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AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED
บรษท อออน ธนสนทรพย (ไทยแลนด) จำกด (มหาชน) AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED
รายงานประจำป 2551/2552 (ปบญชสนสดวนท 20 กมภาพนธ 2552)
ANNUAL REPORT 2008/2009 (Fiscal year ended February 20, 2009)
รายงานประจำป 2551/2552 • บรษท อออน ธนสนทรพย (ไทยแลนด) จำกด (ม
หาชน) ANNUAL REPORT 2008/2009 • AEON
THANA SIN
SAP (THAILAND) PUBLIC COM
PANY LIM
ITED
GENErAL MErCHANDISE STOrES [GMS]• AEONRetailCo.,Ltd.• AEONHOKKAIDOCORP.*• AEONSTORES(HONGKONG)CO.,LTD.*• AEONCO.(M)BHD.*• AEONKYUSHUCO.,LTD.*• AEONSUPERCENTERCO.,LTD.• MYCALCORPORATION• MYCALKYUSHUCORPORATION• RYUKYUJUSCOCO.,LTD.• AEON(CHINA)CO.,LTD.• GUANGDONGJUSCOTEEMSTORESCO.,
LTD.• QINGDAOAEONDONGTAICO.,LTD.• SHENZHENAEONFRIENDSHIPCO.,LTD.• TAIWANAEONSTORESCO.,LTD.
SUPErMArkETS• KASUMICO.,LTD.*• MAXVALUCHUBUCO.,LTD.*• MAXVALUNISHINIHONCO.,LTD.*• MAXVALUTOHOKUCO.,LTD.*• MAXVALUTOKAICO.,LTD.*• MAXVALUHOKKAIDOCO.,LTD.*• MAXVALUKYUSHUCO.,LTD.• JOYCO.,LTD.*• AEON(THAILAND)CO.,LTD.
DrUGSTOrES• CFSCORPORATION*• TSURUHAHOLDINGS,INC.*• KRAFTINC.*• GREENCROSS-COACO.,LTD.*• MEDICALIKKOUCO.,LTD.*• DRUGTERASHIMACO.,LTD.*• WELPARKCO.,LTD.• KUSURINOAOKICO.,LTD.*• TAKIYACO.,LTD.• AEONWELCIASTORESCO.,LTD.*
HOMECENTEr• HOMACCORP.• SUNDAYCO.,LTD.*
CONvENIENCE STOrES• MINISTOPCO.,LTD.*
DEPArTMENT STOrES• BONBELTACO.,LTD.
SPECIALTY STOrES• THETALBOTS,INC.*• YAMAYACORP.*• COXCO.,LTD.*• BLUEGRASSCO.,LTD.*• ABILITIESJUSCOCO.,LTD.• AEONFORESTCO.,LTD.• CLAIRE’SNIPPONCO.,LTD.• TALBOTSJAPANCO.,LTD.• NUSTEPCO.,LTD.• MIRAIYASHOTENCO.,LTD.• PETCITYCO.,LTD.• MEGASPORTSCO.,LTD.• MEGAPETROCO.,LTD.• LAURAASHLEYJAPANCO.,LTD.• TAKAQCO.,LTD.*• TSURUYASHOESTORECO.,LTD.*• MYCALCANTEVOLECO.,LTD.• ORIGINTOSHUCO.,LTD.*
SC DEvELOPMENT OPErATIONS• AEONMALLCO.,LTD.*• LOCDEVELOPMENTCO.,LTD.
FINANCIAL SErvICES• AEONCREDITSERVICECO.,LTD.*• AEONCREDITSERVICE(ASIA)CO.,LTD.*• AEONTHANASINSAP(THAILAND)PLC.*• ACSCAPITALCORPORATIONLTD.• ACSINSURANCEBROKER(THAILAND)
CO.,LTD.
• ACSLIFEINSURANCEBROKER(THAILAND)CO.,LTD.
• ACSSERVICING(THAILAND)CO.,LTD.• AEONCREDITSERVICE(M)BERHAD*• AEONCREDITSERVICE(TAIWAN)CO.,LTD.• AEONCREDITCARD(TAIWAN)CO.,LTD.• AEONINFORMATIONSERVICE(SHENZHEN)
CO.,LTD.• AEONCREDITGUARANTEE(CHINA)CO.,LTD.• PT.AEONCREDITSERVICEINDONESIA• ACSTRADINGVIETNAMCO.,LTD.• AEONINSURANCESERVICECO.,LTD.• ACSCREDITMANAGEMENTCO.,LTD.• AEONBANK,LTD.
SErvICES• AEONDILIGHTCO.,LTD.*• AEONFANTASYCO.,LTD.*• ZWEICO.,LTD.*• CERTOCO.,LTD.*• AEONCINEMASCO.,LTD.• LIFEQUALITYSCIENCELABORATORYINC.• JUSVELCO.,LTD.• REFORMSTUDIOCO.,LTD.• AEONDEMONSTRATIONSERVICE,INC.
FOOD SErvICES• AEONEAHEARTCO.,LTD.
FOOD PrOCESSING, DISTrIBUTIONS, AND OTHEr OPErATIONS• AICINC.• FOODSUPPLYJUSCOCO.,LTD.• TASMANIAFEEDLOTPTY.LTD.• AEONTOPVALUCO.,LTD.• AEONGLOBALMERCHANDISINGCO.,LTD.• AEONGLOBALSCMCO.,LTD.
E-COMMErCE BUSINESS• AEONVISTYCO.,LTD.
* ListedCompanies
MAJOr GrOUP COMPANIES
สารบญ CONTENTS
2 จดเดนในรอบปบญช 2551 4 การดำเนนงานทสำคญในรอบป 6 สารถงผถอหน 10 คณะกรรมการบรษทฯ 12 ลกษณะการประกอบธรกจ 20 ความรบผดชอบตอสงคมและสงแวดลอม 24 การตลาดและภาวะการแขงขน 32 คำอธบายและวเคราะหงบการเงน 40 ปจจยความเสยง 48 โครงสรางผถอหน 50 ประวตคณะกรรมการบรษทฯ 58 การจดการ 74 การกำกบดแลกจการ 86 รายการระหวางกน 96 รายงานของคณะกรรมการตรวจสอบ 98 ขอมลองคกร / บคคลอางอง 102 สาขา 108 โครงสรางบรษท
SAFETY • CONVENIENCE • BENEFICIAL SERVICES
3 FY2008HIGHLIGHTS 4 MILESTONESOVERTHEYEAR 7 MESSAGETOSHAREHOLDERS 11 BOARDOFDIRECTORS 13 BUSINESSNATURE 21 CORPORATESOCIALRESPONSIBILITY25 MARKETANDCOMPETITION33 MANAGEMENTDISCUSSIONANDANALYSIS 41 RISKFACTORS49 SHAREHOLDERSSTRUCTURE 51 BOARDOFDIRECTORSPROFILE59 MANAGEMENT75 CORPORATEGOVERNANCE87 RELATEDTRANSACTION97 AUDITCOMMITTEEREPORT99 COMPANYPROFILE/REFERENCE102 BRANCHNETWORK108ORGANIZATIONCHART
รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน) 2
จดเดนในรอบปบญช 2551 (สนสดวนท 20 กมภาพนธ 2552)
ฐานลกคา CUSTOMERS BASE
3บตรเครดต 1.8ลานบตร Creditcard :1.8millioncards
3บตรสมาชก 3.4ลานบตร Membercard :3.4millioncards
3จำนวนบตรรวม 5.1ลานบตร Totalcard :5.1millioncards
เครอขายสาขาและรานคคา MEMBER AND BRANCHES NETWORKS
3สาขา82แหงทวประเทศ 82branchesnationwide
3จดใหบรการสนเชอเชาซอ328แหง 328hirepurchaseservicecounters
3เครองเบกและชำระเงนสดอตโนมต327เครอง 327ATMs
3รานคคากวา14,200แหง Morethan14,200dealershops
ยอดการใหสนเชอ TURNOVERS (ลานบาท : Million Baht)
60,000
50,000
40,000
30,000
20,000
10,000
0 ปบญช 2549 2550 2551 FY 2006 2007 2008
53,784 56,139
57,862
รายไดรวม TOTAL REVENUES (ลานบาท : Million Baht)
10,000
8,000
6,000
4,000
2,000
0 ปบญช 2549 2550 2551 FY 2006 2007 2008
7,730
8,988
9,834
จานวนบตร NO. OF CARDS (ลาน : Million)
6.0
5.0
4.0
3.0
2.0
1.0
0 ปบญช 2549 2550 2551 FY 2006 2007 2008
4.0
4.6
5.1
1.5 1.6 1.8
Member Card (MCE)
Credit Card
2.5
2.9
3.4
3Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
FY 2008 HIGHLIGHTS (Ended February 20, 2009)
(ลานบาท : Million Baht)
3ยอดรายได Revenues 7,730 8,988 9,834
3กำไรสทธ NetIncome 1,089 1,174 1,192
3สนทรพยรวม TotalAssets 28,042 31,455 38,801
3หนสนรวม TotalLiabilities 24,110 26,795 33,426
3สวนของผถอหน Shareholders’Equity 3,931 4,660 5,374
หนวยตอหน PER SHARE DATA
3มลคาตามบญชตอหน(บาท) BookValue 15.72 18.64 21.50
3กำไรสทธตอหน(บาท) EarningperShare 4.36 4.69 4.77
3อตราผลตอบแทนสนทรพยรวม ReturnonAssets(ROA) 4.27% 3.95% 3.39%
3อตราผลตอบแทนผถอหน ReturnonEquity(ROE) 30.52% 27.32% 23.76%
3อตราเงนปนผลจายตอกำไรสทธ DividendPayout 35.11% 42.61% 44.04%
ปบญช FISCAL YEAR 2549 2550 2551 2006 2007 2008
หมายเหต :รอบระยะเวลาบญชของบรษทฯสนสดวนท20กมภาพนธของทกป
Note :AllfinancialindicatorsasattheendingofFebruary20ofeachyear.
กำไรจากการดำเนนงาน และกำไรสทธ OPERATING INCOME & NET INCOME (ลานบาท : Million Baht)
ปบญช 2549 2550 2551 FY 2006 2007 2008
กำไรตอหน EARNING PER SHARE (บาท : Baht)
6.00
5.00
4.00
3.00
2.00
1.00
0 ปบญช 2549 2550 2551 FY 2006 2007 2008
4.36 4.69 4.77
เงนปนผล DIVIDEND (บาทตอหน : Baht per share)
3.0
2.5
2.0
1.5
1.0
0.5
0.0 ปบญช 2549 2550 2551 FY 2006 2007 2008
1.53
2.00 2.10
0.75
1.00 1.05
Final
Interim
1,438
1,648 1,656
1,089 1,174 1,192
Operating Income
Net Income 2,000
1,500
1,000
500
0
0.78
1.00 1.05
4 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
การดำเนนงานทสำคญในรอบป MILESTONES OVER THE YEAR
3บรษทฯไดรบการรบรองมาตรฐานISO/IEC27001:2005ซงเปนมาตรฐานสากลดานการบรหารจดการความมนคงปลอดภยของขอมลจากบรษทบโรเวอรทสเซอทฟเคชน(ประเทศไทย)จำกด
3TheCompanywasawardedtheprestigiousISO/IEC27001:2005certificationforitsInformationSecurityManagementSystem(ISMS)byBureauVeritasCertification(Thailand)Ltd.
กมภาพนธ FEBRUARY
2551 • 2008
พฤษภาคม MAY
มถนายน JUNE
สงหาคม AUGUST
3บรษทฯไดรวมลงทนรอยละ10ในบรษทAEONCreditTechnologySystems(Philippines)Inc.ซงจดตงในประเทศฟลปปนสเพอเพมประสทธภาพการดำเนนงานของระบบสารสนเทศในกลมอออนเครดตเซอรวส
3บรษทเอซเอสเทรดดงเวยดนามจำกดซงบรษทฯไดรวมลงทนในสดสวนรอยละ20ไดเรมดำเนนธรกจขายสนคาโดยการผอนชำระในประเทศเวยดนาม
3บรษทฯไดออกและเสนอขายหนก2ชดชดละ1พนลานบาทอาย2ปคำประกนโดยธนาคารแหงหนงในประเทศญปนและ4ปคำประกนโดยธนาคารแหงหนงในประเทศญปนและธนาคารเพอความรวมมอระหวางประเทศญปนโดยไดรบการจดอนดบความนาเชอถอ“AAA”จากบรษทฟทชเรทตงส(ประเทศไทย)จำกด
3บรษทฯไดรวมงานมหกรรมการเงนครงท8ทจดขนทศนยการประชมแหงชาตสรกตโดยนำเสนอบรการทาง
การเงนอาทสนเชอบตรเครดตสนเชอเชาซอและสนเชอบคคลใหแกประชาชนทวไป
3TheCompanyinvested10%inAEONCreditTechnologySystems(Philippines)Inc.,whichwasestablishedinPhilippinesforanefficiencyofsystemdevelopmentandstandardofinformationtechnologyoftheAEONCreditServiceGroup.
3TheCompanyjoinedMONEYEXPO2008byprovidingfinancialserviceincludedcreditcard,hirepurchase,andloantoretailcustomersattheQueenSirikitNationalConventionCenter.
3TheCompanyissuedandofferedthedebentures2tranchesat1billionbahteach.Thesedebentureshave2years(guaranteedbyabankinJapan)and4yeartenor(guaranteedbyabankinJapanandJapanBankforInternationalCooperation“JBIC”).CreditRating“AAA”ratedbyFitchRatings(Thailand)CompanyLimited.
3ACSTradingVietnamCo.,Ltd.,a20%investmentoftheCompany,formallystarteditstradingbusinessbyinstallmentpaymentinVietnam.
5Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
3บรษทฯไดรบการรบรองมาตรฐานISO9001:2008อนเปนมาตรฐานสากล
ของระบบบรหารงานคณภาพ จากบรษทบโรเวอรทสเซอทฟเคชน
(ประเทศไทย)จำกด
2551 • 2008 2552 • 2009
ธนวาคม DECEMBER
กมภาพนธ FEBRUARY
3บรษทฯไดออกและเสนอขายหนกสกลเงนเยนมลคา1.5พนลานเยนอาย3ปโดยเสนอขายใหแกธนาคารแหงหนงในประเทศญปนและหนกดงกลาวคำประกนโดยธนาคารแหงเดยวกน
3TheCompanyissuedandofferedthedebenturesinJPYcurrency,fortheamountofJPY1.5billionwith3yeartenortoabankinJapan.Suchdebentureisguaranteedbythesamebank.
3บรษทฯรวมกบมลนธอออนประเทศไทยรวมทงผบรหารและพนกงานจากบรษทในกลมอออนไดรวมกจกรรมเลยงอาหารกลางวนและมอบของขวญปใหมใหแกเดกๆสถานสงเคราะหเดกหญงบานราชวถพรอมทงรวมบรจาคทนการศกษา
3TheCompanyandAEONThailandFoundationtogetherwithmanagementandstaffofaffiliatedcompaniesinAEONGrouphadjoinedthesocialcontributionactivityatRajvithiHomeforGirlsbyprovidinglunchtreatandnew-yeargiftforchildrenandalsodonatededucationfundtoFoundationfortheWelfareofRajavithi-Girls’Home.
พฤศจกายน November
3บรษทฯรวมกบมลนธอออนประเทศไทยและบรษทในกลมอออนจดกจกรรม“โครงการปลกตนไมมลนธอออนประเทศไทย”ณอทยานสงแวดลอมนานาชาตสรนธรโดยผบรหารพนกงานและลกคารวมกนปลกตนไมเพอเพมพนทปาพลกฟนคนความสมดลใหกบธรรมชาตซงโครงการดงกลาวเปนสวนหนงของโครงการ“ปลกเพอโลกปลกเพออนาคต-โครงการตนไมพนลานตน”ในประเทศไทย
3TheCompany,AEONThailandFoundationandaffiliatedcompaniesinAEONGrouptogetherwithmanagement,staff,andcustomersjoinedtreeplantingactivityattheSinrindhornNationalEnvironmentalParkunder“AEONThailandFoundationTree-Plantingproject”.Aimingtopreserveforestsforfuturegenerations,thisprojectisthepartof“PlantforthePlanet,PlantfortheFuturecampaign”inThailand.
3TheCompanywasawardedtheISO9001:2008certification,anInternationalStandardofQualityManagementSystem,byBureauVeritasCertification(Thailand)Ltd.
6 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
ถงแมวาภาพรวมของเศรษฐกจของประเทศไทยในปทผานมาจะชะลอตวและมการขยายตวทตดลบ สบเนองจากสภาวะ
ถดถอยของเศรษฐกจโลก เปนผลจากสถาบนการเงนชนนำของโลกหลายแหงประสบปญหาขาดสภาพคลองอยางหนก และสงผล
กระทบไปทวโลก
สำหรบเศรษฐกจของประเทศไทยกไดรบผลกระทบอยางหลกเลยงไมได จะเหนไดจากการลดกำลงการผลตในหลากหลาย
ภาคธรกจหรอผประกอบการบางรายตองปดกจการและเลกจางพนกงานในทสด
ตลอดปบญช2551บรษทอออนธนสนทรพย(ไทยแลนด) จำกด(มหาชน)(“บรษทฯ”)มรายงานผลประกอบการเปน
กำไรอยางตอเนองอยางไรกตามนบเปนปแรกของบรษทฯนบแตเขาเปนบรษทจดทะเบยนในตลาดหลกทรพยฯทผลประกอบการใน
ไตรมาสท4ของรอบปบญชดงกลาวตำกวาผลประกอบการของไตรมาสเดยวกนในปบญชกอนหนา
แตในปบญช2551ยงเปนปทกลมบรษทอออนเครดตเซอรวสในประเทศญปนมยอดผถอบตรรวมทงสน20ลานบตร
จากทวทงเอเชย
ในปทผานมา บรษทฯ สามารถออกบตรเครดตใหมเพมขน123,000 บตร และบตรสมาชกใหมเพมขน437,000 บตร
ทงนบรษทฯมจำนวนบตรทงสน5.1ลานบตรและมจำนวนลกคาทใชบรการในปจจบนสงถง3ลานราย
บรษทฯ มงเนนการขยายจำนวนผถอบตรในหลากหลายชองทางการรบสมครบตร ซงชองทางดงกลาวมสวนชวยสงเสรม
ประสทธภาพของกจกรรมรบสมครบตรของเราเปนอยางยง อาทเชน กจกรรมรบสมครบตรทจดขนในหลากหลายสถานท ทม
ศกยภาพทางการตลาดและมกลมลกคาจำนวนมากและอกกวา14,000 รานคาทใหบรการสนเชอเชาซอทวประเทศทลกคาสามารถ
ยนใบสมครไดหรอจะเปนอกหนงชองทางคอการรบสมครบตรผานเวปไซดของบรษทฯเองเปนตน
อกหนงความสำเรจของบรษทฯ คอการไดรบรองมาตรฐานISO27001 ดานการบรหารจดการความมนคงปลอดภยของ
ขอมล ในป2551 และในชวงตนปทผานมา บรษทฯ ยงไดรบการรบรองอกหนงมาตรฐานISO9001 ดานความเปนเลศทางดาน
คณภาพการบรการและประสทธภาพของการดำเนนงาน นอกจากนนบรษทฯ ไดเรมเขาสกระบวนการเพอไดรบการรบรองมาตรฐาน
ISO14001ดานการจดการสงแวดลอมทดทงภายในและภายนอกองคกรซงมาตรฐานดงกลาวจะชวยเสรมสรางความเชอมนและสง
เสรมภาพลกษณทดขององคกร อกทงบรษทฯ ยงสามารถนำมาตรฐานดงกลาวมาประยกตใชเปนแนวทางในการชวยลดตนทนของบรษทฯ
ไดในระยะยาว
ป2552 ยงเปนอกหนงปททาทายตอการดำเนนธรกจ ซงภาวะเศรษฐกจโดยรวมยงคงชะลอตวตอเนองจากปทผานมา
สบเนองจากปญหาการชะลอตวของเศรษฐกจโลกการบรโภคภายในประเทศทปรบตวลดลงและสถานการณการเลกจางงานทมแนวโนม
เพมมากขน ซงเปนสงทหลกเลยงไมไดทปญหาดงกลาวจะสงผลกระทบและเปนแรงกดดนตอหลายภาคธรกจ สำหรบกลมธรกจการ
เงนเองยงคงชะลอตวและไมแนนอนความเชอมนของผบรโภคเองกยงอยในระดบตำ
อยางไรกตามเราสามารถเหนสญญาณฟนตวทดขนในบางกลมธรกจเชน ภาคอตสาหกรรมการผลต และธรกจทองเทยว
เปนตน
สารถงผถอหน
7Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
AlthoughThailand’soveralleconomyin2008wasadverselyaffectedwithaminusgrowthasaresultofthe
globalrecessionwhentheworld’sleadingfinancialinstitutionswereoverwhelmedbysevereliquiditycrunchwithimpact
spreadingacrosstheworld.
ForThailand,thenegativeimpactonitseconomywasinevitableasevidentinthedeclineofproductionfor
variousbusinesseswhileotherbusinesseswereforcedtocloseandlayoffworkers.
Throughthefiscalyearof2008AEONThanaSinsap(Thailand)PublicCompanyLimited(the “Company”)
continuedpostingaprofitableresult;however,itwasthefirsttimesinceAEONbecamealistedcompanythatourfourth
quarter’sresultwaslowerthanthesameperiodofthepreviousyear.
Thefiscalyearof2008wasalsoanothermilestoneforAEONcreditservicegroupinJapanasitrecorded20
millioncreditcardholdersfromalloverAsia.
Inthelastyear,theCompanyissued123,000newcreditcardsand437,000newmembercards,which
accumulatedto5.1millioncardsintotalwiththenumberofactivecustomersreaching3million.
TheCompanyfocusedonexpandingthenumberofcardholdersfrommanyacquisitionchannels.These
acquisitionchannelsenableustoenhanceefficiencytowardourrecruitmentactivitiesfromregularcardrecruitment
activitiesatmanyhightrafficlocations.Over14,000hirepurchasedealerscanfacilitateourcustomersinapplyingfora
card,andourwebsitehasopenedforcardacquisitionaswell.
AfterthecertificationofISO27001“Informationsecuritymanagementsystems”in2008,anotherachievement
oftheCompanyearlythisyearwastheawardingoftheISO9001standardwhichprovidedassuranceofaquality
managementsystemtoenhanceourcustomersatisfaction.Inadditiontothesetwocertifications,theCompanyisinthe
processofacquiringanISO14001environmentalmanagementsystem,whichwillfurthercementourcredibilityand
corporateimageaswellaspromotelongtermcostsaving.
2009isprovingtobeachallengingtask.Overalltheeconomyremainscontractedfromthepreviousyeardue
totheglobaleconomicdownturn,lowerdomesticdemandandtheunemploymentsituation.Mostbusinesssectorswill
certainlyfacesignificantpressure,financialmarketswillremainvulnerableandconsumerconfidencestillremainslow.
However,therearepositivesignsthattheeconomyisheadingtowardrecoveryincertainsectorssuchas
productmanufacturingandtourism.
MESSAGE TO SHAREHOLDERS
8 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
ถงแมสภาวะทางเศรษฐกจในปนยงมแนวโนมทจะเปลยนแปลงและผนผวนอย บรษทฯ ยงคงใหความสำคญกบการขยาย
การดำเนนงานทางธรกจและเพมฐานลกคาใหมากขนโดยการเพมจำนวนบตรเครดต และบตรสมาชก ซงนบเปนพนฐานการสรางราย
ไดหลกของบรษทฯ
ทงน บรษทฯ ไดวางแผนทจะสงเสรมภาพลกษณของบตรอออน โดยจดรายการสงเสรมการขายพรอมมอบเอกสทธพเศษ
เดยวกนทกการใชจายผานบตรทงภายในประเทศและทวทกประเทศทมกลมบรษทของอออนดำเนนธรกจคาปลก และธรกจสนเชออย
อาทเชนในประเทศญปนไตหวนฮองกงและมาเลเซยเปนตน
ดงททกทานทราบกนดวาบรษทฯ ไดออกบตรเครดตรวมกบรานคาตางๆ มากมาย อาท บตรอออน แมกซ การด และ
บตรบ-ควกการดและบตรอนๆในปนบรษทฯจะนำเสนอสทธพเศษและรายการสงเสรมการขายรวมกบรานคคาเพมมากขนยงไป
กวานน บรษทฯ จะออกบตรเครดตรวมกบคคาเพมเตมอกเพอเปนการสรางเครอขายทางธรกจใหมนคง และเปนการมอบประโยชน
สงสดกบลกคาดวยเชนกน
นอกจากการเพมจำนวนบตรแลว บรษทฯ จะขยายการลงทนในธรกจทสามารถเพมรายไดทเปนคาธรรมเนยมเพอเพมชอง
ทางในการสรางรายไดและกระตนสภาพคลองของบรษทฯ ใหเพมมากขนซงในปนเราจะเรมดำเนนการในหลากหลายธรกจใหมอาทเชน
ธรกจขายสนคาผานแคตตาลอก ธรกจขายสนคาผานอนเตอรเนต ธรกจใหบรการลกคาสมพนธ การขายสนคาและใหบรการผาน
โทรศพทและธรกจอนๆอกในอนาคต
สำหรบการขยายการลงทนในตางประเทศบรษทฯยงมแผนการขยายธรกจไปยงประเทศเพอนบานเพมเตมภายหลงทเรา
ไดลงทนในธรกจสนเชอรายยอยในประเทศเวยดนามในป2551 ในปนเราจะเรมเขาไปดำเนนธรกจในประเทศกมพชาโดยการจดตง
สำนกงานตวแทนภายในประเทศเพอรองรบการดำเนนธรกจในอนาคตอนใกล ยงไปกวานนบรษทฯ จะทำการสำรวจศกยภาพทาง
ธรกจในประเทศลาวและพมาตามลำดบ
สำหรบป2552 บรษทฯ จะเนนการนำระบบสารสนเทศมาใชเพอเสรมสรางประสทธภาพการปฏบตงานพรอมทงชวยลด
คาใชจายในการดำเนนการไปพรอมกน อาทเชน ระบบชวยบรหารจดการเพอเพมประสทธภาพในการอนมตสนเชอใหรวดเรว
มคณภาพ และ ระบบตอบรบโทรศพทอตโนมต เปนตน ซงระบบดงกลาวจะมสวนชวยลดระยะเวลาในการปฏบตงานและสรางความ
พงพอใจในการใหบรการแกลกคาไดมากยงขน อกทงยงชวยลดจำนวนบคลากรในการปฏบตงาน และเปนการสรางโอกาสในการเรมตน
ในธรกจใหมไดอกชองทางหนง
ถงแมในสภาวะการณทยากลำบาก บรษทฯ ยงคงมงมนทจะสรางความเชอมนในการดำเนนธรกจทยงสามารถเพมมลคา
และผลตอบแทนแกผถอหนและลกคาของบรษทฯมากยงขนไป
ในนามของบรษทอออนธนสนทรพย(ไทยแลนด)จำกด(มหาชน)ผมขอแสดงความขอบคณตอทานผถอหนและลกคาทก
ทานทใหการสนบสนนและเชอมนมาโดยตลอด และขอบคณคณะผบรหารและพนกงานทกทานในความเสยสละและมงมนในการ
ปฏบตงานเชนกน
นายโยชก โมร ประธานกรรมการ YOSHIKI MORI Chairman of the Board
9Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Amidsttheuncertaineconomicconditionsin2009,theCompanystillfocusesonbusinessexpansionand
increasingthecustomerdatabasebyfurtherincreasingthenumberofcardsthatareaprimarysourceofgenerating
revenues.
ThecompanyisalsoworkingtopromoteAEONbrandawarenessandcardholdersearningthesameprivileges
notonlyintheissuers’countrybutinallourAsiannetworksofretailandhirepurchasebusinessinJapan,Taiwan,Hong
Kong,Malaysiaandothercountries.
Asyoumayknow,theCompanyhasvariousco-brandedcardssuchasMAXCard,B-QuikCardandothers.
TheCompanywillcontinuetoinitiatemanyprivilegesandpromotionalcampaignswiththesecardsaswellastoexpand
thenumberofcardswithbusinesspartnersinordertostrengthenourbusinessnetworksandtoensuredeliveryof
maximumbenefitstoallcardholders.
Besidestheexpansionofthenumberofcardsthisyear,theCompanywillinvestinnewbusinesstoearn
additionalrevenuesandstimulatefundingliquidity.Wewillalsoimplementnewvarietiesofbusinesswherewecanget
marginsfromourpartnerssuchascatalogsales,webshoppingmall,callcenter&telemarketingserviceaswellasmore
businessesplannedforthefuture.
Foroverseabusinessexpansion,theCompanystillhasplansforbusinessexplorationinneighboringcountries
afterwehaveinvestedinretailfinancebusinessinVietnamin2008.Particularlyinthisyear,wewillhaveaccesstothe
Cambodianmarketandsettingupofrepresentativeofficeformarketingresearchaswellastopromoteourbusinessin
thenearfuture.Moreover,theCompanywillexplorebusinesspotentialinLaosandMyanmar.
In2009,theCompanywillfocusonsystemutilizationinordertoimplementourworkingefficiencyalongwith
loweringthecostofoperationsuchasasystemtomanageandincreasecreditapprovalefficiencyandaninteractive
telephonesystem.Thesesystemswillincreasespeedandservicequalityforourcustomersandwebelievethiswillsave
personnelresourceswhichwillenableustoconcentrateonotherbusinessopportunities.
Inspiteofdifficultmarketconditions,theCompanyhascommittedtobuildingupconfidenceandvalueforour
shareholdersandourcustomersinlongterm.
InthenameofAEONThanaSinsap(Thailand)PublicCompanyLimited,Iwouldliketoexpresssincerethanks
toourshareholdersandcustomersfortheircontinuedsupportandtrust.Iwouldalsoliketothankourmanagementand
stafffortheirdedicationandhardwork.
นายมาซาโอะ มซโน กรรมการผจดการ MASAO MIZUNO Managing Director
10 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
คณะกรรมการบรษทฯ
นายโยชก โมร • ประธานกรรมการ
MR. YOSHIKI MORI • Chairman of the Board
นายทาคาโทซ อเคนซ • กรรมการ
MR. TAKATOSHI IKENISHI • Director
นายชชวาลย เจยรวนนท • กรรมการ
MR. CHATCHAVAL JIARAVANON • Director
นายนพพนธป เมองโคตร • กรรมการอสระและประธานกรรมการตรวจสอบ
MR. NOPPUN MUANGKOTE • Independent Director and Chairman of Audit Committee
นายเดช บลสข • กรรมการอสระและกรรมการตรวจสอบ
MR. DEJ BULSUK • Independent Director and Audit Committee Member
นายชนอจ โคบายาช • กรรมการอสระและกรรมการตรวจสอบ
MR. SHUNICHI KOBAYASHI • Independent Director and Audit Committee Member
กรรมการบรหาร Executive Director
กรรมการ Director
กรรมการอสระและกรรมการตรวจสอบ Independent Director and Audit Committee
11Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
BOARD OF DIRECTORS
นายมาซาโอะ มซโน • รองประธานกรรมการและกรรมการผจดการ
MR. MASAO MIZUNO • Vice Chairman of the Board and Managing Director
นายมตซฮโกะ ยาชโร • กรรมการ
MR. MITSUHIKO YASHIRO • Director
นางสพร วธนเวคน • กรรมการ
MRS. SUPORN WATTANAVEKIN • Director
นายอภชาต นนทเทม • กรรมการ
MR. APICHAT NANTATERM • Director
นางสาวกณณกา เกอศรกล • กรรมการ
MISS KANNIKA KURSIRIKUL • Director
นางจราพร คงเจรญวานช • กรรมการ
MRS. JIRAPORN KONGCHAROENWANICH • Director
นายซเกโตะ นาซ • กรรมการ
MR. SHIGETO NASU • Director
รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน) 12
ลกษณะการประกอบธรกจ ความเปนมา
บรษท อออน ธนสนทรพย (ไทยแลนด) จำกด(มหาชน)(“บรษทฯ”) จดทะเบยนกอตงเปนบรษทจำกด เมอวนท18
กนยายน2535 โดยบรษท อออน เครดต เซอรวส จำกด ประเทศญปน(“อออน เครดต เซอรวส”) ปจจบน บรษทฯ มทนจด
ทะเบยนทเรยกชำระแลวทงสน250 ลานบาท อออน เครดต เซอรวส ผถอหนรายใหญของบรษทฯ ไดเรมกอตงขนครงแรกใน
ประเทศญปน โดยประกอบธรกจใหบรการทางดานการเงนตางๆ รวมถงบรการบตรเครดต บรการสนเชอเชาซอ บรการสนเชอสวน
บคคล และบรการอนๆ จากความสำเรจในการดำเนนธรกจในประเทศญปน และเปนบรษทจดทะเบยนในตลาดหนโตเกยว อออน
เครดต เซอรวส จงเรมขยายธรกจไปยงประเทศตางๆ ในภมภาคเอเชย ไดแก ฮองกง ไทย มาเลเซย ไตหวน จน(เซนเจน)
อนโดนเซยเวยดนามและฟลปปนสตามลำดบโดยการดำเนนธรกจทางดานการเงนในแตละภมภาคจะมงเนนการใหบรการทางการ
เงนแกประชากรในภมภาคนนๆซงการดำเนนธรกจดงกลาวไมมผลประโยชนทบซอนกนแตอยางใด
OF ONE HEARTPROMPT ACTION ! QUICK IMPROVEMENT !
13Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
BUSINESS NATUREBACKGROUND
AEONThanaSinsap(Thailand)PublicCompanyLimited(theCompany)wasincorporatedonSeptember18,
1992byAEONCreditServiceCo.,Ltd.inJapan(AEONCreditJapan).TheCompanycurrentlyhaspaidupcapitalof
250millionbaht.AEONCreditJapan,themajorshareholderoftheCompany,waslisted1stsectionontheTokyoStock
Exchangeandprovidefinancialservices, includingcreditcard,hirepurchase,personal loan,andotherservices.
FollowingitssuccessintheJapanesemarket,AEONCreditJapanhasexpandeditsbusinesstootherAsiancountries
suchasHongKong,Thailand,Malaysia,Taiwan,China(Shenzhen),Indonesia,Vietnam,andPhilippinesrespectively.
Financialservicebusinessineachregionwillfocusonconsumerinthatarea.Hence,suchbusinesseshavenoconflict
ofinterest.
15Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
OVERVIEW OF THE COMPANY’S BUSINESS
Atpresent,theCompany’sprincipalbusinessactivityistheprovisionofavarietyofretailfinanceservices,
includingcreditcard,hirepurchase,personalloan,andothers.Thecorebusiness,whichgeneratedmostrevenuesfor
theCompanyinthepastyear,ispersonalloanandcreditcardbusiness,representing44%and35%oftotalrevenues
respectivelyandthehirepurchasebusiness,representingaround14%oftotalrevenues.
AsatFebruary20,2009,thenumberofactivebillingincreased135,000accounts,reached3.16millionaccounts
andIDbaseincreased127,000IDs,reached2.24millionIDs.Meanwhile,theCompany’totalcardsreached5.15million
cards(including1.77millioncreditcardsand3.38millionmembercards),increasedby560,000cardsfromthelastyear.
Also,theCompanyhas82branchesaltogether,ofwhich29branchesinBangkokandthevicinitywhiletheremaining53
branchesinupcountrycoveringnationwide.Inaddition,theCompanyhas328servicecounterssetupinseveraldepartment
storessuchasTheMallandJuscoanddiscountstoressuchasTescoLotus,Makro,Carrefour,Big-C,andITCityandalso
has327ATMlocatedinBangkokandprovincestoprovidemoreconvenientservicetothecustomers.
Revenues Structure (Consolidated)
FISCAL YEAR 2006 2007 2008
BUSINESS Amount % Growth rate Amount % Growth rate Amount % Growth rate (MB) (%) (MB) (%) (MB) (%)
1.CreditCard 3,110 40 26 3,376 38 9 3,473 35 3
2.HirePurchase 1,250 16 (35) 1,364 15 9 1,333 14 (2)
3.Loan 2,839 37 56 3,587 40 26 4,312 44 20
4.FactoringandOthers 530 7 94 662 7 25 716 7 8
Total 7,730 100 19 8,988 100 16 9,834 100 9
Notes: • AllcategoriesofbusinessperformedbyAEONThanaSinsap(Thailand)PublicCompanyLimited. • TheCompany’saccountingperiodendsonFebruary20ofeachyear. • Sincethe2ndquarterof2008,theCompanyhasstoppedoperatingFactoringbusiness,ofwhichrevenueportionwas
lessthan1%oftotalrevenue.However,therewasnomaterialeffecttotheoperationoftheCompany.
BUSINESS GOAL
Theunchangingcorporatemissionofthecompanyistoconstantlybenefitourcardholdersthroughquality
financialservices.InJapanandtherestofAsia,ourmanagementphilosophyisto“SupportCardholderslifestylesand
enableeachindividualtomaximizefutureopportunitiesthrougheffectiveuseofcredit”.TheCompanycarefullyprovides
financialservicesbypayingattentiontoourcardholders’needsandearnscardholderstrustbyraisingstandardof
corporatebehaviorinthefinancialserviceindustryandadheringtoastrictcodeofcorporateethicsandengagingin
activitiesthatconservetheenvironmentandcontributetothesociety.
UnderthecorporatesloganforFY2009“OfOneHeart-PromptAction!QuickImprovement!”,theCompany
hasaimedtoprovidefinancialservicewithmoreconvenienceandsatisfactiontocustomersandmemberstores.This
willconsequentlyleadtheCompanytobeaThailand’sleadingretailfinancecompanyinthefuture.Moreover,inorderto
achievethisgoal,theCompanyplanstoexpanditscustomerbaseandalsoitsservicenetworknationwide.
17Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
NATURE OF EACH BUSINESS LINE
Credit Card
TheCompanyprovidestwotypesofservicesasfollows:
(a) CreditPurchasewherebytheCompany’scardholderscanusetheircreditcardstopurchaseproducts
frommemberstores,withtheCompanypayingthesalesamountoftheproducttothethosestores.
(b) CashAdvancewherebytheCompany’scardholderscanusetheircreditcardstoobtaincashadvances
fromtheATMsoftheCompany.
CreditcardsissuedbytheCompanyarecategorizedintotwotypesasfollows:
1. AEONInternationalCard
TheCompanyisissuingAEONMasterCard,AEONVISACardandAEONJCBCardco-brandedwith
MasterCardWorldwide,VISAWorldwideandJCBInternationalCompanyLimitedrespectively.TheMasterCardcredit
cardcanbeusedatover150,000domesticmemberstoresandover24millionmemberstoresworldwideandVISA
CreditCardcanbeusedatover153,000domesticmemberstoresandover29millionmemberstoresworldwide.JCB
CreditCardcanbeusedat42,000domesticmemberstoresandmorethan13millionmemberstoresworldwide.
BesidestheCompany’sATM,thecardholderscanusetheAEONMasterCard,AEONVISACardandAEONJCBCardfor
cashadvancethroughCIRRUSandPLUSnetworksthathasapproximately24,000machinesindomesticandover
2millionmachinesworldwide.
2. AEONCo-brandedCards
Theco-brandedcreditcardswhichtheCompanyissueswithothercompaniesinseveralbusinessessuch
asPBAirMasterCard,PhotoHutVISA,GiffarineVISA,AEONClubThailandVISAandMasterCard,B-QuikVISACard,
MAXMasterCard,andTDPVISAcardetc.
Moreover,theCompanylaunchedagoldcardwithseveralprivilegesi.e.,freeinsurancepremium,special
discountforcardspending,etc.Goldcardwasimplementedwithchipwhichcanprotectandreducefraudfromcredit
cardtransaction.AndtheCompanyissuedthecorporatecardfortheorganizationinordertomanageemployee
spending,whichmainlyaretravelingandentertainmentforthecorporatepurpose.Thiscanhelpthecorporatetoreduce
potentialmisuseandfraudandalsotomanagethebusinessexpensesefficiently.Initially,theCompanyhasissuedthe
corporatecardtothestrategicpartners.
Incomefromcreditcardcomprisesofinterestreceived,revolvingfee,penaltyandotherfeesi.e.annual
fee,cashadvancefee,commissionreceivedfromparticipatingstores,etc.
19Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Hire Purchase
HirepurchaseisaformoffinancewherebyownershipofthemerchandiseisvestedintheCompanyandthe
CompanyhiresthemerchandisetotheborrowerforafixedtermforwhichtheCompanyoffersfrom6monthsto48
months.Onexpiryofthetermofhirepurchase,theCompanytransferstheownershipofthemerchandisetothe
borrower.TheCompany’ssecurityderivesfromthefactthatitretainsownershipduringtheperiodofhire.Theincome
generatedfromthisserviceincludesinterestreceivedfrominstallmentandpenaltyforlatepayment.
Hirepurchaseisavailabletocustomersforpurchasingcertainhouseholdmerchandiseandconsumerproducts
atover14,200oftheCompany’smemberdealerstoresandindepartmentstoressuchasTheMall,Departmentstore
underAEONgroupJapan(Jusco&MaxValue),TescoLotus,Makro,Carrefour,BigC,andetc.Currently,productsthat
canbefinancedbyhirepurchaseincludeElectricalappliances,Homedecorativeitems,Officeequipment,Sports
equipment,Musicalinstruments,Caraccessories,andMotorcycle.Oncethemerchandiseisdeliveredtoacustomer,
thememberstorewillsubmitthesalessliptotheCompanyandtheCompanypaysthesalesamounttosuchmember
store.InFY2009,theCompanyhasplannedtoexpandElectronicDataCapture(EDC)implementationtomember
dealersinordertoenhancespeedyprocessofhirepurchasetransaction.
Personal Loan
Personalloanisaformoffinancetolendcashtocustomers.Thecustomersmayapplythroughits82branches
orapplybysubmittingapplicationwithsupportingdocumentsviamailorthroughInternet.Incomefrompersonalloan
includesinterestreceived,minimumpaymentfee,handlingfee,andpenaltyfee.SinceJuly1,2005HirePurchaseand
LoanbusinesswascontrolledundertheMinistryofFinanceandBankofThailandalsoissuedtheBOTnotificationsfor
theregulationonthosebusinesses.Theinterestrates,fines,servicefees,andotheroperationfeesinaggregatecanbe
chargedatthemaximumof28%annually(effectiverate).
For theAEONmembers, theCompanyhas issuedAEONMemberCard for them inorder toprovide
convenienceforloanservices.TheAEONMemberCardhasrecordedthedatabaseofeachcardholderthatfacilitating
thecustomerstouseAEONservicesfasterandmoreefficiency.SinceJune2006,theCompanyhasprovided“Your
Cash”orarevolvingloanservicetocustomers,havinggoodpaymenthistory,whowanttousetherevolvingloanor
creditlinebydirectlywithdrawingmoneyfromAEON’sATM.
Inaddition,theCompanyhasprovidedmorerangesofservicesincludinggolfmembershiploan,agricultural
equipmentloan,andthemedicalloan.Toprovidemorefinancialservicechannel,theCompanylaunchedMotorCash,a
newalternativeloanforacarownerwhoislookingforloan.Thecarownercansimplyusethecarregistrationbookto
applyforloan.
Others
Factoringbusinessistheserviceofpurchasingtherighttoclaimontradereceivablesonduedatewith
recoursebasisfromthecustomers(suppliers)whohavealreadydeliveredtheirgoodsorservicestothecontracted
memberstores.Incomesgeneratedfromthisserviceareinterestreceived,handlingfeeandpenaltyfeechargedforlate
payment.Sincethe2ndquarterof2008,theCompanyhasstoppedoperatingFactoringbusiness,ofwhichrevenue
portionislessthan1%oftotalrevenue.However,therewasnoanymaterialeffecttotheoperationoftheCompany.
รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน) 20
ความรบผดชอบตอสงคมและสงแวดลอม บรษทฯ ตระหนกถงความรบผดชอบตอสงคมและสงแวดลอมเสมอมา โดยไดพฒนาระบบภายในและเขารวมกจกรรมเพอ
สงคมและสงแวดลอมอยางตอเนอง โดยในเดอน เมษายน2550 มลนธอออนประเทศไทย(มลนธฯ) ไดกอตงขนเนองในวาระครบ
รอบปท15ของการกอตงบรษทฯโดยมวตถประสงคทจะชวยเหลอพฒนาสงคมและอนรกษสงแวดลอมใหดขนทงนมลนธอออน
ประเทศไทย ไดรบการสนบสนนหลกจากบรษทฯ และบรษทในกลมอออนอยางตอเนองในการประกอบกจกรรมการกศลตาม
วตถประสงคของมลนธฯ
นอกจากนบรษทฯไดใหความสำคญกบความรบผดชอบตอสงคมและสงแวดลอมดงน
การดแลขอมลของบรษทฯและขอมลสวนบคคลของลกคา
บรษทฯมหนวยงานสนบสนนงานคณภาพองคกรหรอCorporateQualitySecretariat(CQS)เพอใหความรและตระหนก
ถงการรกษาความปลอดภยของขอมลบรษทฯ และขอมลสวนบคคลของลกคา โดยมการแบงแยกหนาทในการเขาถงขอมลบรษทฯ
ในแตละระดบอยางชดเจน รวมทงจดใหมการตรวจสอบการปฏบตงานตามขอบงคบของบรษทฯ ในสถานททำงาน และจดระเบยบ
การบรหารความปลอดภยในขอมลตางๆ โดยมการจดตงคณะทำงานเพอสงเสรมกจกรรมตางๆ เชน การจดประเมนผลการปฏบต
21Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
CORPORATE SOCIAL RESPONSIBILITY TheCompanyisawareoftheresponsibilitytowardsthepublicandenvironmentbydevelopinginternalsystem
andsupportingcorporatesocialresponsibilityactivitiesregularly.InApril2007,AEONThailandFoundation(“ATF”)was
establishedtocommemoratetheCompany’s15thanniversarywiththecommitmenttoprovidedevelopmentand
assistancetosocietyandintentiontopreserveandrecovertheenvironment.Inordertocontributemanycharitable
projectsaccordingtothefoundation’sobjective,ATFhasmainlyreceivedregularcontributionsfromtheCompanyand
associatedcompanies.
Inaddition,theCompanyhasfocusedonCorporateSocialResponsibilityasfollow:
PROTECTION OF PERSONAL INFORMATION
TheCompanyhasCorporateQualitySecretariat(CQS)OfficeforthepurposeofCompany’sinformation
securityawarenessandsegregationofdutyevolvingCompany’s information ineach level includingmonitoring
complianceintheworkplace.TheCQSOfficeisresponsibleforInformationSecurityManagementSystemandto
OF ONE HEARTPROMPT ACTION !
QUICK IMPROVEMENT !
23Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
promotesecuremanagementofpersonalinformationactivitiesi.e.evaluating,training,andrevisingthemeasuresofrisk
managementforprotectionofcompany’sassetandinformation.TheCompanyalsohasaccesscontrolsystemtowork
areas,informationdisclosure,andetc.
TheCompanywasawardedtheISO/IEC27001:2005certificationforitsInformationSecurityManagement
System(ISMS)byBureauVeritasCertification(Thailand)Ltd.inFebruary2008.Thiscertificationisaninternationally
recognized informationsecurity frameworkstandardwhichgivesassuranceandsatisfactionofknowingthatthe
companyisprotectingallinformationwithcontrolsthosearethebestpracticesandarecommonlyusedbyworldclass
organizations.Thismeansthatinformationsecurityanddataprotectionhavetoppriorityinthecompanyandhavebeen
efficientlyimplemented.
Inaddition,inFebruary2009,theCompanywasawardedtheISO9001:2008certification,anInternational
StandardofQualityManagementSystem,byBureauVeritasCertification(Thailand)Ltd.Thisachievementclearly
demonstratestheCompany’scommitmenttoprovidethefinancialservices in linewiththecustomers’needand
expectationefficientlyandeffectivelyandalsocomplywithalllegislativerequirements.
ENVIRONMENT PROTECTION
AEONGrouphaspolicytopaybacktosocietyinreturnwhichistheprincipalofbusinessoperationand
contributestoAEONgroup’ssuccess.FacingpotentialriskofGlobalWarming,AEONGrouphaspolicytopreserve
environmentsuchastreeplantingandwaterresourceprotection.TheCompanyhasjoinedthetreeplantingcampaigns
everyyear.InApril2008,theCompanyandAEONGrouphadjoinedtreeplantingactivitiy,heldbyAEONEnvironmental
Foundation(Japan),atBejing,China.Moreover,inNovember2008,theCompanywithAEONThailandFoundationand
affiliatedcompanies inAEONGroup,togetherwithmanagement,staff,andcustomer, joinlyheld “AEONThailand
FoundationTree-Plantingproject”attheSinrindhornNationalEnvironmentalPark.Aimingtopreserveforestsforfuture
generationsandpromotepublicawarenessofglobalwarming,thisprojectisthepartof“thePlantforthePlanet,Plant
fortheFuturecampaign”inThailandwhichisjointlyorganizedbytheSirindhornInternationalEnvironmentalPark
FoundationunderthepatronageofHRHPrincessMahaChakriSirindhorn,theJapan-basedFoundationforGlobalPeace
andEnvironment(FGPE),theMinistryofNaturalResourcesandEnvironment-DepartmentofEnvironmentalQuality
PromotionandUnitedNationsEnvironmentProgramme(UNEP).
SOCIAL CONTRIBUTION ACTIVITIES
Todate,employeesat82branchesthroughoutthecountryhaveparticipatedinsocialwelfareandcommunity.
In2008,theCompany,affiliatedcompanies,andAEONThailandfoundationhadjoinlyheldmanysocialcontribution
activitiessuchasquarterlyblooddonation,lunchtreatandNewyeargiftdonationtoneedychildrenatRajvithihomefor
girls,andfunddonationtothecharitableorganization i.e.NationalBloodCentre-ThaiRedCrossSociety, the
foundationofRajvithiHomeforGirls,andetc.
Intheyear2007,theCompanydevelopedpromotioncampaignforrasingfunddonationChaiPattana
FoundationinordertocelebrateHisMajesty’s60yearsofGoldenReign.Inthiscampaign,AEONcontributed1bahtfor
eachtransactionthroughAEONcreditcardorAEONservices.
Currently,theCompanycontinuesonaresearchanddevelopmentplantoenhancetheCorporateSocial
Responsibilitiesinthelongterm.
25Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Credit Outstanding (Billion baht)No. of Account (Million)
0
50
100
150
200
Q4’05 Q1’06 Q2’06 Q3’06 Q4’06 Q1’07 Q2’07 Q3’07 Q4’07 Q1’08 Q2’08 Q3’08 Q4’08
0.00
3.75
7.50
11.25
15.00
144 144154 160
171 166 169 170179 175 179 181
189
10.0 10.2 10.5 10.7 10.9 11.1 11.3 11.6 12.0 12.1 12.4 12.7 13.0
MARKET AND COMPETITION
TheCompanyhasoperatedtheretailfinanceasanon-bank,whichsupportscustomersintermofservice
diversification.Thebasicqualificationsoffinancingservicetocustomersaretheageofmorethan20yearsold,earning
aregularincome,andhavingasecurejob.FromthelaborforcesurveyinDecember2008bytheNationalStatistical
Office,therewere52.45millionpersons15yearsoldandoverofwhich38.54millionwereinthetotallaborforceor
accountedfor73.5%.(37.98millionwereemployed,20,000wereseasonallyinactivelaborforce,and0.54millionwere
unemployed).Thenumberoftheemployedpersons37.98millionwereinagriculturesectorandnon-agriculturesector
by44:56.
Inaddition,fromapreliminarysummaryofHouseholdSocio-EconomicSurveyfor2007fromthesampleof
52,000householdsoftheNationalStatisticalOfficesurveyshowedthataveragetotalhouseholdincomewas18,660
bahtpermonth.Themajorsourceofincomewasfromeconomicallyactivitiessuchaswagesandsalaries.Comparing
withthecurrentcustomeroffinancialservices,thereareplentyoftargetcustomershavingprimaryqualificationfrom
aforementioneddata.ThisisthepotentialchannelwhichtheCompanycanforeseeitsfurthermarketexpansion.
COMPETITIVE CONDITION
Credit Card
Forthecreditcardbusiness,themajorcompetitorsarecommercialbanksandnon-banks.Attheendoffiscal
year2008,theCompanyhad1.8millioncreditcards,sharing14%oftotalnumberofcreditcardsinthemarket,and
shared7%oftotaloutstandinginthemarket,approximately.However,theproportionoftotalcreditcardsissuedin
Thailandtothetoalpopulationof63millionpeopleisquitelow,comparingtoothercountries.
Number of Credit card in Thailand
Source : BankofThailandNote : Totalnumberofaccountreferstonumberofaccountofcreditcardloanthatisoutstandingasattheendofperiod.
27Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Credit Outstanding (Billion baht)No. of Account (Million)
Q4’05 Q1’06 Q2’06 Q3’06 Q4’06 Q1’07 Q2’07 Q3’07 Q4’07 Q1’08 Q2’08 Q3’08 Q4’08
0
50
100
150
200
250
0
3
6
9
12
15
154 160168
177185 190 196 201 205 207 214
229 229
7.9 8.1
9.3 9.5 9.8 10.1 10.5 10.7 10.8 10.8 11.1 11.410.3
Accordingtotheabovegraph,itcanbeseenthatcreditcardbusinessinThailandforthelast3yearshas
beencontinuouslygrownwithaveragenumberofcreditcardgrowthof10%perannum,from10millionaccountsatthe
endof2005to13millionaccountsattheendof2008.Consideringbytypeofcreditcard,non-bankgeneratedthe
highestgrowthrateof11%perannum,comparingwiththoseof10%and8%perannumgeneratedbycommercialbank
andforeignbankbranchesrespectively.Attheendof2008,thetotalnumberofcreditcardissuedbycommercialbank
was5.0millioncards,foreignbankbranchwas1.4millioncards,andnon-financialinstitutionwas6.6millioncards.The
totaloutstandingfromeachissuerwas68billionbaht,35billionbaht,and87billionbaht,respectively.
Hire Purchase
Companiesengaginginthehirepurchasebusinesscanbecategorizedintwotypes.Thefirsttypeisa
companyofferingitsownproductsforinstallmentsuchasSingerThailandPublicCompanyLimited.Anothertypeisa
companydoinghirepurchasebusinessthroughretailers.TheCompany’sbusinessisconsideredasthelattercategory.
TheCompanyisthefirstentrepreneurwhointroducedthiskindofhirepurchasebusinesstothecustomers.Besidesthe
Company,therearesomeothercompetitorslaterjoinedthemarketsuchasGECapital(Thailand)Limited,EASYBUY
PublicCompanyLimited,SingerThailandPublicCompanyLimited,MidaAssetsPublicCo.,Ltd.,andCapitalOK
CompanyLimited.
Personal Loan
Fortheloanbusiness,themajorcompetitorsarecommercialbanksandnon-bankssuchasGECapital
(Thailand)Limited,EASYBUYPublicCompanyLimited,CapitalOKCompanyLimited,andPromise(Thailand)Co.,Ltd.
Number of account and Outstanding of Personal loan under supervision in Thailand
Source : BankofThailandNote : - Personalloanundersupervisionreferstouncollateralizedpersonalloans,hirepurchases,andleasingloansongoodsof
whichthelicensedlendersareusuallynotinthebusinessofselling. ExcludedfromthiscategoryareLoansforhirepurchasesandleasingofautomobilesandmotorcycles,Loansforeducation,Loansforworkingabroad,LoansformedicalcareandLoanspertainingtoemployeebenefitsunderanagreementbetweentheemployersandthelenders.
- Totalpersonalloanoutstandingincludesonlytheprincipal(lessdeferredrevenue)attheendofperiod. - Totalnumberofaccountreferstonumberofaccountofonlypersonalloanundersupervisionthatisoutstandingattheendofperiod.
29Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Sincetheyear2005,thenumberofpersonalloanaccountundersupervisioninThailandhascontinuallygrown,
averagedat10%perannum.Attheendof2008,numberofaccountofpersonalloanundersupervisionwas10.3million
accounts,decreasedby4%fromtheendofpreviousyear.Thiswasgeneratedfromcommercialbanks1.9million
accounts,increased5%y-o-y,foreignbankbranches0.8millionaccounts,decreased1%y-o-y,andnon-bank7.6
millionaccounts,decreased7%y-o-y,respectively.Personalloanoutstandingattheendof2008was229billionbaht,
increasedby12%y-o-y,whichwasattributedtocommercialbanks105billionbaht,orincreased19%y-o-y,foreign
bankbranches21billionbahtordecreased7%y-o-y,andnon-bank103billionbaht,orincreased10%y-o-y.
COMPETITIVE STRATEGIES
TheCompany’scompetitivestrategiesconsistof:
3Utilization of Customers’ database
TheCompanyestablishescustomers’databasewhichisclassifiedbytheircharacteristicssuchasage,
gender,occupation,etc.TheCompanyhasusedthisinformationindevelopingandpreparingmarketingplansto
providebeneficialservicesandinformationtoincreasecustomersatisfaction.
3 Speedy Service
TheCompanyhasfocusedonprovidingspeedyfinancialservicestoitscustomersthroughtheuseofup-
to-datetechnology.Currently,theCompanyhasimplementedElectronicDataCapture(EDC)toenhancespeedycredit
approvalprocess.TheCompanyalsoprovidescashadvanceandcashrevolvingcardservicethroughourATMsand
offerspersonalLoans–approvalin30minutes.Moreover,thecustomercanapplyforcreditapprovalandaskfor
paymentinformationontheinternetatwww.aeon.co.thandwww.aeonthailand.com.
3 Variety of Products
Increasingtherangeofnewproductsorservicesisaimedtomaximizeitsabilitytomeetcustomer’s
needs.TheCompany’screditcardoffers3creditlimitfunctionswithinonecard,whichthecustomerscanutilizecredit
cardfunction,hirepurchasecredit,andpersonalloancreditthroughourmemberstoresanddealersnetwork.Also,the
Companyhasdevelopedmorecardfunctionsbyfocusingondailyusetoenrichitscustomerservice.
3 Expansion of Member Stores
Toincreasethenumberofmemberstores,theCompanymainlyfocusesonlargeretailstoressuchas
supermarketsanddepartmentstores.Thesestoresprovideconsumergoodsneededonadailybasis.Also,withrespect
tomemberstoresexpansionforcreditcard,theCompanyissuedmoreinternationalcreditcardsfortheworldwide
networkspending.
3 Centralization and Nationwide Networks
TheCompanyhasbranchesandservicecountersthroughoutthecountry.Forthesamestandardofservices,the
CompanyhasfullcentralizationcenterinallregionsincludingNorth,Northeast,Central,andSouth.Thiswillnotonly
reduceoperationtimeandoperatingcostbutalsoincreasetheefficiencyinprovidingfullrangeofservices.Aimingto
providemoreconvenienceforcardholders,theCompanyhasinstalledATMsnationwide.
DISTRIBUTION CHANNEL
TheCompanyhasincreaseditsdistributionchannelsthroughthefollowingmarketingstrategies:
3 CreditCards’RecruitmentCampaign
3 Over14,200MemberStoresandMerchants
3 ServiceNetworkwith82branches,328servicedcountersand327ATMnationwide
31Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
3 AdvertisementandPromotionalActivitiesfortheproposeofbuildingbrandrecognition
CREDIT APPROVAL
TheCompanyhascreditprocesswhichcoverscreditpolicy,policydisclosuretooperationofficer,credit
scoring,settingcreditcriteria,andreviewingcreditapprovalandauthorizedpersonforcreditapprovalforenhancingthe
creditapprovalstandardcontinually.
Forcreditcard,thecriteriaofcardholdershavetocomplywithRules,ProceduresandConditionstoUndertake
CreditCardBusiness.Andforhirepurchaseandloanapproval,thecompanyhastocomplywithPrescriptionofRules,
Procedures,andConditionsforUndertakingofPersonalLoanBusinessunderSupervisionfornon-bankfollowingBankof
Thailand’snotification.
DEBT MANAGEMENT
Oneofthekeycomponentsofthefinancialservicebusinessisdebtmanagement.TheCompanyhassetupanefficient
collectionsystemandproceduretomonitorandmanagethedebtwhichcanbecategorizedinto3mainfunctionsasfollows:
3 Technology:TheCompanyhasimplementedoneofthemostadvancetechnologiestomanagecustomer
databaseuponpaymentbehaviorandgroupingdatabycollectionaging.Allcustomersprofilesare
availableon-line,thus,everycollectionstaffcandirectlyaccesstothedatabasethroughhis/herown
terminalcomputer.Inaddition,thesystemenablesthemanagementtomonitorcollectionperformanceof
eachstaffandeachbranchalloverthecountry.
3 MonitoringandManaging:TheCompanyhasaphilosophyofclosemonitoringandmanagingthedebt.It
examines thecollectionperformanceonadailybasis.Alldatabaseofcollectionperformance is
centralizedineachregionalcenterandattheheadoffice.Thisinformationisexaminedandevaluatedby
themanagementwhoisreadytomakedecisionsupportandexercisetoimproveandsolvetheproblems
ofcollection.
3 CollectionProcedure:Whenadebtorstartsbeingindefault,thecollectionstaffwillpromptlyperformtheir
jobsinordertoinsurethatthedebtmanagementisefficientlyandpromptlydone.
CUSTOMER PAYMENT
Thecustomer’sstatements,calculatedbytheCompany,needtobepaidwithinthe2ndofthenextmonthbycashat
all branches of the Company, Company’s ATMs, commercial bank’s counter, Counter Service, Jay Mart Paypoint Service, TOT
Just Pay Service, Pay at Post, True Partner, Post-dated cheque as well as bank account auto-payment.
Forthehirepurchaseservice,customersmustpaybymonthlyinstallmentsoverperiodsof6monthsto48months,
dependingontheproduct’svalue.
Policy on Provision for Doubtful Accounts
TheCompanyhasapolicytoclassifydebtorsaccordingtothenumberofoutstandinginstallments.TheCompany
setsupafullprovisionfordoubtfuldebtfordebtorswhohavethreeunpaidinstallments.Thispolicyalsocomplieswith
announcementofSecuritiesandExchangeCommissiondatedApril30,2004.TheCompanyhaswrittenoffthebalancesof
whichareuncollectable,suchasdebtorswithsixconsecutiveunpaidinstallmentsoutstandingbalances.
33Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
MANAGEMENT DISCUSSION AND ANALYSIS for the fiscal year 2008 ended February 20, 2009
TheoperatingperformanceofAEONThanaSinsap(Thailand)PublicCompanyLimitedforthefiscalyear2008
ended February 20, 2009 audited by Deloitte Touche Tohmatsu Jaiyos Audit Company Limited can be summarized as
follows;
OVERVIEW
Forthefiscalyear2008,theCompanyrecordedconsolidatedrevenuesof9,834millionbaht,9%increased
fromlastyear,whiletotalexpensesincreasedby11%.Asaresult,theCompany’sconsolidatednetincometotaled
1,192millionbaht,oranEPSof4.77bahtpershare,increasedby2%fromthesameperiodlastyear.
In2008,theglobaleconomiccrisis,thefluctuationinenergyandcommodityprices,anddomesticpolitical
uncertaintyreflectedThailand’seconomygrowth.Thiswasresultedtoconsumers’confidenceandalsodomestic
spending.Undertheeconomicdownturnsituation,theCompanyhasbeenadjustingthebusinessplanandstrategyto
copewiththechangingbusinessenvironmentalsituation.Thiswasincludingmanagingandimprovingassets’quality,
tighteningcreditpolicy,andcontrollingoperationcost.
AsatFebruary20,2009,theCompany’totalcardsreached5.15millioncards(including1.77millioncredit
cardsand3.38millionmembercards),increasedby560,000cardsor12%fromthelastyear.Fornetworkexpansion,
theCompanyhastotaled82branches,328hirepurchaseservicecounters,and327ATMstosupportcustomers’
conveniencenationwide.Moreover,totaldealershavereachedmorethan14,200dealers.
Duringthefiscalyear2008,theCompanyhasinvested10%inAEONCreditTechnologySystems(Philippines)
Inc.,whichwasestablished inPhilippines foranefficiencyofsystemdevelopmentandstandardof information
technologyoftheAEONCreditServiceGroup.
Besides,theCompanyhasraisedfundanddiversifieditsfinancingbyissuing2billionbahtdebentures
(2 tranches at 1 billion baht each) with 2-year and 4-year tenor and Japanese Yen debentures for the amount of 1.5
billionyenwith3-yeartenor.
AfterawardingprestigiousISO/IEC27001:2005certificationforInformationSecurityManagementSystem
(ISMS)lastyear,theCompanyrecentlyawardedtheISO9001:2008certification,anInternationalStandardofQuality
ManagementSystem,byBureauVeritasCertification(Thailand)Ltd.Theseachievementsclearlydemonstratedthe
Company’scommitmenttoprovidingthestandardfinancialservicesinlinewiththecustomers’needandexpectation
efficientlyandeffectivelyandalsocomplywithrelatedrulesandregulations.
Operating Results
3 Revenues
Inthefiscalyear2008,theCompany’sconsolidatedrevenuestotaled9,834millionbaht,increasedby
847millionbahtor9%yearonyear.Thisgrowthwasmainlygeneratedfromloanandcreditcardrespectively.Asat
February20,2009,thenumberofactivebillingincreased135,000accounts,reached3.16millionaccountsandIDbase
increased127,000IDs,reached2.24millionIDs.Detailsofeachbusinesscanbedescribedasfollows:
35Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
• CreditCard
Duetoweakdomesticspendingandlackingofconsumerconfidenceundercurrenteconomicsituation,
ourcreditcardturnoverwasflat,comparingwithlastyear.Inthefiscalyear2008,creditcardturnoverrepresented41%
oftotalturnover.Inlinewithindustrygrowth,revenuesfromcreditcardgrew3%;increasedfrom3,376millionbahtin
lastyearto3,473millionbaht,andshares35%oftotalrevenues.Sincethesecondhalfofthepreviousyear,the
Companyhasfocusedonnumberofcreditcardacquisitionimprovementbydevelopingcardrecruitmentchannelsi.e.
theCompany’swebsiteandcreatingmorecardrecruitingactivitiesinBangkokandprovincialarea.AsofFebruary20,
2009,theCompanyhadatotalof1,767,000creditcards,increasedby123,000cardsor8%yearonyear.Also,the
Companyhasaplantopromotecorporatecardandgoldcardwithseveralprivilegesi.e.,freeinsurancepremiumand
specialdiscountforcardspending.
• Loans
Forthefiscalyear2008,totalloan’sturnoverincreased10%fromlastyearandrepresented42%oftotal
turnover(shares27%frompersonal loanand15%frompurposedloanformobilephoneandITproducts).This
generatedincomeof4,312millionbaht,whichsurged20%fromlastyear,mainlyduetoa15%growthinnumberof
membercardsoraround437,000membercardsincreasedfromthebeginningofthefiscalyear2008.Meanwhile,
revolving loan named “Your Cash”, providing more flexibility and convenience to customer who wants to use the
revolvingloanorcreditlinebydirectlywithdrawingmoneyfromAEON’sATMs,waswellacceptedwith21%growthof
customeryearonyear.Concerningwiththeassetsquality,theCompany,however,hastightenedcreditpolicyforboth
newandexistingcustomers.
• HirePurchase
Duetotighteningcreditcriteriainhighdelinquentproductsandreducingunperformeddealersinorderto
mitigateportfolioriskexposure,theCompany,hence,recordedaflatgrowthinhirepurchaseturnoverandrevenuesfor
thefiscalyear2008.Representing16%oftotalturnover,hirepurchasegeneratedanincomeof1,333millionbaht.
However,hirepurchasesalesathypermarketsanddepartmentstoresstillincreasedyearonyearwith11%growth
resultedfromseveralpromotionlaunchedcontinually.Besides,theCompanyhasimplementedcostcontrolschemeby
utilizingElectronicDataCapture(EDC)andInteractiveVoiceResponse(IVR)systemsasaneffectivetooltospeedy
processofhirepurchaseapprovalandalsotoefficientlysavemanpower.
• Others
Others incomeswere716millionbaht, increased8%fromlastyear,andrepresented7%of total
revenues.Themajorityofothersincomecamefrombaddebtrecoveryof455millionbahtandcollectionservicingfees
fromutilizingtheCompany’snetworksetc.
3 Expenses
TheCompany’sexpensesconsistofoperatingandadministrativeexpenses,baddebtanddoubtful
accounts,interestexpenseandotherfundingcosts.Infiscalyear2008,theCompanyhadtotalconsolidatedexpenses
of8,179millionbaht,increased11%fromthepreviousyear.Majorexpensesincreasedfromfundingcost,baddebtand
businessexpansion;alldetailsareshownasfollows:
37Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
• OperatingandAdministrativeExpenses
Infiscalyear2008,theCompany’soperatingandadministrativeexpenseswere3,696millionbaht,
increased10%fromlastyear.Thisincreasewasinlinewithrevenuegrowth.Operatingandadministrativeexpensesare
accountedfor38%ofthetotalrevenueswhichwasinlinewithourexpectation.However,theCompanyhasaplanto
maintaintheoperationcostbyfocusingmoreoncostcontrolpolicyi.e.implementingandexpandingnewtechnology
andsystemtosavepersonnelexpensesandutilizingtheexistingresourcesefficiently.
• Baddebtanddoubtfulaccounts
TheCompanypostedbaddebtanddoubtfulaccountsof2,744millionbaht,or28%oftotalrevenues
whichisthesamelevelofthepreviousyear.Thebaddebtanddoubtfulaccountsincreased10%fromlastyear,mainly
duetothegrowthofloanbusiness.TheCompanyandsubsidiarieshavefullysetaprovisionforallreceivableswhichare
over3installmentscontractuallypastdue.
• InterestExpensesandotherfundingcosts
Forthefiscalyear2008,theCompany’sinterestexpensesandfundingcostsrecordedat1,739million
baht,increased16%andaccountedfor18%oftotalrevenue.Duringthefiscalyear2008,theCompanyhasissued2
billion baht debentures and 1.5 billion yen of Japanese Yen debentures. However, the Company has hedging policy to
managetheriskthatmightoccurfromthefluctuationincurrencyandinterestratebyenteringintocrosscurrencyand
interestrateswapcontract.
3 Net Income
Infiscalyear2008,theCompany’sconsolidatedincomebeforeincometaxrecordedat1,656millionbaht,
slightlyincreasedformthatof1,648millionbahtinthefiscalyear2007.Meanwhile,theCompanyhastheconsolidated
netincomeof1,192millionbahtor4.77bahtpershare,increased2%yearonyear,andrepresentingnetprofitmarginof
12%accordingly,comparedtothatof13%inlastfiscalyear.
FINANCIAL STATUS
3 Total Assets
Consolidatedtotalassetsattheendoffiscalyear2008amountedto38,801millionbaht,increased23%
from31,455millionbahtasofFebruary20,2008.Themainassetswereattributedtotheportfolioofnetaccounts
receivable,whichshares78%oftotalassets.
• AccountsReceivable
AsatFebruary20,2009,theCompany’sconsolidatedgrossaccountsreceivable(bothcurrentassetsand
non-currentassts)was31,305millionbaht,increased19%fromlastyear,whichcanbeseparatedinaccordingto
Company’stypeofbusinessasfollows:creditcardreceivable7,528millionbaht,increased39%,loansreceivable
18,019millionbaht,increased19%,andhirepurchasereceivable5,759millionbaht,increased2%.
AsofFebruary20,2009,theCompanyprovidedallowancefordoubtfulaccountsof860millionbahtor
2.74%oftotalaccountsreceivablewhichcoveredfullamountof3-monthandupwardoverduedelinquencyof720
millionbahtandgeneralreserveof140millionbaht.
39Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
3 Total Liabilities
Consolidatedtotalliabilitiesattheendoffiscalyear2008amountedto33,426millionbaht,increasedby
25%overthe26,794millionbahtattheendoffiscalyear2007.Tosupportbusinessoperationandexpansion,there
werebothshort-termandlong-termborrowingstotally32,218millionbaht,comparingwiththatof24,796millionbahtin
thepreviousfiscalyear.Theportionoflong-termborrowingswas20,292millionbahtorrepresented63%oftotal
borrowings.
3 Shareholders’ Equity
Attheendoffiscalyear2008,totalshareholders’equityincreasedto5,374millionbahtfromthatof4,660
millionbahtpreviousyear.ThiswasduetoanincreaseofretainedearningsastheCompanyrecordednetprofitforthe
fiscalyear2008of1,192millionbaht.BookvalueasofFebruary20,2009was21.5bahtpershare,increasedfromthat
of18.6bahtpershareattheendoflastfiscalyear.
DebttoEquityratiointhefiscalyear2008slightlyincreasedto6.2timesfrom5.8timesinthefiscalyear
2007.ReturnonEquityandReturnonAssetequaledto23.8%and3.4%,comparingwiththoseof27.3%and4.0%in
thepreviousyearrespectively.
Inthefiscal2008,theCompanyalreadypaidinterimdividendof1.05bahtpershare.Also,theBoardof
DirectorNo.1/2009onApril21,2009approvedthefinaldividendof1.05bahtpersharewhichwillbepaidafterbeing
approved by the shareholders meeting on June 17, 2009. Totally, dividend payment for the fiscal year 2008 will be 2.10
bahtpershareorthepayoutratioof44.04%.
Financial Liquidity
AsatFebruary20,2009,theCompanyandsubsidiariesrecordedcashbalanceof2,160millionbaht,
increasedby1,193millionbahtfrompreviousyear,whichcanbecategorizedasfollows:
3netcashflowusedinoperatingactivities15,046millionbahtmainlyresultedfromanincreaseofaccount
receivable,
3netcashflowusedininvestmentactivities377millionbahtmainlyresultedfrominvestmentinsoftware
andfixedassets,and
3netcashflowprovidedbyfinancingactivities16,616millionbahtmainlyfromsalesproceedsfromcredit
cardreceivablesundersecuritization,anincreaseofshort-termandlong-termloan,anddebentures
issuance.
Combinedthenetcashinflowof1,193millionbahtwithbeginningcashbalanceof967millionbaht,the
Companyhadendingcashbalanceattheendofthefiscalyear2008intheamountof2,160millionbahtaccordingly.
41Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
RISK FACTORS
AEONTSisawarethattherearevariousriskfactorsthatmayaffecttheCompany’sbusinessoperations.The
Companyhasaccordinglyestablishedriskmanagementpoliciyandregularlyreviewedbusinessoperationinorderto
strenghthenthecurrentstanadardandavailabilityforsupportrelevantrisksthatmayincurinthefuture.Theriskfactors
thatmayincurandaffecttheCompany’sperformancearedescribedasfollows:
1. INTEREST RATE FLUCTUATION RISK
TheCompanyisexposedtointerestrateriskthatmayincurandaffecttheCompany’sperformancecausedby
theriskforariseininterestratesthatwouldresultinhighercostoffunding.TheCompanyisparticularlyawareof
significantaffectoftheriskfromapotentialriseininterestratestohaveanadverseeffectontheCompany.Thereforethe
Companyhasapolicytoborrowlong-termloanwithTHBfixedrateovertheloanperiodandtohedgeagainsttheriskof
interestratefluctuationinwhichitentersintoaninterestrateswapcontractforTHBfloatingrateandentersintoCross
CurrencySwapcontractfor long-termforeigncurrencyloantoswaptoTHBfixedrate.TheCompanyentersinto
derivativefinancialinstrumentsforonlyhedgingtheriskofincreaseoffundingcostcausedbypotentialriseinfutureand
notfortradingorspeculativepurposesinthepresentandforfuture.
2. FOREIGN EXCHANGE RATE RISK
AsofFebruary20,2009,theCompanyhasshort-termliabilities,whichincludecurrentportionoflong-term
loan, in the amount of JPY 7,500 million equivalent to 2,865 million baht. In addition, the Company also has long-term
loan in the amount of JPY 27,750 million equivalent to the amount of 10,602 million baht.
Inordertohedgeitsexposuretoforeignexchangeraterisks,theCompanyenteredintoforwardexchange
contractforallshorttermforeigncurrencyloanincludedinterestamountingandenteredintoCrossCurrencySwap
contractforalllong-termforeigncurrencyloanincludedcurrentportionoflongtermloanattotalamount.TheCompany
doesnotorwillnotenterintosuchcontractsfortradingorspeculationpurposesatpresentorinthefuture.
3. WORKING CAPITAL INSUFFICIENCY RISK
TheCompanyextendscredittothecustomerbylendingfundsborrowed.AsofFebruary20,2009,the
Company’snetreceivablesstoodat30,446millionbahtanditsworkingcapitalwasraisedbyborrowing, issued
commercialpapersanddebentureswiththeamountof32,218millionbaht.
TheCompanyisawareofriskthatmayarisefromdependingonanymajorsourceoffunds.TheCompany,
therefore,diversifieditssourcesoffundsbyborrowingorsettingcreditfacilityfrom17banksincluding10foreignbank’s
branchesand7localbanks.Duringthepastperiod,theCompanyhasnotreliedonanycreditor’sfundformorethan30
percentofthetotalloans.TheCompanyalsoraisedfundthroughdirectfinancingsuchasissuingdebentureandbillsof
exchangeandenteringintothecontractwithfinancialinstitutionsforcommittedrevolvingCreditFacilityAgreementof
920millionbaht.TheCompanyalsohasapolicytoconsistentlykeepsufficientfundpositioninordertoincreasethe
receivablebysalesexpansion.Thus,theCompanyconsiderablyplanstodiversifyitsfinancingbyissuingstraight
bonds,commercialpaper,andsecuritization.
43Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
TheCompanyraisedfundthroughsecuritizationbyestablishingSpecialPurposeVehicleCompanyunder
SecuritizationLaw.TheCompanyheld26%oftheeachSPV’ssharescapitalandtheSPVsissueddebentures,which
werebackedbythereceivablesoftheCompanythatsoldtotheSPVs.
4. CREDIT RISK
Creditriskisriskduetouncertaintyinacounterparty’s(alsocalledanobligor’sorcredit’s)abilitytomeetits
obligations.Thisresultedfromriskfactorsarisingunderthecurrenteconomiccondition.
3 Worldeconomicslowdowndirectlyaffectedcustomer’sabilitytorepayloan.
3 RiskduetoloanmisconductwhichisagainsttheCompany’sobjective.Forinstance,toincreasefinancial
liquidity,goodsobtainingonhirepurchasesystemwassoldforcash.ThisisagainsttheCompany’s
objectivewhichaimstoprovidefinancialservicewithmoreconvenienceandsatisfactiontocustomersfor
dailylife.
TheCompanyhassetupstandardsandprocessesforcreditapprovalwhichincludecreditpolicy,creditpolicy
disclosuretooperationofficer,creditriskratingandcreditscoringforcustomers,settingcreditcriteria,performingcredit
review,andalsoauthorityforcreditapprovalinordertoenhancethestandardofcreditapprovalonward.
5. RISK FROM DATA STORAGE
TheCompanyisawarethatitsoperationreliesonthehugedatabaseofnumerouscustomers’informationand
computernetwork,fromwhichmaycausesignificantadverseeffecttotheCompanyifanycontingentaccidenthappens.
Riskfromdatastorageincludeslossofthedata,systemfailureofhostcomputerandleakageofconfidentialinformation
outoftheCompany.Againsttheriskfromlossofthedataorsystemfailureofhostcomputer,theCompanyintroduces
thesynchronizedsystemwhichlinksdatabasebetweentheprimaryandsecondarycomputers,andpreservingthe
databaseinformationatthedifferentlocationdaily,weekly,ormonthlybackedupintomagnetictape.
Besides,fortheprotectionofriskfromleakageofconfidentialinformationoutoftheCompany,theCompany
has implementedInformationSecurityManagementSystem(ISMS)which isdesignedtoensuretheselectionof
adequateandproportionatesecuritycontrolsthatprotectinformationassetsandgiveconfidencetointerestedparties.
TheCompanyrealizesthatInformationSecurityanddataprotectionareplacedintoppriority.InFebruary2008,the
CompanywasawardedtheprestigiousISO/IEC27001:2005certificationfor itsInformationSecurityManagement
System(ISMS).ThestandardgivesassuranceandsatisfactionofknowingthattheCompanyisprotectingallinformation
withcontrolsthosearethebestpracticesandarecommonlyusedbyworldclassorganizations.
6. RISK FROM THE GOVERNMENT’S CONTROL
OnNovember11,2002,theMinistryofFinancehasissuedanotificationonthePermissiontoOperateCredit
CardunderSectionoftheAnnouncementofNationalExecutiveCouncilNo.58thatdelegatedauthoritytoBankof
Thailandtocontrolthecreditcardbusiness.Inthisregard,BankofThailandalsoissuedtheBOTnotificationsforthe
regulationonthecreditcardservicestocontrolthemaximuminterestrateandotherfeeschargedof18%perannum
andcashadvanceandotherfeesofnotmorethan3%ofcashingamount.Inaddition,theminimumqualificationofthe
creditcardholdersarerequiredof15,000bahtminimumsalarypermonth.
45Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
InApril2004,theBankofThailandalsoissuedanotificationregardingminimumpayment,creditquality,and
marketingrestrictionsoncreditcardbusinessasfollows:
3 Minimumpaymentincreasedfrom5%to10%ofoutstandingbalanceeffectiveinApril2007.
3 Thecreditcardcompanieshavetocancelthecreditcardsofanycardholderswhohavedefaultson
paymentmorethan3months.
3 Thecreditcardcompanieshavetoverifycustomers’informationwiththecreditbureaubeforeissuingthe
creditcard
3Thecreditlinetobegrantedtoeachcreditcardmustnotbeexceeding5timesofmonthlyincomeor
cashflowinthedepositaccounts.
3Thecreditcardcompanieshavetoestablishrestrictedmarketingproceduresfortheirownmarketing
officersintermofseekingnewcardholdersorexitingcardholders
In July 2005, the Ministry of Finance has issued a notification on the permission to operate personal loan
businessundertheAnnouncementofNationalExecutiveCouncilNo.58thatdelegatedauthoritytoBankofThailandto
control “Personal Loan under supervision” which is defined as:
3Non-collateralizedloansextendedtoapersonwithnoparticularobjectiveornotforbusinesspurpose
3Loansfromhirepurchaseandleasingforgoodsthatoperatorsdonotsellasordinarycourseofbusiness,
exceptcarsandmotorcycles.
In this regard, theBankofThailandalso issuednotificationsregardingqualificationsofPersonalLoan
operators,maximuminterestrateandotherfeeschargedperannum,andmaximumlineofcreditextendtocustomersas
follows:
3Non-financeinstitutionPersonalLoanoperatorsmusthaveregisteredcapitalofnolessthan50million
bahtandrequiredtoseekpermissionfromtheMinistryofFinance
3Interestrates,fines,servicefees,andotheroperatingfeesinaggregatecanbechargedatthemaximum
of28%annually.Theothersadditionalchargescouldbeonactualbaseexpensesinaccordancewiththe
BankofThailand’sregulations.
3Thelineofcreditextendedtocustomersshallnotexceed5timesofhisorheraveragemonthlysalary.
OnNovember28,2006,theBankofThailandissuedthenotificationtoincreasetheceilingofinterestandother
servicechargesfrom18%perannumto20%perannum,accordingtothehigheroperatingcost.Theeffectivedatewas
onDecember1,2006onwards,however,thedebtspendingorcashingbeforetheenforceabledatewillbechargednot
higher than 18% per annum until June 30, 2007. The Bank of Thailand also revised the other regulations on qualification
ofacreditcardholderandconditionsofoperatingthecreditcardbusinesssummarizedasfollows;
3Consideringqualificationsofacreditcardholder,theoperatorscanconsideracreditcardholder’s
depositsorinvestmentsindebtinstrumentsissuedbycommercialbanks,governmentagencies,orstate
ownedenterprisesfoundedbyaspecificlaw.
3Extendingaregulationonconsideringqualificationsofacorporatecardholder, theoperatorscan
considerqualificationsofacorporatecardholderbyevaluatingthefinancialpositionsofthecompany
requestingforcreditcardsinreplacementofconsideringqualificationsofanindividualcardholder.
InSeptember2007,theBankofThailandissuedapolicystatementondebtcollectionforcreditcardand
personalloanbusinesstosetstandardguidelinesaboutdebt-collectingmanners.
47Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Inaddition,inMarch2008,theBankofThailandissuednotificationregardingrules,proceduresandconditions
toundertakecreditcardbusinessforthecreditcardbusinessoperatortoincreasethequalifiedcreditcardholdersby
allowingtoconsiderthecriteriaofhavingfixedaccountwithanybanksmorethan500,000bahtwithin6monthperiodor
investinginanyfixedincomesecuritiesnotlessthan1,000,000bahtwithin6monthperiod.
Uptothepresenttime,theCompanyhashonestlyfollowedallrelatedregulations.Inaddition,ifanyregulation
relatedtotheCompany’sbusinessisissuedinthefuture,theCompanywillalsocomplywithsuchregulation.
7. RISK OF AN OPTION TO BUY BACK EXCESS DEFAULTED RECEIVABLES FROM SPECIAL PURPOSE VEHICLE COMPANY LIMITED (SPV) UNDER THE SECURITIZATION PLAN
TheCompanysoldanamountofrevolving1,999.99millionbahtnon-recoursehirepurchasereceivablesto
EternalSpecialPurposeVehicleCompanyLimited(ESPV)onFebruary17,2004,2,956.80millionbahtnon-recourse
creditcardreceivablestoEternalCreditCardSpecialPurposeVehicleCompanyLimited(ECC)onFebruary16,2005,
and2,782.51millionbahtnon-recoursecreditcardreceivabletoEternal3SpecialPurposeVehicleCompanyLimited
(ESPT)onFebruary6,2006,and3,038.02millionbahtnon-recoursecreditcardreceivabletoEternal4SpecialPurpose
Vehicle Company Limited (Eternal 4) on June 25, 2007 accordingly. These 4 Special Purpose Vehicle Companies were
incorporatedundertheCivilandCommercialCodeofThailandtobespecialpurposevehicles(SPV)undertheRoyal
Enactment on Special Purpose Juristic Persons for Securitization B.E. 2540 (1997), under securitization plan which was
approvedbytheOfficeoftheSecuritiesandExchangeCommission.
TheCompanyhasanoptiontobuybackthoseexcessdefaultedreceivables fromtheSpecialPurpose
Vehiclescompanies.However,iftheCompanydoesnotexercisetheoptionorhavingexercisedtheoptionfailsto
repurchaseallsuchexcessdefaultedreceivablesfromtheSPVs,suchnon-exerciseoffailureshallconstituteatrigger
event.SuchsituationwillnotoccuraslongastheCompanyhasperformedagooddebtmanagement.(Detailsof
agreementsrelatingtosecuritizationtransactionseeNotetoFinancialStatementsNo.27)
8. RISK FROM CONTROLLING OF THE MAJOR SHAREHOLDER MORE THAN 50%
Currently,AEONgroupisamajorshareholderoftheCompanyholding157,800,000sharesorequivalentto
63.12percentofpaid-upcapital.Thisresultsinthefactthatthemajorshareholdercancontrolalmostallshareholders’
resolutionswhichrequiremorethan50percentofthevotesexcepttheagendastipulatedbyLawsorArticlesof
Associationthatmusthaveavoteofnotlessthanthreequartersofthetotalnumberofvotes.Consequently,other
shareholdersoftheCompanymaynotbeabletogathertheirvotingrightsinordertocheckandbalancetheagenda
proposedbythemajorshareholder.
However,theCompanyhasregularlymonitoredandassessedriskinallaspects.Inordertoevaluatethe
businessenvironmentalchangeanditseffect,theCompanyhasheldmonthlyriskmanagementmeetinganddepartment
meetingwhichtheexecutivedirectorsandrelatedexecutivemanagements jointhismeetingandconsiderhowto
improvethestrategyandreachtarget.Inaddition,theCompanyhasmonitoredtherisksbyassessingotherriskfactors
thatmightaffecttotheCompany’sachievement.
49Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
SHAREHOLDERS STRUCTURE
TheCompanyhasregisteredcapitalof250millionbaht,paid-upcapitalof250millionbahtdividedinto250
millionordinaryshareswithaparvalueofBaht1each.
Listof10majorshareholdersasatFebruary20,2009,canbeshownasfollows:
Name of Shareholders Number of share held Shareholding (shares) (%)
1. AEON Credit Service Co., Ltd. / Japan 87,800,000 35.12
2. ACSCapitalCorporationLimited 48,000,000 19.20
3. ThaiNVDRCo.,Ltd. 27,571,036 11.03
4. AEONHolding(Thailand)Co.,Ltd. 22,000,000 8.80
5. SOMERS(U.K.)Limited 15,636,200 6.25
6. Mr. Chatchaval Jiaravanon 15,000,000 6.00
7. AberdeenGrowthFund 3,796,900 1.52
8. Mr.SompongChonkadeedumrongkul 3,354,400 1.34
9. AberdeenLongTermEquityFund 2,926,500 1.17
10. StateStreetBankandTrustCompanyforLondon 2,648,600 1.06
ShareholdersfromAEONGroupincludedasfollows:
Shareholder/ Location Relationship Number of share % of share held in the holding in Company the Company (shares)
1. AEON Credit Service AEON Co., Ltd. (Japan) is 87,800,000 35.12
Co., Ltd./ Japan the major shareholder.
2. ACSCapitalCorporationLtd./ AEONCreditServiceCo.,Ltd.is 48,000,000 19.20
Thailand themajorshareholder.
3. AEON Holding (Thailand) AEON Co., Ltd. (Japan) is 22,000,000 8.80
Co.,Ltd./Thailand themajorshareholder.
51Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
BOARD OF DIRECTORS PROFILE
Mr. Yoshiki Mori*
Position 3ChairmanoftheBoard
Age (Year) 358
Education Background 3Bachelor Degree in Economics, Nanzan University, Japan
Shareholding Percentage (20/02/09) 30.5610%
Working Experience for the last 5 years
1999 - Present 3Chairman,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
1997 - Present 3Director,AEONCreditService(M)Berhad/RetailFinance
1999 - Present 3Chairman,AEONCreditService(Asia)CompanyLimited/RetailFinance
2002 - Present 3Chairman,AEONCreditService(Taiwan)Co.,Ltd./RetailFinance
2005 - Present 3Director,ACSCapitalCorporationLimited/Leasing
2008 - Present 3ChairmanoftheFinancialServiceBusinessExecutiveCommittee,AEONCo.,Ltd./Retail
2008 - Present 3Chairman,AEONCreditServiceCo.,Ltd./RetailFinance
Mr. Masao Mizuno*
Position 3ViceChairmanoftheBoardandManagingDirector
Age (Year) 350
Education Background 3Bachelor Degree in Law, Aichi Gakuin University, Japan
DirectorsCertificate,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.6027%
Working Experience for the last 5 years
1992 - Present 3ManagingDirector,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2001 - Present 3Director,ACSCapitalCorporationLimited/Leasing
2005 - Present 3Director,ACSInsuranceBroker(Thailand)CompanyLimited/InsuranceBroker
2006 - Present 3Director,Aeon(Thailand)Co.,Ltd./Retail
2006 - Present 3Director,ACSLifeInsuranceBroker(Thailand)CompanyLimited/LifeInsuranceBroker
2007 - Present 3Director,ACSServicing(Thailand)CompanyLimited/DebtServicing
2007 - Present 3Chairman,AEONThailandFoundation/Foundation
Mr. Mitsuhiko Yashiro
Position 3Director
Age (Year) 350
Education Background 3Diploma in Computer Science, Tokyo Science and Engineering College, Japan
DirectorCertificate,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0960%
Working Experience for the last 5 years
2001 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2008 - Present 3Director,AEONCreditTechnologySystems(Philippines)Inc./InformationTechnology
* TheauthorizedsignatoryoftheCompanyisMr.YoshikiMoriorMr.MasaoMizunowithaffixingtheCompany’sseal.
53Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Mrs. Suporn Wattanavekin
Position 3Director
Age (Year) 345
Education Background 3MasterDegreeinBusinessAdministration,NationalInstituteofDevelopmentAdministration
DirectorDiploma,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0800%
Working Experience for the last 5 years
2000 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2005 - Present 3Director,ACSInsuranceBroker(Thailand)CompanyLimited/InsuranceBroker
2005 - Present 3Director,NAVALeasingPublicCompanyLimited/AutoFinance
2006 - Present 3Director,ACSLifeInsuranceBroker(Thailand)CompanyLimited/LifeInsuranceBroker
2007 - Present 3ViceChairman,AEONThailandFoundation/Foundation
Mr. Apichat Nantaterm
Position 3Director
Age (Year) 354
Education Background 3MasterinComputerScience,AtlantaUniversity,USA
DirectorAccreditationProgram,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0308%
Working Experience for the last 5 years
2001 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2005 - Present 3Director,ACSInsuranceBroker(Thailand)CompanyLimited/InsuranceBroker
2006 - Present 3Director,ACSLifeInsuranceBroker(Thailand)CompanyLimited/LifeInsuranceBroker
Miss Kannika Kursirikul
Position 3Director
Age (Year) 355
Education Background 3BachelorDegreeinAccounting,ThammasatUniversity
DirectorsCertificate,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0200%
Working Experience for the last 5 years
2004 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2005 - Present 3Director,ACSCapitalCorporationLimited/Leasing
2002 - 2004 3VicePresident,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
Mrs. Jiraporn Kongcharoenwanich
Position 3Director
Age (Year) 340
Education Background 3MasterofPublicandPrivateManagement,NationalInstituteofDevelopmentAdministration
DirectorAccreditationProgram,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0005%
Working Experience for the last 5 years
2006 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2004 - 2006 3VicePresident,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2003 - 2004 3AssistantVicePresident,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
55Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Mr.Shigeto Nasu
Position 3Director
Age (Year) 339
Education Background 3Bachelor of Arts in Economics, Aoyama Gakuin University, Japan
DirectorsCertificate,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0013%
Working Experience for the last 5 years
2007 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2006 - 2007 3SeniorVicePresident,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2004 - Present 3Director,ACSCapitalCorporationLimited/Leasing
2004 - 2005 3VicePresident,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2004 - 2004 3AssistantVicePresident,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
1994 - 2004 3Manager,AEONCreditServiceCo.,Ltd./RetailFinance
Mr. Chatchaval Jiaravanon
Position 3Director
Age (Year) 347
Education Background 3BachelorofScienceinBusinessAdministration,UniversityofSouthernCalifornia,USA
Shareholding Percentage (20/02/09) 36.0000%
Working Experience for the last 5 years
2000 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
1993 - Present 3Director,TRUECorporationPublicCompanyLimited/Telecommunication
1999 - Present 3CEO,TRUEMultimediaCompanyLimited/Multimedia
2000 - Present 3PresidentandCEO,TelecomHoldingCompanyLimited/HoldingCompany
2003 - Present 3CEO,AsiaInfonetCompanyLimited/InternetCompany
2005 - Present 3Chairman,NAVALeasingPublicCompanyLimited/AutoFinance
2007 - Present 3ChairmanandExecutiveChairman,SyrusSecuritiesPublicCompanyLimited/SecuritiesBusiness
2000 - 2005 3IndependentDirector,Cal-CompElectronics(Thailand)PublicCompanyLimited/Electronics
2002 - 2007 3Director,SyrusSecuritiesPublicCompanyLimited/SecuritiesBusiness
2007 - Present 3Director,AEONThailandFoundation/Foundation
Mr. Takatoshi Ikenishi
Position 3Director
Age (Year) 345
Education Background 3Bachelor of Economics, Kwansei Gakuin University, Japan
Shareholding Percentage (20/02/09) 3-
Working Experience for the last 5 years
2008 - Present 3Director,AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2008 - Present 3Director,AEONCreditService(Asia)Co.,Ltd./RetailFinance
2008 - Present 3Director,AEONCreditService(M)Berhad/RetailFinance
2008 - Present 3Director,AEONCreditServiceCo.,Ltd./RetailFinance
2007 - 2008 3HeadofOverseasBusinessAdministration,AEONCreditServiceCo.,Ltd./RetailFinance
2006 - 2007 3ChiefGeneralManager,AEONCreditServiceCo.,Ltd./RetailFinance
2000 - 2006 3General Manager, Toyota Finance Corporation, Japan / Finance
57Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Mr. Noppun Muangkote
Position 3IndependentDirectorandChairmanofAuditCommittee
Age (Year) 361
Education Background 3MasterDegreeinLaw,NewYorkUniversity,USA
DirectorAccreditationProgram,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0520%
Working Experience for the last 5 years
2001 - Present 3IndependentDirectorandChairmanofAuditCommittee,
AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
1981 - Present 3Director,InternationalBusinessLawyersCompanyLimited/LegalAdvisor
1990 - Present 3DirectorandViceChairman,SahakolGroupofCompanies/ConstructionContractor/Energy
1994 - Present 3Director,Aeon(Thailand)Co.,Ltd./Retail
2001 - Present 3IndependentDirectorandAuditCommittee,
AmataCorporationPublicCompanyLimited/PropertyDevelopment
2005 - Present 3Director,AEONHolding(Thailand)CompanyLimited/Holding
2007 - Present 3Director,AEONThailandFoundation/Foundation
Mr. Dej Bulsuk
Position 3IndependentDirectorandAuditCommitteeMember
Age (Year) 359
Education Background 3BachelorinFacultyofCommerceandAccountancy,ThammasatUniversity
DirectorAccreditationProgram,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 3-
Working Experience for the last 5 years
2001 - Present 3IndependentDirectorandAuditCommitteeMember,
AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
2002 - Present 3IndependentDirectorandAuditCommitteeMember,GMMMediaPublicCompanyLimited/Entertainment
2002 - Present 3Independent Director and Audit Committee Member, JAY MART Public Company Limited / Mobile Phone
2004 - Present 3Director,SiamFutureDevelopmentPublicCompanyLimited/Property
2004 - Present 3IndependentDirectorandAuditCommitteeMember,TheErawanGroupPublicCompanyLimited/HotelService
2004 - Present 3President,CCCBusinessDevelopmentCo.,Ltd./Training
2006 - Present 3IndependentDirectorandChairmanofAuditCommittee,GMMGrammyPublicCompanyLimited/Entertainment
2006 - Present 3AdvisortoBoardofDirector,PresidentBakeryPublicCompanyLimited/Bakery/Food
2007 - Present 3DirectorandChairmanoftheGoodGovernance,RecruitmentandRemunerationCommittee,
ThailandConventionandExhibitionBureau(TCEB)/(PublicOrganizationOffice),ofthePrimeMinister
2002 - 2006 3IndependentDirectorandAuditCommitteeMember,GMMGrammyPublicCompanyLimited/Entertainment
2004 - 2006 3HonoraryChairman,McThaiCompanyLimited(McDonald’s)/Food
2001 - 2006 3Chairman,RonaldMcDonaldHouseCharitiesFoundation/Foundation
1984 - 2004 3Chairman,McThaiCompanyLimited(McDonald’s)/Food
Mr. Shunichi Kobayashi
Position 3IndependentDirectorandAuditCommitteeMember
Age (Year) 366
Education Background 3Diploma in Language, Kanda Foreign Language Institute, Japan
DirectorCertificate,ThaiInstituteofDirectorsAssociation
Shareholding Percentage (20/02/09) 30.0400%
Working Experience for the last 5 years
2001 - Present 3IndependentDirectorandAuditCommitteeMember,
AEONThanaSinsap(Thailand)PublicCompanyLimited/RetailFinance
1991 - Present 3President,InternationalAdministration(Thailand)CompanyLimited/Accounting
andLegalConsulting
59Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
MANAGEMENT
STRUCTURE OF DIRECTORS OF THE COMPANY
TheCompanyhastwocommittees;theBoardofDirectorsoftheCompanyandtheAuditCommittee,the
detailsofwhichareasfollows:
Board of Directors of the Company
BoardofDirectorsoftheCompanycomposedof13directorswhosenamesandthenumberofBoardof
Directors’Meetings,whichtheyattendedintheFY2008,arelistedbelow:
Name Position Number of Meetings Attended
1. Mr.YoshikiMori ChairmanoftheBoard 1/5
2. Mr.MasaoMizuno ViceChairmanandManagingDirector 5/5
3. Mr.MitsuhikoYashiro Director 5/5
4. Mrs.SupornWattanavekin Director 5/5
5. Mr.ApichatNantaterm Director 5/5
6. Ms.KannikaKursirikul Director 5/5
7. Mr. Chatchaval Jiaravanon Director 3/5
8. Mr.TakatoshiIkenishi* Director 1/3
9. Mrs.Jiraporn Kongcharoenwanich Director 5/5
10. Mr.ShigetoNasu Director 5/5
11. Mr.NoppunMuangkote IndependentdirectorandChairmanofauditcommittee 4/5
12. Mr.DejBulsuk Independentdirectorandauditcommitteemember 4/5
13. Mr.ShunichiKobyashi Independentdirectorandauditcommitteemember 4/5
*Appointed Director as of June 18, 2008 to replace Mr. Kazuhide Kamitani, a directors retiring by rotation Note: - TheauthorizeddirectoroftheCompanyisMr.YoshikiMoriorMr.MasaoMizunowiththeCompany’ssealandtheirsignature.
TheCompanyhasappointedCorporateSecretaryasfollows:
1.Ms.SupanneeAsawasuwan VicePresident,MD’sOffice
2.Mr.EiichiroKimura VicePresident,LegalOffice
Scope of powers and duties of the Board of Directors of the Company
1. Adirectorshallperformhis/herdutiesincompliancewiththelaw,objectivesandarticlesofassociationof
theCompanyaswellastheresolutionsoftheshareholders’meeting.
2. Adirectorshallnotoperateanybusinesswhichhasthesamenatureasandisincompetitionwiththatof
theCompany,norbeapartnerinanordinarypartnershiporunlimitedpartnerinalimitedpartnership,nor
beadirectorinotherlimitedorpubliclimitedcompanyhavingabusinessofasimilarnaturecompeting
againstthebusinessoftheCompany,unlesstheyhaveinformedtheshareholders’meetingbeforethe
resolutionappointingthemasdirectorshasbeenpassed.
61Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
3. Adirectorshall,withoutdelay,informstheCompanyincasewherehe/shehasadirectorindirectinterest
inanycontract,whichismadebytheCompany,orhe/sheholdssharesordebenturesoftheCompanyor
anaffiliatedcompanyincreasinglyordecreasingly.
4. TheBoardofDirectorsshallholdatleastonceeverythreemonths.
5. ADirectorwhohasaninterestinanyresolutionshallhavenorighttovoteonsuchresolution.
6. Atanymeeting,incaseofequalityofvotes,thechairmanofthemeetingshallbeentitledtoacastingvote.
Scope of duties and responsibilities of the Corporate Secretary
1. Prepareandmaintainthefollowingdocuments:
a. Directors’Registry.
b. NoticesfortheBoardofDirectors’Meetings,MinutesoftheBoardofDirectors’MeetingsandAnnual
ReportoftheBoardofDirectors.
c. NoticesfortheShareholders’MeetingsandMinutesoftheShareholders’Meetings.
2. MaintaintheReportonStakeHoldingofDirectorsandManagement.
3. CarryoutothertasksasassignedbytheBoardofDirectors.
Independent Directors and Audit Committee
TheAuditCommitteecomposedof3memberswhosenamesandthenumberoftheauditcommitteemeetings,
whichtheyattendedintheFY2008,arelistedbelow:
Name Position Number of Meetings Attended
1. Mr.NoppunMuangkote IndependentDirectorandChairmanofAuditCommittee 4/4
2. Mr.DejBulsuk IndependentDirectorandAuditCommitteeMember 4/4
3. Mr.ShunichiKobayashi IndependentDirectorandAuditCommitteeMember 4/4
Scope of powers and duties of the Audit Committee
In2008,theBoardofDirectors’meetingapprovedthepreliminarypoliciesofAuditCommitteewhichwasin
linewithNotificationoftheStockExchangeofThailandregardingQualificationsandScopeofWorkoftheAudit
Committee,2008.Detailscanbesummarizedasfollows:
1. ReviewtheCompany’sfinancialreportingprocesstoensureaccuracyandadequacy.
2. EnsuretheCompanyhassuitableandefficientinternalcontrolsystemandinternalaudit.TheCommittee
shallconsidertheindependenceoftheInternalAuditOffice.
3. ReviewtheperformanceoftheCompanytoensurecompliancewiththesecuritiesandexchangelaw,
regulationsoftheStockExchangeofThailandorlawsrelatingtobusinessoftheCompany.
4. Consider,selectandnominatetheCompany’sexternalauditorandrecommenditsremuneration.The
Committeeshallmeetprivatelywiththeexternalauditoronceayear,withoutthemanagementteambeing
present.
5. ReviewthedisclosureoftheCompanyincasewherethereisanyconnectedtransactionsthatmayleadto
conflictofinterestsoastoensurethereasonabletransactionandbenefittotheCompany.
63Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
6. PrepareareportonmonitoringactivitiesoftheCommitteetobedisclosedintheannualreportofthe
Company,whichshallbesignedbytheChairmanoftheCommitteeandcontainedatleastthefollowing
information:
6.1 anopinionontheaccuracy,completenessandcreditabilityoftheCompany’sfinancialreport,
6.2 anopinionontheadequacyoftheCompany’sinternalcontrolsystem,
6.3 anopiniononthecompliancewiththelawonsecuritiesandexchange,theExchange’sregulations,
orthelawsrelatingtotheCompany’sbusiness,
6.4 anopiniononthesuitabilityofanauditor,
6.5 anopiniononthetransactionsthatmayleadtoconflictsofinterests,
6.6 thenumberof theauditcommitteemeetings,andtheattendanceofsuchmeetingsbyeach
committeemember,
6.7 anopinionoroverviewcommentreceivedbytheauditcommitteefromitsperformanceofdutiesin
accordancewiththecharter,and
6.8 othertransactionswhich,accordingtotheauditcommittee’sopinion,shouldbeknowntothe
shareholdersandgeneralinvestors,subjecttothescopeofdutiesandresponsibilitiesassignedby
theCompany’sboardofdirectors;and
7. PerformanythingelsewhichwasassignedbytheBoardofDirectorsoftheCompanytogetherwithan
approvalandunderthescopeofdutiesandresponsibilitiesoftheCommittee.
Definition of Independent Director
The qualification of “Independent Director” has been defined by the Company which are required by Securities
andExchangeCommissionandtheStockExchangeofThailand,assummarizedbelow.
1. Theymustnotinvolveintheday-to-daymanagementoftheCompanyoranaffiliatedcompany,an
associatedcompany,arelatedcompanyorwiththemajorshareholdersofthecompany.
2. Theymustnotbetheemployeesorastaffmemberoranadvisorwhoreceivesaregularsalaryfromthe
Company,anaffiliatedcompany,anassociatedcompany,arelatedcompanyorthemajorshareholdersof
thecompany.
3. Theymustbefreeofanypresent,directed,financialor,otherinterestinthemanagementandbusinessof
thelistedcompany,itssubsidiaries,associatedcompanies,oritsmajorshareholdersandmustbefreeof
anypastdirectorindirect,financial,orotherinterestinthemanagementandbusinessofthecompany.
4. Theymustnotbearelativeofanyexecutivedirector,executiveofficerormajorshareholdersofthe
Company.
5. Theymustnotbeactingasanomineeor representativeofanydirector,majorshareholder,or
shareholderswhoarearelativeofanymajorshareholdersoftheCompany.
6. Theymustbeable tocarryout theirduties,exercisetheir judgment,andreport thecommittee’s
performance,whichareassignedbytheboardofdirectorswithoutinfluencedbyexecutivedirectorsor
majorshareholdersoftheCompany.
7. AnycriteriaspecifiedbyStockExchangeofThailandandSecuritiesandExchangeCommissionwhichare:
7.1 MustnotholdmorethanonepercentofthetotalvotingrightsintheCompany,theCompany’s
subsidiaryoraffiliatedcompanywithpotentialconflictsofinterest.
65Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
7.2 MustnothaveaconnectiontotheCompanyandassociatedcompanyasastakeholderoras
recipientoffinancialormanagementbenefitsforatleasttwoyears.Examplesofthisconnectionare:
3 beingamanagementmember,employee,staff,oradvisorwhoreceivesasalary,oraperson
withcontrollingpowerintheCompanyorsubsidiarycompany,orapersonwithapotential
conflictofinterest;
3 havingabusiness relationship,an interestorastakewhetherdirectlyor indirectlyboth
financiallyandinthemanagementoftheCompany,subsidiaryoraffiliatedcompanywhichmay
leadtoalackofindependence;
3 beingaproviderofprofessionalservice,suchasanauditor, legalconsultant, financial
consultant,orpropertyassessor;
3 beingacloserelativeofanexecutive,amajorshareholderoftheCompany,subsidiaryor
affiliatedcompany,orisappointedtoprotecttheinterestsofadirectorormajorshareholder;
3 notoperatingthesameandcompetitivebusinesswiththebusinessoftheCompany,orits
subsidiary,orisnotasignificantpartnerofthepartnership,orisnotanexecutivedirectorofany
othercompanywhichoperatessameandcompetitivebusinesswith thebusinessof the
Company,oritssubsidiary;
3 nothavinganyotherwiseconnectionwhichisunabletohavetheindependentopinionregarding
thebusinessoperationoftheCompany.
TheCompanyrequiresindependentdirectorsandauditcommitteememberstomeetatleast4timesayearto
promotetheopportunityforthemtomeetamongthemselvestoproposeguidelinesinimprovingthequalityofthe
Company’scorporategovernanceconsistentwithgoodgovernancepracticesofregisteredcompaniesintheStock
ExchangeofThailand.
Management
AsofFebruary20,2009,theCompanyhastotaling21executiveofficers,whosenamesareaslistedbelow:
Name-Surname Position
1. Mr.MasaoMizuno ViceChairmanoftheBoardandManagingDirector*
2. Mr.MitsuhikoYashiro Director*
3. Mrs.SupornWattanavekin Director*
4. Mr.ApichatNantaterm Director*
5. Ms.KannikaKursirikul Director*
6. Mrs. Jiraporn Kongcharoenwanich Director*
7. Mr.ShigetoNasu Director*
8. Mr.TawatchaiPeechapat SeniorVicePresident-MIS
9. Mr.IkuoNakamachi SeniorVicePresident-FinanceandAccounting
10. Mr.NobuakiOnishi VicePresident-CSRDepartment
11. Mr.DaisukeMaeda VicePresident-MarketingDepartment
12. Mr.MasakiWatanabe VicePresident-CollectionandCreditControlDepartment
67Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Name-Surname Position
13. Ms.SupanneeAsawasuwan VicePresident-MD’sOffice
14. Mr.EiichiroKimura VicePresident-BusinessControlManagement
15. Ms.SiriwanThanuthai VicePresident-CSR/CQSOffice
16. Ms.GritslaKommongkol VicePresident-Collection
17. Mr.PornchaiKetkaew VicePresident-Marketing/SouthRegion
18. Mr.NuntawatChotvijit VicePresident-Marketing/CreditCard
19. Mrs.SupattraRugkhumkaew VicePresident-Marketing/NortheastRegion
20. Mr.TsuyoshiNagata VicePresident-Marketing/BusinessDevelopment
21. Mr.HisashiHigashida VicePresident-Marketing/Corporate&
InternationalService
*Directorswhoinvolveinday-to-dayoperationoftheCompany.
Scope of power and duties of Managing Director
TheManagingDirectorshallhavetheauthorityanddutytomanagetheCompanyasdelegatedbytheBoard
ofDirectorsandshallperforminaccordancewiththecorporateplan includingconductingand/ormanagingthe
Company’sroutinetasks,andconductingactivitiespursuanttothepolicies,businessplansandbudgetasapprovedby
theBoardofDirectors.Inthisregard,theManagingDirectorcandelegatetheotherperson(s)theauthoritytoperformhis
duties.
TheManagingDirectorortheperson(s)delegatedbyhimshallnotapprove,involveinortransactbusiness,or
dealinwhichheoranypersonwhoislikelytohaveaconflictofinterest,hasaninterestorislikelytohaveaconflictof
interestofanykindwiththeCompanyortheCompany’ssubsidiaries.
NOMINATION OF DIRECTORS AND EXECUTIVES
TheprocessofnominatingdirectorisnotperformedbyNominationCommitteeastheCompanyhasnotyet
appointedNominationCommittee.However,theBoardofDirectorswillconsidernominatingdirectorfromqualifications,
experiencesandexpertiseinvariousareas.Andthegeneralmeetingofshareholderswillelectandappointthedirectors
oftheCompany.TheBoardofDirectorsshalloperatethebusinessoftheCompanyunderthecontrolofthegeneral
meetingofshareholdersandthearticlesofassociationoftheCompany.Theprocedurefortheappointmentofdirectors
canbesummarizedasfollows:
1. Oneshareholderhasonevoteperoneshare;
2. Inchoosingthedirectors,thevotingmethodusedmaybetovoteoncandidatebycandidateorseveral
candidatestogether,whichevertheshareholders’meetingfindsappropriate,butinvotingtopassthe
resolutiontheshareholdersshallvoteusingallthevotesunderClause1whichcannotbedividedforany
personorgrouptoanyextentatall.
3. Intheelectionofthedirectors,thevoteshallbeonthemajoritybasis.Incaseofequalityofvotes,the
chairmanofthemeetingshallbeentitledtoacastingvote.
69Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
The Chairman of the Board is the representative of the AEON Credit Service, Japan, which held the Company’s
sharesof54.32%andheisnottheManagingDirectoroftheCompany.Moreover,bothofthemaretherepresentatives
fromthesamemajorshareholdersbutinordertobalancethepowerofmanagement,theCompany’sboardstructure
alsoconsistsof3independentdirectors.
REMUNERATION OF THE BOARD OF DIRECTORS AND MANAGEMENT
ThedeterminationofremunerationoftheCompany’sdirectorsisnotperformedbyRemunerationCommitteeas
theCompanyhasnotyetappointedNominationCommittee.However,theBoardofDirectors’Meetinghadmadean
annualreviewofthedirectors’remunerationtoensurethatremunerationiscommensuratewiththeirdutiesand
responsibilitiesandthenproposedtotheshareholders’meetingtoconsiderandapprove.
Monetary Remuneration
InFY2008,theCompanyhastotaling13directorsand21executiveofficers.ThedirectorsremunerationforFY
2008commencingfromFebruary21,2008,andendingonFebruary20,2009,canbesummarizedasfollows:
Remuneration Name Position (Million Baht) FY 2007 FY 2008
1. Mr.YoshikiMori ChairmanoftheBoard** None None
2. Mr.MasaoMizuno ViceChairmanandManagingDirector* 3.00 3.10
3. Mr.MitsuhikoYashiro Director* 0.70 0.75
4. Ms.SupornWattanavekin Director* 0.65 0.70
5. Mr.ApichatNantaterm Director* 0.67 0.72
6. Ms.KannikaKursirikul Director* 0.58 0.63
7. Mr.Chatchaval Jiaravanon Director 0.73 0.74
8. Mr. Takatoshi Ikenishi Director** Appointed June 18, 2008
9. Mrs.Jiraporn KongcharoenwanichDirector* 0.45 0.50
10. Mr.ShigetoNasu Director* Appointed 0.48
June 19, 2007
11. Mr.NoppunMuangkote Independentdirectorand 0.66 0.67
Chairmanofauditcommittee
12. Mr.DejBulsuk Independentdirectorand 0.55 0.56
auditcommitteemember
13. Mr.ShunichiKobayashi Independentdirectorand 0.55 0.56
auditcommitteemember
Total 8.54 9.41
*Executivedirectors**DirectorsfromAEONCreditServicedonothaveanyremunerationfromtheCompany
71Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Remuneration for Executive Directors and Executive Officers
Remuneration of Executive Officers Types of Remuneration (Million Baht) FY 2007 FY 2008
NumberofExecutives 11 21
Salaryandotherincentives 34.18 61.11
Bonus 0.60 8.63
Contributionaddedintoprovidentfund 0.36 0.68
Total 35.14 70.42
Note: InFY2007,thoseincluded4SeniorVicePresidentwhile,inFY2008,thoseincluded12VicePresidenttogetherwith2
SeniorVicePresident.However,afterreorganizingthemanagementstructureatthebinningoftheFY2009,ManagementunderSECdefinitionwouldinclude4SeniorVicePresident.
Other remuneration
-None-
GOVERNANCE OF THE USAGE OF INSIDE INFORMATION
AEONTSrecognizestheimportanceofinformationdisclosureandtransparencytoallrelatedpartiesincluding
shareholders,investors,securitiesanalystsandthepublic.TheCompanysetsupthepoliciestoprotectdirectorsand
executiveofficerstoexploittheCompany’sinsideinformationfortheirownbenefit.(DetailedasprescribedinEquitable
TreatmentofShareholdersunderCorporateGovernance)
Inaddition,thedirectors,executives,andemployeeshavetosignintheagreementsforkeepingconfidential
informationand/ortheCompany’sinsideinformation.TheCompanyalsohasthepenaltiesimposeduponthosewho
violatesuchagreements.
INTERNAL CONTROL
AtthemeetingoftheAuditCommitteeMembers,No.1/2009datedApril21,2009thereareall3committee
membersinattendance,theAuditCommitteemeetingapprovedtheCodeofCorporateGovernanceConductas
proposedbytheExecutiveBoardandevaluatedthe internalcontrolsystemscovering5parts:organizationand
environment,riskmanagement,supervisionofthemanagement,informationtechnologyanddatacommunication,and
monitoringsystem,byaskingfor information fromtheCompany’smanagement. TheAuditCommitteemeeting
consideredthattheCompanyhassufficientinternalcontrolssystemsregardingthemakingoftransactionswithmajor
shareholders,directors,managementoranypersonrelatedtoallsuchpersons.Inrespectofinternalcontrolofother
issues,theAuditCommitteeMeetingconsideredthattheinternalcontrolsalsoaresufficient.(Detailedasprescribedin
AuditCommitteeReport)
73Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
DIVIDEND POLICY OF THE COMPANY
ThepolicyfordividendpaymentoftheCompanyisattherateofnotlessthan30%oftheCompany’snet
profit.TheBoardofDirectors’resolutionofdividendpaymenthastobeapprovedattheShareholders’Meeting,unlessit
isaninterimdividenddistribution.TheBoardofDirectorsauthorizedtoapprovetheinterimdividendpaymentbefore
reportingitatthenextShareholders’Meeting.
Forthefiscalyear2008,theBoardofDirectors’MeetingonSeptember26,2008resolvedtopayinterim
dividendpaymentat1.05bahtpershareandpaidthedividendtoshareholdersonOctober24,2008.Inaddition,the
BoardofDirectors’meetingonApril21,2009approvedthefinaldividendpaymentof1.05bahtpershare,whichwillbe
paid after being approved by the shareholders meeting on June 17, 2009. Totally, dividend payment for FY 2008 will be
2.10bahtpershare,totally525millionbaht.
ThedividendpaymentsoftheCompanycomparedtothepreviousyearareasfollow:
FY 2007 FY 2008
Interim Dividend(bahtpershare) 1.00 1.05
Final Dividend(bahtpershare) 1.00 1.05
Total Dividend(bahtpershare) 2.00 2.10
Payoutratio 42.6% 44.0%
THE AUDITORS’ REMUNERATIONS
Forthefiscalyear2008endedFebruary20,2009,theCompanyappointedthreeauditorsfromDeloitteTouche
Tohmatsu Jaiyos Audit Company Limited. Deloitte Touche Tohmatsu Jaiyos Audit Company limited and the auditors
proposedasauditoroftheCompanyandsubsidiarieshavenorelationshiporanyinterestwiththeCompanyor
subsidiaries,executives,majorshareholders,orrelatedpersons,inthewayimpacttheirperformingtaskindependently.
Moreover, Deloitte Touche Tohmatsu Jaiyos Audit Company Limited is the auditor of Eternal 3 Special Purpose Vehicle
Co.,Ltd.andEternal4SpecialPurposeVehicleCo.,Ltd.,thesubsidiariesoftheCompany.TheauditorsoftheCompany
andsubsidiariesareasfollows:
1) Mr. Niti Jungnitnirundr C.P.A. (Thailand) Registration No.3809
2)Ms.NachaleeBoonyakarnkul C.P.A.(Thailand)RegistrationNo.3126
3)Dr.SuphamitTechamontrikul C.P.A.(Thailand)RegistrationNo.3356
Theauditors’remunerationsforthefiscalyear2008endedFebruary20,2009areasfollows:
The Company Subsidiaries
Auditorfee 4,800,000baht 700,000baht
Non-auditorfee(Miscellaneousexpenses*) 23,500baht -
Total 4,823,500baht 700,000baht
Note: *The miscellaneous expenses are copy, stamps, transportation etc. pay to Deloitte Touche Tohmatsu Jaiyos Audit Company Limited
75Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
CORPORATE GOVERNANCE
1. RIGHTS OF SHAREHOLDERS
Recognizingtheimportanceoftheshareholders’rights,includingsharinginthecompany’sprofit,beingableto
buy,sellortransfershares,receivingadequateinformation,participatingandvotingintheshareholders’meetingon
significantissues,etc.,theCompanyhascontinuallyprotectedandencouragedtheshareholderstoexercisetheirrights
byemphasizingthedisclosureofaccurate,complete,timely,andtransparentinformationtoshareholders.In2008,the
Companyhastakensteptopromotetheshareholders’rightsonthefollowingtasks:
1. The Company conducted shareholders’ meeting on June 18, 2008 and sent a notification of shareholders’
meeting,containingagendadetailsandrelatedappendicestogetherwithopinionoftheBoardofDirectors,Articlesof
Associationrelatingtoshareholder’smeeting,proxyforms,alistofallIndependentDirectors,amapshowingthe
meetingvenue,andalsothecriteriaandproceduresgoverningshareholders’meetingtoshareholders for their
considerationmorethan15daypriortothemeetingdateaswellasdisclosedthenoticeofshareholders’meetingonthe
Company’swebsiteatleast30daysbeforethemeetingdate.Theshareholders’noticewasalsopublishedinaThaiand
Englishdailynewspaper.
2. TheCompanyalwaysallowsregistrationofshareholdersatleast1hourbeforeeachmeeting.Barcode
systemwasusedforshareholderregistrationandproxyregistration,allowingforaquickandefficientregistration
procedureandalsoprintedballotswerehandedouttoeachshareholderforvoting.
3. Beforeeachmeeting, theChairmanclearly informedallshareholdersofvotingandvotecounting
procedureswithonesharebeingequaltoonevote.TheCompanywillaskshareholdervolunteerstowitnessballot
countsforgreatertransparency.Toprotecttherightsofshareholders,theCompanyconductsballotingforeachmatter
separately.Inaddition,approvalofeachresolutionwasbasedonthemajorityvotes,exceptforspecialresolutions
whichrequiredapprovalofnolessthanthree-fourthsoftotalvotesofeligiblevoterspresentatthemeeting.
4. ChairmanoftheBoardofdirectorsistheChairmanofthemeeting.Therewere11directorsinattendance
suchmeetingtogetherwithauditorandlegaladvisersoftheCompany.TheChairmanofthemeetinghadallocated
appropriatetimeandencouragedequalopportunitiesforshareholderstoexpresstheiropinionsandraiseanyquestion
atthemeeting.Thoseissuesandquestionsalsoareincludedintheminuteofthemeeting.Shareholdersarefreetosend
theirmeeting-relatedquestionstotheCompanyatleast15daysbeforeofthemeetingdate.
5. TheCompanyregularlydisseminatesinformationtoshareholdersviatheStockExchangeofThailand
(SET)channel,media,andpublications,includingontheCompany’swebsiteandalsosetupinformationrequest
throughtheE-mailaddressesoftheInvestorRelationsSection.
2. EQUITABLE TREATMENT OF SHAREHOLDERS
TheCompanyalwaystreatsallshareholdersfairlythroughthefollowingactions:
1. TheChairmanofthemeetingconductsthemeetinginsequenceofagendaitemsasspecifiedinthe
noticeandnotaddingagendaitemswithoutnotifyingshareholdersinadvance,sothattheymayhaveenoughtimefor
investigationbeforemakingtheirdecisions.
2. ShareholdershaveanoptiontoappointanyIndependentDirectorsastheirproxies,andachoiceover
whichIndependentDirector(s)toentrusttheirviewsbyprovidingshareholderswithalistofallIndependentDirectorson
proxyformsthatallowballotingdirection,toencouragethemtodecidetheirownvotingdirection.
77Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
3. TheCompanyhasencouragedshareholderstouseballotsineveryagendaitembyusingvotingtickets
providedforeachcriticalmatterseparately.Thevotingticketsarecollectedatthemeetingandthensummedwiththe
pre-castvotesasprescribedintheproxyformsbeforeannouncingtheresolutiontothemeeting.
4. TheCompanyrecordedtheminutesaccuratelyandcompletelyforsendingtoSETandtheSecuritiesand
ExchangeCommission(SEC)within14daysafterthemeetingandpostingontheCompany’swebsite.
5. TheCompanysetsupthefollowingpoliciestoprotectdirectorsandexecutiveofficerstoexploitthe
Company’sinsideinformationfortheirownbenefit.
3 Thedirectorsorexecutiveofficers,includinghis/herspouseandminorchild,shallnotuseanyinside
informationforthebuying,selling,transferringoracceptanceoftransferoftheCompany’ssecurities
beforethedisclosureofsuchinformationtothepublic,especiallyonemonthbeforethedisclosureof
thefinancialstatementtothepublic.Inaddition,afterthedisclosureoftheinformation,theabove-
mentionedpersonshouldnotbuyorsellsecuritiesuntilthepublichasreceivedsuchinformationand
hadanopportunitytoevaluateitthoroughly.
3 TheCompanyshalleducatethedirectorsandexecutiveofficerswhohaveresponsibilitiestoreportthe
possessionofthesecuritiesbyhimself/herself,his/herspouseandhis/herminorchildthatwhenthe
directorsorexecutiveofficersincludingtheirspouseortheirminorchildbuy,sell,transferoraccept
transferofthesecuritiesoftheCompany,theyhavedutiestosubmitthereportsofsecuritiesholdingin
accordance with the Notification of the Securities and Exchange Commission, No. Sor Jor. 14/ 2540, Re:
ThePreparationandDisclosureoftheReportoftheSecuritiesHolding,thestipulatedpenaltyprovision
undertheSecuritiesandExchangeActB.E.2535andtheregulationsoftheStockExchangeofThailand.
However,theCompanyisnowstudyingaprocessofallowingeachshareholdertoproposeagendaitemsfor
considerationatashareholders’meetingaswellasallowingeachshareholdertonominateDirectorswhomustmeetthe
qualificationsofCompanydirectorshipaheadoftheactualmeetingdate.
3. ROLES OF STAKEHOLDERS
TheCompany’sguidelinesfortreatmentofmajorstakeholdersaresummarizedasfollows:
Shareholder: TheCompany isresponsible totheshareholdersbyemphasizingonbusiness
growthandcreateslong-termreturnstoshareholders.Afterbecamelistedcompany
in2001,thecompanyhasensuredsteadyincreasingdividends.
Employee: TheCompanyhasrecognizeditsemployeesascrucialtosuccess.TheCompany
supportsgoodqualityof life in theworkplace,educationandtrainingto the
employeestoensuretheirstandardsofprofessionalservicetocustomers.The
employeesalso receive fairlybenefitsandreward for theirdedication to the
companyonyearlybasis
Customer: Ascustomers’satisfactionisthefirstpriorityfocus,theCompanyhascommittedtopromote
securemanagementofpersonalinformationandraisedawarenessoftheneedtoprotect
personalinformationandcomplyfullywithrelevantlaws.Inaddition,theCompanyhas
CustomerServiceDepartmenttoberesponsibleforcustomerrelationshipmanagement
involvinginquiryandcomplaintresolutionintheframeworkofcustomersatisfaction
approach,whichisevaluatedandreportedtothemanagementonmonthlybasis.
79Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Competitor: TheCompanyexecutes thebusinessundera faircompetitionand integrity
approaches
Business partner: TheCompanystrictlytreatsanyagreementsandconditionswithhonorablyfora
long-termrelationshipwithallpartners.
Creditor: TheCompanyabidesbylendingtermsandconditions,andalllegitimatedutiesto
creditorsanddebentureholders.Inaddition,theCompanyvaluescompliancewith
allobligationsunderSecuritizationLaw1997,astheCompanyraisedfundthrough
securitizationbyestablishingSpecialPurposeVehicleCompany.
Society and Environment:TheCompanyisawareoftheresponsibilitytowardsthepublicandenvironmentby
supportingactivities thatconservetheenvironmentandcontribute tosociety.
(PleaseseemoreinformationunderCorporateSocialResponsibilityPart)
4. INFORMATION DISCLOSURE AND TRANSPARENCY
InformationdisclosureisacrucialprincipleforGoodCorporateGovernance.TheCompanyhassetupclear
policies,approvedbytheBoardofDirectors,relatingtoinformationdisclosureforexternalpartiesinordertoensurethat
suchdisclosure information; financialandnon-financial information, isaccurate,adequate, timely,andequally
accessiblebyallrelatedrecipientsandalsocomplieswithrelatedlawsandregulations.
TheCompanyhassetuptheInvestorRelationssectiontorepresentthecompanyincommunicationwith
institutionalandindividualinvestors,stockanalysts,shareholders,andotherpeople.Investorsandinterestedparties
cancontactInvestorRelationssectiondirectlyfortheCompany’sinformation,includingfinancialstatements,annual
report,andnotificationstoSET/SEC,etc.,viatelephonenumber:0-2689-7008-9,facsimilenumber:0-2689-7007,E-
mail address: [email protected], and mailing address: 27th floor, Exchange Tower, 388 Sukhumvit Road, Klongtoey,
Bangkok10110.
In theyear2008, theCompanyconducted internationalanddomesticroadshows,companyvisit,and
conferencecalls,andhasdomesticandinternationalroadshoweveryyear.TheCompanyalsodisclosedotherfinancial
transactionssuchasissuingdebentureandsecuritizationtoanalystsandinvestorsthroughtheCompany’swebsite;
www.aeon.co.th,andpressrelease.TheInvestorRelationsalsocommunicatedwithinvestorsthroughconferencecalls
andemailsonregularbasis.
Thefinancial information,particularlythereviewed/auditedfinancialstatements,accordingtotheexternal
auditor,isessentiallyaccurateundergenerallyacceptedaccountingprinciples.Thesefinancialstatementshavebeen
reviewedbytheAuditCommitteeandendorsedbytheBoardofDirectorsbeforedisclosuretothepublic.TheBoard
alsoreportsofitsresponsibilitytofinancialreportsintheannualreport.Fornon-financialinformationsuchasconnected
transactions,managementdiscussionsandanalysis, riskmanagement informationandtheCompany’scorporate
governance,theCompanyhaspublishedsuchinformationintheannualreportandForm56-1forthebenefitof
shareholders,investors,andanalysts.AlldisclosedinformationisdisseminatedinbothThaiandEnglishversiononthe
Company’swebsite,anditaccuracyhasbeenregularlymaintainedandreviewed.
Inaddition,theCompanyalsodisclosesotherinformationsuchasbackgroundofthedirectors,thedutiesof
theBoardofDirectors,numberofmeetingandattendanceofeachdirector, theremunerationofdirectorsand
managements,andetc.,inannualreportandForm56-1.
81Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
5. RESPONSIBILITIES OF THE BOARD
Board Structure
AsatFebruary20,2009,theBoardofDirectorsconsistsof13Directorsasfollows:
3 7ExecutiveDirectors
3 3Non-ExecutiveDirectors
(2 directors from AEON Credit Service (Japan), and 1 outside director)
3 3IndependentDirectors
TheauthorizeddirectorwithsignatoryauthorityonbehalfoftheCompanyisMr.YoshikiMoriorMr.Masao
MizunoandaffixedwiththeCompany’sseal.
TheCompanyisnowconsideringtheindependentdirectorsnominationprocessinordertocomplywithrules
regardingtheproportionof independentdirectors,which isstatedthat theCompanymusthaveanumberof
independentdirectorsequivalenttoatleastone-thirdoftotalboardmembersbutnotlessthan3.Thisenforcementwill
beeffectiveontheAnnualGeneralMeetingofShareholdersintheyear2010.Thequalificationofindependentdirector
asspecifiedbytheCompanyisincompliancewiththeregulationoftheSETandSEC.(Pleaseseethenamesof
directors,dutiesandresponsibilitiesoftheBoardofDirectors,anddetailofIndependentdirectors’qualificationsin
Managementpart)
The Chairman of the Board of Directors is from AEON Credit Service (Japan), the major shareholder, and not
thesamepersonasManagingDirector.TheDirectorsperformtheirdutiesincompliancewiththelaw,objectives,and
articlesofassociationoftheCompanyaswellastheresolutionsoftheshareholders’meeting.
Intermofoffice,theBoardofDirectorshasestablisheddirectorshiptermintheArticlesofAssociationofthe
Companywhichstatesthatateachannualordinarymeetingofshareholders,one-third(1/3)ofthedirectorsshallretire.
Ifthenumberofdirectorsisnotamultipleofthree,thenumberofdirectorsclosesttoone-third(1/3),butnotinexcess
ofone-third(1/3),ofthetotalnumberofdirectorsshallretire.Inaddition,adirectorwhovacateshisofficemaybere-
elected.
TheBoardofDirectorsappointstwocompanysecretariestoservetheBoardofDirectorsintheareasof
providinglegaladvice,takingcareoftheBoard’sacivities,andmonitoringcompliancetotheBoard’sresolution.
Committee
Currently,theCompanyhasauditcommitteewhichconsistsof3independentdirectors.(Pleaseseethedetail
ofauditcommitteeinManagementpart)
Inaddition,theCompanyhasExecutiveCommitteewhichconsistsof7executivedirectorstostudyand
screenspecialtasksonbehalfoftheBoard,especiallyissuesthatneedunbiasedopinionsandmonitortheCompany’s
operationineachdepartmenttoachievetheCompany’sobjectivesandtoensureefficiencyinthemanagementand
operationaswellascompliancewithrelevantlawsandethicalstandards.Bydoingthis,theExecutiveCommittee
Meetingusuallyholdstwiceamonth.
ToimproveworkefficiencyoftheBoard,theBoardofDirectorsisnowinprocessofsettingupseveral
committees;suchasnominationcommittee,remunerationcommittee,riskmanagementcommittee,andetc.,tohandle
specifictasksfortheBoard.
83Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Roles, Duties and Responsibilities of the Board of Directors
TheBoardofDirectorsconsidersandapprovestheimportantissuesregardingtheCompany’soperationsuch
asstrategies,financialgoal,budget,etc.,supervisestheManagement’sperformancetocomplywiththespecified
policiesandplans,effectivelyandefficiently,andalsoprovidesthesystemtomonitor, improve,andevaluatethe
Company’soperationinordertoachievetheCompany’smaximumvalue.
AftertheCompanybecameapubliclimitedcompanyandthelistedcompanyin2001,theBoardofDirectors
preparedanddeterminedthecodeofbestpracticesinaccordancewiththerulesandregulationsoftheStockExchange
ofThailandtoprovidethemaximumbenefittotheshareholders.TheBoardofDirectorshasinitiallyapprovedthe
principleofcorporategovernancepolicyoftheCompany.
TheExecutiveCommitteeandtheAuditCommitteereviewedandapprovedthenewprinciplesofgood
corporategovernancefortheCompanyasfollows:
3 Facilitateallshareholderswithfairandequaltreatments
3 Operatebusinesswithtransparencyandscrutiny,anddiscloseadequateinformationtoallstakeholders
andrelatedparties
3 Theresponsibilitiesofexecutivecommitteeandmanagementmustbeclearandconcisewithcheckan
balancecontrolsystem
3 Mustfollowalltherelatedrulesandregulations
3 Determinetocreatelong-termvalue-addedtothecorporateforthemaximumbenefitoftheshareholders,
mitigateconflictofinterest
3 Stricttothecodeofcorporateethicsand engageinactivitiesthatconservetheenvironmentand
contributetosociety
3 Musthavemeetingregularly,allinformationmustbegivenbeforethemeetingaccordingtotheruleand
regulationsandmusthaveawellpreparedminutes
The Company has provided “AEON Code of Conduct” for the Board of Directors, the Management, and the
employeesoftheCompanytouseasaguidelineinperformingtheirdutiestoaccomplishtheCompany’sgoal.Codeof
Conductcoversethicsforbusinessconduct,practicetowardsrelatedstakeholders.Inaddition,theCompanyhas
distributed “Business Manner Handbook” to all new employees on orientation date for guiding and introducing the
employeestoknowthebasicofbusinessmanneroftheCompany.
TheCompanyhasclearprocedurestomonitortransactionthatmayhaveconflictofinterest.Bydoingthis,all
Directors,management,andemployeesstrictlycomplywithlaws,rules,andregulations,particularlythoseofSET
concerningconnectedtransactions.
TheBoardofDirectorshasspecifiedtheriskmanagementpolicy,coveringtheoverallorganization.Risk
managementsectionhasbeenestablishedtoberesponsibleforriskmanagementandreportedtotheManagementon
monthlybasis.Moreover,theCompanyhasInternalAuditsectiontoevaluatetheefficiencyoftheCompany’sinternal
controlsystemwhichincludesauditing,evaluating,recommending,andsupportingtheeffectivenessimprovementinrisk
management,control,andcorporategovernance.
85Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
Inaddition, theCompanyestablishedInternalControlOffice,aimingtodevelop internalcontrolsystem
throughout the company. This is to comply with Japanese version of Sarbanes Oxley (J-SOX) Act enacted by Japanese
Financial Service Agency (FSA) to be applied to all the listed companies in Japan. Their major missions are to set up the
enterprise level internalcontrol,analyzingandvisualizingthemajorbusinessprocesses,etc., inordertoachieve
reliabilityoffinancialreporting,effectiveoperationandcompliancewithapplicablelaws.InDecember2008,theBoardof
Directors’meetingapprovedthepoliciesofBoardofDirectors,AppointmentofDirectors,andAuditCommitteeinorder
to comply with rules and regulations of SET, SEC, and related laws and also in line with J-SOX policy.
The Board of Directors’ Meetings
TofacilitatetheDirectorstoallocatethetimeandattendthemeeting,theCompanyhastheBoardofDirectors’
meetingscheduleinadvance.ThemeetingoftheBoardofDirectorsshallbeheldatleastonceeverythree(3)months.
(PleaseseenumberofthemeetingandnumberofattendanceofeachdirectorinManagementpart)Relateddocument
willbesenttoallmemberoftheBoardofDirectorsatleast7dayspriortothedateofmeeting.Especially,forthe
importantagendastherelevantdocumentsshallbesubmittedtodirectorspriortothemeetingforanadequatetimeto
consider.WhiletheBoardofDirectorscaninviteanyinvolvedexecutiveorpersonnelforinquiryduringthemeeting.
Ineachmeeting,theChairmanletseachdirectorexpresshisopinionextensivelyandfreely.Thus,each
decisionismaderationallyandthoroughly.Alsoconsideringeachmeetingagendaitemismadeunderthepropertime.
The Board of Directors’ Self Assessment
TheCompanyhasannualassessmentfortheBoardofDirectorsinordertoevaluatetheperformanceofthe
BoardofDirectorsbyreviewingperformanceaswellasobstaclesfacingeachdirectorandalsodefiningtheguidelines
toimproveandincreaseoperationaleffectivenessoftheBoard.
Remuneration
TheCompanydefinestheremunerationbytakingintoconsiderationtheappropriatenessofremunerationfor
theBoardofDirectorsandtheCommittee.Suchremunerationisalsoconsideredandapprovedbytheshareholders’
meeting.(PleaseseethedetailofremunerationinManagementpart)
Development for the Directors and Managements
Directorsregularlyupgradethemselvesbyattendinginbothdomesticandoverseaseminarsandcourses,and
alsomeetingsorganizedbytheInstituteofDirectorsofThailand(IOD),SET,andSEC.WhenthereisanewDirector,the
CompanyprovidesaDirectoranintroductionoftheCompany’sbusinessandDirectors’responsibilities,aswellas
acknowledgmentofessentialinformationfortheirtasksanddutiesincompliancewithrelevantSET’sregulations.
TheCompanyactivelyprimes itsmanagement for internal rotation.Asregardssuccessionplanningfor
ManagingDirectorposition,themajorshareholder’spolicyprevails.
87Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
RELATED TRANSACTION
Duringthefiscalyear2008endedonFebruary20,2009,theCompanyhadrelatedpartytransactionswith
personswithapossibilityofconflictofinterest,asfollows:
Person with Necessity and possibility to Relationship Nature/ Size of Transaction Reasonableness cause conflict of Transactions
ACSCapital
CorporationLtd.
(“ACS”)
3Ashareholderof
AEONTS,holding
19.20%ofshares
3Fourcommondirectors:
Mr.YoshikiMori
Mr.MasaoMizuno
Ms.KannikaKursirikul
Mr.ShigetoNasu
1.TheCompanyprovidesmanagement
servicestoACSwiththefeecharged
asfollows:
3Managementandoperatingfeeat
therateof950,000bahtpermonth
3Thecomputerfeeattherateof
1,000,000bahtpermonth
3Marketingsupportfeeattherateof
200,000bahtpermonth
3Marketingresearchfeeattherate
of50,000bahtpermonth
InFY2008theCompanyhadthe
revenuefromthisserviceintheamount
of26,400,000baht.AsofFebruary
20,2009,theCompanyhasaccounts
receivablewithACSattheamountof
107,000baht
2.Thecompanyalsorentedcarsfrom
ACSforthecompany’smanagement
andbranchmanagers.InFY2008,the
companypaid16,064,971bahtfor
carrental.
TheCompanyprovidesmanagement
servicetoACSafterrestructuringofthe
shareholdingstructureandbusiness
structurebetweentheCompanyand
ACS.However,ACShadceased
itsbusinessuntiltheyear2005and
startedoperatingbusinessagainincar
rentalserviceandleasingbusiness.
Hence,atthebeginning,theCompany
hasprovidedbackofficeservice
suchascomputerservice,marketing
research,andaccountingetc.There
isnocomparablefeeforthisservice
astheCompanydoesnotprovidethis
kindofservicetoothers.However,
thefeeforACSservicewascharged
adequatelytocoverthecostsusedto
providetheservicesuchasemployee
expense,communicationexpense,etc.
Marketingsupportfeeisconsidered
asnormaloperationandisapproximately
closedtomarketrate.
Theauditcommitteeprovided
theopinionthatthistransactionwas
necessaryandreasonable.Inthefuture,
theCompanystillprovidedthiskindof
servicetoACSandtheauditcommittee
hascarefullyconsideredthistransaction
inordertomakethistransactionto
bereasonableandcomplywiththe
agreement.
ACSInsurance
Broker(Thailand)
Co.,Ltd.
(“ACS Insurance”)
399.99%ofshares
heldbyACS
3Threecommondirectors
Mr.MasaoMizuno
Mrs.SupornWattanavekin
Mr.ApichatNantaterm
1.TheCompanyprovidesmanagement
servicestoACSInsurancewiththe
feechargedasfollows:
3Managementandoperatingfeeat
therateof300,000bahtpermonth
3Thecomputerfeeattherateof
100,000bahtpermonth
Theservicesandmanagement
feereceivedfromACSInsurance
ischargedtocoverthecostfor
providingthebackofficeservicesfor
ACSInsurancesuchas,servicingfee
frommotorcycleinsurancepremium,
employeeexpenses,communication
expenses,etc.
89Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
TheCompanyalsohadrevenuefrom
collectionfeeandinsurancefrom
motorcyclehirepurchase.InFY2008,
totalincomefromACSInsurancewere
9,092,176baht
2.AsatFebruary20,2009,the
Companyhadotheraccounts
receivablewithACSInsuranceat
theamountof1,275,042bahtand
accountspayableof42,507,159baht
andotherliabilitiesof2,240,393baht
Theauditcommitteeprovidedtheir
opinionthatitwasfairandreasonable
price.Inthefuture,theCompanystill
providedthiskindofservicetoACS
Insuranceandtheauditcommitteehas
carefullyconsideredthistransaction
inordertomakethistransactionto
bereasonableandcomplywiththe
agreement.
ThebusinesswithACSInsuranceis
consideredasnormaloperationandis
approximatelyclosedtomarketrate.
ACSLifeInsurance
Broker(Thailand)
Co.,Ltd.
(“ACS Life
Insurance”)
399.99%ofshares
heldbyACS
3Threecommon
directors
Mr.MasaoMizuno
Mrs.SupornWattanavekin
Mr.ApichatNantaterm
1.TheCompanyprovidesmanagement
servicestoACSLifeInsurancewith
thefeechargedasfollows:
3Managementandoperatingfeeat
therateof300,000bahtpermonth
3Thecomputerfeeattherateof
100,000bahtpermonth
InFY2008,totalincomefromACSLife
Insurancewere5,100,000baht
2.AsatFebruary20,2009,the
Companyhadotheraccounts
receivablewithACSLifeInsurance
attheamountof2,156,309bahtand
accountpayableof26,789,401baht.
Theservicesandmanagementfee
receivedfromACSLifeInsuranceis
chargedtocoverthecostforprovidingthe
backofficeservicessuchasservicingfee
fromlifeinsurancecollectionthroughthe
Company’schannel,employeeexpenses,
communicationexpenses,etc.
Theauditcommitteeprovidedtheir
opinionthatitwasfairandreasonable
price.Inthefuture,theCompanystill
providedthiskindofservicetoACSLife
Insuranceandtheauditcommitteehas
carefullyconsideredthistransactioninorder
tomakethistransactiontobereasonable
andcomplywiththeagreement.
ThebusinesswithACSLifeInsurance
isconsideredasnormaloperationand
isapproximatelyclosedtomarketrate.
ACSServicing
(Thailand)Co.,
Ltd.
(“ACS Servicing”)
389.99%ofshares
heldbyACS
3Onecommondirector
Mr.MasaoMizuno
1.TheCompanyprovidesmanagement
servicestoACSServicingwiththe
feechargedasfollows:
3Managementandoperatingfeeat
therateof400,000bahtpermonth
3Thecomputerfeeattherateof
200,000bahtpermonth
Theservicesandmanagementfee
receivedfromACSServicingischarged
tocoverthecostforprovidingthe
backofficeservicessuchas,employee
expensescommunicationexpenses,
etc.
Theauditcommitteeprovidedtheir
opinionthatitwasfairandreasonable
Person with Necessity and possibility to Relationship Nature/ Size of Transaction Reasonableness cause conflict of Transactions
91Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
InFY2008,totalincomefromACS
Servicingwere6,719,045baht
AsatFebruary20,2009,the
Companyhadaccountspayable
withACSServicingattheamountof
25,904,184baht.
2.ACSServicingprovidesdebt
collectionservicetotheCompany
withthecollectionservicefeeof
245,644,046baht.
price.Inthefuture,theCompanystill
providedthiskindofservicetoACS
Servicingandtheauditcommitteehas
carefullyconsideredthistransaction
inordertomakethistransactionto
bereasonableandcomplywiththe
agreement.
CollectionservicefeepaidtoACS
Servicingisbasedongeneralmarket
priceandinthenormalcourseof
business.
Aeon(Thailand)Co.,Ltd.*(“Aeon”)
38.50%ofsharesheldbytheCompany
3Twocommondirectors
Mr.MasaoMizuno Mr.NoppunMuankote
1.TheCompanyhasenteredintotherentalandserviceagreementsforonebranchofficewithAeon,RachadapisekBranch.Totalrentalareaof128squaremeters,leasetermof 2 years from July 1, 2007 to June 30,2009,monthlyrentalandservicefeeof72,450baht
2.TheCompanyalsorentsareasin8locationsofAeonforinstallingATMinwhichtheCompanyhastotalexpenseof55,008bahtpermonth.
3.TheCompanyoperatescreditcardbusinesseswithAeon.InFY2008,theCompanyreceivedcommissionfeefromAeonforcreditcardbusinessintheamountof461,108baht
AsatFebruary20,2009,theCompanyhasaccountspayablewithAeonamountedof2,155,125baht.Receivedpaymentfromthecompany’scustomersamountedof4,226,885baht.
TheCompanyrentsareainordertosetupitsbranchofficewhichisconsideredasthenormalbusinessoperation.RentalandservicefeesthattheCompanypaidtoAeonwererelativelyclosedtothefeesAeonchargedfromothercustomers.Theauditcommitteeprovidedopiniononthistransactionthatitwasreasonableandfairandalsoconsidereditasanormalcourseofbusiness. TheCompanyrentsareafromAeoninordertohaveitsATMslocated.ThisisconsideredasanormalbusinesspracticeastherentalfeetheCompanypaidtoAeonwasclosetothefeethattheCompanypaidtootherdepartmentstoresinthesamelocation.Theauditcommitteealsoprovidedopiniononthistransactionthatitwasreasonableandfair.Theyalsoconsideredthistransactionasthenormalbusinesscourse. DoingCreditCardbusinessthroughAeonisconsideredastheCompany’snormalbusinessoperation.TheCompanydoesnothavetopayanyfeetothem.ForCreditCardbusiness,thecommissionfeethattheCompanychargedfromAeonisnearlythesameasthefeechargedfromotherdepartmentstores.Forthistransaction,theauditcommitteeprovidedtheiropinionthatitwasreasonableandfair.Theyalsoconsideredthistransactionasanormalcourseofbusiness.
Person with Necessity and possibility to Relationship Nature/ Size of Transaction Reasonableness cause conflict of Transactions
93Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
AeonCreditServiceCo.,Ltd.
(“Aeon Credit
Service”)
3Amajorshareholder
ofAEONTS,holding
35.12%ofshares
3Twocommon
directors:
Mr.YoshikiMori
Mr.TakatoshiIkenishi
Aeon Credit Service in Japan
providestechnicalassistanttothe
Companywiththefeeof35,974,913
baht.
TheCompanypaidoverseatechnical
assistancefeetoAEONCreditService
(Japan) for technical support and consultant
feeonplanningofnewtechnologyand
marketingstrategy.AeonCreditService
(Japan) has charged the technical
assistancefeeforalloversealisted
companiesinAEONCreditServiceGroup.
ThecontractbetweenAEONTSand
Aeon Credit Service (Japan) is the normal
businesssupportingtransactionamong
AEONCreditServiceGroup.However,
thevalueoftransactionisnotableto
declarewithanymarketprice,thevalue
oftransactionisdeterminedontime
consumebasisamongtheoversealisted
companiesinAEONCreditServiceGroup
andbasedonthecostplusbasis.
TheauditcommitteeandtheBoardof
Directorshaveconsideredthetransactionand
haveopinionthatthetransactionisfairand
reasonableforbusinessaswellasincrease
efficiencyondevelopmentoftechnologyand
marketingstrategyofAEONTS.
Note: RevenuesrelatingtosecuritizationtransactionsaredeterminedbytheCompanyandtherelatedpartiesinaccordancewithsecuritizationproject(seeNotestoFinancialStatementsNo.5.4and20)
Person with Necessity and possibility to Relationship Nature/ Size of Transaction Reasonableness cause conflict of Transactions
95Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
MEASURES AND PROCEDURES FOR THE APPROVAL OF RELATED PARTIES TRANSACTIONS
TheCompanyhasameasurenotallowingitsmanagementorpersonswhohasdirectorindirectinterestto
involveintheapprovaloftherelatedtransactionbetweentheCompanyandpersonswithpossibilitytocauseconflict.
TheCompanyalsoarrangestheauditcommitteetoconsiderandprovidetheopiniononsuchrelatedtransactions.On
April21,2009,theauditcommitteeconsideredallrelatedtransactionsasspecifiedinSection10.1andhasopinionthat
thetransactionswerereasonable.
POLICY AND TENDENCY OF RELATED PARTY TRANSACTIONS IN THE FUTURE
TheCompanyhaspolicytocontinuetoenterintothepresentrelatedpartytransactionsinthefuture.Such
transactions includethe leaseofareasandcreditcardbusinesswithAeon,managementservicetoACS,ACS
Insurance,ACSLifeInsurance,andACSServicingandtechnicalassistantfromAeonCreditService.Indoingsuch
transactions,theCompanywillsetforthconditionsinaccordancewithgeneraltermsandconditionsaswellasthe
marketvalue,theCompanyshallarrangetheauditcommittee,auditororindependentspecialisttoexamineandprovide
opinionaboutthereasonablenessofthetransactionandthefairnessofthevalue.
TheBoardofDirectorsshallexecutetherelatedpartytransactionstobemadeinthefutureincompliancewith
thesecuritiesandexchangelaw,theregulationsoftheStockExchangeofThailandandtheregulationregarding
informationdisclosureofconnectedtransactionandacquisitionanddispositionoftheassetsoftheCompany.
IftheCompanymakesanytransactionwithpersonswithpossibilityofcausingaconflictofinterestinthe
future,theCompanyshallhavetheauditcommitteetoprovideanopiniononthereasonablenessofthetransaction.If
theauditcommitteehasnoskill inconsideringtherelatedpartytransaction,theCompanyshallthenarrangethe
specialist,suchastheauditororappraiserorlawfirm,whoisindependentfromtheCompanyandthepersonswith
possibilityofcausingaconflictofinteresttoprovideanopinionontherelatedpartytransaction.Theopinionoftheaudit
committeeorthespecialistwillbeusedbytheBoardofDirectorsortheshareholders,asthecasemaybe,inmakinga
decisionuponthematter.
97Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
TO SHAREHOLDERS OF AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED:
AuditCommitteeconsistsofthreeindependentdirectors,whomeachpossessedalltherequiredqualifications
accordingtotheNotificationoftheStockExchangeofThailand.AuditCommitteecompletelyperformedthedutiesand
responsibilities,asassignedbytheBoardofDirectors,definedinAuditCommittee’sCharterandcompliedwiththe
NotificationoftheStockExchangeofThailand,Re:QualificationsandScopeofWorkoftheAuditCommittee
DuringthefiscalyearendedFebruary20,2009,AuditCommitteeheld4meetingswithallAuditcommittee
attended,themajorissuesconcernedwiththecompliancewithSecuritiesandExchangeact,regulationsoftheStock
ExchangeofThailandorotherlawsthatmayrelatetotheCompany’sbusiness,consideredandreviewedinternalcontrol
systems inseveralaspects i.e.organizationandenvironment, riskmanagement,controlonoperationof the
administration,informationtechnologyanddatacommunication,andfollowupsystemincludingconsidered,reviewed
anddisclosedofthetransactionswithrelatedpartiesormayconflictof interest transactions. Inaddition,Audit
Committeeconsideredandreviewedthequarterlyfinancialstatementsaswellastheannualfinancialstatementsand
consolidatedfinancialstatementsoftheCompanyanditssubsidiariesbycoordinatedwithAuditor.Furthermore,the
AuditcommitteeconsideredandrecommendedtheBoardofDirectorstonominatetheCompany’sauditorandauditfee
includingapprovedtheannuallyinternalauditplanning.
Auditcommitteeinferredthat,theCompanycompliedwithSecuritiesandExchangeact,regulationsofthe
StockExchangeofThailandorotherlawsmayrelatetotheCompany’sbusiness.Together,theCompanyarrangedthe
adequacyandsufficiencyofinternalcontrolsystemandcorporategovernance.Inaddition,theCompany’sfinancial
statementsandtheconsolidatedfinancialstatementsoftheCompanyanditssubsidiarieswerepresentedcorrectlyand
completelydisclosedinaccordancewiththegenerallyacceptedaccountingprinciples.Furthermore,Auditcommittee
has proposed, Mr.Niti Jungnitnirundr, Certified Public Accountant (Thailand) Registration No. 3809 Ms.Nachalee
Boonyakarnkul,CertifiedPublicAccountant(Thailand)RegistrationNo.3126andDr.SuphamitTechamontrikul,Certified
PublicAccountant(Thailand)RegistrationNo.3356tobetheCompany’sauditorforthefiscalyearendedFebruary20,
2009basedonbusinessknowledge,experiences,auditfeeandindependenttotheBoardofDirectorsforgetting
approvalfromtheAnnuallyShareholdersMeeting2009.
(Mr.Noppun Muangkote) Chairman of the Audit Committee
AUDIT COMMITTEE REPORT
99Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
COMPANY PROFILE
ISSUER OF SECURITIES
Company Name AEONThanaSinsap(Thailand)PublicCompanyLimited
Business CreditCard,HirePurchase,andPersonalLoan
Address 388ExchangeTower,27thFloor,SukhumvitRoad
KhwaengKlongtoey,KhetKlongtoey,Bangkok10110
Registration Number Bor. Mor. Jor. 0107544000078
Home Page www.aeon.co.th
Tel. 0-2689-7197(CallCenter0-2665-0123)
Fax. 0-2689-7007
Authorized share capital Ordinaryshares250,000,000baht
Issued and paid up share capital Ordinaryshares250,000,000baht
Par Value of share 1baht
JURISTIC PERSON WHICH THE COMPANY HAS MORE THAN 10% OF OWNERSHIP
Eternal Special Purpose Vehicle Company Limited (26% of ownership)
Eternal Credit Card Special Purpose Vehicle Company Limited (26% of ownership)
Eternal 3 Special Purpose Vehicle Company Limited (26% of ownership)*
Eternal 4 Special Purpose Vehicle Company Limited (26% of ownership)*
Business Specialpurposevehicles(SPV)undertheRoyalEnactmenton
Special Purpose Juristic Persons for Securitization
Head Office 388ExchangeTower,27thFloor,SukhumvitRoad
KhwaengKlongtoey,KhetKlongtoey,Bangkok10110
Tel. 0-2689-7039
Authorized share capital Ordinaryshares10,400baht,Preferedshare29,600baht
Issued and paid up share capital Ordinaryshares10,400baht,Preferedshare29,600baht
Par Value of share 100baht
* TheCompany’ssubsidiaries
101Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
ACS Trading Vietnam Co., Ltd. (20% of ownership)
Business Retailbusinessbyinstallmentpaymentofhouseholdconsumerdurables
Head Office 31NguyenTrai,District1,HoChiMinhCity,Vietnam
Tel. 84-8-39251211
Authorized capital 10,000,000,000dong
Paid up capital 10,000,000,000dong
AEON Credit Technology Systems (Philippines) Inc. (10% of ownership)
Business InformationTechnology
Head Office Unit703,7thFloor,TotalCorporateCenter1012Triangle
Drivecorner10thand11thAvenue,BonifacioGlobalCity,
TaguigCity1634MetroManilaPhilippines
Tel. 63-2-856-6424
Authorized share capital OrdinarysharesPHP100,000,000(PhilippinesPeso)
Issued and paid up share capital OrdinarysharesPHP100,000,000(PhilippinesPeso)
Par Value of share PHP100(PhilippinesPeso)
REFERENCE
Securities Registrar Thailand Securities Depository Company Limited
Capital Market Academy
Building2ndFloor(NorthParkProject)
2/7Moo4Vibhavadi-RangsitRoad,Tungsonghong,
Laksi,Bangkok10210
Tel.0-2596-9000
Auditor Deloitte Touche Tohmatsu Jaiyos Audit Company Limited
RajanakarnBuilding,25thFloor,
183SouthSathonRoad,Yannawa,Sathon,Bangkok10120
Tel.0-2676-5700Fax.0-2676-5757-8
Legal Advisor Weerawong Chinnavat & Peangpanor Limited
22ndFloor,MercuryTower,540PloenchitRoad,Lumpini
Pathumwan,Bangkok10330
Tel.0-2264-8000Fax.0-2657-2222
102 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
ภาค / สาขา ทอย โทรศพท โทรสาร Region / Branch Address Telephone No. Fax No.
กรงเทพและปรมณฑล (29 สาขา) / Bangkok and Vicinity Branches
1 โอเซยนทาวเวอร 2 โอเชยน ทาวเวอร 2 เลขท 75/2 0-2689-7128 0-2661-7090
Ocean Tower II ถ.สขมวท 19 (วฒนา) แขวงคลองเตยเหนอ เขตวฒนา
กรงเทพฯ 10110
2 จสโก รชดา จสโก รชดาภเษก 129 ชน 3 ถ.รชดาภเษก 0-2247-8413 0-2248-1943
Jusco Ratchada แขวงดนแดง เขตดนแดง กรงเทพฯ 10400 0-2248-1942 0-2642-2169
3 เซนทรล รตนาธเบศน เซนทรล รตนาธเบศน ชน 2 0-2526-8031-2 0-2526-8030
Central Rattanathibet 68/100 หม 8 ถ.รตนาธเบศน แขวงบางกระสอ
อ.เมอง จ.นนทบร 11000
4 ซพ ทาวเวอร อาคาร ซพ ทาวเวอร ชน 4 0-2238-2132- 5 0-26382928
CP Tower 313 ถ.สลม แขวงสลม เขตบางรก กรงเทพฯ 10500
5 ฟวเจอร พารค รงสต 94 โครงการฟวเจอร พารค รงสต 0-2958-6204-8 0-2958-6209
Future Park Rangsit หอง PLZ.2.SHP 020 ขน 2 ต.ประชาธปตย อ.ธญบร
จ.ปทมธาน 12110
6 แฟชนไอสแลนด 5/5-6 ม.7 หอง2032 ถ.รามอนทรา 0-2947-5088 0-2947-5089
Fashion Island แขวงคนนายาว เขตคนนายาว กรงเทพฯ 10230 0-2540-6700-6 0-2540-6709
7 เซนทรล พาวเวอร ศนยการคาเซนทรล เพาเวอร เซนเตอร หวหมาก 0-2314-7341-2 0-2314-7343
เซนเตอร หวหมาก 177 หอง G02-1, ชน ใตดน, ถ.รามคำแหง
Central Power Center แขวงหวหมาก, เขตบางกะป ,กรงเทพฯ 10240
Huamark
8 เทสโก โลตส บางนา 14/9 ม.13 ถ.บางนา-ตราด 0-2313-3196 0-2739-9167
Tesco Lotus Bangna ต.บางแกว อ.บางพล จ.สมทรปราการ 10540
9 เดอะมอลล ทาพระ 3S-C2-A1,3S-C2-B1 ชน 3 0-2477-9949 0-2477-9950
The Mall Thapra เลขท 99 ถ.รชดาภเษก แขวงบคคโล เขตธนบร
กรงเทพฯ 10600
10 เทสโก โลตส รงสต 392/104 หอง 106 หม 2 0-2567-4962-3 0-2567-0359
Tesco Lotus Rangsit ต.ประชาธปตย อ.ธญบร จ.ปทมธาน 12130
11 เทสโก โลตส บางกะป 3109 ถ.ลาดพราว แขวงคลองจน 0-2374-2823 0-2374-2836
Tesco Lotus Bangkapi เขตบางกะป กรงเทพฯ 10240
12 เดอะมอลลบางกะป 3522 ชน 1 หอง 1S-L23 ถ.ลาดพราว 0-2374-5165 0-2374-5175
The Mall Bangkapi แขวงคลองจน เขตบางกะป กรงเทพฯ 0-2704-7640
13 เซนทรลพระราม2 128 หมท 6 หอง 329 ชน 3 ศนยการคาเซนทรล พลาซา 0-2872-4486 0-2872-4487
Central Rama II พระราม 2 ถ.พระรามท 2 แขวงแสมดำ
เขตบางขนเทยน กรงเทพฯ 10150
สาขา BRANCH NETWORK
103Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
ภาค / สาขา ทอย โทรศพท โทรสาร Region / Branch Address Telephone No. Fax No.
14 เทสโก โลตส หลกส 559 ชน 2 หมท 3 แขวงอนสาวรย เขตบางเขน 0-2955-7213-4 0-2955-7215
Tesco Lotus Laksi กรงเทพฯ 10220
15 เทศโก โลตส 244 ถ.จรญสนทวงศ แขวงบางพลด 0-2424-9275-6 0-2424-9408
จรญสนทวงศ เขตบางพลด กรงเทพฯ 10700
TescoLotus
Jarasanitwong
16 คารฟร รามอนทรา 59 หม 4 ถ.รามอนทรา แขวงอนสาวรย 0-2971-5176-7 0-2971-5178
Carrefour Ramindra เขตบางเขน กรงเทพฯ 10220
17 บกซ สมทรปราการ 498/1 ถ.สขมวท ต.ปากนำ อ.เมอง 0-2702-4488, 0-2702-4487
Big C Samutprakan จ.สมทรปราการ 10270 0-2702-4489
18 ซคอนสแควร 904 หอง 2018 ชน 2 ถ.ศรนครนทร 0-2320-2950-4 0-2721-8379
Secon Square แขวงหนองบอน เขตประเวศ กรงเทพฯ 10250
19 อมพเรยล สำโรง 999 หม 1 อมพเรยล สำโรง ชน2 0-2756-8726-7 0-2756-8728
Imperial Samrong หอง S2FIS-49 ถ.สขมวท ต.สำโรงเหนอ อ.เมอง
จ.สมทรปราการ 10270
20 บกซ สะพานควาย 618/1 บกซ สะพานควาย ชนBF ถ.พหลโยธน 0-2615-4527-8 0-2615-4529
Big C Sapankwai แขวงสามเสนใน เขตพญาไท กรงเทพฯ 10400
21 เทสโก โลตส พระราม 1 831 โลตส พระราม 1 ชน3 ถ.พระราม 1 0-2612-3405-6 0-2219-1936
Tesco Lotus Rama 1 แขวงวงใหม เขตปทมวน กรงเทพฯ 10330
22 เทสโก โลตส ปนเกลา เทสโก โลตส ปนเกลา เลขท 3 ถ.บรมราชชนน 0-2884-8762, 3 0-2884-8473
Tesco Lotus Pinklao แขวงอรณอมรนทร เขตบางกอกนอย กรงเทพฯ
23 เดอะมอลล งามวงศวาน เลขท 30/39-50,639 หมท 2 หองเลขท 3S-C4A, 0-2951-9092 0-2951-9497
The mall 3S-C5A ชน 3 ถ.งามวงศวาน ต.บางเขน 0-2951-9268
Ngamwongwan อ.เมองนนทบร จ.นนทบร 11000
24 เซนทรล ลาดพราว ศนยการคาเซนทรล พลาซา ลาดพราว 0-2513-3677 0-2937-0530
Central Ladplao 1691/1 หองเลขท 261 ชน 2 ถ.พหลโยธน 0-2513-3690
แขวงจตจกร เขตจตจกร กรงเทพฯ
25 เทสโก โลตส ปทมธาน 21/49 ถ.ปทมสามโคก ต.บางปรอก อ.เมอง 0-2581-8453 0-2581-8454
Tesco Lotus จ.ปทมธาน 12000
Prathumthani
26 คารฟร บางใหญ 9/9 หอง F 2/8 หม 11 ถ.ตลงชน-สพรรณบร 0-2903-3689-90 0-2903-3688
Carrefour Bangyai ต.บางรกพฒนา อ.บางบวทอง จ.นนทบร 11110
27 เทสโก โลตส บางพล 99/27 ม.1 ต.ราชาเทวะ อ.บางพล 0-2751-0594 0-2751-0595
Tesco Lotus Bangphli จ.สมททรปราการ 10540
104 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
ภาค / สาขา ทอย โทรศพท โทรสาร Region / Branch Address Telephone No. Fax No.
28 เดอะมอลล บางแค 2S-L19 ชน2 275 ม.1 ถ.เพชรเกษม 0-2454-8177 0-2454-8178
The Mall Bangkhae แขวงบางแคเหนอ เขตบางแค กรงเทพฯ 10160
29 เทสโก โลตส นวนคร 98/103 ม.13 ต.คลองหนง อ.คลองหลวง 0-2520-4970-1 0-2520-4972
TescoLotusNavanakorn จ.ปทมธาน
ภาคเหนอ / Northern
30 เชยงใหม บสสเนส อาคาร AIR PORT BUSINESS PARK หอง 308-309 0-5340-3123 0-5340-3222
Chiang Mai Business เลขท 90 ถ.มหดล ต.หายยา อ.เมอง
จ.เชยงใหม 50000
31 เซลทรล แอรพอรต เซนทรล แอรพอรต พลาซา หอง 359/1 ชน 3 0-5320-2031-2 0-5320-2033
พลาซา เชยงใหม เลขท 2 ถ.มหดล ต.หายยา อ.เมอง
Central Airport จ.เชยงใหม 50000
PlazaChiangmai
32 เทสโก โลตส หางดง 132 หม 1 ต.ปาแดด อ.เมอง จ.เชยงใหม 50000 0-5380-7524-6 0-5380-7517
เชยงใหม
TescoLotusHangdong
(SubChiangmai)
33 เทสโก โลตส คำเทยง 19 ถ.ตลาดคำเทยง ต.ปาตน อ.เมอง 0-5387-2845 0-5384-2846
เชยงใหม จ.เชยงใหม 50000
TescoLotusKhamthieng
(SubChiangmai)
34 อภสแควร เชยงราย หางสรรพสนคา อภสแควรพลาซา ชน1 เลขท 882/102 0-5363-3123 0-5371-8449
Api Square Chiang Rai ถ.อตรกจ ต.เวยง อ.เมอง จ.เชยงราย 57000 0-5371-8368
35 เทสโก โลตส แมสาย 156 หม 5 ถ.ทางหลวงหมายเลข 1 ต.เวยงภาคำ 0-53734-558 0-53734-558
Tesco Lotus Maesai อ.แมสาย จ.เชยงราย 57130
36 ลำปาง 238-238/1 ถ.สนามบน ต.หวเวยง อ.เมอง 0-5437-7123 0-5437-7191-2
Lampang จ.ลำปาง 52000 0-5431-4511
37 เทสโก โลตส พษณโลก โลตส พษณโลก 0-5522-9123 0-5522-9191-2
Tesco Lotus 909 หม 3 ถ.พษณโลก-หลมสก
Phitsanulok ต.อรญญก อ.เมอง จ.พษณโลก 65000
38 วสแควร นครสวรรค ศนยการคาวสแควร 320/11หองเลขท 208 0-5632-1123 0-5632-1191-3
V Square และ 209/1 ชน2 ถ.สวรรควถ ต.ปากนำโพ อ.เมอง
Nakhonsawan จ.นครสวรรค 60000
39 เทสโก โลตส เพชรบรณ 19 ถ.เกตปญญา ต.ในเมอง อ.เมอง จ.เพชรบรณ 0-5674-1619-21 0-5674-1621
TescoLotusPetchaboon
105Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
ภาค / สาขา ทอย โทรศพท โทรสาร Region / Branch Address Telephone No. Fax No.
ภาคกลาง / Central
40 สระบร เลขท 141 สามแยกมตรภาพ ถ.พหลโยธน 0-3632-8123 0-3632-8912
Saraburi ต.ปากเพรยว อ.เมอง จ.สระบร
41 เทสโก โลตส ลพบร โลตส ลพบร ชน 2 ถ.พหลโยธน ต.ทาศาลา 0-3663-4123 0-3663-4191
Tesco LotusLopburi อ.เมอง จ.ลพบร 15000
42 เทสโก โลตส สพรรณบร 293 ม.5 ถ.สพรรณบร-ชยนาท ต.ทาระหด 0-3540-1123 0-3550-2666-7
TescoLotusSuphanburi อ.เมอง จ.สพรรณบร 72000
43 อยธยา (แกรนด) 51/287-290 ถ.โรจนะ ต.ธน อ.อทย 0-3533-6670 0-3571-4191-2
Ayuthaya (Grand) จ.พระนครศรอยธยา 13000
44 อยธยา พารค 126 ชน 2 หอง I-46 หม 3 ถ.เอเซย 0-3571-4123 0-3534-6256
Ayuthaya Park ต.คลองสวนพล อ.พระนครศรอยธยา จ.อยธยา 13000
45 นครปฐม เลขท 286,288 ถ.เทศา ต.พระประโทน 0-3436-2123 0-3436-2191-2
Nakhonpathom อ.เมอง จ.นครปฐม 73000
46 ราชบร 8/4 ถ.คฑาธร ต.หนาเมอง 0-3235-0372-3 0-3235-0372-3
Ratchaburi อ.เมอง จ.ราชบร 70000
47 มหาชย 322/90 ถ.เอกชย ต.มหาชย อ.เมอง 0-3482-8123 0-3482-8191-2
Mahachai จ.สมทรสาคร 74000
48 แหลมทอง ระยอง แหลมทองชอปปงพลาซา ระยอง , 554 ถ.สขมวท 0-3886-3123 0-3896-6421
Laemthong Rayong ต.เนนพระ อ.เมองระยอง จ.ระยอง 21000 0-3862-3943
49 ชลบร แปซฟค พารค อาคาร Pacific Park เลขท 90 หอง 224 ชน 2 0-3832-4260-1 0-3832-7470
Pacific Park Chonburi ถ.สขมวท กม.118 ต.ศรราชา อ.ศรราชา
จ.ชลบร 20110
50 ชลบร โอเปอรเรชน เลขท2-4 ถ.ศรราชานคร 5 ต.ศรราชา อ.ศรราชา 0-3876-7123 0-3876-7191-2
Chonburi Operation จ.ชลบร 20110
51 เทสโก โลตส พทยาเหนอ 221/19 ม.5 ถ.พทยาเหนอ ต.นาเกลอ อ.บางละมง 0-3837-0960-1 0-3841-1187
Tesco Lotus จ.ชลบร 20150
PattayaNorth
52 อมตะนคร 700/2 หม 1 อาคาร อมตะนคร ต.คลองตำหร 0-3874-4100 0-3874-4101
Amata Nakorn อ.เมอง จ.ชลบร 20000
53 คารฟร ชลบร 15/17 หม3 ต.หวยกะป อ.เมองชลบร จ.ชลบร 0-3878-5133-4 0-3878-5135
CarrefourChonburi
54 เพชรบร 43/19 ม. 5 ถ.เพชรเกษม ต.บานหมอ อ.เมอง 0-3244-5123 0-3241-0969-71
Pethburi จ.เพชรบร 76000
106 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
ภาค / สาขา ทอย โทรศพท โทรสาร Region / Branch Address Telephone No. Fax No.
55 เทสโก โลตส จนทบร 25/4 ถ.พระยาตรง ต.วดใหม อ.เมอง 0-3930-3389 0-3935-1325
Tesco Lotus จ.จนทบร 22000 0-3930-3391
Chanthaburi
56 มารเกต วลเลจ หวหน หางสรรพสนคา หวหน มารเกต วลเลจ หอง เอ 302 0-3252-6213-4 0-3252-6215
Market Village Huahin ชน3 234/1 ถ.เพชรเกษม ต.หวหน อ.หวหน
จ.ประจวบครขนธ
57 กาญจนบร 35/10 สแยกชกโดน ถ.แสงชโต ต.บานใต อ.เมอง 0-3462-3672-5 0-3441-3151-2
Kanjanaburi จ.กาญจนบร 71000
58 ฉะเชงเทรา โครงการเอสเอฟ เมเจอรซนเพลกซ 0-3853-5348 0-3851-8782
Chacheongsao ฉะเชงเทรา 9/2 หอง9และ10 ถ.ฉะเชงเทรา-บางปะกง 0-3853-5178
ต.หนาเมอง อ.เมอง จ.ฉะเชงเทรา
59 เทสโก โลตส สตหบ โลตส สตหบ ชน 2 179 หม 2 ถ.สขมวท สตหบ 0-3930-3389 0-3935-1325
Tesco Lotus Sattahip จ.ชลบร 20180 0-3930-3391
ภาคอสาน / North-Eastern
60 อดรธาน 119/13-14 ม. 14 ถ.นตโย ต.หมากแขง 0-4230-8123 0-4220-4786-7
Udonthani อ.เมอง จ.อดรธาน 41000 0-4232-3855
61 บกเจยง หนองคาย ศนยการคาบกเจยง 0-4241-5123 0-4241-3435
Big Chiang Nongkai เลขท 304 หอง A-03 หมท 10 ถ.มตรภาพ ต.โพธชย
อ.เมองหนองคาย จ.หนองคาย 43000
62 ขอนแกน 552/5 ถ. หนาเมอง ต.ในเมอง อ.เมอง 0-4334-9123 0-4338-9115
Khonkaen จ.ขอนแกน 40000 0-4338-9105
0-4338-9097
63 อบลราชธาน 47 ชน 1 อาคารสนราชบตร หอง 101 0-4520-8123 0-4524-0702
Ubonratchathani ถ.ราชบตร ต.ในเมอง 0-4525-0698
อ.เมอง จ.อบลราชธาน 34000 0-4526-2984
64 เดอะมอลล นครราชสมา หางสรรพสนคา เดอะมอลล 1242/2 หอง 2P-52 ชน 2 0-4470-9123 0-4428-8303
The Mall ถ.มตรภาพ ต.ในเมอง อ.เมอง จ.นครราชสมา 30000
Nakhonratchasima
65 สรนทร 8 ถ.หลกเมอง ต.ในเมอง อ.เมอง จ.สรนทร 32000 0-4452-2123 0-4452-2191-2
Surin
66 เทสโก โลตส ชยภม 171 ถ.สนามบน ต.ในเมอง อ.เมอง จ.ชยภม 36000 0-4480-4123 0-4483-8152
TescoLotus
Chaiyaphum
107Annua l Report 2008/2009 • AEON Thana S insap (Tha i l and) Publ ic Company L im i ted
ภาค / สาขา ทอย โทรศพท โทรสาร Region / Branch Address Telephone No. Fax No.
67 เนวาดา มลตเพลกซ รอยเอด 68/3 ถ.เทวาภบาล ต.ในเมอง อ.เมอง 0-4361-9123 0-4351-6402
NevadaMultiplexRoiEt จ.รอยเอด 45000
68 เนวาดา สกลนคร เนวาดา เอนเตอรเทนเมนท จำกด เลขท 1594/17 0-4270-0123 0-4271-4028
Nawada หอง เอ -01 ถ.รอบเมอง ต.ธาตเชงชม อ.สกลนคร
Sakonnakhorn จ.สกลนคร
69 เทศโก โลตส สวางแดนดน โลตส สวางแดนดน ชน 1 เลขท 501 หมท 2 0-4273-7746 0-4273-7747
Tesco Lotus ต.สวางแดนดน อ.สวางแดนดน จ.สกลนคร 47110
Sawangdaendin
70 บกซ บรรมย บกซ ซเปอรเซนเตอร บรรมย เลขท 150 หม 7 0-4460-4123 0-4460-4191, 2
Big C Buriram ต.อสาณ อ.เมองบรรมย จ.บรรมย 31000
71 เสรมไทย มหาสารคาม 103 หางเสรมไทยพลาซา ชน 1 ถ.รมคลองสมถวล 0-4374-8123 0-4374-8191, 2
Sermthai ต.ตลาด อ.เมองมหาสารคาม
Mahasarakham จ.มหาสารคาม 44000
72 เทสโก โลตส ธาตพนม 212 หมท 4 5 ถ.ชยางกร ต.ธาตพนมเหนอ 0-4252-9123 0-4252-9191
TescoLotusThatphanom อ.ธาตพนม จ.นครพนม 48110
73 เทสโก โลตส ศรสะเกษ 95 หม 6 ต.โพธ อ.เมองศรสะเกษ 0-4562-1123 0-4562-1191
Tesco Lotus Srisaket จ.ศรสะเกษ 33000
ภาคใต / Southern
74 หาดใหญ เลขท 200 อาคารจลดสหาดใหญ พลาซา 0-7427-1000 0-7435-5297-9
Hat Yai หอง 102,104, 106, 108,114,116 ถ. นพทธอทศ 3
ต.หาดใหญ อ.หาดใหญ จ.สงขลา 90110
75 คารฟร หาดใหญ เลขท 677 คารฟรหาดใหญ ถ.เพชรเกษม ต.หาดใหญ 0-7446-9181-2 0-7446-9183
Carrefour Hatyai อ.หาดใหญ จ.สงขลา 90110
76 เทสโก โลตส สราษฎรธาน โลตส สราษฎรธาน 9/1 ม. 3 ถ.เลยงเมอง 0-7727-7000 0-7726-4389
Tesco Lotus Suratthani ต.มะขามเตย อ.เมอง จ.สราษฎรธาน 84000 0-7720-5832
77 นครศรธรรมราช 89/10-11 ถ.พฒนาการคขวาง 0-7530-4000 0-7534-0675
Nakhonsithammarat ต.คลง อ.เมอง จ.นครศรธรรมราช 80000
78 เซนทรล เฟสตเวอร ภเกต เลขท 75 หมท 5 ศนยการคาเซนทรล ภเกต ชน 2 0-7636-2000 0-7624-9850
Central Festival Phuket หอง TC-024 ต.วชต อ.เมอง จ.ภเกต 83000
79 ตรง 59/8-9 ต.ทบเทยง อ.เมอง 0-7520-5000 0-7521-9141
Trang จ.ตรง 92000 0-7522-3249
80 ชมพร 113/7 ถ.กรมหลวงชมพร ต.ทาตะเภา 0-7752-9000 0-7750-7608
Chumphon อ.เมอง จ.ชมพร 86000 0-7750-7600
81 เทสโก โลตส สมย 1/7 หม 6 ต.บอผด อ.เกาะสมย จ.สราษฎรธาน 0-7724-5303, 0-7724-5310
TescoLotusSamui 0-7724-5307
82 เทสโก โลตส กระบ 191 หมท 12 ต.กระบนอย อ.เมองกระบ 0-7562-6000 0-7562-6091
Tesco Lotus Krabi จ.กระบ 81000
108 รายงานประจ าป 2551 /2552 • บรษท อออน ธนสนทรพย ( ไทยแลนด ) จ ากด (มหาชน)
โครงสรางบรษท ORGANIZATION CHART
ฝ ายเรงรดหนสน COLLECTION DEPT.
ฝ ายเทคโนโลย สารสนเทศ MIS DEPT.
กรรมการผจดการ MANAGING DIRECTOR
คณะกรรมการบรษท BOARD OF DIRECTORS
ฝ ายบญชและการเงน FINANCE &
ACCOUNT. DEPT.
ฝ ายควบคมและ จดการองคกร
BUSINESS CONTROL MANAGEMENT
สำนกกรรมการ ผจดการ
MD’S OFFICE
ฝ ายซเอสอาร CSR
ฝ ายสนเชอ CREDIT CONTROL
DEPT.
ฝ ายลกคาสมพนธ CUSTOMER
SERVICE DEPT.
ฝ ายการตลาด MARKETING DEPT.
คณะกรรมการตรวจสอบ AUDIT COMMITTEE
ตรวจสอบภายใน Internal Audit
GENErAL MErCHANDISE STOrES [GMS]• AEONRetailCo.,Ltd.• AEONHOKKAIDOCORP.*• AEONSTORES(HONGKONG)CO.,LTD.*• AEONCO.(M)BHD.*• AEONKYUSHUCO.,LTD.*• AEONSUPERCENTERCO.,LTD.• MYCALCORPORATION• MYCALKYUSHUCORPORATION• RYUKYUJUSCOCO.,LTD.• AEON(CHINA)CO.,LTD.• GUANGDONGJUSCOTEEMSTORESCO.,
LTD.• QINGDAOAEONDONGTAICO.,LTD.• SHENZHENAEONFRIENDSHIPCO.,LTD.• TAIWANAEONSTORESCO.,LTD.
SUPErMArkETS• KASUMICO.,LTD.*• MAXVALUCHUBUCO.,LTD.*• MAXVALUNISHINIHONCO.,LTD.*• MAXVALUTOHOKUCO.,LTD.*• MAXVALUTOKAICO.,LTD.*• MAXVALUHOKKAIDOCO.,LTD.*• MAXVALUKYUSHUCO.,LTD.• JOYCO.,LTD.*• AEON(THAILAND)CO.,LTD.
DrUGSTOrES• CFSCORPORATION*• TSURUHAHOLDINGS,INC.*• KRAFTINC.*• GREENCROSS-COACO.,LTD.*• MEDICALIKKOUCO.,LTD.*• DRUGTERASHIMACO.,LTD.*• WELPARKCO.,LTD.• KUSURINOAOKICO.,LTD.*• TAKIYACO.,LTD.• AEONWELCIASTORESCO.,LTD.*
HOMECENTEr• HOMACCORP.• SUNDAYCO.,LTD.*
CONvENIENCE STOrES• MINISTOPCO.,LTD.*
DEPArTMENT STOrES• BONBELTACO.,LTD.
SPECIALTY STOrES• THETALBOTS,INC.*• YAMAYACORP.*• COXCO.,LTD.*• BLUEGRASSCO.,LTD.*• ABILITIESJUSCOCO.,LTD.• AEONFORESTCO.,LTD.• CLAIRE’SNIPPONCO.,LTD.• TALBOTSJAPANCO.,LTD.• NUSTEPCO.,LTD.• MIRAIYASHOTENCO.,LTD.• PETCITYCO.,LTD.• MEGASPORTSCO.,LTD.• MEGAPETROCO.,LTD.• LAURAASHLEYJAPANCO.,LTD.• TAKAQCO.,LTD.*• TSURUYASHOESTORECO.,LTD.*• MYCALCANTEVOLECO.,LTD.• ORIGINTOSHUCO.,LTD.*
SC DEvELOPMENT OPErATIONS• AEONMALLCO.,LTD.*• LOCDEVELOPMENTCO.,LTD.
FINANCIAL SErvICES• AEONCREDITSERVICECO.,LTD.*• AEONCREDITSERVICE(ASIA)CO.,LTD.*• AEONTHANASINSAP(THAILAND)PLC.*• ACSCAPITALCORPORATIONLTD.• ACSINSURANCEBROKER(THAILAND)
CO.,LTD.
• ACSLIFEINSURANCEBROKER(THAILAND)CO.,LTD.
• ACSSERVICING(THAILAND)CO.,LTD.• AEONCREDITSERVICE(M)BERHAD*• AEONCREDITSERVICE(TAIWAN)CO.,LTD.• AEONCREDITCARD(TAIWAN)CO.,LTD.• AEONINFORMATIONSERVICE(SHENZHEN)
CO.,LTD.• AEONCREDITGUARANTEE(CHINA)CO.,LTD.• PT.AEONCREDITSERVICEINDONESIA• ACSTRADINGVIETNAMCO.,LTD.• AEONINSURANCESERVICECO.,LTD.• ACSCREDITMANAGEMENTCO.,LTD.• AEONBANK,LTD.
SErvICES• AEONDILIGHTCO.,LTD.*• AEONFANTASYCO.,LTD.*• ZWEICO.,LTD.*• CERTOCO.,LTD.*• AEONCINEMASCO.,LTD.• LIFEQUALITYSCIENCELABORATORYINC.• JUSVELCO.,LTD.• REFORMSTUDIOCO.,LTD.• AEONDEMONSTRATIONSERVICE,INC.
FOOD SErvICES• AEONEAHEARTCO.,LTD.
FOOD PrOCESSING, DISTrIBUTIONS, AND OTHEr OPErATIONS• AICINC.• FOODSUPPLYJUSCOCO.,LTD.• TASMANIAFEEDLOTPTY.LTD.• AEONTOPVALUCO.,LTD.• AEONGLOBALMERCHANDISINGCO.,LTD.• AEONGLOBALSCMCO.,LTD.
E-COMMErCE BUSINESS• AEONVISTYCO.,LTD.
* ListedCompanies
MAJOr GrOUP COMPANIES
สารบญ CONTENTS
2 จดเดนในรอบปบญช 2551 4 การดำเนนงานทสำคญในรอบป 6 สารถงผถอหน 10 คณะกรรมการบรษทฯ 12 ลกษณะการประกอบธรกจ 20 ความรบผดชอบตอสงคมและสงแวดลอม 24 การตลาดและภาวะการแขงขน 32 คำอธบายและวเคราะหงบการเงน 40 ปจจยความเสยง 48 โครงสรางผถอหน 50 ประวตคณะกรรมการบรษทฯ 58 การจดการ 74 การกำกบดแลกจการ 86 รายการระหวางกน 96 รายงานของคณะกรรมการตรวจสอบ 98 ขอมลองคกร / บคคลอางอง 102 สาขา 108 โครงสรางบรษท
AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED
บรษท อออน ธนสนทรพย (ไทยแลนด) จำกด (มหาชน) AEON THANA SINSAP (THAILAND) PUBLIC COMPANY LIMITED
รายงานประจำป 2551/2552 (ปบญชสนสดวนท 20 กมภาพนธ 2552)
ANNUAL REPORT 2008/2009 (Fiscal year ended February 20, 2009)
รายงานประจำป 2551/2552 • บรษท อออน ธนสนทรพย (ไทยแลนด) จำกด (ม
หาชน) ANNUAL REPORT 2008/2009 • AEON
THANA SIN
SAP (THAILAND) PUBLIC COM
PANY LIM
ITED