TrueSuccess - True Corporation Public Company Limited

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46 ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITEDAs well as being Trueûs concession granter, TOT is also a competitor in the BMA fixed line market. This has and couldcontinue to lead to disputes between True and TOT, which can deny or put on hold Trueûs requests to launch new services.TOT and True have brought some disputes to the Administrative Court and the Arbitration Tribunal for adjudication.In August 2002 True asked the Arbitration Tribunal for compensation from TOT for access charge revenues TOTgenerated using Trueûs network. In August 2004, True asked the Arbitration Tribunal for compensation from TOT for sharingon revenues generated from additional public phones apart from the first 20,000 sets. In January 2005, True also asked theArbitration Tribunal to ensure TOT shared revenues from incoming international calls based on the rate indicated in theconcession.In July 2004 TOT asked the Arbitration Tribunal to require True to pay advertising cost for placing Trueûs logo onPayphone booths. And in December 2004, TOT also sought costs for placing the True logo on invoices and receipts.The pending liberalization of the Thai telecommunications industry is expected to reduce or eliminate these conflicts ofinterest, but proposed initiatives could put True at a disadvantage to competitors. It is also possible that certain policies tobe imposed by the National Telecommunications Committee may affect Trueûs operating costs and/or increasecompetition in the sectors in which it operates.Risks Related to Financial SituationTrueûs operation is restricted by a number of debt and other financial agreements. These agreements could prohibit Truefrom exploiting good business opportunities or lead to accelerated debt repayment if TOT cancels the concession agreementwith the Company. However, TOT must seek an arbitration decision in order to cancel the concession agreement.True is subject to exchange rate fluctuations, which could increase interest payments. True had total debt of Baht 84billion as at December 31, 2004, with 13 percent of this being denominated in foreign currencies (Japanese Yen and USDollar). In 2004, the Company had consolidated capital expenditure of approximately Baht 4.0 billion, approximately 40 percent ofwhich was in foreign currencies. The Company has put in place hedging tools to reduce its exposure to exchange ratefluctuations, primarily for the majority portion of a USD 170 million loan belonging to a subsidiary.Out of the Companyûs total debt, about 50 percent is subject to floating interest rates and vulnerable to rate increases.All TA Orange debt, accounting for approximately 37 percent of total consolidated debt, is subject to floating rates. However,TA Orange debt interest rates will step down over time if it is able to achieve conditions set out in its loan agreement.
ANNUAL REPORT 2004 TRUE CORPORATION PUBLIC COMPANY LIMITED47ShareholdersTrue Corporation Public Company LimitedMajor Shareholders 1(as of 30 th December 2004)Name No. of Shares % of Total(Million Shares) Issued Shares1. CP GROUP 2 1,605.14 39.222. THAILAND SECURITIES DEPOSITORY COMPANY 1,240.97 30.32LIMITED FOR DEPOSITORS (FOREIGN)3. THAILAND SECURITIES DEPOSITORY COMPANY LIMITED 468.91 11.46FOR DEPOSITORS (THAI)4. THAI TRUST FUND 357.99 8.755. KREDITANSTALT FÜR WIEDERAUFBAU (çKfWé) 341.47 8.346. MR. JATURONG JATUPARISUTHI 11.08 0.277. MR. SOONTHORN ARUNANONCHAI 5.00 0.128. MISS PIMRA INTHARAVITTAYANUN 4.50 0.119. MR. CHALEO SOUVANNAKITTI 3.50 0.0810. VATCHARAPOL CO., LTD. 3.00 0.07Remark : 1Including common shares and preferred shares2There are Charoen Pokphand Group Co., Ltd. and its related persons namely, Bangkok Telecom Holding Company Limited, Charoen Pokphand Foods PublicCompany Limited, Bangkok Produce Merchandising Public Company Limited, Bangkok Agro-Industrial Products Public Company Limited, Charoen PokphandNortheastern Public Company Limited, Kasetphand Industry Company Limited, Charoen Pokphand Enterprise Company Limited, Unigue Network CompanyLimited, Wide Broad Cast Company Limited, C.P. Interfood (Thailand) Company Limited, Star Marketing Company Limited, Advance Pharma Company Limited andGolden Tower Trading Limited.
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TrueSuccess - True Corporation Public Company Limited

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