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PTT_Solution

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									                                    Exhibit 1 Currency Exchange Rate


           0.045


            0.04


           0.035


            0.03


           0.025
USD/Baht




            0.02


           0.015


            0.01


           0.005


              0
               1995   1996   1997             1998          1999       2000   2001   2002
                                                     Year
                                                                                                    Exhibit 2 Assumptions
                                                                                                      1999        2000      2001**      Avg.      2002      2003      2004         2005      2006      2007      2008
                  Income Statement
                                               Revenue
Sales growth                                                                                           7.45%      59.70%        2.89%   23.35%    10.00%    10.00%    10.00%       10.00%    10.00%    10.00%    10.00%
Other Income                                              % of Sales                                   1.92%       1.20%        1.54%    1.55%     1.55%     1.55%     1.55%        1.55%     1.55%     1.55%     1.55%
Gains (Losses) on Exchange rate                           % of Sales                                   0.00%       0.00%        0.00%    0.00%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%
Share of net income of subsidiaries                       % of Sales                                   0.00%       0.00%        0.00%    0.00%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%

                                               Expense
Cost of sales                                             % of Sales                                  84.60%      86.27%    84.14%      85.00%    85.00%    85.00%    85.00%       85.00%    85.00%    85.00%    85.00%
Selling and Administrative expense                        % of Sales                                   4.08%       2.74%     2.68%       3.17%     3.17%     3.17%     3.17%        3.17%     3.17%     3.17%     3.17%
Exploration expenses                                      % of Sales                                   0.08%       0.06%     0.04%       0.06%     0.06%     0.06%     0.06%        0.06%     0.06%     0.06%     0.06%
Depreciation                                              See Fixed assets&Intangible assets
Amortization                                              See Fixed assets&Intangible assets
Impairment losses                                         % of Sales                                    0.61%      0.04%      0.02%       0.22%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%
Losses on disposal of investments                         % of Sales                                    0.00%      0.07%      0.00%       0.02%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%
Loss on withdrawal from joint ventures                    % of Sales                                    0.00%      0.46%      0.00%       0.15%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%
Interest expenses                                         % of Interest bearing Debt                    9.41%      7.87%      7.41%       8.23%     8.23%     8.23%     8.23%        8.23%     8.23%     8.23%     8.23%
Losses on foreign exchange                                % of Sales                                  -99.33%      0.67%    100.67%       0.67%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%
Income taxes                                              % of Taxable Income                          19.64%     17.70%     14.73%      17.36%    25.00%    25.00%    25.00%       25.00%    30.00%    30.00%    30.00%
Share of net loss of associates                           % of Sales                                    5.99%      1.10%      0.35%       2.48%     2.48%     2.48%     2.48%        2.48%     2.48%     2.48%     2.48%
Income (loss) of minority interests in subsidiaries       % of minority interests in subsidiaries     -26.38%    -13.35%    -23.49%     -21.07%   -21.07%   -21.07%   -21.07%      -21.07%   -21.07%   -21.07%   -21.07%

                   Balance Sheet
Assets
Current Assets
Cash on hand and at banks                                 % of Total Assets                            5.36%       8.80%        9.46%    7.87%     7.88%     7.88%     7.88%        7.88%     7.88%     7.88%     7.88%
Short-term investments                                    % of Total Assets                            0.22%       0.44%        0.45%    0.37%     0.37%     0.37%     0.37%        0.37%     0.37%     0.37%     0.37%

Accounts receivable-trade and notes receivable, net       % of Total Assets                           12.69%      12.18%    13.89%      12.92%    12.94%    12.94%    12.94%       12.94%    12.94%    12.94%    12.94%
Amounts due from, advances and short-term loans to
related parties                                           % of Total Assets                            6.73%      10.38%    12.18%       9.77%     9.78%     9.78%     9.78%        9.78%     9.78%     9.78%     9.78%
Inventories                                               % of Total Assets                            3.02%       3.99%     3.49%       3.50%     3.51%     3.51%     3.51%        3.51%     3.51%     3.51%     3.51%
Materials and supplies, net                               % of Total Assets                            0.56%       0.69%     0.59%       0.62%     0.62%     0.62%     0.62%        0.62%     0.62%     0.62%     0.62%
Other current assets                                      % of Total Assets                            3.13%       4.09%     5.58%       4.27%     4.27%     4.27%     4.27%        4.27%     4.27%     4.27%     4.27%
                Fixed Assets                                                                                                                       0.00%
Deferred income Taxes                                     % of Total Assets                            0.00%       0.30%        0.27%    0.19%     0.19%     0.19%     0.19%        0.19%     0.19%     0.19%     0.19%
Advances and Loans to Related Parties                     % of Total Assets                            0.00%       0.79%        1.60%    0.79%     0.80%     0.80%     0.80%        0.80%     0.80%     0.80%     0.80%

Investments in Subsidiaries, Associates and Others        % of Total Assets                           22.15%       5.36%     5.53%      11.01%    11.03%    11.03%    11.03%       11.03%    11.03%    11.03%    11.03%
Property, Plant and Equipment, Net                        See Fixed assets&Intangible assets          41.33%      49.70%    42.94%      44.66%    44.74%    44.74%    44.74%       44.74%    44.74%    44.74%    44.74%
Intangible Assets                                         See Fixed assets&Intangible assets           2.29%       1.31%     1.21%       1.60%     1.61%     1.61%     1.61%        1.61%     1.61%     1.61%     1.61%
Advance Payment for Gas Purchased                         % of Total Assets                            0.00%       0.76%     4.53%       1.77%     1.77%     1.77%     1.77%        1.77%     1.77%     1.77%     1.77%
Other Assets                                              % of Total Assets                            0.06%       1.21%     0.18%       0.48%     0.48%     0.48%     0.48%        0.48%     0.48%     0.48%     0.48%

                Total Assets Turnover                                                                    1.15        1.54        1.54      1.41      1.54      1.54         1.54      1.54      1.54      1.54      1.54

Liability and Owner's Equity
Current Liabilities
Bank overdraft and loans from banks                                                                   0.96%
                                                          PTT will issue Overdraft and Loan If they need cash      0.98%        0.15%    0.70%
Accounts payable - trade                                  % of Total Assets                           5.22%        6.05%        8.14%    6.47%     6.47%     6.47%     6.47%        6.47%     6.47%     6.47%     6.47%
Amounts due to related parties                            % of Total Assets                           2.28%        2.36%        2.82%    2.48%     2.48%     2.48%     2.48%        2.48%     2.48%     2.48%     2.48%
Current portion of long-term loans                        Refer to debt schedule                      4.63%        4.64%        4.24%
Current portion of long-term liabilities from finance
leases                                                    Refer to debt schedule                       0.00%       0.00%        0.02%
Current portion of bonds                                  Refer to debt schedule                       0.00%       0.00%        0.00%                                                                                      10 year L/T bond issue in 2000, thus, there is no current portion
Income tax payable                                        % of Total Assets                            0.00%       0.97%        1.53%    0.83%     0.83%     0.83%     0.83%        0.83%     0.83%     0.83%     0.83%
Accrued appropriation to the Ministry of Finance          % of Total Assets                            4.55%       1.44%        2.06%    2.68%     2.68%     2.68%     2.68%        2.68%     2.68%     2.68%     2.68%
Accrued expenses                                          % of Total Assets                            2.10%       2.73%        3.18%    2.67%     2.67%     2.67%     2.67%        2.67%     2.67%     2.67%     2.67%
Other current Liabilites                                  % of Total Assets                            1.70%       1.33%        1.77%    1.60%     1.60%     1.60%     1.60%        1.60%     1.60%     1.60%     1.60%
                  Long term Liabilities
Deferred Income Taxes                                     % of Total Assets                            0.00%       2.57%     2.32%       1.63%     1.63%     1.63%     1.63%        1.63%     1.63%     1.63%     1.63%
Long-term Loans                                           Refer to debt schedule                      45.48%      45.65%    34.43%                                                                                         In 2001, PTT will use proceed from privatization to pay back 11,800 Million worth of debt.
Finance Lease Liabilities                                 Refer to debt schedule                       0.01%       0.02%     0.05%
Bonds                                                     Refer to debt schedule                       0.00%       9.43%     8.91%
Share of Net Loss Over Investments                        % of Total Assets                            0.00%       9.06%     4.30%       4.45%     4.45%     4.45%     4.45%        4.45%     4.45%     4.45%     4.45%
Deposits on LPG Cylinders                                 % of Total Assets                            1.53%       1.23%     1.15%       1.31%     1.31%     1.31%     1.31%        1.31%     1.31%     1.31%     1.31%
Other Liabilities                                         % of Total Assets                            0.05%       1.00%     0.76%       0.60%     0.60%     0.60%     0.60%        0.60%     0.60%     0.60%     0.60%
Pension Fund                                              % of Total Assets                            0.01%       0.00%     0.00%       0.00%     0.00%     0.00%     0.00%        0.00%     0.00%     0.00%     0.00%



Owner's equity
Capital contribution from the Government                  We expect no change in this account
Surplus from contributions                                We expect no change in this account
Share premium                                             We expect no change in this account
Common share
Ratained earnings
     Appropriated                                         We expect no change in this account
           General reserve                                We expect no change in this account
           Reserve for expansion                          We expect no change in this account
           Reserve for Self-Insurance Fund                We expect no change in this account
     Unappropriated                                       Unappropriate Retained Earning previous year + Net income - Dividend = this year Unappropriate Retained Earning
Unrealized losses from investment in available-for-sale
securities                                                We expect no change in this account
Deferred foreign exchange losses                          We expect no change in this account
Losses from foreign currency translation                  We expect no change in this account
Equity before minority interests in subsiciaries
Minority interests in subsidiaries                        We expect no change in this account
Total Owner's Equity
Total Liabilities and Owner's Equity


CAPEX                                                     % of Beg. Gross PP&E                                                                      6.0%      6.0%      6.0%         6.0%      6.0%      6.0%      6.0%
Disposal                                                                                    101%                of gross PP&E

PTT Statement of Cashflows for the year ended December 31, 1998-2001 (in Baht)

                  Cashflow from Operating activities
Net income                                               From income statement
Adjustment to reconcile net income to net cash provided by (used in) operating activities
Depreciation, depletion, and amortization
Impairment losses
Gain on disposal of assets
Adjustment to write off assets
Obsolescence of material and supplies
Share of net (income) loss of subsidiaries and associates
Income of minority interests in subsidiaries
Losses on disposal of investments
Loss on withdrawal from joint ventures
Contribution to reserve for Pension Fund
Losses on foreign exchange
Bad debt expenses
Recovery from bad debts
Amortization of exploration cost
Amortization of bond and share issue expenses
Amortization of bond discount
Deferred income taxes
Amortization of deferred interests from financial lease
Dividend income
Adjustment for leasehold rights
Adjustment of directors' fee
Adjustment to capitalize interest expenses as construction in progress
Adjustment for insurance premium paid in advance
Gain on sale of investment
Net income from operating activities before change in operating assets and liabilities
Gain on sale of investment
Changes in Operating assets and liabilities
(increase) decreasein accounts receivable - trade and notes receivable
(increase) decrease in amounts due from, advances and short-term loans to related parties
(increase) decrease in inventories
(increase) decrease in materials and supplies
(increase) decrease in other current assets
(increase) decrease in prepaid expenses
(Increase) decrease in advance payment for gas purchased
Increase in accrued income
Increase in other accounts receivable
Increase in advance payment for related parties
Increase in other assets
Decrease in income tax payable
Increase in accrued appropriation to the Ministry of Finance
Increase in accounts payable - trade
Increase (decrease) in amounts due to related parties
Increase (decrease) in accrued expenses
Increase (decrease) in other current liabilities
Increase in deposits of LPG cylinders
Increase (decrease) in Pension Fund
Increase in other accounts payable
Increase (decrease) in other liabilities
Prior year appropriation to the Ministry of Finance
Net cash provided by (used in) operating activities

                  Cash flow from investing activities
Cash received from disposal of assets
Payment of property, plant, and equipment
Payment of intangible assets
(increase) decrease in loan to related parties
(Increase) decrease in investments in subsidiaries, associates, and others
Cash refund from investments in other companies
Increase in short-term investments
Cash received from sell of short-term investments
Dividend received
Ner cash used in investing activities

                 Cash flow from financing activities
Cash received from bond issue
Cash received from short-term loans
Cash received from long-term loans
Cash received from government bond issue . .
Repayment of long-term loans
Repayment of bond
Repayment of short-term loans
Payment of finance lease liabilities
Increase (decrease) in bank overdraft
Dividend paid
Bond issue expense
Net cash provided by financing activities
Effects from exchange rate in cash and cash equivalents
Losses from foreign currency translation

Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period

Effects of exchange rate changes
Cash and cash equivalents at end of the period

Supplemental cash flow information
Cash paid during the year
Interest expenses
Income taxes

*PTT statements of cash flow 6 month period from Jan 1 to June 30, 2001 (in Baht)



Notes

Adjustment to write off assets
Adjustment to write off construction in progress
Adjustment to write off leasehold
Purchase of property, plant and equipment
Payment of construction in progress
                                                                                                                          Exhibit 3 Income Statement
PTT statements of income for the year ended December 31, 1998-2001 (in Baht)
                                                                1998                 1999              2000             2001**             2002               2003              2004               2005               2006               2007               2008
                                           Revenue
Sales                                                       212,769,245,014      228,617,105,852   365,105,998,021   375,657,787,564   413,223,566,320    454,545,922,952    500,000,515,248    550,000,566,772    605,000,623,450    665,500,685,795    732,050,754,374
Other Income                                                 10,000,240,140        4,388,800,025     4,391,130,856     5,790,137,954     6,423,904,405      7,066,294,846      7,772,924,330      8,550,216,763      9,405,238,440     10,345,762,284     11,380,338,512
Gains (Losses) on Exchange rate                                                                                        1,542,084,930                  0                  0                  0                  0                  0                  0                  0
Share of net income of subsidiaries                                                                                                                   0                  0                  0                  0                  0                  0                  0
Total Revenue                                              222,769,485,154       233,005,905,877   369,497,128,877   382,990,010,448   419,647,470,726    461,612,217,798    507,773,439,578    558,550,783,536    614,405,861,889    675,846,448,078    743,431,092,886

                                            Expense
Cost of sales                                               193,314,130,576      193,411,582,685   314,965,818,463   316,064,135,840   351,245,265,407    386,369,791,948    425,006,771,143    467,507,448,257    514,258,193,083    565,684,012,391    622,252,413,630
Selling and Administrative expense                            6,798,708,648        9,329,509,736    10,001,232,117    10,081,866,736    13,090,789,324     14,399,868,257     15,839,855,082     17,423,840,591     19,166,224,650     21,082,847,115     23,191,131,826
Exploration expenses                                                                 189,011,341       201,792,477       158,484,202       248,118,645        272,930,509        300,223,560        330,245,916        363,270,508        399,597,559        439,557,315
Depreciation and amortization                                  3,998,126,454       6,655,191,975     7,439,304,725     8,238,255,296    11,987,831,860     11,432,657,504     12,575,923,255     13,833,515,580     15,216,867,138     16,738,553,852     18,412,409,237
Impairment losses                                                                  1,404,978,544       134,883,271        88,000,000                  0                  0                  0                  0                  0                  0                  0
Losses on disposal of investments                                                              0       252,573,250                 0                  0                  0                  0                  0                  0                  0                  0
Loss on withdrawal from joint ventures                                                         0     1,687,436,400                 0                  0                  0                  0                  0                  0                  0                  0
Interest expenses                                              5,301,928,268       6,973,728,376     9,512,754,810    10,354,485,240     8,048,902,611      8,215,979,592      8,249,534,680      8,126,384,546      8,070,502,241      7,848,195,237      7,433,040,160
Losses on foreign exchange                                     1,110,553,444       3,651,431,145     2,434,104,201                 0                  0                  0                  0                  0                  0                  0                  0
Income taxes                                                                       2,237,154,158     4,046,681,508     5,599,759,938     8,756,640,719     10,230,247,497     11,450,282,965     12,832,337,162     17,199,241,281     19,227,972,577     21,510,762,216
Share of net loss of associates                                                   13,693,005,409     4,002,127,711     1,307,620,886    10,239,316,715     10,239,316,715     10,239,316,715     10,239,316,715     10,239,316,715     10,239,316,715     10,239,316,715
Total Expenses                                             210,523,447,390       237,545,593,369   354,678,708,933   351,892,608,138   403,616,865,282    441,160,792,023    483,661,907,399    530,293,088,766    584,513,615,616    641,220,495,446    703,478,631,098
                                                             12,246,037,764
                                                                667,483,768
Income before minority interests                             11,578,553,996       -4,539,687,492    14,818,419,944    31,097,402,310    16,030,605,443     20,451,425,776     24,111,532,179     28,257,694,770     29,892,246,274     34,625,952,632     39,952,461,788
Income of minority interests in subsidiaries                              0       -1,840,950,688    -2,120,804,837    -4,538,664,612     -2,194,519,092     -2,194,519,092     -2,194,519,092     -2,194,519,092     -2,194,519,092     -2,194,519,092     -2,194,519,092
                                            Net income      11,578,553,996        -6,380,638,180    12,697,615,107    26,558,737,698    13,836,086,351     18,256,906,684     21,917,013,087     26,063,175,678     27,697,727,182     32,431,433,540     37,757,942,696

*PTT statements of income 6 month period from Jan 1 to June 30, 2001 (in Baht)
**PTT Pro forma statements of income from Jan 1 to Dec 31, 2001 (in Baht)


Notes
                                                                                                             1998
Selling expenses                                                                                     1,765,638,501
Administrative expenses                                                                              5,033,070,147
Factor for 2001 calculation                                                                                      1
                                                                                Exhibit 4 Balance Sheet

                                     2001              2002              2003              2004               2005              2006              2007               2008


Assets
Current Assets
Cash on hand and at banks           53,580,104,576    21,156,628,800    23,272,291,680    25,599,520,849     28,159,472,933    30,975,420,227    34,072,962,249    37,480,258,474
Short-term investments               1,084,924,445       995,283,754     1,094,812,129     1,204,293,342      1,324,722,676     1,457,194,944     1,602,914,438     1,763,205,882
Accounts receivable-trade
and notesdue from, advances
Amounts receivable, net             33,826,945,451    34,731,737,838    38,204,911,622    42,025,402,784     46,227,943,063    50,850,737,369    55,935,811,106    61,529,392,217
and short-term loans to
related parties                     29,658,390,482    26,252,963,899    28,878,260,289    31,766,086,318     34,942,694,950    38,436,964,445    42,280,660,889    46,508,726,978
Invetories                           8,508,584,477     9,412,291,024    10,353,520,126    11,388,872,139     12,527,759,353    13,780,535,288    15,158,588,817    16,674,447,698
Materials and supplies, net          1,443,722,955     1,655,102,636     1,820,612,899     2,002,674,189      2,202,941,608     2,423,235,769     2,665,559,346     2,932,115,280
Other current assets                13,573,242,172    11,468,918,098    12,615,809,907    13,877,390,898     15,265,129,988    16,791,642,987    18,470,807,285    20,317,888,014
             Total Current         141,675,914,557   105,672,926,049   116,240,218,654   127,864,240,519    140,650,664,571   154,715,731,028   170,187,304,131   187,206,034,544
Deferred income Taxes                  660,655,628       512,126,246       563,338,871       619,672,758        681,640,034       749,804,037       824,784,441       907,262,885
Advances and Loans to
Related Parties                      3,886,267,729     2,136,038,081     2,349,641,889     2,584,606,078      2,843,066,686     3,127,373,354     3,440,110,690     3,784,121,759
Investments in Subsidiaries,
Associates and Others               13,466,062,265    29,601,054,661    32,561,160,128    35,817,276,140     39,399,003,754    43,338,904,130    47,672,794,543    52,440,073,997
Property, Plant and
Equipment, Net                     120,324,670,377   120,048,200,018   132,053,020,020   145,258,322,022    159,784,154,224   175,762,569,647   193,338,826,612   212,672,709,273
Intangible Assets                    2,948,850,081     4,314,294,259     4,745,723,684     5,220,296,053      5,742,325,658     6,316,558,224     6,948,214,046     7,643,035,451
Advance Payment for Gas
Purchased                          11,037,035,079     4,746,438,404     5,221,082,244      5,743,190,469     6,317,509,516     6,949,260,467     7,644,186,514     8,408,605,165
Other Assets                          429,961,288     1,295,913,399     1,425,504,739      1,568,055,213     1,724,860,734     1,897,346,807     2,087,081,488     2,295,789,637
             Total Assets          294,429,417,004   268,326,991,117   295,159,690,229    324,675,659,252   357,143,225,177   392,857,547,695   432,143,302,464   475,357,632,710


Liability and Owner's
Equity
Current Liabilities
Bank overdraft and loans
from banks                                     -       1,060,857,868       138,170,693       624,706,192        531,505,961       712,797,556     1,061,469,104       510,676,887
Accounts payable - trade            19,049,865,257    17,361,013,304    19,097,114,634    21,006,826,098     23,107,508,707    25,418,259,578    27,960,085,536    30,756,094,089
Amounts due to related
parties                              7,313,440,166     6,665,072,446     7,331,579,690     8,064,737,659      8,871,211,425     9,758,332,568    10,734,165,825    11,807,582,407
Current portion of long-term
loans                                8,641,599,449     8,108,759,729     5,714,500,363     6,279,878,320      6,365,967,459     5,184,464,916     4,307,793,049     3,391,583,590

Current portion of long-term
liabilities from finance leases         12,600,316        12,600,316        12,600,316        12,600,316         12,600,316        12,600,316        12,600,316        12,600,316
Current portion of bonds             4,000,000,000     1,707,743,319     1,707,743,319     1,707,743,319      1,707,743,319     1,707,743,319     1,707,743,319     1,707,743,319
Income tax payable                   2,452,538,605     2,235,110,578     2,458,621,636     2,704,483,800      2,974,932,180     3,272,425,398     3,599,667,938     3,959,634,731
Accrued appropriation to the
Ministry of Finance                  7,896,153,604     7,196,125,848     7,915,738,432     8,707,312,276      9,578,043,503    10,535,847,853    11,589,432,639    12,748,375,903
Accrued expenses                     7,863,705,295     7,166,554,219     7,883,209,641     8,671,530,605      9,538,683,666    10,492,552,032    11,541,807,236    12,695,987,959
Other current Liabilites             4,704,893,790     4,287,784,852     4,716,563,337     5,188,219,671      5,707,041,638     6,277,745,801     6,905,520,382     7,596,072,420
               Total Current
               Liabilities          61,934,796,481    55,801,622,479    56,975,842,062    62,968,038,255     68,395,238,174    73,372,769,339    79,420,285,342    85,186,351,621
Deferred Income Taxes                4,808,921,221     4,382,589,807     4,820,848,788     5,302,933,666      5,833,227,033     6,416,549,736     7,058,204,710     7,764,025,181
Long-term Loans                    101,359,496,611    71,431,254,536    78,498,478,999    79,574,593,237     64,805,811,454    53,847,413,108    42,394,794,869    29,538,132,795
Finance Lease Liabilities              113,402,844       100,802,528        88,202,212        75,601,896         63,001,580        50,401,264        37,800,948        25,200,632
Bonds                               17,077,433,192    15,369,689,873    13,661,946,554    11,954,203,234     25,246,459,915    36,538,716,596    45,830,973,277    55,123,229,958
Share of Net Loss Over
Investments                         13,108,542,894    11,946,414,555    13,141,056,010    14,455,161,611     15,900,677,773    17,490,745,550    19,239,820,105    21,163,802,115
Deposits on LPG Cylinders            3,844,178,024     3,503,375,216     3,853,712,738     4,239,084,012      4,662,992,413     5,129,291,654     5,642,220,820     6,206,442,902
Other Liabilities                    1,772,973,742     1,615,792,044     1,777,371,249     1,955,108,374      2,150,619,211     2,365,681,132     2,602,249,245     2,862,474,170
Pension Fund                            12,721,714        11,593,880        12,753,268        14,028,594         15,431,454        16,974,599        18,672,059        20,539,265
               Total Liabilities   204,032,466,724   164,163,134,918   172,830,211,879   180,538,752,881    187,073,459,007   195,228,542,978   202,245,021,375   207,890,198,639


Owner's equity
Common share                        28,500,000,000    28,500,000,000    28,500,000,000    28,500,000,000     28,500,000,000    28,500,000,000    28,500,000,000    28,500,000,000
Paid in capital                     18,000,000,000    18,000,000,000    18,000,000,000    18,000,000,000     18,000,000,000    18,000,000,000    18,000,000,000    18,000,000,000
Capital contribution from the
Government
Surplus from contributions
Share premium
Ratained earnings
    Appropriated
         General reserve               121,713,790       121,713,790       121,713,790       121,713,790        121,713,790       121,713,790       121,713,790       121,713,790
         Reserve for                29,283,618,489    29,283,618,489    29,283,618,489    29,283,618,489     29,283,618,489    29,283,618,489    29,283,618,489    29,283,618,489
         Reserve for Self-
         Insurance Fund                627,698,563       627,698,563       627,698,563       627,698,563        627,698,563       627,698,563       627,698,563       627,698,563
    Unappropriated                   3,448,786,464    17,215,692,383    35,381,314,534    57,188,742,555     83,121,602,354   110,680,840,900   142,950,117,273   180,519,270,255
Unrealized losses from
investment in available-for-
sale securities                                  0                 0                 0                 0                  0                 0                 0                 0
Deferred foreign exchange losses                 0                 0                 0                 0                  0                 0                 0                 0
Losses from foreign currency
translation                                      0                 0                 0                 0                  0                 0                 0                 0
Equity before minority
interests in subsiciaries           79,981,817,306    93,748,723,225   111,914,345,376   133,721,773,397    159,654,633,196   187,213,871,742   219,483,148,115   257,052,301,097
Minority interests in
subsidiaries                        10,415,132,974    10,415,132,974    10,415,132,974    10,415,132,974     10,415,132,974    10,415,132,974    10,415,132,974    10,415,132,974
Total Owner's Equity                90,396,950,280   104,163,856,199   122,329,478,350   144,136,906,371    170,069,766,170   197,629,004,716   229,898,281,089   267,467,434,071
Total Liabilities and
Owner's Equity                     294,429,417,004   268,326,991,117   295,159,690,229   324,675,659,252    357,143,225,177   392,857,547,695   432,143,302,464   475,357,632,710
Deficit                                          0                 0                 0                 0                  0                 0                 0                 0
Debt ratio                              0.69297582       0.611802541       0.585548154       0.556058786        0.523805145        0.49694487       0.468004526       0.437334302
                                                                                                            Exhibit 5 Statement of Cash Flow
PTT Statement of Cashflows for the year ended December 31, 1998-2001 (in Baht)
                                                                   2001                   2002                    2003              2004                2005              2006                2007              2008
                    Cashflow from Operating activities
Net income                                                        13,279,368,249          13,836,086,351        18,256,906,684    21,917,013,087     26,063,175,678     27,697,727,182     32,431,433,540     37,757,942,696
Adjustment to reconcile net income to net cash provided by (used in) operating activities
Depreciation, depletion, and amortization                          4,294,332,993          11,987,831,860        11,432,657,504    12,575,923,255     13,833,515,580     15,216,867,138     16,738,553,852     18,412,409,237
Impairment losses                                                     44,000,000                       0                     0                 0                  0                  0                  0                  0
Gain on disposal of assets                                                196,272                      0                     0                 0                  0                  0                  0                  0
Adjustment to write off assets                                          2,201,165                      0                     0                 0                  0                  0                  0                  0
Obsolescence of material and supplies                                            0                     0
Share of net (income) loss of subsidiaries and associates            653,810,443           6,116,314,521         6,238,640,811     6,363,413,628      6,490,681,900      6,620,495,538      6,752,905,449      6,887,963,558     Average from 99-01 grow at 2%
Income of minority interests in subsidiaries                       2,269,332,306           2,077,029,277         2,118,569,863     2,160,941,260      2,204,160,085      2,248,243,287      2,293,208,152      2,339,072,315     Average from 99-01 grow at 2%
Losses on disposal of investments                                                                      0                     0                 0                  0                  0                  0                  0
Loss on withdrawal from joint ventures                                                                 0                     0                 0                  0                  0                  0                  0
Contribution to reserve for Pension Fund                                                               0                     0                 0                  0                  0                  0                  0
Losses on foreign exchange                                           199,717,281                       0                     0                 0                  0                  0                  0                  0
Bad debt expenses                                                  1,090,198,316                       0                     0                 0                  0                  0                  0                  0
Recovery from bad debts                                              (31,909,778)                      0                     0                 0                  0                  0                  0                  0     from PTT's subsidiaries
Amortization of exploration cost                                      12,403,485                       0                     0                 0                  0                  0                  0                  0     from PTT's subsidiaries
Amortization of bond and share issue expenses                           8,476,353                      0                     0                 0                  0                  0                  0                  0     from PTT's subsidiaries
Amortization of bond discount                                             554,424                      0                     0                 0                  0                  0                  0                  0     from PTT's subsidiaries
Deferred income taxes                                                520,289,086                       0                     0                 0                  0                  0                  0                  0
Amortization of deferred interests from financial lease               11,151,260                       0                     0                 0                  0                  0                  0                  0
Dividend income                                                      (30,432,000)                      0                     0                 0                  0                  0                  0                  0
Adjustment for leasehold rights                                          (244,480)                     0                     0                 0                  0                  0                  0                  0
Adjustment of directors' fee                                                     0                     0                     0                 0                  0                  0                  0                  0
Adjustment to capitalize interest expenses as construction in progress                                 0                     0                 0                  0                  0                  0                  0
Adjustment for insurance premium paid in advance                                                       0                     0                 0                  0                  0                  0                  0
Gain on sale of investment                                                                             0                     0                 0                  0                  0                  0                  0
                                                                  22,323,445,375
Net income from operating activities before change in operating assets and liabilities    34,017,262,009        38,046,774,862    43,017,291,229     48,591,533,243     51,783,333,145     58,216,100,993     65,397,387,807
Gain on sale of investment
Changes in Operating assets and liabilities
                                                                  (1,299,227,379)
(increase) decreasein accounts receivable - trade and notes receivable                      (904,792,387)       (3,473,173,784)    (3,820,491,162)    (4,202,540,278)    (4,622,794,306)    (5,085,073,737)    (5,593,581,111)
                                                                        4,972,092
(increase) decrease in amounts due from, advances and short-term loans to related parties 3,405,426,583         (2,625,296,390)    (2,887,826,029)    (3,176,608,632)    (3,494,269,495)    (3,843,696,444)    (4,228,066,089)
(increase) decrease in inventories                                (1,917,367,908)           (903,706,547)         (941,229,102)    (1,035,352,013)    (1,138,887,214)    (1,252,775,935)    (1,378,053,529)    (1,515,858,882)
(increase) decrease in materials and supplies                       (204,958,658)           (211,379,681)         (165,510,264)      (182,061,290)      (200,267,419)      (220,294,161)      (242,323,577)      (266,555,935)
(increase) decrease in other current assets                          (32,724,638)          2,104,324,075        (1,146,891,810)    (1,261,580,991)    (1,387,739,090)    (1,526,512,999)    (1,679,164,299)    (1,847,080,729)
(increase) decrease in prepaid expenses                              (30,145,533)            210,382,277          (114,661,859)      (126,128,045)      (138,740,849)      (152,614,934)      (167,876,428)      (184,664,070)
(Increase) decrease in advance payment for gas purchased         (14,871,798,432)          6,290,596,675          (474,643,840)      (522,108,224)      (574,319,047)      (631,750,952)      (694,926,047)      (764,418,651)
Increase in accrued income                                        (3,069,165,997)          1,236,726,950          (674,036,868)      (741,440,555)      (815,584,611)      (897,143,072)      (986,857,379)    (1,085,543,117)
Increase in other accounts receivable                             (4,641,879,991)            657,214,848          (358,193,082)      (394,012,391)      (433,413,630)      (476,754,993)      (524,430,492)      (576,873,541)
Increase in advance payment for related parties                   (1,231,888,396)          1,750,229,648          (213,603,808)      (234,964,189)      (258,460,608)      (284,306,669)      (312,737,335)      (344,011,069)
Increase in other assets                                            (270,129,146)           (865,952,111)         (129,591,340)      (142,550,474)      (156,805,521)      (172,486,073)      (189,734,681)      (208,708,149)
Decrease in income tax payable                                    (1,344,510,971)           (217,428,027)          223,511,058        245,862,164        270,448,380        297,493,218        327,242,540        359,966,794
Increase in accrued appropriation to the Ministry of Finance         105,792,994            (700,027,757)          719,612,585        791,573,843        870,731,228        957,804,350      1,053,584,785      1,158,943,264
Increase in accounts payable - trade                               1,682,782,276          (1,688,851,953)        1,736,101,330      1,909,711,463      2,100,682,610      2,310,750,871      2,541,825,958      2,796,008,554
Increase (decrease) in amounts due to related parties             (1,058,764,749)           (648,367,720)          666,507,245        733,157,969        806,473,766        887,121,143        975,833,257      1,073,416,582
Increase (decrease) in accrued expenses                              226,283,872            (697,151,075)          716,655,422        788,320,964        867,153,061        953,868,367      1,049,255,203      1,154,180,724
Increase (decrease) in other current liabilities                     163,374,158            (417,108,938)          428,778,485        471,656,334        518,821,967        570,704,164        627,774,580        690,552,038
Increase in deposits of LPG cylinders                                114,187,849            (340,802,808)          350,337,522        385,371,274        423,908,401        466,299,241        512,929,165        564,222,082
Increase (decrease) in Pension Fund                                    (3,066,380)            (1,127,834)            1,159,388          1,275,327          1,402,859          1,543,145          1,697,460          1,867,206
Increase in other accounts payable                                 4,936,415,413            (417,108,938)          428,778,485        471,656,334        518,821,967        570,704,164        627,774,580        690,552,038
Increase (decrease) in other liabilities                              25,275,309            (157,181,698)          161,579,204        177,737,125        195,510,837        215,061,921        236,568,113        260,224,925
Prior year appropriation to the Ministry of Finance               (5,029,000,000)                      0
Net cash provided by (used in) operating activities               (5,422,098,840)         41,501,175,591        33,162,963,438    37,645,098,663     42,682,121,420     45,282,980,140     51,065,712,688     57,531,960,671

                    Cash flow from investing activities
Cash received from disposal of assets                                  2,121,003             2,500,000               2,500,000          2,500,000          2,500,000          2,500,000          2,500,000          2,500,000
Payment of property, plant, and equipment                         (9,819,333,577)      (29,247,302,664)        (23,167,447,584)   (25,483,539,398)   (28,031,213,305)   (30,833,626,702)   (33,916,252,701)   (37,307,111,699)
Payment of intangible assets                                         (94,553,549)         (862,858,852)           (949,144,737)    (1,044,059,211)    (1,148,465,132)    (1,263,311,645)    (1,389,642,809)    (1,528,607,090)
(increase) decrease in loan to related parties                       273,827,665         1,750,229,648            (213,603,808)      (234,964,189)      (258,460,608)      (284,306,669)      (312,737,335)      (344,011,069)
                                                                     441,397,805
(Increase) decrease in investments in subsidiaries, associates, and others             (16,134,992,397)         (2,960,105,466)    (3,256,116,013)    (3,581,727,614)    (3,939,900,375)    (4,333,890,413)    (4,767,279,454)
Cash refund from investments in other companies                       28,151,076                     0                       0                  0                  0                  0                  0                  0
Increase in short-term investments                                   (10,154,158)           89,640,691             (99,528,375)      (109,481,213)      (120,429,334)      (132,472,268)      (145,719,494)      (160,291,444)
Cash received from sell of short-term investments                    150,000,000                     0                       0                  0                  0                  0                  0                  0
Dividend received                                                    618,432,000
Ner cash used in investing activities                             (8,410,111,735)      (44,402,783,574)        (27,387,329,971)   (30,125,660,023)   (33,137,795,993)   (36,451,117,659)   (40,095,742,753)   (44,104,800,756)

                  Cash flow from financing activities
Cash received from bond issue                                                0                       0                       0                  0    19,794,403,395     13,000,000,000     11,000,000,000     11,000,000,000
Cash received from short-term loans                             28,664,618,570           3,960,136,882             402,944,442
Cash received from long-term loans                               1,981,102,952                       0          12,781,724,826     7,355,992,558      (8,402,814,325)                 0                  0                  0
Cash received from government bond issue . .                                 0                       0                       0                 0                   0                  0                  0                  0
Cash received from new issues                                   25,984,000,000
Repayment of long-term loans                                   (10,027,632,392)        (30,461,081,794)         (8,108,759,729)    (5,714,500,363)   (14,682,692,644)   (12,139,900,888)   (12,329,290,106)   (13,772,871,533)
Repayment of bond                                                            0          (4,000,000,000)         (1,707,743,319)    (1,707,743,319)    (1,707,743,319)    (1,707,743,319)    (1,707,743,319)    (1,707,743,319)
Repayment of short-term loans                                     (889,910,963)                                 (6,001,564,782)    (5,490,308,465)    (1,749,410,024)    (5,198,473,623)    (5,009,308,551)    (4,787,066,590)
Payment of finance lease liabilities                               (35,912,782)            (12,600,316)            (12,600,316)       (12,600,316)       (12,600,316)       (12,600,316)       (12,600,316)       (12,600,316)
Increase (decrease) in bank overdraft                             (366,380,064)          1,060,857,868            (922,687,175)       486,535,499        (93,200,231)       181,291,595        348,671,548       (550,792,217)
Dividend paid                                                     (759,856,536)            (69,180,432)            (91,284,533)      (109,585,065)      (130,315,878)      (138,488,636)      (162,157,168)      (188,789,713)
Bond issue expense                                                  (1,310,109)                      0              (8,452,593)        (4,864,540)         5,556,806                  0                  0                  0
Net cash provided by financing activities                       44,548,718,676         (29,521,867,792)         (3,659,970,587)    (5,192,209,471)    (6,984,373,342)    (6,015,915,188)    (7,872,427,912)   (10,019,863,689)
Effects from exchange rate in cash and cash equivalents            491,471,950                       0                       0                  0                  0                  0                  0                  0
Losses from foreign currency translation                              (652,472)                      0                       0                  0                  0                  0                  0                  0

Net increase in cash and cash equivalents                       31,207,327,579         (32,423,475,775)          2,115,662,880     2,327,229,168      2,559,952,085      2,815,947,293      3,097,542,023      3,407,296,225
Cash and cash equivalents at beginning of the period            22,372,776,997          53,580,104,576          21,156,628,800    23,272,291,680     25,599,520,849     28,159,472,933     30,975,420,227     34,072,962,249

Effects of exchange rate changes
Cash and cash equivalents at end of the period                  53,580,104,576          21,156,628,800          23,272,291,680    25,599,520,849     28,159,472,933     30,975,420,227     34,072,962,249     37,480,258,474

Supplemental cash flow information                              28,664,618,570
Cash paid during the year
Interest expenses                                                4,850,596,275
Income taxes                                                     7,248,363,424

*PTT statements of cash flow 6 month period from Jan 1 to June 30, 2001 (in Baht)



Notes
                                                                         1,999
Adjustment to write off assets                                       1,998,777
Adjustment to write off construction in progress                    14,380,630
Adjustment to write off leasehold                         -
Purchase of property, plant and equipment                          (786,626,677)
Payment of construction in progress                              (7,946,127,668)
                                                                                         Exhibit 6 FCFU

rWACC                                 9.54%             12.23%             12.59%             12.99%             13.43%             13.61%             14.01%             14.44%
Growth Rate                                              4.50%


                                       2001                2002               2003               2004               2005               2006               2007               2008         TV
Cash flow from operations    (5,422,098,840)     41,501,175,591     33,162,963,438     37,645,098,663     42,682,121,420     45,282,980,140     51,065,712,688     57,531,960,671
Change in required cash      31,207,327,579     (32,423,475,775)     2,115,662,880      2,327,229,168      2,559,952,085      2,815,947,293      3,097,542,023      3,407,296,225
Plus: Interest cash paid     10,354,485,240       8,048,902,611      8,215,979,592      8,249,534,680      8,126,384,546      8,070,502,241      7,848,195,237      7,433,040,160
Less: Interest tax shield    (1,797,240,182)     (2,012,225,653)    (2,053,994,898)    (2,062,383,670)    (2,031,596,136)    (2,421,150,672)    (2,354,458,571)    (2,229,912,048)
Less: Capital expenditures   (9,817,212,574)    (29,244,802,664)   (23,164,947,584)   (25,481,039,398)   (28,028,713,305)   (30,831,126,702)   (33,913,752,701)   (37,304,611,699)
% of Capex of Cfo                  -181.06%              70.47%             69.85%             67.69%             65.67%             68.09%             66.41%             64.84%             67.57%
FCFU                         24,525,263,222     (14,130,423,888)    18,275,665,432     20,678,441,447     23,308,150,615     22,917,154,306     25,743,240,684     28,837,775,317    303,279,464,931

Discount factor                                          91.29%            81.08%             71.76%             63.26%             55.68%             48.84%             42.68%              42.68%
Present value                                   (12,899,937,545)   14,818,289,836     14,838,372,036     14,745,478,187     12,761,211,146     12,572,950,934     12,307,534,213     129,435,171,394


Total present value                             198,579,070,202
Less debt                                      (131,204,532,411)
Plus excess cash                                              0
Equity value                                     67,374,537,790
Shares                                            2,800,000,000
 Price                                                    24.06
                                                                          Exhibit 7 Abnormal Earnings
Discount Rate                              17%
Growth Rate                              4.50%


                                           2002             2003              2004              2005              2006              2007              2008       TV
Net Income                       13,836,086,351   18,256,906,684    21,917,013,087    26,063,175,678    27,697,727,182    32,431,433,540    37,757,942,696
Beginning book value of equity   79,981,817,306   93,748,723,225   111,914,345,376   133,721,773,397   159,654,633,196   187,213,871,742   219,483,148,115

rE                                          17%              17%               17%               17%               17%               17%               17%
Normal earnings                  13,596,908,942   15,937,282,948    19,025,438,714    22,732,701,478    27,141,287,643    31,826,358,196    37,312,135,180

Abnormal Earnings                  239,177,409     2,319,623,735     2,891,574,373     3,330,474,200      556,439,538       605,075,344       445,807,517    3,726,950,839
Discount factor                         1.0000            0.8547            0.7305            0.6244           0.5337            0.4561            0.3898           0.3898
Present value                      239,177,409     1,982,584,389     2,112,334,263     2,079,450,030      296,943,987       275,981,612       173,792,974    1,452,909,267


Total present value               8,613,173,931
Plus BBVE                        79,981,817,306
Equity value                     88,594,991,237
Shares                            2,800,000,000
Price                                     31.64
                                                                 Exhibit 8 Multiples

Emerging Market Integrated
Natural Gas Average (EV/EBITDA)                     5.2
                                                  2003              2004              2005                2006              2007              2008
Total Revenue                          461,612,217,798 507,773,439,578 558,550,783,536         614,405,861,889   675,846,448,078 743,431,092,886
Cost of sales                         (386,369,791,948) (425,006,771,143) (467,507,448,257)   (514,258,193,083) (565,684,012,391) (622,252,413,630)
Selling and Administrative expense     (14,399,868,257) (15,839,855,082) (17,423,840,591)      (19,166,224,650)  (21,082,847,115) (23,191,131,826)
Exploration expenses                      (272,930,509)     (300,223,560)     (330,245,916)       (363,270,508)     (399,597,559)     (439,557,315)
EBITDA                                  60,569,627,084    66,626,589,793    73,289,248,772      80,618,173,649    88,679,991,014    97,547,990,115
Enterprise Value                       314,962,060,838 346,458,266,921 381,104,093,613         419,214,502,975   461,135,953,272 507,249,548,599

Less Debt                             (99,821,642,455) (100,229,326,515)   (98,733,090,004)   (98,054,137,075)   (95,353,174,882)   (90,309,167,496)
Intrinsic Equity Value                215,140,418,382 246,228,940,407      282,371,003,609    321,160,365,899    365,782,778,390    416,940,381,103
PV of Intrinsic Equity Value (2001)   157,162,991,002 153,738,100,532      150,687,299,696    146,484,824,575    142,596,243,210    138,922,607,700
Price per share                                 56.13             54.91              53.82              52.32              50.93              49.62



Emerging Market Integrated
Natural Gas Average (P/E)                          8.9
                                                 2003               2004              2005               2006               2007               2008
Net Income                             18,256,906,684     21,917,013,087    26,063,175,678     27,697,727,182     32,431,433,540     37,757,942,696
Intrinsic Equity Value                162,486,469,485    195,061,416,473   231,962,263,531    246,509,771,918    288,639,758,509    336,045,689,996
PV of Intrinsic Equity Value (2001)   118,698,567,817    121,790,605,142   123,786,673,121    112,435,856,132    112,522,916,977    111,968,870,554
Price per share                                 42.39              43.50             44.21              40.16              40.19              39.99

Comparable Companies
Petrobras
PetroChina
Sinopec


Outstanding Shares                      2,800,000,000
                                          2001               2002              2003
                      Bond
Current portion
Beginning balance                          -        4,000,000,000     1,707,743,319
repayment                                  -       (4,000,000,000)   (1,707,743,319)
Transfer from L/T portion        4,000,000,000      1,707,743,319     1,707,743,319
Ending Balance                   4,000,000,000      1,707,743,319     1,707,743,319

L/T portion
Beginning balance               21,077,433,192     17,077,433,192    15,369,689,873
New Issuance                               -                  -                 -
Transfer to Current portion     (4,000,000,000)    (1,707,743,319)   (1,707,743,319)
Ending balance                  17,077,433,192     15,369,689,873    13,661,946,554

   Finance lease liabilities
Current portion
Beginning balance                   35,912,782         12,600,316        12,600,316
repayment                          (35,912,782)       (12,600,316)      (12,600,316)
Transfer from L/T portion           12,600,316         12,600,316        12,600,316
Ending balance                      12,600,316         12,600,316        12,600,316

L/T portion
Beginning balance                 126,003,160        113,402,844       100,802,528
New Issuance                              -                  -                 -
Transfer to Current portion       (12,600,316)       (12,600,316)      (12,600,316)
Ending balance                    113,402,844        100,802,528        88,202,212


                   L/T loan
Current portion
Beginning balance               10,027,632,392      8,641,599,449     8,108,759,729
Repayment                      (10,027,632,392)    (8,641,599,449)   (8,108,759,729)
Transfer from L/T portion        8,641,599,449      8,108,759,729     5,714,500,363
Ending balance                   8,641,599,449      8,108,759,729     5,714,500,363

L/T portion
Beginning balance              108,019,993,107    101,359,496,611    71,431,254,536
New Issuance                     1,981,102,952                  0    12,781,724,826
Transfer to Current portion     (8,641,599,449)    (8,108,759,729)   (5,714,500,363)
Repayment                                         (21,819,482,346)
Ending balance                 101,359,496,611     71,431,254,536    78,498,478,999

                                24,720,305,670     65,596,233,597    77,858,144,783
          2004              2005               2006               2007


 1,707,743,319     1,707,743,319      1,707,743,319      1,707,743,319
(1,707,743,319)   (1,707,743,319)    (1,707,743,319)    (1,707,743,319)
 1,707,743,319     1,707,743,319      1,707,743,319      1,707,743,319
 1,707,743,319     1,707,743,319      1,707,743,319      1,707,743,319


13,661,946,554    11,954,203,234     25,246,459,915     36,538,716,596
           -      15,000,000,000     13,000,000,000     11,000,000,000
(1,707,743,319)   (1,707,743,319)    (1,707,743,319)    (1,707,743,319)
11,954,203,234    25,246,459,915     36,538,716,596     45,830,973,277




    12,600,316        12,600,316         12,600,316         12,600,316
   (12,600,316)      (12,600,316)       (12,600,316)       (12,600,316)
    12,600,316        12,600,316         12,600,316         12,600,316
    12,600,316        12,600,316         12,600,316         12,600,316


    88,202,212        75,601,896         63,001,580         50,401,264
           -                 -                  -                  -
   (12,600,316)      (12,600,316)       (12,600,316)       (12,600,316)
    75,601,896        63,001,580         50,401,264         37,800,948




 5,714,500,363     6,279,878,320      6,365,967,459      5,184,464,916
(5,714,500,363)   (6,279,878,320)    (6,365,967,459)    (5,184,464,916)
 6,279,878,320     6,365,967,459      5,184,464,916      4,307,793,049
 6,279,878,320     6,365,967,459      5,184,464,916      4,307,793,049


78,498,478,999    79,574,593,237     64,805,811,454     53,847,413,108
 7,355,992,558                 0                  0                  0
(6,279,878,320)   (6,365,967,459)    (5,184,464,916)    (4,307,793,049)
                  (8,402,814,325)    (5,773,933,429)    (7,144,825,190)
79,574,593,237    64,805,811,454     53,847,413,108     42,394,794,869

88,781,464,316    98,305,433,394    106,364,767,671    112,889,320,176
           2008


  1,707,743,319
 (1,707,743,319)
  1,707,743,319
  1,707,743,319


 45,830,973,277
 11,000,000,000
 (1,707,743,319)
 55,123,229,958




     12,600,316
    (12,600,316)
     12,600,316
     12,600,316


     37,800,948
            -
    (12,600,316)
     25,200,632




  4,307,793,049
 (4,307,793,049)
  3,391,583,590
  3,391,583,590


 42,394,794,869
              0
 (3,391,583,590)
 (9,465,078,485)
 29,538,132,795

117,803,719,122
                                                                               1998               1999
Property, Plant & Equipment, at cost:                                      90,518,391,128    143,225,826,724
Less accumulated depreciation                                              30,053,240,000     43,634,010,000
Allowance for impairment losses                                                                  378,160,000
Property, Plant & Equipment, net                                           60,465,151,128     99,213,656,724

Beginning PP&E, gross                                                                         90,518,391,128
CAPEX                                                                        9,488,989,373     9,777,483,591
Cash received from disposal of asset                                            4,430,631          3,869,664
Ending PP&E, gross                                                                           143,225,826,724


Accumulated depreciation, beginning                                                           30,053,240,000
Plus: Depreciation Expense                      9.54% of net PP&E                              4,464,920,000
Less: Depreciation on assets disposed           0.25% of net PP&E                                 82,190,000
Accumulated depreciation, ending                                                              34,435,970,000


Intangibles, at cost                                                                           4,652,020,161
Accumulated amortization                                                                       1,000,930,000
Allowance for impairment losses                                                                1,026,820,000
Intangibles, net                                                            3,348,478,473      2,624,270,161

Beginning Intangibles, gross
Additions                                      20.00% of net intangibles
Losses from foreign currency translation        5.00% of net intangibles
Ending Intangibles, gross


Intangibles amortization expense (% gross)

* Assume accounting following GAPP. Only Impairment of Intangibles exists from 2002
     2000              2001              2002              2003              2004
153,043,288,248   181,196,338,446   192,110,303,486   215,280,251,070   240,766,290,469
 51,014,760,000    60,454,218,069    71,632,129,968    82,784,358,345    95,051,809,560
    417,450,000       417,450,000       429,973,500       442,872,705       456,158,886
101,611,078,248   120,324,670,377   120,048,200,018   132,053,020,020   145,258,322,022

143,225,427,601   153,043,288,248   162,860,500,822   192,110,303,486   215,280,251,070
  9,819,333,577     9,819,333,577    29,247,302,664    23,167,447,584    25,483,539,398
      1,472,930         2,121,003         2,500,000         2,500,000         2,500,000
153,043,288,248   162,860,500,822   192,110,303,486   215,280,251,070   240,766,290,469


 43,634,010,000    51,014,760,000    60,454,218,069    71,632,129,968    82,784,358,345
  7,622,220,000     9,693,485,764    11,478,723,575    11,452,348,877    12,597,583,765
    241,470,000       254,027,696       300,811,676       300,120,500       330,132,550
 51,014,760,000    60,454,218,069    71,632,129,968    82,784,358,345    95,051,809,560


  5,164,180,318     6,604,390,081     7,251,534,220     7,963,392,772     8,746,437,180
  1,234,500,000     1,528,220,000
  1,063,660,000     2,127,320,000     2,937,239,961     3,217,669,088     3,526,141,127
  2,866,020,318     2,948,850,081     4,314,294,259     4,745,723,684     5,220,296,053

  4,652,020,161     5,164,180,318     6,604,390,081     7,251,534,220     7,963,392,772
    517,340,000     2,000,000,000       862,858,852       949,144,737     1,044,059,211
      5,179,843       559,790,237       215,714,713       237,286,184       261,014,803
  5,164,180,318     6,604,390,081     7,251,534,220     7,963,392,772     8,746,437,180
     2005              2006              2007              2008
268,800,003,774   299,636,130,476   333,554,883,177   370,864,494,876
108,546,005,897   123,389,621,867   139,717,599,434   157,678,374,758
    469,843,653       483,938,962       498,457,131       513,410,845
159,784,154,224   175,762,569,647   193,338,826,612   212,672,709,273

240,766,290,469   268,800,003,774   299,636,130,476   333,554,883,177
 28,031,213,305    30,833,626,702    33,916,252,701    37,307,111,699
      2,500,000         2,500,000         2,500,000         2,500,000
268,800,003,774   299,636,130,476   333,554,883,177   370,864,494,876


 95,051,809,560   108,546,005,897   123,389,621,867   139,717,599,434
 13,857,342,142    15,243,076,356    16,767,383,991    18,444,122,390
    363,145,805       399,460,386       439,406,424       483,347,067
108,546,005,897   123,389,621,867   139,717,599,434   157,678,374,758


  9,607,786,029    10,555,269,763    11,597,501,870    12,743,957,187

  3,865,460,371     4,238,711,539     4,649,287,823     5,100,921,736
  5,742,325,658     6,316,558,224     6,948,214,046     7,643,035,451

  8,746,437,180     9,607,786,029    10,555,269,763    11,597,501,870
  1,148,465,132     1,263,311,645     1,389,642,809     1,528,607,090
    287,116,283       315,827,911       347,410,702       382,151,773
  9,607,786,029    10,555,269,763    11,597,501,870    12,743,957,187
                                               e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



                                                 Crystal Ball Report
                                       Simulation started on 3/1/03 at 13:29:11
                                       Simulation stopped on 3/1/03 at 13:29:34

Forecast: E/E 2003                                                              [PTT-0301.xls]Multiples - Cell: B13

    Summary:
       Display Range is from 48.60 to 64.32 Baht
       Entire Range is from 45.53 to 67.09 Baht
       After 5,000 Trials, the Std. Error of the Mean is 0.04

    Statistics:                                                                                        Value
         Trials                                                                                         5000
         Mean                                                                                          56.14
         Median                                                                                        56.14
         Mode                                                                                              ---
         Standard Deviation                                                                              2.99
         Variance                                                                                        8.94
         Skewness                                                                                        0.05
         Kurtosis                                                                                        3.04
         Coeff. of Variability                                                                           0.05
         Range Minimum                                                                                 45.53
         Range Maximum                                                                                 67.09
         Range Width                                                                                   21.56
         Mean Std. Error                                                                                 0.04


                                               Forecast: E/E 2003

         5,000 Trials                              Frequency Chart                     4,957 Displayed
                .0 2 4                                                                        1 22



                .0 1 8                                                                        9 1. 5



                .0 1 2                                                                        61



                .0 0 6                                                                        3 0. 5



                .0 0 0                                                                        0

                         4 8. 6 0   5 2. 5 3            5 6. 4 6     6 0. 3 9      6 4. 3 2
                                                         Baht




                                                                     Page 16
                .0 0 0                                                                           0

                         4 8. 6 0      5 2. 5 3            5 6. 4 6     6 0. 3 9      6 4. 3 2
                                                            Baht




                                                  e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: E/E 2003 (cont'd)                                                        [PTT-0301.xls]Multiples - Cell: B13

    Percentiles:

                              Percentile                                                                   Baht
                                    0%                                                                    45.53
                                   10%                                                                    52.39
                                   20%                                                                    53.66
                                   30%                                                                    54.50
                                   40%                                                                    55.36
                                   50%                                                                    56.14
                                   60%                                                                    56.88
                                   70%                                                                    57.67
                                   80%                                                                    58.60
                                   90%                                                                    60.00
                                  100%                                                                    67.09

End of Forecast




                                                  Forecast: P/E 2003

         5,000 Trials                                 Frequency Chart                     4,957 Displayed
                .0 2 4                                                                           1 18



                .0 1 8                                                                           8 8. 5



                .0 1 2                                                                           59



                .0 0 6                                                                           2 9. 5



                .0 0 0                                                                           0

                         3 4. 4 6      3 8. 6 2            4 2. 7 8     4 6. 9 4      5 1. 1 0
                                                            Baht

                                                                        Page 17
                                               e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: P/E 2003                                                              [PTT-0301.xls]Multiples - Cell: B22

    Summary:
       Display Range is from 34.46 to 51.10 Baht
       Entire Range is from 31.26 to 54.12 Baht
       After 5,000 Trials, the Std. Error of the Mean is 0.04

    Statistics:                                                                                        Value
         Trials                                                                                         5000
         Mean                                                                                          42.41
         Median                                                                                        42.40
         Mode                                                                                              ---
         Standard Deviation                                                                              3.17
         Variance                                                                                      10.05
         Skewness                                                                                        0.06
         Kurtosis                                                                                        3.04
         Coeff. of Variability                                                                           0.07
         Range Minimum                                                                                 31.26
         Range Maximum                                                                                 54.12
         Range Width                                                                                   22.86
         Mean Std. Error                                                                                 0.04


                                               Forecast: P/E 2003

         5,000 Trials                              Frequency Chart                     4,957 Displayed
                .0 2 4                                                                        1 18



                .0 1 8                                                                        8 8. 5



                .0 1 2                                                                        59



                .0 0 6                                                                        2 9. 5



                .0 0 0                                                                        0

                         3 4. 4 6   3 8. 6 2            4 2. 7 8     4 6. 9 4      5 1. 1 0
                                                         Baht




                                                                     Page 18
                .0 0 0                                                                           0

                         3 4. 4 6      3 8. 6 2            4 2. 7 8     4 6. 9 4      5 1. 1 0
                                                            Baht




                                                  e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: P/E 2003 (cont'd)                                                        [PTT-0301.xls]Multiples - Cell: B22

    Percentiles:

                              Percentile                                                                     Baht
                                    0%                                                                      31.26
                                   10%                                                                      38.44
                                   20%                                                                      39.78
                                   30%                                                                      40.67
                                   40%                                                                      41.57
                                   50%                                                                      42.40
                                   60%                                                                      43.19
                                   70%                                                                      44.03
                                   80%                                                                      45.02
                                   90%                                                                      46.51
                                  100%                                                                      54.12

End of Forecast




                                                  Forecast: P/E 2008

         5,000 Trials                                 Frequency Chart                     4,960 Displayed
                .0 2 5                                                                           1 25



                .0 1 9                                                                           9 3. 7 5



                .0 1 3                                                                           6 2. 5



                .0 0 6                                                                           3 1. 2 5



                .0 0 0                                                                           0

                         1 9. 4 3      2 9. 7 8            4 0. 1 3     5 0. 4 7      6 0. 8 2
                                                            Baht

                                                                        Page 19
                                               e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: P/E 2008                                                              [PTT-0301.xls]Multiples - Cell: G22

    Summary:
       Display Range is from 19.43 to 60.82 Baht
       Entire Range is from 17.41 to 73.28 Baht
       After 5,000 Trials, the Std. Error of the Mean is 0.11

    Statistics:                                                                                          Value
         Trials                                                                                           5000
         Mean                                                                                            40.39
         Median                                                                                          40.01
         Mode                                                                                                ---
         Standard Deviation                                                                                7.67
         Variance                                                                                        58.82
         Skewness                                                                                          0.35
         Kurtosis                                                                                          3.21
         Coeff. of Variability                                                                             0.19
         Range Minimum                                                                                   17.41
         Range Maximum                                                                                   73.28
         Range Width                                                                                     55.87
         Mean Std. Error                                                                                   0.11


                                               Forecast: P/E 2008

         5,000 Trials                              Frequency Chart                     4,960 Displayed
                .0 2 5                                                                        1 25



                .0 1 9                                                                        9 3. 7 5



                .0 1 3                                                                        6 2. 5



                .0 0 6                                                                        3 1. 2 5



                .0 0 0                                                                        0

                         1 9. 4 3   2 9. 7 8            4 0. 1 3     5 0. 4 7      6 0. 8 2
                                                         Baht




                                                                     Page 20
                .0 0 0                                                                           0

                         1 9. 4 3      2 9. 7 8            4 0. 1 3     5 0. 4 7      6 0. 8 2
                                                            Baht




                                                  e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: P/E 2008 (cont'd)                                                        [PTT-0301.xls]Multiples - Cell: G22

    Percentiles:

                              Percentile                                                                     Baht
                                    0%                                                                      17.41
                                   10%                                                                      31.04
                                   20%                                                                      33.95
                                   30%                                                                      35.95
                                   40%                                                                      38.05
                                   50%                                                                      40.01
                                   60%                                                                      41.93
                                   70%                                                                      44.02
                                   80%                                                                      46.54
                                   90%                                                                      50.48
                                  100%                                                                      73.28

End of Forecast




                                                  Forecast: E/E 2008

         5,000 Trials                                 Frequency Chart                     4,960 Displayed
                .0 2 5                                                                           1 25



                .0 1 9                                                                           9 3. 7 5



                .0 1 3                                                                           6 2. 5



                .0 0 6                                                                           3 1. 2 5



                .0 0 0                                                                           0

                         2 8. 8 4      3 9. 2 8            4 9. 7 2     6 0. 1 7      7 0. 6 1
                                                            Baht

                                                                        Page 21
                                               e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: E/E 2008                                                              [PTT-0301.xls]Multiples - Cell: G13

    Summary:
       Display Range is from 28.84 to 70.61 Baht
       Entire Range is from 26.48 to 82.80 Baht
       After 5,000 Trials, the Std. Error of the Mean is 0.11

    Statistics:                                                                                          Value
         Trials                                                                                           5000
         Mean                                                                                            49.99
         Median                                                                                          49.64
         Mode                                                                                                ---
         Standard Deviation                                                                                7.74
         Variance                                                                                        59.91
         Skewness                                                                                          0.33
         Kurtosis                                                                                          3.19
         Coeff. of Variability                                                                             0.15
         Range Minimum                                                                                   26.48
         Range Maximum                                                                                   82.80
         Range Width                                                                                     56.33
         Mean Std. Error                                                                                   0.11


                                               Forecast: E/E 2008

         5,000 Trials                              Frequency Chart                     4,960 Displayed
                .0 2 5                                                                        1 25



                .0 1 9                                                                        9 3. 7 5



                .0 1 3                                                                        6 2. 5



                .0 0 6                                                                        3 1. 2 5



                .0 0 0                                                                        0

                         2 8. 8 4   3 9. 2 8            4 9. 7 2     6 0. 1 7      7 0. 6 1
                                                         Baht




                                                                     Page 22
                .0 0 0                                                                           0

                         2 8. 8 4       3 9. 2 8           4 9. 7 2     6 0. 1 7      7 0. 6 1
                                                            Baht




                                                   e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: E/E 2008 (cont'd)                                                        [PTT-0301.xls]Multiples - Cell: G13

    Percentiles:

                               Percentile                                                                    Baht
                                     0%                                                                     26.48
                                    10%                                                                     40.53
                                    20%                                                                     43.49
                                    30%                                                                     45.53
                                    40%                                                                     47.65
                                    50%                                                                     49.64
                                    60%                                                                     51.58
                                    70%                                                                     53.68
                                    80%                                                                     56.21
                                    90%                                                                     60.16
                                   100%                                                                     82.80

End of Forecast




                                                     Forecast: FCFU

         5,000 Trials                                 Frequency Chart                     4,947 Displayed
                .0 2 6                                                                           1 31



                .0 2 0                                                                           9 8. 2 5



                .0 1 3                                                                           6 5. 5



                .0 0 7                                                                           3 2. 7 5



                .0 0 0                                                                           0

                         -2 3 .1 4      -0 .3 4            2 2. 4 5     4 5. 2 5      6 8. 0 4
                                                            Baht

                                                                        Page 23
                                              e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: FCFU                                                                 [PTT-0301.xls]FCFU - Cell: C23

   Summary:
      Display Range is from -23.14 to 68.04 Baht
      Entire Range is from -57.98 to 68.04 Baht
      After 5,000 Trials, the Std. Error of the Mean is 0.24

   Statistics:                                                                                     Value
        Trials                                                                                      5000
        Mean                                                                                       22.63
        Median                                                                                     23.99
        Mode                                                                                           ---
        Standard Deviation                                                                         17.16
        Variance                                                                                  294.51
        Skewness                                                                                   -0.54
        Kurtosis                                                                                     3.46
        Coeff. of Variability                                                                        0.76
        Range Minimum                                                                             -57.98
        Range Maximum                                                                              68.04
        Range Width                                                                               126.03
        Mean Std. Error                                                                              0.24


                                                Forecast: FCFU

        5,000 Trials                             Frequency Chart                  4,947 Displayed
               .0 2 6                                                                    1 31



               .0 2 0                                                                    9 8. 2 5



               .0 1 3                                                                    6 5. 5



               .0 0 7                                                                    3 2. 7 5



               .0 0 0                                                                    0

                        -2 3 .1 4   -0 .3 4           2 2. 4 5     4 5. 2 5   6 8. 0 4
                                                       Baht




                                                                   Page 24
                .0 0 0                                                                         0

                         -2 3 .1 4      -0 .3 4            2 2. 4 5     4 5. 2 5    6 8. 0 4
                                                            Baht




                                                   e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: FCFU (cont'd)                                                              [PTT-0301.xls]FCFU - Cell: C23

    Percentiles:

                               Percentile                                                               Baht
                                     0%                                                               -57.98
                                    10%                                                                -0.16
                                    20%                                                                 9.14
                                    30%                                                                14.97
                                    40%                                                                19.71
                                    50%                                                                23.99
                                    60%                                                                28.32
                                    70%                                                                32.86
                                    80%                                                                37.09
                                    90%                                                                43.09
                                   100%                                                                68.04

End of Forecast




                                                    Forecast: FCFCE

         5,000 Trials                                 Frequency Chart                   4,941 Displayed
                .0 2 4                                                                         1 20



                .0 1 8                                                                         90



                .0 1 2                                                                         60



                .0 0 6                                                                         30



                .0 0 0                                                                         0

                         -5 7 .5 9     -4 1 .8 2          -2 6 .0 6     -1 0 .2 9   5 .4 8
                                                            Baht

                                                                        Page 25
                                                e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: FCFCE                                                                  [PTT-0301.xls]FCFCE - Cell: C23

   Summary:
      Display Range is from -57.59 to 5.48 Baht
      Entire Range is from -83.89 to 5.48 Baht
      After 5,000 Trials, the Std. Error of the Mean is 0.17

   Statistics:                                                                                     Value
        Trials                                                                                      5000
        Mean                                                                                      -25.35
        Median                                                                                    -24.27
        Mode                                                                                           ---
        Standard Deviation                                                                         12.08
        Variance                                                                                  145.95
        Skewness                                                                                   -0.61
        Kurtosis                                                                                     3.58
        Coeff. of Variability                                                                      -0.48
        Range Minimum                                                                             -83.89
        Range Maximum                                                                                5.48
        Range Width                                                                                89.36
        Mean Std. Error                                                                              0.17


                                                 Forecast: FCFCE

        5,000 Trials                               Frequency Chart                    4,941 Displayed
               .0 2 4                                                                      1 20



               .0 1 8                                                                      90



               .0 1 2                                                                      60



               .0 0 6                                                                      30



               .0 0 0                                                                      0

                        -5 7 .5 9   -4 1 .8 2          -2 6 .0 6     -1 0 .2 9    5 .4 8
                                                         Baht




                                                                     Page 26
                .0 0 0                                                                         0

                         -5 7 .5 9     -4 1 .8 2          -2 6 .0 6     -1 0 .2 9    5 .4 8
                                                            Baht




                                                   e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: FCFCE (cont'd)                                                            [PTT-0301.xls]FCFCE - Cell: C23

    Percentiles:

                               Percentile                                                               Baht
                                     0%                                                               -83.89
                                    10%                                                               -41.42
                                    20%                                                               -34.76
                                    30%                                                               -30.63
                                    40%                                                               -27.28
                                    50%                                                               -24.27
                                    60%                                                               -21.24
                                    70%                                                               -18.09
                                    80%                                                               -15.18
                                    90%                                                               -11.07
                                   100%                                                                 5.48

End of Forecast




                                                      Forecast: AE

         5,000 Trials                                 Frequency Chart                    4,958 Displayed
                .0 2 5                                                                         1 24



                .0 1 9                                                                         93



                .0 1 2                                                                         62



                .0 0 6                                                                         31



                .0 0 0                                                                         0

                          9 .0 5        2 0. 4 3           3 1. 8 2     4 3. 2 0    5 4. 5 9
                                                            Baht

                                                                        Page 27
                                            e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: AE                                                                           [PTT-0301.xls]AE - Cell: B21

   Summary:
      Display Range is from 9.05 to 54.59 Baht
      Entire Range is from 7.07 to 68.59 Baht
      After 5,000 Trials, the Std. Error of the Mean is 0.12

   Statistics:                                                                                 Value
        Trials                                                                                  5000
        Mean                                                                                   32.11
        Median                                                                                 31.67
        Mode                                                                                       ---
        Standard Deviation                                                                       8.44
        Variance                                                                               71.22
        Skewness                                                                                 0.37
        Kurtosis                                                                                 3.23
        Coeff. of Variability                                                                    0.26
        Range Minimum                                                                            7.07
        Range Maximum                                                                          68.59
        Range Width                                                                            61.52
        Mean Std. Error                                                                          0.12


                                               Forecast: AE

        5,000 Trials                           Frequency Chart                  4,958 Displayed
               .0 2 5                                                                   1 24



               .0 1 9                                                                   93



               .0 1 2                                                                   62



               .0 0 6                                                                   31



               .0 0 0                                                                   0

                        9 .0 5   2 0. 4 3           3 1. 8 2     4 3. 2 0   5 4. 5 9
                                                     Baht




                                                                 Page 28
             .0 0 0                                                                              0

                      9 .0 5       2 0. 4 3         3 1. 8 2   4 3. 2 0           5 4. 5 9
                                                     Baht




                                              e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



Forecast: AE (cont'd)                                                                        [PTT-0301.xls]AE - Cell: B21

    Percentiles:

                          Percentile                                                                  Baht
                                0%                                                                    7.07
                               10%                                                                   21.83
                               20%                                                                   25.01
                               30%                                                                   27.21
                               40%                                                                   29.51
                               50%                                                                   31.67
                               60%                                                                   33.78
                               70%                                                                   36.08
                               80%                                                                   38.86
                               90%                                                                   43.21
                              100%                                                                   68.59

End of Forecast




                                                                                                       G4




                                                                          4.00%              7.00%   10. 00%   13. 00%   16. 00%




                                                               Page 29
                                   e26c57dc-aaaf-4537-a479-96ebfe362beb.xls



                                               Assumptions


Assumption: G4                                                                                              Cell: G4

    Normal distribution with parameters:                                        G4



       Mean                              10.00%
       Standard Dev.                      2.00%

    Selected range is from -Infinity to +Infinity             4.00%   7.00%   10. 00%   13. 00%   16. 00%




End of Assumptions




                                                    Page 30
                       Parameters
Thailand's Country Rating
as of September, 2001                   50.0
rf                                    4.00%
rm-rf                                 6.00%
D/V                                  79.80%
ICCRC re                             21.00%
Risk adjusted re                     17.00%
rd                                   10.20%
rWACC                                 9.54%

t                                    25.00%
Growth Rate                           4.50%


IPO
Total proceeds               25,984,000,000
Shares                          800,000,000
Average Price                         32.48


                 Currency Exchange Rate

          Year                 Bt/USD           USD/Bt
                      1996              25.34    0.039463
                      1997              25.88     0.03864
                   1997.49              25.88     0.03864
                    1997.5              36.88    0.027115
                      1998              41.35    0.024184
                      1999              37.86    0.026413
                      2000              40.16       0.0249
                      2001              45.47    0.021993

								
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