Year 2007

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18. Basic Earnings Per Share Basic earnings per share is calculated by dividing the net income for the year by the weighted average number of ordinary shares held by outside shareholders in issue during the year. 19. Commitments Capital commitments The Company has an outstanding commitment amounting to USD 300,000 (2006: USD 400,000) relating to the purchase of software license and maintenance expenses. Operating lease commitments The Company has entered into a land lease agreement under which its outstanding commitments are as follows: (Baht : million) 2007 2006 Within 1 year 18 9 Over 1 year and not over 5 years 74 74 Over 5 years 259 277 20. Financial Information by Segment The Company’s operations involve a single industry segment in non-life insurance and are carried on in the single geographic area in Thailand. As a result, all of the revenues, operating profits and assets as reflected in these financial statements pertain to the aforementioned industry segment and geographic area. 21. Bank Guarantee As at December 31, 2007, there were outstanding bank guarantees of Baht 15.4 million (2006: Baht 3.1 million) issued by banks on behalf of the Company in respect of certain performance bonds as required in the normal course of business. 22. Contingent Liabilities As at December 31, 2007, the Company has been sued for damaged totaling approximately Baht 941.7 million (2006: Baht 315.4 million) as insurer. The total maximum sum insured per the relevant policies is Baht 233.8 million (2006: Baht 166.8 million). The outcomes of these causes have not yet been finalised but the Company has set aside reserves for its contingent losses amounting to approximately Baht 143.5 million (2006: Baht 51.1 million). 23. Financial Instruments 23.1 Financial risk management The Company’s financial instruments, as defined under Thai Accounting Standard No. 48 “Financial Instruments: Disclosure and Presentations”, principally comprise deposits at financial institutions, investments in securities, loans, and amounts due from (to) reinsurers. The financial risks associated with these financial instruments and how they are managed is described below. Credit risk Concentrations of the credit risk with respect to premiums due and uncollected are insignificant due to the large number of customers comprising the customer base and their dispersion across different industries and geographic regions in Thailand. 78
Concentrations of the credit risk with respect to secured loans are insignificant due to the large number of customers comprising the customer base and their dispersion across different industries and geographic regions in Thailand. In addition the values of the securities placed as collateral are adequate for the Company to receive complete payment of debt and the ratio of loans to collateral values is in accordance with the notification of the Registrar relating to the other business investments of insurance companies. The maximum exposure to credit risk is limited to the book value of assets after deduction of allowance for doubtful debts as stated in the balance sheet. Interest Rate Risk The Company’s exposure to interest rate risk relates primarily to its deposits at financial institutions and investments in securities. However, since most of the Company’s financial assets bear floating interest rates or fixed interest rates which are close to the market rate, the Company does not use derivatives to manage its interest rate risk. Significant financial assets as at December 31, 2007 classified by type of interest rates are summarized in the table below. (Baht’000) Balance as at December 31, 2007 Floating Interest Rate Fixed Interest Rate Deposits at Financial Institutions 69,063 536,732 Investments in Securities Bonds - Net - 269,894 Debentures - Net - 21,154 Notes - 478,225 Total 69,063 1,306,005 The financial assets and liabilities that carry fixed interest rates further classified based on the maturity date, or the repricing date if this occurs before the maturity date. (Baht’000) Within 1 year 1 to 5 years Over 5 years Total Average Interest Rate (% per annum) Deposits at Financial Institutions 536,732 - - 536,732 2.25-4.50 Investments in Securities Bonds - Net 81,209 170,383 18,302 269,894 3.10-8.50 Debentures - Net 21,154 - - 21,154 3.00-5.70 Notes 478,225 - - 478,225 2.65-3.75 Total 1,117,320 170,383 18,302 1,306,005 79
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CONTENTS FINANCIAL HIGHLIGHTS MESSA
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2007 2006 Change 2007 For The Year
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The year 2008, therefore, is anothe
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In 2007, the Company developed a nu
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Marketing and Competition in 2007 F
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Nevertheless, there are still many
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2. Underwriting Risks Thailand has
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6.2 Interest Rate Risk As at Decemb
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Active Care Uniform Care Service Un
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(Baht : million) 2007 2006 Change N
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The net investment income in 2007 w
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to industrial all risks insurance.
Page 27 and 28: Investments in non-listed securitie
Page 29 and 30: INVESTMENTS IN SECURITIES Investmen
Page 31: THREE YEARS REVIEW (Baht’000) 200
Page 34 and 35: BOARD OF DIRECTORS AND BOARD OF DIR
Page 36 and 37: Mr. Suvarn Thansathit Independent D
Page 38 and 39: MANAGEMENT COMMITTEE AND MANAGEMENT
Page 40 and 41: Miss Pagamas Charusathien Senior Vi
Page 42 and 43: Mr. Boonkird Chirapathama Senior Vi
Page 44 and 45: FIRST VICE PRESIDENT AND VICE PRESI
Page 46 and 47: ASSISTANT VICE PRESIDENT 1. Mr. Cha
Page 48 and 49: SOCIAL ACTIVITIES IN 2007 Continuin
Page 50 and 51: Scholarship Grants to Poor Students
Page 52 and 53: REPORT OF THE AUDIT COMMITTEE The B
Page 54 and 55: REPORT ON THE BOARD OF DIRECTOR’S
Page 56 and 57: BALANCE SHEETS As at December 31, 2
Page 58 and 59: INCOME STATEMENTS Financial stateme
Page 60 and 61: INCOME STATEMENTS Separate financia
Page 62 and 63: STATEMENTS OF CHANGES IN SHAREHOLDE
Page 64 and 65: STATEMENTS OF CASH FLOWS For the ye
Page 66 and 67: 4. Significant Accounting Policies
Page 68 and 69: 4.9 Unearned premium reserve Unearn
Page 70 and 71: Investments in debt securities as a
Page 72 and 73: 7.2 Summarised financial informatio
Page 74 and 75: (Baht’000) 2007 2006 Investments
Page 76 and 77: 12. Intangible Assets (Baht’000)
Page 80 and 81: Foreign Currency Risk The Company
Page 82 and 83: Debtors, overdue under 3 months, fo
Page 84 and 85: FINANCIAL RATIO 2007 2006 2005 Fina
Page 86 and 87: SHAREHOLDING IN OTHER COMPANIES Inv
Page 88 and 89: THE MANAGEMENT Management Structure
Page 90 and 91: Name Position No. Of Attendance/ An
Page 92 and 93: The Management Committee is made up
Page 94 and 95: SHAREHOLDINGS STRUCTURE Breakdown o
Page 96 and 97: Shareholding of Management Committe
Page 98 and 99: PRINCIPLES OF GOOD CORPORATE GOVERN
Page 100 and 101: For every shareholder’s meeting,
Page 102 and 103: Customers The Company offers variou
Page 104 and 105: 4.3 Role and Duty Performance of th
Page 106 and 107: (4) The Company’s Secretary The C
Page 108 and 109: - The Use of Insider Information In
Page 110 and 111: 5.5 Procedure on the Determination
Page 112 and 113: North Eastern Region: Khon Kaen 345
Page 114: LINES OF BUSINESS Fire & Allied Lin
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Year 2007

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