IR Newsletter Vol. 6/2008 - Thai Beverage Public Company Limited

THAI BEVERAGE PLC.
Investor Relations
Department
Richard Jones
+662 272 2295
richard.j@thaibev.com
Ariya Silakorn
+662 272 2051-5: 1222
ariya.s@thaibev.com
Namfon Aungsutornrungsi
+662 272 2051-5: 1225
namfon.a@thaibev.com
www.thaibev.com/set/
investor.html
Federbräu is brewed in strict
accordance with the
“Reinheitsgëbot” the German
Purity Law of 1516, which
stipulates that only the natural
ingredients of barley-malt, hops,
yeast and brewing water be used
in the brewing process.
The name Federbräu translates
from German as feather brew –
signaling its delicate flavor and
refreshing finish.
ThaiBev launches “Federbräu”
German-style premium beer
Thai Beverage is moving boldly into the
premium category with the launch of “Federbräu”
beer. It was firstly launched to the agents in late
March. Federbräu offers the new generation of
Thai beer enthusiasts who enjoy a challenging
lifestyle a genuine, mild German-style beer with
4.7% alcohol.
To introduce target customers to
Federbräu’s smooth, light taste, Thai Beverage has
kicked off the “FederVENTURE” road show to take
the Federbräu brand experience to 10 of
Bangkok’s hottest hangouts.
Federbräu is the only beer brewed in
Thailand that is certified by the prestigious
German institutes VLB of Berlin and
Weinhenstephan of Munich as manufactured
according to the strict German Purity Law; using
only the finest natural ingredients, an exacting
manufacturing process and a unique fermentation
method. Federbräu targets the young generation
aged between 22-35 who are confident, love
freedom, embrace challenges and are always
looking for something special to enhance their
sophisticated lifestyles.
While encouraging responsible drinking, the
“FederVENTURE” campaign will bring a great
Federbräu brand experience to beer enthusiasts at
the hottest clubs in Bangkok’s nightlife areas every
Friday night until August
For more information on FederVENTURE, please visit
www.federbrau.com
VOLUME 6, June 2008
Federbräu in 640 ml bottle, 330 ml bottle
and 330 ml can
Party and concert at Bangkok’s trendiest clubs
Reinheitsgebot
"German Beer Purity Law" or the
"Bavarian Purity Law" in English, is
a regulation that originated in the
city of Ingolstadt in the duchy of
Bavaria on April 23, 1516,
although first put forward in 1487,
concerning standards for the sale
and composition of beer.
Before its official repeal in 1987, it
was the oldest food quality
regulation in the world.
In the original text, the only
ingredients that could be used in
the production of beer were water,
barley, and hops.
Source:
http://en.wikipedia.org/wiki/Reinh
eitsgebot
English translation of the
'Reinheitsgebot':
www3.sympatico.ca/n.rieck/docs/
Reinheitsgebot.html
M Liters
2,500
2,000
1,500
1,000
500
-
Mr. Thapana Sirivadhanabhakdi, ThaiBev’s
President and CEO, at Federbräu launch party
for agents
2006 Beer Market Segmentation
2001 2002 2003 2004 2005 2006
Economy Standard Premium
Mr. Charlie Jitcharoongphorn, ThaiBev’s AVP -
Office of Marketing, at FederVENTURE party
San Mig Pilsen
1.0%
Kloster 0.9%
San Mig Light
1.0%
Asahi 3.9%
2006 Thai Premium Beer Market
Others 20.7%
Source: Canadean, The Beer Service Annual Report - 2007 Cycle, Thailand
Heineken 72.5%
Total Premium beer market volume in 2006
is 123 million liters or 6% of overall market

THAI BEVERAGE PLC.
VOLUME 6, June 2008
Inver House Distillers Collects 15 Awards at
International Wine & Spirits Competition 2008
Inver House Distillers, which recently claimed the
prestigious title of ‘International Distiller of the Year’, is
celebrating further success, having collected an astonishing 15
awards at the International Wine & Spirits Competition 2008.
This multitude of successes makes Inver House Distillers
one of Scotland’s most prolific whisky industry award winners this
year.
Each entry is blind tasted by a panel of high-profile judges
from around the world and the awards are presented for the
quality of the spirit. The competition’s aim is to promote the
quality and excellence of the world's best wines, spirits and
liqueurs.
The accolades that Inver House has been presented with
include coveted Gold best in class medals; Gold medals; Silver
best in class medals and Silver medals. Every single product
entered by Inver House Distillers collected either a Best in Class,
Gold or Silver award – demonstrating the high calibre of the spirit
of each brand.
Share Data
(All data as of 26 June 08)
Price S$ 0.245
3 Month Avg Daily Vol:
6.63 million shares
Current Mkt Cap:
S$ 6,152.0 million
US$ 4,489.7 million
Three-month price range
S$ 0.24 - 0.28
Source:
www.shareinvestor.com
Shares outstanding:
25,110 million shares
IPO date 30 May 06
Share offered at IPO:
4,888.9 millions shares
IPO offer price S$ 0.28
Source: Reuters
For full release, please go to:
www.inverhouse.com/documents/230608-IWSC-2008-IHD-Medal-Wins.pdf
Further information about the awards is available at: www.iwsc.net
The International Wine and Spirit Competition was founded in 1969. Its aim is to promote the quality
and excellence of the world's best wines, spirits and liqueurs. This standard is achieved through a
rigorous two-stage judging process of professional blind tasting and detailed technical (chemical and
microbiological) analysis that takes place at The Competition's headquarters in Surrey, UK.
Chang Beer Awarded Gold Medal by Monde Selection
Chang Beer, Thailand’s number one
beer brand which is marketed and distributed
globally by the InterBev Group, has received
ultimate accolade for product quality having
been awarded a Gold Medal in the Beers,
Water & Soft Drinks category at the
prestigious MONDE SELECTION Bruxelles –
World Selection of Quality 2008.
Established over 40 years ago the
Monde Selection is a truly International
competition with brewers from all continents
represented. The Monde Selection recognises
both the quality of the ingredients as well as
brewing techniques, awarding a gold medal
only to those that meet the highest standards.
The award-winning 5% ABV Chang
export beer is produced at InterBev’s state-ofthe
art Cosmos Brewery (Thailand) at Wang
Noi, Ayutthaya using water drawn from the
deep wells located at the brewery – in fact,
the water is so pure it is bottled at source and
sold under the Chang brand name.
Monde Selection was originally established in 1961 and since then has
tested a wide range of product from food & beverages, to cosmetics and
toiletries, and, more recently diet & health products. Information on
Monde Selection can be found on www.monde-selection.com
Chang Beer with the gold medal

THAI BEVERAGE PLC.
VOLUME 6, June 2008
Hankey Bannister Voted World’s Best Scotch Blended
Whisky At World Whisky Awards
Inver House Distillers, which was recently voted
International Distiller of the Year, has announced that its
Hankey Bannister 40 Years Old blended Scotch whisky, has
been voted the world’s best Scotch blended whisky at the
World Whisky Awards.
to marry (verb) = to cause (food,
liquor, etc.) to blend with other
ingredients: to marry malt
whiskey with grain whiskey.
Source: www.dictionary.com
Hankey Bannister 40 Years Old is an intricate and
sophisticated blended Scotch whisky, specially selected to
celebrate the 250th anniversary of the Hankey Bannister
partnership. Incredibly, these whiskies had already been
matured for several years by the time they were blended
and then left to marry for over 35 years more.
The spirit’s value was recognised and appreciated by
the judging panel, which comprised the best whisky
journalists and retailers from around the world, as well as
industry representatives made up of master blenders,
distillers and brand ambassadors.
Further information about the Awards and winners is available at:
www.whiskymag.com/awards/wwa/
Inver House Distillers toasts 13 awards
at the Scotch Whisky Masters 2008
ThaiBev’s websites
Corporate website:
www.thaibev.com
IR Website:
www.thaibev.com/set/investor
.html
Federbrau website:
www.federbrau.com
Chang Beer export website:
www.changbeer.com
www.changbeerstore.com
Mekhong export website:
www.thespiritofthailand.com
Inver House Distillers, which recently won the
prestigious title of ‘International Distiller of the Year’, is
celebrating further success, having picked up no fewer than
13 awards at the Scotch Whisky Masters 2008.
These prestigious accolades, which include several gold,
silver and a coveted ‘Masters’ Award for their range of single
malts, were presented at a glittering awards ceremony on 21
May.
Entries to the Scotch Whisky Awards are blind-tasted
by a panel of prestigious judges, including Spirits Business
editor Patience Gould. The accolades presented to Inver
House Distillers’ malts comprised eight awards for the quality
of the whiskies’ tastes and five awards for the high standard
of the design and packaging.
For full release, please go to:
www.inverhouse.com/documents/220508-Scotch-Whisky-Masters-
Awards-2008.pdf
Further information about the Awards and winners is available at:
www.thedrinksbusiness.com
Analyst Recommendations
Three-Month Performance
Interbev:
www.interbevgroup.com
Inver House:
www.inverhouse.com
www.oldpulteney.com
www.balblair.com
www.ancnoc.com
www.speyburn.com
www.heathercream.com
Sell/ Reduce
23%
Hold/ Neutral
31%
Source: Analyst reports
from 13 brokerage houses
As of 25 June 08
Buy/ Outperform/
Overweight
46%
0.29
0.28
0.27
0.26
0.25
0.24
0.23
4/1/2008 4/15/2008 4/29/2008 5/14/2008 5/29/2008 6/12/2008
ThaiBev Close STI Rebased
Source: www.shareinvestor.com 1 April 08 – 24 Jun 08

THAI BEVERAGE PLC.
News Summary
VOLUME 6, June 2008
Information provided here was released to the SGX. For more information, please
visit the Newsroom on ThaiBev IR’s website (www.thaibev.com/set/investor.html) or check
for the announcements on the SGX’s website (www.sgx.com).
February 18, 2008
Capital Increase of International Beverage Holdings Limited (“IBHL”) and International
Beverage Holdings Limited USA, Inc. (“IBHL USA”)
• ThaiBev’s Executive Committee approved the increase in capital of IBHL, ThaiBev’s
wholly-owned subsidiary, from HK$1,470 million to HK$1,490 million.
• The proceeds will be utilized to increase the capital of IBHL USA, a wholly-owned
subsidiary of IBHL, from US$2.6 million to US$5.1 million.
• IBHL USA will use proceeds to fund its operations.
• ThaiBev plans to fund the capital increase from its cash.
February 18, 2008
Domestic Company Rating
• TRIS Rating Co., Ltd. annually reviews and affirms company rating and senior
guaranteed debentures rating of ThaiBev at the same level as previous year’s rates, which
are “AA-” for rating and “Stable” outlook.
• For full report, please refer to TRIS’ website
www.trisrating.com/en/pdf/news/17-ThaiBev-e-vm2DsdxwJR2.pdf
February 18, 2008
New Policies of the Thai Government Regarding Alcoholic Beverages
• The Alcohol Control Act was passed by parliament in December 2007 and was
promulgated in the Royal Gazette on February 14, 2008.
Some key details of the act can be summarized as follows:
• Alcohol may not be sold or consumed in temples, religious places, health-related sites,
petrol station or shops nearby, and public parks. Neither may alcohol be sold at
government sites, hostels and educational institutions.
• It is forbidden to sell alcohol using automatic vending machines, by hawking or to offer
discounts to promote sales.
• No gifts, rewards or prizes may be provided.
• Alcoholic drinks may not be offered to try or to impose any conditions that oblige the
purchase of alcohol.
• It is now forbidden to sell alcoholic drinks to anyone under 20 years old.
• It is forbidden to advertise alcoholic beverages directly or show the drinking of alcohol.
• Advertising and PR limiting to information on social contributions, without any
appearance of products or package, is allowed.
• Symbol or logo of the drink or company’s logo are allowed in advertising.
• Advertisements originating outside Thailand, e.g. shirt sponsorship of Everton FC, will
not be affected by the regulations.
• ThaiBev believes that while there will be some effect on promotional activities, the
company’s extensive distribution network mitigates the loss of some other marketing
tools.

THAI BEVERAGE PLC.
VOLUME 6, June 2008
March 28, 2008
The capital reduction of SPM
• SPM Foods and Beverages Co., Ltd. (“SPM”), an indirect subsidiary company, passed a
special resolution of shareholders to approve capital reduction from 100 million Baht to 25
million Baht by reducing the par value of issued ordinary shares from 100 Baht each to 25
Baht each.
• The capital reduction is to reduce deficits by offsetting the accumulative losses of SPM
that existed prior to our acquisition.
• ThaiBev, through our subsidiary, completed the acquisition of SPM at 0.10 Baht per
share in November 2007 and currently holds 83.2% interests in SPM.
• The capital reduction is not expected to have any material impact on the earnings per
share and net tangible assets of ThaiBev for this financial year.
FRUIT TASANEE
‘Tasanee’ translates as beautiful
view, so it is fitting that one of the
ingredients, ‘longan’ translates
as ‘dragon eyes’.
A wonderful fusion of flavour and
colour, sit back and enjoy the
view.
April 24, 2008
Inver House Distillers Announces 2007 Financial Results
Inver House Distillers, a ThaiBev subsidiary producing Malt Scotch whisky, released its
2007 financial results, revealing a doubling of pre-tax profits (an increase of 107%)
57.82
Inver House 2007 Results
INGREDIENTS
2 shots Mekhong
1 shot fresh squeezed lime juice
1 shot cointreau
Cucumber wheels
Seasonal Thai fruits (watermelon,
tangerine, pomelo, longan etc.)
Ginger ale
Million GBP
38.05
14.88
10.68
4.58
3.80
2.57
1.83
1.47
2.90
Turnover Gross profit Operating Profit Profit before tax Profit after tax
METHOD
Combine Mekhong, Cointreau, lime
juice, mint, fruits and cucumber in
a collins glass.
Add ice
and cover with a shaker tin.
Shake briefly and vigorously.
Top with ginger ale.
Serve long with a straw.
Source:
www.thespiritofthailand.com/mekh
ong.htm
May 7, 2008
ThaiBev launches Mekhong in the US
• ThaiBev announced the launch of its
signature Mekhong spirits in the US
through its subsidiary, IBHL USA.
• Beginning on 1 May 2008, the launch will
feature exclusive tasting events in New
York and Los Angeles, highlighting the
premium positioning of Mekhong in the US.
2006 2007
Mekhong Billboard at Time
Square, New York
May 15, 2008
Potential Acquisition of Oishi Group Plc. and Potential Disposal of Thai Alcohol Plc.
Acquisition of a stake in Oishi Group Plc.
• ThaiBev entered into an MOU with Yodkij Business Co., Ltd. to acquire from Yodkij
82,314,537 shares or 43.9% of Oishi at 37 Baht per share, or 3,045.64 million Baht.
• Rationale: in line with ThaiBev’s intention to broaden its core business and to enhance
the contribution from its non-alcoholic business
• The valuation was done by an independent financial advisor, Singapore-based
PrimePartners Corporate Finance Pte. Ltd. The company has advised whether the
acquisition is on normal commercial terms and is not prejudicial to the interest of ThaiBev
and its minority shareholders. PrimePartners valued Oishi by using a PE Multiple to arrive
at the proposed price range per share of the acquisition.

THAI BEVERAGE PLC.
Oishi Group is a Thai
company currently listed on
the Stock Exchange of
Thailand, engaging in the
Japanese restaurant business
and the manufacture and
distribution of semi-finished
food, finished food, bread,
ramen and beverages.
www.oishigroup.com
VOLUME 6, June 2008
• The step leading to the finalization of the acquisition will include
1. Due diligence of Oishi
2. Circulation of a factsheet to shareholders
3. An Extraordinary General Meeting of shareholders (EGM) at which related parties will
not be able to vote.
4. If the terms and conditions for the acquisition are agreed, and definitive agreements are
entered into, upon acquisition of the 43.9% stake in Oishi, ThaiBev would be required to
make a tender offer for the remaining shares.
• Funding: cash, from internal resources, the proceeds of the disposal of Thai Alcohol and
debt financing
• Oishi
The seller: Yodkij is a
company in which Mr.
Charoen Sirivadhanabhakdi,
ThaiBev’s Chairman and
controlling shareholder and
his wife indirectly own 100%
of the shares.
Yodkij currently owns 43.9%
of Oishi.
FY 2007
Revenue
Net profit after tax
Net tangible assets
Close price on May 13, 08
4,585
558
1,992
35
Million Baht
Million Baht
Million Baht
Baht/ share
Disposal of Thai Alcohol Plc.
• ThaiBev entered into an MOU with Damrongfah for the disposal of all Thai Alcohol’s
shares for 1,590.95 Million Baht
• Rationale: in line with ThaiBev’s strategy to dispose off businesses that are less likely to
have a material contribution to the group in a long rum, and to focus on core
competencies of beverages
Thai Alcohol is a whollyowned
subsidiary of ThaiBev,
engaging in the production of
industrial alcohol.
The purchaser: Damrongfah
is a company in which
ThaiBev’s Chairman and
controlling shareholder, Mr.
Charoen Sirivadhanabhakdi,
and his wife indirectly own a
100% interest in the shares.
• The valuation was done by an independent financial advisor, Singapore-based
PrimePartners Corporate Finance Pte. Ltd. The company has advised whether the
disposal is on normal commercial terms and is not prejudicial to the interest of ThaiBev
and its minority shareholders. PrimePartners valued Thai Alcohol by using an adjusted net
tangible assets to arrive at the proposed price.
• The step leading to the finalization of the disposal will include
1. Due diligence of Thai Alcohol by Damrongfah
2. Circulation of a factsheet to shareholders
3. An Extraordinary General Meeting of shareholders (EGM) at which related parties will
not be able to vote.
Consideration for the disposal: will be payable in cash, the net proceed from the
disposal is expected to partially finance the acquisition
• Thai Alcohol
FY 2007
Revenue
Net loss after tax
Net tangible assets
Gain from the disposal
966.0
126.68
1,226.0
216.0
Million Baht
Million Baht
Million Baht
Million Baht
• Under the terms of the MOU, the acquisition is conditional upon the entry into a
definitive agreement by September 30, 08; and both acquisition and the disposal are
intended to occur simultaneously.

THAI BEVERAGE PLC.
VOLUME 6, June 2008
Oishi Group Public Company Limited
Stock Exchange: the Stock Exchange of Thailand
Ticker: OISHI
www.oishigroup.com
Business Type: Japanese restaurants, bakery shops (total of 83 outlets in Bangkok and
major cities), green tea and other types of drinks
Top 5 Shareholders
Rank
Shareholder
As of January 9, 2008
No. of Stocks
Percentage
1
Yodkij Thurakit Co., Ltd.
82,314,537
43.900
2
Bengena International Ltd.
59,286,363
31.619
3
Mr. Tan Passakornnatee
10,000,000
5.330
4
Ms. Sunisa Sukaphantavorn
10,000,000
5.330
5
Somers (U.K.) Ltd.
6,131,300
3.270
Financial Highlights – at year end December 31, 2007
(Million Baht)
2007
2006
change
Sales Revenue
4,585.2
3,950.4
16.1%
Sales Revenue –Food
2,038.8
1,802.3
13.1%
Sales Revenue – Beverage
2,546.4
2,148.1
18.5%
Cost of sales
2,969.8
2,630.6
12.9%
Gross Profit
1,615.4
1,319.8
22.4%
Selling and Admin. Exp.
1,123.2
1,121.4
(0.2%)
Net Profit
558.4
189.1
195.3%
Net Profit – Foods
164.2
48.6
233.4%
Net Profit – Beverage
394.2
140.5
182.1%
Total assets
2,883.2
2,487.4
15.9%
Total Debt
741.4
675.2
9.8%
Equity
2,141.8
1,812.2
18.2%
For more information, please refer to Oishi’s annual report at
www.oishigroup.com/about_investor.html