (First Class) of the Most Noble
Order of the Crown of Thailand
Permanent member of the Royal College of Surgeons
of Thailand, the International College of Surgeons
and the Medical Association of Thailand
Director

2003 Present
Director
2010 Present
Vice Chairman
2000 2010
Vice Chairman
Others:
Over 18 years experiences in the banking industry
23
24
Annual Report 2016

Annual Report 2016

Mr. Panote Sirivadhanabhakdi
Mr. Thapana Sirivadhanabhakdi
Director
President and CEO

27 February 2007
July 2007 Present

Vice Chairman of the Board and Chairman of the Board of
Executive Directors
Univentures Public Company Limited
2007 Present
Director and Executive Director
2005 Present
Director and Executive Director
2004 Present
Director
July 2013 September 2016
Chief Executive Officer
April 2013 January 2014
Director
February 2011 June 2013
Director

22 April 2015
Academic & Professional Qualifications
Master of Science in Analysis, Design and Management
of Information System from the London School of
Economics and Political Science, England
Bachelor of Science in Manufacturing Engineering from
Boston University, USA
Diploma in Industrial Engineering and Economics from
Massachusetts University, USA
Director Certification Program (DCP) 2004
Finance for Non-Finance Director 2004
Director
Group Chief Executive Officer
March 2013 Present
Director
2012 Present
Vice Chairman of the Board and Chairman of Executive
Committee

Golden Land Property and Development Public
Company Limited
2008 Present
Vice Chairman

26 October 2003
25 April 2014
Honorary Doctoral Degree of Business Administration
in Strategic Logistic and Supply Chain Management
from Suan Sunandha Rajabhat University
Honorary Doctoral Degree of Philosophy in General
Management from Ramkhamhaeng University
Master of Science Administration in Financial Economics
from Boston University, USA
Bachelor of Business Administration (Finance)
from Boston University, USA
President and CEO
April 2013 Present
Director
Golden Land Property Development Public Company Limited
March 2013 Present
Vice Chairman
Times Publishing Limited
Director
Executive Chairman
Vice Chairman
Sermsuk Public Company Limited
2008 Present
Vice Chairman
South East Group of Companies
2007 Present
Vice Chairman of the Board
2006 Present
Vice Chairman
2004 Present
Director and Executive Vice Chairman
2004 Present
Vice Chairman
2001 Present
Director
2007 August 2015
Vice Chairman
2003 2011
Others:
Asian Corporate Director Recognition Award
from the Corporate Governance Asia Magazine in 2011
Asian Excellence Recognition Awards: Asias Best CEO
(Investor Relations) from the Corporate Governance Asia
Magazine for four consecutive years in 2011, 2012, 2013,
2014 and 2015
Asias Best Company 2009, Thailand: Best CEO award
by FinanceAsia in 2009
25
Annual Report 2016

26
Annual Report 2016

Mr. Ueychai TanthaObhas
Mr. Sithichai Chaikriangkrai

8 July 2005

26 October 2003

25 April 2013

25 April 2013

Master of Business Administration
from Thammasat University
Bachelor of Science in Accounting from St. Louis University,
Missouri, USA
Advance Management Program from INSEAD, France
Role of the Chairman Program Thai Institute of Directors
Association (IOD)

Bachelor of Accountancy (First Class Honors)
Diploma in Computer Management
Certificate of the Mini MBA Leadership Management
from Kasetsart University
Director and Senior Executive Vice President

May 2010 September 2016
Director
July 2005 May 2010
Director and Senior Vice President
Dr. Pisanu Vichiensanth

Director
August 2013 Present
Director
Director
December 2012 Present
Director
Golden Land Property Development Public Company Limited
September 2011 Present
Director

July 2007 Present
Director
April 2007 Present
Director
Director
Director
2003 2010
Others:
Over 30 years of experience in accounting and finance.
Asias Best Companies 2009, Thailand: Best CFO Awards
from FinanceAsia Magazine
Asian Excellence Recognition Awards: Asias Best CFO
(Investor Relations) from Corporate Governance Asia
Magazine for the second consecutive years in 2011
and 2012
Alpha Southeast Asias Annual Corporate Awards 2014
and 2016, Thailand: Best CFO from Alpha Southeast Asia
Magazine in 2014 and 2016
Alpha Southeast Asias Annual Corporate Awards 2015,
Thailand: Best CFO and Best CFO in Southeast Asia from
Alpha Southeast Asia Magazine in 2015

26 October 2003
25 April 2013
Ph.D. in Engineering from Technical University,
Berlin, Germany
Master of Technology (Second Class Honors)
in Biotechnology from Massey University, New Zealand
Master Brewer from the Scandinavian School
of Brewing, Denmark
Bachelor of Science (Food Science)
from Kasetsart University
November 2014 September 2016
Present
President
Present
President
Director
February 2004 2014
27
28
Annual Report 2016

Annual Report 2016

Mr. Prapakon Thongtheppairot
Mr. Edmond Neo Kim Soon
Mr. Kosit Suksingha
Dr. Agapol Na Songkhla

Advanced Management Programme, INSEAD
Fontainebleau, France
Master of Science in Finance from Georgia State University,
Georgia, USA
Master of Business Administration from Mercer University,
Georgia, USA
Bachelor of Business Administration
from Assumption University
Listed Company Director Programme
Singapore Institute of Directors (SID)

Graduate Diploma in Marketing Management
from Singapore Institute of Management
Bachelor of Accountancy Degree
from National University of Singapore

Master of Business Administration (Honors)
from Oklahoma City University, USA
Bachelor of Veterinary Science
Director Certification Program (DCP)
CEDI Babson Entrepreneurial Leadership Program
from Babson College, Massachusetts, USA

Ph.D. in Systems Science
from Tokyo Institute of Technology from Japan
Master of Engineering in Systems Science
from Tokyo Institute of Technology from Japan
Bachelor of Engineering in Electrical Engineering
Company Secretary Program (CSP) 2014

Executive Vice President CEO Spirit Product Group
February 2014 September 2016
Senior Vice President Beer Product Group
August 2015 Present
Chief Executive Officer Beer
March 2014 Present
Director
March 2013 Present
Alternate Director to Mr. Sithichai Chaikriangkrai
July 2012 February 2014
Senior Vice President Finance
February 2012 June 2012
Senior Executive Vice President Land Development
and Investment Management
TCC Land Group
March 2011 February 2012
Senior Executive Vice President Corporate Services
Plantheon Group
September 2010 February 2012
Senior Executive Vice President Corporate Services
TCC Land Group
April 2009 September 2010
Senior Executive Vice President Finance
TCC Land Group
Others:
Member of Singapore Institute of Directors

Executive Vice President CEO Beer Product Group
June 2016 September 2016
Senior Vice President Beer Business (Thailand)
August 2014 Present
CEO Beer Thailand
Chang International Co., Ltd.
November 2013 August 2014
Head, Regional Brand Marketing
Fraser and Neave Limited (FNL)
June 2007 August 2013
Director, Group Commerce
Asia Pacific Breweries Limited (APBL)
29

Executive Vice President Chief Supply Chain Management
November 2013 September 2016
Senior Vice President Related Business
March 2014 Present
Director
April 2014 Present
Director
Thai Drinks Co., Ltd.
November 2013 Present
Director and Managing Director
Thai Beverage Logistics Co., Ltd.
August 2013 Present
Director
Modern Trade Management Co., Ltd.
May 2013 Present
Director
C A C Co., Ltd.
Vice President - Centre of Excellence
2007 2013
Director and Managing Director
T.C.C. Technology Co., Ltd.
2011 2012
Senior Vice President Technical Supply Chain

Executive Vice President Chief People Officer
January 2015 September 2016
Senior Vice President Human Capital
January 2013 December 2014
Company Secretary
TMB Bank Public Company Limited
2012 December 2014
Executive Vice President / Head of Strategy
& Transformation / Head of Corporate Governance
2011 2012
Executive Vice President / Head of Strategy
& Transformation / Head of Human Resources
2006 2011
Executive Vice President / Head of Corporate Strategy Group
30
Annual Report 2016

Annual Report 2016

Mr. Vivek Chhabra
Mr. Marut Buranasetkul
Mr. Kamolnai Chaixanien
Ms. Vaewmanee Soponpinij

Post graduate Diploma in Computer Management
Bachelor of Commerce (Hons)
from University of Bombay
Fellow Chartered Accountant

Master Degree in Business Administration (Marketing & General Management)

June 2016 Present
Senior Vice President NonAlcoholic Beverage Business (Thailand)
President / 1st Vice Chairman of Executive Committee
President, Director,
Risk Management Committee and Executive Comittee
April 2015 Present
Chief Financial Officer, Non-alcoholic Beverages
Fraser and Neave Limited (FNL)
Member of the South Asia Supervisory Board
Rockwool AS
August 2015 January 2016
Director / 1st Vice Chairman of Executive Committee
2013 December 2014
Regional Business Development Director
Asia Pacific Breweries Limited (Heineken NV)
October 2007 2013
Regional Director and Director Business Development
Asia Pacific Breweries Limited (Heineken NV)

MBA from Cornell University, Johnson Graduate School of
Management, New York, USA
Master of Engineering in OR & IE
from Cornell University, School of Industrial Engineering
& Operations Research, from New York, USA
Bsc (Cum Laude) in Chemical Engineering
from University of New Hampshire, New Hampshire, USA

Bachelor Degree in Law from Chulalongkorn University
Certificate of the Capital Market Academy Leader Program
(CMA) Class 16, Capital Market Academy
Certificate of the Company Secretary from Faculty of Laws,
Chulalongkorn University
Certificate of the Mini MBA from Thammasat University
Certificate of the Business Lawyer from Faculty of Laws,
Chulalongkorn University
Certificate of the Language and American Culture
from California State University of Los Angeles, USA
Effective Minute Taking (EMT) 2009
Company Secretary Program (CSP) 2007
Singapore Institute of Directors :
Understanding the Regulatory Environment in Singapore
Certificate of Coaching and Techniques
for Breakingthrough Results
Certificate of the International Financial Law
from Euro Money Institution
from Cleveland State University, USA
Bachelor Degree in Computer Science (Applied Statistics in General Business)

Certificate of Business and Administration Extension School

from Harvard University, USA
June 2016 Present

Senior Vice President Japanese Food and Beverage Business
February 2014 May 2016
Senior Vice President NonAlcoholic Beverage
Vice Chairman
August 2013 Present
Director and President
August 2013 Present
Director and President
Oishi Group of Companies
August 2013 Present
Director
Vice Chairman
Director
Dhospaak Co., Ltd.
May 2009 January 2016
President & CEO
September 2012 March 2014
Managing Director
Thai Beverage Marketing Co., Ltd.
August 2013 February 2014
Senior Vice President NonAlcoholic Production
September 2012 July 2013
Senior Vice President Marketing
May 2010 August 2012
Senior Vice President Corporate Services
2009 2012
Vice President Office of the President
January 2009 January 2011
Deputy Managing Director

Senior Vice President Corporate Affairs
2013 Present
Senior Executive Vice President Asset Management
TCC Assets (Thailand) Co., Ltd.
Present
Director
N.C.C. Management & Development Co., Ltd.
Present
Director
F&B International Co., Ltd.
Present
Director
N.C.C. Image Co., Ltd.
Present
Director
N.C.C. Exhibition organizer Co., Ltd.
Present
Director
Varopakorn Public Company Limited
2009 2013
Senior Executive Vice President
TCC Hotels Group Co., Ltd.

March 2013 Present
Senior Vice President Corporate Services
August 2006 Present
Company Secretary
March 2013 April 2016
Vice President Office of the President
June 2011 February 2013
Vice President Office of Human Resources
May 2006 May 2011
Vice President Office of Corporate Secretariat
Others:
Asian Company Secretary of the Year Recognition Awards
2013, Corporate Governance Asia Magazine
31
32
Annual Report 2016

Annual Report 2016

Mr. Jean Lebreton
Mr. Pramote Hassamontr
Mr. Banjong Chintanasiri
Ms. Tientip Narach

MBA from Wharton School of the University
of Pennsylvania

Bachelor of Political Science
Master of Public Administration
from National Institute of Development Administration

Bachelor of Accountancy
Bachelor of Laws
Master of Science (Accounting)

Bachelor of Economics, Monetary Economics
and Industrial Economics
from Thammasart University
Master Degree in Business Management Administration
from University of Michigan, USA
Senior Vice Presiden

Others:
Extensive experience in Asia,
including several years in Shanghai, China
Proficiency in many industry sectors as a consultant,
including consumer goods, banking, and energy, covering
topics such as market development, consumer research,
reengineering and value management
Senior Vice Presiden

Senior Vice President, Office of Spirit Production
Vice President, Office of Liquor Production
January 2013 December 2014
Acting Vice President, Office of Liquor Production
2014 Present
Director
Thai Beverage Recycle Co., Ltd.
2014 Present
Director
Thai Molasses Co., Ltd.
2014 Present
Director
Thai Beverage Energy Co., Ltd.
2014 Present
Director
Pan International (Thailand) Co., Ltd.
2014 Present
Director
Thai Cooperage Co., Ltd.
2013 Present
Director
2013 2014
Director
The Federation of Thai Industries
2004 2012
Managing Director

Senior Vice President (Deputy CFO Accounting)
September 2006 Present
Vice President Office of Accounting & Budgeting
2006 Present
Director
2004 Present
Director

Senior Vice President Treasury
Senior Vice President Finance
Director
Bevco Co., Ltd.
Director
So Water Co., Ltd.
November 2014 April 2016
Director / Executive Committee Member
October 2014 April 2016
CFO F&B Thailand
October 2014 April 2016
Finance Director
Executive Vice President, Head of Corporate Banking
33
Annual Report 2016

34
Annual Report 2016

Organization Structure
35
Organization Structure
Organization Structre
Effective on 1 October 2016
Audit Committee
Nomination Committee
Board of Directors
Office of Internal Audit
Remuneration Committee
Executive Committee
Risk Management Committee
Company Secretary
President and CEO
Office of the President
Office of Food Business Development
Spirit
Product
Group
Beer
Product
Group
Non-Alcoholic
Beverage
Product
Group
Brand
Investment
Management
Office of Chairman of Executive Committee
Route-toMarket
Accounting
Treasury
Finance
Technology
and
Engineering
Supply
Chain
Management
Human
Capital
Corporate
Affairs
Corporate
Services
Sustainable
Business
Development
Center of
Excellence
Annual Report 2016

36
Annual Report 2016

Product Portfolio
Spirits
Product Portfolio
Premium Thai Spirits
White Spirits
Mekhong
Phraya
Ruang Khao Ruang Khao Ruang Khao Ruang Khao

28
30
35
40
Degrees
Degrees
Degrees
Degrees
Thai Spirits
Hongthong
Blended Spirits
Mungkornthong
Niyomthai Niyomthai
28
30
Degrees
Degrees
Brandy
BLEND 285 (1 Litre)
BLEND 285 Signature
Whisky
Crown 99
Paitong
30
Degrees
Paitong
35
Degrees
Bangyikhan
White Spirits
Sangsom
BLEND 285
37
Meridian
Niyomthai
35
Degrees
Niyomthai
40
Degrees
White Spirits
Chaiya
Chao Praya Mae Wang
Phayanak
Chinese Herb Spirits

Drummer
White Tiger White Tiger White Tiger White Tiger

28
30
35
40
Degrees
Degrees
Degrees
Degrees
Sua Dum
Chiang Chun Choo Sip Niw
Phaya Sua
White Bear White Bear White Bear

30
35
40
Degrees
Degrees
Degrees
Mungkorn Mungkorn Mungkorn

Tajeen
Tajeen
Tajeen
30 Degrees 35 Degrees 40 Degrees
Annual Report 2016

38
Annual Report 2016

Product Portfolio
39
Product Portfolio
International Spirits
Single Malt
Scotch Whisky
Old Pulteney
12 year old
Old Pulteney
Navigator
Malt Whisky
Liqueur
Old Pulteney
17 year old
Old Pulteney
21 year old
Old Pulteney
1989
Old Pulteney
35 year old
Old Pulteney
Stroma liqueur
Single Malt
Scotch Whisky
Balblair
2005
Balblair
1999 2nd release
anCnoc
Blas
Speyburn
Bradan Orach
Speyburn
10 year old
Speyburn
Arranta Casks
Speyburn
25 year old
Blended
Scotch Whisky
Balblair
1990 2nd release
Balblair
1983
Hankey Bannister Hankey Bannister Hankey Bannister

Original
Heritage Blend
12 year old
Regency
Balblair
1969
Single Malt
Scotch Whisky
anCnoc
12 year old
Single Malt
Scotch Whisky
Hankey Bannister
21 year old
Partners Reserve
Hankey Bannister
25 year old
Blended
Scotch Whisky
anCnoc
18 year old
anCnoc
24 year old
anCnoc
35 year old
anCnoc
1975 Vintage
anCnoc
Rascan
Cattos
Rare Old Scottish
Cattos
12 year old
Cattos
25 year old
MacArthurs
Hankey Bannister
40 year old
Annual Report 2016

40
Annual Report 2016

Product Portfolio
Product Portfolio
Beer
Vodka
Gin
Kulov
Beer
Caorunn
Coldstream
Chang Classic
Chinese Spirits
Yu Lin Quan
Grand Classic
Beer
Yu Lin Quan
12 years old aged
Chinese Spirits
Yu Lin Quan
Zhen Pin Qing Xiang
International Yu Lin Quan

9 years old 43
Yu Lin Quan
Original aged 9 years old
Chinese Wines
Yu Lin Quan
Zhen Pin Xiao Qing
Yu Lin Quan
Xiao Qu Qing Xiang
Longevity
Ningbo Pagoda
Archa
Federbru
41
Annual Report 2016

42
Annual Report 2016

Product Portfolio
43
Product Portfolio
Non-Alcoholic Beverages
Carbonated
Soft Drinks
Functional Carbonated
Soft Drinks
est Cola
100PLUS Citrus
est Korean Orange Cola
Carbonated
Soft Drinks
100PLUS Lemon Lime
Jubjai
Drinking Water
est PLAY Strawberry
est PLAY Cream Soda
Crystal
Carbonated
Soft Drinks
Chang
Soda Water
est PLAY Orange
est PLAY Lemon Lime
Rock Mountain
Carbonated
Soft Drinks
est PLAY Lychee Pear
Herbal Tea
Electrolyte Drink
est PLAY Grape Berry
est Free
(Sugar Free)
Power Plus
Energy Drink
Ranger
Annual Report 2016

44
Annual Report 2016

Product Portfolio
45
Product Portfolio
International Non-Alcoholic Beverages

Green Tea
Isotonic
Oishi Green Tea

(500 ml.)
Oishi Green Tea

(380 ml.)
100PLUS
Green Tea
Oishi Green Tea
(800 ml.)
Soya
Oishi Green Tea
UHT
(250 ml.)
Green Tea
Oishi Kabusecha
(500 ml.)
Oishi Green Tea

Returnable Glass Bottle
(400 ml.)
Oishi Fruito
(380 ml.)
F&N NUTRISOY
Asian Drinks
Oishi Chakulza
(320 ml.)
F&N NUTRIWELL
Tea
F&N SEASONS
100PLUS EDGE
Annual Report 2016

46
Annual Report 2016

Product Portfolio
Product Portfolio
Sparkling Drinks
Pasteurised Milk
F&N
F&N MAGNOLIA
Sparkling Drinks
Pasteurised Milk
F&N
Water
Choc Malt
Coconut Water
F&N ICE MOUNTAIN
47
COCO LIFE
Cordials
Whipping Cream
and Half Cream
Pasteurised Milk
FARMHOUSE
Barista Fresh Milk
UHT Milk
F&N DAISY
FARMHOUSE
F&N MAGNOLIA Kids
UHT Milk
F&N
F&N SUN VALLEY
F&N MAGNOLIA
F&N MAGNOLIA Smoo
F&N MAGNOLIA Ginkgo Plus
Annual Report 2016

48
Annual Report 2016

Product Portfolio
49
Product Portfolio
Sterilised Milk
Pasteurised Juice
F&N MAGNOLIA
F&N MAGNOLIA Smoo
F&N FRUIT TREE FRESH
Yoghurt
Pasteurised Juice
F&N MAGNOLIA
Yoghurt Smoothie
F&N aLIVE
Low Fat Yoghurt
F&N FRUIT TREE FRESH
Canned Milk
Ready-To-Drink Juice
F&N
F&N FRUIT TREE
Canned Milk
TEAPOT
GOLD COIN
No.1 JUICE
Annual Report 2016

50
Annual Report 2016

Product Portfolio
51
Product Portfolio
Food
Chilled & Frozen
Product
Ice cream - Novelties

F&N MAGNOLIA TROPICAL SLING
F&N MAGNOLIA GOTCHA
F&N MAGNOLIA MAG-A-CONE
KINGS POTONG
F&N MAGNOLIA SAWASDEE
JWEL
KINGS
Cereal Bars
F&N aLIVE
Oishi Kani
Oishi Sandwich
Oishi Trendy Sandwich
Oishi Trendy
Baked Sandwich
Chilled & Frozen

Product
Ice Cream - Tubs

F&N MAGNOLIA
Oishi Gyoza Frozen

(Pack 12 pcs. & 50 pcs.)
Chilled & Frozen

Product
Ice cream - Novelties

F&N MAGNOLIA CRAVIO
Oishi Gyoza Chilled & Frozen

(Pack 5 pcs.)
KINGS GRAND
MEADOW GOLD
Oishi Trendy Roll
Japanese
Restaurants/Kiosks
Oishi Trendy Ready Meal
Oishi Trendy
Ready Meal Appetizer
Annual Report 2016

52
Annual Report 2016

2016 Awards
53
2016 Awards
2016 Awards
Corporate
Awards
Most Transparent Company

Winner in the Foreign Listings
th
From: SIAS 17 Investors Choice Awards

By: Securities Investors Association
(Singapore)
Most Organised Investor Relations

Best Senior Management Investor
Relations Support /
Most Consistent Dividend Policy
th
From: 6 Annual Southeast Asias Institutional

Investor Corporate Awards
By: Alpha Southeast Asia
Best CFO in Thailand

Mr. Sithichai Chaikriangkrai

Thai Beverage PLC
th
From: 6 Annual Southeast Asias Institutional

Investor Corporate Awards
By: Alpha Southeast Asia
The Excellence in Core Process

Improvement Project:
Returnable Management
Outstanding Achievement in
Core Process Improvement Project:
Shared Service Center
Highland Scotch Distillery of the Year
From: Thailand ICT Excellence Awards 2016

By: Thailand Management Association (TMA)
From: Thailand ICT Excellence Awards 2016

By: Thailand Management Association (TMA)
From: Berlin International Spirits Competition
Old Pulteney Distillery
Product
Awards
Old Pulteney
Vintage 1989
WWA - Worlds Best Single

Malt Scotch Whisky
anCnoc
18 year old
WWA - Winner
IWSC - Silver
ISC - Silver
Old Pulteney
21 year old
Old Pulteney
12 year old
San Francisco World Spirits

Competition - Gold
IWSC - Silver Outstanding
ISC - Silver
Berlin World Spirits
Competition - Silver
IWSC - Gold
ISC - Gold
anCnoc
12 year old
IWSC - Gold
ISC - Gold
Competition - Gold
anCnoc
Rascan

Competition - Double Gold
IWSC - Silver
ISC - Silver
Old Pulteney
Stroma Liqueur
Balblair
1983
ISC - Gold
IWSC - Gold Outstanding

WWA - Gold
ISC - Silver
Cattos
25 year old
WWA - Gold
Hankey Bannister
Original

Competition - Gold
IWSC - Silver
Balblair
1990
IWSC - Gold Outstanding

ISC - Gold
Hankey Bannister
12 year old
IWSC - Gold
Speyburn
Arranta Casks
Balblair
2005

Competition - Gold
IWSC - Silver
ISC - Silver
ISC - Gold
Competition - Silver
Hankey Bannister
40 year old
ISC - Gold
Hankey Bannister
Heritage Blend
IWSC - Gold
ISC - Silver
Annual Report 2016

54
Annual Report 2016

Milestones
55
Milestones
Milestones
April
November
Growth
Diversity
Brands
Reach
Professionalism
2015
2013
2011
2009

(F&N), a leading
Singapore company
in the beverage, property and
publishing & printing industries,
became an associate company
following ThaiBevs acquisition
of F&N shares
ThaiBev unveiled Vision 2020,

a six-year strategic roadmap for the
Groups companies, comprising five key
imperatives:
2014
ThaiBevs first distribution center

(DC) in Nakhon Ratchasima province
commenced operations,
followed by two more DCs in Chonburi
and Surat Thani provinces
in June and August 2010,
respectively
2012
ThaiBev acquired a 43.9% stake

in Oishi Group Public Company Limited
(Oishi) and acquired additional
Oishi shares via a tender offer
in November, which resulted
in ThaiBev holding more than 50%
of the total shares in Oishi
2008
2006
2003

(ThaiBev) was established
as a holding company
for several alcoholic
beverage businesses
May
2010
October
August
September
May
November
October
February
August
ThaiBev was successfully

listed on the Singapore
Exchange mainboard
ThaiBev acquired
Yunnan Yulinquan Liquor Co., Ltd.,
a Chinese white spirit
distillery in China
ThaiBev acquired a 64.66% stake

in Sermsuk Public Company Limited,
a leading beverage manufacturer
and distributor in Thailand
ThaiBev successfully acquired

a 28.6% stake in F&N,
paving the way for further
international expansion
as a leading beverage producer
and distributor
in the region
Chang Beers 20th Anniversary

introduced a new look of
Chang Classic Beer
in emerald green bottle
and champagne gold label,
which reflects a premium
and modern look,
brewing with an international
standard to meet the current
customer satisfaction
October
ThaiBev acquired Pacific
Spirits (UK) Limited,
owner of Inver House
Distillers in Scotland,
and Best Spirits
Company Limited
September
ThaiBev was bestowed
a royal warrant by His Majesty
King Bhumibol Adulyadej
Food of Asia Co., Ltd., a subsidiary

of ThaiBev, entered into
a 70-30 joint venture
with Mei-Xin (International) Limited
to incorporate Max Asia Co., Ltd,
which engages in the bakery business
in Thailand
July
ThaiBev joined the Pracharath Project,
which is a collaboration between
the Thai government, the Thai Chamber
of Commerce, the Federation of Thai
Industries, and the Thai Bankers
Association, to drive the economy
on both national and provincial levels
2016
September
ThaiBev was included in
the Dow Jones Sustainability
Indices (DJSI) family,
becoming a component of the DJSI
Emerging Markets Indexs
September
Rock Mountain,
a soda water produced
at lower temperatures
using cold infusion technology
to better retain the fizziness
of the beverage, was introduced
into the market.
56
Annual Report 2016

Annual Report 2016

Vision 2020
57
Vision 2020
Vision 2020
Vision 2020 is
ThaiBevs strategic roadmap.
It underpins our endeavours
to further the success
that we have progressively
achieved over the years,
and sets ThaiBev up for
an accelerated growth story.
Driven by the five strategic
imperatives outlined below,
we seek to provide customers
with even better products,
create greater value
and deliver more sustainable
returns to shareholders,
and enlarge opportunities
for our employees.
Growth
We aim to solidify ThaiBevs position as

stable and sustainable largest beverage
company in Southeast Asia,
and create return to shareholders.
Diversity
To support and sustain ThaiBevs growth, we

plan to diversify our revenue streams,
increasing revenue contribution from
non-alcoholic beverages and the sale of
products outside of Thailand.
Brands
By streamlining ThaiBevs businesses into

three product groups (spirits, beer, and
non-alcoholic beverage) and identifying core
brands within each, as well as focusing on
primary and secondary markets with the
greatest growth potential, we look to expand
the business via a consumer and market-driven approach.
Reach
To realise the potential of ThaiBevs core

brands, robust and efficient routes to all
markets are required. Accordingly, we seek
to build on our market leading business
processes and supply chains to strengthen
existing distribution networks, establish new
ones, and also enter into partnerships with
third-party distributors when appropriate.
Professionalism
We strive to ensure that we have a diverse

and high performance workforce, and that
the teams behind all three product groups
work together seamlessly, leveraging
cross-product group synergies where
applicable, further strengthening our long
term potentials.
Our important step forward is

to move side by side
with all our stakeholders.
We appreciate the importance
of every component.
Our every move aims to create
happiness for the society.
We are determined to continuously
work forwards total excellence
for now and the future.
Add life to all styles

in harmony with every beat of life.
We appreciate the importance

of every creativity and devotion.
Every smile and happiness

drives our power of giving.
Annual Report 2016

62
Annual Report 2016

Shareholding Structure
63
As at 30 September 2016
Thai Beverage Public Company Limited**

Registered capital of Baht 25,155,025,000 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.

Distillery Group
100%
Non-Alcohol Beverage Product Group
Beer Product Group

51%
Chang Corporation Company Limited

51%
Chang Beer Company Limited
49%
49%
Sangsom Co., Ltd.
100%
Fuengfuanant Co., Ltd.
100%
Mongkolsamai Co., Ltd.

100%
100%
Kanchanasingkorn Co., Ltd.
100%
100%
Sura Piset Thipharat Co., Ltd.
100%
100%
Sura Bangyikhan Co., Ltd.
100%
Athimart Co., Ltd.
100%
S.S. Karnsura Co., Ltd.
100%
Kankwan Co., Ltd.
100%
Theparunothai Co., Ltd.
51%
So Water Company Limited
95.05%
SPM Foods and Beverages Company Limeted
64.66%
Sermsuk Group
Oishi Group
Carbonated Soft Drink / Non-Carbonated Soft Drink /
Japanese Green Tea / Non-Alcohol Beverage /
Water-Soda / Distributor
Food Business Group
100%
International Beverage Holdings Limited (a), (b)

100%
100%
100%
Oishi Trading Co., Ltd.
100%
InterBev Malaysia Sdn. Bhd.
Sermsuk Holdings Co., Ltd.
United Winery and Distillery Co., Ltd.

Simathurakij Co., Ltd.
Luckchai Liquor Trading Co., Ltd.
100%
Sura Piset Pattharalanna Co., Ltd.*
100%
United Products Co., Ltd.
Sermsuk Beverage Co., Ltd.
100%
Oishi Ramen Co., Ltd.
100%
Best Spirits Company Limited
100%
Wrangyer Beverage (2008) Co., Ltd.
100%
Oishi International Holdings Limited
100%
International Beverage Holdings (China) Limited
Petform (Thailand) Co., Ltd.
100%
Sermsuk Training Co., Ltd.
100%
Great Brands Limited
100%
Oishi F&B (Singapore) Pte. Ltd.

55%
100%
100%
Oishi Myanmar Limited

Oishi Group Limited Liability Company
Oishi Snack Co., Ltd
Sole Agent Group

Beer Sales Group
100%
Thipchalothorn Co., Ltd.
100%
Krittayabun Co., Ltd.
Marketing Group
100%

100%
Chang Corp Co., Ltd.
Related Business Group
Beer Chang International Limited (D)
100%
International Beverage Trading Limited
100%
InterBev Trading (Hong Kong) Limited
100%
Blairmhor Distillers Limited (D)(N)

100%
100%
100%
100%
InterBev Timor, Unipessoal, Lda. (D)

49.49%
Liquorland Limited
28.53%
100%
Wee Beastie Limited (D)(N)
28.44%
100%
Moffat & Towers Limited (D)(N)
100%
BeerCo Limited
100%
Wellwater Limited
100%
Trademark Group
Inver House Distillers Limited

100%
Glen Calder Blenders Limited (D)(N)
100%
Hankey Bannister & Company Limited (D)(N)
100%
R Carmichael & Sons Limited (D)(N)
100%
James Catto & Company Limited (D)(N)
100%
Mason & Summers Limited (D)(N)
100%
J MacArthur Jr & Company Limited (D)(N)
Others
Thai Beverage Training Co., Ltd.
C A C Co., Ltd.
100%
Beer Chang Co., Ltd.
100%
Food of Asia Co., Ltd.
Surathip Co., Ltd.
100%
100%
Feed Addition Co., Ltd.
100%
Sunthornpirom Co., Ltd.
100%
Dhospaak Co., Ltd.
100%
100%
Num Palang Co., Ltd.
100%
Pomklung Co., Ltd.
100%
Piromsurang Co., Ltd.
100%
Charun Business 52 Co., Ltd.
100%
Num Muang Co., Ltd.
100%
Pomchok Co., Ltd.
100%
Thai Cooperage Co., Ltd.*
100%
Num Nakorn Co., Ltd.
100%
Pomcharoen Co., Ltd.
100%
100%
Num Thurakij Co., Ltd.
100%
Pomburapa Co., Ltd.
100%
100%
Numrungrod Co., Ltd.
100%
Pompalang Co., Ltd.
100%
Numthip Co., Ltd.
100%
Pomnakorn Co., Ltd.
100%
The Pulteney Distillery

Company Limited (D)(N)
InterBev Investment Limited
100%
100%
The Balblair Distillery

100%
Pomkit Co., Ltd.
The Knockdhu Distillery

Archa Beer Co., Ltd.
100%
Speyburn-Glenlivet Distillery
Thai Beverage Brands Co., Ltd.
Num Kijjakarn Co., Ltd.
Cash Van Management Co., Ltd.
Blairmhor Limited (N)
100%
100%
HORECA Management Co., Ltd.
100%
100%
Pomthip (2012) Co., Ltd.
100%
International Beverage Holdings Limited USA, Inc.
100%
100%
100%
100%
Num Yuk Co., Ltd.
Yunnan Yulinquan Liquor Co., Ltd.
International Beverage Holdings (UK) Limited
99.72%
100%
100%
InterBev Trading (China) Limited
100%
100%
100%
Spirits Sales Group
Sales Channels Management Group
100%
100%
Sales Group
(D)
100%
Nateechai Co., Ltd.
100%
100%
Super Brands Company Pte. Ltd.
InterBev (Cambodia) Co., Ltd.
Red Bull Distillery (1988) Co., Ltd.*
100%
InterBev (Singapore) Limited
100%
79.66% Oishi
40%
International Business Group
Group Public Company Limited

100%
Mekhong Distillery Limited
100%
100%
4.94%
Group of Listed Companies on the Stock Exchange of Thailand
BevCo Limited
99.84%
Thanapakdi Co., Ltd.
100%
51%
49%
Brewery Group
100%
100%
Group of Company Limited
49%
Chang Beer International Co., Ltd. (D)(N)
51%
Koykiao Co., Ltd. (1)
70%
Max Asia Co., Ltd. (2)
Thai Thum Distillery Co., Ltd. (N)

40%
58.63%
Note: According to Auditors Note

D: Dormant
N: Non-trading
* Those companies are in Related Business Group or Distillery Group,
as the case may be. We represent those companies in other Group for the
benefit and the clearness in consideration of the group of companys shareholding
** Thai Beverage Public Company Limited has completed the registration
for the change of the registered capital from Baht 29,000,000,000 to Baht
25,155,025,000 on 24 May 2016.
Sura Piset Sahasan Co., Ltd. (N)
99.90%
18.55%
41.45%
Thai Cooperage Co., Ltd.*

Sura Piset Pattharalanna Co., Ltd.*
33.83%
Sura Piset Samphan Co., Ltd. (N)
7.54%
Red Bull Distillery (1988) Co., Ltd.*
Remark:
(1) Koykiao Co., Ltd. incorporated on 23 March 2016.
(2) Max Asia Co., Ltd. incorporated on 26 April 2016.
Update: (1 October 2016 - 30 November 2016)
(a) International Beverage Vietnam Company was incorporated Socialist Republic of Vietnam

On 17 October 2016
(b) International Beverage Holding (Singapore) Ple. Limited was incorporated in Singapore

On 28 November 2016
64
Annual Report 2016

Annual Report 2016

Report of the Board of Directors
65
Breakdown in Shares and Types of Share

No.
1.
Company / Location
Type of
Business
Type of
Share
Paid-up Capital (Baht)
Shares Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding

15 Moo 14, Vibhavadi Rangsit Road
Beer brewery
Common
and production
of drinking water
and soda water
5,550,000,000.00
555,000,000
555,000,000
100%

6,600,000,000.00
660,000,000
660,000,000
100%
Chomphon Sub-district
Chatuchak District Bangkok 10900
Beer brewery
Common
and production
of drinking water
and soda water
3.

Beer brewery
Common
and production
of drinking water
and soda water
1,666,666,500.00
166,666,650
166,666,650
100%
4.
Sangsom Co., Ltd.

14 Vibhavadi Rangsit Road,
Chatuchak District, Bangkok 10900
Spirits distillery
Common
7,500,000,000.00
750,000,000
750,000,000
100%
5.

333 Moo 1, Tambon Tha Toom
Amphoe Si Maha Phot
Prachin Buri 25140
Spirits distillery
Common
900,000,000.00
90,000,000
90,000,000
100%

14 Vibhavadi Rangsit Road
Spirits distillery
Spirits distillery
Common
700,000,000.00
70,000,000
70,000,000
100%
8.

Spirits distillery
Common
700,000,000.00
70,000,000
70,000,000
100%
9.

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%
Athimart Co., Ltd.
Spirits distillery
Common
900,000,000.00
90,000,000
90,000,000
100%
2.
6.
7.
10.
11.
315 Moo 4, Tambon Mae Faek

Amphoe San Sai, Chiang Mai 50290
170 Moo 11, Tambon Nikhom

Amphoe Satuek, Buri Ram 31150

101 Moo 8, Tambon Kaeng Dom
Amphoe Sawang Wirawong
Ubon Ratchathani 34190
Spirits distillery
Common
Common
700,000,000.00
800,000,000.00
70,000,000
80,000,000
70,000,000
80,000,000
Remark
No.
Type of
Share
Shares Issued
% of
Shareholding
12.
Kankwan Co., Ltd.

Spirits distillery
Common
800,000,000.00
80,000,000
80,000,000
100%
13.

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%
14.
Red Bull Distillery (1988) Co., Ltd.

Spirits distillery
Common
5,000,000,000.00
500,000,000
500,000,000
100%
15.

14 Sangsom Building, Soi Yasoob 1
Vibhavadi Rangsit Road
Spirits distillery
Common
1,800,000,000.00
180,000,000
180,000,000
100%
16.

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%
17.
Nateechai Co., Ltd.

Spirits distillery
Common
800,000,000.00
80,000,000
80,000,000
100%
18.

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%
19.

Spirits distillery
Common
1,000,000,000.00
10,000,000
10,000,000
100%
20.

333 Lao Peng Nguan Tower 1
26th Floor Soi Choei Phuang
Beer, spirits and Common

non-alcoholic
beverages
distributor
10,000,000.00
1,000,000
1,000,000
100%
100%
100%
Company / Location
Type of
Business
No. of
Shares Held
(Direct and
Indirect)
Remark
66
No.
21.
Company / Location
HORECA Management Co., Ltd.
15 Moo 14 Vibhavadi Rangsit Road
Annual Report 2016

Annual Report 2016

Type of
Business
Type of
Share

non-alcoholic
beverages
distributor
Shares Issued
10,000,000.00
1,000,000
No. of
Shares Held
(Direct and
Indirect)
1,000,000
% of
Shareholding
100%
(Registered the change of Companys

address on 2 June 2016)
22.
23.
24.
25.
26.
27.
Pomkit Co., Ltd.

383 Moo 8, Tambon Banpo
Amphoe Muang Nakhon Ratchasima
Nakhon Ratchasima 30310
Beer, drinking
water and soda
water
Common
Pomklung Co., Ltd.

22/1 Soi 2 (Paprao), Paprao Road
Tambon Padad, Amphoe Muang Chiangmai
Chiangmai 50100
Beer, drinking
water and soda
water
Common
Pomchok Co., Ltd.

16/1 Moo 1, U Thong Road
Tambon Tha Wasukri
Amphoe Phra Nakhon Si Ayutthaya
Phra Nakhon Si Ayutthaya 13000
Beer, drinking
water and soda
water
Common

135/3 Moo 4, Kanchanavithi Road
Tambon Bang Kung
Amphoe Muang Surat Thani
Surat Thani 84000
Beer, drinking
water and soda
water
Common
Pomburapa Co., Ltd.

123 Moo 2, Tambon Ban Suan
Amphoe Muang Chon Buri
Chon Buri 20000
Beer, drinking
water and soda
water
Common
Pompalang Co., Ltd.

6 Moo 15, Tambon Sila
Amphoe Muang Khon Kaen
Khon Kaen 40000
Beer, drinking
water and soda
water
Common
10,000,000.00
10,000,000.00
10,000,000.00
10,000,000.00
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
1,000,000
Remark
No.
10,000,000.00
1,000,000
1,000,000
1,000,000
Common
10,000,000.00
1,000,000
1,000,000
100%
32.

Tambon Padad, Amphoe Muang
Chiangmai 50100
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100%
33.
Num Muang Co., Ltd.

Tambon Tha Wasukri
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100%
34.

149/3 Chulachomklao Road
Tambon Tha Kham Amphoe Phun Phin
Surat Thani 84130
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100%
35.

Amphoe Muang Chon Buri, Chon Buri
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100%

6 Moo 15, Tambon Sila,
Amphoe Muang Khon Kaen, Khon Kaen
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
100,000
100,000
100%
100%
100%
100%
20000
100%

address on 10 March 2016)
100%
37.
Numthip Co., Ltd.

530, 532 Phetkasem Road
Tambon Phra Prathon
Amphoe Muang Nakhon Pathom
Nakhon Pathom 73000
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
100,000
100,000
100%
38.


non-alcoholic
beverages
agency
1,000,000.00
100,000
100,000
100%
39.


non-alcoholic
beverages
agency
5,000,000.00
500,000
500,000
100%
40.
Surathip Co., Ltd.


non-alcoholic
beverages
agency
1,200,000.00
120,000
120,000
100%
41.


non-alcoholic
beverages
agency
5,000,000.00
500,000
500,000
100%
100%
28.
Pomnakorn Co., Ltd.

534, 536 Phetkasem Road
Tambon Phra Pratone
Nakhon Pathom 73000
Beer, drinking
water and soda
water
Common
10,000,000.00
1,000,000
1,000,000
100%
29.
Beer, drinking
water and soda
water
Common
10,000,000.00
1,000,000
1,000,000
100%
Num Yuk Co., Ltd.
Spirits and
non-alcoholic
beverages
distributor
Common
10,000,000.00
1,000,000
1,000,000
100%
30.
40/53 Moo 3, Talad Bangkhen Sub-district

Laksi District, Bangkok 10210
Shares Issued
Spirits and
non-alcoholic
beverages
distributor
40000
1,000,000
% of
Shareholding

36.
10,000,000.00
Type of
Share
No. of
Shares Held
(Direct and
Indirect)
31.

address on 10 March 2016)

Company / Location
Type of
Business
67
Remark
68
No.
Company / Location
Annual Report 2016

Annual Report 2016

Type of
Business
Type of
Share
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
Shares Issued
5,000,000.00
500,000
500,000
100%
860,000,000.00
8,600,000
8,600,000
100%
42.


non-alcoholic
beverages
agency
43.

Production and
distribution of
biogass
Common

Trading of
molasses
Common

Trading of feeds Common

and fertilizer

Trading of
supplies and
procurement
Common
47.

Brick producer
and distribution
of spirits
Common
121,800,000.00
1,218,000
1,218,000
100%
48.

Oak barrel
producer
Common
300,000,000.00
30,000,000
30,000,000
100%
49.

Trading of
bottles
Common
123,000,000.00
1,230,000
1,230,000
100%

1 East Water Building,
Soi Vibhavadi-Rangsit 5
Transportation
and distribution

Advertising
and marketing
promotion
Common
Dhospaak Co., Ltd.

90 CyberWorld 15th Floor Units B
1501-2 and 20th Floor Units B 2001-2,
Ratchadaphisek Road Huai Khwang
Sub-district, Huai Khwang District,
Bangkok 10310
Advertising
agency
Common
44.
45.
46.
50.
51.
52.

address on 6 September 2016)
Common
40,000,000.00
1,000,000.00
1,000,000.00
1,012,000,000.00
300,000,000.00
25,000,000.00
40,000
10,000
10,000
101,200,000
30,000,000
2,500,000
39,889
10,000
10,000
101,200,000
30,000,000
2,500,000
Remark
No.
Company / Location
Type of
Business
Type of
Share
69
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
Shares Issued
Common
2,500,000.00
1,000,000
1,000,000
100%
53.

54.
International Beverage Holdings Limited Holding company

Room 901-2, Silvercord Tower 1
30 Canton Road, Tsim Sha Tsui
Kowloon, Hong Kong
Ordinary
HKD 15,634,012,000.00
15,634,012,000
15,634,012,000
100%
55.

Trademark
holding
Common
5,000,000.00
50,000
50,000
100%
56.

Trademark
holding and
production of
Common
1,000,000.00
10,000
10,000
100%
57.

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

Holding company
Common
1,000,000,000.00
10,000,000
10,000,000
100%
59.
United Products Company Limited
Production and
Common
350,000,000.00
3,500,000
3,500,000
100%
Amphoe Nakhon Chai Sri

Nakhon Pathom 73120
spirits
60.

19th-20th Floors, Park Ventures Ecoplex
57 Wireless Road, Lumpini Sub-district
Pathumwan District, Bangkok 10330
Japanese
restaurants
and distribution
of foods and
beverages
Common
375,000,000.00
187,500,000
149,360,199
79.66%
61.
C A C Co., Ltd.
90 CyberWorld Tower, 10th Floor
Ratchadapisek Road
Huai Khwang Sub-district
Huai Khwang District, Bangkok 10310
Management
of the ASEAN
Economic
Community
(AEC) centre
Common
30,000,000.00
300,000
300,000
100%
62.

Advertising
and marketing
serviecs
Common
10,000,000.00
1,000,000
1,000,000
100%
99.72%
100%
100%
100%
beer concentrate
56 Sukhapibal Road, Tambon Nakhon Chai Sri distribution of
100%
100%
Training
Remark
(b), (c)
70
No.
63.
Company / Location
1 East Water Building, 17th Floor
Soi Vibhavadi-Rangsit 5
Annual Report 2016

Annual Report 2016

Type of
Business
Type of
Share

non-alcoholic
beverages
distributor
Shares Issued
10,000,000.00
1,000,000
No. of
Shares Held
(Direct and
Indirect)
1,000,000
% of
Shareholding
Remark
100%

64.
65.

14 Sangsom Building
Restaurant
business
Common
Koykiao Co., Ltd.

14 Sangsom Building
Food and
beverage
business
Common
10,000,000.00
5,000,000.00
1,000,000
500,000
1,000,000
255,000
No.
Max Asia Co., Ltd.

14 Sangsom Building
Bakery business Common
40,000,000.00
4,000,000
2,800,000
Type of
Share
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
Shares Issued
100,000,000.00
1,000,000
1,000,000
100%
71.
Sura Piset Samphan Co., Ltd.#

Trading of spirits Common
72.

438 Alexandra Road, #05-01
Alexandra Point, Singapore 119958
Marketing,
trading of
alcoholic
beverage
Ordinary
SGD 66,737,000.00
66,737,000
66,737,000
100%
73.
InterBev (Cambodia) Co., Ltd.#

Phnom Penh Centre, Building A, 3rd floor
Room 324 Tonle Bassac, Chamkarmorn
Phnom Penh, Cambodia
Dormant
Ordinary
USD 200,000.00
1,000
1,000
100%
100%
51%

(1)
74.

Suite 6.01, 6th Floor, Plaza See Hoy Chan
Jalan Raja Chulan, 50200
Kuala Lumpur, Malaysia
Trading of
beverage
products and
provision of
marketing
services
Ordinary
MYR 100,000.00
100,000
100,000
100%
75.

30 Canton Road Tsim Sha Tsui
Kowloon, Hong Kong
Trading of
alcoholic
beverages
Ordinary
HKD 15,300,000.00
15,300,000
15,300,000
100%
76.
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%
77.
International Beverage Holdings

(China) Limited
Kowloon, Hong Kong
Holding company
Ordinary
HKD 210,500,000.00
21,050,000
21,050,000
100%
78.

Production and
distribution
of food and
beverage
Common
420,000,000.00
4,200,000
3,345,670
79.66%
79.

Japanese
restaurants
Common
158,000,000.00
1,580,000
1,258,610
79.66%
(Incorporated on 23 March 2016)
66.
Company / Location
Type of
Business
71
70%
(2)
(Incorporated on 26 April 2016)
BevCo Limited
14 Sangsom Building
Holding company Common
68.

14 Sangsom Building
Holding company
Common
1,000,000.00
100,000
100,000
100%
69.
Thai Thum Distillery Co., Ltd.#

Production and
distribution of
spirits
Common
14,000,000.00
17,500
17,483
99.90%
70.
Sura Piset Sahasan Co., Ltd.#

Trading of spirits Common
100,000,000.00
1,000,000
1,000,000
100%
67.
5,436,168,000.00
548,000,000
548,000,000
100%
Remark
(a)
72
No.
Company / Location
Annual Report 2016

Annual Report 2016

Type of
Business
Type of
Share
Shares Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
80.

Kowloon, Hong Kong
International
distribution of
beverage
Common
HKD 11,700,000.00
11,700,000
9,320,076
79.66%
81.
Chang Beer International Co., Ltd.#

Chomphon Sub-district,
Dormant
Common
1,000,000.00
100,000
100,000
100%
82.

Consultancy
service
Common
125,000.00
5,000
5,000
100%

Advertising
and marketing
services
84.
Beer Chang International Limited

Dormant
Ordinary
SGD 498,240.00
498,240
498,240
100%
85.
International Beverage Trading Limited

XL Building, One Bermudiana Road
Hamilton, Bermuda
Trading of
alcoholic
beverages
Ordinary
US$ 100,000.00
100,000
100,000
100%
86.

Kowloon, Hong Kong
Holding company
Ordinary
SGD 2,047,620,000.00
2,047,620,000
2,047,620,000
100%
87.

Kowloon, Hong Kong
Distribution
and marketing
of food and
beverage
products
Ordinary
HKD 10,000.00
10,000
10,000
100%
Serving future
snack business
expansion
Common
83.
88.
89.
90.
Oishi Snack Co., Ltd.

BeerCo Limited
Room 901-2 Silvercord Tower 1
Hong Kong
Holding company
Wellwater Limited
Room 901-2 Silvercord Tower 1
Hong Kong
Holding company
Common
Common
100,000.00
52,000,000.00
24,950,000,000.00
10,000.00
800,000
24,950,000,000
10,000.00
637,268
24,950,000,000
Remark
(3)
No.
100%
7,950,000,000.00
7,950,000,000
7,950,000,000
Shares Issued
% of
Shareholding
Remark
International Beverage Holdings

Limited USA, Inc.
601 Van Ness Avenue, Suite Q/R
San Francisco, CA 94102, USA
Trading of
alcoholic
beverages
Common
USD 1.00
1,000
1,000
100%
92.

438 Alexandra Road, # 05-01
Trademark
holding
Ordinary
SGD 65,947,000.00
65,947,000
65,947,000
100%
93.
Blairmhor Limited#
ML6 8PL, Scotland
Holding company
Common
9,009,407.00
900,940,700
900,940,700
100%
94.

ML6 8PL, Scotland
Production and
distribution of
spirits
Common
10,000,000.00
10,000,000
10,000,000
100%
95.

Room 01-03, Level 1
No. 63 Kunluo Road
Shuangjiang Town, Eshan County
Yuxi City, Yunnan, China 653200
Trading of
alcoholic
beverages
RMB 10,000,000.00
100%
( 5)
96.

Yulin Village, Shuangjiang Town
Eshan County Yuxi City
Yunnan, China 653200
Spirits distillery
RMB 159,388,200.00
100%
( 5)
97.
Blairmhor Distillers Limited#

ML6 8PL, Scotland
Dormant
Common
200.00
2,000
2,000
100%
98.
Wee Beastie Limited#

ML6 8PL, Scotland
Dormant
Common
100.00
100
100
100%
99.
Moffat & Towers Limited#

ML6 8PL, Scotland
Dormant
Common
1.00
100%
100. Glen Calder Blenders Limited#
Dormant
Common
100.00
100
100
100%
101. Hankey Bannister & Company Limited#
Dormant
Common
100.00
100
100
100%
102. R Carmichael & Sons Limited#
Dormant
Common
30,000.00
30,000
30,000
100%

ML6 8PL, Scotland

ML6 8PL, Scotland
Common
Type of
Share
No. of
Shares Held
(Direct and
Indirect)
91.
100%
79.66%
Company / Location
Type of
Business
73
100%

ML6 8PL, Scotland
( 4)
74
No.
Company / Location
103. J MacArthur Jr & Company Limited#

ML6 8PL, Scotland
Annual Report 2016

Annual Report 2016

Type of
Business
Dormant
Common
Shares Issued
100.00
100
% of
Shareholding
100
100%
Dormant
105. James Catto & Company Limited#
Dormant
Common
Common
10,030.00
50,000.00
10,030
50,000
10,030
50,000
100%
Dormant
Common
100.00
100
100
100%
107. Speyburn-Glenlivet Distillery Company
Dormant
Common
100.00
100
100
100%
Limited#
No.
Company / Location
Type of
Business
Type of
Share
Shares Issued
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
113. Sermsuk Training Co., Ltd.

Human
252/35-36, Muang Thai-Phatra Complex resources and
th
Bldg.1, 27-28 Floor, Rachadaphisek Road organisation
Common
2,500,000.00
1,000,000
646,569
64.66%
114. Great Brands Limited

Room 901-2, Silvercord, Tower 1
30 Canton Road, Tsim Sha Tsui,
Common
4,251,600.00
1,000,000
646,569
64.66%
115. Wrangyer Beverage (2008) Co., Ltd.

Production and
252/35-36, Muang Thai-Phatra Complex distribution of
th
Bldg .1, 27-28 Floor, Rachadaphisek Road energy drink
Common
200,000,000.00
20,000,000
12,931,390
64.66%
116. InterBev Timor, Unipessoal, Lda.#
Dormant
Common
USD 10,000.00
10,000
10,000
100%
117. Oishi F&B (Singapore) Pte. Ltd.

Alexandra Point Singapore 119958
Brands
management
and consulting
services
Common
SGD 1,900,000.00
1,900,000
1,513,517
79.66%
118. Oishi Myanmar Limited

1-11, Padonmar Stadium (East Wing)
Restaurant
business
Common
USD 2,100,000.00
2,100,000
920,059
43.81%
119. Oishi Group Limited Liability Company

11A, Phan Ke Binh Street, Da Kao Ward
District 1, Ho Chi Minh City
Marketing
manangement
cosulting
services
Common
USD 50,000.00
50,000
39,829
79.66%
120. Thai Drinks Co., Ltd.

14 Sangsom Building
Distribution of
beverages
Common
511,750,000.00
15,000,000
15,000,000
100%
121. SPM Foods and Beverages
Production and Common

distribution of
drinking water
and energy
drinks and spirits
agency
606,250,000.00
60,625,000
60,526,250
99.84%
Remark
development
services
100%
106. The Knockdhu Distillery Company
Limited#
ML6 8PL, Scotland
Remark
Huay Kwang Sub-district

Huay Kwang District, Bangkok 10310
104. Mason & Summers Limited#

10 Foster Lane, London
EC2V 6HH, England

ML6 8PL, Scotland
Type of
Share
No. of
Shares Held
(Direct and
Indirect)
75

ML6 8PL, Scotland
Brands
management
Kowloon, Hong Kong

Rua Presidente Nicolau Lobato

Timor Plaza, Suite # 330 3rd Andar
Comoro, Dom Aleixo, Dili, Timor Leste
address on 8 September 2016)
108. The Pulteney Distillery
Company Limited#
ML6 8PL, Scotland
109. The Balblair Distillery
Company Limited#
ML6 8PL, Scotland
110. Sermsuk Public Company Limited

252/35-36, Muang Thai Phatra Complex
27-28th Floor, Rachadaphisek Road

Dormant
Dormant
Common
Common
2.00
2.00
100%
100%
Bargayar Street, Sanchaung Township

Yangon Rebublic of the Union of Myanmar
Production and
distribution of
beverages
Common
265,900,484.00
265,900,484
171,923,138
64.66%
the Socialist Republic of Vietnam
Holding company
111. Sermsuk Holdings Co., Ltd.
252/35-36, Muang Thai-Phatra Complex
Bldg.1, 27-28th Floor, Rachadaphisek Road
Common
112. Sermsuk Beverage Co., Ltd.

Production and
252/35-36, Muang Thai-Phatra Complex distribution of
Bldg.1, 27-28th Floor, Rachadaphisek Road beverages
Common
600,000,000.00
60,000,000
38,794,169
64.66%



689,586,150.00
68,958,615
44,586,536
(6)
64.66%
Company Limited
79 Moo 3, Tambon Lamlookbua
Amphoe Dontoom
Nakhon Pathom 73150
(7)
Annual Report 2016

76
Annual Report 2016

77
List of Direct and Deemed Interests of Each Director

As at 21 October 2016
No.
Company / Location
122. Chang Beer Company Limited

14 Sangsom Building
Type of
Business
Type of
Share
Holding company
Common
Shares Issued
1,000,000.00
100,000
No. of
Shares Held
(Direct and
Indirect)
% of
Shareholding
100,000
Increase
Remark
100%
Name of directors (1)

1. Mr. Charoen Sirivadhanabhakdi

Number
of Shares
Direct Interests
Siriwana Co., Ltd. (3)
Maxtop Management Corp.

123. So Water Company Limited
14 Sangsom Building
Holding company
Common
10,654,088,000.00
1,074,000,000
1,074,000,000
100%
(4)
Risen Mark Enterprise Ltd. (5)

Manufacture
and distribution
Kaosamerkorn District, Amphur Ta-wung of plastic
Lopburi 15180
packaging
Common
75,000,000.00
7,500,000
1,939,708
25.86%
2. Khunying Wanna Sirivadhanabhakdi
(6)
Manufacture
and distribution
of food and
beverage and
publishing and
printing
Ordinary
126. Frasers Centrepoint Limited

438 Alexandra Road
#21-00, Alexandra Point
Singapore 119958
Development
and investment
in property
Ordinary
127. Liquorland Limited

8 Westbank Road, Belfast, BT3 9JL
Licences
SGD 849,300,240.00
SGD 1,766,799,847.76
1,447,077,754
2,899,996,444
412,423,822
824,847,644
28.53%
28.44%
3. Mr. Narong Srisa-an
Common
495,000.00
495,000
245,000
49.49%
Northern Ireland
Remarks: #These are currently non-trading companies

(1) On 23 March 2016, the registered capital of Koykiao Co., Ltd. is Baht 5,000,000 consisting of 500,000 issued common shares,
with the par value of Baht 10 each. Thai Beverage Public Company Limited indirectly holds shares, representing 51% of the total issued shares
of Koykiao Co., Ltd. through Food of Asia Co., Ltd. Currently, the companys paid-up capital is fully made.
(2) On 26 April 2016, the registered capital of Max Asia Co., Ltd. is Baht 40,000,000 consisting of 4,000,000 issued common shares, with the par value of Baht
10 each. Thai Beverage Public Company Limited indirectly holds shares, representing 70% of the total issued shares of Max Asia Co., Ltd. through Food of Asia
Co., Ltd. Currently, the companys paid-up capital is fully made.
(3) On 9 September 2016, Oishi International Holdings Limited registered the increase of paid-up capital from HKD 9,400,000 to HKD 11,700,000.
369,750,000
25.50
Updated: (1 October 20161 30 November 2016)

(a) On 18 October 2016, InterBev (Singapore) Limited registered the increase of paid-up capital from SGD 66,737,000 to SGD 72,337,000.
(b) On 17 October 2016, International Beverage Vietnam Company Limited was incorporated by International Beverage Holdings Limited (IBHL) in the Socialist
Republic of Vietnam with the registered capital of USD 200,000. This company was incorporated with the type of investment as equity interest, therefore,
there is no shares to be issued.
(c) On 28 November 2016, international Beverage Holdings (Singapore) Pte. Limited (IBHL Singapore) was incorporated by IBHL in Singapore with the registered capital of USD 10,000. Thai Beverage Public Company Limited indirectly hold shares, representing 100% of IBHL Singapore through IBHL.
65.89
710,500,000
49.00
(4)
MM Group Limited
50,000
100.00
MM Group Limited (5)
50,000
100.00
(6)
140,600,420
100.00
50.00
MM Group Limited
25,000
50.00
16,544,687,762
65.89
369,750,000
25.50
710,500,000
49.00
Maxtop Management Corp. (4)
50,000
100.00
Risen Mark Enterprise Ltd. (5)
50,000
100.00
Golden Capital (Singapore) Limited (6)
140,600,420
100.00
Shiny Treasure Holdings Limited
25,000
50.00
MM Group Limited
25,000
50.00
0.00
MM Group Limited
- Director and her spouse have

deemed interests through her
associated companies in THBEV
shares, totaling of
Shiny Treasure Holdings Limited (3)
4. Mr. Puchchong Chandhanakij
0.00
5. Ms. Kanoknart Rangsithienchai
0.00
6. Mr. Prasit Kovilaikool
7. Prof. Kanung Luchai
8. Mr. Manu Leopairote
9. Mr. Ng Tat Pun
10. Mr. Michael Lau Hwai Keong
11. Dr. Sakthip Krairiksh
12. Prof. Pornchai Matangkasombut
13. Gen. Dr. Choo-Chat Kambhu Na Ayudhya

14. Mr. Vivat Tejapaibul
(5) This company was incorporated with the type of investment as equity interest, therefore, there is no share to be issued.
(7) On 30 June 2016, Thai Drink Co., Ltd. registered the increase of paid-up capital from Baht 160,000,000 to Baht 1,500,000,000 by issuing the new
13,400,000 common share, totaling 15,000,000 shares with the par value of Baht 100 each. Thai Beverage Public Company Limited directly holds shares in
this company. Currently, this companys paid-up capital is Baht 511,750,000.
Shiny Treasure Holdings Limited (3)
16,544,687,762
1,541,500
0.01
(4) This company has the registered capital of USD 1 and share premium of USD 11,799,999.
(6) On 14 September 2016, Oishi F&B (Singapore) Pte. Ltd. registered the increase of paid-up capital from HKD 1,520,000 to HKD 1,900,000.
- Director and his spouse have

deemed interests through his
associated companies in THBEV
shares, totaling of
25,000
Siriwana Co., Ltd. (3)
125. Fraser and Neave, Limited

438 Alexandra Road
#20-00, Alexandra Point
Singapore 119958
Deemed Interests
Percentage
of
Shareholding
Number
of Shares
Shiny Treasure Holdings Limited
Golden Capital (Singapore) Limited
124. Petform (Thailand) Co., Ltd.

85 Moo 11, Bang-nga-Tha Klong Road
Percentage (decrease) during

the accounting
of
period (2)
Shareholding
Hakim Holdings Limited (7)
(140,000,000) Director has a deemed interest in

70,000,000 THBEV shares held
by his spouse, and 150,000,000
THBEV shares held by Hakim
Holdings Limited, totaling of
220,000,000
0.87
100.00
15. Mr. Panote Sirivadhanabhakdi
107,000,000
0.43
16. Mr. Thapana Sirivadhanabhakdi
107,000,000
0.43
0.00
Remarks: (1) Mr. Komen Tantiwiwatthanaphan ceased from the position of director on 13 July 2016 due to health condition.

(2) 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 fiscal year 2016. In this regard, no director holds shares in the Companys affiliate companies. The Company does not have any outstanding
debentures.

(3) 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.

(4) Maxtop Management Corp. holds 4,327,042,762 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 26 June 2012). 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.

(5) 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.

(6) 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.

(7) Hakim Holdings Limited holds 150,000,000 shares in Thai Beverage Public Company Limited (according to the report of change of interests of Mr. Vivat Tejapaibul which was submitted

and announced via Singapore Exchange website on 26 January 2016). The director holds the entire shareholding of Hakim Holdings Limited as per details shown in the table above.
78
Annual Report 2016

Annual Report 2016

79
STATISTICS OF SHAREHOLDERS
As at 6 December 2016
INFORMATION ON SHARE CAPITAL

Authorised share capital
Issued and fully paid-up capital
Class of shares
Number of shares issued
Voting rights
Baht 25,155,025,000
Baht 25,110,025,000
Common shares with a par value of Baht 1
25,110,025,000 shares
One vote per one share
TOP TWENTY SHAREHOLDERS
Analysis of Shareholders by Size of Shareholdings

Number of
Shareholders
Number of
Shares
1 99
6.67
0.00
100 1,000
3.33
1,200
0.00
1,001 10,000
0.83
5,000
0.00
10,001 1,000,000
43
35.83
14,803,665
0.06
1,000,001 and above
64
53.34
25,095,215,127
99.94
120
100.00
25,110,025,000
100.00
Size of Shareholdings
Total
Siriwana Co., Ltd.

MM Group Limited(1)
Mr. Charoen Sirivadhanabhakdi(2)
Khunying Wanna Sirivadhanabhakdi(2)
1.
Siriwana Co., Ltd.

The Central Depository (Pte) Limited
Mr. Thapana Sirivadhanabhakdi
Mrs. Thapanee Techajareonvikul
Mr. Panote Sirivadhanabhakdi
Mrs. Wallapa Traisorat
Mr. Natthavat Tejapaibul
Mrs. Atinant Bijananda
Mrs. Chompoonuch Tejapaibul
Mrs. Varang Chaiyawan
Mr. Winyou Chaiyawan
Mr. Vanich Chaiyawan
Mr. Veeravet Chaiyawan
Miss Weena Chaiyawan
Mrs. Nontana Chaiyawan
Mr. Patchara Phojard
Mr. Chai Chaiyawan
Mr. Komen Tantiwiwatthanaphan
Mrs. Vilaiwan Vichitboonyaseth
2.
3.
4.
5.
6.
7.
9.
10.
11.
(as shown in the Companys Register of Substantial Shareholders)

Direct interest
No. of Shares
Name of shareholders
8.
Based on the information available to the Company, approximately 27.79% of 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.
Substantial Shareholders
No.
12.
Deemed interest
No. of Shares
13.
14.
16.
11,368,060,000
45.27
4,327,042,762
17.23
5,176,627,762
20.61
16,544,687,762
65.89
16,544,687,762
65.89
Remarks:
(1) MM Group Limited (MM Group) holds a 100% direct interest in each of Maxtop Management Corp. (Maxtop), Risen Mark Enterprise Ltd. (RM)

and Golden Capital (Singapore) Limited (GC);

- Maxtop holds a 17.23% direct interest in ThaiBev;

- RM holds a 3.32% direct interest in ThaiBev; and

- GC holds a 0.06% direct interest in ThaiBev.

MM Group is therefore deemed to be interested in ThaiBev.
(2) Each of Mr. Charoen Sirivadhanabhakdi and his spouse, Khunying Wanna Sirivadhanabhakdi also jointly hold:

- a 51% direct interest in Siriwana Co., Ltd.; and

- a 100% direct interest in MM Group. MM Group holds a 100% direct interest in each of Maxtop, RM and GC. Maxtop holds a 17.23% direct
interest in ThaiBev; RM holds a 3.32% direct interest in ThaiBev; and GC holds 0.06% direct interest in ThaiBev.

Each of Mr. Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi is therefore deemed to be interest in ThaiBev.
15.
17.
18.
19.
20.
Total
Number of Shares
11,368,060,000
45.27
9,554,248,444
38.05
2,749,660,000
10.95
107,000,000
0.43
107,000,000
0.43
107,000,000
0.43
107,000,000
0.43
92,377,500
0.37
88,000,000
0.35
70,000,000
0.28
65,650,500
0.26
65,641,500
0.26
64,863,500
0.26
61,600,000
0.24
50,000,000
0.20
48,000,000
0.19
37,450,000
0.15
36,729,500
0.15
34,068,668
0.14
32,698,750
0.13
24,847,048,362
98.97
80
Annual Report 2016

Annual Report 2016

Statistics of Shareholders under The Central Depository (Pte) Limited

Size of Shareholdings
1 99
Number of
Shareholders
Particular of significant contracts with the interested persons

for the nine-month period ended 30 September 2016 consist of:
Number of
Shares
10
0.10
55
0.00
786
7.69
669,363
0.01
1,001 10,000
5,914
57.84
32,693,122
0.34
10,001 1,000,000
3,474
33.98
187,510,368
1.96
1,000,001 and above
40
0.39
9,333,345,536
97.69
10,224
100.00
9,554,248,444
100.00
100 - 1,000
Total

Twenty Largest Shareholders under The Central Depository (Pte) Limited

No.
Name of shareholders
1.
Citibank Nominees Singapore Pte Ltd

DBS Nominees (Private) Limited
DBSN Services Pte. Ltd.
CIMB Securities (Singapore) Pte. Ltd.
DB Nominees (Singapore) Pte Ltd
HSBC (Singapore) Nominees Pte Ltd
Raffles Nominees (Pte) Limited
Morgan Stanley Asia (Singapore) Securities Pte Ltd
United Overseas Bank Nominees (Private) Limited
Merrill Lynch (Singapore) Pte Ltd
Lim & Tan Securities Pte Ltd
BNP Paribas Securities Services Singapore Branch
Lee Pineapple Company Pte Ltd
Sunfield Pte Ltd
UOB Kay Hian Private Limited
Summerlight Pte Ltd
DBS Vickers Securities (Singapore) Pte Ltd
Phillip Securites Pte Ltd
OCBC Securities Private Limited
Summerhill Pte Ltd
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
Total
81
Molasses purchase and sale agreements

Thai Molasses Co., Ltd., the Companys subsidiary, entered into molasses purchase and sale agreements with various related companies in order to sell molasses to other subsidiaries within the Group, under the prices and conditions stipulated
in the agreements.
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 Plc., a related company, in order to sell glass bottle to other subsidiaries within the Group, for a period of three
years, effective from 1 January 2016 to 31 December 2019, under the prices and conditions stipulated in the agreement.
Net book value of the Group freehold land and building as at 30 September 2016
were as follows.
Number of Shares
2,481,761,559
25.98
2,393,505,346
25.05
Land
1,855,560,807
19.42
Land improvement
1,203,897,900
12.60
379,822,239
3.98
Building and improvements
11,836
229,055,672
2.40
Total
30,699
201,079,456
2.10
183,655,524
1.92
122,143,651
1.28
78,340,384
0.82
50,909,600
0.53
34,427,908
0.36
27,700,000
0.29
12,000,000
0.13
10,593,700
0.11
8,000,000
0.08
6,843,900
0.07
5,396,621
0.06
5,139,500
0.05
5,000,000
0.05
9,294,833,767
97.28
(million Baht)
18,317
546
The Group leases various premises, primarily for the branch offices and warehouses. All of these leases are operating
leases and not financial leases.
The amounts of the Group freehold lands held for planned future business operation and freehold investment buildings
as at 30 September 2016 amounted to Baht 997.06 million and Baht 9.62 million, respectively, which were 4.44%
of profit before income tax.
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Operational and Financial Review
83
Strategies
Overview
Thai Beverage Public Company Limited (ThaiBev) was established in

2003 to consolidate a number of leading spirits and beer businesses
in Thailand belonging to our founding shareholders and other investors.
In 2006, we registered ThaiBevs listing on the Singapore Exchange
(SGX), and subsequently expanded to the non-alcoholic beverage
and food sectors to diversify our product portfolio, enhance logistics
efficiency, and manage business risks. Today, ThaiBev is not only
Thailands leading beverage producer, but also one of Asias largest
beverage producers. Our business consists of four segments spirits,
beer, non-alcoholic beverage and food.
Efficient growth is key for business expansion and yielding

sustainable returns to stakeholders. We aim to secure
ThaiBevs leadership position as the largest beverage
company in Southeast Asia and generate sustainable
return for shareholders by developing innovative products,
diversifying our portfolio, leveraging our efficient
distribution network in core markets, and expanding our
business in Southeast Asia. Through our collaboration with
Fraser and Neave, Limited (F&N), Singapores leading
beverage producer and distributor, as well as publisher,
we are strengthening our foundation for sustainable growth
in the future.
Diversity
Our vision
Our vision is to be Thailands world-class

total beverage producer and distributor,
embodying commercial excellence,
continuous product development and
premiumization, as well as professionalism.
Our mission is to build strong mutually
beneficial relationships with all our
stakeholders in every aspect, guided
by the following six principles:
Growth
Offer top quality products

to all customer segments;
Respond professionally
to distributors demands;
Grow revenue and profits
in a sustainable manner to
create value for shareholders
and generate favorable
returns on investments;
Be a role model demonstrating
the highest standards of
professionalism, corporate
governance, and transparency;
Build a sense of ownership
among employees by trusting,
empowering, and rewarding
them; and
Contribute to society.
Attaining business sustainability from diversified revenue

streams is core to our plan. This involves increasing income
contribution from our non-alcoholic beverage segment and
overseas sales.
Our expansion into the non-alcoholic beverage market is an
important part of our strategy to become the leading total
beverage producer and distributor in the region. We focus on
offering a more diversified product portfolio and optimizing our
distribution network. ThaiBevs expansion into the
non-alcoholic beverage segment commenced in 2008 with
the acquisition of Oishi Group Public Company Limited (Oishi)
the No. 1 green tea beverage producer in Thailand.
Thereafter, we acquired Sermsuk Public Company Limited
(Sermsuk) the beverage producer with the most extensive
distribution network in Thailand in 2011; and F&N, a leading
Singapore company in the beverage, publishing, and printing
industries, in 2012.
In our pursuit of overseas expansion, we view ASEAN countries

as high-growth markets. Purchasing power in these markets,
which have a total population of over 600 million people,
is increasing amid the growth of their economies, and the rise
in the numbers of investors and tourists to the country.
Beverages from Thailand have high growth potential in these
markets. Consumer behavior in ASEAN countries, especially
Cambodia, Lao PDR, Myanmar, and Vietnam, has been strongly
influenced by the popularity of Thai media broadcasts, singers,
and superstars in these countries, as well as their substantial
native labour force working in Thailand.
Furthermore, ThaiBevs alliance with F&N has opened up many
opportunities for joint investment in ASEAN. We have adapted
successful business models from Thailand, Malaysia, and Singapore
for other countries while fostering further cooperation to
optimize brand and distribution synergies. For instance, Oishi
successfully penetrated the Myanmar market by collaborating
with F&Ns branch offices in the country. Moreover, we leveraged
Fraser and Neave Holding Berhads robust production facilities
in Malaysia for our expansion into other halal markets in
Southeast Asia.
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Brand
In 2014, we re-organized ThaiBevs management structure

and streamlined our core businesses into three product
groups spirits, beer, and non-alcoholic beverage. We also
identified the core products of each business, namely,
Ruangkhao, Hongthong, Blend 285, Chang beer,
est soft drinks, Oishi green tea, and 100PLUS.
In the year 2016, we furthered our success through
continued product innovation and the introduction of
more modern packaging in line with our premiumization
strategy.
Our efforts in the spirits product group were focused on
the development of ThaiBevs flagship Hongthong brand,
which has been the No. 1 brand in the brown spirits
category, and Blend 285 brand through music campaigns
as well as product premiumization. These help us to ensure
that ThaiBev serves consumers in all segments. Moreover,
we revamped the labels of Blend 285 Signature and
Meridian brandy to give them a more glamorous and
international image. Customer feedback following the revamp
has been positive and the sales volume of both brands
have increased. In late 2015, we began launching our
Scotch whiskies such as Old Pulteney and anCnoc,
as well as our Caorunn gin, in luxury hotels and
restaurants in Thailand.
For the beer product group, Chang Classic in the new

emerald green bottle and a champagne gold label has
received greater feedback than expected, representing
a major step on our path towards realizing Vision 2020,
and becoming the top leader in Thailands beer market
and achieve significant growth in Southeast Asia.
In addition, the label of Archa beer has been revamped
to be more beautiful and modern.
To realize our potential and secure our market leadership
in the non-alcoholic beverage segment, we constantly
introduce innovative healthy products that best meet
the taste and preferences of consumers of all ages, from
all walks of life, and in all moments of daily life. New
products launched in 2016 include Oishi Kyoho Grape,
as well as Oishi Sakura Strawberry, which featured
innovative packaging that changes color when chilled.
Meanwhile, Sermsuk launched est PLAY Grape Berry
and Korean Orange Cola to create a sensation in the
carbonated soft drink market. Sermsuk also expanded
the production base of Crystal drinking water, which
has been certified by NSF International, USA, as a quality
product with high standards. In addition, the design of
bottles used for Crystal drinking water was refreshed
to give the product a more modern look and use thinner
plastic.
Reach
Our robust and extensive distribution network is one of

our major strengths and also a key factor that elevated
ThaiBev to attain its leadership position in Thailands
beverage market. We currently have more than 7,000
delivery trucks which reach over 400,000 outlets across
the country, as well as long-standing relationships with
agents, distributors, and restaurants. We have also
established over 1,000 direct sales teams to provide
sales services and manage the visibility of our products
on store shelves. In 2013, we reinforced our domestic
distribution network by establishing Modern Trade
Management Co., Ltd. to distribute ThaiBevs alcoholic
and non-alcoholic beverages to modern trade operators.
In 2014, we founded HORECA Management Co., Ltd.
(HORECA) to close gaps in our distribution channels
to luxury hotels and restaurants and provide us with
the benefits of complete coverage of the segment; and
to introduce our overseas premium products to the
upmarket on-premise segment in Thailand. In 2015,
we established Cash Van Management Co., Ltd. to manage
our direct sales teams, which support around 270,000
retailers across Thailand.
With our route-to-market and distribution strength
through HORECA, we were able to make our Mekhong
brown spirits available in more than 1,000 luxury hotels
and restaurants in 2016. Our premium spirits from
Scotland were also made available in more than 200
outlets nationwide.
85
Besides enhancing ThaiBevs own distribution network,

we also always seek opportunities to collaborate with local
business alliances in ASEAN markets in order to solidify our
position as the leading full-scale beverage company
in the region and become a truly stable and sustainable
business.
Professionalism
One of the key aspects that drives the business towards

Vison 2020 is people. ThaiBev is determined to continue
building the team of each product group to have a variety of
skill sets and collaborate efficiently. This will be most
beneficial to the operation and enhance the potential of
the group in the long run.
In 2016, ThaiBev invested in workforce with knowledge
and competencies that enable them to be more capable
professionals and further develop their potential. For
example, we launched Project Rocket to groom talented
employees that are under 30 years of age and ready to be
devoloped towards future executives. Other projects were
scholarships to be enhance employees knowledge,
experiences, and competencies, and Thailand-Scotland Staff
Exchange Programme to give employees an opportunity to
gain overseas experience and exchange knowledge on spirits
production techniques so that they could further develop the
business for corporate success.
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Domestic Business
Thailands economy improved in the first nine months of

2016, compared with the same period last year. This was
mainly due to an increased level of private consumption,
less intense drought, and the Governments introduction
of a stimulus package containing tax measures to support
tourism and seminars held in Thailand as well as economic
stimulus during the Songkran festival. The package also
included initiatives, such as the Pracharat Project, that
catalyzed community-driven economic activity in villages.
The recovery was also supported by the continued growth
of the tourism sector, fuelled by an increase in the number
of tourists, especially visitors from China and Europe.
Other related businesses grew on the back of the expansion
of the tourism sector as well.
However, these factors did not significantly affect our overall

alcoholic beverage business as ThaiBev has a diversified
product portfolio comprising white spirits, brown spirits,
and beer. While some consumers switched from one category
to another, they still purchased our products.
Our non-alcoholic beverage business, on the other hand,
was somewhat affected by the decrease of on-premise
consumption and the deployment of various marketing
strategies by various players to win market share.
Spirits Business
Spirits business in 2016 was affected by the economic

situation, as shown by some consumers shifting to lower-priced
products. Recognizing the change in consumer behavior,
However, these positive effects were partially offset as
we geared up efforts to promote our economy brown spirits
Thailands key trade partners experienced economic
such as Hongthong and BLEND 285 through music
slowdowns, hampering Thailands exports to these countries. marketing initiatives by holding Munlahong concerts and
Electronic exports decreased in line with the lower global
BLEND FEST events in Bangkok and several other provinces.
demand for such products. Petroleum product, petrochemical,
and chemical exports also contracted likewise, in line with
With ThaiBevs emphasis in having products in all price ranges,
the decline of crude oil prices in global markets. Agricultural we also launched our premium spirits in luxury hotels and
product exports also declined due to change of the trade
restaurants. Our Old Pulteney and anCnoc single malt
partners policy.
spirits, Caorunn gin, as well as Mekhong Thai spirits and
Phraya rum premium Thai spirits, were made available in
Farmers incomes increased slightly as agricultural product
such establishments over the course of the year. For our
prices rose in tandem with global market prices. Nonetheless, world-renowned Mekhong Thai spirits, we focused our
the level of household debts remained high. Given the
marketing effort to promote its Thai uniqueness such as
limited extent of the economic recovery in 2016, it would
Mekhong Elite Table 2016 event.
take a while for the financial situation of households in
Thailand to improve.
For the period from January to September 2016, sales revenue
generated by the spirits business was Baht 76,649 million,
Overall, private consumption rose, but not across the board, an increase of Baht 112 million over the same period last year.
and the increase was marginal. While expenditure by
Total sales volume of spirits increased by 2.3% to 416.8 million
consumers with middle-to-high income started to increase, liters. Spirits businesss net profit was Baht 14,548 million,
that of consumers with low income, especially farmers and
which was close to that of last year. Comparing year on year,
laborers, remained unchanged; and economic recovery was
purchasing power still did not improve and some consumers
mostly recorded in the Central and Eastern regions. These
switched to white spirits which had lower price point and
factors, the reduced working hours of labors in the industry generated less profits per bottle, comparing to brown spirits.
sector and the high level of household debt made consumers As a result, spirits business reported no growth in net profit,
more careful with spending and with on-premise consumption. despite higher sales volume.
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EURO 2016 themed packages and New Year celebration

festive packs are made available around these events to
differentiate Chang from competitors and add value to
the brand. These have modernized the image of Chang
and strengthened its brand equity in consumers minds.
The beer product group has also enhanced the processes
with trade partners, particularly through improving
the inventory turnover, thereby enabling stock supply
to be replenished more quickly to preserve the freshness
of beer available in the market. The sales team also
successfully secured restaurants with nationwide chains to
sell Chang beer. These include Oishi Buffet Restaurants,
MK Suki Restaurants, and Tohkai Japanese Restaurants.
Agreements with popular entertainment venues were also
inked, securing new distribution channels on the back of
the brand relaunch. In addition, promotional activities
jointly organized with agents and distributors were carried
out to increase trial and sales across various channels.
89
activities. Oishi greeted summer with Oishi Golden Neko,

the biggest promotion of the year, coming with the
voice-to-code innovation, then followed by Having Oishi,
Having O Life TVC to reinforce the brand concept
and create Oishi to be Brand Love and Brand For Me,
together with attracting the new generation by employing
digital media and developing a mobile application
Oishi O-tification which enables users to customize
their alarm clock tones and calendar appointment alerts
to play video clips of young superstars. The said activities
have clearly reflected Oishis position as a leader in the
ready-to-drink tea market.
In the carbonated soft drink segment, the Groups flagship
product for Thailand and ASEAN countries est moved
ahead with ongoing marketing activities and boosted
top-of-mind recall among a new generation of consumers.
To become a brand beloved by consumers, Sermsuk

launched multiple campaigns for est by riding on the
Beer business for the year ended 30 September 2016
Happening tide, utilizing varieties of hottest celebrities
showed a satisfactory performance. Sales revenue was
to create continual marketing activities since
Baht 44,397 million, rose by 62.3% compared to last year. the beginning of the year. This helped strengthen est
The success in new Chang beer as well as continuous and
brand perception as a brand for me, up to date, and cool
effective marketing efforts resulted in a 54.5% increase
brand especially among new generations. Started of with
in beer sales volume. Moreover, a decrease in raw material
the biggest sports event of the year, the International
cost and a decrease in fixed cost per unit resulted in a jump Football competition in France, est launched Cheer your
of beers net profit by 280.8% to Baht 2,780 million.
heart out with est on the best seat, using Nadech Kugimiya
Non-Alcoholic Beverage Business
Beer Business
Chang Classic was re-launched in an embossed emerald

green bottle with a champagne gold label in August 2015
to celebrate the brands 20th anniversary. The revamp
revolutionized Chang beer image, providing it with
a classy, stylish, as well as modern brand identity.
It represented a significant step in our journey towards
being the top-of-mind beer brand and achieving our
Vision 2020 goal to be the beer market leader in
Thailand and attain significant growth in Southeast Asia.
In support of the launch, several communication
mediums were deployed, including TVC and online.
In the latter part of 2016, Chang brand developed
marketing activities to communicate its brands core
message of Chang fulfils friendship to the key target
young generation, through the For friends, it can never
be less concept. Facebook Chang World is one of the
primary online channels for communication. Chang World
now has more followers, and its posts generally receive
more engagements, comments and shares, compared to
the competitors Facebook pages, indicating that Chang
is a beloved and future-ready brand that is poised to
remain a favorite.
Music, sports, and lifestyle marketing campaigns are

constantly rolled out to further engage and stay connected
with consumers. An example of our successful music
marketing initiatives is the Chang Music Connection
series which has presented 19 electrifying musical events
nationwide. This activity has been held for 2 consecutive
years, emphasizing our leadership in music marketing.
Other important marketing initiatives include Chang
brand sponsorship of football clubs in Thailand and
overseas (i.e. Everton Football Club in the UK and FC
Barcelona Football Club in Spain). The organization of
Chang Football Sevens competition, Chang Live Park
and Chang Carnival events also play a significant role
in the brands marketing calendar.
Overall, these have enabled Chang Classic to gain larger
loyal consumers and drinker base following the rejuvenation
of the brand. Studies conducted by the beer product group
on consumers attitudes before and after the relaunch
found that consumer preference rose as a result of
the relaunch, and brand equity also increased.
Another way through which product image is enhanced
is packaging innovation. For instance, limited edition UEFA
ThaiBev fully expanded into the non-alcoholic beverage

segment by acquiring Thailands No. 1 green tea company
Oishi in 2008, acquiring Thailands widest reaching
distributor Sermsuk in 2011, as well as Singapores
long-established leading beverage producer and distributor
and printing company F&N in 2012. ThaiBevs core
non-alcoholic products now include Oishi ready-to-drink
green tea, est carbonated soft drinks, and Crystal
drinking water.
In the green tea segment, Oishi executed three key
strategies in 2016 maintaining its leadership in the
domestic market and expanding to overseas markets;
placing greater emphasis on strengthening its corporate
image and brand in a continuous and sustainable manner;
and cultivating loyal customers and winning new customers
through innovative products and striking campaigns.
Several innovations were introduced this year. Product wise,
Oishi launched the first ready-to-drink green tea with nata
de coco, Oishi Kyoho Grape, which has been well received
by the market. Packaging wise, Oishi Sakura Strawberry,
was made available in bottles with labels displaying sakura
that change colour when chilled, creating a sensation in
the ready-to-drink green tea market.
Over the course of the year, Oishi implemented marketing
initiatives to accentuate its leadership in the ready-to-drink
tea segment through continuous 360 degree promotional
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as a brand ambassador. Followed by est cheers Thailand

campaign during the Volleyball World Grand Prix 2016,
presented by Thailand womens national volleyball team.
More recently, an internationally popular Korean boy band
GOT7 starred in the est fizzes with GOT7 TVC to drive
brand connection with teens. Meanwhile, innovative new
est PLAY flavors were also rolled out during the year.
Grapeberry combines grape and raspberry flavors together
in a purple package, and Korean Orange Cola blends fizzy
cola with a refreshing hint of orange in a Korean-style
limited-edition packaging featuring GOT7 designs.
On the back end, logistical efficiency was enhanced following
a working teams collection of data that was integrated into
a pre-sale system to strengthen our selling and delivery
capabilities. To gain market share for est and reach more
consumers, Sermsuk also worked with ThaiBev to realize
route-to-market synergies this year.
For the drinking water market in Thailand, Crystal is one
of the key brands to drive growth for the Non-Alcoholic
Beverages portfolio and has been an admired brand among
Thai consumers for over 20 years, driven by the certification
from the National Science Foundation (NSF) in the United States
and the Quality Awards received from the Food and Drug
Administration (FDA) for three consecutive years
(20122014), which drive Crystal to be a high-quality
drinking water superior to others. Gaining trust in its quality
from consumers nationwide, Crystal is moving forward to be
the number one choice of drinking water for Thai consumers
in 2016. The campaign Crystal Everywhere was launched
to emphasize its position as an intimately-connected brand
with the trendy lifestyle of todays diverse consumers.
A new sensation was also added to the drinking water market
by choosing a rising star, Nai Napat Siangsomboon, to be
Crystals brand ambassador to encourage consumers in
choosing only the best thing for themselves Crystal,
the high-quality drinking water certified by the NSF.
In addition, Sermsuk Public Company Limited synergizes with
ThaiBev Group to cater for the brand growth by increasing
the production capacity for Crystal by establishing a new
production line in Kankwan Plant, Nam Pong district, Khon Kaen
province. Located in the central part of the northeastern
region of Thailand, it is well positioned to offer refreshing
sensation to consumers, especially in the upper northeast
provinces. Moreover, it introduced a new packaging design
for Crystal (PET bottles) featuring the pattern of an
outstanding illuminated Crystal stone to accentuate its
dimensions and reflect a more modern brand image.
In addition, ThaiBev developed and launched Rock Mountain
soda water in September 2016, offering consumers a premium
alternative in the product category. Produced at lower
temperatures using Cold Infusion technology to preserve
the fizziness of the beverage, Rock Mountain has been well
received by its consumers due to its packaging design
and lasting fizziness, as well as the way it serves as a
complementary mix to other beverages.
Non-alcoholic beverages sales revenue for the year ended

30 September 2016 increased by 6.8% compared to last
year to Baht 13,290 million. The growth in the business
was from an increase in sales volume of drinking water,
carbonated soft drinks, ready-to-drink green tea and
herbal tea, Jubjai. Furthermore, favorable packaging costs
and a decrease in finance costs resulted in an improvement
in net loss of 28.5% compared to the net loss, excluding
gain on sales of Sermsuk land and building, of last year.
Food Business
In addition to our leadership position in the beverage

industry, ThaiBev also operates in Japanese restaurant and
ready-to-cook and ready-to-eat food business through
Oishi Group Public Company Limited. We have started
branching out from our well-established Japanese
restaurants and food products by leveraging on our
subsidiary Food of Asia Co., Ltd. (Food of Asia), which
we established in 2015, to accelerate the expansion of
our food business.
Oishi remains on track to entrenching its position as
the Expert of Japanese Food through to 2020 with the
strengthening of both the product and service aspects of
its brand via various initiatives in 2016. Riding the trend
of consumers increasingly becoming more health-conscious
and discerning, Oishi fine-tuned its menus and used more
premium ingredients to better appeal to changing taste and
preferences. It also introduced a selection of conveyor belt
sushi to its chain of Shabushi restaurants in early 2016,
widening their product offerings beyond the shabu-shabu
and hot pot sukiyaki items they are renowned for. This will
next be introduced to other Oishi Group restaurants.
There are 239 Oishi restaurants nationwide and 3 abroad
as at September 2016.
Meanwhile, Food of Asia sees the rising trend in food
industry and emerging new customer behavior hybrid
consumers. Thus, Food of Asia strives to be food and
beverage business operator that provides a wide range
of food in any lifestyle and occasion. This was done with
the opening of Food Street food center the food center
which provides varieties of popular street food, SO asean
Caf & Restaurant destination of ASEAN cuisine,
SO asean Coffee the place for idea connection, and
Man Fu Yuan Kitchen the classic Cantonese cuisine
featuring handcrafted dim sum. In 2016, Food of Asia also
entered into a joint venture with Mei Xin (International)
Limited, a leading food and beverage business operator
from Hong Kong to establish Max Asia Co., Ltd., and
opened its first MX cakes & bakery shop at the Market
Hall in Siam Paragon, Bangkok, Thailand. MX cakes & bakery
is well accepted among consumers, which the team now is
working aggressively to expand the business in other high
potential sites.
Sales revenue generated by the food business of ThaiBev
Group for the year ended 30 September 2016 was
Baht 4,993 million, increased by Baht 67 million. This was
mainly due to sales from Food of Asia was included.
In addition, food business net profit was Baht 54 million, a
cost efficiency and controlling in advertising and promotion
expenses helped the business to hike net profit up 134.8%
compared to last year.
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93
International Business
Our wholly-owned subsidiary, International Beverage

Holdings Limited (InterBev), is responsible for building
our international business. Headquartered in Hong Kong
with regional offices in Singapore, Cambodia, Malaysia,
UK, USA, China, Timor-Leste and Vietnam. InterBev
offers a wide range of products for distribution to over
90 countries. These products include Inver House
Distillers Scotch whiskies, ThaiBevs Chang beer and
Thai spirits, Yunnan Yulinquan Liquor Co. Ltd.s Chinese
wines and spirits, as well as the Groups non-alcoholic
beverages.
Our international production facilities comprise five
distilleries in Scotland and one in China. InterBevs vision
is to be a total beverage company with highly regarded
international brands that cater to consumers all around
the world, and to contribute a significant portion of
revenue to ThaiBevs total revenue, in accordance with
Vision 2020.
International Business Performance
Sales revenue of international business for the year ended

30 September 2016 declined by 10.5% compared to last
year. This was impacted by a decrease in sales revenue
of beer and spirits. The negative growth in beer was
mainly due to the slowdown in ASEAN sales despite
positive sales growth in Singapore and Cambodia. While
the decrease in spirits revenue was mainly from the weak
sterling, decrease in sales from non-core market (like
Africa) and OEM brands.
Spirits Business
Beer Business
Non-Alcoholic Beverage Business
Our spirits business made progress in the following

ASEAN markets:
Our key strategy for penetrating the ASEAN market is

rolling out promotional campaigns that create brand
awareness and desire among consumers. Our successful
campaigns demonstrated that although consumer
experiences may differ across countries, the central
message We Brew Friendship resonates with consumers
across the region.
Malaysia is one of the key countries in Oishis international

business expansion plan. Initiatives in the country were
centered around building brand awareness as well as
emphasizing the quality and authenticity of Oishis Japanese
green tea products through advertising via various platforms,
including television, radio, print media, out-of-home media,
and digital media. Four flavors of Oishi green tea Original,
Honey Lemon, Genmai, and Lychee are now available
in the country and Oishi black tea is emerging as a serious
contender in its black tea market. In the one year since Oishi
entered Malaysia, it has gained more market share than
any other players and become No. 1 in the green tea market
and No. 4 in the ready-to-drink tea market.
Scotch whisky products accounted for majority of revenue

generated by our international business. To date, most of
our international spirits sales were generated in Europe.
Moving forward, however, we plan to further penetrate
the ASEAN markets as it has high potential for growth
and is in line with our targets under Vision 2020.
Myanmar We started selling Inver House Distillers

spirits such as Hankey Bannister Scotch and Meridian
brandy in the country, enlarging our portfolio in the
market beyond Blend 285 Signature and Crown 99.
Philippines We penetrated the premium spirits market
with Inver House Distillers spirits, spearheaded by
Old Pulteney, Balblair, and anCnoc single-malt
Scotch whiskies and Caorunn gin.
Malaysia On top of selling our single-malt Scotch
whiskies in the country, we also started bringing our
premium Thai spirits Mekhong into the market.
Vietnam We established InterBev Vietnam in October
2016 to distribute alcoholic beverages in the country.
We continue to focus on growing Chang beer sales in

foreign markets throughout the years, and Chang beer is
now available in over 40 countries, including USA and UK,
as well as several countries in Europe, Southeast Asia,
nonetheless, remains the main contributor to our
international beer sales.
We launched the revamped Chang Classic in the ASEAN

market in early 2016 with the campaign Refreshingly
Different, which was centered on the brands new look and
described the change from amber bottles to the modern
emerald green ones.
When entering markets, we focused our communication
initiatives on online media as content on these channels
attract a lot of attention and is targeted. The effectiveness
of campaigns on such channels is also more measurable.
Online campaigns were accompanied by traditional
campaigns via bus stop or train station advertisements
in some markets.
Leveraging F&Ns distribution network in Singapore since
late 2015, we now have more than 1,000 distribution
platforms for Chang beer across Singapore. This has
resulted in satisfactory sales volume growth. We also
registered higher sales growth in Cambodia after we
switched to a distributor with more expertise in the beer
sector last year and focused more intently on the countrys
four main cities. We also started selling Chang beer in
Vietnam this year.
We placed greater focus on our non-alcoholic beverage

business in foreign markets, especially Southeast Asia,
in 2016. On the back of our success as the market leader
in Cambodia and Laos, Oishi has penetrated further into
Myanmar market and cooperated with F&N to distribute
our products in Malaysia and Singapore.
Food Business
In order to tap into business opportunities in Myanmar

presented by the ASEAN Economic Community, Oishi has
opened three Shabushi Japanese restaurant branches in
the country. Two are in Yangon, and the third is in Mandalay.
Annual Report 2016

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Annual Report 2016

Management Discussion and Analysis
95
Management Discussion
and Analysis
Performance for year ended 30 September 2016
ThaiBev
F&N/FCL Total (Mil.Baht)
Increase (decrease)
17,984
17,984
Gross profit
5,443
5,443
EBITDA from continuing operations
2,393
127
2,520
Net profit from continuing operations
2,148
240
2,388
(3,820)
(3,820)
EBITDA
2,393
(3,693)
(1,300)
Net profit
2,148
(3,580)
(1,432)
Sales
14.8
14.8
Gross profit
15.1
15.1
11.3
4.0
10.4
Performance for the year ended 30 September 2016
15.2
9.6
14.3
For comparison purpose, please see note 40 of financial statements for the year ended 30 September 2016,
which disclosed the statement of income for nine month period of 2015 ( Jan Sep 2015).
(100.0)
(100.0)
EBITDA
11.3
(53.1)
(4.6)
Net profit
15.2
(56.7)
(7.0)
By approval from 2016 annual general meeting, the

Company and its subsidiaries have changed the fiscal year
from beginning on 1 January and ending on 31 December
of every year to beginning on 1 October and ending on 30
September of every year since 1 January 2016 onwards.
The first new fiscal year for 2016 will be 9 months
from 1 January 2016 to 30 September 2016. Then,
the following fiscal year will be 12 months from
1 October to 30 September.
Effective from 27 March 2015, all alcoholic beverages and

tobacco have been charged an additional 2% of excise tax
by law to contribute to National Sports Development Fund.
Currently, the Company pays excise tax plus municipal tax,
Health Promotion Fund contribution, Thai Public
Broadcasting Service levy and the latest one, National
Sports Development Fund, for 10.0%, 2.0%, 1.5% and
2.0% of excise tax, respectively. Thus, the Company pays
excise tax plus 15.5% of excise tax for the total above
mentions. The Companys current selling prices of its
alcoholic beverage products have already covered this
additional charge.
ThaiBev
F&N/FCL Total (Mil.Baht)
139,153
139,153
Gross profit
41,562
41,562
23,516
3,269
26,785
16,302
2,734
19,036
9 months of 2015
Sales
121,169
121,169
Gross profit
36,119
36,119
21,123
3,142
24,265
14,154
2,494
16,648
3,820
3,820
EBITDA
21,123
6,962
28,085
Net profit
14,154
6,314
20,468
Gain on disposal of discontinued operations
% increase (decrease)
9 months of 2016
Sales
Sales
For the year ended 30 September 2016, total sales

revenue of the Company was Baht 139,153 million, an
increase of 14.8% or Baht 17,984 million, from Baht
121,169 million of the corresponding period of last year.
This was due to an increase in sales of spirits business of
0.1%, beer business of 62.3%, non-alcoholic beverages
business of 6.8% and food business of 1.4%.
Gross profit was Baht 41,562 million, an increase of
15.1% or Baht 5,443 million, from Baht 36,119 million of
the corresponding period of last year. This was due to an
increase in gross profit of beer business of 78.1%, nonalcoholic beverages business of 34.8%, food business of
7.3% and spirits business of 0.02%.
Earnings before interest, tax, depreciation and
amortization (EBITDA) from continuing operations was
Baht 26,785 million, an increase of 10.4 % or Baht 2,520
million, from Baht 24,265 million of the corresponding

period of last year. This was due to an increase in EBITDA
of beer business of 155.0%, non-alcoholic beverages
business of 3.2% ,food business of 13.7% and EBITDA
of F&N/FCL of 4.0% although there was a decrease in
EBITDA of spirits business of 0.01% . EBITDA excluding
F&N/FCL was Baht 23,516 million, an increase of 11.3%
or Baht 2,393 million.
Net profit from continuing operations was Baht 19,036
million, an increase of 14.3% or Baht 2,388 million, from
Baht 16,648 million of the corresponding period of last
year. This was due to an increase in net profit of beer
business of 280.8%, food business of 134.8% ,F&N/FCL
of 9.6% and a decrease in net loss of non-alcoholic
business of 6.3%. although there was a decrease in net
profit of spirits business of 0.05%. Net profit excluding
F&N/FCL was Baht 16,302 million, an increase of 15.2%
or Baht 2,148 million.
Annual Report 2016

96
Annual Report 2016

97
In the third quarter ended 30 September of last year, the Company recognized the profit sharing from a gain on disposal
of Myanmar Brewery Limited (MBL) in the proportion of share holding for Baht 3,820 million (net of corporate income
tax). EBITDA and net profit for the period ended 30 September of last year after recognizing the gain on disposal of
discontinued operations were Baht 28,085 million and Baht 20,468 million, respectively.
Unit: Million Baht

Non% to alcoholic
Sales beverages
9 months of 2016
Spirits
% to
Sales
Revenue from Sales
76,649
100.0
44,397
100.0
13,290
100.0
4,993
100.0
(176)
100.0
139,153
100.0
Cost of sales
51,254
66.9
34,972
78.8
8,590
64.6
2,895
58.0
(120)
68.2
97,591
70.1
Cost of sales
51,145
66.8
22,059
Gross profit
25,395
33.1
9,425
21.2
4,700
35.4
2,098
42.0
(56)
31.8
41,562
29.9
Gross profit
25,392
33.2
5,291
Selling expenses
3,460
4.5
4,520
10.2
4,885
36.8
585
11.7
(61)
34.7
13,389
9.6
Selling expenses
3,305
4.3
Administrative expenses
3,854
5.0
1,845
4.2
1,626
12.2
1,476
29.6
(11)
6.3
8,790
6.3
3,854
5.1
18,081
23.6
3,060
6.9
(1,811)
(13.6)
37
0.7
16
(9.1)
19,383
13.9
18,216
23.8
240
0.3
190
0.4
391
2.9
35
0.7
(16)
9.1
840
0.6
126
0.2
18,321
23.9
3,250
7.3
(1,420)
(10.7)
72
1.4
20,223
14.5
18,342
24.0
134
0.2
29
0.1
109
0.8
0.1
278
0.2
Finance costs
166
0.2
Income Tax
3,622
14,554
Operating profit (loss)

Other income/Interest income
EBIT (loss)
Finance costs
Income Tax
Net Profit (loss) exclude F&N/FCL
Beer
% to
Sales
Food
% to
Sales Eliminate
% to
Sales
Unit: Million Baht
Total
% to
Sales
9 months of 2015
3,639
4.7
441
1.0
(449)
(3.4)
12
0.2
3,643
2.6
14,548
19.0
2,780
6.3
(1,080)
(8.1)
54
1.1
16,302
11.7
3,269
2.3
F&N/FCL results:
Net foreign exchange gain (loss)
Finance costs
(535)
(0.4)
F&N/FCL Net Profit
2,734
2.0
Net Profit from continuing
F&N/FCL EBITDA
Beer
Revenue from Sales
76,537
100.0
27,350
100.0

EBIT (loss)
% to
Sales
Food
% to
Sales Eliminate
% to
Sales
Total
% to
Sales
12,445
100.0
4,926
100.0
(90)
100.0
121,169
100.0
80.7
8,959
72.0
2,970
19.3
3,487
28.0
1,956
60.3
(83)
92.2
85,050
70.2
39.7
(7)
7.8
36,119
29.8
3,066
11.2
4,329
34.8
1,389
5.1
1,445
11.6
575
11.7
(22)
24.4
11,253
9.3
1,365
27.7
(39)
43.3
8,031
6.6
836
3.1
(2,287)
(18.4)
16
118
0.4
804
6.5
21
0.3
54
(60.0)
16,835
13.9
0.4
(54)
60.0
1,015
0.8
954
3.5
(1,483)
(11.9)
37
0.8
55
0.2
152
1.2
0.1
17,850
14.7
380
0.3
4.7
169
0.6
(482)
(3.9)
0.1
3,310
2.7
19.0
730
2.7
(1,153)
(9.3)
23
0.5
14,154
11.7
3,143
2.6
Oparating results
(1)
(0.0)
Finance costs
(648)
(0.5)
F&N/FCL Net Profit
2,494
2.1
operations
EBITDA (loss) exclude F&N/FCL
Spirits
F&N/FCL results:
Oparating results
Depreciation & Amortization
Non% to alcoholic
Sales beverages
% to
Sales
19,036
13.7
1,226
1.6
577
1.3
1,090
8.2
400
8.0
3,293
2.4
19,547
25.5
3,827
8.6
(330)
(2.5)
472
9.5
23,516
16.9
3,269
2.3
26,785
19.2
operations
F&N/FCL EBITDA
16,648
13.7
1,206
1.6
547
2.0
1,142
9.2
378
7.7
3,273
2.7
19,548
25.5
1,501
5.5
(341)
(2.7)
415
8.4
21,123
17.4
3,142
2.6
24,265
20.0
Gain on disposal of discontinued

operations
3,820
3.2
Net profit
20,468
16.9
EBITDA
28,085
23.2
Annual Report 2016

98
Annual Report 2016

Unit: Million Baht

Non% to alcoholic
Sales beverages
Increase (Decrese)
Spirits
% to
Sales
Beer
Revenue from Sales
112
0.1
17,047
62.3
Cost of sales
109
0.2
12,913
0.0
Gross profit
% to
Sales
Food
% to
Sales Eliminate
% to
Sales
Total
% to
Sales
844
6.8
67
1.4
(86)
(95.6)
17,984
14.8
58.5
(369)
(4.1)
(75)
(2.5)
(37)
44.6
12,541
14.7
4,134
78.1
1,213
34.8
142
7.3
(49)
(700.0)
5,443
15.1
Selling expenses
155
4.7
1,454
47.4
556
12.8
10
1.7
(39)
(177.3)
2,136
19.0
(17)
(0.4)
456
32.8
181
12.5
111
8.1
28
71.8
759
9.5
(135)
(0.7)
2,224
266.0
476
20.8
21
131.3
(38)
(70.4)
2,548
15.1
114
90.5
72
61.0
(413)
(51.4)
14
66.7
38
70.4
(175)
(17.2)
EBIT (loss)
(21)
(0.1)
2,296
240.7
63
4.2
35
94.6
2,373
13.3
Finance costs
(32)
(19.3)
(26)
(47.3)
(43)
(28.3)
(1)
(14.3)
(102)
(26.8)
Income Tax
17
0.5
272
160.9
33
6.8
71.4
327
9.9
(6)
(0.0)
2,050
280.8
73
6.3
31
134.8
2,148
15.2
126
4.0
100.0
Finance costs
113
17.4
F&N/FCL Net Profit
240
9.6
2,388
14.3
F&N/FCL results:
Oparating results

operations
20
1.7
30
5.5
(52)
(4.6)
22
5.8
20
0.6
(1)
(0.0)
2,326
155.0
11
3.2
57
13.7
2,393
11.3
F&N/FCL EBITDA
127
4.0
2,520
10.4
(3,820)
(100.0)
Net profit
(1,432)
(7.0)
EBITDA
(1,300)
(4.6)

Gain on disposal of discontinued
operations
99
Spirits Business
Non-Alcoholic Beverages Business
For the year ended 30 September 2016, sales revenue

was Baht 76,649 million, an increase of Baht 112 million,
or 0.1%. Total sales volume of spirits was 416.8 million
litres, an increase of 2.3%.

was Baht 13,290 million, an increase of Baht 844 million
or 6.8%. This was mainly due to an increase in sales
volume and change of product mix. There was an increase
in sales volume of drinking water of 89.3 million litres, or
13.0%, carbonated soft drink of 18.1 million litres, or
10.0%, ready to drink tea of 14.5 million litres, or 7.6 %
and Jubjai of 6.4 million litres or 17.8% although there was
a decrease in sales volume of herbal drink of 3.9 million
litres, or 93.6 % and 100plus of 9.9 million litres, or
57.6% from the launch pipelining in the prior periods.
Gross profit was Baht 25,395 million, an increase of Baht

3 million or 0.02%. This was mainly due to a higher
proportion of lower margin products in the product mix.
amortization (EBITDA) was Baht 19,547 million,
a decrease of Baht 1 million or 0.01%. This was mainly due
to an increase in gross profit are the same as an increase
in SG&A expenses from staff costs.
Net profit was Baht 14,548 million, a decrease of Baht
6 million or 0.05%. This was mainly due to a decrease
in EBITDA and an increase in depreciation.
Beer Business
was Baht 44,397 million, an increase of Baht 17,047
million, or 62.3%. This was mainly due to an increase in
sales volume. Total sales volume of beer was 669.0 million
litres, an increase of 54.5%.
4,134 million, or 78.1%. This was mainly due to an
increase in sales and a decrease in raw material costs.
amortization (EBITDA) was Baht 3,827 million, an increase
of Baht 2,326 million, or 155.0%. This was mainly due to
an increase in gross profit although there was an increase
in staff costs and advertising and promotion expenses.
Net profit was Baht 2,780 million, an increase of Baht
2,050 million, or 280.8%. This was mainly due to an
increase in EBITDA and a decrease in finance costs
although there was an increase in income tax.

1,213 million or 34.8%. This was mainly due to an
increase in sales revenue, product mix and favourable
packaging costs.
amortization (EBITDA) loss was Baht 330 million, an
improvement of Baht 457 million or 58.1% from EBITDA
loss of Baht 787 million excluding gain on sales of Sermsuk
land and building of last year, or an improvement of 11
million or 3.2% from EBITDA loss of Baht 341 million
including gain on sales of Sermsuk land and building of last
year. This was mainly due to an increase in gross profit
although there was an increase in advertising and
promotion expenses.
Net loss was Baht 1,080 million, an improvement of Baht
430 million or 28.5% from net loss of Baht 1,510 million
excluding gain on sales of Sermsuk land and building of
last year, or an improvement of Baht 73 million or 6.3%
from net loss of Baht 1,153 million including gain on sales
of Sermsuk land and building of last year. This was mainly
due to a decrease in EBITDA loss and a decrease in finance
costs.
100
Annual Report 2016

Annual Report 2016

Food Business
Financial Position
The company has branched out from the Japanese

restaurant business with the establishment of Food of Asia
Co.,Ltd. in the first quarter of 2015 to open restaurant
serving other cuisines.
Assets
Total assets as at 30 September 2016 was Baht 187,653
million, an increase of Baht 5,636 million or 3.1%
compared with total assets at the end of 2015. An
increase in current assets of Baht 1,976 million was mainly
due to an increase in cash and cash equivalents and
inventory although there was a decrease in trade accounts
receivable. An increase in non-current assets of Baht
3,660 million was mainly due to an increase in
property,plant and equipment and an increase in
investments in associates from realized profit.

was Baht 4,993 million, an increase of Baht 67 million or
1.4%. This was mainly due to sales from Food of Asia
Co.,Ltd. was included.
142 million or 7.3%. This was mainly due to a cost
efficiency.
amortization (EBITDA) was Baht 472 million, an increase
of Baht 57 million or 13.7%. This was mainly due to an
increase in gross profit and a decrease in advertising and
promotion expenses although there was an increase in
rental expenses.
Net profit was Baht 54 million, an increase of Baht 31
million, or 134.8 %. This was mainly due to an increase in
EBITDA.
Liabilities
Total liabilities as at 30 September 2016 was Baht 63,941
compared with total liabilities at the end of 2015. This was
mainly due to a net increase in bank overdrafts and loans
from financial institutions.
The periods to maturity of interest-bearing debts were as
follows.
Shareholders Equity
Total equity as at 30 September 2016 was Baht 123,712
compared with the equity at the end of 2015.
This was mainly due to an increase in net retained earnings
from the profit for the period and dividend payment.
Liquidity
Cash and cash equivalents, as at 30 September 2016, was
Baht 5,059 million. The net increase from the beginning of
the period was Baht 1,569 million. Details of activities
were as follows.
Unit: Million Baht
Net cash from operating activities
18,488
Net cash used in investing activities
(446)
Net cash used in financing activities
(15,603)
Increase in cash and cash equivalents
2,439
Adjustment from financial statement

translation
Net increase in cash and cash equivalents
(870)
1,569
Cash and cash equivalents at beginning

of period
Unit: Million Baht
Within one year (Sep 2017)
18,996
After one year but within two years

(Sep 2018)
After two years
Total
25,089
2,000
46,085
Cash and cash equivalents at end of period
3,490
5,059
For comparison purpose, please see note 40 of financial

statements for the year ended 30 September 2016, which
disclosed the statements of cash flows for nine month
period of 2015 ( Jan-Sep 2015).
Net cash inflow from operating activities of Baht 18,488
million for the year 2016 was higher about Baht 7,491
million from the corresponding period of last year. This
was due to an increase in non-cash items of baht 4,659
million and a decrease in cash outflow from working
capital of Baht 4,264 million although there was a
decrease in cash inflow from net profit of Baht 1,432
million.
Net cash outflow from investing activities of Baht 446
million for the year 2016 was changed from net cash
inflow from investing activities in the corresponding period
of last year about Baht 1,405 million. This was mainly due
to a decrease in cash inflow from sale of asssets classified
as held for sale and a decrease in cash outflow from
purchase of investment properties.
Net cash outflow from financing activities of Baht 15,603
million for the year 2016 was higher about Baht 3,228
million from the corresponding period of last year. This
was mainly due to a net increase in cash repayment of
loans from financial institutions.
101
Annual Report 2016

102
Annual Report 2016

103
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 profits after deduction of all specified reserve, subject to investments plan and as the Board of Directors deems
appropriate.
For the nine-month period ended 30 September 2016, the Board of Directors has recommended total dividend of Baht
15,066.02 million.
Financial Ratios
30 September
2016
31 December
2558
Current Ratio (times)
1.53
1.45
Liability to Equity Ratio (Gearing Ratio) (times)
0.52
0.53
Interest Bearing Debt to Equity Ratio (times)
0.37
0.37
Net Interest Bearing Debt to Equity Ratio (times)
0.33
0.34
Net Interest Bearing Debt to EBITDA annualized (times)
1.16
1.11
Net asset value per share (Baht)
4.78
4.62
30 September
2016
30 September
2015
0.75
0.81
January September 2016
January December 2015
Spirits Business: finished goods
56
48
Beer Business : finished goods
10
24
26
Earnings per share for the nine month period (Baht)
Accounts Receivable Turnover (days)

Inventory Turnover (days)
Non-alcohol Business : finished goods

Food Business : finished goods
Jan-Sep
Year 2016
Jan-Dec
Year 2015
15,066.02
15,317.12
25,110
25,110
Interim dividend per share (Baht)
0.20
0.15
Final dividend per share (Baht)
0.40
0.46
Total dividend per share (Baht)
0.60
0.61
Dividend payout ratio (%)
80.00
58.10
Dividend payout ratio

(exclude share of profit from disposal of discontinued operations) (%)
80.00
67.78
0.75
1.05
25,110
25,110
Dividend for the year (Million Baht)

Number of shares issued (Million shares)
Earnings Per Share

Earnings per weighted average ordinary shares (Baht)
Weighted average number of ordinary shares for the year (million shares)
Annual Report 2016

104
Annual Report 2016

Risk Management
105
Risk Management
Risk Management
ThaiBev Group places importance on risk management, which forms a part of corporate governance and significantly
encourages the Group to achieve goals and objectives; to add value to the organization, shareholders, and stakeholders;
and to enable the Groups stable and sustainable growth. The Board, who is responsible for overseeing the organizations
risks, established the Risk Management Committee to support the Board on the oversight of the ThaiBev Groups
enterprise risk management. The enterprise risk management process and the oversight of the Risk Management
Committee can be illustrated in the diagram below.
ThaiBev Groups Enterprise Risk Management Structure
Board of Directors
ThaiBev Groups Enterprise Risk Management

& Risk Management Committee Oversight
Risk Management
Committee
Risk Appetite
Definition
Risk Identincation
Spirit
Product
Group
Strategy &
Business Objectives
Office of Internal Audit
Economic Environment Social
Monitoring &
Control Activities
Beer
Product
Group
NonAlcoholic
Beverage
Product
Group
Brand
Investment
Management
Route-toMarket
Finance
Technology
and
Engineering
Supply
Chain
Management
Human
Capital
Stable and
Sustainable
ASEAN
Leader
Internal & External Environment
Risk Assessment
& Prioritization
Risk Response
Promote Risk Culture & Behavior
(Please see further information in the Corporate

Governance Report - Principle 1: The Boards Conduct of
Affairs and Principle 11: Risk Management and Internal
Controls concerning the composition, roles and
responsibilities of the Risk Management Committee, in our
2016 Annual Report). With regard to the risk management
at product group or business unit level, senior executives
of each product group or business unit shall oversee their
Secretary to RMC and review

risk management and control
activities of Product
Groups/Business Units
Senior Executives of Product Groups/Business Units
Evaluation
& Reporting
Vision, Mission
& Core Values
Audit Committee
responsible units in managing risks, controlling, monitoring

and reporting the results to the Risk Management
Committee. In addition, there is the Audit Committee
established by the Board with responsibility for reviewing
the adequacy and effectiveness of internal controls that
are significant and necessary to prevent operational risks.
To ensure common understanding among executives and

staff and raise awareness on the importance of risk
management which enables the development of
organizational risk management culture, ThaiBev
incorporates the risk management in both generic and
specific topics as one of new employee orientation subjects
and employees routine trainings and development. The
continuous and systematic risk management in business
operation as mentioned above enables the ThaiBev Group
to timely respond to rapidly changing business
circumstances and reduce impacts to an acceptable level
for the organization.
Based on due consideration, analysis and evaluation of
internal and external factors, key trends on economic,
social and environmental aspects, expectations of all
stakeholders, including the business goals and strategies
of the ThaiBev Group, all of which influence the
achievement of the organizations objectives and
sustainability. The Groups major risks and preventive
measures and solutions to minimize potential impacts or
develop business opportunities can be summarized as
follows.
1. Business Circumstances and

Competition Risk
The overall domestic beverage market for the first nine
months of 2016 continued to shrink in value, but grew in
volume as a result of marketing activities to stimulate
sales during the erosion of consumers purchasing power.
Thailands economy slightly improved due to public
investment and tourism sector as the key drivers; however,
the household debt remained high. Export of the industrial
sector became better although still faced the volatility of
the global economy and competitive conditions.
Furthermore, it is foreseen that in the last quarter of 2016
the domestic tourism sector and consumption are likely to
slowdown resulting from regulatory measures on services
of the tourism business and the domestic factors.
In addition to the analysis and estimation of the Thailands
economy that tends to grow at a lower rate than in the
past, the Company has taken into account the social
trends, especially changes in the population structure in
two aspects which are aging society and emerging
middle-class population of the developed and developing
countries, including Thailand, as well as the development
106
Annual Report 2016

Annual Report 2016

Risk Management
and changes in technology. These trends affect the

consumers behaviors to put more focus on health, with
the increasing demand and expectations on the quality of
goods and services, in particular to healthy and
environmentally friendly food and beverages, and to
search for more comparative information on products and
services before purchasing. This is because more
consumers can easily access the information through their
mobile phones, communication devices or office equipment
linked to the internet.
The key trends on both economy and society contribute to
the dynamic and constantly changing business
environment which result in new strategies and intense
competition among operators in the industries. These are
considered as the risk of losing market share, profitability
and business opportunity if the Company cannot cope with
the changes or adapt in a timely manner. However,
although such trends are considered as the risks to the
Companys operations, they at the same time may be an
opportunity to grow the business if there is an
establishment of the right strategies and management
approaches.
Preventive Measures and Solutions

ThaiBev is well aware of the slowing domestic purchasing
power as well as the economic and social trends. In relation
to the spirits business, the Company still retains the
highest white spirits market share of over 90% with
production and sale of a wide range of the white spirits
brands and prices to cover the consumers with different
purchasing power, while maintaining the spirits production
standards when compared to local spirits that are the main
rivals in this spirits sector. For the brown spirits, the
Company owns three major brands, namely, Hongthong,
Blend 285 and Sangsom. For the domestic market
expansion, apart from the sales through agents, the
Company focuses on distribution channels such as
restaurants, high-class hotels, modern trade and retail
stores through our retail sales and Cash Vans. On the side
of the overseas market, the Company concentrates on
growing sales internationally by penetrating the potential
international markets, especially in Asia and ASEAN.
Before introducing the products into any overseas market,
the Company shall study and prepare for marketing,
consumers behaviors, reimage and redesign of packaging,
as well as transportation and distribution patterns.
Additionally, the Company has imported the premium or
high-end whisky spirits of an overseas subsidiary of the
Group to grow the domestic market with a focus on the
high-class hotel and restaurant channels.
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With regard to the beer business that has set its vision to
become the market leader in Thailand by the year 2020
and to achieve profitability according to the standards of
the global leading beverage companies, the Company
places emphasis on innovation, such as launching products
and devising strategies to capture the market share and
drive sales across distribution channels, including carrying
out creative marketing activities in order to effectively
communicate with the target groups. The Company saw
the significant increase in sales and market share after the
launch of new Chang Classic beer on 19 August 2015,
which also shifts the ability to adjust the selling price in
alignment with the current stronger brand equity and
image than those of the rivals in all dimensions, with
steadily increasing trend. Moreover, the Company also has
a policy on controlling the cost of production and selling
expenses, particularly promotional and advertising
expenses, to ensure the highest efficiency and
effectiveness.
For the non-alcoholic beverage business during the first
nine months of 2016, the domestic carbonated soft drink
market and the domestic ready-to-drink tea market still
saw intense competition in terms of marketing and price
among the existing major operators, especially through the
sales promotions to wrest the market share from the other
players. The carbonated soft drinks under the brand est
and the ready-to-drink tea under the brand Oishi have
launched the new products that match modern lifestyle of
consumers. This includes the ready-to-drink herbal tea
under the brand Jubjai and the isotonic sports drink
under the brand 100Plus, which were launched into the
domestic market in the prior year, to respond to the health
concerns of the modern consumers. The Company has
advertised them through the new media that fit the
lifestyle of the target consumers. The continuous
marketing activities and sales promotions to maintain and
capture more market share, result in the Companys
growth in terms of overall sales and the brands strength
despite the decline of the market growth. The drinking
water under the Companys brands Chang and Crystal,
when combined together, has the number one market share
for the domestic drinking water market. The marketing
campaigns are mainly focused on promotional price to
maintain and increase the market share. For the non-alcoholic
beverage in the soda water sector, the Company has
developed and launched a new brand under the name
Rock Mountain with the emphasis on the right taste as
the perfect mixer for alcoholic beverages, as well as a
provision of support on the alcoholic beverage business.
To achieve Vision 2020, the non-alcoholic beverage
business has launched its major brand products in the key
regions of Asia through strong distribution networks by
partnering with F&N, a business alliance of ThaiBev Group,
as seen in the successful launches of Oishi and est

beverages in Malaysia and Singapore in the past year.
Subsequently, Oishi has the number one market share for
the green tea market in Malaysia. Furthermore, the
ThaiBev Group has put more focus on research and
development of healthy beverages in accordance with our
health and nutrition policy, for example, sugar-free or
low-sugar beverages, nutritious beverages that are free of
additives or compounds, as well as entering the new
healthy beverage market such as soymilk, fruit juices and
functional drinks.
In addition to the beverage business which is the core
business of the Company, in the past year, the Company
has entered the food business through Food of Asia Co., Ltd.,
the Companys subsidiary, in order to cater to the current
lifestyle of the consumers who enjoy drinking and dining
with an emphasis on the food business that is not
overlapping with the Japanese food sector in which the
Oishi Group is operating. The Company aims to develop the
food business as a pillar of our business in the future in
order to expand the overall business and support the
beverage business at the same time. The Company
recently has invested in a joint venture with a company of
Maxims Group, which is the largest restaurant operator in
Hong Kong, to operate a bakery business in Thailand
before expanding to ASEAN market. With regard to
management of the food business, the Company set up the
Central Kitchen as the center of food production for the
efficiency and effectiveness of the management, from
procurement, use of raw materials and new innovative
machinery and technology for the production of food with
safety, standards and nutrition, to reduction and
management of food waste.
2. Finance and Investment Risk

The business operations and expansion of the Company at
the national and international levels rely on new product
development, new facility construction, maintenance and
improvement of existing facilities, and monitoring of the
beverage market trends in Thailand and other countries,
all of which require a large amount of investment in a
continuous manner. The business operations and expansion
in the past and in the future have been funded from
external borrowings and internal cash flow of the Company.
ThaiBev expected that the funds would derive from
additional borrowings, especially for the investment in the
international business, which requires a large amount of
foreign currency, leading to various risks and uncertainties
such as risks on interest rate, exchange rate, and liquidity.

The Company has obtained credit facilities from financial
institutions, i.e. overdrafts, promissory notes, and bills of
exchange. Currently, the Company has the liquidity
equivalent to 4 times of average sales for the period of
1 month. Regarding the loan application, the Company
needs to consider the source of funds and currencies of
the loans, as well as continuously and closely monitor
the current situations, trends and movements of financial
markets, and interest and exchange rates. Moreover,
various financial instruments are utilized to enhance
efficiency in interest and exchange rate cost management.
To manage such risks, the Office of Treasury of the
Company also plays an important role in the investment
planning. Furthermore, in order to support the fundraising
in various forms such as the issuance of short-term or
long-term bills of exchange and the bonds for the domestic
and the overseas sources, the Company has applied and
been ranked the following credit ratings by the domestic
and international credit rating agencies.
TRIS Rating: AA+ with Stable Outlook
Moodys:
Baa3 with Positive Outlook, and
Fitch Ratings: Long-term international credit rating

at BBB with Stable Outlook, and

Long-term domestic credit rating at

AA+(tha) with Stable Outlook
All the Companys credit ratings are at an appropriate level
for investment.
3. Risk on Supply Chain Management Process

ThaiBev Group considers the risk factors throughout the
supply chain, from sourcing of raw materials, supplies and
equipment used in production to transportation, sales and
distribution of goods and services, because if the supply
chain management processes in the supply chain are not
aligned with one another, it can affect the operation,
consumers trust and stakeholders, including the Companys
reputation and image. Sourcing of raw materials is an
initial activity of the supply chain and the majority of the
supply used in beverage production are domestic and
overseas agricultural products, namely, rice, malt, hops,
and molasses. In addition, there are other major production
materials, i.e., cans, glass bottles, plastic bottles, and fuel
oil, of which the quantity and price fluctuate according to
various factors such as natural conditions in each year,
demand and supply of particular items, world economic
fluctuations and exchange rate. In the past year, despite
the world oil prices increased from 2015, they are still
considered low, resulting in a positive impact to the
business due to lower cost of production and transportation.
Despite the challenges of increased volume of raw material
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procurement due to the increase in sales and production,

the Company still managed to serve the demands for
factors of production, and support the production,
transportation, and distribution smoothly.

ThaiBev assesses and selects business partners by taking
into account the quality of products and services, as well
as their business operation policy in alignment with the
operation of the Company that adheres to corporate
governance and sustainable development of the business,
society and environment. The Company has established the
Guidelines for Sustainable Development of Business
Partners for study and adoption by the existing and
potential business partners of the Company. In addition,
the Company determined a policy on procurement of each
major raw material which requires more than one supplier
in order to reduce the risk of reliance on a limited number
of business partners. The Company devised the strategies
in cooperation with business partners regarding the
inventory storage as well as disaster and crisis
management in order to ensure the delivery performance
of business partners without any impact on the production
plan of the Company. Close communication and
coordination have been made with business partners in
order to respond to the usage plan in a complete and
timely manner. The changes in prices and quantities of
major raw materials have been continuously analyzed and
monitored. Moreover, purchase prices are generally agreed
in advance with major raw material suppliers to mitigate
risk on price fluctuation and to ensure fixed or fairly clear
cost of production.
In addition, in order to ensure the alignment, efficiency,
effectiveness and cost reduction of the supply chain
management, the Company plans to develop and implement
the technology system in each activity of the supply chain,
for instance, the system for the Procurement Hub of
ThaiBev Group, the transportation management system,
the sales management system, and the distributor and
trade promotion management system.
4. Risk on Environment (climate changes,

water resources, industrial waste and
pollution)
As a result of climate change, global warming and natural
disasters that are ever-increasing both in numbers and
destructiveness having had extensive impacts nationwide,
regionwide and worldwide, these caused various active
environmental conservation movements, the scarcity and
insufficiency of global resources especially agricultural
food, water and energy, which may affect the continuity of
Risk Management
business operations, ThaiBev Groups reputation, or

increasing costs due to compensation expenses which may
arise. ThaiBev Group has set the environmental policy and
the corporate water management policy that stress our
awareness on management of the environment and water
resources which are critical to the world, conducting
business in a responsible manner to minimize the impact on
the environment and society, mitigation of the risks and
solving the problems arising from the climate change both
in the short and long terms. ThaiBev Group operates in the
beverage manufacturing and distribution industry, hence
water resources in terms of both quantity and quality are
one of the critical factors for production and related
processes, as well as the quality of products. The production
also relies on the use of energy, machinery and chemical
substances. Therefore, if the industrial waste and pollution
are not appropriately managed, it could affect the
surroundings and local communities, and largely impact
the environment and ecological systems.

ThaiBev Group commits to compliance with both local and
national environmental laws and related regulations.
All plants have adopted the environmental policy, applied
for certifications of international standard on environmental
management system, continuously reviewed and improved
their performance relating to the environment, particularly
in the areas which could have positive impacts on the
society and the climate change. They have also supported
the continuous improvement in the environmental
management in the production process to prevent and
mitigate the impacts on the environment and society as
well as the risks on production process arising from the
climate change. The production lines of all product groups
have utilized advanced and energy efficient production
technology and machinery to reduce the consumption of
resources and energy, especially non-renewable energy
and electrical energy used within the facilities. This also
contributes to reducing greenhouse gas emissions that
affect the climate and environment. Moreover, the Group
supports the sustainable development of packaging by
using returnable glass bottles, recycled cullet and
aluminium cans, and eco-friendly packaging. The Group
has set the clear environmental target in 2020 regarding
the reduction of water consumption, energy consumption,
pollutant emissions, effluents and waste in the long run.
With regard to the management of risks on water
resources, the Company produces its products with the
maximum efficiency in using and disposing water
throughout the production processes, and is responsible
for water consumption without compromising on quality of
final products as well as consumers health and safety, and
minimization of the impacts on the environment and

society by identifying, analyzing, managing, and
implementing new technologies. In addition, the Company
has assessed quality and quantity of existing and future
water resources, determined regulations pertaining to
future water availability and mitigation of water-related
risks arising from operational use, incorporated water
sustainability management into business strategy, decision
making, and daily activities, promoted the significance of
water resource preservation and cultivated sustainable
water management value as the ThaiBevs corporate
culture. The Group proactively applies the international
water resource management tools and standards and
promotes the United Nations Sustainable Development
Goals (UNSDG) of sanitation, hygiene and well-being.
(WBCSD) and Aqueduct by World Resources Institute

(WRI) to conduct risk assessment on water resources of
major business partners so as to jointly find preventive
measures and plan to mitigate risk possibly affecting
the Company, especially regarding the delivery of raw
materials and production of the Company. Based on the
risk assessment, it was found that our major business
partners were highly aware of and placed emphasis on
managing risks associated with water resources,
for instance, formulating plans to cope with flooding,
adopting the wastewater treatment system, and
controlling the quality and quantity of water used in the
manufacturing process.
In the past year, a production facility of Sermsuk Public

Company Limited in Nakorn Sawan province and a brewery
in Ayutthaya province participated in the project on
developing the role model of industry in effective
groundwater management and expanding the network of
the effective groundwater management in the industry
sector. This project was jointly organized by the
Department of Groundwater Resources and the Federation
of Thai Industries. In this regard, the production facility of
Sermsuk Public Company Limited in Nakorn Sawan province
was awarded the enterprise with the effective water
management from the said project. The distillery of
Sura Bangyikhan Co., Ltd. has changed the technology for
evaporation of distillery slops from Thermal Vapor
Recovery System to Mechanical Vapor Recovery System
for treatment and disposal of distillery slops that are
polluted water of liquor manufacturing industry, in order
to reduce the use of water and energy. It was found that
the new technology can reduce the use of water for
cooling, boiler steaming and of heavy fuel oil by 30% each.
Additionally, the distillery of Sangsom Co., Ltd. in
Kanchanaburi province and the distillery of Kanchana
Singkhon Co., Ltd. are under construction of furnace for
burning slops, known as incinerator, which is a zero
discharge technology for disposal of distillery slops and
can produce high-pressure steam to drive a steam turbine
to generate electrical energy for use within the facilities,
including sell the excess generated electricity to the
Electricity Generating Authority. The construction works
are expected to be completed in late 2017.
As a leading beverage manufacturer, ThaiBev Group is

aware of health and safety of all, especially consumers and
employees. Thus, the Company commits to produce and
offer products with high quality and safety for consumption,
including increase healthy and nutritious beverage
categories in non-alcoholic beverage portfolio, all of which
are key factors directly affecting the customers
satisfaction as well as the Companys business operations.
Moreover, the employees, who are the key success factor
for the business accomplishment, are required to have
security, wellness and quality of life at workplace.
However, there is the possibility for business operations to
be exposed to health and safety risks associated with
products and consumers, and accidents or other
occupational health and safety incidents that adversely
affect employees physically and mentally, and damage
ThaiBevs reputation, which results in the cost increase.
In addition to the risk management of the Companys

water resources, ThaiBev Group also focuses on the risk
management of water resources among our major business
partners with high transaction value and potential effects
on the Company. On a yearly basis, the Company has
utilized effective tools, namely, Global Water Tools by
World Business Council for Sustainable Development
5. Risk on Health and Safety

In relation to health and safety of consumers, the
production units of all product groups have prepared and
applied the quality and safety standards, such as Quality
Management System (ISO 9001), Good Manufacturing
Practice & Hazard Analysis and Critical Control Point
(GMP & HACCP), Food Safety Management System
(ISO 22000), Halal Food Standard which represents
the certification of products that Muslims can consume,
National Sanitation Foundation (NSF) for the drinking
water quality certified by the United States Food and Drug
Administration (U.S. FDA), and food safety standard of the
British Retail Consortium (BRC). This is to ensure the efficiency
in the quality and safety management of products
delivered to consumers. In addition, the Company
continually works with its research and development
function, strategic partners as well as key vendors to
increasingly focus on the development of new innovative
ideas for healthy products. The Company also enhances
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the communication of its non-alcoholic beverages

nutritional components on health and wellness to the
consumers by providing information on the products
package, ThaiBevs printed matters, websites, and also
available at the call center service.
Regarding health and safety of employees, ThaiBev Group
has established the corporate occupational health and
safety policy to focus on developing a good quality of
working life and best practices on occupational health and
safety at workplace, especially at the production units that
shall preliminarily comply with the Occupational Safety,
Health and Environment Act B.E. 2554. At all the
Companys workplaces, there are responsible units who
directly manage and monitor the occupational safety,
including continuously employ various management
systems to prevent possible harm, for example
Occupational Health and Safety Management System
(OHSAS 18001), 7S principle (clearing up, organizing,
cleaning, standardizing, training & discipline, innovation
and work improvement, and morality), Environmental
Management System (ISO 14001), the workplace safety
manual, the work safety week, including regular training
courses and workshops on occupational health and safety
practices for the employees to stimulate and encourage
them to gain knowledge on occupational safety in
accordance with the applicable laws, regulations and work
practices pertaining to the occupational health and safety.
Additionally, the executives are responsible for following
up and paying attention to the preventive measures of
risks which may occur by accident, injury, and illness at
work. This is to meet the target to reduce lost-time injury
frequency rate and occupational illness frequency rate.
Fourteen production facilities of ThaiBev Group are
awarded every year the excellence of workplace on
occupational safety, health and environment at both the
national and provincial levels, organized by the Department
of Labour Protection and Welfare, the Ministry of Labour.
Furthermore, the 18 distilleries are preparing and applying
for certification of the Occupational Health and Safety
Management System (OHSAS 18001 Standard) in their
factories. This system will focus on reduction of harmful
risks causing injury, illness, as well as loss of property
which affect health and welfare of personnel of the
organization. It is expected that all distilleries are to be
certified in 2017.
6. Risk on Compliance with Rules and

Regulations
The risks concerning compliance with rules and regulations
include the risks from non-compliance with internal and
external laws and regulations such as legislation, rules and
Risk Management
regulations of each country where the ThaiBev Group is

operating in. These laws, rules and regulations as well as
policies are subject to constant change and stricter
enforcement, in particular the laws governing alcoholic
beverage businesses and consumption of alcoholic
beverages which have been imposed since 2008.
Meanwhile, the government agencies have continuously
enforced new measures and put more stringent control on
compliance requirements for all related parties.
This includes the potential for tax adjustment or change in
calculation of alcoholic beverage taxes, including
the possibility to impose the excise tax on beverages with
unhealthy sugar level, which is the tax measure on public
health care to be enforced by the government sector.
Therefore, non-compliance or partial compliance with rules
and regulations may affect the reputation of the Company,
incur punishment and penalties, or lose business
opportunities.

Based on the goal of excellence in business by creating
values and being a model of business with good corporate
governance, ThaiBev Group pays particular attention to
compliance with applicable rules and regulations. In this
regard, the Group emphasizes this matter by establishing
related policies to provide guidance to the Companys
Directors, Executives, employees and all stakeholders,
for example, the Business Ethics of Thai Beverage Group,
the anti-corruption policy, the tax policy that stresses
compliance with all relevant tax laws and regulations and
obtains the allowed tax incentives, the alcoholic beverages
marketing code of practice in order to ensure that
advertising and marketing activities of the Companys
products as well as alcoholic beverages consumption
responsibly take place without causing problems to
individuals and the society as a whole, the health and
nutrition policy, the environmental policy, the corporate
water management policy, the corporate occupational
health and safety policy, the corporate social responsibility
policy, including the supplier code of practice. The Company
has communicated and/or educated the Companys
Directors, Executives and employees at all levels as well as
the stakeholders for their acknowledgement and strict
compliance. With regard to new legislation to be imposed,
the Company will closely monitor the movements of the
government in order to plan and determine the guidelines
for managing the business effectively.
In case the Companys Directors, Executives and
employees at all levels have credible information relating
to suspicious wrongdoings, criminal activities and other
unlawful conducts, or failure to comply with regulatory
requirements, they can report such concerns or suspicious
wrongdoings through the channels identified in the

whistleblowing policy which has been disseminated and
made publicly available on the Companys website.
The person who raises genuine concerns in good faith
can rest assured that the Company will take the raised
concerns seriously and investigate as deemed appropriate,
including protecting the whistle-blower from detriment,
retribution or harassment in doing so.
7. Risk on Human Resources Preparation for

International Business Expansion
Since ThaiBev has enjoyed rapid growth at a rather high
rate, especially from the international business expansion
in ASEAN region, personnel who are qualified to
accommodate such expansion are quite essential to ensure
that the international businesses run smoothly and
continuously, without any impact from human resources
shortage in our business operations.

To achieve the goals of preparing human resources who
are willing, able, and ready to work abroad, the Office of
Human Capital has carried out the Talent & Succession
Planning Program to assess competency of existing
personnel and the possibility for staff rotation not only
within the business unit or a particular function but also
for overall human capital management with the aim of
exchanging the personnel across the business units
including transferring to work at our overseas offices or
branches, all of which support the development of
personnel knowledge and skill, and career path which
become another challenge of human capital management.
The results of execution of the Talent & Succession
Planning Program at the regional level guide the Company
whether there is the necessity for recruitment of
employees from the external at which position and when to
work for the Company. The continuous recruitment and
development of personnel with talent and readiness is in
line with the slogan Limitless Opportunities with ThaiBev
Group.
In April 2016, five employees of the spirit production
group and the Office of Information Technology were
assigned to work and trained at the Spirit Production Unit
of our subsidiary in Scotland for 6 months, in accordance
with the Exchange Program which provides the employees
the opportunities to study, work and maximize the
knowledge with the new distillery in Thailand that is
currently under construction, including transfer of such
knowledge to the next generation of the employees.
For the young generation staff with outstanding
performance, potential, general knowledge and English
proficiency, 33 of those were selected to participate in the

Rocket Program or the young generation leadership program.
These Rocketeers will have an opportunity to work on
challenging projects, both locally and regionally, and obtain
the close training and guidance from senior executives for
one year. After the completion of the program, the Rocketeers
will be undergone continuous development to prepare for
the Companys regional business in accordance with Vision 2020
so as to become a true international organization.
For employees at the management level, the Company has
initiated the Supervisor Development Program and
the Management Development Program. These programs
provide an opportunity for eligible employees to join
the program held in association with leading education
institutes. A goal of the program is to develop and enhance
the capabilities required for working in the extended fields
from the current business unit and working experience
with external departments with diverse ethnicity and
cultures. In addition, the Company has initiated a
development program for senior executives in association
with a leading international education institutes, National
University of Singapore (NUS), under the Global Executives
Leadership Program, which focuses on raising the management
competency at the regional and international levels so as
to make the 24 participants of the ThaiBev Group from
Thailand, Malaysia and Singapore familiarized with
the changing international working atmosphere, and to
develop full views on business. The Executives who
attended this program shall present a project on the stable
and sustainable growth of the ThaiBev Group in 2020,
and put it into action. The Company places emphasis on
working with other regional subsidiary companies, as well
as continues to encourage foreign executives to work with
Thai staff, resulting in a lot of international working
experiences, especially in the areas of marketing, finance,
and project management, etc.
In addition, the Company has developed related policies to
encourage employees to work abroad, such as
compensation, and consideration on providing assistance
and support to the employees and their families in case of
long-term overseas working so as to enhance employee
morale and work efficiency. A significant measure to be
continuously taken is the recruitment of potential
employees to work with the Company. Following the
attempt over the past year, the Company was selected as
one of the Top Graduate Employers, including both
alcoholic and non-alcoholic beverage businesses. The
Company will move forward to ensure that the recruitment
and development in every position at all levels and in all
countries be carried out smoothly so as to enable the
Company to achieve business goals in a stable and
sustainable manner.
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Our People...Our Success
Operating our business by building foundations for

sustainable growth both in terms of the business and its
people, so that our organization will be competitive at the
global level and provide a sense of pride to our employees
who are like our families. Even though we came from
different backgrounds but our goals and aspirations are
united as we move forward, sharing the same road,
towards our vision that will create limitless opportunities
in the future. are the words of the executives, illustrating
the determination to drive business as well as provide
value to the people which will eventually lead to
a sustainable success of Vision 2020.
Based on the executives visions for the business and its
people, plans have been designed to develop employees
at different Job Levels and Job Families throughout
the organization, especially those who has potential
to be leaders in the future. In order to provide a sustainable
and stable learning environment, programs to develop
competencies in all areas have been designed, including
those that improve managerial competency, functional
competency, leadership, as well as transformation
programs to build foundations to cope with changes
in the future.
Holistic Development Journey for a Stable

and Sustainable Future
By comparing employee to water, much like how each
droplet can come together as one powerful force, in 2015,
ThaiBev Group had designed development programs
to address employees at all level, which can be divided into
3 main groups:
The Oceans: The senior executives, a powerful
influencer who create a culture of excellence for the
organization and sustain strong leadership able to
drive organization capability to bring a greater
success, lead organization towards Vision 2020
and lay foundations for growth, which will
eventually drive the organization to proudly stand
at the international level.
The Rivers: the mid-level executives, an intermediary
who pass through success, a competent leader and
collaborator who is able to drive team to multiply
value to the organization (Ensure people system,
process and measure are in place for sustainable

outstanding results). They are the channels in which
success flows by developing themselves as well as
others in their team in order to provide a sustainable
future.
The Springs & The Streams: The beginning of
the water flow. They are value human capital at
operation level who develop their competencies
for individual growth and become part of the
organizations future. Highly capable individual,
significantly contributes to the achievement of
the group and motivates people within and across
team to ensure seamless functioning for a high
performance team.
Each group receives holistic development, including but not
limited to developing their managerial, functional, and
leadership competencies. Each development program will be
intensively customized and designed to be practically
applied to their works.
Focusing on continuous Development

Programs and Follow-up sessions
Because we believe that Human Capital is fundamental to
drive the competitiveness and sustainability of the business,
ThaiBev has been designing development plans, guidelines,
and systems that lead to employee motivation for
effectiveness and efficiency. Moreover, employees are
encouraged to continuously learn at anytime and anywhere
through various learning processes and tools such as
Co-designed Development Programs, where different
functions of the business cooperatively design a learning
program in order to address their own needs and maximize
practicality. Technology has also been utilized for
E-learning, which allows employees to learn anywhere
anytime. The subjects available online include those
essential for every employee such as core values, code of
conduct, rules and regulations, product knowledge and
English language that required for their daily work as well.
Technical knowledge such as the Spirits and Beers
production process. All of these can be combined with the
knowledge gained from classroom training, where we
select speakers and experts both local and international
famous Institutions. Additionally, we have developed
a knowledge sharing system in which different functions
can gain access to the same information and ideas without

newly creating or developing from the start. An example
of this would be TPM (Total Productivity Management)
from the Spirits Production where knowledge is continually
shared for the improvements of their working systems
consistently.
The above mentioned internal development programs
are essential to the sustainability of the business since
they were designed based on real working experience
which become a case study to solve an existing problems
or improve for an efficiency. With supporting policy
and current technology, companies under ThaiBev Group
has jointly cooperated with famous educational institutions
to develop practical educational program with tangible
follow-up programs to ensure that employees will be
developed and can practically applied to their job.
In addition, we have strategically designed an assessment
system for more comprehensive and tangible performance
management and development through 360 assessments.
Thus, it will contribute to their determination and
motivation to succeed, which will enhance their personal
value. Overall employee will grow limitlessly with
the organizations growth and expansion.
Developing Leaders to Build Foundations

for a Sustainable Future
Leadership development is not limited to senior executives,
but also applies to employee at every level. The development
and follow-up program has been designed based on the
5 Levels of Leadership, which addresses the five
fundamental qualities of a leader -- Responsibility:
to be a responsible leader. Relationship: to have good
communication and relationship with colleagues in order to
foster positive change. Result: to be able to effectively
achieve goals and objectives. Reproduction: to be able to
develop others into leaders. Respect: to gain respect from
performance and behavior. With such programs, employees
will be developed to become future leaders who will
contribute to the success and sustainability of the
organization.
Talent Development for Future Success

of the Organization
Aside from the development programs mentioned, higher
education to groom potential leaders for the organization
is vital in broadening our perspectives and exchanging
experiences, visions, mindset, and ideas with people
outside ThaiBev. It also prepares potential leaders for the
challenges in the future and their career. Thus, there are
Masters Degree scholarships (English or Chinese programs)
offered, where employees can attend prestigious
universities both locally (5 scholarships awarded per year)
and internationally (2 scholarships awarded per year)
in countries such as the UK, the US, Australia, China,
and Singapore.
In 2016, ThaiBev has awarded a scholarship at The
University of Glasgow, Scotland in Master of International
Financial Analysis on top of the scholarship awarded
in 2015
Besides awarding scholarships, the organization has been
implementing programs to develop executive level ThaiBev
- NUS Global Executive Leaders Program Realizing Vision
2020: Strategies for Sustainable ASEAN Leadership with
full cooperation with The National University of Singapore
which is the top institution in ASEAN and 12th ranking
for global university. This program aims at developing
and preparing our executives to be future top executives
in ASEAN aligning with ThaiBev Vision 2020. There was
25 executives participate in this program.
There is also a Management Development Program (MDP)
for managers that has been implemented since 2014
in cooperation with Sasin Chulalongkorn University.
This program aims to foster knowledge in management,
leadership, and prepare managers to work at the next
executive level. Managers required to learn through
action-learning projects and they present their projects
to the executive committee and their professors.
All of the programs mentioned here are part of an ongoing
and continuous development journey, and are crucial
to prepare employees with global mindset for regional and
international competition, which will eventually drive
ThaiBev towards its goals and visions.
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Credit Ratings
Credit Ratings
On 4 October 2016, following its annual review of

the credit worthiness of ThaiBev,
TRIS Rating Co., Ltd. (TRIS) upgraded
the company rating of ThaiBev
for 1 notch from the previous years rates
from AA with Stable outlook to
AA+ with Stable outlook
ThaiBev has also engaged the services of
Moodys Investor Service, Inc. (Moodys),
a leading global credit rating agency,
to obtain a more internationally-recognized
credit rating that would enhance the Companys
standing in overseas financial markets and funding
flexibility. Following its assessment of ThaiBevs
credit worthiness, Moodys accorded ThaiBev
Baa3 with Positive Outlook credit rating
on 14 March 2016
On 10 August 2016, Fitch Ratings (Fitch)
has, for the first-time, assigned ThaiBev
Long-Term Issuer Default Rating (LT IDR) of
BBB with Stable Outlook
The agency has also assigned the first-time
National Long-Term Rating of
AA+(tha) with Stable Outlook
Note: Thailand is rated AAA and Baa1 by TRIS and Moodys, respectively while Thailand is rated AAA

for national rating and BBB+ for international rating by Fitch
The ratings are subject to revision or withdrawal by TRIS, Moodys and Fitch following their respective
annual reviews of ThaiBevs credit worthiness and/or when there are material changes to their
opinions and/or rating methodologies
Corporate Governance Report
At ThaiBev, we adhere to good corporate governance principles, and we conduct our business in compliance with all
applicable laws, rules, and regulations, including the SGX Listing Manual (Listing Manual), and the principles and
guidelines of the Code of Corporate Governance 2012 (CG Code 2012). ThaiBev has sought to comply with the
CG Code 2012 to the extent possible.
ThaiBev, which is a Thai company listed on the Main Board of Singapore Exchange Securities Trading Limited (SGX), has
received the Most Transparent Company Award in the Foreign Listings Category from Securities Investors Association
(Singapore) (SIAS) in 2009, 2014 and 2016 and received Runner-Up awards in 2010, 2012 and 2013.
A. Board Matters
Principle 1: The Boards Conduct of Affairs
Our Board of Directors (Board) oversees the Companys business and affairs in accordance with the resolutions of
shareholders, the applicable laws and the Listing Manual. The Board must exercise good business judgment and act in
good faith in the best interests of the Company.
Under the direction of the Board, ThaiBev has established a series of group-wide policies with which all employees are
required to comply. Further details of these policies are available on the Companys website: http://www.thaibev.com/
en08/sustainability.aspx?sublv1gID=169.
The Board is responsible for the overall business leadership, strategic direction, performance objectives and long-term
success of the ThaiBev group of companies, both domestic and overseas (ThaiBev Group). It also seeks to align the
interests of the Board and Management with that of shareholders, and balance the interests of all stakeholders.
As at 1 December 2016, the Board comprises the following Directors, namely:
Chairman
Vice Chairman
Vice Chairman
Director
Director
9. Mr. Ng Tat Pun
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Director
Delegation of Authority on Certain Board Matters
Director
President and CEO
Various Board committees, including Audit Committee, Nomination Committee, Remuneration Committee,
Risk Management Committee, and Executive Committee, have been constituted to assist the Board in the discharge of its
specific responsibilities, and effectively discharge its oversight duties and functions. The Board has also established
financial authorisation and approval limits for operating and capital expenditure, and the procurement of goods and
services, and in order to optimise operational efficiency, has clearly delegated authority to the relevant Board Committees
(including the Executive Committee and the Management Committee) to review and approve transactions which fall within
the said limits. In addition to matters that specifically require the Boards approval, the Board is also responsible for the
review and approval of annual budgets, financial plans, financial statements, business strategies and material
transactions, such as major acquisitions, divestments, funding and investment proposals, and is also responsible for
reviewing and approving transactions exceeding certain threshold limits.
Ms. Vaewmanee Soponpinij is the Company Secretary and the Secretary to the Board of Directors and
Ms. Nantika Ninvoraskul is the Assistant Secretary to the Board of Directors.
Matters Requiring Board Approval

Our Board recognizes its utmost duty to administer the Companys business and oversee the Companys operations in the
best interests of the Company. This includes the administration of the subsidiary companies to be in line with the
Companys core business plans to ensure due compliance with the shareholders resolutions, in good faith and due
compliance with the law, the Companys business objectives and Articles of Association (AOA). In addition, our Board
ensures that the Company and its subsidiary companies comply with the Listing Manual of Singapore Stock Exchange and
relevant stock exchange accordingly. Our Board is also responsible for the determination of the vision and business
strategies of the Company, the oversight of Managements performance of their duties according to the Companys
policies, and the reporting of the financial statements and general information to shareholders and investors with
accuracy and sufficiency.
According to Thai Law, the Board is required to meet in person and not less than four times in each year. During the last
fiscal year being the 9-month period ended 30 September 2016, a total of 5 Board meetings were held.
Training
All Directors have undergone and passed the Director Accreditation Program (DAP) of the Thai Institute of Directors.
Certain Directors have also received accreditation under the Director Certification Program (DCP) of the same institution.
We also provide training and information updates to the Directors to encourage and support their understanding of
Singapore Law and the Listing Manual which are applicable to our Company. They also receive information updates
as well as amendments made to the regulations on a regular basis. All Directors have received a clear explanation of their
roles and responsibilities at the time of their proposed appointment to the Board.
In this regard, Directors and Executives of the Company and its subsidiaries have received a detailed manual comprising a
summary of relevant aspects of current Singapore laws and regulations, e.g., continuing listing obligations, dealing in
securities, disclosure of interests, CG Code 2012, in order to act as Directors and Executives of the Company
appropriately.
A detailed training session and refresher on the Listing Manual and other rules and regulations as applicable to the
Company was also provided by our compliance advisor and/or our Office of Legal Affairs and/or our Compliance Unit to
the Directors and Executives of the Company and its subsidiaries each year.
When amendments are made to the relevant laws and regulations, Directors and relevant Management of the Company
and its subsidiaries will be informed at the Board of Directors Meeting, the Executive Committee Meeting, and/or via
e-mail, depending on the circumstances.
To address and manage possible conflicts of interest that may arise in relation to Directors interests and the ThaiBev
Group, Directors are required to abstain from voting on any matter in which they are so interested or conflicted.
Audit Committee
The Board established the Audit Committee (AC) and determined qualifications of the members, authority and
responsibility of the committee in the Audit Committee Charter. The AC comprises four Independent Directors, namely,
Mr. Prasit Kovilaikool, Prof. Kanung Luchai, Mr. Manu Leopairote and Mr. Ng Tat Pun. Mr. Prasit Kovilaikool is the
Chairman of the AC and Mr. Somsak Sae-Kuay, Vice President of the Office of Internal Audit, is the Secretary to the AC.
The AC is not authorized by the Board to make decisions on the business operations of the Company, its subsidiaries,
affiliates or juristic persons which may have conflicts of interest. Mr. Ng Tat Pun was appointed by the Board to be the
lead Independent Director for reviewing interested person transactions undertaken by the ThaiBev Group.
The AC is primarily responsible for reviewing the financial reporting process of the Company, internal control and internal
audit systems, compliance with laws relating to the business of the Company, connected transactions, interested person
transactions or transactions which may give rise to conflicts of interest, as well as considering and selecting the
Companys and its subsidiaries external auditors, etc. The AC meets at least once a quarter or more as circumstances
require. Please refer to the Audit Committee Report regarding performance of the duties and responsibilities of the AC for
the 9-month fiscal period ended 30 September 2016.
Nomination Committee
The Board established the Nomination Committee (NC). The NC consists of Mr. Prasit Kovilaikool, Mr. Manu Leopairote
and Khunying Wanna Sirivadhanabhakdi. The Chairman of the NC is Mr. Prasit Kovilaikool. Mr. Thidi Suwanarat is the
Secretary to the NC. The majority of NC members including the NC Chairman are Independent Directors.
The NC is primarily responsible for the selection of suitable persons to be appointed as director and/or President and
CEO, setting the procedures and the guidelines for such selection in order to uphold transparency, performing duties
according to applicable laws and/or regulations and the Listing Manual as well as any amendments occasionally made
thereto and orders given by the relevant authorities or regulators to the extent that is relevant to the scope of
authorities, duties and responsibilities of the NC, reviewing nominations for re-appointment of director, and assisting the
Board in the determination and reconsideration of independence of Independent Directors at least annually. For further
details, please refer to Principle 2: Board Composition and Guidance of this report.
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Remuneration Committee
Executive Committee
The Board established the Remuneration Committee (RC). The RC consists of three Independent Directors, namely,
Mr. Prasit Kovilaikool, Prof. Kanung Luchai and Mr. Manu Leopairote. The Chairman of the RC is Mr. Prasit Kovilaikool.
Mr. Thidi Suwanarat is the Secretary to the RC.
The Board appointed an Executive Committee, which comprises Directors and top Executives. As at 1 December 2016,
the Executive Committee had 21 members, namely:
The RC is primarily responsible for:

setting the policies and the guidelines in the determination of remuneration of any kind to Directors and key
Executives as well as reviewing, revising, amending or revoking such procedures and rules in respect of Directors
remuneration for approval by the annual general meeting;
considering and reviewing the remuneration of the Directors and key Executives and proposing the same to the Board
of Directors;
recommending to the Board a framework and criteria of remuneration for the Directors and key Executives;
recommending specific remuneration packages for each Director and key Executive;
performing duties according to applicable laws and/or regulations and the Listing Manual as well as any amendments
occasionally made thereto and orders given by the relevant authorities or regulators to the extent that is relevant to
the scope of authorities, duties and responsibilities of the RC; and
performing any other act as delegated by the Board.
For further details, please refer to Principle 9: Disclosure of Remuneration of this report.
Risk Management Committee

The Board established the Risk Management Committee (RMC), which comprises Directors and top Executives. The RMC
Chairman is Mr. Narong Srisa-an. Mr. Somsak Sae-Kuay, Vice President of the Office of Internal Audit, is the Secretary
to the RMC. Any Executive who is appointed as a Senior Vice President is automatically appointed as an RMC member.
As at 1 December 2016, the RMC consists of 20 members, namely,
the following Directors: Mr. Narong Srisa-an, Mr. Puchchong Chandhanakij, Ms. Kanoknart Rangsithienchai,
Mr. Thapana Sirivadhanabhakdi, Mr. Ueychai Tantha-Obhas, Mr. Sithichai Chaikriangkrai and Dr. Pisanu Vichiensanth;
and
the following Executives: Mr. Prapakon Thongtheppairot, Mr. Edmond Neo Kim Soon, Mr. Kosit Suksingha, Dr. Agapol
Na Songkhla, Mr. Vivek Chhabra, Mr. Marut Buranasetkul, Mr. Kamolnai Chaixanien, Ms. Vaewmanee Soponpinij,
Mr. Jean Lebreton, Mr. Pramote Hassamontr, Mr. Banjong Chintanasiri, Ms. Tientip Narach and Mr. Mahin Kraivixien.
According to the RMC Charter approved by the Board, the RMC is responsible for determining the ThaiBev Groups risk
management policy and levels of acceptable risk before proposing them to the Board for consideration and approval,
as well as establishing the risk management framework, organizational strategy and resources used for risk management
in line with the risk management policy. The RMC shall ensure that the established risk management framework must
enable identification, analysis, evaluation, response and monitoring of all material risks of the ThaiBev Group in an
effective and efficient manner. In addition, the RMC shall report material risks, the risk management strategy and
activities to the Board after each RMC meeting which is held quarterly and when the RMC deems necessary, in order to
fulfill the RMCs duties and responsibilities.
Executive Chairman
1st Executive Vice Chairman
2nd Executive Vice Chairman
4th Executive Vice Chairman
5th Executive Vice Chairman
President and CEO
10. Mr. Prapakon Thongtheppairot
11. Mr. Edmond Neo Kim Soon
12. Mr. Kosit Suksingha
13. Dr. Agapol Na Songkhla
14. Mr. Vivek Chhabra
15. Mr. Marut Buranasetkul
16. Mr. Kamolnai Chaixanien
18. Mr. Jean Lebreton
19. Mr. Pramote Hassamontr
20. Mr. Banjong Chintanasiri
21. Ms. Tientip Narach
Ms. Vaewmanee Soponpinij is the Secretary to the Executive Committee and Ms. Nantika Ninvoraskul is the Assistant
Secretary to the Executive Committee.
To enhance the Companys business operations, the Board granted the Executive Committee 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.
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Prepare and propose business plans, targets, operational plans, business strategies and annual budgets of the
Company and its subsidiary companies to the Board;
In addition to the business conduct of ThaiBev, the Board also appoints certain Executive Committee members to hold
directorships in both its domestic and overseas subsidiary companies and/or business units, to monitor and control the
business administration at maximum efficiency according to the Companys policy and for the best interest of the
Company.
Determine and propose business plans, budgets and management roles and responsibilities of the Company and its
subsidiary companies to the Board for approval;
The Executive Committee meets normally once a month to discuss the Companys business administration, except in case
of urgency wherein the meeting will be held as deemed necessary.
Monitor the operations of the Company and its subsidiary companies to be in line with business policy, targets,
operational plans, business strategies, budgets and management roles and responsibilities as approved by the Board
for the efficiency of and to facilitate business conditions;
Management Committee
The Executive Committees responsibilities are as follows:
Approve payments for investments or operations, borrowing or requesting for any facility from financial institutions,
and lending and being a guarantor with respect to the normal business of the Company and its subsidiary companies as
stipulated by the Board;
Approve the annual budget for annual increase or adjustment of salary and annual incentive payment (bonus) for
employees of the Company and its subsidiary companies;
Approve payments as determined by Board;
Propose the efficient organization and management structure of the Company and its subsidiary companies to the
Board;
Recruit, employ, terminate employment, promote, impose disciplinary penalty, transfer, adjust salary level, increase
salary, adjust salary rate, and determine bonus, welfare and other benefits as well as consider all other remunerations
for all levels of employees of the Company. The Executive Committee also has the authority to appoint the President
and CEO or any appointee of the Company to be the authorized representative of the Company to sign related
employment contracts within the budget approved by the Board;
Approve the appointment of the Companys representatives to the Board and/or the sub-committee of its subsidiary
companies in order to supervise all administrative matters as approved by the Company for the efficiency and best
interest;
Supervise and approve matters relating to the operation of the Company. It may appoint or authorize any one or more
persons to engage in any act on behalf of the Executive Committee as it deems appropriate such as appointment of the
sub-committee to consider salary increase and bonus of executive level employees ranking from Vice President to
Executive Vice President, and appointment of any of the sub-committees that have particular knowledge and expertise
to manage and monitor any matter before proposing it to the Executive Committee, provided that the Executive
Committee is entitled to repeal, change or modify the scope of the authorization; and
Perform any other act as delegated by the Board.
However, the abovementioned approval does not grant power to the Executive Committee or the relevant authorized
representative to approve any transaction in which all of the members of the Executive Committee or said authorized
representative, or any related person has an interest or may have any conflict of interest with the Company or its
subsidiary companies (as defined in the Notification of the Securities and Exchange Commission). Any such matter must
be proposed to the meeting of the Board and/or the meeting of shareholders, as the case may be, for approval, as
stipulated in the AOA of the Company or its subsidiary companies, or any applicable laws.
The Board established 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.
The composition of the MC evolves during the year due to the changing appointments and responsibilities of the top
Executives during the year.
As at 1 December 2016, the MC consists of 16 members, namely, Mr. Thapana Sirivadhanabhakdi, Mr. Ueychai Tantha-Obhas,
Mr. Sithichai Chaikriangkrai, Dr. Pisanu Vichiensanth, Mr. Prapakon Thongtheppairot, Mr. Edmond Neo Kim Soon,
Mr. Kosit Suksingha, Dr. Agapol Na Songkhla, Mr. Vivek Chhabra, Mr. Marut Buranasetkul, Mr. Kamolnai Chaixanien,
Ms. Vaewmanee Soponpinij, Mr. Jean Lebreton, Mr. Pramote Hassamontr, Mr. Banjong Chintanasiri and Ms. Tientip Narach.
The Chairman of the MC is Mr. Thapana Sirivadhanabhakdi, the President and CEO and Ms. Nantika Ninvoraskul is the
Secretary to the MC Executives from various business units may also be invited to join the MC meeting as circumstances
require.
Investment Committee
The Company is particularly cautious when considering investments for business expansion. In this regard, the Executive
Committee established the Investment Committee (IC) which consists of seven members from various units. Mr. Narong
Srisa-an is the Chairman of the IC and Mr. Thapana Sirivadhanabhakdi is the Vice Chairman of the IC. Ms. Nantika
Ninvoraskul is the Secretary to the IC. The IC is responsible for the consideration of and advises the Executive Committee
on the acquisition/disposal of businesses, assets, including any merger of businesses, of the ThaiBev Group.
Following the business plan under the Vision 2020 of the President and CEO, the executive committees have been
arranged to support and strengthen the management capacity of each business group by establishing the Group Steering
Committee.
The Group Steering Committee (GSC) consists of 9 Executives from the domestic and international business groups,
namely, Mr. Thapana Sirivadhanabhakdi, Mr. Koh Poh Tiong, Mr. Somchai Bulsook, Mr. Ueychai Tantha-Obhas,
Dato Jorgen Bornhoft, Mr. Sithichai Chaikriangkrai, Dr. Pisanu Vichiensanth, Mr. Prapakon Thongtheppairot,
Mr. Edmond Neo Kim Soon, Mr. Lee Meng Tat, and Mr. Pramote Phornprapa. The Chairman of the GSC is
Mr. Thapana Sirivadhanabhakdi and Ms. Nantika Ninvoraskul is the Secretary to the GSC.
From 1 January 2016 to 30 September 2016, the Company held Board meetings, Executive Committee meetings, and
other Board committee meetings. The details of the attendance of each Director and each committee member at these
meetings are as shown in the table below:
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123
Board
AC
NC
RC
RMC(17)
Executive
Committee
Board
AC
NC
RC
RMC(17)
Executive
Committee
5/5
9/9
29. Mr. Jean Lebreton(12)
2/3
8/9
4/5
3/3
8/9
30. Mr. Pramote Hassamontr(13)
3/5
3/3
7/9
31. Mr. Banjong Chintanasiri(14)
32. Ms. Tientip Narach(15)
1/3
3/9
5/5
2/3
9/9
4/5
2/3
8/9
5/5
4/4
3/3
2/2
4/5
4/4
1/2
5/5
4/4
3/3
2/2
10. Mr. Ng Tat Pun
5/5
4/4
4/5
5/5
5/5
5/5
5/5
5/5
4/5
1/3
7/9
18. Mr. Ueychai Tantha-Obhas(2)
5/5
3/3
9/9
19. Mr. Sithichai Chaikriangkrai(3)
5/5
1/3
9/9
20. Dr. Pisanu Vichiensanth(4)
5/5
3/3
9/9
1/3
7/9
22. Mr. Edmond Neo Kim Soon(6)
1/3
4/9
23. Mr. Kosit Suksingha(7)
2/3
9/9
3/3
9/9
25. Mr. Vivek Chhabra(9)
1/3
26. Mr. Marut Buranasetkul(10)
2/3
8/9
27. Mr. Vichate Tantiwanich(11)
2/3
6/9
3/3
9/9
Name(16)
4. Mr. Komen Tantiwiwatthanaphan(1)
21. Mr. Prapakon
24. Dr. Agapol Na
Thongtheppairot(5)
Songkhla(8)
Name(16)
Remarks: (1)
Mr. Komen Tantiwiwatthanaphan ceased to be a Director on 13 July 2016 and ceased to be an Executive Vice Chairman on
26 August 2016 due to his health condition.
(2)
Mr. Ueychai Tantha-Obhas, Director and Executive Vice President Spirit Product Group, was promoted to Director and Senior
Executive Vice President Route to Market on 1 October 2016.
(3)
Mr. Sithichai Chaikriangkrai, Director and Executive Vice President Finance, was promoted to Director and Senior Executive
Vice President Finance on 1 October 2016.
(4)
Dr. Pisanu Vichiensanth, Director and Executive Vice President Technology and Engineering, was promoted to Director and
Senior Executive Vice President Technology and Engineering on 1 October 2016.
(5)
Mr. Prapakon Thongtheppairot, Senior Vice President Beer Product Group, was promoted to Executive Vice President Spirit
Product Group on 1 October 2016.
(6)
Mr. Edmond Neo Kim Soon was appointed to be Senior Vice President Beer Business (Thailand) since 1 June 2016, and was
promoted to Executive Vice President Beer Product Group on 1 October 2016.
(7)
Mr. Kosit Suksingha, Senior Vice President Supply Chain Management, was promoted to Executive Vice President Supply
Chain Management on 1 October 2016.
(8)
Dr. Agapol Na Songkhla, Senior Vice President Human Capital, was promoted to Executive Vice President Human Capital on
1 October 2016.
(9)
Mr. Vivek Chhabra was appointed to be Senior Vice President NonAlcoholic Beverage Business (Thailand) on 1 June 2016.
(10) Mr. Marut Buranasetkul, Senior Vice President, previously overseeing the NonAlcoholic Beverage Product Group, was
appointed to oversee the Japanese Food and Beverage Business, on 1 June 2016.
(11) Mr. Vichate Tantiwanich ceased from being a member of Executive Committee and Senior Vice President - Corporate Affairs
on 1 December 2016 due to his resignation.
(12) Mr. Jean Lebreton, Senior Vice President, previously overseeing Strategy, was appointed to oversee the Sustainable Business
Development on 1 October 2016.
(13) Mr. Pramote Hassamontr was appointed to be Senior Vice President Office of Spirit Production on 1 October 2016.
(14) Mr. Banjong Chintanasiri was appointed to be Senior Vice President Accounting on 1 October 2016.
(15) Ms. Tientip Narach was appointed to be Senior Vice President Finance and Accounting since 1 May 2016, and was appointed
to oversee the Treasury on 1 October 2016.
(16) Mr. Kamolnai Chaixanien was appointed to be Senior Vice President Corporate Affairs on 1 December 2016.
(17) Another one member of management who is a member of the RMC, Mr. Mahin Kraivixien, attended all RMC meetings in 2016.
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Principle 2: Board Composition and Guidance

Board of Directors
As at 1 December 2016, our Board consists of 19 Directors, including 8 Independent Directors representing more than
one-third of the total number of the Board members. All Directors have long-term experience in business or attained
honorary positions.
The size and composition of the Board are reviewed from time to time by the NC, which seeks to ensure that the size of
the Board is conducive to effective discussion and decision making, and that the Board has an appropriate number of
Independent Directors. The NC also seeks to maintain diversity of expertise, skills, and attributes among the Directors,
including relevant core competencies in areas such as accounting and finance, business and management, industry
knowledge, strategic planning, and regional business expertise, as well as taking into account broader diversity
considerations, such as gender, age, nationality, in making appointments. When a Board position becomes vacant or
additional Directors are required, the NC will select and recommend candidates on the basis of their skills, experience,
knowledge and diversity. Any potential conflicts of interest are also taken into consideration.
Independent Directors
All Directors exercise due diligence and independent judgment and make decisions objectively in the best interests of the
Company. The qualifications of the independent Directors and the determination of the NC adhere to the requirements of
Singapores CG Code 2012. An independent director under the CG Code 2012 is one who has no relationships with the
Company, its related corporations, its 10% shareholders or its officers that could interfere, or be reasonably perceived to
interfere, with the exercise of the directors independent business judgment with a view to the best interests of the
Company, and such director should be independent both in character and judgment.
In addition, the Board notes Guideline 2.4 of CG Code 2012 which recommends that the independence of any Director
who has served on the Board beyond nine years, from the date of first appointment, be subject to particularly rigorous
review.
In this regard, the Board is of the opinion with the concurrence of the NC that the Independent Directors who consist of
Prof. Kanung Luchai, Mr. Manu Leopairote, Mr. Ng Tat Pun, Mr. Michael Lau Hwai Keong, Dr. Sakthip Krairiksh,
Prof. Pornchai Matangkasombut, and Gen. Dr. Choo-Chat Kambhu Na Ayudhya, totalling seven persons, should each
continue serving as Independent Directors of the Company, notwithstanding that their tenures have exceeded
9 consecutive years. The Board has considered and found that each of them had actively expressed their independent
opinions with regard to the Companys business operations and the recommendations of Management, and have continued
to be able to discharge their duties with independent business attitudes with regard to the best interests of the Company,
as well as illustrated their qualifications to be beneficial for the Board as a whole.
Mr. Charoen Sirivadhanabhakdi is the Chairman of our Company and the father of Mr. Thapana Sirivadhanabhakdi who is
the President and CEO of the Company. In this regard, the Board appointed Mr. Prasit Kovilaikool as the Lead
Independent Director. The Lead Independent Director acts as the principal liaison between the Independent Directors and
the Chairman on sensitive issues, and also addresses shareholder concerns which could not have been resolved through
the normal channels of the Chairman or the President and CEO, or for which such contact is inappropriate.
In the year 2016, the Lead Independent Director, Mr. Prasit Kovilaikool, requested to hold one meeting for Independent
Directors to meet in May 2016. The Independent Directors observed and exchanged contributive suggestions for the
further improvement of the Companys business operation efficiency.
Principle 4: Board Membership

In order to ensure a transparent process for the appointment and re-appointment of the Directors to the Board, the NC
establishes and reviews the profile required of Board members and makes recommendations to the Board on the
appointment, re-appointment and retirement of Directors. The NC also reviews all nominations for appointment of
President and CEO, Senior Executive Vice President, Executive Vice President, and Senior Vice President, and submits its
recommendations for approval by the Board. The NC takes into account an appropriate mix of core competencies for the
Board and Executives to fulfil its roles and responsibilities.
Directors must ensure that they are able to give sufficient time and attention to the affairs of ThaiBev and, as part of its
review process, the NC decides whether or not a Director is able to do so and whether he/she has been adequately
carrying out his/her duties as a Director of ThaiBev. Currently, the Company has not yet determined the maximum
number of listed company board representations which a Director may hold. The Company believes that each Director has
carefully considered that he/she will be able to devote sufficient time to manage the business of ThaiBev.
A Director must retire from office as per the provisions of the AOA of ThaiBev. The following is a summary of the
composition, appointment, removal or retirement from our Board set forth in the AOA of the Company:
1. The Board shall consist of at least five persons. Not less than one-half of the total number of Directors shall reside
within the Kingdom of Thailand. The Directors of the Company shall have the qualifications as prescribed by the law
on public limited companies and the law on securities and exchanges.
2. The Directors shall be elected by majority vote at the shareholders meeting in accordance with the criteria and
procedures as follows:

(1) Each shareholder shall have one vote for one share.
(2) A shareholder who wishes to exercise the right of election may use all the votes he/she has under (1) to elect
one or several persons as Director or Directors; however, he or she may not split unequally between any persons
in any number.
(3) The persons who receive the most votes shall be elected as Directors, in the number of Directors required or to
be elected on the relevant occasion. In the event that votes of two or more nominees are equal in number,
causing the number of Directors required or to be elected on such relevant occasion to be exceeded, the
chairman of the meeting shall have a casting vote.
Principle 3: Chairman and CEO

Our Chairman encourages constructive relations among the Board, Executive Committee and Management. The Chairman
approves the agenda to be considered at the Board meetings and the Executive Committee meetings (as he is the
Chairman of the Executive Committee). The President and CEO supervises the disclosure of adequate and appropriate
information to Management and to the Board for further consideration and actions at the appropriate time.
The Chairman and the President and CEO are each responsible for their roles in overseeing the business operation and
administration in accordance with the policy of the Board, the business plan under Vision 2020 and the structure of the
organization of the Company.
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3. At every annual ordinary shareholders meeting, one-third of the Directors, or, if the number of Directors is not a
multiple of three, then the number nearest to one-third shall retire from office.

The Directors to retire during the first and second years following the registration of the Company shall be drawn by
lots. In subsequent years, the Directors who have remained in office for the longest time shall retire. A retiring
Director may be eligible for re-election.
4. Any Director wishing to resign from office shall submit his/her resignation letter to the Company. Such resignation
shall become effective on the date of receipt of the said letter of the Company.
5. The shareholders meeting may pass a resolution to remove any Director from office prior to rotation, by a vote of not
less than three-fourths of the number of the shareholders attending the meeting and having the right to vote, whose
shares represent a total of not less than one half of the number of shares held by the shareholders attending the
meeting and having the right to vote.
In performing their roles, our NC adheres to the laws applicable to our Company and the Listing Manual. The NC has also
adopted a charter and proposed it to the Board for approval.
For key information regarding each of the Directors, please refer to Profile of Directors & Key Management in our 2016
Annual Report.
Principle 5: Board Performance

In conducting the business of the Company, the Board performs its duties in good faith and due care according to the
laws, shareholders resolutions and to preserve the interests of the Company. Our Board will conduct the self-assessment
of its performance and responsibilities.
Annually, the NC undertakes a process to assess the effectiveness of the Board and the Board committees. They include
Directors attendance, participation and contribution during the meetings. Due consideration is also given to the factors
set out in the Guidelines to Principle 5 of the CG Code 2012.
To encourage and support the conduct of the self-assessment of the Board and the Board committees, the NC has
prepared a self-assessment form for the Board and the Board committees which includes the effectiveness of the Board
structure and qualifications, the Board meetings, the duties and responsibilities of the Board, the relationship between
the Board and management team, and the Directors self-development and training, including comments or recommendations.
The NC is responsible for reviewing the self-assessment of the Board and the sub-committees and to report an overview
of the assessment to the Board accordingly.
The Office of Corporate Secretariat plans a year in advance, a calendar of activities for the Board. For preparation of the
meeting, the Office of Corporate Secretariat will deliver the Board papers, financial statements including management
reports, agenda items and related materials, background or explanatory information beforehand on a timely basis to
Directors, so that Directors have sufficient lead-time to peruse, review and consider the items tabled, and in order for
discussions at Board and Board Committee meetings to be even more meaningful and productive. Senior Management is
invited to attend the Board Meetings and other Board committee meetings in order to provide input and insight into
matters being discussed, and to respond to any queries that the Directors may have. The Board members have separate
and independent access to management to ensure that Board procedures are followed.
Where it is necessary for the efficacious discharge of their duties, the Directors and Board Committee members, either
individually or as a group, may seek and obtain independent professional advice at the Companys expense.
B. Remuneration Matters
Principle 7: Procedure for Developing Remuneration Policies
The main responsibility of the RC is to assist the Board in establishing a formal and transparent process for developing
policies on executive remuneration and development. The RC will also review the terms of compensation and employment
for Executive Directors and key management personnel (such as the President and CEO, and top Executives) at the time
of their respective employment or renewal (where applicable) including considering the Companys obligations in the event
of termination of services.
The RC is authorized by the Board to determine the remuneration of Directors and/or Executives in consultation with the
Chairman, who is authorized by the Board to allocate the remuneration as deemed appropriate, and to propose the level
of Directors remuneration for the approval of the shareholders meetings. The RC has considered and reviewed the
appropriate and reasonable amount of remuneration to be paid to each Director and the top Executives and proposed the
recommendation of the said remuneration to the entire Board for endorsement. All aspects of remuneration are
considered by the RC, including Directors fees, salaries, allowances, bonuses, and benefits-in-kind. The RC, as part of its
recommendation of specific remuneration packages for each Director and key Executive, also reviews the Companys
obligations arising in the event of termination in such remuneration packages to ensure that the termination clauses are
fair and reasonable.
If a member of the RC has an interest in a matter under deliberation, he will abstain from participating in the review and
approval process for that matter.
The RC may from time to time, and where necessary or required, consider engaging external consultants to assist in
framing the remuneration policy and determining the level and mix of remuneration for Directors and Management.
Principle 6: Access to Information
Principle 8: Level and Mix of Remuneration
We are committed to providing our Board members with adequate, complete, continuous and timely information before
the Board meetings and on an on-going basis so as to enable them to make informed decisions to discharge their duties
and responsibilities.
The determination of the level and band of remuneration of the Directors, Executive Directors, and top Executives of the
Company was based on corporate performance, duties, responsibilities and individual performance, having regard to due
compliance with applicable laws and the recommendations of the CG Code 2012.
The Board members have separate and independent access to the Company Secretary. The Company Secretary,
in consultation and cooperation with the Office of Legal Affairs including the compliance advisor as the case may be,
is responsible for advising the Board on private and public limited company laws 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 Office of Corporate Secretariat and who also supports the Company Secretary. This is to ensure
compliance with the legal and regulatory requirements. The Board approves the appointment and the removal of the
Company Secretary. During the last fiscal year being the 9-month period ended 30 September 2016, the Company
Secretary attended all Board and Executive Committee meetings.
In this regard, the Company has entered into a long-term employment agreement with Dr. Pisanu Vichiensanth, who is the Director
and the Managing Director of Beer Thai (1991) Public Company Limited and Managing Director of Cosmos Brewery
(Thailand) Co., Ltd., and a Senior Master Brewer.
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128
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129
Long Term Incentive Plan
Types of Remuneration
The Companys Long Term Incentive Plan (LTIP) was approved by the 2016 Annual General Meeting of Shareholders
dated 28 April 2016 (2016 AGM). The LTIP will help to enhance the ThaiBev Groups competitiveness in retaining and
attracting talented Group Employees (as defined in the LTIP) and the LTIP will also be useful for the purposes of
rewarding past performance and incentivizing future performance, both at the corporate and individual levels. In this
regard, the issuance and offering of the new ordinary shares under the LTIP will be proceeded with under the relevant
regulations of the Notification of the Securities and Exchange Commission under Thai laws and relevant regulations of the
SGX.
Name of Directors
(executive capacity)
Remuneration Directors
band
fees (%)
Salaries
(%)
Bonuses as
well as funds
paid based on
the operating
results of the Other
benefits
Company
(%)
(%)
Compensation
in a form of
shares and
long-term
benefits
(%)
The Board established the Long Term Incentive Plan Committee (LTIP Committee). The LTIP Committee consists of
4 Directors, namely, Mr. Narong Srisa-an, Mr. Prasit Kovilaikool, Mr. Michael Lau Hwai Keong, and Mr. Thapana
Sirivadhanabhakdi. The Chairman of the LTIP Committee is Mr. Narong Srisa-an. Dr. Agapol Na Songkhla is the Secretary
to the LTIP Committee.
80
20
80
20
48
52
In this regard, the LTIP Committee has the roles and responsibilities according to the Companys LTIP approved by the
2016 AGM. The LTIP Committee has the discretion to consider and determine the matters related to the LTIP, such as
the eligibility of participants, conditions or criteria for making awards, administration of the LTIP, whether the plan should
be terminated within a maximum period of 5 years from the date of project commencement, and any alterations to the
LTIP at any time.
4. Mr. Komen Tantiwiwatthanaphan(1)
76
24
74
26
47
53
54
46
Principle 9: Disclosure of Remuneration
8. Mr. Ueychai Tantha-Obhas(2)
54
46
9.1 Remuneration of Directors
9. Mr. Sithichai Chaikriangkrai(3)
52
48
In providing details of remuneration of the Directors (including those who are in an executive capacity) of the Company,
the new fiscal year ending 30 September was taken into account. The information has therefore been provided with
reference to the 12-month period from 1 October 2015 to 30 September 2016 (assuming a foreign exchange rate of
SGD 1 = Baht 26) and together with a percentage breakdown into the following categories (1) Directors fees;
(2) salaries; (3) bonuses as well as funds paid based on the operating results of the Company; (4) other benefits; and
(5) compensation in the form of shares and long-term benefits, are set out in the tables below. The disclosure of the
remuneration of Directors on an annualised basis, for the 12-month period from 1 October 2015 to 30 September 2016,
will help to facilitate comparisons and benchmarking across the industry.
10. Dr. Pisanu Vichiensanth(4)
54
46
In respect of the Directors who are in an executive capacity, the Company, having duly considered the highly competitive
human resource environment of the industry and the confidential nature of staff remuneration matters, is of the view that
full disclosure of their remuneration may be prejudicial to the interests of the Company and may hamper the Companys
efforts to retain and nurture its talent pool. In the alternative, the Company has disclosed their remuneration in bands of
SGD 250,000 or equivalent (as described below).
Remarks: (1)
Mr. Komen Tantiwiwatthanaphan ceased to be a Director on 13 July 2016 and to be an Executive Vice Chairman on
26 August 2016 due to his health condition.
(2)
Mr. Ueychai Tantha-Obhas, Director and Executive Vice President Spirit Product Group, was promoted to Director and Senior
Executive Vice President Route to Market on 1 October 2016.
(3)
Mr. Sithichai Chaikriangkrai, Director and Executive Vice President Finance, was promoted to Director and Senior Executive
Vice President Finance on 1 October 2016.
(4)
Dr. Pisanu Vichiensanth, Director and Executive Vice President Technology and Engineering, was promoted to Director and
Senior Executive Vice President Technology and Engineering on 1 October 2016.
Remuneration bands:
A
refers to remuneration below SGD 250,000 or equivalent
refers to remuneration between SGD 250,000 and SGD 499,999 or equivalent
refers to remuneration between SGD 1,000,000 and SGD 1,249,999 or equivalent
refers to remuneration between SGD 1,250,000 and SGD 1,500,000 or equivalent
Name of Directors
(non-executive capacity)
Total
(SGD)
fees (%)
Salaries
(%)
Bonuses as
well as funds
paid based on
the operating
benefits
Company
(%)
(%)
Compensation
in a form of
shares and
long-term
benefits
(%)
253,000
54
46
126,000
54
46
152,000
54
46
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130
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Total
(SGD)
fees (%)
Name of Directors
(non-executive capacity)
131
Bonuses as
well as funds
paid based on
the operating
benefits
Company
(%)
(%)
Salaries
(%)
Compensation
in a form of
shares and
long-term
benefits
(%)
Names of Top Executives(10)(11)(12)
Remuneration
on band
Salaries
%
Bonuses as
Compensation
well as funds
in a form of
paid based on
shares and
the operating
long-term
results of the
benefits
Company
Other benefits
%
%
%
14. Mr. Ng Tat Pun
101,000
54
46
6. Mr. Marut Buranasetkul(6)
63
37
59,000
54
46
7. Mr. Vichate Tantiwanich(7)
68
32
59,000
54
46
67
33
59,000
54
46
9. Mr. Jean Lebreton(8)
59
41
59,000
54
46
10. Ms. Tientip Narach(9)
65
35
59,000
54
46
59,000
54
46
9.2
Remuneration of Top Executives
In providing details of remuneration of the top 10 Executives (excluding persons who are Directors or the CEO) of the
Company, the new fiscal year ending 30 September was taken into account. The information has therefore been provided
with reference to the 12-month period from 1 October 2015 to 30 September 2016 (assuming a foreign exchange rate
of SGD 1 = Baht 26) and together with a percentage breakdown into the following categories: (1) salaries, (2) bonuses
as well as funds paid based on the operating results of the Company, (3) other benefits, and (4) compensation in the form
of shares and long-term benefits, are set out in the table below. Total remuneration has been disclosed in bands of
SGD 250,000 or equivalent (as described above). The disclosure of the remuneration of the Executives on an annualised
basis, for the 12-month period from 1 October 2015 to 30 September 2016, will help to facilitate comparisons and
benchmarking across the industry.
Bonuses as
Compensation
well as funds
in a form of
paid based on
shares and
the operating
long-term
results of the
benefits
Company
Other benefits
%
%
%
Remuneration
on band
Salaries
%
1. Mr. Prapakon Thongtheppairot(1)
54
46
2. Mr. Edmond Neo Kim Soon(2)
74
26
3. Mr. Kosit Suksingha(3)
76
24
4. Dr. Agapol Na Songkhla(4)
76
24
5. Mr. Vivek Chhabra(5)
100
Names of Top
Executives(10)(11)(12)
Remarks: (1)
Mr. Prapakon Thongtheppairot, Senior Vice President Beer Product Group, was promoted to Executive Vice President - Spirit
Product Group on 1 October 2016.
(2)
Mr. Edmond Neo Kim Soon was appointed to be Senior Vice President Beer Business (Thailand) on 1 June 2016, and was
promoted to Executive Vice President Beer Product Group on 1 October 2016.
(3)
Mr. Kosit Suksingha, Senior Vice President Supply Chain Management, was promoted to Executive Vice President Supply
Chain Management on 1 October 2016.
(4)
Dr. Agapol Na Songkhla, Senior Vice President Human Capital, was promoted to Executive Vice President Human Capital on
1 October 2016.
(5)
Mr. Vivek Chhabra was appointed to be Senior Vice President NonAlcoholic Beverage Business (Thailand) on 1 June 2016.
(6)
Mr. Marut Buranasetkul, Senior Vice President, previously overseeing the NonAlcoholic Beverage Product Group, was
appointed to oversee the Japanese Food and Beverage Business, on 1 June 2016.
(7)
Mr. Vichate Tantiwanich ceased from being a member of Executive Committee and Senior Vice President - Corporate Affairs
on 1 December 2016 due to his resignation.
(8)
Mr. Jean Lebreton, Senior Vice President, previously overseeing Strategy, was appointed to oversee the Sustainable Business
Development on 1 October 2016.
(9)
Ms. Tientip Narach was appointed to be Senior Vice President Finance and Accounting on 1 May 2016, and was appointed to
oversee the Treasury on 1 October 2016.
(10) Mr. Pramote Hassamontr was appointed to be Senior Vice President Office of Spirit Production on 1 October 2016.
(11) Mr. Banjong Chintanasiri was appointed to be Senior Vice President Accounting on 1 October 2016.
(12) Mr. Kamolnai Chaixanien was appointed to be Senior Vice President Corporate Affairs on 1 October 2016.
The aggregate amount of the total remuneration paid to the top 10 Executives (excluding persons who are Directors or
the CEO) for the 12-month period from 1 October 2015 to 30 September 2016 is SGD 5,034,000.
During the 12-month period from 1 October 2015 to 30 September 2016, the Company did not compensate any
termination, retirement and post-employment benefits to the Directors, the CEO, and the top Executives (who are not the
Directors and the top Executives or the CEO).
Other than Mr. Thapana Sirivadhanabhakdi and Mr. Panote Sirivadhanabhakdi, who are the sons of our Directors,
Mr. Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, and Directors themselves, the following
employees of ThaiBev and/or its subsidiaries are immediate family of a Director or the CEO and whose remuneration
exceeds SGD 50,000 for the 12-month period from 1 October 2015 to 30 September 2016:
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Name of employee
1. Dr. Karndee Leopairote,
daughter of Mr. Manu Leopairote,
Independent Director and Audit
Committee Member
Position
Managing Director
C A C Co., Ltd. (subsidiary of ThaiBev)
Manager of Accounting Office

2. Ms. Nitaya Chaikriangkrai,
sister of Mr. Sithichai Chaikriangkrai, Thai Beverage Recycle Co., Ltd.
Director and Executive Vice President (subsidiary of ThaiBev)
Remuneration Band (SGD)

150,001 200,000
Identify material corporate risks, set risk assessment criteria and risk appetite to manage high level risks.
Conduct a risk assessment according to risk assessment criteria.
Set risk responses for the risks that exceed the Company risk assessment criteria and levels of acceptable risk.
Monitor and review major risks and risk treatment procedures to ensure that risks are appropriately managed.
50,001 100,000
The remuneration of Mr. Charoen Sirivadhanabhakdi, Khunying Wanna Sirivadhanabhakdi, Mr. Thapana Sirivadhanabhakdi
and Mr. Panote Sirivadhanabhakdi has been disclosed in our 2016 Annual Report.
C. Accountability and Audit

Principle 10: Accountability
The Board is responsible for providing a balanced and understandable assessment of the performance, position and
prospects of the ThaiBev Group through quarterly and annual financial reporting. The financial statements for the first
three quarters shall be released to shareholders within 45 days after the end of each quarter, and the annual results shall
be released within 60 days after the end of each fiscal year, in each case primarily via SGXNET in line with the Listing
Manual. Material price sensitive information is also disseminated to shareholders via SGXNET in compliance with the
Listing Manual, as well as through press releases, the Companys website and information briefings. In addition to such
disclosures, our top Executives also participate in quarterly results briefings and telephone conferences from time to time,
with a view to providing a timely update and clarification to our investors.
Principle 11: Risk Management and Internal Controls

Risk Management
The Board accepts overall responsibility for risk governance. The RMC, consisting of Directors and the top Executives of
each product group or business unit, was appointed by the Board to assist the Board in discharging its responsibility in
this regard to ensure that the ThaiBev Group has implemented an effective risk management framework. The RMC focuses
on the identification and management of all material business risks, including but not limited to strategic, financial,
operational, reputational, environmental, information technology and compliance risks that may prevent the Company
from achieving its objectives.
In connection with its responsibilities, the RMC determines the Companys risk management policy, levels of acceptable
risk and proposes them to the Board for approval, as well as its risk management framework. The RMCs further roles are
to oversee the Management who is responsible for managing risks in accordance with the approved policy and framework,
and designing, implementing and monitoring risk management processes.
The RMC meets every quarter, or as often as the RMC members deem necessary, in order to fulfill the RMCs duties and
responsibilities. As of the 9-month fiscal period ended 30 September 2016, the RMC meetings were held three times.
After each meeting, the RMC is required to quarterly report the progress and status of significant risk management to the
Board. This enables the Board to provide advice necessary to strengthen the efficiency and effectiveness of risk
management. In addition, the RMC prepares the risk management annual report concerning the ThaiBev Groups risks, risk
management strategy and activities for disclosure in the Companys Annual Report.
The Companys risk management processes can be summarized as follows:
Stipulate the Companys policy and framework for risk management and communicate them to the Companys
Executives and employees by emphasizing on the importance of risk management and the practical implementation of
such policy to ensure the achievement of the Company objectives.
Please refer to the Risk Management information in our 2016 Annual Report, in which the RMC reported significant risks
of the ThaiBev Group including preventive measures and solutions.
Internal Controls
The Board recognizes its responsibility to ensure a sound system of risk management and internal controls to safeguard
the shareholders investments and the Companys assets. In this regard, the Board established an Executive Committee,
each member of which oversees different product groups and business units to ensure the adequacy and effectiveness of
financial, operational, compliance and information technology controls, including systematic risk management through
determining structure, strategy and risk owners, controlling and monitoring the results of risk management and reporting
to the RMC.
In support of compliance with applicable laws and regulations, the Board also assigned the Office of Corporate Secretariat
to oversee compliance with private and public limited laws (including securities laws) which are applicable to the Company.
In addition to controls over compliance with relevant laws and regulations, the Board sets the tone on acceptable
Business Ethics and policies related to the ThaiBev Groups business operations to be used as practical guidelines for all
our Directors, Executives and employees, including the Companys other stakeholders, and to strengthen sustainability of
the Company. With a view to the handling of information in order to prevent mishandling of information either for
personal benefit or other persons benefit, the Board instituted a policy and code of conduct for the Directors, Executives
and employees of the Company to be responsible for preventing any access by unauthorized persons to, and/or disclosure
of, non-public information that may affect the market price or value of the Companys shares and other financial
instruments issued by the Company, before it is received by the SGX, or before the information is made public through
SGXNET.
Furthermore, the Board has a policy for the Company, Directors and Executives on dealing in the Companys securities.
The Company, Directors and Executives of the Company are prohibited from dealing in the Companys securities from the
date commencing two weeks before the announcement of the Company financial statements for each of the first three
quarters of the Companys fiscal year and one month before the announcement of the Companys full year financial
statements, and from trading at any time on short-term considerations. Under the AOA of the Company and applicable
law, the Directors must also notify the Company and the SGX of the particulars of his/her shareholding interest in the
Company at the time of his/her appointment and, for so long as he/she remains as a Director, of any interest in, and all
changes to, his/her shareholding in the Company within 2 business days of any such change. The Company Secretary
immediately announces such notice through SGXNET and within 7 days provides a copy of the notice received to all other
Directors.
The AC, with the assistance of the internal and external auditors, reviews and reports to the Board at least annually on
the adequacy and effectiveness of the Companys internal controls, including financial, operational, compliance and
information technology controls, all of which have been established and maintained by the Management in order to ensure
the Companys operational achievement in furtherance of its goals and objectives, ensure compliance with applicable laws
and regulations and safeguard its significant assets from misconduct or loss. The AC also oversees the accuracy and
reliability of financial information and reporting. In assessing the adequacy and effectiveness of the Companys internal
controls, the AC has considered the results of audits by the internal and external auditors in conjunction with the
evaluation results based on the Assessment Form of Adequacy of Internal Control System which was designed in
accordance with the COSO (The Committee of Sponsoring Organizations of the Treadway Commission) Internal Control
Framework which was recommended by the Securities and Exchange Commission of Thailand (SEC) for the Stock
Exchange of Thailands listed companies to use as a guideline to perform self-evaluation or review on the adequacy of
their own internal controls. Based on the aforesaid considerations, the AC is of the opinion that for the 9-month fiscal
period ended 30 September 2016, the Company had in place adequate and effective internal controls including financial,
operational, compliance and information technology controls.
133
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Annual Report 2016

Additionally, the Board, with the assistance of the RMC and the AC, annually reviews the adequacy and effectiveness of
the Companys risk management and overall internal control systems. Based on the internal controls and the risk
management processes established and maintained by the Company, independent audits performed by the internal and
external auditors, and the assurance from the President and CEO and the Chief Financial Officer that the financial records
and statements have been properly prepared and give a true and fair view of the operations and finances of ThaiBev
Group in accordance with the applicable laws and regulations, and that ThaiBev Group has in place adequate and effective
internal controls and risk management systems which are considered relevant and material to the current ThaiBev Groups
business and operations, the Board, with the concurrence of the AC, is of the opinion that throughout the 9-month fiscal
period ended 30 September 2016, ThaiBev Group had in place adequate and effective internal controls addressing
financial, operational, compliance and information technology risks and risk management systems which are considered
relevant and material to the current ThaiBev Groups business operations.
auditors are themselves suitable auditing firms for the respective subsidiaries and such appointments would not
compromise the standard and effectiveness of the audit of the Company, in compliance with
Rule 715 and 716 of the Listing Manual.
The system of internal controls and risk management which was in place throughout the said fiscal period provides
reasonable, but not absolute, assurance that the Company or ThaiBev Group will not be adversely affected by any event
that could be reasonably foreseen as it strives to achieve its business objectives. In this regard, the Board also notes that
no system of internal controls and risk management can provide absolute assurance against the occurrence of material
errors, poor judgment on decision making, human error, losses, fraud or other irregularities.
In performing the duties on the review of financial information reporting, the internal control and internal audit systems,
in compliance with business related laws and connected transactions or transactions that may give rise to conflicts of
interest, the AC will meet on a quarterly basis or when deemed necessary by the AC, with the auditors, the personnel of
the Office of Internal Audit and Executives according to the relevant topics. In the 9-month fiscal period ended
30 September 2016, apart from ordinary meetings, the AC held a private meeting with the internal and external auditors,
without the presence of the Management.
Principle 12: Audit Committee

The AC, appointed by the Board, comprises four Independent Directors: three Thais and one Singaporean. For the names
of the AC Chairman and members, please refer to Principle 1: The Boards Conduct of Affairs. Based on the qualifications
of the AC Chairman and members, the Board is of the view that the AC Chairman and members are all appropriately
qualified to discharge their responsibilities. The AC responsibilities are clearly set forth in the Audit Committee Charter,
for instance, reviewing the financial statements preparation process and information disclosures of the Company and its
subsidiaries to ensure accuracy and reliability, overseeing the adequacy and effectiveness of the internal controls and the
internal audits of the Company and its subsidiaries, reviewing the Companys and its subsidiaries compliance with
business related laws, reviewing interested persons transactions to prevent any occurrence of conflicts of interest, and
considering and selecting auditors of the Company and its subsidiaries. The AC is duly authorized to investigate any
matter within its Charter, has full access to and co-operation from Executives and full discretion to invite any Director or
Executive to attend its meetings, and has adequate resources to enable it to discharge its functions properly.
In carrying out the duty on the selection of external auditors of the Company and its subsidiaries, the AC considers their
competency, professional proficiency, recognized past performance and independence in providing audit services without
having any relationship or interest with the Company or its subsidiaries, including non-audit services that will affect the
auditors independence. In addition, the AC takes into consideration whether the external auditors (both the auditing firm
and the audit engagement partner proposed to be assigned to the audit) have the necessary resources and experience,
other audit engagements of the auditing firm, the size and complexity of the Company and its subsidiaries being audited,
and the number and experience of supervisory and professional staff assigned to the particular audit, in determining
whether the external auditors are suitable for continued appointment, before proposing its opinions on the appointment
of the external auditors of the Company and its subsidiaries and their remuneration to the Board of Directors in order to
propose to the Shareholders Meeting for approval.
At the 2016 AGM, the Shareholders appointed Mr. Nirand Lilamethwat (Certified Public Accountant No. 2316), or
Ms. Nittaya Chetchotiros (Certified Public Accountant No. 4439), or Mrs. Wilai Buranakittisopon (Certified Public
Accountant No. 3920), or Mr. Ekkasit Chuthamsatid (Certified Public Accountant No. 4195) of KPMG Phoomchai Audit Ltd.
to be in charge of the audit of the Companys financial statements for the 9-month fiscal period from 1 January 2016
to 30 September 2016. This appointment is in compliance with Rules 712 and 713(1) of the Listing Manual.
ThaiBev, its subsidiaries and significant associated companies have appointed KPMG Phoomchai Audit Ltd. (KPMG
Thailand) and other KPMG members firms in various countries to provide audit services. The Companys significant
subsidiary, International Beverage Holdings Limited, has appointed KPMG in the Peoples Republic of China to be its
auditor. The Companys significant associated companies, Fraser and Neave, Limited and Frasers Centrepoint Limited, both
of which are listed on the SGX, have appointed KPMG Singapore (KPMG LLP) to be their auditor. Although, as of the
9-month fiscal period ended 30 September 2016, four overseas subsidiaries, namely, International Beverage Holdings
Limited, USA Inc., Best Spirits Co., Ltd., InterBev Malaysia Sdn Bhd., and InterBev (Cambodia) Co., Ltd. appointed
different auditors from the Company, the AC and the Board have considered and been satisfied that these different
According to the financial statements for the 9-month fiscal period ended 30 September 2016, the ThaiBev Group
consisting of ThaiBev and all subsidiaries paid fees for audit services provided by KPMG Thailand and other auditors in
the amount of approximately Baht 55.26 million and Baht 7.7 million, respectively. In addition, fees for non-audit
services which were paid to KPMG Thailand and other auditors amounted to approximately Baht 2.86 million, and
Baht 4.37 million, respectively. With regard to the non-audit services, the AC has also reviewed the scope of the said
non-audit services provided and confirmed that the provision of these non-audit services would not, in the ACs opinion,
affect the independence of KPMG Thailand and the said other auditors.
KPMG Thailand, the Companys external auditor, has briefed the AC at the AC meetings on the change of the Companys
fiscal year, from the 12-month period beginning on 1 January and ending on 31 December of each year to the 12-month
period beginning on 1 October and ending on 30 September of each year. The first fiscal year of 2016 immediately
following the said change in fiscal year end would be the period of 9 months, from 1 January 2016 to 30 September 2016.
The briefings by the external auditor included relevant changes to accounting standards and issues which have a direct
impact on the Companys financial statements.
The ThaiBev Group has in place a Whistleblowing Policy (Policy) that provides a channel for all ThaiBevs Directors,
Executives and employees to report any well-founded suspicious wrongdoings or dangers at work. This includes criminal
activities and other unlawful conduct, failure to comply with regulatory requirements, financial irregularities and actions
that are dangerous to the health and safety of people or the environment. The person who raises genuine concerns in
good faith can rest assured that the Company will take the raised concerns seriously and investigate as deemed
appropriate, including protecting the whistle-blower from detriment, retribution or harassment in doing so. Details of this
Policy have been disseminated and are made publicly available to all employees on the Companys website. The AC has
considered the said Policy and will ensure that independent investigations of the raised matters and any appropriate
follow-up actions are carried out.
Principle 13: Internal Audit

The Company established the Office of Internal Audit (ThaiBev IA) as an independent unit to assist the Board through
the AC by assessing and improving effectiveness of risk management, internal controls and governance processes. In this
regard, the AC shall approve the appointment, demotion, transfer and dismissal of the Vice President of ThaiBev IA, and
will also be including evaluating his/her performance. The compensation of the Vice President of ThaiBev IA is determined
based on his/her competency and experience and in line with the Companys compensation policies with endorsement by
the AC and approval by the President and CEO and the Chairman of the Board, respectively. In addition, the Vice President
of ThaiBev IA shall be appointed by the AC as the Secretary to the AC. ThaiBev IA reports directly to the AC and
administratively to the President and CEO. With this organizational structure and reporting relationships, it enables
ThaiBev IA to objectively and independently discharge the duties and responsibilities specified in its Internal Audit Charter
approved by the AC. ThaiBev IA is authorized to have unrestricted access to all the Companys documents, records,
properties and personnel pertinent to carrying out its duties, including access to the AC. ThaiBev IA is a corporate
member of the Institute of Internal Auditors of Thailand (IIAT), guided by the Standards for the Professional Practice of
Internal Auditing set by the Institute of Internal Auditors, and has incorporated these Standards into its audit practices.
ThaiBev IA adopts a risk-based audit methodology to develop its audit plans to ensure that audit activities are aligned
with key risks of ThaiBev Group. Based on risk assessments performed, greater focus and appropriate review intervals are
set for high risk activities and material internal controls, including compliance with the Companys policies, procedures
and regulatory responsibilities.
135
Annual Report 2016

136
During the year, ThaiBev IA conducted its audits as detailed in the internal audit plan submitted to and approved by the
AC. Findings and internal auditors recommendations on areas of improvement were reported for Executives
implementation. Each quarter, ThaiBev IA submitted to the AC a report on the status of the audit plan and on audit
findings and actions taken by Executives. Key findings were highlighted at the AC meetings for discussion and follow-up
action. The AC monitors the timely and proper implementation of required corrective, preventive or improvement
measures undertaken by the Management.
To ensure that the internal audits are effectively performed, ThaiBev IA recruits and employs suitably qualified staff with
the requisite skills and experience. Such staff are also given relevant training and development opportunities to update
their technical knowledge and auditing skills. In addition, they are promoted and supported the improvement of their
expertise so as to become qualified as certified internal auditors or to attain other related professional certifications.
The AC shall annually evaluate the performance of ThaiBev IA to ensure that ThaiBev IA has adequate resources and
appropriate standing within the Company to perform its function effectively.
D. Shareholders Rights and Responsibilities

Principle 14: Shareholder Rights
The Company acknowledges and gives importance to the rights of the shareholders, who are the owners of the Company.
The Company has ensured equal and fair treatment towards every shareholder through its accurate, transparent and
timely disclosure of information via SGXNET. The Company pays great attention to the sufficiency of information
disclosure so that the shareholders are able to make a well-informed decision at the shareholders meeting, including
casting their votes and expressing their opinions on significant changes and the election of Directors, based on
information which is accurate, complete, transparent, and equally shared.
Principle 15: Communication with Shareholders

Communication with shareholders is done not only through announcements via SGXNET but also through our Investor
Relations Unit (currently is under supervision of the Office of Corporate Communication) who works closely with our top
Executives to ensure active communication with shareholders through announcements made via SGXNET in a timely
manner. The unit arranges quarterly briefings following the disclosure of interim and full year results, so that investors
may query Management about financial, marketing or strategic issues. In the interim, the Investor Relations Unit also
regularly meets with investors to communicate the policies and strategies of the Company so that investors have a good
understanding of the Company operation. The Investor Relations Unit also provides timely detailed information via the
corporate website.
The unit also reports to Management in relation to investors comments and concerns. Contact information for the
Investor Relations Unit is set out in section on Investor Information of this annual report and is also available in the
investor relations section of our corporate website http://www.thaibev.com/ir.html.
Principle 16: Conduct of Shareholder Meetings

Shareholders meetings are held in accordance with the agenda mentioned in the relevant invitation to the shareholders
meeting. The Company sends a complete invitation to shareholders meeting, including attachments, with sufficient
information relevant to the meeting to the shareholders. Moreover, the Company posts all information which is relevant
to the meeting on SGXNET so that the shareholders will have sufficient time to carefully study this information. In addition,
at least fourteen days prior to the date of the meeting, notice of a shareholders meeting will be given by advertisement
in a daily press in Singapore (for one day), and by the advertisement in the daily press in Thailand (for at least three
consecutive days) in order to allow shareholders sufficient time to prepare for attending the shareholders meeting as
required by the related laws and regulations and the Listing Manual.
The Chairman of the Board, the Chairman of the Audit, Remuneration, and Nomination Committees, and Directors who are
part of the management team are usually present and are available to address shareholders queries at these meetings.
Our external auditors from KPMG Thailand are also present to address shareholders queries about the conduct of audit
and the preparation and content of the auditors report. Before the commencement of each meeting, the Chairman will
give instructions on the voting and the counting methods as clearly prescribed. During the meeting, the Chairman allows
the shareholders, equally, to make inquiries and express their opinions as well as to make recommendations.
Annual Report 2016

In the 2016 AGM, the Company invited the representatives from the Office of Internal Audit, the Office of Legal Affairs,
and the Compliance Unit to be the vote-counting committee members and invited one representative of shareholders to
witness the vote-counting and one representative from KPMG Thailand to be the independent scrutineer, in compliance
with Rule 730A (3) and (4) of the Listing Manual.
The Chairman of the Meeting also answers questions and provides complete information as requested by the
shareholders. After the meeting and before the commencement of the pre-opening session on the market day following
the general meeting, the Company will immediately announce the resolutions of the shareholders meeting on SGXNET.
The Minutes of the shareholders meeting must be accurately and completely recorded in a timely manner as required by
law. Minutes of the shareholders meeting are also available to shareholders for their inspection upon their request.
The Company encourages the shareholders to use ballots for voting on each agenda item. The ballots shall be kept in the
meeting room for vote counting prior to the announcement of the voting results of the shareholders. For the purpose of
transparency, the Company makes an announcement of the detailed results showing the number of votes cast for,
against, and abstain from voting on each resolution and the respective percentages as well as keeps all ballots (bearing
signatures of the shareholders or their proxy) for future reference.
Under the listing rules of the SGX as set out in the Listing Manual regarding the requirement of holding of general
meetings in Singapore, Rule 730A and Practice Note 7.5 require (unless exempted by the SGX) an issuer with a primary
listing on the SGX to hold its general meetings in Singapore unless there are legal constraints preventing it from doing so,
and such issuer should provide alternative modes of engagement such as webcast and information meetings so that public
shareholders have access to the board and senior management.
In this connection, as announced on 20 February 2014, ThaiBev consulted with SGX on this matter, and the SGX advised
that Rule 730A(1) of the Listing Manual is not applicable to ThaiBev. Consequently, ThaiBev will continue to hold its
general meeting in Thailand but not Singapore. For the purpose of paragraph 2.4 of Practice Note 7.5, SGX advised that
it has no objection to ThaiBev not providing video conferencing and webcast facility to enable Singapore-based
shareholders to follow the proceedings during its shareholder meetings.
We would like to provide the key reasons to hold general meetings in Thailand as follows:
Pursuant to Thai law, in respect of persons whose accounts with The Central Depository (Pte) Limited (CDP) have
been credited with ThaiBev shares, CDP is the only holder on record of such shares and therefore the only recognised
shareholder of ThaiBev to attend and to vote at ThaiBevs general meetings. Depositors in Singapore whose shares
are held through CDP (the Depositors) are not permitted by Thai law to attend and to vote in person at ThaiBevs
general meetings, even if such shareholder meetings are held in Singapore.
ThaiBev has also been advised by our legal advisor that the Public Limited Companies Act (the PLCA) and the AOA of
the Company do not address the issue of whether non-shareholders are permitted to watch a shareholders meeting
from a place outside the meeting room. In addition, the power of the chairman of a general meeting of a Thai company
to grant non-shareholders permission to watch a shareholders meeting from a place outside the meeting room is also
limited by the PLCA and the AOA of the Company.
Notwithstanding the legal restrictions described above, in 2016, the Company held an annual information meeting on
18 May 2016 in order to provide a forum for interaction between ThaiBev and Depositors in Singapore. The Investor
Relations Unit of the Company plans to hold an annual information meeting in Singapore soon after its annual general
meeting is held in Thailand, to enable as even a level of access to information as possible at the time of such meeting.
Attendees will be given the opportunity to share their views and to ask our Directors and top Executives relevant
questions relating to the Company and its business, operations and performance.
It should also be noted that to be in line with our current practice, Depositors (and Depository Agents) with shares
standing to the credit of their securities accounts with CDP, may direct CDP to exercise the voting rights in respect of the
number of shares credited to their CDP securities accounts by completing the Voting Instruction Form(s). The Voting
Instruction Form(s) will be dispatched to them by CDP and they may return completed forms to CDP on the specific date.
The said Voting Instruction Form(s) will set out the resolutions to be considered at the shareholders meeting, same as
that appearing in the invitation to the shareholders meeting. In consequence, shareholders who are the said Depositors
can practically fully exercise their rights to vote on such resolutions through the CDP.
137
138
Annual Report 2016

Annual Report 2016

Audit Committee Report
139
Independent Auditors Report
Audit Committee Report
Independent Auditors Report
To Shareholders of Thai Beverage Public Company Limited
To the Shareholders of Thai Beverage Public Company Limited
As appointed by the Board of Directors, the Audit Committee comprises four independent directors, led by Mr. Prasit Kovilaikool
as Chairman, and three Committee Members, namely, Prof. Kanung Luchai, Mr. Manu Leopairote, and Mr. Ng Tat Pun, who are competent
and qualified to independently discharge their duties assigned by the Board of Directors and specified in the Audit Committee Charter.
The duties include the review of financial reporting, interested person transactions, internal controls, compliance with applicable laws
and regulations, the oversight of the internal audit function and nomination of the external auditor, as well as its fees.
I have audited the accompanying consolidated and separate financial statements of Thai Beverage Public Company Limited and its
subsidiaries (the Group) and of Thai Beverage Public Company Limited (the Company), respectively, which comprise the
consolidated and separate statements of financial position as at 30 September 2016, the consolidated and separate statements
of income and comprehensive income, changes in equity and cash flows for the nine-month period then ended, and notes,
comprising a summary of significant accounting policies and other explanatory information.
With reference to the change of the Companys fiscal year from beginning on 1 January and ending on 31 December of each year
to beginning on 1 October and ending on 30 September of each year, the first changed fiscal year of 2016 covered the period
of 9 months from 1 January 2016 to 30 September 2016. In the said fiscal period, the Audit Committee held five meetings
which the attendance of each committee member is presented in the Corporate Governance Report in the Annual Report.
The performance of the Audit Committee in its essence can be summarized as follows:
1. Review of Financial Reporting: The Audit Committee reviewed essential information of the Companys 2016 quarterly and annual
financial statements and consolidated financial statements, which were prepared in accordance with Thai Financial Reporting Standards
(TFRS) in conformance with International Financial Reporting Standards (IFRS), jointly with the external auditors, senior executives
and Vice President of the Office of Internal Audit. The review results concluded that the Company had prepared its financial reporting
comprehensively and credibly in conformance with legal requirements and financial reporting standards, and with adequate information
disclosure. These aforementioned financial statements were reviewed and audited by the external auditors with unqualified review
and opinion given.
In addition, the Audit Committee held a meeting with the external and internal auditors without the presence of the Management
to freely discuss the scope of audits, material data for preparation of the financial statements and information disclosure, and major
obstacles encountered during the audits, which were reported that they had no material observation, difficulty, limitation including
significant disagreements with the Management.
2. Review of Interested Person Transactions: The Audit Committee reviewed interested person transactions that the Company
entered into with interested persons and transactions that may lead to conflict of interests. The review result noted the Companys
compliance with the Company Shareholders Mandate for the interested person transactions. The interested person transactions were
undertaken on an arms length basis, reasonable, on normal commercial terms and for the best interest of the Company with appropriate
approval procedures, including disclosed information sufficiently, accurately and completely.
3. Review of Internal Control System: The Audit Committee quarterly reviewed the internal control system based on the audit results
reported by the Office of Internal Audit and annually assessed the internal controls by using the assessment form of adequacy
and effectiveness of internal control system, guided by the internal control framework of the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). The results indicated that the internal controls were adequate, effective and appropriate to the
Companys business operations, corresponding to the views of the external auditors in similar assessment on the Companys internal
controls relating to the financial reporting preparation that no material findings or deficiencies were found.
4. Supervision of Internal Audit: The Audit Committee oversees the Companys internal audits including approval of annual audit plan,
evaluation of internal audit performance, oversight of the Office of Internal Audit to independently perform the duties by having it report
directly to the Audit Committee and provision of advice on its performance to be in accordance with the International Standards for
the Professional Practice of Internal Auditing (the Standards) and the approved audit plan. The Audit Committee found that the internal
audits had achieved the established goals and plans.
5. Review of Compliance with Applicable Laws and Regulations: The Audit Committee reviewed and supervised the Companys
operations in strict compliance with legislation related to securities and stock exchange, including regulations and requirements related
to business operations. In the nine-month fiscal period ended 30 September 2016, no violation had been found.
6. Nomination of the External Auditor and Determination of the Audit Fee for 2017: In selecting the external auditor, the Audit
Committee reviewed the external auditors performance, insight and competencies, proficiencies, independence, previous years audit
fees and non-audit fees, including the scope of the said non-audit services provided and confirmed that the independence of the external
auditor would not be affected before recommending the Board of Directors to propose to the Shareholders at the Annual General Meeting
for approval on the appointment of KPMG Phoomchai Audit Ltd. as the Companys external auditor for the year 2017 and the auditors
remuneration amounting to Baht 9.47 million. In addition, the Audit Committee endorsed four indirect overseas subsidiaries to appoint
their external auditors for the fiscal period 2016 different from the Companys. The Audit Committee considered that the appointment
would not compromise the standard and effectiveness of the audit of the Company, in compliance with the Rule of the Singapore
Exchange.
In summary, for the nine-month fiscal period ended 30 September 2016, the Audit Committee exercised its competency and adequate
independence for overseeing the Companys operation according to the duties and responsibilities determined in its charter, and was of
the opinion that the Company had prepared essential and credible financial reporting in accordance with the financial reporting standards,
that interested person transactions or transactions that may give rise to conflict of interest were reasonably conducted for the best
interest of the Company and adequately disclosed, that it commanded good corporate governance, and adequate, appropriate and
effective internal control system, and that it had fully complied with all relevant legislation and regulations for its businesses.
Managements Responsibility for the Consolidated and Separate Financial Statements

Management is responsible for the preparation and fair presentation of these consolidated and separate financial statements in
accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to
enable the preparation of consolidated and separate financial statements that are free from material misstatement, whether due
to fraud or error.
Auditors Responsibility
My responsibility is to express an opinion on these consolidated and separate financial statements based on my audit. I conducted
my audit in accordance with Thai Standards on Auditing. Those standards require that I comply with ethical requirements and plan
and perform the audit to obtain reasonable assurance about whether the consolidated and separate financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys internal
control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.
Opinion
In my opinion, the consolidated and separate financial statements present fairly, in all material respects, the financial position of
the Group and the Company, respectively, as at 30 September 2016 and their financial performance and cash flows for the
nine-month period then ended in accordance with Thai Financial Reporting Standards.
Other matter
I draw attention to the following; the Company changed its financial year-end from 31 December to 30 September. Consequently,
the consolidated and separate statements of income and comprehensive income, changes in equity and cash flows for
the accounting period ended 30 September2016 comprise only nine months whereas the comparative information presented for
the year ended 31 December 2015 comprise 12 months, which results in the periods presented being not comparable. Therefore,
supplementary information in Note 40 has been prepared by the Group and the Company as additional information in the form
of unaudited consolidated and separate statements of income and comprehensive income, cash flows and segment information
for the nine-month period ended 30 September 2015. I have not audited the supplementary information and do not express
any audit opinion on such information.
(Nittaya Chetchotiros)
Certified Public Accountant
Registration No. 4439
Bangkok
18 November 2016
Mr. Prasit Kovilaikool

Chairman of the Audit Committee
17 November 2016
Annual Report 2016

140
Annual Report 2016

Financial Statements
Statement of financial position
Thai Beverage Public Company Limited and its Subsidiaries
Consolidated
financial statements
Note
141
30 September
2016
Separate
31 December 30 September
31 December
2016
2015
2015
Consolidated
Note
30 September
2016
Separate
31 December
2016
2015
2015
(in thousand Baht)
(in thousand Baht)
Assets
Liabilities and equity
Current assets
Current liabilities
Cash and cash equivalents
Current investments
Trade accounts receivable
4, 6
Other receivables
5,059,219
3,489,986
1,734,302
594,577
3,963
3,962
2,588,209
3,906,403
454,969
2,440,775
721,253
594,138
92
17,312
Short-term loans to and other receivables

4
418,741
792,972
7,030,836
7,055,502
Inventories
38,145,322
35,204,112
Other current assets
from related parties
Total current assets
3,167,189
4,136,088
47,879
21,767
50,103,896
48,127,661
9,268,078
10,129,933
Bank overdrafts and short-term loans from

financial institutions
18
3,495,328
7,842,092
4, 19
4,532,296
4,850,977
20
5,298,375
5,003,271
215,390
184,108
Current portion of debenture
18
1,000,000
18
15,500,615
9,532,044
14,955,640
8,878,541
4, 18
315,358
271,282
50,838,947
32,370,750
1,716,489
2,266,910
114,436
1,799
19,104
32,628
1,941,153
2,291,075
308,279
79,342
32,818,718
33,090,279
68,422,242
47,144,019
4, 18
104
104
1,264,536
1,316,504
18
2,000,000
1,000,000
18
25,089,353
24,883,036
24,763,289
23,955,008
Deferred tax liabilities
16
1,026,732
820,008
22
2,886,553
2,817,220
201,261
200,109
119,617
140,622
122
122
Total non-current liabilities
31,122,359
29,660,990
26,229,208
25,471,743
Total liabilities
63,941,077
62,751,269
94,651,450
72,615,762
Trade accounts payable
Current portion of bill of exchanges and

long-term loans from financial institutions
Short-term loans from and other payables
to related parties
Short-term provisions
Investments in associates
10
78,462,833
75,736,975
Investments in subsidiaries
11
167,792,016
142,490,266
275,378
266,946
Other long-term investments
Other current liabilities
97,821
88,273
11,467
12,987
Investment properties
13
1,208,503
1,261,244
Property, plant and equipment
14
47,870,826
46,921,247
95,707
78,292
Goodwill
15
7,025,111
7,050,851
Other intangible assets
212,191
177,140
42,040
34,971
Leasehold rights
137,893
151,238
Total current liabilities
Long-term loans from and other payables

to related parties
Debentures
Bill of exchanges and long-term loans
from financial institutions
Deferred tax assets
16
372,056
417,448
34,335
36,875
Employee benefit obligations
Other non-current assets
17
1,886,819
1,817,759
261,028
268,059
Other non-current liabilities
137,549,431
133,889,121
168,236,593
142,921,450
Total non-current assets

Total assets
The accompanying notes are an integral part of these financial statements
21
Long-term loans to and other receivables

5,629,479
Other payables
Income tax payable

Non-current assets
1,989,550
187,653,327
182,016,782
177,504,671
153,051,383
Annual Report 2016

142
Annual Report 2016

Statement of income
Consolidated
Note
30 September
2016
Separate
31 December
2016
2015
2015
Consolidated
(in thousand Baht)
Equity
Share capital:
Note
25,155,025
29,000,000
25,155,025
29,000,000
Issued and paid-up share capital
25,110,025
25,110,025
25,110,025
25,110,025
Difference arising from common

(19,718,440)
(19,718,440)
31,035
31,035
23
17,215,737
17,215,737
17,215,737
17,215,737
24
2,900,000
2,900,000
2,900,000
2,900,000
86,796,632
84,385,026
37,596,424
35,178,824
7,765,846
5,992,932
120,069,800
115,885,280
82,853,221
80,435,621
3,642,450
3,380,233
123,712,250
119,265,513
82,853,221
80,435,621
control transactions
Retained earnings:
Appropriated - legal reserve
Unappropriated
Other components of equity
24
Equity attributable to owners of

the Company
Non-controlling interests
Total equity
Total liabilities and equity
For the
nine-month
period ended
30 September
2016
Separate
For the
nine-month
For the
year ended period ended
For the
year ended
31 December
2016
2015
2015
23
Authorised share capital
Premium on ordinary shares
143
12
187,653,327
182,016,782
177,504,671
153,051,383
Income
Revenue from sale of goods
Management fees
Dividend income
Interest income
25
(in thousand Baht)
4, 33
139,152,663
172,049,209
5,158,683
3,867,285
4, 11
4,984
2,901
17,369,640
9,583,848
37,490
18,880
218,744
768,580
49,922
189,417
66,353
Net gain on foreign exchange
642,515
1,159,083
2,406
13,120
139,887,574
173,419,490
22,815,826
14,232,833
4, 7
97,590,784
121,830,030
1,448,797
1,626,240
Selling expenses
4, 27
13,388,906
15,552,968
4, 28
8,790,385
11,475,266
384,568
512,237
96,920
813,036
1,363,086
1,678,840
2,217,706
120,583,111
150,221,350
3,512,205
4,453,103
4, 10
3,847,973
4, 10
3,374,649
3,925,609
22,679,112
30,971,722
19,303,621
9,779,730
32
(3,642,816)
(4,508,084)
(316,865)
(64,444)
19,036,296
26,463,638
18,986,756
9,715,286
18,919,624
26,463,319
18,986,756
9,715,286
Other income
4, 26
Total income
Expenses
Cost of sale of goods
Cost of rendering of services
25
Net loss on foreign exchange

Finance costs
4, 31
Total expenses
Share of profit from disposal of interest in
associate, net of income tax
Share of profit of investment in associates,
net of income tax
Profit before income tax expense
Income tax expense
Profit for the period / year
Profit attributable to:
Owners of the Company
12

Basic earnings per share (Baht)
34
116,672
319
19,036,296
26,463,638
18,986,756
9,715,286
0.75
1.05
0.76
0.39
Items that are or may be reclassified to profit or loss
Share of other comprehensive income of
Foreign currency translation differences
for foreign operations
Net change in fair value of available-for-sale
Income tax on other comprehensive income

investments
Other comprehensive income for the period / year,
net of income tax
Total comprehensive income for the period / year
Total comprehensive income attributable to:
Total comprehensive income for the period / year
9,715,286
22
75,358
(109,384)
4,325
(15,107)
32
(14,725)
24,519
(865)
3,023
60,633
(84,865)
3,460
(12,084)
2,136,647
1,147,720
(1,532,917)
2,401,154
14
1,730,671
8,726
32
(337,486)
20,340
2,005,641
3,569,214
2,066,274
3,484,349
3,460
(12,084)
21,102,570
29,947,987
18,990,216
9,703,202
20,757,136
29,939,756
18,990,216
9,703,202
12
345,434
8,231
21,102,570
29,947,987
18,990,216
9,703,202
Dividends to owners of the Company
Distributions to owners of the Company
Total transactions with owners, recorded
(19,718,440)
(19,718,440)
17,215,737
17,215,737
2,900,000
2,900,000
84,385,026
26,412,047
(51,272)
26,463,319
(15,317,115)
(15,317,115)
(15,317,115)
73,290,094
663,864
2,421,411
2,421,411
(1,757,547)
3,961,310
(41,422)
(41,422)
4,002,732
7,079
7,079
1,360,679
1,147,720
1,147,720
212,959
Share of other
comprehensive
income
of associates
5,992,932
3,527,709
3,527,709
2,465,223
Total other
components
of equity
115,885,280
29,939,756
3,476,437
26,463,319
(15,317,115)
(15,317,115)
(15,317,115)
101,262,639
Equity
attributable to
owners of the
Company
Total
equity
3,380,233
8,231
7,912
319
(41,672)
19,512
(61,184)
(61,184)
3,413,674
119,265,513
29,947,987
3,484,349
26,463,638
(15,358,787)
19,512
(15,378,299)
(15,378,299)
104,676,313
(in thousand Baht)
Noncontrolling
interests
Annual Report 2016

25,110,025
Total comprehensive income for the year
Profit
Other comprehensive income
Acquisition of non-controlling interest
25,110,025
35
Note
the Company
Balance at 31 December 2015
Defined employee benefit plan actuarial gains

18,986,756
Comprehensive income for the year
Items that will not be reclassified to profit or loss

26,463,638
Fair value
Currency
changes in
translation Revaluation available-for-sale
differences
surplus
investments
directly in equity

19,036,296
Premium on
ordinary
shares Legal reserve Unappropriated
(in thousand Baht)
Annual Report 2016

Total distributions to owners of
Revaluation of land
4, 10
2015
directly in equity
investment in associates
2016
Transactions with owners, recorded
Income tax on other comprehensive income

For the
For the
nine-month
nine-month
For the
For the
period ended
year ended
30 September 31 December 30 September 31 December
Balance at 1 January 2015
(losses)
2015
Separate
Difference
Issued
arising from
and paid-up common control
share capital
transactions

Consolidated financial statements
Statement of comprehensive income
Year ended 31 December 2015

2016
Retained earnings
Note
Consolidated
Statement of changes in equity
144
145
25,110,025
(19,718,440)
(858,727)
(1,522,591)
(1,522,591)
663,864
5,115,654
1,154,344
1,154,344
3,961,310
11,593
4,514
4,514
7,079
25,110,025
31,035
31,035
25,110,025
17,215,737
17,215,737
Difference
arising from
Issued
Premium on
transactions ordinary shares
share capital
86,796,632
18,984,222
64,598
18,919,624
(16,572,616)
(16,572,616)
(16,572,616)
84,385,026
120,069,800
20,757,136
1,837,512
18,919,624
(16,572,616)
(16,572,616)
(16,572,616)
115,885,280
Equity
attributable to
owners of the
Company
Retained earnings
2,900,000
2,900,000
Total
equity
3,642,450
345,434
228,762
116,672
(83,217)
14,450
(97,667)
(97,667)
3,380,233
123,712,250
21,102,570
2,066,274
19,036,296
(16,655,833)
14,450
(16,670,283)
(16,670,283)
119,265,513
(in thousand Baht)
Noncontrolling
interests
35,178,824
9,703,202
(12,084)
9,715,286
(15,317,115)
(15,317,115)
40,792,737
80,435,621
9,703,202
(12,084)
9,715,286
(15,317,115)
(15,317,115)
86,049,534
(in thousand Baht)
Total
equity
Separate financial statements
7,765,846
1,772,914
1,772,914
5,992,932
Total other
components
of equity
Legal reserve Unappropriated
3,497,326
2,136,647
2,136,647
1,360,679
Share of other
comprehensive
income
of associates
Annual Report 2016

Balance at 31 December 2015
Total comprehensive income for the year
Profit
35
Note
2,900,000
2,900,000
Fair value
Currency
changes in
translation Revaluation available-for-sale
differences
surplus
investments
Comprehensive income for the year
Total transactions with owners, recorded directly in equity
17,215,737
17,215,737
Premium on
ordinary
shares Legal reserve Unappropriated
Retained earnings
Annual Report 2016

Transactions with owners, recorded directly in equity
Year ended 31 December 2015
(19,718,440)
Balance at 30 September 2016
Total comprehensive income for the period
Profit
Comprehensive income for the period
directly in equity
Total transactions with owners, recorded
Acquisition of non-controlling interest
35
25,110,025
the Company
Total distributions to owners of
Distributions to owners of the Company
in equity
Transactions with owners, recorded directly
For the nine-month period ended 30 September 2016
Note
Difference
Issued
arising from
share capital
transactions
146
147
Annual Report 2016

148
Annual Report 2016

80,435,621
(16,572,616)
(16,572,616)
18,986,756
3,460
18,990,216
82,853,221
35,178,824
(16,572,616)
(16,572,616)
18,986,756
3,460
18,990,216
37,596,424
2,900,000
2,900,000
(in thousand Baht)
Total
equity
Legal reserve Unappropriated
Retained earnings
149
Statement of cash flows
Consolidated
Note
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
Separate
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
(in thousand Baht)

Cash flows from operating activities
17,215,737
Difference
arising from
Issued
Premium on
transactions ordinary shares
share capital
17,215,737

31,035
26,463,638
18,986,756
9,715,286
3,293,208
4,400,333
22,335
22,968
Interest income
(37,490)
(18,880)
(218,744)
(768,580)
Finance costs
813,036
1,363,086
1,678,840
2,217,706
(2,809)
(130,959)
(59,255)
101,722
(5,511)
14,256
37,500
50,000
7,031
9,375
(1,541)
485
2,405
(445,766)
(2,408)
49,960
(11,035)
(18)
Unrealised (gain) loss on exchange

31,035
19,036,296
Adjustments for
(Reversal of) bad and doubtful debts expenses
Amortisation of advance payments to a specialist

(Reversal of) write-off allowance for decline in
value of inventories
25,110,025
25,110,025
Impairment loss on investment properties

Gain on disposal of assets classified as held for sale
Gain on disposal of investment properties
(Gain) loss on disposal and write-off of property, plant
35
Note
and equipment and intangible assets

(Reversal of) impairment loss on property, plant
(88,057)
65,010
(4,984)
(2,901)
(17,369,640)
(9,583,848)
187,457
240,422
17,747
18,394
4, 10
(3,847,973)
4, 10
(3,374,649)
(3,925,609)
and equipment
Dividend income
Employee benefit expenses
net of income tax
Share of profit of investments in associates, net of
Balance at 30 September 2016
Total comprehensive income for the period
Profit
income tax
Comprehensive income for the period
Total transactions with owners, recorded directly in equity
Transactions with owners, recorded directly in equity
Share of profit from disposal of interest in associate,
Income tax expense
32
3,642,816
4,508,084
316,865
64,444
23,545,229
28,722,191
3,381,936
1,797,449
1,310,168
(248,260)
1,985,806
(2,041,773)
363,712
(351,098)
(4,933)
(67,736)
(113,536)
25,107
(18,262)
10,196
(2,941,425)
(1,136,370)
861,729
(399,139)
9,371
(4,008)
(318,943)
47,179
Changes in operating assets and liabilities

Other receivables from related parties
Other receivables
Inventories
Other payables to related parties
Other payables
49,467
137,915
91,742
3,593
478,159
504,138
107,137
(30,305)
(349,922)
318,987
176,698
(68,885)
150
Annual Report 2016

Annual Report 2016

Consolidated
Note
151
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
Separate
For the
nine-month
period ended
30 September
2016
Consolidated
For the year

ended
31 December
2015
Note
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
(in thousand Baht)
Separate
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
(in thousand Baht)

Cash flows from financing activities
Changes in operating assets and liabilities (Continued)

(78,976)
(115,590)
(12,269)
(584)
(3,127)
(18,474)
45
Cash generated from (used in) operating activities
22,802,535
27,486,586
5,717,226
(402,008)
Dividends paid to non-controlling interests
Income tax paid
(4,314,120)
(5,002,548)
(202,554)
(114,021)
Bank overdrafts
(375,737)
84,292
Net cash from (used in) operating activities
18,488,415
22,484,038
5,514,672
(516,029)
Proceeds from short-term loans from financial institutions
3,768,903
104,294,829
2,700,000
85,480,000
(7,750,000) (105,053,000)
(6,350,000)
(85,130,000)
Employee benefit paid

Interest paid
Dividends paid to owners of the Company
Repayment of short-term loans from financial institutions
Cash flows from investing activities
32,342,400
59,193,204
(45,938,000)
11,000,000
30,500,000
10,000,000
29,000,000
17,369,640
9,583,848
(3)
Increase in loans to related parties
(7,161,100)
(19,813,312)
Decrease in loans to related parties
7,151,300
28,812,512
Cash inflow on disposal of investments in subsidiaries
74,200
Cash outflow on investments in subsidiaries
(351,750)
(40,734,573)
14,450
19,512
1,736,271
Foreign currency translation differences for
(154,405)
22,483
(2,954,297)
(4,064,668)
(42,001)
(32,084)
Sale of property, plant and equipment
132,316
119,072
56
26
Purchase of intangible assets
(56,355)
(57,120)
(10,558)
(12,224)
1,210
3,955
(500)
2,656
(14,841)
(446,266)
(117,920)
17,215,249
(21,353,779)
Purchase of property, plant and equipment
Sale of intangible assets

Increase in leasehold rights
(Increase) decrease in other non-current assets
Net cash from (used in) investing activities
(38,862,300)
2,275,873
Purchase of investment properties
(1)
Sale of investment properties
(61,184)
2,355,752
Sale of assets classified as held for sale
(97,667)
767,826
Cash inflow on investments in indirect subsidiary
(2,360,786)
(15,317,115)
259,662
Increase in current investments
(1,847,680)
(16,572,616)
Repayment of loans from related parties
18,934
Dividends received
(1,377,630)
(15,317,115)
Proceeds from loans from related parties
35,520
Interest received
(942,360)
(16,572,616)
Proceeds from long-term loans from financial

institutions and debentures
Repayment of long-term loans from financial
(4,633,731)
(33,554,525)
(3,000,000)
(2,500,000)
(15,603,208)
(20,484,333)
(21,590,196)
22,427,303
Net increase in cash and cash equivalents
2,438,941
1,881,785
1,139,725
557,495
Cash and cash equivalents at 1 January 2016 and 2015
3,489,986
2,230,079
594,577
37,082
institutions
Net cash from (used in) financing activities
foreign operations
Cash and cash equivalents at 30 September / 31 December
(869,708)
(621,878)
5,059,219
3,489,986
1,734,302
594,577
24,950,000
500,249
601,174
3,203
8,886
3,719,000
12,569,000
Non-cash items
Investment in subsidiary to be paid according
to the agreement
Payable for acquisition of assets
Reclassify from long-term to short-term loan
to related parties
Reclassify from long-term to short-term loan
Annual Report 2016

152
Annual Report 2016

153
Notes to the financial statements
These notes form an integral part of the financial statements.

The financial statements were approved and authorised for issue by the Board of Directors on 18November 2016.
1. General information
Note
Contents
Note
Contents
Thai Beverage Public Company Limited, the Company, is incorporated in Thailand and has its registered office
at 14 Vibhavadi Rangsit Road, Kwang Chomphon, Khet Chatuchak, Bangkok, Thailand.
General information
21
Basis of preparation of the financial
22
statements
23
Share capital
Significant accounting policies
24
Reserves
Related parties
25
Operating segments
26
Other income
27
Selling expenses
Inventories
28
29
Name of the entity
The Company was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) in May2006.
The principal businesses of the Company are investment and management services. The principal businesses of Thai
Beverage Public Company Limited and its subsidiaries, the Group, are the production and distribution of alcoholic and
non-alcoholic beverages, and food. Details of the Companys subsidiaries and associates as at 30 September 2016
and 31 December 2015 were as follows:
Assets classified as held for sale
30
Expenses by nature
Direct subsidiaries
10
Investments in associates
31
Finance costs
1. Beer Thai (1991) Plc.
11
Investments in subsidiaries
32
Income tax expense
12
33
Promotional privileges
13
34
Basic earnings per share
14
35
Dividends
15
Goodwill
36
Financial instruments
16
Deferred tax
37
Commitments with non-related parties
17
Other non-current assets
38
Events after the reporting period
18
Interest-bearing liabilities
39
Thai Financial Reporting Standards (TFRS)
19
20
Other payables
not yet adopted

40
Supplementary information
Type of business
Country of
incorporation
Ownership interest (%)

30 Sep 2016 31 Dec 2015
Beer brewery and production of

drinking water and soda water
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
4. Sangsom Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
5. Fuengfuanant Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
6. Mongkolsamai Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
7. Thanapakdi Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
8. Kanchanasingkorn Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
2. Beer Thip Brewery (1991) Co., Ltd.

3. Cosmos Brewery (Thailand) Co., Ltd.
9. Sura Bangyikhan Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
10. Athimart Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
11. S.S. Karnsura Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
12. Kankwan Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
13. Theparunothai Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
14. Red Bull Distillery (1988) Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
15. United Winery and Distillery Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
16. Simathurakij Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
17. Nateechai Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
18. Luckchai Liquor Trading Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
19. Sura Piset Thipparat Co., Ltd.
Spirits distillery
Thailand
100.00
100.00
20. Modern Trade Management Co., Ltd.
Beer, spirits and non-alcoholic

Thailand
100.00
100.00
beverages distributor
Thailand
100.00
100.00
Beer, drinking water and soda water
Thailand
100.00
100.00
100.00
100.00
21. Horeca Management Co., Ltd.
22. Pomkit Co., Ltd.
distributor
23. Pomklung Co., Ltd.

distributor
Thailand
Annual Report 2016

154
Annual Report 2016

Name of the entity
Type of business
Country of
incorporation

30 Sep 2016 31 Dec 2015
Direct subsidiaries (continued)

24. Pomchok Co., Ltd.
Thailand

100.00
100.00
100.00
promotion
Thailand
100.00
100.00
52. Dhospaak Co., Ltd.
Advertising agency
Thailand
100.00
100.00
53. Thai Beverage Training Co., Ltd.
Training
Thailand
100.00
100.00
54. International Beverage Holdings Limited
Holding company
Hong Kong
100.00
100.00
55. Thai Beverage Brands Co., Ltd.
Trademark holding
Thailand
100.00
100.00
Trademark holding and production

Thailand
100.00
100.00
of beer concentrate
Thailand
100.00
100.00
58. Sura Piset Phatra Lanna Co., Ltd.
Holding company
Thailand
100.00
100.00
59. United Products Co., Ltd.
Production and distribution of spirits
Thailand
100.00
100.00
Distribution of beverages
Thailand
100.00
100.00
Thailand
79.66
79.66
Economic Community (AEC) centre
Thailand
100.00
100.00
63. Chang International Co., Ltd.
Advertising and marketing services
Thailand
100.00
100.00
64. Cash Van Management Co., Ltd.

Thailand
100.00
100.00
65. Food of Asia Co., Ltd.
Restaurant business
Thailand
100.00
100.00
66. BevCo Limited 4
Holding company
Thailand
100.00
100.00
Holding company
Thailand
100.00
100.00
57. Archa Beer Co., Ltd.
of beer concentrate
Thailand
100.00
100.00
Thailand
100.00
100.00
Trademark holding and production
60. Thai Drinks Co., Ltd.
8, 9
61. Oishi Group Plc.
Thailand
100.00
100.00
Thailand
100.00
100.00
Thailand
100.00
100.00
Japanese restaurants and

distribution of foods and beverages
62. C A C Co., Ltd.
Thailand
100.00
100.00
Management of the ASEAN
Thailand
100.00
100.00
67. Chang Corporation Co., Ltd.
Thailand
100.00
100.00
Indirect subsidiaries
Thailand
100.00
100.00
Thailand
100.00
100.00
68. Thai Thum Distillery Co., Ltd. 10
Production and distribution of spirits
Thailand
99.90
99.90
69. Sura Piset Sahasan Co., Ltd. 11
Trading of spirits
Thailand
100.00
100.00
70. Sura Piset Sampan Co., Ltd. 12
Trading of spirits
Thailand
100.00
100.00
71. InterBev (Singapore) Limited
Marketing, Trading of alcoholic
Singapore
100.00
100.00
Cambodia
100.00
100.00
providing of marketing services
Malaysia
100.00
100.00
Trading of alcoholic beverages
Hong Kong
100.00
100.00
beverages
Thailand
100.00
100.00

beverages agency
42. Piromsurang Co., Ltd.
Thailand
Advertising and marketing

beverages agency
41. Sunthronpirom Co., Ltd.
Transportation and distribution
51. Thai Beverage Marketing Co., Ltd.
100.00

beverages agency
40. Surathip Co., Ltd.
50. Thai Beverage Logistics Co., Ltd.
100.00

beverages agency
39. Krittayabun Co., Ltd.
100.00
Spirits and non-alcoholic

38. Thipchalothorn Co., Ltd.
100.00
100.00
Thailand

37. Numthip Co., Ltd.
100.00
Thailand

36. Numrungrod Co., Ltd.
Thailand
Trading of bottles
56. Beer Chang Co., Ltd.

35. Num Thurakij Co., Ltd.

30 Sep 2016 31 Dec 2015
Oak barrel producer
100.00

34. Num Nakorn Co., Ltd.
Country of
incorporation
48. Thai Cooperage Co., Ltd.
100.00

33. Num Muang Co., Ltd.
100.00

32. Num Palang Co., Ltd.
Type of business
49. Thai Beverage Recycle Co., Ltd.

31. Num Kijjakarn Co., Ltd.
100.00
Thailand
distributor
30. Num Yuk Co., Ltd.
100.00
100.00
distributor
29. Pomthip (2012) Co., Ltd.
100.00
Thailand
distributor
28. Pomnakorn Co., Ltd.
100.00
Thailand
distributor
27. Pompalang Co., Ltd.
100.00
Thailand
distributor
26. Pomburapa Co., Ltd.
Name of the entity

Direct subsidiaries (continued)
distributor
25. Pomcharoen Co., Ltd.
155
72. InterBev (Cambodia) Co., Ltd.

73. InterBev Malaysia Sdn. Bhd. 1
Thailand
100.00
74. Best Spirits Company Limited
beverages agency
Thailand
100.00
100.00
43. Thai Beverage Energy Co., Ltd.
Production and distribution of biogas
Thailand
100.00
100.00
44. Thai Molasses Co., Ltd.
Trading of molasses
Thailand
99.72
99.72
45. Feed Addition Co., Ltd.
Trading of feeds and fertilizer
Thailand
100.00
100.00
46. Pan International (Thailand) Co., Ltd.
Trading of supplies and procurement
Thailand
100.00
100.00
77. Oishi Trading Co., Ltd.
47. Charun Business 52 Co., Ltd.
Brick producer and

Thailand
100.00
100.00
78. Oishi Ramen Co., Ltd.
Dormant
Trading of beverage product and
100.00
distribution of spirits
1,5
75. International Beverage Holdings (UK)
Limited 1
United
Holding company
Kingdom
100.00
100.00
Holding company
Hong Kong
100.00
100.00
76. International Beverage Holdings (China)
Limited 1
2
Production and distribution of

food and beverage
Thailand
79.66
79.66
Japanese restaurants
Thailand
79.66
79.66
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Name of the entity
Type of business
Country of
incorporation

30 Sep 2016 31 Dec 2015
Indirect subsidiaries (continued)

80. Chang Beer International Co., Ltd.
5, 13
14
82. Chang Corp Co., Ltd. 15

83. Beer Chang International Limited
1, 5
84. International Beverage Trading Limited
International distribution of beverage
Hong Kong
Dormant
Thailand
79.66
79.66
100.00
100.00
Consultancy service
Thailand
100.00
100.00
Advertising and marketing services
Thailand
100.00
100.00
Dormant
Singapore
100.00
100.00
Bermuda
100.00
100.00
85. InterBev Investment Limited 1
Holding company
Hong Kong
100.00
100.00
86. InterBev Trading (Hong Kong) Limited 1
Distribution and marketing of food
87. Oishi Snack Co., Ltd. 2
Type of business
88. BeerCo Limited 1
and beverage products
Hong Kong
Serving future snack business
Thailand
100.00
100.00
79.66
79.66
Hong Kong
100.00
100.00
Holding company
Hong Kong
100.00
100.00
90. Koykiao Co., Ltd. 7
Food and beverage business
Thailand
51.00
91. Max Asia Co., Ltd. 7
Bakery business
Thailand
70.00
106. James Catto & Company Limited

107. The Knockdhu Distillery Co., Ltd.
93. Super Brands Company Pte. Ltd. 1
United States
of America
100.00
100.00
Trademark holding
Singapore
100.00
100.00
United
Holding company
Kingdom
Production and distribution
United
of spirits
Kingdom
96. InterBev Trading (China) Limited 1
100.00
100.00
100.00
100.00
Kingdom
100.00
100.00
beverages
Thailand
64.66
64.66
Holding company
Thailand
64.66
64.66
Thailand
64.66
64.66
development services
Thailand
64.66
64.66
Brands management
Hong Kong
64.66
64.66
Thailand
64.66
64.66
100.00
100.00
79.66
79.66
43.81
43.81
79.66
79.66
Dormant
Kingdom
Dormant
Kingdom
United
110. The Balblair Distillery Co., Ltd. 1, 5
Dormant
111. Sermsuk Plc. 1
112. Sermsuk Holdings Co., Ltd.
115. Great Brands Limited
100.00

Human resources and organisation
100.00
China
energy drink
Democratic
100.00
Republic of
Dormant
118. Oishi F&B (Singapore) Pte. Ltd. 2
100.00
consulting services
119. Oishi Myanmar Limited
98. Blairmhor Distillers Limited 1, 5
100.00
100.00
United
Dormant
99. Wee Beastie Limited 1, 5
Kingdom
100.00
Dormant
100. Moffat & Towers Limited 1, 5
Kingdom
121. S.P.M. Foods & Beverages Co., Ltd.

100.00
101. Glen Calder Blenders Limited 1, 5
Kingdom
100.00
100.00
United
Dormant
102. Hankey Bannister & Company
Kingdom
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
United
Dormant
103. R. Carmichael & Sons Limited 1, 5
Kingdom
United
Dormant
104. J MacArthur Junior & Company
Kingdom
United
Dormant
Kingdom
Marketing management consulting
Republic of
services
Vietnam

drinking water and energy drinks
United
Dormant
Myanmar
Socialist
100.00
100.00
Japanese Restaurant business

120. Oishi Group Limited Liability
Company 2
United
Singapore
Union of
Republic of
China
Timor-Leste
Brands management and
100.00
Peoples
Spirits distillery
117. InterBev Timor, Unipessoal Lda 1, 5

100.00
Kingdom
United
Peoples
97. Yunnan Yulinquan Liquor Co., Ltd. 1
Limited 1,5
100.00
United
1, 5
116. Wrangyer Beverage (2008) Co., Ltd. 1
Republic of
1, 5
100.00
Kingdom
United
114. Sermsuk Training Co., Ltd. 1
94. Blairmhor Limited 1

1
100.00
1, 5
beverages
92. International Beverage Holdings
Limited USA, Inc. 1
100.00
United
108. Speyburn-Glenlivet Distillery

109. The Pulteney Distillery Co., Ltd.
Kingdom
100.00
Dormant
Subsidiaries of indirect subsidiaries
Limited

30 Sep 2016 31 Dec 2015
100.00
1, 5
113. Serm Suk Beverage Co., Ltd. 1
95. Inver House Distillers Limited
Country of
incorporation
United
Dormant
Dormant
Holding company
1
105. Mason & Summers Limited 1, 5
Co., Ltd. 1, 5
expansion
89. Wellwater Limited
Name of the entity
Subsidiaries of indirect subsidiaries (continued)
79. Oishi International Holdings Limited

81. Maekhong Distillery Limited
157
and spirits agency
Thailand
99.84
99.84
122. Chang Beer Co., Ltd. 1
Holding company
Thailand
100.00
100.00
123. So Water Company Limited 1
Holding company
Thailand
100.00
100.00
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Annual Report 2016

Name of the entity
Type of business
Country of
incorporation

30 Sep 2016 31 Dec 2015
Associates of indirect subsidiaries

124. Fraser and Neave, Limited 3
publishing and printing

125. Frasers Centrepoint Limited 3
Singapore
28.53
28.53
Singapore
28.44
28.44
Development and investment

in property
Associates of subsidiary of indirect subsidiaries

126. Liquorland Limited 3
Licences
6
2
3
4
5
6
7
8
9
10
11

12
13
Items
Measurement bases
Available-for-sale financial assets
Fair value
Land
Revaluation
Present value of the defined benefit obligation,

as explained in Note 3 (p)
(c) Functional and presentation currency
United
Kingdom
49.49
49.49
Thailand
25.86
25.86
Manufacture and distribution of

plastic packaging
The financial statements have been prepared on the historical cost basis except for the following items, which are
measured on an alternative basis on each reporting date.
Manufacture and distribution of

food and beverage and
127. Petform (Thailand) Co., Ltd.
(b) Basis of measurement
Direct or indirect subsidiaries of International Beverage Holdings Limited

Direct or indirect subsidiaries of Oishi Group Plc.
Indirect associates of International Beverage Holdings Limited
51% direct and 49% indirect share holding held by the Company
These companies are currently not doing the operation.
Direct associates of Sermsuk Plc.
Direct subsidiaries of Food of Asia Co., Ltd.
As at 30 September 2016, 95% direct and 5% indirect share holding held by the Company
As at 31 December 2015, 54% direct and 46% indirect share holding held by the Company
Direct subsidiary of Thai Cooperage Co., Ltd.
41.45% share holding held by Thai Cooperage Co., Ltd., 40% share holding held by Thai Thum Distillery Co., Ltd. and 18.55%
share holding held by Sura Piset Phatra Lanna Co., Ltd.
Direct subsidiary of Sura Piset Sahasan Co., Ltd.
Direct subsidiary of Beer Chang Co., Ltd.
Direct subsidiary of Sura Bangyikhan Co., Ltd.
The financial statements are presented in Thai Baht, which is the Companys functional currency. All financial information
presented in Thai Baht has been rounded in the financial statements and in the notes to the financial statements to the
nearest million unless otherwise stated.
(d) Use of judgements and estimates
The preparation of financial statements in conformity with TFRS requires management to make judgements, estimates
and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income
and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised prospectively.
Assumptions and estimation uncertainties
Information about significant areas of estimation uncertainty that have a significant risk of resulting in a material
adjustments to the amounts recognised in the financial statements is included in the following notes:
(a) Statement of compliance
Note 3 (v)
Note 10
Note 14
Note 15
Note 16
Note 22
Note 36
The financial statements are prepared in accordance with Thai Financial Reporting Standards (TFRS); guidelines
promulgated by the Federation of Accounting Professions (FAP); and applicable rules and regulations of the related
Securities and Exchange Commission.
Measurement of fair values

A number of the Groups accounting policies and disclosures require the measurement of fair values, for both financial
and non-financial assets and liabilities.
The FAP has issued the new and revised TFRS effective for annual accounting periods beginning on or after 1 January
2016. The initial application of these new and revised TFRS has resulted in changes in certain of the Groups accounting
policies. These changes have no material effect on the financial statements.
The Group has an established control framework with respect to the measurement of fair values. This includes a valuation
team that has overall responsibility for overseeing all significant fair value measurements, including Level 3 fair values,
and reports directly to the chief finance officer.
In addition to the above new and revised TFRS, the FAP has issued a number of other new and revised TFRS which are
effective for annual financial periods beginning on or after 1 January 2017 and have not been adopted in the preparation
of these financial statements. These new and revised TFRS that are relevant to the Groups operations are disclosed in
Note 39.
The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information,
such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence
obtained from the third parties to support the conclusion that such valuations meet the requirements of TFRS, including
the level in the fair value hierarchy in which such valuations should be classified.
14
15
Direct subsidiary of Thai Beverage Marketing Co., Ltd.
2. Basis of preparation of the financial statements
Current and deferred taxation

Valuation of investments in associates
Valuation of the recoverable amount of property, plant and equipment
Valuation of the recoverable amount of goodwill
Utilisation of tax losses
Measurement of employee benefit obligations
Valuation of financial instruments
Significant valuation issues are reported to the Group Audit Committee.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair
values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques
as follows:
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160
Level 1:
Level 2:

Level 3:
quoted prices (unadjusted) in active markets for identical assets or liabilities.

inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
inputs for the asset or liability that are not based on observable market data (unobservable inputs).
If the inputs used to measure the fair value of an asset or liability might be categorised in different levels of the fair value
hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as
the lowest level input that is significant to the entire measurement.
The Group recognised transfers between levels of the fair value hierarchy at the end of the reporting period during which
the change has occurred.
Further information about the assumptions made in measuring fair values is included in the following notes:
Note 13
Note 14
Note 36
Financial instruments
(e) Change in accounting period

At the Board of Directors meeting held on 26 February 2016, the Board of Directors approved to change the Companys
accounting period from the period starting from 1 January and ending on 31 December to the period starting from 1
October and ending on 30 September. Subsequently at the Annual General meeting of the shareholders held on 28 April
2016, the shareholders approved the amendment to the Articles of Association of the Company regarding the change of
the accounting period. The Company completed the registration with Department of Business Development, Ministry of
Commerce and obtained an approval from Revenue Department for this change, which has an effect on the Companys
first change of accounting period ended 30 September 2016. Consequently, the financial statements for the period ended
30 September 2016 have been prepared from 1 January 2016 to 30 September 2016. As such, the amounts presented in
the statements of income and comprehensive income, changes in equity and cash flows of comparative information are
not directly comparable.
3. Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial
statements.
(a) Basis of consolidation
The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the Group)
and the Groups interests in associates.
Business combinations
The Group applies the acquisition method for all business combinations when control is transferred to the Group other
than those with entities under common control.
The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. The acquisition date is the date on which
control is transferred to the acquirer. Judgement is applied in determining the acquisition date and determining whether
control is transferred from one party to another.
Goodwill is measured as the fair value of the consideration transferred including the recognised amount of any noncontrolling interest in the acquiree, less the net recognised amount (generally fair value) of the identifiable assets
acquired and liabilities assumed, all measured as of the acquisition date.
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161
Consideration transferred includes the fair values of the assets transferred, liabilities incurred by the Group to the
previous owners of the acquiree, and equity interests issued by the Group. Consideration transferred also includes the fair
value of any contingent consideration and share-based payment awards of the acquiree that are replaced mandatorily in
the business combination. If a business combination results in the termination of pre-existing relationships between the
Group and the acquiree, then the lower of the termination amount, as contained in the agreement, and the value of the
off-market element is deducted from the consideration transferred and recognised in other expenses.
A contingent liability of the acquiree is assumed in a business combination only if such a liability represents a present
obligation and arises from a past event, and its fair value can be measured reliably.
The Group measures any non-controlling interest (NCI) at its proportionate interest in the identifiable net assets of the
acquiree.
Transaction costs that the Group incurs in connection with a business combination, such as legal fees, and other
professional and consulting fees are expensed as incurred.
Acquisitions from entities under common control
Business combinations arising from transfers of interests in entities that are under the control of the shareholder that
controls the Group are accounted for as if the acquisition had occurred at the beginning of the earliest comparative period
presented or, if later, at the date that common control was established; for this purpose comparatives are revised. The
assets and liabilities acquired are recognised at the carrying amounts recognised previously in the Group controlling
shareholders consolidated financial statements. The components of equity of the acquired entities are added to the same
components within the Groups equity except that any share capital of the acquired entities is recognised as part of share
premium. Any cash paid for the acquisition is recognised directly in equity.
Subsidiaries
Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the
entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on
which control commences until the date on which control ceases.
At the acquisition date, the Group measures any non-controlling interest at its proportionate interest in the identifiable
net assets of the acquiree.
Changes in the Groups interest in a subsidiary that do not result in a loss of control are accounted for as equity
transactions.
Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any
related non-controlling interests and other components of equity. Any resulting gain or loss is recognised in profit or loss.
Any interest retained in the former subsidiary is measured at fair value when control is lost.
Interests in equityaccounted investees
The Groups interests in equity-accounted investees comprise interests in associates.
Associates are those entities in which the Group has significant influence, but not control or joint control, over the
financial and operating policies.
Interests in associates are accounted for using the equity method. They are recognised initially at cost, which includes
transaction costs. Subsequent to initial recognition, the consolidated financial statements include the Groups share of the
profit or loss and other comprehensive income of equityaccounted investees, until the date on which significant influence
or joint control ceases.
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Transactions eliminated on consolidation

Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are
eliminated on consolidation. Unrealised gains arising from transactions with equity-accounted investee 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 the respective functional currencies of the Group entities at exchange
rate at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated to the functional currency at the
exchange rates at the reporting date.
Non-monetary assets and liabilities measured at cost in foreign currencies are translated to the functional currency at
the exchange rates at the dates of the transactions.
Foreign currency differences are generally recognised in profit or loss.
Foreign operations
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are
translated to Thai Baht at the exchange rates at the reporting date.
Goodwill and fair value adjustments arising on the acquisition of foreign operations are stated at exchange rates at the
reporting date.
The revenues and expenses of foreign operations are translated to Thai Baht at rates approximating the exchange rates
at the dates of the transactions.
Foreign exchange differences are recognised in other comprehensive income and accumulated in the translation reserve,
except to extent that the translation difference is allocated to non-controlling interest.
When a foreign operation is disposed of in its entirety or partially such that control, significant influence or joint control is
lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as
part of the gain or loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then
the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of
only part of an associate while retaining significant influence or joint control, the relevant proportion of the cumulative
amount is reclassified to profit or loss.
When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in
the foreseeable future, exchange gains and losses arising from such a monetary item are considered to form part of a net
investment in a foreign operation and are recognised in other comprehensive income, and presented in the foreign
currency translation reserve in equity until disposal of the investment.
(c) Derivative financial instruments
Derivative financial instruments are used to manage exposure to foreign exchange and commodity price risks arising from
operational, financing and investment activities. Derivative financial instruments are not used for trading purposes.
Forward exchange contracts and forward commodity price contracts are treated as off-statements of financial position
items and accounted for on a cash settlement basis.
(d) Cash and cash equivalents
Cash and cash equivalents in the statements of cash flows comprise cash balances, call deposits and highly liquid short-
term investments. Bank overdrafts that are repayable on demand are a component of financing activities for the purpose
of the statement of cash flows.
(e) Trade and other accounts receivable
Trade and other accounts receivable 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.
(f)
Inventories
Inventories are measured 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) Non-current assets held for sale
Non-current assets (or disposal groups comprising assets and liabilities) that are expected to be recovered primarily
through sale rather than through continuing use, are classified as held for sale. The assets (or disposal group) are
measured at the lower of their carrying value and fair value less cost to sell. Any impairment loss on a disposal group is
first allocated to goodwill, and then to remaining assets and liabilities on a pro rata basis, except that no loss is allocated
to inventories, financial assets, deferred tax assets and investment properties. Impairment losses on initial classification
as held for sale and subsequent gains and losses on remeasurement are recognised in profit or loss. Gains are not
recognised in excess of any cumulative impairment loss.
(h) Investments
Investments in associates and subsidiaries
Investments in associates and subsidiaries in the separate financial statements of the Company are accounted for using
the cost method. Investments in associates in the consolidated financial 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 classified as held-to-maturity
investments. Held-to-maturity investments are stated at amortised cost, less any impairment losses. 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 classified 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 profit or loss. When these investments are derecognised, the cumulative
gain or loss previously recognised directly in equity is recognised in profit or loss. Where these investments are interestbearing, interest calculated using the effective interest method is recognised in profit or loss.
Equity securities which are not marketable are stated at cost less any impairment losses.
The fair value of available-for-sale is determined as the quoted bid price at the reporting date.
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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 profit or loss.
If the Group disposes of part of its holding of a particular investment, the deemed cost of the part sold is determined
using the weighted average method applied to the carrying value of the total holding of the investment.
(i)
Investment properties are properties which are held to earn rental income, for capital appreciation or for both, but not for
sale in the ordinary course of business, use in the production or supply of goods or services or for administrative
purposes.
Investment properties are stated at cost less accumulated depreciation and impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of selfconstructed investment property includes the cost of materials and direct labour, and other costs directly attributable to
bringing the investment property to a working condition for its intended use and capitalised borrowing costs.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each property. The
estimated useful lives are as follow:
Buildings and constructions
(j)
165
20
years
Recognition and measurement

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 less any subsequent impairment losses.
Revalued assets
Revaluations are performed by independent professional valuers with sufficient regularity. The Groups policy requires an
appraisal to be conducted every three to five 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 recognised in other comprehensive income and presented in the revaluation
reserve in equity unless it offsets a previous decrease in value recognised in profit or loss in respect of the same asset. A
decrease in value is recognised in profit or loss to the extent it exceeds an increase previously recognised in other
comprehensive income in respect of the same asset. Upon disposal of a revalued asset, any related revaluation surplus is
transferred directly to retained earnings and is not taken into account in calculating the gain or loss on disposal.
Subsequent costs
The cost of replacing a part of an item of property, plant and equipment is recognised in the carrying amount of the item
if it is probable that the future economic benefits embodied within the part will flow to the Group, and its cost can be
measured reliably. The carrying amount of the replaced part is derecognised. The costs of the day-to-day servicing of
property, plant and equipment are recognised in profit or loss as incurred.
Depreciation
Depreciation is calculated based on the depreciable amount, which is the cost of an asset, or other amount substituted for
cost, less its residual value.
Depreciation is charged to profit or loss on a straight-line basis over the estimated useful lives of each component of an
item of property, plant and equipment. The estimated useful lives are as follows:
Land improvement
Building improvements
Machinery and equipment
Oak barrels
Furniture, fixtures and office equipment
Vehicles
5 to 30 years
3 to 40 years
2 to 33 years
3 to 40 years
10 to 20
3 to 10
3 to 10
years
years
years
Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets
includes the cost of materials and direct labour, any other costs directly attributable to bringing the assets to a working
condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are
located, and capitalised borrowing costs. Cost also may include transfers from other comprehensive income of any gain or
loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software
that is integral to the functionality of the related equipment is capitalised as part of that equipment.
No depreciation is provided on freehold land or assets under construction.
When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate
items (major components) of property, plant and equipment.
Goodwill
Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets. The measurement of goodwill at
initial recognition is described in Note 3 (a). Subsequent to initial recognition, goodwill is measured at cost less
accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in
the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset,
including goodwill, that forms part of the carrying amount of the equity-accounted investee.
Gains and losses on disposal of an item of property, plant and equipment are determined by comparing the proceeds from
disposal with the carrying amount of property, plant and equipment, and are recognised net within other income in profit
or loss. When revalued assets are sold, the amounts included in the revaluation reserve are transferred to retained
earnings.
Leased assets
Leases in terms of which the Group substantially assumes all the risk and rewards of ownership are classified as finance
leases. Property, plant and equipment acquired by way of finance 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 finance 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
profit or loss.
Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if
appropriate.
(k) Intangible assets
Research and development

Expenditure on research activities, undertaken with the prospect of gaining new scientific or technical knowledge and
understanding, is recognised in profit or loss as incurred.
Development activities involve a plan or design for the production of new or substantially improved products and
processes. Development expenditure is capitalised only if development costs can be measured reliably, the product or
process is technically and commercially feasible, future economic benefits are probable, and the Group intends to and has
sufficient resources to complete development and to use or sell the asset. The expenditure capitalised includes the cost of
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materials, direct labour, overhead costs that are directly attributable to preparing the asset for its intended use, and
capitalised borrowing costs. Other development expenditure is recognised in profit or loss as incurred.
Capitalised development expenditure is measured at cost less accumulated amortisation and accumulated impairment
losses.
Other intangible assets
Other intangible assets that are acquired by the Group and have finite useful lives are measured at cost less accumulated
amortisation and accumulated impairment losses.
Subsequent expenditure
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset
to which it relates. All other expenditure, including expenditure on internally generated goodwill and brands, is recognised
in profit or loss as incurred.
Amortisation
Amortisation is based on the cost of the asset, or other amount substituted for cost, less its residual value.
Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful lives of intangible assets,
other than goodwill, from the date that they are available for use, since this most closely reflects the expected pattern of
consumption of the future economic benefits embodied in the asset. The estimated useful lives for the current and
comparative periods are as follows:
Computer software
3 to 10 years
Trademarks
10 to 20 years
Licences 10 years
Rights 10 years
The recoverable amount of a non-financial 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 flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. For an asset
that does not generate cash inflows 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 financial asset is reversed if the subsequent increase in recoverable amount can be
related objectively to an event occurring after the impairment loss was recognised in profit or loss. For financial assets
carried at amortised cost, the reversal is recognised in profit or loss. For available-for-sale financial assets that are
equity securities, the reversal is recognised in other comprehensive income.
An impairment loss in respect of goodwill is not reversed. Impairment losses recognised in prior periods in respect of other
non-financial 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.
(n) Interest-bearing liabilities
Interest-bearing liabilities are recognised as stated in the agreement.
(o) Trade and other accounts payable
Trade and other accounts payable are stated at cost.
(p) Employee benefits
Amortisation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if
appropriate.
Defined contribution plans

Obligations for contributions to defined contribution plans are expensed as the related service is provided.
(l)
Defined benefit plans

The Groups net obligation in respect of defined benefit plans is calculated separately for each plan by estimating the
amount of future benefit that employees have earned in the current and prior periods, discounting that amount.
Leasehold rights
Leasehold rights are stated at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised in profit or loss on a straight-line basis over the agreement period.
(m) 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 and
intangible assets that have indefinite useful lives or are not yet available for use, the recoverable amount is estimated
each year at the same time.
An impairment loss is recognised if the carrying amount of an asset exceeds its recoverable amount. The impairment loss
is recognised in profit or loss unless it reverses a previous revaluation credited to equity, in which case it is charged to
equity.
When a decline in the fair value of an available-for-sale financial asset has been recognised directly in equity and there is
objective evidence that the value of the asset is impaired, the cumulative loss that had been recognised directly in equity
is recognised in profit or loss even though the financial asset has not been derecognised. The amount of the cumulative
loss that is recognised in profit or loss is the difference between the acquisition cost and current fair value, less any
impairment loss on that financial asset previously recognised in profit or loss.
Calculation of recoverable amount
The recoverable amount of available-for-sale financial assets is calculated by reference to the fair value.
The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit
method. When the calculation results in a potential asset for the Group, the recognised asset is limited to the present
value of economic benefits available in the form of any future refunds from the plan or reductions in future contributions
to the plan. To calculate the present value of economic benefits, consideration is given to any application minimum
funding requirements.
Remeasurements of the net defined benefit liability, actuarial gain or loss are recognised immediately in other
comprehensive income. The Group determines the interest expense on the net defined benefit liability for the period by
applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period, taking
into account any changes in the net defined benefit liability during the period as a result of contributions and benefit
payments. Net interest expense and other expenses related to defined benefit plans are recognised in profit or loss.
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past
service or the gain or loss on curtailment is recognised immediately in profit or loss. The Group recognises gains and
losses on the settlement of a defined benefit plan when the settlement occurs.
Other long-term employee benefits
The Groups net obligation in respect of long-term employee benefits is the amount of future benefit that employees have
earned in return for their service in the current and prior periods. That benefit is discounted to determine its present
value. Remeasurements are recognised in profit or loss in the period in which they arise.
167
Annual Report 2016

168
Annual Report 2016

Termination benefits
Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of those benefits
and when the Group recognises costs for a restructuring. If benefits are not expected to be settled wholly within 12
months of the end of the reporting period, then they are discounted.
extent that they are capitalised as being directly attributable to the acquisition, construction or production of an asset
which necessarily takes a substantial year of time to be prepared for its intended use or sale.
Short-term employee benefits

Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount
expected to be paid if the Group has a present legal or constructive obligation to pay this amount as a result of past
service provided by the employee and the obligation can be estimated reliably.
Payments made under operating leases are recognised in profit or loss on a straight line basis over the term of the lease.
(q) Provisions
Determining whether an arrangement contains a lease

At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific
asset is the subject of a lease if fulfillment of the arrangement is dependent on the use of that specified asset. An
arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of
the underlying asset.
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can
be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation.
Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market
assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised
as finance cost.
(r)
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 Group and arises from the difference between the cost of the combination
and the carrying amounts of net identifiable assets at the date of combination (except for businesses acquired that are
not under common control, net identifiable assets are measured at the fair value). The Group recognises the difference
arising from common control transactions under equity until disposal of the investment.
(s) Revenue
Revenue excludes value added taxes and is arrived at after deduction of trade discounts and volume rebates.
Sale of goods and services rendered
Revenue is recognised in profit or loss when the significant 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 significant
uncertainties regarding recovery of the consideration due, associated costs or the probable return of goods. Service
income is recognised as services are provided.
Commissions
When the Group acts in the capacity of an agent rather than as the principal in a transaction, the revenue recognised is
the net amount of commission made by the Group.
Investments
Revenue from investments comprises rental income from investment properties and dividend and interest income from
investments and bank deposits.
Rental income
Rental income from investment property is recognised in profit or loss 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 over the term of lease. Contingent
rentals are recognised as income in the accounting period in which they are earned.
Interest and dividend income
Interest income is recognised in profit or loss as it accrues. Dividend income is recognised in profit or loss on the date the
Groups right to receive payments is established.
(t)
Finance cost
Interest expenses and similar costs are charged to profit or loss for the period in which they are incurred, except to the
(u) Lease payments
Contingent lease payments are accounted for by revising the minimum lease payments over the remaining term of the
lease when the lease adjustment is confirmed.
At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required
by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If
the Group concludes for a finance lease that it is impracticable to separate the payments reliably, an asset and a liability
are recognised at an amount equal to the fair value of the underlying asset. Subsequently the liability is reduced as
payments are made and an imputed finance charge on the liability is recognised using the Groups incremental borrowing
rate.
(v) Income tax
Income tax expense for the year comprises current and deferred tax. Current and deferred tax are recognised in profit or
loss except to the extent that they relate to a business combination, or items recognised directly in equity or in other
comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted
or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for
financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the following
temporary differences: the initial recognition of goodwill; the initial recognition of assets or liabilities in a transaction that
is not a business combination and that affects neither accounting nor taxable profit or loss; and differences relating to
investments in subsidiaries to the extent that it is probable that they will not reverse in the foreseeable future.
The measurement of deferred tax reflects the tax consequences that would follow the manner in which the Group
expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they
reverse, using tax rates enacted or substantively enacted at the reporting date.
In determining the amount of current and deferred tax, the Group takes into account the impact of uncertain tax positions
and whether additional taxes and interest may be due. The Group believes that its accruals for tax liabilities are adequate
for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience.
This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New
information may become available that causes the Group to change its judgement regarding the adequacy of existing tax
liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and
assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax
169
Annual Report 2016

170
Annual Report 2016

entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be
realised simultaneously.
A deferred tax asset is recognised to the extent that it is probable that future taxable profits will be available against
which the temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and reduced to
the extent that it is no longer probable that the related tax benefit will be realised.
Name of entities
Country of
incorporation/
nationality
Nature of relationships
10. The Southeast Insurance Plc.
Thailand
Directors and controlling equity holders hold

substantial shares indirectly
11. The Southeast Life Insurance Plc.
Thailand
12. Southeast Capital Co., Ltd.
Thailand
(w) Earnings per share

The Group presents basic earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the
profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares
outstanding during the period, adjusted for own shares held.
(x) Segment reporting

13. T.C.C. Technology Co., Ltd.
Thailand
14. Thai Glass Industries Plc.
Thailand

Segment results that are reported to the Groups CEO (the chief operating decision marker) include items directly
attributable to a segment as well as those that can be allocated on a reasonable basis. Unallocated items comprise mainly
net foreign exchange gain or loss, parts of loans and related finance costs and some items of investments.
15. Bang-Na Glass Co., Ltd.
Thailand

16. TCC Hotel Collection Co., Ltd.
Thailand

4. Related parties
17. Terragro Bio-Tech Co., Ltd.
Thailand

For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the
ability, directly or indirectly, to control or joint control the party or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or
common significant influence. Related parties may be individuals or other entities.
18. BJC Industrial and Trading Co., Ltd.
Thailand
19. North Park Real Estate Co., Ltd.
Thailand
Relationships with related parties other than direct subsidiaries, indirect subsidiaries, subsidiaries of indirect subsidiaries,
associates of indirect subsidiaries and associates of subsidiary of indirect subsidiaries (as presented in Note 1) were as
follows:
20. TCC PD 11 Co., Ltd.
Thailand
21. Thippatana Arcade Co., Ltd.
Thailand

Name of entities
Country of
incorporation/
nationality
1. Thai Alcohol Plc.
Thailand
2. Sint Ek Panich Co., Ltd.
Thailand
22. Siam Food Products Plc.
Thailand

23. BJC Healthcare Co., Ltd.
Thailand
24. Wattanapat Trading Co., Ltd.
Thailand

3. Banglen Agriculture Co., Ltd.
Thailand

25. Silvercord Capital (Singapore) Limited
Singapore
26. Plantheon Trading Co., Ltd.
Thailand

4. Pisetkij Co., Ltd.
Thailand

5. Thip Sugar Kamphaengphet Co., Ltd.
Thailand

27. Eastern Chemical Co., Ltd.
Thailand

6. The Chonburi Sugar Co., Ltd.
Thailand
7. Thai Agro Products Co., Ltd.
Thailand
28. Mosho Entertainment Co., Ltd.
Thailand
9. The Suphanburi Sugar Industry
Thailand
29. Commercial Solution Co., Ltd.
Thailand

30. TCCCL Ladphao Co., Ltd.
Thailand
31. F&B International Co., Ltd.
Thailand

Co., Ltd.


Thailand

8. Thip Sugar Sukhothai Co., Ltd.

171
Annual Report 2016

172
Annual Report 2016

Name of entities
Country of
incorporation/
nationality
32. Sub Permpoon 8 Co., Ltd.
Thailand
Name of entities
Country of
incorporation/
nationality
55. SMJC Real Estate Co., Ltd.
Thailand

33 The Street Retail Development Co., Ltd.
Thailand
34. Sub Mahakij 8 Co., Ltd.
Thailand

56. Big C Supercenter Plc.
Thailand
57. Lertrattakarn Co., Ltd.
Thailand
Directors hold substantial shares indirectly
58. Golden Ventures Leasehold Real
Thailand

35. Waste Recycling Management Center
Thailand
Thailand
Co., Ltd.
36. Gaewsarnsiri Co., Ltd.

37. TCC Land Development Co., Ltd.
Thailand
Thailand
Thailand
Co., Ltd.

40. Excellent Energy International Co., Ltd.
Thailand
41. Thai Retail Investment Fund
Thailand
Directors and controlling equity holders are

the indirect principle unit holder
42. TCC Land Co., Ltd.
Thailand
43. Thai Malaya Glass Co., Ltd.
Thailand

44. Berli Jucker Foods Co., Ltd.
Thailand
Thailand
45. Dhanasindhi Co., Ltd.
Thailand
46. Business Process Outsourcing Co., Ltd.
Thailand

47. Berli Jucker Plc.
Thailand
48. Gaew Grung Thai Co., Ltd.
Thailand

49. Phatra Leasing Plc.
Thailand
Common directors with an indirect subsidiary
50. N.C.C. Management and
Thailand

51. InterContinental Singapore
Singapore
52. TCC Hotel Asset Management Co., Ltd.
Thailand
60. Best Fortune Property and Loan Fund
Thailand
61. Regent Gold Property Fund
Thailand
Directors and controlling equity holders arer
the indirect principal unit holder

62. Thai Commercial Investment
Thailand
Thailand
Freehold and Leasehold Fund

63. Plaza Athenee Hotel (Thailand) Co., Ltd.

the directors and hold substantial shares indirectly
64. North Park Golf And Sports Club
Thailand
Co., Ltd.
65. Thai Beverage Can Co., Ltd.
Thailand

54. Riverside Homes Development Co., Ltd.
Thailand


50% shares indirectly
66. Dhamma Land Property Development
Thailand
Co., Ltd.

relatives of indirect substantial shares holders
67. PS Recycle Co., Ltd.
Thailand
68. T.C.C. International Limited
Hong Kong
Controlling equity holders hold substantial
relatives of controlling person

shares indirectly
69. Best Wishes Co., Ltd.
Hong Kong
Controlling equity holders hold substantial

shares indirectly
70. Bangkok Glass Co., Ltd.
Thailand
A subsidiary holds shares
71. The Pet Co., Ltd.
Thailand
72. Crown Seal Plc.
Thailand
73. Petpak Co., Ltd.
Thailand
74. TCC Holding Co., Ltd.
Thailand
Having common controlling equity holders
75. TCC Assets Ltd.
British Virgin
Islands
substantial shares directly
76. Golden Land Property Development Plc.
Thailand
Directors hold substantial shares indirectly
77. Dynamic Assets Property and Loan Fund
Thailand
Directors and controlling equity holders are the indirect
78. Pacific Leisure (Thailand) Limited
Thailand
Directors and controlling equity holders hold substantial
principal unit holder of this real estate investment fund

Thailand

the directors and hold substantial shares indirectly
53. TCC Logistics & Warehouse Co., Ltd.

the indirect principle unit holder

Development Co., Ltd.
59. New Noble Property and Loan Fund

39. Lake View Golf And Yacht Club
Estate Investment Trust

38. P.I.T. Factory Co., Ltd.
shares indirectly
79. F&N Group and related parties
Singapore
of F&N Group
80. FCL Group and related parties of
FCL Group
A indirect subsidiary holds 28.53% share

in Fraser and Neave, Limited
Singapore
A indirect subsidiary holds 28.44% shares

in Frasers Centrepoint Limited
173
Annual Report 2016

174
Annual Report 2016

Name of entities
Country of
incorporation/
nationality
81. Key management personnel
Thailand
Persons having authority and responsibility for
Consolidated
planning, directing and controlling the activities of
For the
year ended
31 December
2015
2016
2015
340
437
314
411
13
16
10
16
353
453
324
427
1,275
770
Purchases of raw materials and packaging
7,915
9,331
(whether executive or otherwise)

of the Group/ Company.
Note

Post-employment benefits
Total key management personnel
compensation
Other related parties
Overhead costs
Significant transactions for the nine-month period ended 30 September 2016 and for the year ended 31 December 2015
with related parties were as follows:
Consolidated
2016
2016
Key management personnel compensation
Pricing policies
Agreed prices which approximate market prices
Contractual prices
Agreed prices which approximate market prices
Contractual prices
Contractual prices
Contractual prices
Rate as mutually agreed with reference interest rates
quoted by financial institutions
Note
For the
nine-month
period ended
30 September
Key management personnel
The pricing policies for transactions with related parties are explained further below:
For the
nine-month
period ended
30 September
Separate
For the
For the
nine-month
2015
2016
For the
year ended
31 December
2015
(in million Baht)
176
211
170
186
Dividend income
214
383
1,173
1,031
10
184
719
1,810
Other income
Selling and administrative expenses
Purchases of plant and equipment
Sales of plant and equipment
Sales of assets classified as held for sale
Balances as at 30 September 2016 and 31 December 2015 with related parties were as follows:
Subsidiaries
Trade accounts receivable from related parties
Consolidated
Management fees
5,159
3,867
289
373
30 September
Interest income
198
765
2016
Interest expense
Dividend income
951
1,334
17,370
9,584
Other income
12
20
11
Increase in share capital of subsidiary
11
25,302
37,941
Acquisitions of subsidiaries
11
2,793
Disposals of subsidiaries
11
74
Associates
10
-
3,848
3,375
3,926
2,137
1,148
2,351
2,273

associate, net of income tax
Share of profit of investment in
associates, net of income tax
Share of other comprehensive income
of investment in associates
Dividend income
Separate
For the
For the
nine-month
the entity, directly or indirectly including any director
Transactions
Revenue from rendering of services
Purchase of goods/raw materials
Receiving of services
Purchase and sale of property, plant and equipment
Purchase and sale of investments
Interest income and interest expense
175
Separate
2015
2016
31 December
2015
(in million Baht)
Subsidiaries
Associates
455
2,441
78
43
154
58
Total
232
101
455
2,441
Annual Report 2016

176
Annual Report 2016

13
13
-
12
12
-
1
1
-
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)
Short-term loans
6,912
6,902
Total
6,912
6,902
11
Consolidated
For the
nine-month
period ended
30 September
11
10
10
1
1
Loans to related parties
For the year

ended
31 December
2015
Separate
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
(in million Baht)
Short-term loans
88
88
88
88
Subsidiaries
At 1 January
6,902
12,182
Reclassify from long-term loans
3,719
Increase
7,161
19,813
Decrease
(7,151)
(28,812)
At 30 September / 31 December
6,912
6,902
At 1 January
3,719
Reclassify to short-term loans
(3,719)
98
98
98
98
Long-term loans
Subsidiaries
The currency denomination of loans to and other receivables from related parties as at 30 September 2016 and 31
December 2015 was as follows:
30 September
2016
Consolidated
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)
Thai Baht (THB) and other functional

currencies of subsidiaries
Singapore Dollars (SGD)

Total
Trade accounts payable to related parties
517
876
7,042
7,069
517
881
7,042
7,069
Consolidated
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)
Total
(in million Baht)
Total
Long-term
Other
loans to receivables
Total
Long-term
Other
Total
Long-term
Other
Consolidated
2016
Subsidiaries
30 September 2016
Summary of loans to related parties
Movements during for the nine-month period ended 30 September 2016 and the year ended 31 December 2015 of loans to
related parties were as follows:
Total
30 September 2016
31 December 2015
Consolidated
Long-term loans to and other receivables from related parties
Long-term
Other
31 December 2015
Separate
7056
154
6,902
7,031
119
6,912
793
793
419
419
-
Total
81
81
-
80
80
525
268
268
525
-
250
169
169
250
-
Associates
6,975
73
6,902
6,951
39
6,912
-
Subsidiaries
(in million Baht)
Total
Short-term
Other
Total
Short-term
Other
Total
Short-term
Other
Total
Short-term
Other
31 December 2015
31 December 2015
30 September 2016
Short-term loans to and other receivables from related parties
Consolidated
30 September 2016
Separate
177
154
257
1,388
1,307
Total
1,542
1,564
Associates
Annual Report 2016

178
Annual Report 2016

1,317
Consolidated
30 September
2016
1,317
1,264
(in million Baht)
Total
Other
payables
Long-term
loans from
Total
1,264
-
Other
payables
Separate
2015
2016
31 December
2015
Short-term loans
25,505
32,025
Long-term loans
1,264
1,317
Total
26,769
33,342
Movements during the nine-month period ended 30 September 2016 and the year ended 31 December 2015 of loans from
related parties were as follows:
2016
Separate
For the
nine-month
For the year
ended period ended
2016
2015
For the year

ended
31 December
2015
(in million Baht)
Short-term loans
Subsidiaries
Reclassify from long-term loans
Increase
Decrease
Consolidated
For the
nine-month
period ended
30 September
At 1 January
32,025
7,517
12,569
32,342
(38,862)
25,505
57,877
(45,938)
32,025
1,317
12,569
(52)
1,265
(12,569)
1,317
1,317
Long-term loans
-
Subsidiaries
At 1 January
Reclassify to short-term loans

Increase
Exchange differences
The currency denomination of loans from and other payables to related parties as at 30 September 2016 and 31 December
2015 was as follows:
Consolidated
Separate
30 September
31 December
2016
2015
2016
2015
(in million Baht)
Thai Baht (THB) and other functional currencies

of subsidiaries
Subsidiaries
Long-term
loans from
Total
Other
payables
Long-term
loans from
30 September 2016
Summary of loans from related parties
(in million Baht)
Long-term
Total loans from
30 September 2016
31 December 2015
Consolidated
Long-term loans from and other payables to related parties
Loans from related parties
Other
payables
31 December 2015
Separate
32,371
346
32,025
50,839
25,334
25,505
271
271
315
315
-
Total
31
31
16
16
-
37
234
234
37
-
194
121
121
194
-
Associates
32,340
32,025
25,318
Subsidiaries
25,505
50,823
315
Total
(in million Baht)
Other
payables
Short-term
loans from
Total
Other
payables
Short-term
Total loans from
Total
Other
payables
Short-term
loans from
30 September 2016
Short-term loans from and other payables to related parties
Short-term
loans from
Other
payables
31 December 2015
31 December 2015
Consolidated
30 September 2016
Separate
179
Euro (EUR)
United States Dollars (USD)
Pound Sterling (GBP)
Malaysian Ringgit (MYR)
Hong Kong Dollars (HKD)
Total
223
247
50,704
32,358
84
17
12
1
1,398
1,317
315
271
52,103
33,688
180
Annual Report 2016

Annual Report 2016

Significant 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, finance, public relations, public co-ordination, technology, law, secretary and share
register and internal audit for a period of one year from 1 January 2004 to 31 December 2004. Unless there are
notifications to terminate the agreement not later than 30 days prior to 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 as stipulated in
the agreements.
Application service provisioning agreement
The Company entered into the application service provisioning agreement with T.C.C. Technology Co., Ltd., a related
company, for the provision of ongoing maintenance and development of the application. The Company is committed to pay
the rental fee of system, computer hardware, software license and service fee on a monthly basis throughout the contract
period for three years, effective from 1 January 2016, under the fees and conditions stipulated in the agreement.
Subsequently, the Company entered into additional agreements according to the additional number of users.
Molasses purchase and sale agreements
Thai Molasses Co., Ltd., the Companys subsidiary, entered into molasses purchase and sale agreements with various
related companies in order to sell molasses to other subsidiaries within the Group, under the prices and conditions
stipulated in the agreements.
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 Plc., a related company, in order to sell glass bottle to other subsidiaries within the Group, for a period
of three years, effective from 1 January 2016 to 31 December 2019, under the prices and conditions stipulated in the
agreement.
Revolving loan agreement
The Company entered into loan agreement with subsidiaries for lending the loans with joint credit limit not exceeding Baht
10,000 million, bearing interest at the rate of 5% per annum and repayable at call. Subsequently, the Company entered
into another revolving loan agreement with a subsidiary to lend loans with credit limit of Baht 15,000 million, bearing
interest at the rate of 5% per annum and repayable at call.
Commitments with related parties
Consolidated
30 September
2016
Separate
2015
2016
31 December
2015
(in million Baht)
Capital commitments
262
270
Within one year
439
380
29
43
After one year but within five years
849
700
48
37
After five years
128
1,416
1,080
77
80
110
760
Application service provisioning agreements
89
32
89
32
Brewing supervision agreement
16
18
Purchase of raw material agreements
149
Sale of molasses agreements
101
Other service agreements
128
140
44
91
Total
354
1,200
133
123
Buildings and other constructions

Total
Non-cancellable operating lease commitments
Total
Other commitments
Purchase of molasses agreements
5. Cash and cash equivalents

Consolidated
30 September
2016
The Company entered into revolving loan agreements with subsidiaries for lending the loans with total credit limit of Baht
94,400 million, bearing interest at the rate of 4% per annum and repayable at call.
Service agreement
Sermsuk Public Company Limited, the Companys indirect subsidiary, entered into the service agreement for the rights to
use software and maintenance system with a related company. The agreement is for a period of three years, and ends on
31 August 2018, with service fee as stipulated in the agreement.
181
Separate
2015
2016
31 December
2015
(in million Baht)
64
84
Cash at banks - current accounts
1,024
1,174
Cash at banks - savings accounts
3,893
2,138
1,732
591
78
94
5,059
3,490
1,734
595
Cash on hand
Highly liquid short-term investments

Total
Annual Report 2016

182
Annual Report 2016

183
The currency denomination of cash and cash equivalents as at 30 September 2016 and 31 December 2015 was as follows:
Consolidated
30 September
2016
Aging analyses for trade accounts receivable were as follows:
Separate
2015
2016
Consolidated
30 September
2016
31 December
2015
Separate
2015
2016
(in million Baht)
(in million Baht)
Related parties

4,930
3,368
1,734
595
83
44
42
31
Less than 3 months
3-6 months
35
Myanmar Kyat (MMK)
Other parties
Vietnamese Dong (VND)
Within credit terms

Overdue:
Canada Dollars (CAD)

Total
5,059
3,490
1,734
595
6. Trade accounts receivable

Consolidated
30 September
Note
2016
Separate
2016
2015
31 December
2015
(in million Baht)
232
101
455
2,441
Other parties
2,423
3,891
Total
2,655
3,992
455
2,441
(67)
(86)
2,588
3,906
455
2,441
Related parties
Less allowance for doubtful accounts

Net
Consolidated
Note
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
11
Within credit terms
For the
nine-month
period ended
30 September
2016
71
455
2,254
50
30
187
232
101
455
2,441
2,028
3,135
331
687
3-6 months
26
27
6-12 months
27
31
Over 12 months
11
11
2,423
3,891
(67)
(86)
2,356
3,805
2,588
3,906
455
2,441
Less than 3 months
Less allowance for doubtful accounts
Net
The normal credit term granted by the Group ranges from 7 days to 150 days.
The currency denomination of trade accounts receivable as at 30 September 2016 and 31 December 2015 was as follows:
Consolidated
30 September
2016
Separate
2015
2016
31 December
2015
(in million Baht)
For the year

ended
31 December
2015
(in million Baht)
182
Overdue:
Separate
Bad and doubtful debts expenses

for the period/year
31 December
2015
2,556
3,783
19
68
Malaysian Ringgit (MYR)
13
Euro (EUR)
36
Canada Dollars (CAD)
2,588
3,906
455
2,441
Total
455
2,441
Annual Report 2016

184
Annual Report 2016

7. Inventories
Consolidated
30 September
2016
Separate
2015
2016
31 December
2015
Sermsuk had proceeds from sale of such land and building, recorded as assets classified as held for sale as at 31
December 2014, of Baht 1,810 million (net of expenditure attributable to the sale, of Baht 1,736 million) and gain on sale
of Baht 446 million presented as a part of other income in the consolidated statements of income for the year ended 31
December 2015.
10. Investments in associates
(in million Baht)
Finished goods
Maturing spirits
Work in progress
Raw materials
Packaging materials
Spare parts
Others
Less allowance for decline in value
Net
185
13,767
11,041
12,555
13,649
5,573
5,187
2,791
2,865
2,602
1,719
520
518
693
580
38,501
35,559
(356)
38,145
(355)
35,204
Consolidated
For the
nine-month
period ended
30 September
2016
Separate
For the
nine-month
For the year
ended period ended
2015
2016
For the year

ended
31 December
2015
Inventories recognised as an expense in

Cost of sale of goods :
- Cost
- Write-down to net realisable value
- Reversal of write-down
97,591
121,814
233
209
(233)
(193)
Net
97,591
121,830
(in million Baht)
8. Other current assets

Consolidated
30 September
2016
Separate
2015
2016
31 December
2015
(in million Baht)
Prepaid excise tax

Refundable value added tax
Deposits
Refundable excise tax
Others
1,709
1,832
654
612
12
21
259
1,091
72
74
471
529
36
Total
3,167
4,136
48
22
9. Assets classified as held for sale

On 17 April 2015, Sermsuk Public Company Limited (Sermsuk), an indirect subsidiary of the Company, had entered into
sale agreement of the land and buildings and transferred ownership of the said land and buildings to a related company.
Consolidated
For the
nine-month
For the
period ended 30
year ended
September 2016 31 December 2015
(in million Baht)
75,737
67,614
Share of net profit of investment in associates
3,375
3,926
Share of other comprehensive income of investment in associates
2,137
1,148
3,848
(2,351)
(2,273)
(435)
1,474
78,463
75,737
At 1 January
Share of profit from disposal of interest in associate

Dividend income from associates
Translation differences on consolidation
At the annual general meetings of the shareholders of Fraser and Neave, Limited (F&N) and Fraser Centrepoint Limited
(FCL), associates of an indirect subsidiary of the Company, held on 29 January 2016, the shareholders of F&N and FCL
approved the dividend payment of SGD 0.03 and SGD 0.062 per share, respectively. The dividend was paid to the
shareholders in February 2016. The Companys indirect subsidiary received the said dividend of approximately Baht 1,610
million.
On 1 February 2016, FCL Centrepoint Pte. Ltd., a subsidiary of FCL, completed the disposal of its entire 18.99%
shareholding interest in Gemshine Investments Pte. Ltd. and novation of the intercompany loans in the net amount of
approximately SGD 60.7 million, to Lexis 88 Investment (Mauritus) Limited, for an aggregate consideration of
approximately SGD 80.3 million.
On 2 March 2016, Frasers Property Holdings (Thailand) Co., Ltd. (FPHT), a subsidiary of FCL, completed the acquisition
of 142,000,000 additional shares in Golden Land Property Development Public Company Limited, a related company of the
Company, at an average price of Baht 6.5 per share. The aggregate consideration is Baht 923 million. In this regard, the
FPHTs interest in Golden Land Property Development Public Company Limited increased from approximately 29.5% to
35.6%.
On 14 April 2016, FCL Treasury Pte. Ltd., a subsidiary of FCL, issued SGD 250 million in aggregate principal amount of 4.25
percent notes due 2026, under the SGD 3,000 million Multicurrency Debt Issuance Programme established on 21 March
2012, which is guaranteed by FCL.
At Board of Directors meeting of FCL and F&N, held on 9 May 2016 and 10 May 2016, respectively, the Board of
Directors of FCL and F&N approved the interim dividend payment of SGD 0.024 and SGD 0.015 per share, respectively.
The interim dividend was paid to the shareholders in June 2016. The Companys indirect subsidiary received the said
dividend of approximately Baht 630 million.
On 1 July 2016, F&N Pte Ltd, a subsidiary of F&N, completed the acquisition of the entire issued share capital in each of
Warburg Vending Pte Ltd, Warburg Engineering Pte Ltd and Warburg Vending Services Pte Ltd for a consideration of SGD
29 million.
On 21 July 2016, FCL Treasury Pte Ltd (the Issuer), a subsidiary of FCL, issued USD 200 million in aggregate principal
amount of 2.50% fixed rate notes due to 2021, under the SGD 3 billion Multicurrency Debt Issuance Programme
established by the Issuer on 21 March 2012, guaranteed by FCL.
Annual Report 2016

186
Annual Report 2016

2,273
2,351
78,463
53,304
52,834
Total
The Group has investment in associates, Fraser and Neave, Limited (F&N) and Frasers Centrepoint Limited (FCL), which are listed on the Singapore Exchange Securities Trading
Limited (SGX) with the closing price as at 30 September 2016 of SGD 2.14 per share and SGD 1.49 per share, respectively (31 December 2015: SGD 2.08 per share and SGD 1.68 per
share, respectively). The market value calculated from the above mentioned closing price of the Groups investments in F&N and FCL are Baht 22,410 million and Baht 31,207 million,
respectively (31 December 2015: Baht 21,892 million and Baht 35,363 million, respectively).
54
111
426
30
25.86
25.86 Baht 75 million Baht 75 million
30
75,737
140
118
13
13
49.49 GBP 0.5 million GBP 0.5 million
49.49
Liquorland Limited
Held by subsidiary of indirect subsidiaries
431
1,717
1,775
39,234
36,153
35,834
28.44
28.44
Fraser Centrepoint Limited
36,507
38,659
502
465
38,685
17,108
16,957
28.53
Held by indirect subsidiaries
Associates
SGD 1,767
million
28.53 SGD 849 million SGD 849 million
(%)
SGD 1,767
million
(in million Baht)
2015
31 December
2016
2015
2015
2016
2015
2016
2015
2016
30 September
2016
For the
year ended
For the
nine-month
period ended
Dividend income
Equity
Cost
Paid-up capital
Ownership interest
Consolidated
Investments in associates as at 30 September 2016 and 31 December 2015, and dividend income from those investments for the nine-month period ended 30 September 2016 and for
the year ended 31 December 2015 were as follows:
187
Associates
The following table summarises the financial information of the associates as included in their own financial statements,
adjusted for fair value adjustments at acquisition and differences in accounting policies. The table also reconciles the
summarised financial information to the carrying amount of the Groups interest in these companies.
For the
nine-month
period ended
30 September
For the
year ended
31 December
For the
nine-month
period ended
30 September
For the
year ended
31 December
2016
2015
2016
2015
(in million Baht)
Revenue
Profit from continuing operations
Post-tax profit from discontinued operation
Total comprehensive income (100%)
Total comprehensive income (% hold)
38,285
50,892
71,126
78,763
3,112
2,489
10,997
16,941
15,112
3,178
7,794
8,098
(3,509)
(6,251)
10,906
25,699
10,666
10,690
28.53
28.53
28.44
28.44
3,111
7,332
3,033
3,040
918
682
3,717
3,637
9,988
25,017
6,949
7,053
30 September
2016
31 December
2015
30 September
2016
31 December
2015
Total comprehensive income attributable

to the Group
Attributable to non-controlling interests
Attributable to investees shareholders
(in million Baht)
Current assets
41,300
41,987
177,032
158,913
54,498
45,984
437,549
430,083
(11,455)
(11,486)
(87,574)
(69,621)
(4,296)
(4,274)
(226,286)
(246,690)
Net assets (100%)
80,047
72,211
300,721
272,685
7,857
7,869
131,586
72,044
72,190
64,342
169,135
200,641
For the
nine-month
period ended
30 September
For the
year ended
31 December
For the
nine-month
period ended
30 September
For the
year ended
31 December
2016
2015
2016
2015
Non-current assets
Current liabilities
Attributable to non-controlling interests

Attributable to investees shareholders
Carrying amount of interest in associates
(in million Baht)
Groups interest in net assets of investee at

36,507
29,118
38,659
37,985
Total comprehensive income attributable to the Group
2,842
7,129
2,564
1,685
Dividends received for the period/year
(465)
(502)
(1,775)
(1,717)
(199)
762
(214)
706
38,685
36,507
39,234
38,659
1 January
Carrying amount of interest in investee

at 30 September / 31 December
Annual Report 2016

Annual Report 2016

162
50
10
10
10
10
100.00
Pomchok Co., Ltd.
100.00
254
81
10
10
10
10
100.00
Pomklung Co., Ltd.
100.00
240
106
10
10
10
10
10
10
100.00
100.00
Pomkit Co., Ltd.
10
100.00
100.00
Horeca Management Co., Ltd.
10
203
712
10
10
10
100.00
100.00
10
1
1,010
1,010
1,000
100.00
100.00
Sura Piset Thipparat Co., Ltd.
1,000
23
94
766
766
800
800
100.00
100.00
71
16
32
247
888
800
800
888
900
800
800
900
100.00
Nateechai Co., Ltd.
100.00
100.00
100.00
22
68
1,800
1,800
1,800
100.00
100.00
1,800
5,000
5,000
5,000
100.00
100.00
5,000
40
132
700
700
700
700
100.00
100.00
47
58
186
156
800
800
800
800
800
800
800
800
100.00
Kankwan Co., Ltd.
100.00
100.00
100.00
52
179
900
900
900
900
100.00
376
1,312
4,000
4,000
4,000
4,000
100.00
9
50
700
700
700
700
12
20
697
697
700
700
100.00
60
201
17
691
900
900
691
700
900
900
700
100.00
100.00
278
1,135
264
787
7,500
7,500
7,500
7,500
12,500
12,500
12,500
6,600
6,600
2,209
355
(in million Baht)
2015
Dividend income
2016
2015
12,500
100.00
On 30 June 2016, the Company made an additional investment in Thai Drinks Co., Ltd, the Companys subsidiary, for a
consideration of Bath 352 million. In this regard, the paid-up share capital of Thai Drinks Co., Ltd. increased from 160
million (1.6 million ordinary shares with a Baht 100 par value) to Baht 1,500 million (15 million ordinary shares with a Baht
100 par value).
Athimart Co., Ltd.
On 4 January 2016, the Company entered into an agreement with International Beverage Holdings Limited (IBHL), a
direct subsidiary of the Company, and BeerCo Limited (BeerCo), an indirect subsidiary of the Company. As a result of
this agreement, investment in IBHL increased by Baht 24,950 million or equivalent to HKD 5,357 million and will be paid up
subsequently in order to invest in BeerCo. Subsequently, on 29 June 2016, the Company extended the agreement with the
same terms and conditions as contained in the original agreement.
100.00
142,490
167,792
100.00
(74)
2,793
100.00
Disposals
Acquisitions
100.00
37,941
100.00
25,302
Increase in share capital of subsidiary
101,830
142,490
At 1 January
100.00
2015
(in million Baht)
100.00
2016
For the
year ended
31 December
Sangsom Co., Ltd.
For the
nine-month
period ended
30 September
100.00
Separate
100.00
11. Investments in subsidiaries
(8)
5,550
18
5,550
(6)
260
100.00
268
100.00
(8)
Beer Thai (1991) Plc.
18
(%)
266
Subsidiaries
- Other comprehensive income

Total comprehensive income
268
2016
Groups share of:
2015
immaterial associates
2016
Carrying amount of interests in
2015
2015
(in million Baht)
2016
2016
For the
For the
nine-month
year ended
period ended
30 September 31 December 30 September 31 December 30 September 31 December 30 September 31 December
2015
For the
year ended
31 December
2016
For the
For the
nine-month
Cost method
For the
nine-month
period ended
30 September
Liquorland Limited
Paid-up capital
Ownership interest
Immaterial associates
The following is summarised financial information for the Groups interest in immaterial associates based on the amounts
reported in the Groups consolidated financial statements:
- Profit for the period/year
189
Investments in subsidiaries as at 30 September 2016 and 31 December 2015, and dividend income from those investments for the nine-month period ended 30 September 2016 and the
year ended 31 December 2015 were as follows:
100.00
188
100.00
100.00
100.00
100.00
100.00
100.00
100.00
Numthip Co., Ltd.

Surathip Co., Ltd.
Sunthronpirom Co., Ltd.
100.00
100.00
100.00
100.00
100.00
99.72
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
(%)
30
2015
100.00
100.00
100.00
100.00
100.00
100.00
International Beverage Holdings Limited

Archa beer Co., Ltd.
Sura Piset Phatra Lanna Co., Ltd.
50.99
BevCo Co., Ltd.
50.99
5,436
10
10
10
512
375
1,000
1,667
67,942
30
25
5,436
10
10
10
160
375
1,000
1,667
67,942
30
25
350
300
1,012
2015
167,792
2,772
10
10
10
438
5,540
1,015
130
4,318
39
4,139
92,892
30
61
376
300
1,012
2016
156
28
148
13
132
77
90
200
107
770
872
1,032
640
910
586
1,189
1,060
81
35
96
72
24
2016
2015
15
61
58
80
12
56
187
56
208
244
271
174
256
172
317
283
231
136
131
231
42
(in million Baht)
142,490
2,772
10
10
10
86
5,540
1,015
130
4,318
39
4,139
67,942
30
61
376
300
1,012
2015
Cost method
17,369
162
193
381
68
108
2,292
22
90
101
570
2016
9,584
69
239
14
214
373
63
120
(in million Baht)
2015
For the
nine-month
For the
period
year
ended
ended 30
September 31 December
Dividend income
134
296
84
34
32
35
864
24
25
27
10
10
10
10
10
10
10
10
10
10
10
10
10
2015
30
134
296
84
34
32
35
864
24
25
27
10
10
10
10
10
10
10
10
10
10
10
10
10
2016
Dividend income
For the
nine-month
For the
period
year ended
ended 30
All subsidiaries were incorporated in Thailand, except International Beverage Holdings Limited which was incorporated in the Hong Kong.
Annual Report 2016

None of the Companys subsidiaries are publicly listed and consequently do not have published price quotations, except for Oishi Group Plc. which is listed on the Stock Exchange of
Thailand. Based on the closing price of Baht 141.50 per share at 30 September 2016 (31 December 2015: Baht 62.50 per share), the market price of the Companys investment in Oishi
Group Plc. is Baht 21,134 million (31 December 2015: Baht 9,335 million).
Total
50.99
50.99
100.00
100.00
Chang Corporation Co., Ltd.
100.00
100.00
100.00
100.00
53.62
79.66
100.00
100.00
100.00
100.00
100.00
100.00
100.00
95.05
100.00
C A C Co., Ltd.
100.00
350
300
1,012
2016
30
30
Cost method
79.66
100.00
100.00
Dhospaak Co., Ltd.
100.00
123
300
122
40
860
10
10
10
10
10
10
10
10
10
10
10
10
10
2015
Paid-up capital
123
300
122
40
860
10
10
10
10
10
10
10
10
10
10
10
10
10
2016
30
Paid-up capital
Annual Report 2016

Oishi Group Plc.
100.00
100.00
United Products Co., Ltd.
100.00
100.00
100.00
(%)
100.00
2016
Subsidiaries (continued)
2015
Ownership interest
100.00
100.00
100.00
100.00
100.00
100.00
Num Muang Co., Ltd.
100.00
100.00
100.00
100.00
100.00
Num Yuk Co., Ltd.
100.00
100.00
100.00
Pomnakorn Co., Ltd.
100.00
Pompalang Co., Ltd.
99.72
100.00
Pomburapa Co., Ltd.
100.00
Subsidiaries (continued)
2016
30
Ownership interest
190
191
Annual Report 2016

192
Annual Report 2016

12. Non-controlling interests

Sermsuk
Oishi Group
Public
Public
Company
Company
Limited and its Limited and its
subsidiaries
subsidiaries
The following table summarises the information relating to each of the Groups subsidiaries that has a material non-controlling
interest, before any intra-group eliminations:
Sermsuk
Oishi Group
Public
Public
Company
Company
Limited and its Limited and its
subsidiaries
subsidiaries
Other
Intra-group
eliminations
Total
Non-controlling interest percentage
20.34%
35.34%
Current assets
1,718
2,452
Non-current assets
7,560
11,202
Current liabilities
(2,576)
(2,579)
(2,093)
(2,109)
4,609
8,966
938
3,169
Net assets
Carrying amount of non-controlling interest
Profit (loss)
880
(135)
124
576
1,004
441
Current assets
1,638
2,263
Non-current assets
7,451
10,586
Current liabilities
(3,416)
(2,379)
(1,590)
(1,944)
4,083
8,526
831
3,013
12,879
10,515
712
(427)
26
738
(419)
145
(464)
3,380
(151)
1,394
(32)
(748)
1,339
(193)
(1,012)
453
295
For the year ended 31 December 2015

11
(476)
3,642
Revenue
Profit (loss) allocated to
non-controlling interest
Other comprehensive income allocated
179
(48)
25
204
2,010
44
(853)
(134)
(1,158)
(1)
(90)
Net decrease in cash and cash equivalents
35.34%
controlling interest
(3)
(11)
117

allocated to non-controlling interest
Total
Carrying amount of non-
Profit (loss) allocated to noncontrolling interest
20.34%
Non-controlling interest percentage
Profit (loss)
8,097
Intra-group
eliminations
(in million Baht)
Net assets

10,399
Other
As at 31 December 2015
(in million Baht)
Revenue
193
229
to non-controlling interest
Net decrease in cash and cash equivalents
Annual Report 2016

194
Annual Report 2016

Measurement of fair value
13. Investment properties

Consolidated
Note
30 September
2016
Separate
2015
2016
31 December
2015
(in million Baht)
Cost
1,374
1,232
Additions
155
Disposals
(22)
(27)
(13)
1,325
1,374
At 1 January
Transfer to property, plant and equipment
14
At 1 January
Depreciation charge for the period/year
Disposals
Allowance for impairment losses
14
113
118
(2)
(1)
(11)
116
113
The fair value measurement for investment property of Baht 2,144 million has been categorised as a Level 3 fair value
based on the inputs to the valuation technique used.
Valuation technique and significant unobservable inputs
The following table shows the valuation technique used in measuring the fair value of investment property, as well as the
significant unobservable inputs used.
1,114
At 31 December 2015 / 1 January 2016
1,261
1,261
At 30 September 2016
1,209
The Groups investment properties were revalued by independent property valuers, which considered valuation using the
market comparison approach and cost approach. As at 30 September 2016, the appraised value of investment properties
was Baht 2,144 million (31 December 2015: Baht 2,121 million).
Investment properties comprise of a number of commercial land that are leased to third parties and unused land and
buildings and constructions.
Significant unobservable inputs
Inter-relationship between
key unobservable inputs
and fair value measurement
Land
- Market comparison approach
Recent adjusted sales and listings of
The estimated fair value

increase (decrease) if the
market transactions are higher
(lower).
Current replacement cost

replacement cost increase
(decrease).
comparable lands

- Cost approach
Net book value

At 1 January 2015
Fair value hierarchy

The fair value of investment property was determined by external, independent property valuers, having appropriate
recognised professional qualifications and recent experience in the location and category of the property being valued.
The independent valuers provide the fair value of the Groups investment property portfolio on an annual basis.
Valuation technique
Accumulated depreciation and impairment losses
Transfer to property, plant and equipment
195
1,802
(1)
(54)
-
Depreciation charge for the period

Reversal of impairment losses
Transfers
Transfer from investment properties
Disposals
16,513
18,317

546
568
645
11,836
12,511
11,873
14,685
(114)
(30)
964
13,864
14,258
14,990
15,190
44,523
(147)
(252)
(1)
(34)
1,766
43,191
355
439
490
2,546
(43)
96
2,493
11
(3)
132
2,353
633
610
525
1,412
(1)
(55)
(1)
176
1,293
(65)
212
1,144
Furniture,
fixtures
and office
equipment
2,045
(1)
(60)
35
168
1,903
(73)
43
263
1,669
1,165
(12)
(10)
(1,293)
1,970
510
17
(16)
(2,786)
1,435
1,860
Total
115,676
(611)
(680)
27
(7)
1,731
2,853
112,363
180
(784)
13
(27)
4,108
108,873
(in million Baht)
761
780
1,071
3,278
(1)
(161)
191
3,249
(129)
328
3,049
1,165
510
1,860
Assets under
construction
and
Vehicles installation
47,871
46,921
47,251
67,805
(306)
(498)
(2)
(88)
3,256
65,442
88
(671)
11
(26)
65
4,353
61,622
(in million Baht)
Total
4,039
(1)
(163)
157
17
4,029
(135)
11
32
4,120
Vehicles
The gross amount of the Groups fully depreciated property, plant and equipment that was still in use as at 30 September 2016 amounted to Baht 40,467 million (31 December 2015: Baht
38,947 million).
In 2016, the Group reviewed the recoverable amount of property, plant and equipment in accordance with Thai Financial Reporting Standard and found that the recoverable amount of
property, plant and equipment as at 30 September 2016 exceeded its carrying amount.
15,597
At 1 January 2015
Net book value
1,256
105
1,193
42
(408)
(27)
65
2,386
Oak
barrels
2,901
(58)
27
2,932
16
(4)
77
2,843
Oak
barrels
Assets under
construction
and
installation
63
159
32
(64)
11
1,212
41,133
Machinery
and
equipment
Building,
buildings and
leasehold
improvements
12,673
58,781
(253)
(406)
766
493
58,181
67
(473)
1,386
878
56,323
26,521
(265)
(41)
284
166
26,375
71
(81)
13
1,317
509
24,546
Machinery
and
equipment
Furniture,
fixtures
and office
equipment
Annual Report 2016

13
83
(2)
1,111
-
159
Land
Land improvement
18,422
(20)
25
38
13
Note
13
1,731
1,761
(2)
1,756
Building,
buildings and
leasehold
Land
improvement improvements
Depreciation charge for the year

Impairment losses
Transfers
Disposals
At 1 January 2015
Depreciation and impairment losses
Disposals
Transfer
Surplus on revaluation of land
Additions
16,672

Disposals
910
15,756
Land
13
Note
Transfer
Additions
At 1 January 2015
Cost/ revaluation
14. Property, plant and equipment
196
Annual Report 2016
197
Annual Report 2016

198
Annual Report 2016

199
Separate
Leasehol
improvements
Furniture,
fixtures
and office
equipment
Assets under
construction
and
installation
Vehicles
For the
nine-month
period ended
30 September
Total
For the
year ended
31 December
2016
2015
(in million Baht)
Cost
At 1 January 2015
Additions
Disposals
Balance at 1 January
240
29
33
Surplus on revaluation of land

Reversal of impairment losses
54
(20)
18,317
16,513
(2)
25
17
271
Additions
29
14
48
Disposals
(1)
(12)
(13)
15
244
39
306
Accumulated depreciation and impairment losses

13
146
17
176
Depreciation charge for the year
16
19
Disposals
(2)
(2)
13
160
20
193
Depreciation charge for the period
16
19
Disposals
(1)
(1)
13
175
23
211
At 1 January 2015
43
13
64
56
17
78
69
16
95
910
13
(2)
39
1,731
25
216
At 1 January 2015
15,597
189
16,513
13
13
(in million Baht)
Net book value
Acquisitions and transfer from investment properties

Balance at 30 September / 31 December
Valuation technique and significant unobservable inputs

The following table shows the valuation technique used in measuring the fair value of land, as well as the significant
unobservable inputs used.
Valuation technique
Market comparison approach
Recent adjusted sales and listings of

comparable lands

market transactions are
higher (lower).
15. Goodwill
Consolidated
30 September
2016
The gross amount of the Companys fully depreciated leasehold improvements and equipment that was still in use as at 30
September 2016 amounted to Baht 159 million (31 December 2015: Baht 149 million).
Measurement of fair value
Inter-relationship between
key unobservable inputs
and fair value measurement
Separate
2015
2016
31 December
2015
(in million Baht)
Cost
7,222
7,209
(49)
13
7,173
7,222
At 1 January
171
165
(23)
148
171
At 1 January
7,051
7,044
7,025
7,051
Fair value hierarchy

The fair value of land was determined by external, independent property valuers, having appropriate recognised
professional qualifications and recent experience in the location and category of the property being valued.
At 1 January
As at 30 September 2016, the fair value measurement for land of Baht 18,317 million has been categorised as a Level 3
fair value based on the inputs to the valuation technique used (31 December 2015: Baht 16,513 million).
Impairment losses
Level 3 fair value

The following table shows a reconciliation from the opening balances to the closing balances for
Level 3 fair values.

Net book value
Annual Report 2016

200
Annual Report 2016

Goodwill as at 30 September 2016 and 31 December 2015 was consisted of:
Movements in total deferred tax assets and liabilities during the period/year were as follows:
Consolidated
30 September
2016
Separate
30 September
2016
31 December
2015
(Charged) / Credited to:
31 December
2015
At
1 January
2015
(in million Baht)
Non-alcohol beverage and food business

Alcohol beverage business
Total
6,670
6,670
355
381
7,025
7,051
In 2016, the Group reviewed the recoverable amount of goodwill and found that the recoverable amount of goodwill as at
30 September 2016 exceeded its carrying amount.
The recoverable amount of each cash generating unit was based on value-in-use, estimated using discounted cash flows.
The fair value measurement was categorised as a Level 3 fair value based on the inputs in the valuation technique used.
The key assumptions used in the estimation of the recoverable amount are discount rate, which was 6.6% - 11.2%,
revenue growth rate and terminate value growth rate. The discounted cash flows were prepared for a period of 5 years.
The values assigned to the key assumptions represent managements assessment of future trends in the relevant
industries and have been based on historical data from both external and internal sources.
Inventories
217
15
At
30 December
2015
232
290
13
303
Long-term investments
Provisions
502
(15)
487
Loss carry forward
556
74
630
28
(3)
25
1,600
99
(15)
1,684
Set off of tax
(1,183)
(1,312)
417
372

Others
Assets
30 September
2016
31 December
2015
Liabilities
30 September
2016
31 December
2015
(In million Baht)
Net deferred tax assets (liabilities)
Other
comprehensive
income
Deferred tax assets
Total
Deferred tax assets and liabilities as at 30 September 2016 and 31 December 2015 were as follows:
Set off of tax
Profit
or loss
(Note 32)
(in million Baht)
Others
16. Deferred tax
Total
201
1,684
1,600
(2,339)
(2,003)
(1,312)
(1,183)
1,312
1,183
372
417
(1,027)
(820)
Assets
30 September
2016
31 December
2015
Liabilities
30 September
2016
31 December
2015
(In million Baht)
Total
34
37
Net deferred tax assets
34
37
Total
Set off of tax
Net
(1,966)
12
(346)
(2,300)
(37)
(2)
(39)
(2,003)
12
(348)
(2,339)
1,183
1,312
(820)
(1,027)
111
(363)
Annual Report 2016

202
Annual Report 2016

203

At
1 January
2015
Profit
or loss
(Note 32)
Other
comprehensive
income

At
1 January
At
30 December
2015
Profit
or loss
(Note 32)
2015
Other
comprehensive
income
At
30 December
2015
(in million Baht)
Deferred tax assets

Inventories
214
217
258
32
290
Long-term investments
Provisions
(1)
480
(3)
25
502
Loss carry forward
682
129
(255)
556
20
28
1,662
168
(230)
1,600
Others
Total
Set off of tax
(1,275)
(1,183)
387
417
Others
Total
Set off of tax
(2,203)
(18)
255
(1,966)
(37)
(37)
(2,240)
(18)
255
(2,003)
1,275
1,183
(965)
(820)
Net
150
25

At
1 January
2016
Profit
or loss
(Note 32)
Other
comprehensive
income
At
30 September
2016
(in million Baht)
Deferred tax assets

Intangible assets
Deferred tax assets

3
(1)
30
35
Total
33
37
Intangible assets
17. Other non-current assets

Consolidated
Note
(1)
35
(1)
(1)
33
Total
37
(2)
(1)
34
30 September
2016
Separate
2015
2016
31 December
2015
(in million Baht)
Advance payments to a specialist

(in million Baht)
1,392
1,429
261
268
Deposits
282
279
Others
213
110
1,887
1,818
261
268
Total
37
Annual Report 2016

204
Annual Report 2016

205
18. Interest-bearing liabilities
The periods to maturity of interest-bearing liabilities as at 30 September 2016 and 31 December 2015 were as follows:
Consolidated
Note
30 September
2016
Consolidated
Separate
2015
2016
31 December
2015
Note
30 September
2016
Separate
2015
2016
31 December
2015
(in million Baht)
(in million Baht)
Current
Within one year
18,996
18,374
42,450
46,533
Bank overdrafts
27,089
25,883
26,027
25,272
Total
46,085
44,257
68,477
71,805
Secured
Unsecured with letters of comfort
1,071
1,039
409
Short-term loans from financial
The principal features and detail of the borrowings were as follows:

Bank overdrafts and short-term loans from financial institutions
institutions
Promissory notes
Unsecured with letters of comfort
Unsecured
Bill of exchanges - Unsecured
434
1,415
650
1,989
4,979
1,989
4,979
3,495
7,842
1,989
5,629
1,000
15,456
9,479
14,956
8,879
(a)
As at 30 September 2016, the Group had bank overdrafts amounting to Baht 1,072 million
(31 December 2015: Baht 1,448 million) which were partially supported by letters of comfort issued by the
Company.
(b)
As at 30 September 2016, the Group and the Company had utilised short-term loans from financial institutions
totalling Baht 2,423 million and Baht 1,989 million, respectively (31 December 2015: Baht 6,394 million and Baht
5,629 million, respectively), which was consisted of promissory notes issued by the Group and the Company to
several domestic financial institutions and bill of exchanges issued by the Company, with money market rates
quoted by the financial institutions.
Bank overdrafts and short-term

loans from financial institutions
Current portion of debentures
Unsecured
Long-term loans from financial institutions and bill of exchanges

(a)
Current portion of bill of exchanges

and long-term loans from
Unsecured
Unsecured with guarantee
45
53
15,501
9,532
14,956
8,879
25,505
32,025
18,996
18,374
42,450
46,533
Short-term loans from related parties

Unsecured
Total current
Non-current
The long-term loan agreements, entered into by the Company, with three financial institutions are detailed as
follow:
The principal of the long-term loans from the financial institutions is amounting Baht 10,000 million, which
will be repaid commencing from November 2013 to November 2016 with interest payable monthly,
every six months and every three months for the financial institution No. 1, 2 and 3, respectively,
with interest rate ranging from 3-4.3% per annum.
Details are as follows:
Repayment
Financial institutions
Long-term loans from related parties

Unsecured
1,264
1,317
2,000
1,000
9,763
1,955
9,763
1,955
Long-term loans from financial institutions

Unsecured
No. 1
2,000
Each
installment
Payment
due
(in million Baht)
12
166.60
29 Nov 13 - 13 Nov 14
(last installment 167.40)
Long-term bill of exchanges from financial institutions

Unsecured
Number of
installments
(in million Baht)
Debentures
Unsecured
Amount
No. 2
Tranche A
1,500
1,500
14 Nov 14
Tranche B
1,500
1,500
14 May 15
Tranche C
1,000
1,000
16 Nov 16
No. 3
15,000
22,500
15,000
22,000
326
428
Tranche A
1,000
1,000
4 Feb 16
25,089
24,883
24,763
23,955
Tranche B
1,000
1,000
4 May 16
Total non-current
27,089
25,883
26,027
25,272
Tranche C
1,000
1,000
4 Aug 16
Tranche D
1,000
1,000
4 Nov 16
Grand total
46,085
44,257
68,477
71,805
Unsecured with guarantee
Total
10,000
Annual Report 2016

206
Annual Report 2016

207
The aforementioned long-term loans from financial institutions are unsecured.
The aforementioned long-term loans and long-term bill of exchanges from financial institutions are unsecured.
As at 30 September 2016, the Company had the outstanding balance of long-term loans from the financial institutions of
Baht 1,000 million (31 December 2015: Baht 4,000 million).
As at 30 September 2016, the Company had the outstanding balance of long-term loans and long-term bill of exchanges
of Baht 38,719 million (31 December 2015: Baht 28,834 million).
(c)
Debentures, issued by a direct subsidiary, are detailed as follows:
(b)
The long-term loan agreements and long-term bill of exchanges, entered into by the Company, with three financial
institutions are detailed as follows:
The principal of the long-term loans from the first two financial institutions is amounting to Baht 22,000 million,
which will be repaid commencing from March 2017 to June 2018 with interest payable every three months and
monthly for the financial institution No. 1 and 2, respectively, with interest rate ranging from 1.98 to
3.1% per annum. The principal of the long-term bill of exchanges from the financial institution No. 3 is amounting
to Baht 5,000 million and Baht 2,000 million, respectively with prepaid interest rate ranging at 2.58% and
1.98% per annum, respectively.
In May 2016, the Company has addition issued long-term bill of exchange from the financial institution No. 3.
The principal is amounting to Baht 3,500 million and Baht 1,500 million which prepaid interest rate at 1.88%
per annum. Subsequently in September 2016, the Company has reissued long-term bill of exchange with the same
financial institution. The principal long-term bill of exchange is 5,000 million with prepaid interest rate at 1.97%
per annum.
Details are as follows:
Repayment
Amount
Number of
installments
(in million Baht)
Each
installment
Payment
due
(in million Baht)
Long-term loan
No. 1
In 2012, the shareholders of the subsidiary approved the subsidiary to issue debentures not exceeding Baht 3,000

million, with period not exceeding 10 years. In case, the subsidiary redeems or repays the said debentures,

the subsidiary can issue additional debentures as substitute under the conditions and limits (Revolving).

As at 30 September 2016, the subsidiary had outstanding unsubordinated, unsecured debentures and without
a shareholder representative with the name registered in the amount of Baht 2,000 million (2,000,000 units at par value
of Baht 1,000 each). These debentures mature on 9 December 2018 and 6 July 2019 with fixed coupon rate of 2.51% per
annum and 2.20% per annum, respectively, and payable every six-month period. In this regard, the remaining facility
after such issuance was Baht 1,000 million.
The subsidiary must comply with the conditions and interest-bearing debt to equity ratios over the term of
the debentures.
(d)
The long-term loan agreements with two financial institutions, entered into by a direct subsidiary, is detailed as follows:
(d.1)

The principal of the long-term loans is amounting to Baht 1,000 million which will be repaid monthly in
5 installments, Baht 200 million each, commencing from November 2015 to March 2016, interest was monthly
payable at 3.85% per annum. As at 30 September 2016, the outstanding balance of the long-term loan was
fully paid up by the subsidiary (31 December 2015: the outstanding balance was Baht 600 million).
(d.2)

The principal of the long-term loan agreement is amounting to Baht 500 million which will be repaid monthly
in 5 installments, Baht 100 million each, commencing from February 2017 to June 2017, interest was monthly
payable at 2.25% per annum. As at 30 September 2016, the outstanding balance of the long-term loan was
Baht 500 million (31 December 2015: Baht 500 million).
Tranche A
5,000
5,000
23 Mar 17
Tranche B
1,000
1,000
25 Jun 18
Tranche C
2,000
2,000
3 Mar 17
Tranche A
5,000
5,000
22 Dec 17
Tranche B
5,000
5,000
23 Mar 16
Tranche C
4,000
4,000
22 Jun 18
5,000
5,000
23 Dec 16
The principal of the long-term loan is amounting to GBP 10 million with three-year period. The long-term loan is
repayable in 12 consecutive quarterly installments. The first 11 installments shall be repayable in the amount of
GBP 250,000 per installment and the final installment shall be repayable in the remaining amount. As at 30 September 2016,

the outstanding balance of the long-term loan was GBP 8.25 million or equivalent to Baht 371 million (31 December

2015: GBP 9 million or equivalent to Baht 482 million).
3 Mar 17
The Group and the Company most comply with the conditions and requirements as stipulated in the loan agreement.
No. 2
No. 3
Bill of exchanges
Less: prepaid interest
(28)
Net
Bill of exchanges
4,972
2,000
(16)
Net
Bill of exchanges
1,984
3,500

1,500
1,500
23 Nov 17
1,469
5,000
5,000
(134)
Net
4,866
39,000
38,719
The long-term loan facility agreement with the foreign financial institution, entered into by an overseas indirect
subsidiary, is detailed as follows:
As at 30 September 2016, the Group and the Company had unutilised credit facilities totalling Baht 74,896 million and Baht
46,268 million, respectively (31 December 2015: Baht 71,311 million and Baht 40,418 million, respectively).
The currency denomination of interest-bearing liabilities as at 30 September 2016 and 31 December 2015 was as follows:
(31)
Net
Total
13 Nov 17
3,428

Bill of exchanges
3,500
(72)
Net
Bill of exchanges
2,000
(e)
23 Feb 18
Annual Report 2016

208
Annual Report 2016

Consolidated
Note
209
30 September
2016
31 December
2015
Separate
30 September
2016
20. Other payables

Consolidated
31 December
2015
30 September
2016
(in million Baht)
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)

Total
46,070
44,242
67,213
70,488
15
15
1,264
1,317
46,085
44,257
68,477
71,805
Accrued expenses
2,535
1,840
208
146
Accrued promotion expenses
1,390
1,613
464
550
395
817
514
183
29
5,298
5,003
215
184
Accounts payable for purchase of assets

Advanced payments from customers
for purchase of goods
19. Trade accounts payable
Others
Consolidated
Note
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
Total
The currency denomination of other payables as at 30 September 2016 and 31 December 2015 was as follows:
(in million Baht)
Related parties
1,542
1,564
Other parties
2,990
3,287
Total
4,532
4,851
The currency denomination of trade accounts payable as at 30 September 2016 and 31 December 2015 was as follows:
Consolidated
30 September
2016
31 December
2015
31 December
2015
(in million Baht)

4,173
4,609
297
117
38
64
17
12
Australian Dollars (AUD)
48
Myanmar Kyat (MMK)
4,532
4,851
Euro (EUR)
Total
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)
Separate
30 September
2016
Consolidated
5,126
4,902
215
184
Euro (EUR)
69
20
Ringgit (MYR)
52
25
21
18
Japanese Yen (JPY)
56
Myanmar Kyat (MMK)

Total
5,298
5,003
215
184
21. Other current liabilities

Consolidated
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)
Value added tax payable
961
1,500
20
53
Deposits and retention
485
524
Withholding tax payable
409
170
287
25
86
97
1,941
2,291
308
79
Others
Total
Annual Report 2016

210
Annual Report 2016

22. Employee benefit obligations
Movement in the present value of the defined benefit obligations:

Consolidated
30 September
2016
31 December
2015
Consolidated
Separate
30 September
2016
For the
nine-month
period ended
30 September
Note
2016
31 December
2015
(in million Baht)

Obligations for:
Defined benefit obligations at 1 January
- accumulated annual leave
11
11
Include in profit or loss:

Current service cost
Long-term employee benefits

- long service award
45
45
Interest on obligation
Actuarial (gains) losses
Post-employment benefits
- compensation plan based on Thai Labour law
Total
2,831
2,761
201
200
2,887
2,817
201
200
For the
For the year
nine-month
ended period ended
2015
2016
For the year

ended
31 December
2015
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
Separate
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
(in million Baht)
200
173
132
162
13
12
58
80
(2)
199
240
18
18
29
(75)
109
(4)
15
(75)
109
(4)
15
(54)
(109)
(13)
(6)
(54)
(109)
(13)
(6)
2,887
2,817
201
200
Other
Benefit paid
Defined benefit obligations at
30 September / 31 December
190
242
18
18
(2)
199
240
18
18
(75)
109
(4)
15
(12)
63
(46)
(42)
Consolidated
Actuarial (gains) losses recognised during

the period/year
2,577
Actuarial gains and losses recognised in other comprehensive income arising from:
Recognised in statement of income:

Compensation plan based on Thai Labour law
2,817
Included in other comprehensive income

Actuarial (gain) losses
Consolidated
For the
nine-month
period ended
30 September
2016
Recognised in statement of other comprehensive income:

Actuarial (gains) losses recognised during
Cumulative actuarial (gains) losses
recognised
Separate
(in million Baht)
the period/year
211
Compensation plan based on Thai Labour law

The Group and the Company operate a defined benefit pension plan based on the requirement of Thai Labour Protection
Act B.E. 2541 (1998) to provide retirement benefits to employees based on pensionable remuneration and length of
service.
Separate
For the
For the year
nine-month
ended period ended
2015
2016
For the year

ended
31 December
2015
(in million Baht)
Demographic assumptions
Financial assumptions
(128)
(32)
(8)
73
76
Experience adjustment
(20)
65
(1)
10
Total
(75)
109
(4)
15
Actuarial assumptions
The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages).
Consolidated
The defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate risk and market
(investment) risk.
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
%
Discount rate
Future salary growth
2.25 - 2.50
2.75 - 2.90
2.50
2.90
5.00
5.00
5.00
5.00
Annual Report 2016

212
Annual Report 2016

Assumptions regarding future mortality have been based on published statistics and mortality tables.
b) to approve on the increase in the authorised share capital of the Company of Baht 45 million, from approximately Baht
25,110 million to be approximately Baht 25,155 million, in accordance with newly-issued ordinary shares and to
endorse on the allocation of the new 45 million shares in response to the Long-term Incentive Plan.
At 30 September 2016, the weighted-average duration of the defined benefit obligation was 7 - 13 years (31 December
2015: 15 years).
The Company completed the registration of the decrease of the Companys registered capital and the increase of the
Companys registered capital as aforementioned with the Department of Business Development, the Ministry of
Commerce, on 19 May 2016 and 24 May 2016, respectively.
Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other
assumptions constant, would have affected the defined benefit obligation by the amounts shown below.
Consolidated
Separate financial
statements
(in million Baht)
Defined benefit obligation 30 September 2016

Discount rate (0.5% movement)
Future salary growth (0.5% movement)
Future salary growth (1% movement)
Increase
Decrease
Increase
Decrease
(119)
127
(6)
79
(75)
(6)
146
(99)
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide
an approximation of the sensitivity of the assumptions shown.
23. Share capital

Consolidated / Separate financial statements
For the nine-month period ended
30 September 2016
Par value
per share
Number
Baht
(in Baht)
For the year ended

31 December 2015
Number
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.
24. Reserves
Reserves comprise:
Appropriations of profit and/or retained earnings
Legal reserve
Section 116 of the Public Companies Act B.E. 2535 requires that a public company shall allocate not less than 5% of its
annual net profit, less any accumulated losses brought forward, if any, 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.
Baht
(million shares / million Baht)
Authorised
At 1 January
Currency translation differences

The currency translation differences account within equity comprises all foreign currency differences arising from the
translation of the financial statements of foreign operations.
Fair value changes in available-for-sale investments
The fair value changes in available-for-sale investments account within equity comprise the cumulative net change in the
fair value of available-for-sale investments until the investments are derecognised or impaired.
- ordinary shares
29,000
29,000
29,000
29,000
Reduction of shares
(3,890)
(3,890)
Increase of new shares
45
45
25,155
25,155
29,000
29,000
Valuation surplus
The valuation surplus account within equity comprises the cumulative net change in the valuation of property, plant and
equipment included in the financial statements at valuation until such property, plant and equipment is sold or otherwise
disposed of.
25,110
25,110
25,110
25,110
Movements in reserves
Movements in reserves are shown in the statements of changes in equity.
25,110
25,110
25,110
25,110
25. Operating segment
- ordinary shares
Issued and paid-up
At 1 January
- ordinary shares
- ordinary shares
The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one
vote per share at meetings of the Company.
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.
At the annual general meeting of the shareholders of the Company held on 28 April 2016, the shareholders had the
following resolutions:
Inter-segment pricing is determined on mutually agreed terms.
a) to approve on the reduction in the authorised share capital of the Company by entailing of the cancellation of unissued
shares of approximately Baht 3,890 million, from Baht 29,000 million to be approximately Baht 25,110 million; and
Segment results, assets and liabilities include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items mainly comprise net foreign exchange gain or loss, parts loans and
related finance costs, and some items of investments.
213
14,548
Allocated profit (loss) for the period/year
(1,080)
449
(1,529)
106
15,210
(1,811)
742
(2,553)
108
20,123
174
2,004
5,986
11,959
54
(12)
66
4,962
1,476
585
2,895
5,028
32
4,990
57
(12)
69
6,539
13
1,819
761
3,946
6,608
30
6,577
(192)
(11)
(61)
(120)
(192)
(16)
(176)
(240)
(64)
(64)
(112)
(240)
(120)
(120)
3,269
16,302
(3,643)
19,945
106
120,048
278
8,790
13,389
97,591
139,887
697
37
139,153
Profit for the period/year
19,036
2,734
1,215
(252)
1,467
41,909
109
1,626
4,885
8,590
17,462
969
30
16,458
Total unallocated items
2,780
(441)
3,221
41,366
87
2,002
4,796
35,024
13,575
280
30
13,260
(535)
20,169
(4,986)
25,155
81,058
29
1,845
4,520
34,972
43,376
260
43,103
- Finance costs
- Net loss on foreign exchange
- Share of profit of investment in associates
- Share of profit from disposal of interest in associate
Unallocated items:
18,187
(3,639)
Income tax (expense) income
58,702
Profit (loss) before income tax expense
in associates
Share of profit of investment
258
5,713
4,074
71,013
44,587
180
10
44,389
For the year

ended
31 December
2015
26,464
6,834
(831)
(1)
3,818
3,848
19,630
(4,508)
24,138
108
149,389
532
11,474
15,553
121,830
173,419
1,351
19
172,049
(in million Baht)
For the year

ended
31 December
2015
Total
Total allocated expenses
134
3,854
Finance costs
3,460
51,254
106,213
212
10
80
105,911
For the year

ended
31 December
2015
For the
nine-month
period ended
30 September
2016
Annual Report 2016

Selling expenses
76,889
221
19
135
76,514
Total allocated income
Other income
Interest income
Inter-segment revenue
Revenue from sale to external customers
For the year

ended
31 December
2015
In presenting information on the basis of geographical information, revenue is based on the geographical location of
customers. Assets are based on the geographical location of the assets.
For the year

ended
31 December
2015
Elimination
Business segments
The Group comprises the following main business segments:
For the year

ended
31 December
2015
Geographical information
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.
For the
nine-month
period ended
30 September
2016
Japanese restaurants and distribution of foods and beverages.

Food
Food
For the
nine-month
period ended
30 September
2016
In preparing segmental information, those liabilities and related interest expense that are not specifically 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.
For the
nine-month
period ended
30 September
2016
Production and sales of branded water, soda, ready-to-drink coffee, energy

drink, green tea and fruit flavoured drinks; and
Non-alcoholic beverages
Non-alcoholic
beverages
Beer
Production and sales of branded beer products;
For the
nine-month
period ended
30 September
2016
Beer
Spirits
Production and sales of branded spirits products;
For the
nine-month
period ended
30 September
2016
Spirits
Business segment results
214
Annual Report 2016
215
Annual Report 2016

216
Annual Report 2016

4,166
4,358
42
(11)
2,910
3,259
34
12
495
500
(13)
(2)
(59)
9
9
391
1,508
215
1,140
(59)
1,085
1,364
33
731
323
Thailand
134,619
Overseas
For the year

ended
31 December
2015
30 September
2016
31 December
2015
165,670
5,268
7,749
1,777
2,126
173,419
47,871
46,922
63
4
20
10
16
Gain (loss) on disposal of assets
Separate
For the
For the year
nine-month
ended period ended
2015
2016
For the year

ended
31 December
2015
(in million Baht)
134
304
92
74
88
Gain on disposal of assets
66
60
Revenue from sales of by products
19
25
Transportation income
16
21
Rental income
15
24
Insurance reimbursement and others
14
446
Others
199
198
13
Total
643
1,159
13
Revenue from sales of scraps

Reversal of impairment loss on
property, plant and equipment
Amortisation
44,796
139,887
For the
nine-month
period ended
30 September
Note
2016
28
573
1,619
1,210
46,094
26. Other income
Other service income
Depreciation
62,751
63,941
Total liabilities
For the
nine-month
period ended
30 September
2016
Consolidated
600
24,879
24,972
- Loans from financial institutions
Unallocated items:
Property, plant
andequipment
Revenue
Total
2,208
37,872
38,969
1,422
10,075
10,802
6,995
7,039
19,380
19,654
Total allocated liabilities
Geographical information
The geographical financial information of the Group in the consolidated financial statements as at 30 September 2016 and
31 December 2015 and for the nine-month period ended 30 September 2016 for the year ended 31 December 2015 was as
follows:
(in million Baht)
731
18,493
17,856
961
3,652
4,150
4,509
4,530
9,371
8,219
Other liabilities
Certain operating segment information in the year ended 31 December 2015 have been reclassified to conform to the
presentation in the nine-month period ended 30 September 2016. The reclassification of the operating segment
information regarding the results of each reportable segment have been made, because management believes that such
information is more appropriate in evaluating the results of the Groups segments.
Capital expenditure
19,379
21,113
461
517
6,423
6,652
2,486
2,509
10,009
11,435
Total assets
- Investments in associates
Unallocated items:
Capital expenditure, depreciation, amortisation, and gain (loss) on disposal of assets for the nine-month period ended 30 September 2016 and the year ended 31 December 2015
were as follows:
182,017
187,653
1,474
75,165
77,919
957
24,726
106,852
23,718
109,734
3,751
3,651
1,479
10,396
26,962
28,360
10,521
2,710
17,434
8,944
9,333
Total allocated assets
Other assets
60,289
59,254
3,518
16,885
1,543
46,922
47,871
2,063
10,219
19,141
19,125
10,212
16,541
15,522
1,970
35,204
38,145
(in million Baht)
Total
209
138
1,044
1,298
3,155
4,505
30,796
32,204
Inventories
2015
2016
2015
2016
2015
2016
Food
Business segment financial position
30 September
2016
2015
2016
Non-alcoholic
beverages
Beer
Spirits
31 December
2015
217
Gain on sale of assets classified

as held for sale
Annual Report 2016

218
Annual Report 2016

219
27. Selling expenses
29. Employee benefit expenses

Consolidated
For the
nine-month
period ended
30 September
2016
Separate
For the
For the year
nine-month
ended period ended
2015
2016
Consolidated
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
(in million Baht)
Separate
For the
For the year
nine-month
ended period ended
2015
2016
For the year

ended
31 December
2015
(in million Baht)
Marketing and advertising expenses
5,258
6,802
Personnel expenses
3,380
Management
3,930
Transportation expenses
179
242
179
1,057
Salaries and wages
242
1,123
Rental fee
907
118
118
150
Bonus
150
869
Travelling expenses
901
1,123
Commission expenses
325
376
1,495
1,396
51
54
22
27
13,389
15,553
353
453
324
426
Salaries and wages
6,681
8,329
340
382
Bonus
1,267
1,333
130
102
Overtime and perdiem allowance
612
673
14
18
Pension costs - defined contribution plans
167
207
11
13
Others
Total
Pension costs - defined contribution

plans
Others
Other employees
28. Administrative expenses

Consolidated
For the
nine-month
period ended
30 September
2016
Separate
For the
For the year
nine-month
ended period ended
2015
2016
For the year

ended
31 December
2015
(in million Baht)
Personnel expenses
3,991
4,930
23
30
Depreciation and amortisation charges
616
1,064
Donation
528
546
Hire and service fees
444
639
Management personnel compensation
353
381
324
426
Rental fee
350
651
Idle capacity
347
547
Utilities expenses
310
430
Consultant and professional fee
293
341
Marketing and advertising expenses
248
221
18
27
Travelling expenses
202
364
Others
1,108
1,361
14
Total
8,790
11,475
384
512
Others
Total employee benefit expenses
1,309
1,658
91
76
10,036
12,200
586
591
10,389
12,653
910
1,017
Defined benefit plans

Details of the defined benefit plans are given in Note 22.
Defined contribution plans
The defined 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 5% of their
basic salaries and by the Group at rates ranging from 2% to 5% 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 Manage.
Annual Report 2016

220
Annual Report 2016

30. Expenses by nature
32. Income tax expense
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:
Income tax recognised in profit or loss
Consolidated
For the
nine-month
period ended
30 September
2016
Consolidated
Separate
For the
For the year
nine-month
ended period ended
2015
2016
For the
nine-month
period ended
30 September
Note
2016
For the year

ended
31 December
2015
(in million Baht)
Included in cost of sales of goods
94,814
113,585
2,665
3,412
563
561
2,096
2,927
21
22
Raw materials, consumables and excise tax used
Included in selling expenses:

Advertising and public relations
3,731
4,672
3,380
3,930
Marketing and sales promotion expenses
1,527
2,130
For the year

ended
31 December
2015
3,767
4,662
315
68
(13)
(4)
(3)
3,754
4,658
315
65
(37)
(22)
(1)
unrecognised tax losses
(74)
(128)
(111)
(150)
(1)
Total income tax expense
3,643
4,508
317
64
Changes in inventories of finished

1,214
For the
For the year
nine-month
ended period ended
2015
2016
Current tax expense

Over provided in prior years
(3,955)
Separate
(in million Baht)
Current period/year
and cost of rendering of services:

goods and work in progress
221
Deferred tax expense
16
Movements in temporary differences

Recognition of previously
Income tax recognised in other comprehensive income

Included in administrative expenses:

4,344
5,311
347
456
616
1,064
Rental fee
350
651
For the year ended
30 September 2016
31 December 2015
Before
tax
31. Finance costs
Tax
benefit
(expense)
Net of
tax
Before
tax
Tax
benefit
Net of
tax
(in million Baht)
Consolidated
For the
nine-month
period ended
30 September
Note
2016
For the year

ended
31 December
2015
Separate
For the
nine-month
period ended
30 September
2016
For the year

ended
31 December
2015
Share of other comprehensive

income of associates
2,137
2,137
1,148
1,148
(1,533)
11
(1,522)
2,401
20
2,421
1,730
(346)
1,384
75
(15)
60
(110)
25
(85)
(2)
2,418
(352)
2,066
3,439
45
3,484
Foreign currency translation

differences for foreign operations
Revaluation of property
(in million Baht)
Defined benefit plan actuarial
Interest expense:
Related parties
Exchange differences
Total interest expense
Less amounts included in the cost of assets
Net
(losses) gains
4
951
1,334
814
1,376
728
884
814
1,378
1,679
2,218
(1)
(15)
813
1,363
1,679
2,218
Net change in fair value of

available-for-sale investments
Total
Annual Report 2016

222
Annual Report 2016

223
Income tax reduction

30 September 2016
Before
tax
Tax
benefit
(expense)
Net of
tax
For the year ended

31 December 2015
Before
tax
Tax
benefit
Net of
tax
(in million Baht)
Defined benefit plan

actuarial (losses) gains
Total
(1)
(15)
(12)
(1)
(15)
(12)
Reconciliation of effective tax rate

Consolidated financial Statements
30 September 2016
Rate
(%)
For the year ended

31 December 2015
Rate
(in million Baht)
(%) (in million Baht)
19,036
26,464
3,643
4,508
22,679
30,972
Profit before total income tax expense

Income tax using the Thai corporation tax rate
20.00
4,536
20.00
6,194
Effect of different tax rates in foreign jurisdictions
(194)
(311)
Income not subject to tax
(930)
(1,640)
168
161
66
91
(3)
13
Expenses not deductible for tax purposes

Current period/year losses for which no deferred tax
asset was recognised
Others
Total
16.06
3,643
14.56
Revenue Code Amendment Act no. 42 B.E. 2559 dated 3 March 2016 grants a reduction of the corporate income tax rate
to 20% of net taxable profit for accounting periods which begin on or after 1 January 2016.
33. Promotional privileges

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
privilegesgranted include:
The production of bio-gas
(a)
(b)
(c)
(d)
exemption from payment of import duty on machinery approved by the Board;

exemption from payment of income tax for certain operations for a period of eight years from the date on which the
income is first derived from such operations;
a reduction in the normal tax rate on the net profit derived from certain operations for a period of five years,
commencing from the expiry date in (b) above; and
exemption from income tax on dividend income derived from certain promoted operations 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 first derived from such operations; and
(c) exemption from income tax on dividend income derived from certain promoted operations for a
period of eight years.
As promoted companies, the aforementioned subsidiaries must comply with certain terms and conditions prescribed in the
promotional certificates.
Summary of revenue from promoted and non-promoted businesses:
4,508
Consolidated

30 September 2016
Rate
(%)
Rate
(in million Baht)
(%) (in million Baht)
18,987
9,715
317
64
19,304
9,779
Profit before total income tax expense

Income tax using the Thai corporation tax rate
20.00
Income not subject to tax

Expenses not deductible for tax purposes
Over provided in prior years
Total
1.64
For the
nine-month
period ended
30 September
2016
For the year ended

31 December 2015
3,861
20.00
1,956
(3,563)
(1,917)
19
28
(3)
317
0.65
64
Separate
For the
For the year
nine-month
ended period ended
2015
2016
For the year

ended
31 December
2015
(in million Baht)
4,023
4,824
Non-promoted businesses
135,130
167,225
Total income
139,153
172,049
Promoted businesses
Privileges granted to business operator in Free Zone

In 2004, a 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.
Annual Report 2016

224
Annual Report 2016

34. Basic earnings per share

The calculations of basic earnings per share for the nine-month period ended 30 September 2016 and for the year ended
31 December 2015 were based on the profit for the period/year attributable to ordinary shareholders of the Company and
the number of ordinary shares outstanding during the period/year as follows:
Consolidated
For the
nine-month
period ended
30 September
2016
Separate
For the
For the year
nine-month
ended period ended
2015
2016
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 flows because loan interest rates are mainly fixed. The Group is primarily exposed to interest rate
risk from its borrowings (see Note 18). The Group mitigates this risk by ensuring that the majority of its borrowings are at
fixed interest rates.
The effective interest rates of loans receivable as at 30 September 2016 and 31 December 2015 and the periods in which
the loans receivable mature or re-price were as follows:
For the year

ended
31 December
2015
Effective
interest rate
Earnings per share (basic) (in Baht)
Total
(in million Baht)
2016
Profit attributable to ordinary

Number of ordinary shares outstanding
After 1 year
but within
5 years
Within
1 year
(% perannum)
(in million Baht / million shares)
shareholders of the Company (basic)
225
18,920
26,463
18,987
9,715
25,110
25,110
25,110
25,110
0.75
1.05
0.76
0.39
35. Dividends
Current
Short-term loans receivable - related parties
5.00
Total
6,912
6,912
6,912
6,912
2015
Current
resolution to approve the appropriation of dividend of Baht 0.61 per share, totalling Baht 15,317 million. On 10 September
2015, a portion of the said dividend was paid as the interim dividend of Baht 0.15 per share, totalling Baht 3,767 million.
The remaining dividend payment of Baht 0.46 per share totalling Baht 11,551 million, was paid to the shareholders on 26
May 2016.
Short-term loans receivable - related parties
36. 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 financial
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.
Capital management
The Board of Directors policy is to maintain a strong capital base so as to maintain investor, creditor and market
confidence and to sustain future development of the business. The Board monitors the return on capital, which the Group
defines as result from operating activities divided by total shareholders equity, excluding non-controlling interests and
also monitors the level of dividends to ordinary shareholders.
6,902
6,902
6,902
6,902
The effective interest rates of interest-bearing financial liabilities as at 30 September 2016 and 31 December 2015 and
the periods in which those liabilities mature or re-price were as follows:
At the board of directors meeting of the Company held on 11 August 2016, the board of directors had the resolution to
approve the appropriation of dividend of Baht 0.20 per share, totalling Baht 5,022 million. On 7 September, the interim
dividend was paid to the shareholders.
resolution to approve the appropriation of dividend of Baht 0.61 per share, totalling Baht 15,317 million. On 11 September
2014, a portion of the said dividend was paid as the interim dividend of Baht 0.15 per share, totalling Baht 3,767 million.
The remaining dividend of Baht 0.46 per share, totalling Baht 11,551 million, was paid to the shareholders during 2015.
5.00
Total

interest
rate
Within
1 year
After 1 year
but within
5 years
(% perannum)
Total
(in million Baht)
2016
Current
Bank overdrafts
1.60 - 1.75
1,072
1,072
Short-term loans payable - financial institutions
1.75 - 1.78
2,423
2,423
1.88 - 3.35
15,501
15,501
Debentures
2.20 - 2.51
2,000
2,000
Long-term loans payable - financial institutions
1.88 - 3.10
25,089
25,089
18,996
27,089
46,085
Current portion of long-term loans - financial

institutions
Non-current
Total
Annual Report 2016

226
Annual Report 2016


interest
rate
Within
1 year
After 1 year
but within
5 years
(% perannum)
Total
(in million Baht)
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 financial 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 30 September 2016 and 31 December 2015, the Group and the Company were exposed to foreign currency risk in
respect of financial assets and liabilities denominated in the following currencies:
2015
current
Bank overdrafts
1.60 - 7.36
1,448
1,448
Short-term loans payable - financial institutions
1.63 - 3.00
6,394
6,394
4.00
1,000
1,000
Current portion of debenture
Consolidated
Note

institutions
2.08 - 3.85
9,532
9,532
2.51
1,000
1,000
1.98 - 3.10
24,883
24,883
18,374
25,883
44,257
Non-current
Debenture
Total

interest
rate
Within
1 year
After 1 year
but within
5 years
(% perannum)
Total
(in million Baht)

institutions
Short-term loans payable - related parties
1,989
1,989
1.98 - 3.35
14,956
14,956
4.00
25,505
25,505
Non-current
Long-term loans payable - related parties
1.88 - 3.10
24,763
24,763
2.30
1,264
1,264
42,450
26,027
68,477
Total
42
31
19
(7)
Other receivable to related parties

Loans from and other payables to
(6)
(17)
(1)
(12)
18
(15)
(15)
Other payables
20
(25)
(1)
(11)
(1)
(12)
(4)
(10)
(1)
(12)
Gross statement of financial
Net exposure
United States Dollars
83
44
19
68
19
(38)
(64)

related parties

institutions
Short-term loans payable - related parties
position exposure
1.63 - 2.00
5,629
5,629
2.58 - 3.43
8,879
8,879
5.00
32,025
32,025
Long-term loans payable - related parties

Total
(1)
(3)
(1)
(21)
(18)
42
27
(1)
Estimated forecast purchase of goods
(404)
(423)
Estimated forecast purchase of assets
(17)
(696)
(722)
(1,075)
(1,118)
(1)
53
52
(1,022)
(1,066)
(1)
Estimated forecast other liabilities

Gross exposure
Forwards to buy foreign currency
Non-current
4
20
current
Short-term loans payable - financial
31 December
2015
Other payables
2015
30 September
2016
Forwards to sell foreign currency

1.77
31 December
2015
Singapore Dollars
position exposure
current
30 September
2016
Separate
(in million Baht)
related parties
2016
Short-term loans payable - financial
227
1.98 - 3.10
23,955
23,955
2.32
1,317
1,317
46,533
25,272
71,805
Net exposure
Annual Report 2016

228
Annual Report 2016

Consolidated
Note
229
30 September
2016
31 December
2015
Separate
30 September
2016
Consolidated
31 December
2015
Note
30 September
2016
31 December
2015
Separate
30 September
2016
(in million Baht)
Euro
31 December
2015
(in million Baht)
Hong Kong Dollars
36
19
(297)
(117)
(84)
20
(69)
(20)
Other receivables
Trade accounts payable - related parties
Other payables
related parties
35
1,265
1,317
35
1,265
1,317
(56)
(56)

position exposure
Japanese Yen
position exposure
(442)
(100)
Other payables
(933)
(1,000)
20
position exposure
Estimated forecast payment for

advertising
(71)
(141)
Estimated forecast purchase of machinery
(117)
(2)
(252)
Gross exposure
(117)
(58)
Other provisions
(112)
(53)
55
Gross exposure
(1,810)
(1,294)
Net exposure
(117)
(3)
259
16
Other foreign currencies
(1,551)
(1,278)
13
15
40

Net exposure
Other receivables
Pound Sterling
19
(17)
(12)
(1)
(1)
20
(5)
(1)
(19)
(10)
(22)
(2)
(168)
(469)
(163)
(189)
Gross exposure
(395)
(670)
(48)
(48)
33
Net exposure
(15)

Other payables
position exposure
Estimated forecast payment for
advertising
Australian Dollars
19

position exposure

Loans from and other payables to related parties
Other payables
19
(1)
(3)
20
(52)
(5)
18

position exposure
Annual Report 2016

230
Annual Report 2016

Credit risk
Credit risk is the potential financial loss resulting from the failure of a customer or counterparty to settle its financial 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
significant concentrations of credit risk. The maximum exposure to credit risk is represented by the carrying amount of
each financial asset in the statement of financial position. However, due to the large number of parties comprising the
Groups customer base, management does not anticipate material losses from its debt collection.
Total
Level 2
Level 3
Total
(in million Baht)
Foreign currency
-
109
109
in asset position
Long-term loans and

bill of exchanges from financial
15,501
25,089
40,590
40,839
40,839
2,000
2,000
2,014
2,014
Foreign currency
forwards contracts
in liability position
333
333
88
88
9,532
24,883
34,415
34,803
34,803
1,000
1,000
2,000
2,014
2,014
167
167
31 December 2015
Financial assets
Foreign currency forwards
contracts in asset position
Financial liabilities
Long-term loans and bill of
exchanges from financial
institutions
Debentures
Foreign currency forwards
contracts in liability position
Level 3
Total
related party
1,264
1,264
1,160
1,160
14,956
24,763
39,719
39,960
39,960
1,317
1,317
1,317
1,317
8,879
23,955
32,834
33,221
33,221
Long-term loans and

institutions
31 December 2015
Long-term loan from
related party
Long-term loans and
A fair value of financial assets and financial liabilities is taken to approximate the carrying value to the relatively shortterm maturity.
Financial instruments carried at fair value
Available-for-sale equity security is an investment in equity shares. The fair value of the investment is determined to be
Level 2 under the fair value hierarchy.
Debentures
Level 2
Long-term loan from
institutions
Financial assets
institutions
Level 1
30 September 2016
forwards contracts
Total
Fair value
Level 1
Noncurrent
Fair value
30 September 2016
Noncurrent
Carrying value
(in million Baht)
Carrying value and fair values

As at 30 September 2016 and 31 December 2015, fair values of financial asset and liabilities is taken to approximately
the carrying value, except the following items:
Carrying value
Seperate financial statements
Current
Liquidity risk
The Group monitors its liquidity risk and maintains a level of cash and cash equivalents deemed adequate by management
to finance the Groups operations and to mitigate the effects of fluctuations in cash flows.
Current
231
Financial instruments not measured at fair value

Type
Valuation technique
Foreign currency
forwards contracts
Broker quotes
Debentures
Based on broker quotes
Loans
Discounted cash flows

Not applicable
Not applicable
Discount rate
Annual Report 2016

232
Annual Report 2016

37. Commitments with non-related parties

Consolidated
30 September
2016
31 December
2015
Separate
30 September
2016
31 December
2015
(in million Baht)
As at 30 September 2016, the remaining commitment to be paid relating to this agreement amounted to Baht 212.31
million (31 December 2015: Baht 228.06 million).
Capital commitments
Contracted but not provided for:
Buildings and other constructions
Computer software
Consultancy agreement
On 6 November 2014, the Company entered into a consulting agreement with a company to provide advices and
consultancy related to distillery process in Thailand and other works specified in the agreement for a period of 10 years
from 1 November 2014 to 31 October 2024. Under the agreement, the Company is obliged to pay monthly service fees
approximately Baht 1.67 million which is to be increased by 5% every 12 months for the period of 10 years. Therefore,
the total fees under the agreement amounted to Baht 251.56 million.
1,052
325
171
201
15
18
Land
Total
1,238
553
Future minimum lease payments under non-cancellable operating lease

Within one year
640
640
23
22
563
514
40
46
Sponsorship agreement
In 2014, a subsidiary has entered into an advertising services agreement and a sponsorship agreement with Everton
Football Club, in the United Kingdom, for a period of three years from 1 June 2014 to 31 May 2017 in order to promote
the Groups businesses globally. Under the conditions as stipulated in the agreements, the subsidiary is obliged to pay a
minimum payment of GBP 0.75 million and a maximum payment of GBP 3.05 million per annum and minimum special
bonus with the minimum amount of GBP 0.03 million and the maximum amount of GBP 1.70 million per annum, depending
on performance of Everton football team in each year.
In 2015, a subsidiary has entered into a sponsorship agreement with a football club in Spain, for a period of three years
from 1 July 2015 to 30 June 2018, in order to promote the Companys products as specified in the agreement, whereby
the Company is granted a license to utilise the trade names, trademarks, images and logos of the owner party. The
subsidiary is obliged to pay total amounts of Euro 3.6 million during three years at the conditions specified in the
agreement.
79
82
1,282
1,236
63
68
Purchases of goods and raw materials agreements
1,420
1,632
Specialist and consultancy agreements
1,142
1,224
370
397
Bank guarantees
1,067
1,142
28
The Companys subsidiary and Oishi Ramen Co., Ltd., the Companys indirect subsidiary, entered into a material and
Service agreements
618
896
11
package trading agreement with a local company for distribution of their products to the Groups restaurants and for
Advertising servicer and sponsorship agreements
542
1,068
materials and packaging management to the Companys subsidiary and its indirect subsidiary. The Companys subsidiary
Forward contracts to buy foreign currencies
334
167
and its indirect subsidiary agreed to pay the service charge at the rate as specified in the agreement for a period of three
Purchases of molasses agreements
307
1,668
253
73
years, from 1 January 2014 to 31 December 2016.
Unused letters of credit for goods and supplies
Forward contracts to sell foreign currencies
109
88
After five years

Total
Other commitments
Other agreements
Total
22
14
5,814
7,972
382
433
Other significant commitments

Specialist agreements
In 2004, the Company and four subsidiaries entered into production and blending control agreements with a specialist for
a period of forty 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 first 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, totalled 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 30 September 2016, the remaining commitments to be paid, relating to these agreements, amounted to Baht 929.4
million (31 December 2015: Baht 996.4 million).
Material and package trading agreement
Transportation agreement
The Companys subsidiary and Oishi Trading Co., Ltd., the Companys indirect subsidiary, entered into a transportation
agreement with a local company to transport their products from factory to the defined destination. Transportation cost
is calculated for each trip at the rate as specified in the agreement.The agreement shall be in effect for a period of two
years from 1 July 2010 to 30 June 2012. Unless there is notification from either party to terminate the agreement at the
expiration date, this agreement continues to be in effect for a successive one year term.
Purchase natural gas agreement
On 30 September 2009, Oishi Trading Co., Ltd., the Companys indirect subsidiary, entered into a purchase natural gas
agreement with a local company. The aforesaid indirect subsidiary agreed to pay disbursements and comply with the
conditions as stipulated in the agreement. This agreement shall be in effect for a period of seven years, from 21
December 2009 to 30 November 2016, with a renewal option whereby either party gives a written notification to other
not later than 90 days prior to the expiration date.
Contract manufacturing agreement
On 1 May 2015, Oishi Trading Co. Ltd., the Companys subsidiary, entered into a contract manufacturing agreement with
a local company at the price conditions as specified in the agreement. The agreement is for five years period from 1 May
2015 to 30 April 2020.
233
Annual Report 2016

234
Annual Report 2016

38. Events after the reporting period
TFRS
Topic
TFRS 3 (revised 2016)
Business Combination
On 17 October 2016, International Beverage Vietnam Company Limited, the Companys indirect subsidiary, was
incorporated in Vietnam with an authorised share capital of USD200,000. International Beverage Holding Limited, which
is the Companys subsidiary, holds the entire shares.
Insurance Contracts
Operating Segments
Joint Arrangements
At the Executive Committee meeting of the Company held on 19 October 2016, the Executive Committee unanimously
approved in principle for InterBev (Singapore) Limited (IBS), the Companys indirect subsidiaries, to increase its
authorised and paid-up share capital amounting to SGD 5.60 million. In this regard, IBS increased its authorised and paidup share capital from SGD 66.74 million (66.74 million ordinary shares with a SGD 1 par value) to be SGD 72.34 million
(72.34 million ordinary shares with a SGD 1 par value).
Disclosure of Interest in Other Entities
Fair Value Measurement
TSIC 15 (revised 2016)
Operating Leases Incentives
Income Taxes Changes in the Tax Status of an Enterprise
At the Board of Directors meeting of Fraser and Neave, Limited (F&N) and Frasers Centrepoint Limited (FCL), held on
7 November 2016 and 9 November 2016, respectively, the Board of Directors of F&N and FCL approved the interim
dividend payment of SGD 0.03 and SGD 0.062 per share, respectively. The interim dividend will be paid to the
shareholders in 2017.
At the Board of Directors meeting of the Company held on 18 November 2016, the Board of Directors agreed to propose
a dividend payment of Baht 0.60 per share, totalling Baht 15,066. million. The interim dividend was paid Baht 0.20 per
share, totalling Baht 5,022 million on 7 September 2016. The remaining dividend payment is Baht 0.4 per share, totalling
Baht 10,044 million. The Board of Directors propose this matter to the shareholders meeting for further approval.
39. Thai Financial Reporting Standards (TFRS) not yet adopted

A number of new and revised TFRS have been issued but is not yet effective and have not been applied in preparing these
financial statements. Those new and revised TFRS may be relevant to the Groups operations, which become effective for
annual financial periods beginning on or after 1 January 2017, and are set out below. The Group does not plan to adopt
these TFRS early.
TFRS
Topic
TAS 2 (Revised 2016)
Inventories
Statement of Cash Flow
Accounting Policies, Changes in Accounting Estimates and Errors
Events after the Reporting Period
Income Taxes
TAS 16 (revised 2016)
Property, Plant and Equipment
Leases
Revenue
The Effects of Changes in Foreign Exchange Rates
Borrowing Costs
Related Party Disclosure
Accounting and Reporting by Retirement Benefit Plans
Separate Financial Statements
Investment in Associates and Joint Ventures
Earnings per Share
Impairment of Assets
Provisions, Contingent Liabilities and Contingent Assets
Investment Property
Agriculture
Share-based Payment
or its Shareholders
Evaluating the Substance of Transactions in the Legal Form of a Lease
Disclosure Service Concession Arrangements
Revenue Barter Transactions Involving Advertising Services
Intangible Assets Web Site Costs
TFRIC 1 (revised 2016)
Changes in Existing Decommissioning, Restoration and Similar Liabilities
Determining Whether an Arrangement Contains a Lease
Rights to Interests arising from Decommissioning, Restoration and

Environmental Rehabilitation Funds
Interim Financial Reporting and Impairment
Service Concession Arrangements
Customer Loyalty Programmes
TAS 19 (revised 2016) Employee Benefits The Limit on a Defined

Benefit Asset, Minimum Funding Requirements and their Interaction
Distributions of Non-cash Assets to Owners
Transfers of Assets from Customers
FAP Announcement
No. 5/2559
Accounting Guidance for derecognition of financial assets and financial

liabilities
The Group has made a preliminary assessment of the potential initial impact on the consolidated and separate financial
statements of this announcement and expects that there will be no material impact on the financial statements in the
period of initial application.
40. Supplementary information

As per Note 2 (e), change in accounting period, the consolidated and separate financial statements for the nine-month
period ended 30 September 2016 have been firstly prepared and presented for the period from 1 January 2016 to 30
September 2016, in accordance with the required format of the financial statements presentation.
For the benefit of the users in comparing and analysing the financial information, the Group and the Company have
prepared the supplementary information in the form of the unaudited consolidated and separate statements of income
and comprehensive income, cash flows and segment information for the nine-month period ended 30 September 2015, as
details below:
235
Annual Report 2016

236
Annual Report 2016

Statement of income
Consolidated
Separate
For the nine-month period

ended 30 September

ended 30 September
2016
2015
2016
2015
(Unaudited)
5,158,683
2,478,588
Dividend income
4,984
2,901
17,369,640
5,588,824
Items that will not be reclassified
Interest income
37,490
11,095
218,744
566,440
Net gain on foreign exchange
49,922
31,711
66,353
Other income
642,515
887,702
2,406
12,439
Total income
139,887,574
122,102,394
22,815,826
8,646,291
97,590,784
85,050,071
1,448,797
1,077,361
13,388,906
11,253,133
8,790,385
8,033,170
384,568
382,915
Expenses
Net loss on foreign exchange
Finance costs
Total expenses
107,051
813,036
1,027,800
1,678,840
1,556,426
120,583,111
105,364,174
3,512,205
3,123,753
Share of profit of disposal of interest

in associate, net of income tax
Profit for the period
Defined benefit plan actuarial gain
3,819,737
income
income of investment in associates

differences for foreign operations
Revaluation of land
22,679,112
23,783,579
19,303,621
5,522,538
Income tax expense
(3,642,816)
(3,315,602)
(316,865)
(11,522)
the period, net of income tax
19,036,296
20,467,977
18,986,756
5,511,016
Total comprehensive income for

Basic earnings per share (Baht)
19,036,296
20,467,977
18,986,756
5,511,016
0.75
0.81
0.76
0.22
4,325
(14,725)
(865)
60,633
3,460
2,136,647
(521,001)
(1,532,917)
2,721,639
1,730,671
8,726
(1,587)
(337,486)
22,656
2,005,641
2,221,707
2,066,274
2,221,707
3,460
21,102,570
22,689,684
18,990,216
5,511,016
20,757,136
22,655,872
18,990,216
5,511,016
345,434
33,812
21,102,570
22,689,684
18,990,216
5,511,016
Other comprehensive income for
the period
34,265
Income tax on other comprehensive
Profit before income tax expense
116,672
75,358
Net change in fair value of
5,511,016
5,511,016
Foreign currency translation
18,986,756
18,986,756
Share of other comprehensive
3,225,622
20,433,712
20,467,977
to profit or loss
3,374,649
18,919,624
19,036,296
Items that are or may be reclassified
income
Profit attributable to:
2015
(Unaudited)
Income tax on other comprehensive
2016
to profit or loss
available-for-sale investments
Share of profit of investment in
2015
(in thousand Baht)
Selling expenses

ended 30 September
(in thousand Baht)

ended 30 September
(Unaudited)
121,168,985
Separate
2016
139,152,663
Management fees
Consolidated
(Unaudited)
Income
237

attributable to:
Total comprehensive income for
the period
Annual Report 2016

238
Annual Report 2016

Consolidated
Separate

ended 30 September

ended 30 September
2016
2015
2016
(Unaudited)
20,467,977
18,986,756
5,511,016
Adjustments for
3,293,208
3,272,521
Consolidated
Separate

ended 30 September

ended 30 September
2016
2015
(in thousand Baht)
19,036,296
22,335
16,816
2015
2016
(Unaudited)
(Unaudited)

239
(Unaudited)

Other payables
2015
(in thousand Baht)
478,159
(126,304)
107,137
(50,754)
(349,922)
(321,676)
176,698
169,691
Employee benefit paid
(78,976)
(69,795)
(12,269)
Interest income
(37,490)
(11,095)
(218,744)
(566,440)
(3,127)
(17,950)
Finance costs
813,036
1,027,800
1,678,840
1,556,426
Cash generated from operating activities
22,802,535
15,723,069
5,717,226
291,874
Unrealised (gain) loss on exchange
(2,809)
11,756
(59,255)
111,725
Income tax paid
(4,314,120)
(4,725,627)
(202,554)
(64,511)
(Reversal of) bad and doubtful debts

expenses
Net cash from operating activities
18,488,415
10,997,442
5,514,672
227,363
(5,511)
14,734
Amortisation of advance payments to a

specialist
259,662
571,645
37,500
7,031
35,520
11,154
37,500
7,031
Reversal of allowance for decline in value

of inventories
2,355,752
2,275,873
17,369,640
5,588,824
(1,541)
(74,580)
(1)
(2)
Impairment loss on investment properties
2,405
Increase in loans to related parties
(7,161,100)
(4,188,342)
Decrease in loans to related parties
7,151,300
5,027,542
(445,766)
Cash outflow on investments in subsidiaries
(351,750)
(30,072,442)
(2,408)
Gain on disposal of assets classified

as held for sale
Gain on disposal of investment properties
(Gain) loss on disposal and write-off of
property, plant and equipment and
intangible assets
Reversal of impairment loss on property,
plant and equipment
Dividend income
Share of profit of investment in associates,
net of income tax
Income tax expense
Interest received
49,960
(19,913)
(11)
(88,057)
(98)
(4,984)
(2,901)
(17,369,640)
(5,588,824)
187,457
181,540
17,747
13,795
(3,819,737)
(3,374,649)
(3,225,622)
3,642,816
Other receivables from related parties

Other receivables
Inventories
Dividends received
Increase in current investments
Cash inflow on investments in indirect

subsidiary
14,450
19,512
Sale of assets classified as held for sale
1,736,271
Purchase of investment properties
(154,405)
22,483
(2,954,297)
(2,985,077)
(42,001)
(24,237)
Sale of property, plant and equipment
132,316
99,061
56
16
Purchase of intangible assets
Sale of investment properties

Purchase of property, plant and equipment
(56,355)
(43,521)
(10,558)
(9,979)
Sale of intangible assets
1,210
3,953
(Increase) decrease in other

non-current assets
2,656
(4,157)
Net cash from (used in) investing

activities
(446,266)
958,662
17,215,249
(23,106,971)
3,315,602
316,865
11,522
23,545,229
20,729,718
3,381,936
1,073,056
1,310,168
526,746
1,985,806
(558,372)
363,712
79,656
(4,933)
(74,989)
(113,536)
(48,315)
(18,262)
(2,646)
(2,941,425)
(5,224,248)
861,729
706,004
9,371
(38,375)
Changes in operating assets and liabilities

(318,943)
(288,664)
49,467
(222,103)
91,742
(225,737)
Annual Report 2016

Annual Report 2016

20,468
19,036
(648)
6,314
(535)
2,734
Total unallocated items
3,143
(1)
-
3,269
3,820
-
(3,316)
14,154
16,302
(3,643)
17,470
19,945
106
82
104,714
380
278
120,048
8,031
8,790
11,253
13,389
85,050
97,591
122,102
11
922
121,169
- Net loss on foreign exchange
- Share of profit of investment in associates
- Share of profit from disposal of interest in associate
Unallocated items:
23
(7)
(12)
54
(1,153)
482
449
(1,080)
730
(169)
(441)
2,780
14,554
14,548
(3,622)
(3,639)
Allocated profit (loss) for the period
30
66
(1,635)
(1,529)
899
3,221
18,176
18,187
income tax expense
Profit (loss) before
Income tax (expense) benefit
82
106
in associates
Share of profit of investment
(144)
(192)
4,917
4,962
6
152
14,885
15,210
109
55
26,569
41,366
29
166
58,487
58,702
134
Finance costs
(39)
(11)
1,365
1,476
(22)
(61)
575
585
4,329
(83)
(120)
2,970
2,895
8,959
(144)
(192)
4,947
5,028
13,168
(54)
(16)
21
32
3
3
719
1,445
1,626
1,389
1,845
2016
Spirits
2016

30 September
Business segment results
3,871
9,432,000
3,854
4,885
loan from related parties
3,066
2,263
4,520
3,203
3,305
336,023
Reclassify from short-term to long-term
3,460
500,249
Payable for acquisition of assets
Selling expenses
8,590
24,950,000
22,059
Investment in subsidiary to be paid

according to the agreement
34,972
Non-cash items
51,145
112,823
51,254
1,734,302
1,497,949
13,575
5,059,219
at 30 September
27,468
44,587
76,663
(312,838)
foreign operations
76,889
(869,708)
Foreign currency translation differences for
Total allocated income
37,082
594,577
280
2,230,079
3,489,986
116

at 1 January 2016 and 2015
10
75,741
180
1,139,725
(419,292)
120
2,438,941
19
22,955,349
221
(21,590,196)
Other income
(12,375,396)
Non-alcoholic beverages
(15,603,208)
Net increase (decrease) in cash and

cash equivalents
Beer
Net cash from (used in) financing

activities
Interest income
(1,500,000)
(90)
(3,000,000)
(176)
(32,141,044)
(4,633,731)
Repayment of long-term loans from
29,000,000
22
10,000,000
30
29,500,000
financial institutions and debentures
11,000,000
Proceeds from long-term loans from
(6,403,500)
63
13,791,400
(38,862,300)
135
32,342,400
Inter-segment revenue
Repayment of loans from related parties
Proceeds from loans from related parties
4,925
(59,880,000)
4,990
(6,350,000)
12,424
(75,343,000)
13,260
(7,750,000)
27,346
Repayment of short-term loans from

44,389
65,030,000
76,474
2,700,000
76,514
82,047,000
external customers
3,768,903
Revenue from sale to
Proceeds from short-term loans from

(Unaudited)
(Unaudited)
(Unaudited)
21,973
(Unaudited)
(375,737)
(Unaudited)
Bank overdrafts
2015
2016
(15,317,115)
Food
(16,572,616)
(61,184)
2015
(15,317,115)
(97,667)
Dividends paid to non-controlling interests
2016
(16,572,616)
Dividends paid to owners of the Company
2015
(1,765,436)
2016
(1,847,680)
2015
(1,082,026)
Elimination
(in thousand Baht)
(942,360)
Interest paid
- Finance costs
139,887
2015
(Unaudited)
37
2016
697
2015
(Unaudited)
2016
139,153

ended 30 September
(Unaudited)
(in million Baht)

ended 30 September
Total
Separate
2016
Consolidated
2015
241
2015
Total allocated expenses
240
Annual Report 2016

242
Annual Report 2016

32
37
34
12
(11)
Gain (loss) on disposal of assets
10
24
63
30
(59)
(6)
(2)
3,241
3,259
7
9
371
1,135
7
5
1,085
544
3
4
573
1,191
15
16
1,210
Depreciation
Amortisation
391
2,807
2,910
731
Capital expenditure
(Unaudited)
1,402
600
(Unaudited)
178
1,364
(Unaudited)
899
215
(Unaudited)
328
(Unaudited)
(in million Baht)
Total
2015
2016
Food
2015
2016
2015
2016
2015
2016
2015
2016
Non-alcoholic
beverages
Beer
Spirits

30 September
Capital expenditure, depreciation, amortisation and gain (loss) on disposal of assets based on business segments for the nine-month period ended 30 September 2016 and 2015
were as follow :
243
Interested Person Transactions Report
Interested Persons
Transactions Report

For the year (Jan-Sep) ended 30 September 2016
Aggregate value of all interested persons
Aggregate value
transactions during the year (Jan-Sep) ended
of all interested persons
30 September 2016 under review (excluding
transactions conducted under
transactions less than S$100,000*
the Shareholders' mandate
and transactions conducted under (excluding transactions less than
Shareholders' Mandate)
S$100,000*)
Baht '000
Baht '000
A
Revenue from sales and service income
Pisetkij Co., Ltd.
25,292.18
PS Recycle Co., Ltd.
91,817.83
Berli Jucker PCL
29,911.18
Thai Alcohol PCL
146,321.06
F&N Foods Pte Ltd
77,995.47
F&N Interavine Pte Ltd
5,812.31
TCC Hotel Asset Management Co., Ltd.
4,879.13
TCC Logistics & Warehouse Co., Ltd.
148,771.72
655,581.82
14,951.56
Big C Supercenter PCL
Other income
Pisetkij Co., Ltd.
4,789.86
Thai Malaya Glass Co., Ltd.
16,036.62
F&N Interflavine Pte Ltd
118,860.99
Fraser & Neave (Singapore) Pte. Limited
7,088.28
Cost of sales
Pisetkij Co., Ltd.
25,640.87
186,908.18
Thip Sugar Kamphaengphet Co., Ltd. ***
626,653.46
The Suphanburi Sugar Industry Co., Ltd.
55,573.97
Southeast Capital Co., Ltd.
8,867.73
3,797.49
Thai Beverage Can Co., Ltd.
773,483.17
Berli Jucker PCL
14,213.88
The Southeast Insurance PCL **
79,774.74
10
The Southeast Life Insurance PCL
3,295.39
11
Thip Sugar Sukhothai Co., Ltd.
247,830.51
12
North Park Golf And Sports Club Co., Ltd.
4,178.74
13
3,243.62
14
TCC Land Development Co., Ltd.
3,682.24
15
Thai Malaya Glass Co., Ltd.
4,104,103.16
16
Dhanasindhi Co., Ltd.
7,793.27
17
31,084.37
18
Gaew Grung Thai Co., Ltd.
30,191.17
19
Thai Agro Products Co., Ltd.
13,088.25
20
Gaewsarnsiri Co., Ltd.
13,889.03
21
Waste Recycling Management Center Co., Ltd.
5,087.54
22
P.I.T. Factory Co., Ltd.
2,985.806
23
Sub Permpoon 8 Co., Ltd.
14,385.69
Annual Report 2016

244
Annual Report 2016

Aggregate value of all interested persons

Aggregate value
transactions during the year (Jan-Sep) ended
of all interested persons
30 September 2016 under review (excluding
transactions conducted under
transactions less than S$100,000*
the Shareholders' mandate
and transactions conducted under (excluding transactions less than
Shareholders' Mandate)
S$100,000*)
Baht '000
Baht '000
D
Selling expenses
182,363.77
Berli Jucker PCL
38,013.42
27,051.45
4,061.70
F&N Foods Pte Ltd
62,718.40
4,794.02
TCC Logistics & Warehouse Co., Ltd.
7,498.25
P.I.T. Factory Co., Ltd.
8,224.23
TCCCL Ladphao Co., Ltd.
15,125.88
10
Pacific Leisure (Thailand) Limited
3,001.91
11
Big C Supercenter PCL
94,158.73
Bang-Na Glass Co., Ltd.
4,018.17
62,902.02
54,013.11
14,650.80
The Southeast Life Insurance PCL
6,160.27
North Park Golf And Sports Club Co., Ltd.
34,648.26
TCC Land Co., Ltd.
4,954.03
Best Wishes Co., Ltd.
6,073.95
2,940.49
10
Thai Alcohol PCL.
24,406.14
11
InterContinental Singapore
2,704.25
12
Dhanasindhi Co.,Ltd.
6,176.09
13
11,050.68
14
30,551.73
15
15,026.08
16
Commercial Solution Co., Ltd.
32,122.80
17
Business Process Outsourcing Co., Ltd.
18,732.00
Leasehold Fund
31,460.53
19
37,499.99
20
Dhamma Land Property Development Co., Ltd.
5,912.52
21
Sub Mahakij 8 Co., Ltd.
3,687.84
22
Pacific Leisure (Thailand) Limited
16,509.55
23
FCL Alexandra Point Pte. Ltd.
3,112.81
24
Mosho Entertainment Co., Ltd.
25,000.00
25
The Street Retail Development Co., Ltd.
5,021.00
18
Thai Commercial Investment Freehold and
Purchase of assets
14,026.86
Berli Jucker PCL
9,524.00
Dhanasindhi Co., Ltd.
157,674.50
* Exchange rate Baht 25.70 per 1 SGD.

** Converted from company limited to public company limited
*** Formerly : The Maewang Sugar Industry Co., Ltd.
245
This Appendix of the Proposed Renewal of the Shareholders Mandate for Interested Person Transactions
(the Shareholders Mandate) will be proposed to the 2017 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) refers to (a) the Notice of Annual General
Meeting of the Company dated 5 January 2017 (the Notice), accompanying the 2016 annual report (the Annual Report),
convening the Annual General Meeting (AGM) of the Company to be held on 26 January 2017, and (b) Resolution No. 9
set out in the Notice.
2. Definitions
The following definitions, or such other definitions as the SGX-ST may from time to time determine, shall apply throughout
this Appendix (including the Schedules attached hereto), unless the context otherwise requires:
approved exchange
A stock exchange that has rules which safeguard the interests of shareholders against Interested
Person Transactions according to similar principles to Chapter 9 of the Listing Manual
associate
(a) In relation to any director, chief executive officer, substantial shareholder or controlling
shareholder (being an individual):
(i) his immediate family member (that is, the persons spouse, child, adopted child,
step-child, sibling and parent);
(ii) the trustees of any trust of which he or his immediate family is a beneficiary or,
in the case of a discretionary trust, is a discretionary object; and
(iii) any company in which he and his immediate family together (directly or indirectly)
have an interest of 30% or more; and
(b) in relation to a substantial shareholder or controlling shareholder (being a company),
any other company which is its subsidiary or holding company or is a subsidiary of such
holding company or one in the equity of which it and/or such other company or
companies taken together (directly or indirectly) have an interest of 30% or more
associated company
A company in which at least 20% but not more than 50% of its shares are held by the Company
or the Group
Baht
Thai Baht, the lawful currency of Thailand
CDP
The Central Depository (Pte) Limited
control
The capacity to dominate decision-making, directly or indirectly, in relation to the financial

and operating policies of a company
controlling shareholder
A person who:
(a) holds directly or indirectly 15% or more of the total number of issued shares (excluding
treasury shares) in the company. The SGX-ST may determine that a person who satisfies
this paragraph is not a controlling shareholder; or
(b) in fact exercises control over the company
Director
A director of the Company
Annual Report 2016

246
Annual Report 2016

entity at risk
The Company, a subsidiary of the Company that is not listed on the SGX-ST or an approved
exchange, or an associated company of the Company that is not listed on the SGX-ST or an
approved exchange and that is controlled by the Group, or the Group and its interested person(s)
Group
The Company, its subsidiaries and associated companies
Independent Directors
Shall bear the meaning set out in paragraph 9.1 of this Appendix
Interested Person
Transaction
A transaction between an entity at risk and an interested person
interested person
A director, chief executive officer or controlling shareholder of the Company or an associate

of any such director, chief executive officer or controlling shareholder
Listing Manual
The listing manual of the SGX-ST
Shareholders
The registered holders of shares in the capital of the Company
Shareholders Mandate
The general mandate previously approved by Shareholders, and for which renewal is now
being sought, to permit the Company and its subsidiaries to enter into certain types of
recurrent transactions of a revenue or trading nature or those necessary for day-to-day
operations with specified classes of the Companys interested persons
SGX-ST
Singapore Exchange Securities Trading Limited
subsidiary
Shall bear the meaning ascribed to it under Section 5 of the Companies Act (Chapter 50 of
Singapore)
3. Shareholders Mandate
Pursuant to the prospectus issued by the Company dated 19 May 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
entity at risk within the meaning of Rule 904(2) of the Listing Manual, in their ordinary course of businesses, to enter
into categories of Interested Person Transactions with specified classes of the Companys interested persons, 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 the shareholders mandate were disclosed in pages 124 to 148 of the Prospectus.
The said shareholders mandate was renewed at the AGMs held on 20 April 2007, 28 April 2008, 29 April 2009,
29 April 2010, 29 April 2011, 27 April 2012, 25 April 2013, 25 April 2014, 22 April 2015, and 28 April 2016
in the manner set out on pages 180 to 188, pages 201 to 212, pages 209 to 220, pages 199 to 213, pages 203 to 213,
pages 216 to 229, pages 214 to 227, pages 220 to 231, pages 228 to 239, and page 233 to 244 of the Companys
annual reports for the financial years ended 31 December 2006, 2007, 2008, 2009, 2010, 2011, 2012, 2013, 2014,
and 2015, respectively.
4. 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 26 January 2017
(the 2017 AGM), to take effect until the next AGM of the Company.
5. Details of the Shareholders Mandate
Details of the Shareholders Mandate, including the rationale for it and the ensuing benefits to the Company, the review
procedures for determining transaction prices with interested persons and other general information relating to Chapter 9
of the Listing Manual, are set out in Schedule 1 to this Appendix.
6. Audit Committee Statement
6.1 The Audit Committee has reviewed the terms of the Shareholders Mandate and confirms that the review procedures
established by the Company for determining the transaction prices of the Interested Person Transactions as set out
under the Shareholders Mandate in Schedule 1 to this Appendix, if adhered to, are sufficient to ensure that the
Interested Person Transactions will be carried out on normal commercial terms and will not be prejudicial to the
interests of the Company and its minority Shareholders.
6.2 If, during the periodic reviews by the Audit Committee, it is of the view that the established internal controls and
review procedures referred to in Schedule 1 to this Appendix are no longer appropriate or sufficient 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 internal controls and review procedures.
7. 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 21 October 2016 and 6 December 2016 respectively can be found in the Annual Report in respect of the financial
year ended 30 September 2016 to be or which has been, distributed to the Shareholders.
8. Abstention from Voting
Mr. Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi, who are Directors and controlling shareholders
of the Company, and Mr. Thapana Sirivadhanabhakdi and Mr. Panote Sirivadhanabhakdi, who are Directors of the Company,
will abstain, and have undertaken to ensure that 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 2017 AGM. Such persons will also not accept appointment as proxies for
any Shareholder to vote on the said resolution unless specific voting instructions have been given by the Shareholder as
to how he wants his votes to be cast in respect of the said resolution.
9. Independent Directors Recommendation
9.1 The Directors who are considered independent for the purposes of the proposed renewal of the Shareholders Mandate
are Mr. Narong Srisa-an, Ms. Kanoknart Rangsithienchai, Mr.Ueychai Tantha-Obhas, Mr. Sithichai Chaikriangkrai,
Dr. Pisanu Vichiensanth, Mr. Vivat Tejapaibul, Mr. Puchchong Chandhanakij, Gen. Dr. Choo-Chat Kambhu Na Ayudhya,
Prof. Pornchai Matangkasombut, Mr. Michael Lau Hwai Keong, Dr. Sakthip Krairiksh, Prof. Kanung Luchai,
Mr. Manu Leopairote, Mr. Prasit Kovilaikool 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 Mandated Interested Persons is in the ordinary course of its business will enhance the efficiency
of the Group and is in the best interests of the Company.
9.2 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 renewal of the Shareholders Mandate
at the 2017 AGM.
247
Annual Report 2016

248
Annual Report 2016

10. Directors Responsibility Statement
The Directors collectively and individually accept responsibility for the accuracy of the information given in this Appendix
and confirm after making all reasonable enquiries that, to the best of their knowledge and belief, this Appendix constitutes
full and true disclosure of all material facts about the proposed renewal of the Shareholders Mandate, the Company
and its subsidiaries, and the Directors are not aware of any facts the omission of which would make any statement in this
Appendix misleading. Where information in this Appendix has been extracted from published or otherwise publicly available
sources or obtained from a named source, the sole responsibility of the Directors has been to ensure that such information
has been accurately and correctly extracted from those sources and/or reproduced in this Appendix in its proper form
and context.
11. Action to Be Taken By Shareholders
11.1 Shareholders, other than those who hold their shares in the Company through CDP, who are unable to attend
the 2017 AGM and wish to appoint a proxy to attend and vote at the 2017 AGM on their behalf, will find attached
to the Invitation to the 2017 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, (a) so as to arrive at the Office of Corporate
th
Secretariat of Thai Beverage Public Company Limited, at Sangsom Building, 6 floor, 14 Vibhavadi Rangsit Road,
Chomphon Sub-district, Chatuchak District, Bangkok 10900, Thailand, no later than 24 hours before the time fixed
for the 2017 AGM; or (b) at the venue of the 2017 AGM before the meeting commences and for the attention
of the Company Secretary. The sending of a Proxy Form by a Shareholder does not preclude him from attending
and voting in person at the AGM if he finds that he is able to do so.
11.2 Persons who hold Shares in Securities Accounts with CDP may instruct CDP to exercise the voting rights for their
deposited Shares; such persons will find, attached to the Invitation to the 2017 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 at the address stated in the Voting Instructions Form no later than
5.00 p.m. (Singapore time) on 18 January 2017. However, it should be noted that as a matter of Thai law, and
as disclosed in the Companys prospectus dated 19 May 2006, CDP shall be the only holder of record of such Shares
and, accordingly, the only person recognised as a Shareholder and legally entitled to attend and vote at the 2017 AGM.
11.3 Persons who hold Shares in Securities Accounts with CDP who wish to personally attend and vote in their own names
at the 2017 AGM must take such steps as are necessary to transfer their Shares out of the CDP system and to have
the relevant Shares registered with the Company in their own names by 5 January 2017, being the date on which
the register of the Shareholders of the Company will be closed for the purpose of determining the rights of the
Shareholders to attend and to vote at the 2017 AGM. It should be further noted that such Shares which have been
transferred out of the CDP system cannot be traded on the SGX-ST unless they are transferred back into the CDP system.
In this regard, such transfers shall be subject to applicable taxes and fees. Please contact CDP at (65) 6535 7511
(or via email at [email protected]) should you require any guidance on the process of such transfer and registration.
12. Others
12.1 The SGX-ST takes no responsibility for the accuracy of any statements or opinions made or reports contained
in this Appendix.
12.2 If you are in any doubt as to the contents herein or as to the action you should take, you should consult your
stockbroker, bank manager, solicitor, accountant or other independent professional adviser immediately.
12.3 If you have sold all your ordinary shares in the Company, please forward this document to the purchaser or bank
or stockbroker or agent through whom the sale was effected for onward transmission to the purchaser.
249
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 time-sensitive nature of commercial transactions, it would be advantageous for us to obtain a shareholders mandate
to enter into certain Interested Person 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-to-day 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 defined in Rule 904(2) of the Listing Manual) will be
transacting;
(b) the nature of the transactions contemplated under the mandate;
(c) the rationale for and benefit to the entity at risk;
(d) the methods or procedures for determining transaction prices;
(e) the independent financial advisers opinion on whether the methods or procedures in (d) above are sufficient 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 financial adviser (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.
For the purposes of the Shareholders Mandate, the definitions of words and expressions in the Appendix to which this
Shareholders Mandate is a Schedule shall apply, save as otherwise set out below:
Group means our Company, its subsidiaries and associated companies which are considered entity at risk
within the meaning of Rule 904(2) of the Listing Manual; and
THBEV Group means our Company and its subsidiaries.
250
Annual Report 2016

Annual Report 2016

Classes of Mandated Interested Persons

The Shareholders Mandate will apply to our Groups transactions with associates of our controlling shareholders
Mr. Charoen Sirivadhanabhakdi and Khunying Wanna Sirivadhanabhakdi (such controlling shareholders associates
collectively referred to as 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 Mandated Interested Persons which will be covered by the Shareholders Mandate (Mandated
Transactions) relating to the provision to, or obtaining from, Mandated 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 Mandated 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 Mandated Interested Persons of insurance and insurance-related services;
(c) purchases from Mandated Interested Persons of all kinds of consumer products, office and storage supplies including
tissue paper and sugar for office use, scrap steel, malt bags and wooden pallets;
(d) obtaining from Mandated 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 Mandated Interested Persons of leases or subleases of office space, warehouses, passenger cars and land;
(f) provision to Mandated Interested Persons of services including procurement services, property improvement services,
advertising and sales services and manufacturing services;
(g) lease or sub-lease to Mandated Interested Persons of office space, warehouses, passenger cars and land;
(h) sale to Mandated 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 Mandated 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.
Rationale for and the Benefits of the Shareholders Mandate

The transactions with the Mandated Interested Persons are entered into or to be entered into by our Group in its ordinary
course of business. They are recurring transactions that are likely to occur with some degree of frequency and arise at any
time and from time to time. Our Directors are of the view that it will be beneficial to our Group to transact or continue to
transact with the Mandated Interested Persons.
Our Directors believe that our Group will be able to benefit from its transactions with the Mandated Interested Persons.
The Shareholders Mandate and the renewal of the Shareholders Mandate on an annual basis will eliminate the need to
convene separate general meetings from time to time to seek Shareholders approval as and when potential Interested
Person Transactions with the Mandated Interested Persons arise, thereby reducing substantially the administrative time
and expenses in convening general meetings, without compromising the corporate objectives or adversely affecting
the business opportunities available to us.
The Shareholders Mandate is intended to facilitate transactions in our ordinary course of business which are transacted from
time to time with the Mandated Interested Persons, provided that they are carried out on normal commercial terms and are not
prejudicial to the interests of our Company and our minority Shareholders.
Disclosure will be made in the format required by the Listing Manual, and to the extent required by the SGX-ST,
of the aggregate value of Interested Person Transactions conducted pursuant to the Shareholders Mandate during
the current financial year in the annual report for the current financial year.
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,
specification 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
251
252
Annual Report 2016

Annual Report 2016

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:
Approval Limits
253
(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
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:
Relevant Approving Authority
Interested Person Transaction not exceeding

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

rank
Interested Person Transaction above Baht 500,000

but not exceeding Baht 5 million in value
A managing director or officer of equivalent rank
Interested Person Transaction above Baht 5 million

A vice chairman or officer of equivalent rank

A chairman

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

of equivalent rank
(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
Interested Person Transaction above 3% of the latest
Any two Audit Committee members, one of whom must

be the Lead Independent Director for IPTs
(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.
audited net tangible assets of the THBEV Group in value
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, specifications 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 25 December 2015 entered
into between Thai Beverage Recycle Co., Ltd. (formerly known as Bang-Na Logistic Co., Ltd.) and Thai Malaya
Glass Co., Ltd. (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.
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


rank

but not exceeding Baht 500,000 in value


but not exceeding 3% of the latest audited
net tangible assets of the THBEV Group in value
A chairman
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 (e), (f), (g), (h) and (i) above under General Mandate for
Interested Person Transactions - Mandated Transactions.
254
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Annual Report 2016

(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, specifications, 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 Listing Manual, including the threshold, approval and
other requirements under Rules 905 and 906 of the 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 it is carried out on normal commercial terms and not prejudicial
to the interests of our Company and minority Shareholders:
Approval Limits


rank

but not exceeding Baht 500,000 in value


but not exceeding 3% of the latest audited net tangible
assets of the THBEV Group in value
A chairman

Any two Audit Committee members, one of whom must be

the Lead Independent Director for IPTs
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 financial 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 identification 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 Officer 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 Officer 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
financial 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 sufficient 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.
255
Annual Report 2016

256
Annual Report 2016

Announcements to SGX in 2016
Announcements to SGX
in 2016
Compliance with Singapore Exchange Regulations and Best Practices
SCHEDULE 2 TO THE APPENDIX
Examples of Mandated Interested Persons as at the date of the Appendix

The Mandated Interested Persons as at the date of this Appendix include but are not limited to the corporations
and entities set out below. For the avoidance of doubt, the list of corporations and entities below is not an exhaustive list
of the Mandated Interested Persons:
1. TCC Corporation Limited (1)
25. Regent Gold Property Fund
2. Bang-Na Glass Co., Ltd.
26. Siam Realty Co., Ltd.
3. Berli Jucker Cellox Co., Ltd.
27. Southeast Capital Co., Ltd.
4. BJC Industrial and Trading Company Limited (2)
28. The Southeast Insurance Public Company Limited (5)
5. Berli Jucker Foods Co., Ltd.
29. The Southeast Life Insurance Public Company Limited (6)
6. Berli Jucker Logistics Co., Ltd.
30. The Suphanburi Sugar Industry Co., Ltd.
7. Berli Jucker Public Company Limited
31. T.C.C. Service Apartment Co., Ltd. (7)
8. Berli Jucker Specialties Co., Ltd.
32. Terragro Co., Ltd. (8)
9. BJC Marketing Co., Ltd.
33. Southeast Group Co., Ltd. (9)
10. BJC Healthcare Co., Ltd. (3)
34. T.C.C. Commercial Property Management Co., Ltd.
11. Chalitlarp Co., Ltd.
35. T.C.C. Technology Co., Ltd.
12. Golden Wealth Co., Ltd.
36. Thai Beverage Can Co., Ltd.
13. Indara Insurance Public Company Limited
37. The Chonburi Sugar Corporation Limited
14. Lake View Golf and Yacht Club Co., Ltd.
38. Thai Glass Industries Public Company Limited
15. Lake View Land Co., Ltd.
39. Thip Sugar Kamphaengphet Co., Ltd. (10)
16. TCC Value Hotels Co., Ltd. (4)
40. The New Imperial Hotel Public Company Limited
17. N.C.C. Management and Development Co., Ltd.
41. Thip Sugar Sukhothai Co., Ltd. (11)
18. New Noble Property and Loan Fund
42. Plantheon Trading Co., Ltd.
19. Nongkhai Country Golf Club Co., Ltd.
43. Thai Alcohol Public Company Limited
20. North Park Golf and Sports Club Co., Ltd.
44. Thai Malaya Glass Co., Ltd.
21. PS Recycle Co., Ltd.
45. Fraser and Neave, Limited
22. Pisetkij Co., Ltd.
46. Univentures Public Company Limited
23. Plaza Athenee Hotel (Thailand) Co., Ltd.
47. Business Process Outsourcing Co., Ltd.
24. Queens Park Hotel Co., Ltd.

Notes:
(1) Its former name was TCC Holding Co., Ltd.
(2) Its former name was BJC Engineering Co., Ltd.
(3) Its former name was BJC Trading Co., Ltd.
(4) Its former name was Mae Ping Hotel (1988) Co., Ltd.
(5) Its former name was The Southeast Insurance (2000) Co., Ltd. and transforming the private company to public limited company
(6) Transforming the private company to public limited company
(7) Its former name was Tara Hotel Co., Ltd.
(8) Its former name was T.C.C. Agro Co., Ltd.
(9) Its former name was T.C.C. Capital Co., Ltd.
(10) Its former name was The Maewang Sugar Industry Co., Ltd.
(11) Its former name was The Uttaradit Sugar Industry Co., Ltd.
The Company recognizes the importance of the transparency of information disclosure. During the last fiscal year being
nine month period ended 30 September 2016, the Company made 45 announcements via SGX-NET categorized as follows:
1. 11 announcements of quarterly and full year financial
statements.
2. 2 notices of directors change in interest.
When the Company Secretary was informed
of the changes in interest of any directors,
the Company Secretary also reported such information
to other directors.
3. 7 announcements/reports involving with occupying
the positions of Directors and Executives of Thai
Beverage Public Company Limited:
Appointment of Ms. Tientip Narach as
Senior Vice President Finance in May 2016
Appointment of Mr. Edmond Neo Kim Soon as
Senior Vice President Beer Business (Thailand)
in June 2016
Appointment of Mr. Vivek Chhabra as
Senior Vice President NonAlcoholic Beverage
Business (Thailand) in June 2016
Cessation of Mr. Komen Tantiwiwatthanaphan
from Vice Chairman in July 2016
Cessation of Mr. Komen Tantiwiwatthanaphan
from 3rd Executive Vice Chairman in August 2016
Appointment of Mr. Pramote Hassamontr as
Senior Vice President Office of Spirit Production
with effective from October 2016
Appointment of Mr. Banjong Chintanasiri as
Senior Vice President (Deputy CFO Accounting)
with effective from October 2016
4. 5 announcements of acquisitions and realizations

of assets and related matters of other companies
resulting from the capital increases of direct
and indirect wholly owned subsidiaries, the incorporation
of Joint Venture Companies which are
(1) Max Asia Co., Ltd., and (2) Koykiao Co., Ltd.
5. 20 general announcements to either conform
with the regulations of the SGX or give information
to investors, involving the Annual Information Meeting
for shareholders in Singapore, the corporate rating
by Moodys Investors Service and Fitch Ratings,
proposed ThaiBev Long Term Incentive Plan,
change of fiscal year end of Company, a summary
of business performance results for each quarter
for investors, report about the Company
and its subsidiaries, and selected as component
of Dow Jones Sustainability Indices.
257
Annual Report 2016

258
Annual Report 2016

General Corporate Information
259

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

Chomphon Sub-district, Chatuchak District
Bangkok 10900
(02) 785 5555
(02) 785 5882
Remark
Company Name
Address
Telephone
Fax
Remark
7.
82 Moo 3, Tambon Bang Ku Wat

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

(02) 278 4321
(02) 278 4381
(02) 278 4381
Beer Product Group

1.
14 Sangsom Building, Vibhavadi Rangsit Road

Chomphon Sub-distric, Chatuchak District
Bangkok 10900
(02) 785 5555
2.
Chang Beer Company Limited

Bangkok 10900
(02) 785 5555

Bangkok 10900
(02) 785 5555
349 Moo 2, Tambon Mae Lad

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

Bangkok 10900
(02) 785 5555
(02) 785 5885
68 Moo 2, Tambon Namtoa, Amphoe Bangban

(035) 289 333-42
(035) 289 371

Bangkok 10900
(02) 785 5555
(02) 785 5885
77 Moo 1, Phaholyothin Road KM. 54

Tambon Lamsai, Amphoe Wangnoi
(035) 744 920-26
(035) 744 916

Bangkok 10900
(02) 278 4321
(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
15.
Factory
16.
8.

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

Amphoe Satuek, Buri Rum 31150
(044) 681 010-3

(044) 627 202
(044) 681 223-4
(044) 627 199, 201,
203, 205
Factory
10.
101 Moo 8, Tambon Kaeng Dom

Amphoe Sawang Wirawong
Ubon Ratchathani 34190
(045) 426 532-5
(045) 426 536
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) 441 439
(043) 441 479
(043) 441 017
Factory
Factory
Brewery Group
1.
2.
3.
(02) 785 5885
Factory
Factory
12.
99 Moo 4, Tambon Hat Kham

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

(042) 449 715
(042) 449 714
13.

(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

Vibhavadi Rangsit Road, Chomphon Sub-district
(02) 278 4321
(02) 278 4381
54 Moo 2, Sukhaphibal Road

Tambon Nakhon Chai Sri
Amphoe Nakhon Chai Sri, Nakhon Pathom 73120
(034) 331 954

(034) 227 754-7
(034) 331 955
Factory
1 Moo 6, Tambon Ban Daen

Amphoe Banphot Phisai, Nakhon Sawan 60180
(056) 279 088-9
(056) 350 660
Factory
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
Factory
Factory
Factory

Distillery Group
1.
Sangsom Co., Ltd.
14.
2.
333 Moo 1, Tambon Tha Toom

Amphoe Si Maha Phot, Prachin Buri 25140
(037) 285 016-18
(037) 285 237
3.

Bangkok 10900
(02) 278 4321
(02) 278 4381
149 Moo 5, Wangseesoob-Ngew-Ngam Road

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

Amphoe San Sai, Chiang Mai 50290
(053) 849 550-4
(053) 849 555
5.

Bangkok 10900
(02) 278 4321
(02) 278 4381
50 Moo 7, Tambon Wangkhanai

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

(02) 278 4321
488 Moo 1, Tambon Wangdong

Amphoe Muang Kanchanaburi
Kanchanaburi 71190
(034) 527 100
6.
17.
46 Moo 1, Tambon Nong Klang Na

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

Vibhavadi Rangsit Road Chomphon Sub-district
(02) 278 4321
(02) 278 4381
19.
United Products Company Limited
56 Sukhaphibal Road, Tambon Nakhon Chai Sri

Amphoe Nakhon Chai Sri, Nakhon Pathom 73120
(034) 331 157
(034) 331 787
Factory
Sales Group
Beer Sales Group
(02) 278 4381
(034) 527 111
Factory
1.

(02) 785 7441
(02) 973 4658
2.
Pomkit Co., Ltd.

Amphoe Muang, Nakhon Ratchasima
(044) 955 101-3
(044) 955 104-5
Factory
Factory
Annual Report 2016

260
Annual Report 2016

Business Contact
Company Name
Address
Telephone
Fax
3.
Pomklung Co., Ltd.

Tambon Padad, Amphoe Muang Chiang Mai
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
Business Contact
Remark
Company Name
3.
(1)
(2)
Cash Van Management Co., Ltd.(2)
Address
Telephone
Fax
1 East Water Building, 17th Floor

Soi Vibhavadi-Rangsit 5, Vibhavadi Rangsit Road
(02) 785 5555
(02) 785 5555

Ext. 4704
Registered the change of Companys address on 2 June 2016

Sale Agent Group
5.
135/3 Moo 4, Kanchanavithi Road

Tambon Bang Kung, Amphoe Muang Surat Thani
Surat Thani 84000
(077) 914 242
(077) 914 248
6.
Pomburapa Co., Ltd.

Amphoe Muang Chon Buri, Chon Buri 20000
(038) 287 268
(038) 272 205
7.
Pompalang Co., Ltd. (1)

Amphoe Muang Khon Kaen
Khon Kaen 40000
(043) 224 222-4
(043) 340 438
8.
Pomnakorn Co., Ltd.
534, 536 Petchakasem Road

Tambon Prapatone
Amphoe Muang Nakhonpratom
Nakhonpratom 73000
(034) 258 305
(034) 213 190
(1)
261
1.

(02) 785 5555
(02) 617 9688
2.

(02) 785 5555
(02) 617 9688
3.
Surathip Co., Ltd.

(02) 785 5555
(02) 617 9688
4.

(02) 785 5555
(02) 617 9688
5.

(02) 785 5555
(02) 617 9688
(02) 785 5925
Registered the change of Companys address on 10 March 2016
Spirits Sales Group

1.
Num Yuk Co., Ltd.

(02) 785 7441
(02) 973 4658
2.

(044) 955 100-3

Ext. 2050
(044) 955 107
Marketing Group
1.

(02) 785 5555
2.

(02) 785 5555
(02) 785 5555
3.

Tambon Padad, Amphoe Muang Chiangmai
Chiangmai 50100
(053) 275 211
(053) 275 211

Ext. 212
3.

4.
Num Muang Co., Ltd.

Tambon Tha Wasukri
(035) 242 691
(035) 241 032
4.
Dhospaak Co., Ltd.(1)
90, CyberWorld Tower, 15th Floor, Units B

(02) 785 9900
1501-2 and 20th Floor, Units B 2001-2
(02) 018 2000
Ratchadaphisek Road, Huai Khwang Sub-district
5.
149/3 Chulachomklao Road, Tambon Tha Kham

Amphoe Phun Phin, Surat Thani 84130
(077) 914 242
(077) 914 248
6.

Amphoe Muang Chon Buri, Chon Buri 20000
(038) 287 268-9
(038) 272 525
7.
Numrungrod Co., Ltd. (1)

Amphoe Muang Khon Kaen, Khon Kaen 40000
(043) 224 222-4
(043) 220 222
8.
Numthip Co., Ltd.
530, 532 Petchakasem Road

Tambon Phra Pratone
Nakhon Pathom 73000
(034) 258 305
(034) 213 189
(1)
2.
Horeca Management Co., Ltd.(1)
333 Lao Peng Nguan Tower 1, 26th Floor

Soi Choei Phuang, Vibhavadi Rangsit Road
(02) 785 7878

(02) 785 5544
Related Business Group


(02) 785 7000
(02) 785 7125
2.

(02) 785 7144
(02) 785 7148
3.

(02) 785 7000
(02) 785 7165
4.
(02) 785 7000
(02) 785 7320-2
(02) 785 7878

Ext. 7833

5.

(02) 785 7130-4
(02) 272 2316
(02) 785 5883
6.

(02) 785 5555
(02) 785 5885
Registered the change of Companys address on 10 March 2016
Registered the change of Companys address on 6 September 2016
1.
Sales Channels Management Group

1.
(1)
(02) 785 9908

(02) 018 2001
Remark
Annual Report 2016

262
Annual Report 2016

263
Business Contact
Business Contact
Company Name
Address
Telephone
Fax
Company Name
Address
Telephone
Fax
7.

(02) 021 4774
(02) 021 4777
Remark
3.

(02) 785 8888
(02) 785 8889
8.
1 East Water Building, Soi Vibhavadi-Rangsit 5

(02) 785 5555
(02) 785 5975
4.

Kowloon, Hong Kong
5.
Oishi F&B (Singapore) Pte. Ltd.

(65) 6435 2880
(65) 6536 9930
Non-Alcohol Beverage Product Group

Group of Company Limited
1.
BevCo Limited

(02) 785 7000
(02) 785 7025
6.
Oishi Myanmar Limited
No. 1-11, Padonmar Stadium (East Wing)

Bargayar Street, Sanchaung Township
Yangon, the Republic of the Union of Myanmar
2.
So Water Company Limited

(02) 785 7000
(02) 785 7025
7.
Oishi Group Limited Liability Company
No. 11A, Phan Ke Binh Street,

Da Kao Ward, District 1, Ho Chi Minh City
the Socialist Republic of Vietnam
3.
SPM Foods and Beverages Company Limited
79 Moo 3, Tambon Lamlookbua

Amphoe Dontoom, Nakhon Pathom 73150
(034) 993 355
(034) 993 354
8.
Oishi Snack Co., Ltd.
(02) 785 8888
(02) 785 8889
4.

(02) 785 7000
(02) 785 7025

Group of Listed Companies on

the Stock Exchange in Thailand
Sermsuk Group
1.
2.
3.
4.
Sermsuk Holdings Co., Ltd.
Sermsuk Beverage Co., Ltd.
Wrangyer Beverage (2008) Co., Ltd.

27-28th Floor, Rachadaphisek Road
(02) 693 2255-65

Bldg. 1, 27-28th Floor, Rachadaphisek Road
(02) 693 2255-65

(02) 693 2255-65

(02) 693 2255-65
Factory
Trademark Group
1.

(02) 785 5555
(02) 617 9688
2.

(02) 785 5555
(02) 617 9688
3.

(02) 785 5555
(02) 617 9688
4.
Chang Beer International Co., Ltd.

(02) 785 5555
(02) 617 9688
(02) 693 2266
(02) 693 2266
Remark
Dormant
Others
(02) 693 2266
1.

(02) 785 7341
02 785 7345
2.
C A C Co., Ltd.
90, CyberWorld Tower, 10th Floor

Ratchadapisek Road, Huai Khwang Sub-district
(02) 785 9999
(02) 785 9990
3.

(02) 785 5555
4.
Koykiao Co., Ltd.(1)

(02) 785 5555
5.
Max Asia Co., Ltd.(2)

(02) 785 5555
6.
Thai Thum Distillery Co., Ltd.
14 Vibhavadi Rangsit Road Chomphon

(02) 278 4321
Sub-district Chatuchak District, Bangkok 10900
(02) 278 4381
Nontrading
7.
Sura Piset Sahasan Co., Ltd.

(02) 278 4321
(02) 278 4381
Nontrading
8.
Sura Piset Samphan Co., Ltd.

(02) 278 4321
(02) 278 4381
Nontrading
(1)
Incorporated on 23 March 2016

Incorporated on 26 April 2016
(02) 693 2266
5.
85 Moo 11, Bang-nga -Tha Klong Road

Kaosamerkorn District
Amphur Ta-wung, Lopburi 15180
(036) 489 116-7
(036) 489 115
6.
Sermsuk Traning Co., Ltd.
252/35-36, Muang Thai-Phatra Complex

(02) 693 2255-65
(02) 693 2266
7.
Great Brands Limited

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
Oishi Group
1.

(02) 785 8888
(02) 785 8889
2.

(02) 785 8888
(02) 785 8889

(2)
Annual Report 2016

264
Annual Report 2016

Business Contact
Company Name
Address
265
Telephone
Fax
Business Contact
Remark
International Business Group (b), (c)
Company Name
Address
Telephone
Fax
Remark
28.
The Balblair Distillery Company Limited
Moffat Distillery, Airdrie, ML6 8PL, Scotland
(44) 1236 769377
(44) 1236 769781
Dormant
29.
Liquorland Limited
8 Westbank Road, Belfast, BT3 9JL

Northern Ireland
(44) 289 077 3990
(44) 289 037 0566
30.

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
31.

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
1.
International Beverage Holdings Limited

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
2.
438 Alexandra Road #05-01

(65) 6435 2880
(65) 6265 1819
3.
InterBev (Cambodia) Co., Ltd.(1)
Phnom Penh Centre, Building A, 3rd floor

Room 324, Tonle Bassac
Chamkarmorn, Phnom Penh, Cambodia
(855) 23 210 918
4.
Unit C-25-02, First Floor, 3 Two Square

Commercial Centre, No. 2, Jalan 19/1
46300 Petaling Jaya, Selangor, Malaysia
(603) 7960 1839
(603) 7960 3361
32.
InterBev Timor, Unipessoal, Lda.(2)
Rua Presidente Nicolau Lobato,Timor Plaza

Suite # 330, 3rd Andar, Comoro
Dom Aleixo Dili, Timor Leste
(670) 332 3335
Suite 6.01, 6th Floor, Plaza See Hoy Chan Jalan

Raja Chulan, 50200 Kuala Lumpur Malaysia
(603) 2050 1888
(603) 2031 8618
33.
BeerCo Limited

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
36.
Wellwater Limited

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
37.

(65) 6318 9393
(65) 6271 0811
38.

(65) 6276 4882
(65) 6276 6328
5.

Kowloon, Hong Kong
(852) 2375 6648
(852) 2375 6188
6.
International Beverage Holdings (UK) Limited
(44) 1236 769377
(44) 1236 779001
7.
International Beverage Holdings (China)

Limited

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

(65) 6435 2880
8.
Dormant
(65) 6265 1819
(1)
(2)
9.
Beer Chang International Limited

(65) 6435 2880
(65) 6265 1819
10.
International Beverage Trading Limited (a)
XL Building, One Bermudiana Road, Hamilton

Bermuda
(1) 441 292 7337
(1) 441 295 5655
11.
International Beverage Holdings Limited USA,

Inc.
601 Van Ness Avenue, Suite Q/R

San Francisco, CA 94102
(1) 415 292 4770
(1) 415 673 0883

(attn.:IBHL)
12.
Blairmhor Limited
(44) 1236 769377
(44) 1236 769781
Dormant
Nontrading
13.
(44) 1236 769377
(44) 1236 769781
14.
Room 01-03, Level 1, No. 63 Kunluo Road

Shuangjiang Town, Eshan County, Yuxi City
Yunnan, China 653200
(86) 8774 010319
(86) 8774 010319
15.
Yulin Village, Shuangjiang Town, Eshan County

Yuxi City, Yunnan, China 653200
(86) 8774 022068
(86) 8774 022199
16.
Blairmhor Distillers Limited
(44) 1236 769377
(44) 1236 769781
Dormant
17.
Wee Beastie Limited
(44) 1236 769377
(44) 1236 769781
Dormant
18.
Moffat & Towers Limited
(44) 1236 769377
(44) 1236 769781
Dormant
19.
Glen Calder Blenders Limited
(44) 1236 769377
(44) 1236 769781
Dormant
20.
Hankey Bannister & Company Limited
(44) 1236 769377
(44) 1236 769781
Dormant
21.
R Carmichael & Sons Limited
(44) 1236 769377
(44) 1236 769781
Dormant
22.
J MacArthur Jr & Company Limited
(44) 1236 769377
(44) 1236 769781
Dormant
23.
Mason & Summers Limited
10 Foster Lane, London, EC2V 6HH, England
(44) 1236 769377
(44) 1236 769781
Dormant
24.
James Catto & Company Limited
(44) 1236 769377
(44) 1236 769781
Dormant
25.
The Knockdhu Distillery Company Limited
(44) 1236 769377
(44) 1236 769781
Dormant
26.
Speyburn-Glenlivet Distillery Company Limited
(44) 1236 769377
(44) 1236 769781
Dormant
27.
The Pulteney Distillery Company Limited
(44) 1236 769377
(44) 1236 769781
Dormant
Dormant

Registered the change of Companys address on 8 September 2016
Remark: Updated (1 October 2016 - 30 November 2016)

(a) International Beverage Trading Limited registered the change of Companys address on 19 October 2016. It is located at OHara House, One Bermudiana Road,
Hamilton, Bermuda Telephone no. (1) 441 292 7337 Fax no. (1) 441 295 5655.
(b) International Beverage Vietnam Company Limited was incorporated in the Socialist Republic of Vietnam on 17 October 2016. It is located at Room 605
CMC Tower, Duy Tan Street, Dich Vong Hau Ward Cau Giay District, Hanoi, Vietnam Telephone no. 84 (4) 7108 9898 Fax no. (65) 6265 1819
(c) International Beverage Holdings (Singapore) Pte. Limited was incorporated in Singapore on 28 November 2016. It is located at 438 Alexandra Road
#05-01 Alexandra Point, Singapore 119958 Telephone no. (65) 6435 2880 Fax no. (65) 6265 1819
266
Annual Report 2016

Note
Legal Advisor
Weerawong, Chinnavat & Peangpanor Ltd.

22nd Floor, Mercury Tower
540 Ploenchit Road
Lumpini, Pathumwan
Bangkok 10330
Compliance Advisor
WongPartnership LLP
12 Marina Boulevard Level 28
Marina Bay Financial Centre Tower 3
Singapore 018982
Certified Public Accountant

Partner-in-charge: Ms. Nittaya Chetchotiros (CPA No. 4439)
Date of 1st appointment: 22 April 2015

14 Vibhavadi Rangsit Road, Chomphon Sub-district, Chatuchak District, Bangkok 10900, THAILAND
Tel. +66 2 785 5555 Fax. +66 2 785 5882 www.thaibev.com

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A LWAYS

ANNUAL REPORT 2016

Annual Report 2016

Annual Report 2016

Thai Beverage Pubilc Company Limited

SGX TICKER / Y92

is listed on the Singapore Exchange

*Data from 4 January 2016

Investor Relations Contact:

IPO Offer Price

ThaiBevs Share Price Performance

Share Price (S$)

ThaiBevs Monthly Trading Volume

Annual Report 2016

Annual Report 2016

Revenue from sales

Depreciation and amortisation

Total liabilities and shareholders' equity

Gross Profit Margin

Operating Cash Flows to Operating Profit Ratio

Net Profit Margin

Return on Fixed Assets

Total Assets Turnover

Liability to Equity Ratio

Average Collection Period

Interest Bearing Debt to Equity Ratio

Average Inventory Period

Interest Bearing Debt to EBITDA Ratio

Average Payable Period

Interest Coverage Ratio

* In 2015, included share of profit from disposal of discontinued operations

Annual Report 2016

Annual Report 2016

Total Sales Revenue

Total Sales Revenue

(for the nine-month period

Jan - Dec 2015

2016 Total Sales Revenue Breakdown

Annual Report 2016

Annual Report 2016

Message from the Chairman

Message from the Chairman

Message from the Chairman

On the non-alcoholic beverage front, ThaiBev further

Annual Report 2016

Annual Report 2016

revenue growth and improve the brand equity of our core

Annual Report 2016

Annual Report 2016

Gen. Dr. Choo-Chat

Mr. Ng Tat Pun

President and CEO

Director and Senior

Director and Senior

Director and Senior

Annual Report 2016

Annual Report 2016

Executive Committee / Management Committee