Minutes of the Annual General Shareholder Meeting of 2010
of BEC World Public Company Limited

BEC World group was able to made Baht 736 millions as its net profit for its shareholders in the 1st quarter of this year

BEC World group was able to made Baht 736 millions as its net profit for its shareholders in the 1st quarter of this year, higher than that of the same quarter of the previous year by 35 percent or Baht 192 millions more; as our advertising income increased; as our profit from concerts and shows are higher; even our other income -mainly interest income- are lowered due to the macro economic conditions; whereas our costs went up as we are expanding our businesses further by introducing more of our owned programmes and extended the programmes which have higher costs; and our selling expenses are slightly higher but our administration expenses are about the same. However, when compares quarter-on-quarter with the previous quarter our profit dropped slightly by Baht 4 millions just 0.5 percent lower as our operating margin dropped because of the expansion and because of the slightly drop of our higher margin prime-time revenue which is a normal case when compares the low-season 1st quarter with the high-season 4th quarter, as discussed further in the attached management discussion and analysis.

BEC World Plc.
Consolidated Financial Statements for the 1st Quarter of the year 2010
Management Discussion and Analysis:

Business Environment:
Nielsen Media Research (NMR) reported that advertising expenditure through television (TV-Adex) during the first quarter of 2010 had dropped down 6% when compares with the previous quarter as usual as it is a comparison between the normally low-season 1st quarter with the high-season 4th quarter. However, the TV-Adex during the 1st quarter of this year is still higher than that of the same quarter of last year by 13% from momentum built up through out the second half of the previous year. NMR also reported that the growth rates attained during the quarter are expanding (January +10.6; February =12.5 and March +15.8% YoY.) There are a number of advertisers increased their spending through television at a high rate and there also are a number of new advertisers entering the industry, especially in March which is the beginning of the first round of high-season of the year, confirm the up-ward trend of the industry.   

Structure Changes: 
During the first quarter of 2010, the BEC World group was almost unchanged except that we had transformed “the BEC-Tero Scenario Joint Venture” to be another subsidiary company known as “BEC-Tero Scenario Co., Ltd.” which is still continue operating as the provider of international stage shows and is 50% owned by “BEC-Tero Entertainment” a subsidiary of BEC World.

Operating Results:
Due to the accounting policy for investments, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid any confusion.    

BEC World group was able to made Baht 736 millions as its net profit for its shareholders in the 1st quarter of this year, higher than that of the same quarter of the previous year by 35 percent or Baht 192 millions more; as our advertising income increased; as our profit from concerts and shows are higher; even our other income -mainly interest income- are lowered due to the macro economic conditions; whereas our costs went up as we are expanding our businesses further by introducing more of our owned programmes and extended the programmes which have higher costs; and our selling expenses are slightly higher but our administration expenses are about the same. However, when compares quarter-on-quarter with the previous quarter our profit dropped slightly by Baht 4 millions just 0.5 percent lower as our operating margin dropped because of the expansion and because of the slightly drop of our higher margin prime-time revenue which is a normal case when compares the low-season 1st quarter with the high-season 4th quarter.

Revenues:
As we expanded our businesses further by introducing more of our owned programmes and extended the programmes which have higher costs, our advertising income in the first quarter of this year was much higher from that of the previous quarter by 14% even the industry dropped in line with seasonal pattern as it’s comparing the low-season 1st quarter with the high-season 4th quarter; and is much higher year-on-year by 42% as we also benefitted from momentum built up continuously. The concerts and shows revenue is lower quarter-on-quarter and year-on-year but the margin is higher as we are more selective in organizing the shows. Our other services income increased slightly year-on-year but substantially lower quarter-on-quarter as the numbers of activities at the beginning of the year are much lower than those during the festive seasons around yearend, as usual.

Costs and Operating Expenses:
Costs of services increased both quarter-on-quarter and year-on-year as we expanded our businesses further revising our broadcasting programme chart by introducing more of our owned programmes and extended the programmes which have higher costs to enchant our opportunity to increase our revenue and profit. Our selling and administration expenses are much lower down quarter-on-quarter as we normally have higher expenses in the last quarter of the year; but the expenses are almost at the same level year-on-year. 

Financial positions:
Our total assets increased when compared with balances at the end of the prior year as cash and short term investments increased in line with the profit; and the business expansion increased our trade-account-receivables; whereas our non-current assets which comprise mostly by our investment in equipment, deferred right to use assets and deferred programming costs are about the same. Our liabilities increased as we declared prior year final dividend and also because corporate income tax is higher in line with increased profit. Our shareholders’ equity decreased because of the prior year final dividend as mentioned. BEC World’s financial positions are strong as usual.

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BEC World, was able to made Baht2,635 millions
as its net profit for the shareholders of BEC World, 8.4 percent
lower than that of the previous year, i.e. Baht241 millions less

For the year 2009, the group, BEC World, was able to made Baht2,635 millions as its net profit for the shareholders of BEC World, 8.4 percent lower than that of the previous year, i.e. Baht241 millions less; even BEC World were able to increase its advertising income up 2.2 percent or Baht178 millions higher. The drop of our profit was happened during the first half of the year as our advertising revenue in the first quarter dropped caused by macro-economic problems; and the increasing of our costs from expansion of prime and super-prime slots as well as from the changes in our programming chart adding more of our own local contents; and the increase of our expenses during the first half of the year mostly from special activities relating to our celebrations and marketing activities on the 39th anniversary of our “Channel 3”; in addition to the drops of our “copyrights and other services income” and our “interest income”. Despite the fact that BEC World were able to improve its profitability, having higher profit year-on-year throughout the second half of the year as our income increased and our expenses declined, but for the year our operating margin and our profit still declined as the increase of our profit in the second half is not yet enough to cover the first half shortfall as discussed further in the attached management discussion and analysis.

BEC World Plc.
Consolidated Financial Statements for the year 2009
Management Discussion and Analysis:

Business Environment:
Bad news from both outside of the country and the domestic one hit the macro-economy pulling the demand for airtimes down consecutively since late last year; Nielsen Media Research (Nielsen) reported that advertising expenditure through television (adex) during the first quarter of 2009 dropped 8% when compares with the prior quarter even this might partially be because of the fact that the 1st quarter normally is the “low-season” whereas the 4th quarter is “high-season”. Even Nielsen reported a recovery of the adex since March when the first round of high-season of the year started, but Nielsen also reported an abnormal drop of adex from a large advertiser, noted in a large network, pulled the industry down significantly year-on-year in the second quarter. This incident makes Channel 3 became the market leader in term of adex share once again throughout the beginning of 2009 up to the later part of the third quarter. However, this incident also elevated competition among advertisers within such product groups. It is so obvious in Nielsen’s report that the spending from most advertisers within such relevant product groups increased year-on-year significantly, and since most of such advertisers are a large advertiser as well, thus this incident had helped the industry to grow at a higher growth rate throughout the rest of the 2009, making the whole year number be higher than that of the prior year and every networks except that one which had the incident, had growth and a higher adex share, even it seems that the incident had resolved since the later part of the third of 2009. As this incident makes Channel 3 became the market leader in term of adex share; BEC World were able to report 3 consecutive “record” quarters in term of our advertising revenue throughout the later part of 2009. Anyhow, when reviewing Nielsen’s adex report in detail; it is also obvious that certain sectors were hit by such macro-economic problems and had reduced their spending such as ‘automotives’, ‘building & machinery equipment’ and ‘government spending’ but there are several advertisers, even those that were not involved with such mentioned incident, both the large and mid-size advertisers have increased their advertising spending year-on-year; and several of those have also increased their spending by more than 20% and there are a lot of new advertisers, as well, when macro-economic problems subsided and consumers confidence improved; thus caused a reduction in the share of voice of most of the advertisers. They are the strong indicators of the diversity, resiliency and great growth potential of the industry, as usual.

Structure Changes: 
In 2009, the BEC World group was almost unchanged except that (1) we had disposed out 40% of our shares in “BEC-Tero Exhibitions” a dormant subsidiary wholly owned by “BEC-Tero Entertainment Plc.[BEC-Tero]” a subsidiary of BEC World to an outsider, then changed its name to “Have A Good Dream Co., Ltd” and increased its registered and paid-up capital to Baht10 millions. However, this company is still our subsidiary company having “BEC-Tero” holds 60% of its shares. This company is now operating as an organizer of televised “talent competition show” and (2) we had changed the name of “BEC-Tero Arsernal Ltd.”, a dormant subsidiary wholly owned by “BEC-Tero” to “BEC-Tero Com Com Ltd.”; then sold 49% ownership to an outsider and increased its registered and paid-up capital by Baht10 millions to Baht28 millions which all the existing shareholders agreed to keep their portion. Therefore, this company is still our subsidiary company having “BEC-Tero” holds 51% its shares. This company is now operating its new business, selling adverting on the screens of the mobile phones.

Operating Results:
Due to the accounting policy for “investments”, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid any confusion.   

For the year 2009, the group, BEC World, was able to made Baht2,635 millions as its net profit for the shareholders of BEC World, 8.4 percent lower than that of the previous year, i.e. Baht241 millions less; even BEC World were able to increase its advertising income up 2.2 percent or Baht178 millions higher. The drop of our profit was happened during the first half of the year as our advertising revenue in the first quarter dropped caused by macro-economic problems; and the increasing of our costs from expansion of prime and super-prime slots as well as from the changes in our programming chart adding more of our own local contents; and the increase of our expenses during the first half of the year mostly from special activities relating to our celebrations and marketing activities on the 39th anniversary of our “Channel 3”; in addition to the drops of our “copyrights and other services income” and our “interest income”. Despite the fact that BEC World were able to improve its profitability, having higher profit year-on-year throughout the second half of the year as our income increased and our expenses declined, but for the year our operating margin and our profit still declined as the increase of our profit in the second half is not yet enough to cover the first half shortfall.

Revenues:
Our advertising income in the year 2009 is higher year-on-year by 2.2 percent, an increase of Baht178 millions. The increase came from air-time rate increases on certain day parts, from expansion of prime and super-prime slots and from the changes in our programming chart. However our copyrights and other services income dropped as a result of the macro-economic problems. Even we had reduced the number of events in preparations to cope with the adverse situations but our concerts and shows revenue is higher year-on-year from the strengths of our brand and reputations and we even were able to enhance our gross margin from the events this year, as well.

Costs and Operating Expenses:
Costs of services are higher year-on-year by 12.6 percent; the increases are mainly our programming costs from the changes in our programming chart adding more of our own local contents and the expansion of prime and super-prime slots which will enhance our opportunity to generate higher revenue and profit in the longer term. Costs of concerts and shows reduced in line with the reduction of the number of events. The selling expenses decreased 4.5 percent because of changes in “product mix”. The administration expenses increased 13.4 percent mainly incurred during the first half of the year from special activities relating to our celebrations and marketing activities on the 39th anniversary of our “Channel 3”. Anyhow, our expenses were dropped back to normal level throughout the second half of the year which is a strong evidence of our efforts and our ability in control our operating costs.

Financial positions:
Our total assets increased slightly when compared with balances at the end of the previous year, mainly because of the decline of our liabilities, especially the lower tax burdens from lower profit, and the increase of our retained earnings after dividend payments. The increases of assets are mainly in accounts receivable as we had higher sales during the later part of the year, and the prepaid rights and programming costs which are shown in other current assets. Our liabilities decreased as our corporate income tax payable is lower; even we have higher current liabilities at the end of the year from acquisitions of equipment. Our shareholders’ equity increased in line with the higher retains earnings. BEC World’s financial positions are strong as usual.

BEC World group was able to increase it net profit up 25.6%
higher than that of the previous quarter

BEC World group was able to increase it net profit up 25.6% higher than that of the previous quarter, Baht153 millions more; making Baht752 millions as its net profit for the shareholders of the group. Our advertising income increased 1.6% quarter-on-quarter in line with the recovery of the industry. The profitability of our "concerts & shows" business is also higher. Our operating costs and expenses were lower down as we had additional items in the previous quarter on the 39th anniversary of our "Channel 3" and during this quarter we also were able to collect the long outstanding debts which we had fully provided for during this quarter of last year. When comparing our results year-on-year, we continue having higher advertising revenue as same as the previous quarter, but at a higher growth rate. However, our licensing revenue, our other services revenue and our other revenue were all lowered down while our services costs increased as we invest further in expanding our primetime thus the growth rate of our net profit is just at 2.3%, increasing our profit up only Baht16 millions

BEC World Plc.
Consolidated Financial Statements for the 3rd Quarter of the year 2009
Management Discussion and Analysis :

Business Environment:
Nielsen Media Research (Nielsen) reported that the industry, advertising expenditure through television (adex), has recovered since the beginning of the 3rd quarter. The adex has continued increasing year-on-year (YoY) at a higher growth rate every months throughout the quarter, recovers its losses incurred in the previous quarter; makes the 3rd quarter to be higher than the 2nd quarter, even the 2nd normally is the bigger one. When reviewed the report in details, it is obvious that several big and mid-size advertisers have increased their adex both from the previous quarter and prior year levels; it's a strong evidence of diversity, strength and growth opportunity of the industry, as usual.

Structure Changes:
During the 3rd quarter of 2009, the BEC World group was substantially unchanged.

Operating Results:
Due to the accounting policy for investments, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid any confusion.

BEC World group was able to increase it net profit up 25.6% higher than that of the previous quarter, Baht153 millions more; making Baht752 millions as its net profit for the shareholders of the group. Our advertising income increased 1.6% quarter-on-quarter in line with the recovery of the industry. The profitability of our "concerts & shows" business is also higher. Our operating costs and expenses were lower down as we had additional items in the previous quarter on the 39th anniversary of our "Channel 3" and during this quarter we were also able to collect the long outstanding debts which we had fully provided for during this quarter of last year. When comparing our results year-on-year, we continue having higher advertising revenue as same as the previous quarter, but at a higher growth rate. However, our licensing revenue, our other services revenue and our other revenue were all lowered down while our services costs increased as we invest further in expanding our primetime thus the growth rate of our net profit is just at 2.3%, increasing our profit up only Baht16 millions.

Revenues:
Our advertising income in the third quarter of this year was increased higher than that of the prior quarter by 1.6%, it is another phenomenal year which the 3rd quarter is better than the previous one as normally the 2nd quarter is a better one; and it is also 2.8% higher year-on-year. This is an evidence of the recovery of the industry we did also able to increase our air-time rates on certain day parts and benefited from expansion and shuffling of prime-time slots. The concerts and shows revenue is higher quarter-on-quarter as the number of shows reduced in the previous quarter in line with the epidemic of the flu, and it is also higher year-on-year even the tennis tournament this year finished in the 4th quarter. However, our licensing revenue, our other services revenue and our other revenue were all lowered down in line with the season and macro economic problems both domestically and in overseas markets where we did have businesses with.

Costs and Operating Expenses:
Our costs and operating expenses in the 3rd quarter this year are lowered down both quarter-on-quarter and year-on-year except the cost of services which increased year-on-year as we changed our programming chart to have more of our own shows and expanded our prime-time. The administrative expenses reduced a lot, quarter-on-quarter as we had additional items in the previous quarter on the 39th anniversary of our "Channel 3" and the losses of our associated "Virgin BEC-Tero Radio" is lower down, and year-on-year as during this quarter we were also able to collect the long outstanding debts which we had fully provided for during this quarter of last year.

Financial positions:
Our total assets at the end of the 3rd quarter decreased when compared with balances at the end of the prior year as cash and short term investment of our cash decreased after the payments of our prior year's final dividends and corporate income tax in the 2nd quarter and the interim dividend and half year corporate income tax during the quarter. Our liabilities also decreased from that level at the end the prior year because of the tax payments. Our shareholders' equity slightly decreased after those mentioned two dividend payments; however BEC World's financial positions are strong as usual.

BEC World group was able to increase it net profit up 10%
higher than that of the previous quarter

BEC World group was able to increase it net profit up 10% higher than that of the previous quarter; making Baht599 millions as its net profit for the shareholders of the group. However the growth rate of our profitability was temporary lowered down, even our advertising income jumped quarter-on-quarter by more than 15%, recovering from slump experienced in the previous quarter by the supports of many key advertisers who had substantially increased their spending with us, but our operating costs during the quarter also increased and we also had made a big donation on the 39th anniversary of our "Channel 3". When comparing our results year-on-year, the impact of the higher operating costs is even more obvious as our adverting income had increase only marginally while the profitability of our "concerts & shows" business is lowered down as well, and our effecting corporate income tax increased as certain expenses is partially allowed in tax calculation; thus pulling our net profit down significantly in the quarter when compares with that of the same quarter of prior year, as discussed further in the attached management discussion and analysis.

BEC World Plc.
Consolidated Financial Statements for the 2nd Quarter of the year 2009
Management Discussion and Analysis:

Business Environment:
Nielsen Media Research (Nielsen) reported that since the beginning of the 2nd quarter the industry, advertising expenditure through television (adex), has reversed it up-ward tend reported since the beginning of this year. The adex has continued lowered down year-on-year (YoY) throughout the quarter even the 2nd quarter is still bigger than the 1st quarter as usual. Nielsen also reported that the adex had dropped substantially in one of the main channel thus pushed the adex market-share of "Channel 3" up to the top of the industry once again throughout the first-half of this year. However, when reviewed the report in details, it is obvious that several big and mid-size advertisers have increased their adex from the prior year level; some of them also increased their adex more than 20 percent. It's a strong evidence of diversity, strength and growth opportunity of the industry, as usual.

Structure Changes:
During the 2nd quarter of 2009, the BEC World group was almost unchanged except that we had changed the name of "BEC-Tero Arsernal Ltd.", a dormant subsidiary wholly owned by "BEC-Tero Entertainment Plc." a subsidiary of BEC World, to "BEC-Tero Com Com Ltd."; then sold 49% ownership to an outsider and increased its registered and paid-up capital by Baht10 millions to Baht28 millions which all the existing shareholders agreed to keep their portion. Therefore, this company is still our subsidiary company having "BEC-Tero Entertainment" holds 51% its shares. This company is preparing to start its new business, selling adverting on the screens of the mobile phones.

Operating Results:
Due to the accounting policy for investments, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid any confusion.

BEC World group was able to increase it net profit up 10% higher than that of the previous quarter; making Baht599 millions as its net profit for the shareholders of the group. However the growth rate of our profitability was temporary lowered down, even our advertising income jumped quarter-on-quarter by more than 15%, recovering from slump experienced in the previous quarter by the supports of many key advertisers who had substantially increased their spending with us, but our operating costs during the quarter also increased and we also had made a big donation on the 39th anniversary of our "Channel 3". When comparing our results year-on-year, the impact of the higher operating costs is even more obvious as our adverting income had increase only marginally while the profitability of our "concerts & shows" business is lowered down as well, and our effecting corporate income tax increased as certain expenses is partially allowed in tax calculation; thus pulling our net profit down significantly in the quarter when compares with that of the same quarter of prior year.

Revenues:
Our advertising income in the second quarter of this year was increased higher than that of the prior quarter by 15% and also slightly higher year-on-year which are the better growth rates compared with the industry. We are recovering from slump experienced in the previous quarter by the supports of many key advertisers who had substantially increased their spending with us and we did also able to increase our air-time rates on certain day parts and benefited from expansion and shuffling of prime-time slots. The concerts and shows revenue is declined quarter-on-quarter and year-on-year as the number of shows reduced in the quarter in line with the epidemic of the flu.

Costs and Operating Expenses:
Our costs and operating expenses in the 2nd quarter this year are higher quarter-on-quarter and year-on-year. Cost of services increased as we changed our programming chart to have more of our own shows and expanded our prime-time. Costs of concerts and shows reduced in line with revenue. The selling expenses increased in line with revenue and more marketing activities. The administrative expenses increased mainly because of the donation on the 39th anniversary of "Thai TV Channel 3" and we also recognized the losses incurred in our associated "Vergin BEC-Tero Radio" in administrative expenses whereas this transaction was partially shown separately in prior year accounts.

Financial positions:
Our total assets decreased when compared with balances at the end of the prior year as cash and short term investment of our cash decreased after the payment of our prior year's final dividends during the quarter. Our liabilities increased from that level at the end the prior year as the amounts received from selling of tickets of 3rd parties' shows and our accrued expenses at the end of the quarter are higher. Our shareholders' equity slightly decreased after the big dividend payments. BEC World's financial positions are strong as usual.

BEC World group was able to made Baht 544 millions
as its net profit for the 1st quarter of this year

BEC World group was able to made Baht 544 millions as its net profit for the 1st quarter of this year, lower than that of the previous quarter by 25 percent or Baht 177 millions and lower than that of the same quarter of prior year by 19 percent or Baht 126 millions; as our advertising income decreased; as our profit from concerts and shows are lower; as our other services income and other income -mainly interest income- are also lower due to the macro economic conditions; whereas our costs went up as we expanded our businesses by introducing new programmes and extended the programmes which have higher costs to enchant our opportunity to increase our revenue but still waiting for such results. Even our selling and administration expenses are lower down quarter-on-quarter (however, they still increased year-on-year due to annual rate increases.) partly because we usually have high expenses during the last quarter of the year, but the savings cannot help maintain our profitability therefore the net profit of BEC had dropped, as discussed further in the attached management discussion and analysis.

BEC World Plc.
Consolidated Financial Statements for the 1st Quarter of the year 2009
Management Discussion and Analysis:

Business Environment:
Nielsen Media Research (NMR) reported that advertising expenditure through television during the first quarter of 2009 had dropped down 8% when compares with the previous quarter partially because of comparing high-season 4th quarter with normally low-season 1st quarter, and partially because of the prevailing macro economic problems had deterred some advertisers' spending especially those small one. However, the TV-advertising expenditure during the 1st quarter of this year is still higher than that of the same quarter of last year by 2% from a much lower visibility in January of prior year as we were mourning for the king's sister who passed away at the beginning of that year. NMR also reported that a number of advertisers still increased their spending through television at a high rate and there also are a number of new advertisers entering the industry, especially in March which is the beginning of the first round of high-season of the year, help push the advertising expenditure through television up higher month on month for the first time reversing the down-tend started since last November, changing the industry's trend up.

Structure Changes:
During the first quarter of 2009, the BEC World group was almost unchanged except that we had disposed out 40% of our shares in "BEC-Tero Exhibitions" a dormant subsidiary wholly owned by "BEC-Tero Entertainment" a subsidiary of BEC World to an outsider, then changed its name to "Have A Good Dream Co., Ltd and increased its registered and paid-up capital to Baht10 millions. However, this company is still our subsidiary company having "BEC-Tero Entertainment" holds 60% of its shares. This company is now operating as an organizer of televised "talent competition show".

Operating Results:
Due to the accounting policy for investments, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid any confusion.

BEC World group was able to made Baht 544 millions as its net profit for the 1st quarter of this year, lower than that of the previous quarter by 25 percent or Baht 177 millions and lower than that of the same quarter of prior year by 19 percent or Baht 126 millions; as our advertising income decreased; as our profit from concerts and shows are lower; as our other services income and other income -mainly interest income- are also lower due to the macro economic conditions; whereas our costs went up as we expanded our businesses by introducing new programmes and extended the programmes which have higher costs to enchant our opportunity to increase our revenue but still waiting for such results. Even our selling and administration expenses are lower down quarter-on-quarter (however, they still increased year-on-year due to annual rate increases.) partly because we usually have high expenses during the last quarter of the year, but the savings cannot help maintain our profitability therefore the net profit of BEC had dropped substantially.

Revenues:
Our advertising income in the first quarter of this year was lowered down from that of the previous quarter by 13% partially in line with seasonal pattern and partially because of the prevailing macro economic problems had deterred some advertisers' spending especially those small one which also pulled our advertising income down lower year-on-year by 4% as we could not maintain our utilization rate of our commercial air-time even we were able to increase our air-time rates on certain day parts up. The concerts and shows revenue is also lower quarter-on-quarter and year-on-year as we had reduced the number of shows according to deteriorating country image especially in the views of foreigners. Even we still had "Disney on Ice" shows in March this year as usual but the number of rounds is also reduced. The slow down of show businesses is across the whole industry, thus pulled our other services income especially our ticketing fees down as well.

Costs and Operating Expenses:
Costs of services increased 3% quarter-on-quarter and 12% year-on-year as we expanded our businesses revising our broadcasting programme chart by introducing new programmes and extended the programmes which have higher costs to enchant our opportunity to increase our revenue. Our selling and administration expenses are lower down "quarter-on-quarter" as we normally have higher expenses than usual during the prior quarter, the last quarter of the year; but the expenses are higher year-on-year partially due to annual rate increases at the beginning of the year as usual.

Financial positions:
Our total assets increased when compared with balances at the end of the prior year as cash and short term investments increased in line with the profit and the reduction of trade-account-receivables by collections. Our liabilities increased as we declared prior year final dividend and also because corporate income tax is higher. Our shareholders' equity decreased because of the final dividend as mentioned. BEC World's financial positions are strong as usual.

BEC World Plc.
Consolidated Financial Statements for the year 2008
Management Discussion and Analysis:

Business Environment:
Advertising expenditure through television (adex) during the year 2008 as reported by Nielsen Media Research (Nielsen) dropped when compares with the prior year almost every month as "T-ITV" was transformed into a non-commercial "T-PBS" in the middle of January 2008; since Nielsen reported that "T-ITV" holds quite a significant portion of market share in TV-Adex, i.e. 15 percent in 2007. Anyhow, as there was a transition from "iTV" to "T-ITV" during the 2nd quarter of 2007 thus T-ITV's market share was lowered down during such period and allows year-on-year (YoY) growth in the 2nd quarter of 2008 and makes that quarter the best quarter of 2008 for the industry that year. However, the drop of adex for the year was reported at only 4.4 percent thus every other channels apart from "T-ITV / T-PBS" is getting better year-on-year; whereas Channel 11(which was re-branded as NBT) who had covered the Beijing Olympic much longer than other channels was reported as the one with the biggest growth rate. Anyhow, when reviewing Nielsen's adex report in detail; not all every advertiser had reduced their spending. There are several advertisers, except those who used to be a big supporter of "iTV / T-ITV", have increased their advertising spending YoY; and several of those have also increased their spending by more than 20% and there are a lot of new advertisers, as well; thus caused a reduction in the share of voice of most of the advertisers. They are the strong indicators of the diversity, resiliency and great growth potential of the industry which had allowed our channel 3 and other channels to raise the rate-card up on certain day-parts since the beginning of the year as well as another round around the mid of 2nd quarter before the bad news from both outside of the country and the domestic one hit the macro-economy pulling the demand down consecutively during the last 2 months of the year, even the drops were still a minor one.

Structure Changes:
In 2008, the BEC World group was almost unchanged except that we had disposed out during the 1st quarter, of all our shares in "ThemeStar" - an associated company which always incurred loss; and the reclassification of an investment in "CVD", once an associated company, as "long term investment in marketable securities", in the 3rd quarter when our interest in that company was diluted and now being shown on the balance sheet at market price; whereas the profit from revaluation of this investment is shown directly in our shareholders' equity. We also excluded "Mobi (Thai) Co., Ltd. and "Digital Factory Co., Ltd", (both have been a dormant company for awhile already) out of our consolidation when we are liquidating these 2 companies around the end of the year.

Operating Results:
Due to the cost method accounting policy on "investments", the reported profit as shown in the separate (the company only) financial statements of the company is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid any confusion.

For the year 2008, the group, BEC World, was able to made Baht2,875 millions as its net profit for the shareholders of BEC World, 27.7 percent higher than the previous year, i.e. Baht623 millions more; as the advertising income increased 16.7 percent or Baht1,172 millions higher, from air-time rate increases on certain day-parts, from expansion of prime and super-prime slots and from the higher utilization rate of our commercial air-time; whereas our costs and expenditures were also higher than the prior year as we changed our programming chart and expanded our prime and super-prime slots in addition to the higher inflation as it happened during the year and we also incurred additional costs in covering the Beijing Olympic; but an increase of costs and expenditure is at a lower growth rates than that of the revenue, therefore, our operating margin and our profit improved substantially year-on-year,

Revenues:
Our advertising income in the year 2008 is higher 16.7 percent year-on-year, an increase of Baht1,172 millions. The increase came from air-time rate increases on certain day parts, from expansion of prime and super-prime slots and from the higher utilization rate of our commercial air-time derived from changes in programming chart. The concerts and shows revenue is lower "year-on-year" as we reduced the number of events and got less sports in organizing an ATP Tennis Tournament in the 3rd quarter of the year as usual, which caused a larger loss from the tournament this year.

Costs and Operating Expenses:
Costs of services are higher by 4.2 percent year-on-year even we incurred additional costs in covering the "Beijing Olympic" and we changed our programming chart and expanded our prime-time to enhance our opportunity to generate higher revenue and profit; and as we expanded our super-prime slots to accommodate higher than anticipated demands. Costs of concerts and shows reduced in line with the reduction of the number of events. The selling expenses increased 13.4 percent in line with revenue growth. The administration expenses increased just only 2.2 percent even we had, in the 3rd quarter, set up additional provision for long outstanding doubtful debt incurred in organizing the ATP tennis tournaments in the past. In aggregate for the whole year our operating costs, i.e. costs, selling and administration expenses, increased only at 2.4 percent year-on-year; which is a strong evidence of our efforts and our ability in control our operating costs even with the higher inflation as it happened during the year.

Financial positions:
Our total assets increased when compared with balances at the end of the previous year as cash and short term investments increased in line with the improved profit. An investment in one of our associated company was reclassified as "long term investment in marketable securities", when our interest in that company was diluted, and being shown on the balance sheet at market price; whereas the profit from revaluation of this investment is shown directly in our shareholders' equity. Our liabilities decreased slightly even our corporate income tax payable is higher. Our shareholders' equity increased in line with the improved profit. BEC World's financial positions are strong as usual.

The group, BEC World, was able to made Baht 735 millions
as its net profit for the 3rd quarter of this year

The group, BEC World, was able to made Baht735 millions as its net profit for the 3rd quarter of this year, almost the same amount it made in the previous quarter; even it made higher profit from its main business as it incurred loss in organizing an ATP Tennis Tournament and suffered from setting up of provision for long outstanding doubtful debt incurred in past tournaments. However, this is an improvement of 22 percent or Baht131 millions higher than that of the same quarter of the prior year, as the advertising income increased 15 percent or Baht 272 millions higher; from air-time rate increases on certain day parts, from expansion of prime and super-prime slots and from the higher utilization rate of our commercial air-time, whereas our costs were also higher but at a lower growth rates; as we changed our programming chart and expanded our prime and super-prime slots as well as incurred additional costs in covering the Olympic, while the selling and administration expenses also increased in the quarter as we had set up additional provision for long outstanding doubtful debt incurred in organizing the ATP tennis tournaments in the past but it is not such a substantial amount; therefore, our profit and our operating margin had improved substantially year-on-year, as discussed further in the attached management discussion and analysis.

BEC World Plc.
Consolidated Financial Statements for the 3rd Quarter of the year 2008
Management Discussion and Analysis:

Business Environment:

Throughout the 3rd quarter of this year, advertising expenditure through televisions (adex) declined month-on-month every month, according to Nielsen Media Research (Nielsen), even we were covering the Beijing Olympic during the quarter; thus the adex in the 3rd quarter is 6% lower than the previous quarter. However, Nielsen also reported that Channel 3 and Channel 11(now re-branded as NBT who had covered the Olympic much longer than other channels) still generated higher ad-revenue quarter-on-quarter. This might partly be a resultant of rate increases which we, channel 3, announced during the middle of the 2nd quarter. The industry as reported by Nielsen, is also 9% lower year-on-year in the 3rd quarter; whereas every channels except "T-ITV / T-PBS" were all showing higher ad-revenue as in the second half of the prior year "T-ITV" was 13% higher (from its first half base) and represented more than 15% of the industry in that year. Anyhow, since "T-ITV/T-PBS" is no longer a commercial network started from middle of January this year, thus every other channels are gaining market share. When reviewing Nielsen's adex report in detail; not all every advertiser had reduced their spending. There are several advertisers, except those who used to be a big supporter of "T-ITV", have increased their advertising spending year-on-year; and several of those have also increased their spending by more than 20% year-on-year. They are the strong indicators of the diversity, resiliency and great growth potential of the industry.

Operating Results:

Due to the change in accounting for investments, from the equity method to cost method in separate (the company only) financial statements of the company, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid confusion.

The group, BEC World, was able to made Baht735millions as its net profit for the 3rd quarter of this year, almost the same amount it made in the previous quarter; even it made higher profit from its main business as it incurred loss in organizing an ATP Tennis Tournament and suffered from setting up of provision for long outstanding doubtful debt incurred in past tournaments. However, this is an improvement of 22 percent or Baht131 millions higher than that of the same quarter of the prior year, as the advertising income increased 15 percent or Baht 272 millions higher; from air-time rate increases on certain day parts, from expansion of prime and super-prime slots and from the higher utilization rate of our commercial air-time, whereas our costs were also higher but at a lower growth rates; as we changed our programming chart and expanded our prime and super-prime slots as well as incurred additional costs in covering the "Beijing Olympic", while the selling and administration expenses also increased in the quarter as we had set up additional provision for long outstanding doubtful debt incurred in organizing the ATP tennis tournaments in the past but it is not such a substantial amount; therefore, our profit and our operating margin had improved substantially year-on-year.

Revenues:

Our advertising income in the third quarter of this year is about the same amount as we made in the prior quarter but is higher year-on-year by 15 percent. The increase came from air-time rate increases on certain day parts, from expansion of prime and super-prime slots - which were needed to accommodate higher than anticipated demands, and from the higher utilization rate of our commercial air-time. The concerts and shows revenue is higher "quarter-on-quarter" as we organized an ATP Tennis Tournament in the 3rd quarter of the year as usual, however the revenue from the tournament is lower "year-on-year" thus caused a larger loss from the tournament this year.

Costs and Operating Expenses:

Costs of services are lower "quarter-on-quarter" even we incurred additional costs in cover the "Beijing Olympic" as costs of musical contest programme are lower in line with the lesser numbers of hours when compares with prior quarter, and partly because of the lower amortization of our programming costs as the numbers of local dramas which had been finished in the prior quarter are higher than normal. However, it is higher "year-on-year" as we incurred additional costs in covering the Olympic and we changed our programming chart and expanded our prime-time to enhance our opportunity to generate higher revenue and profit; and as we expanded our super-prime slots to accommodate higher than anticipated demands. Costs of concerts and shows increased "quarter-on-quarter" as we organized an ATP Tennis tournament in the 3rd quarter of the year as usual but reduced "year-on-year" in line with revenue. The selling and administration expenses also increased in the quarter as we had set up additional provision for long outstanding doubtful debt incurred in organizing the ATP tennis tournaments in the past but it is not such a substantial amount.

Financial positions:

Our total assets decreased when compared with balances at the end of the previous year as at the total amount of dividends which we paid twice during this year are slightly higher than the reported profit thus caused a lower balance of total cash and short term investment of our cash balances. An investment in one of our associated company was reclassified as long term investment in marketable securities, in this quarter when our interest in that company was diluted, and being shown on the balance sheet at market price; whereas the profit from revaluation of this investment is shown directly in our shareholders' equity. Our liabilities are also reduced from the level at the end the prior year after annual corporate income tax and half year tax were paid. Our shareholders' equity also decreased slightly in line with the dividend payments as discussed earlier. BEC World's financial positions are still strong as usual.

BEC World group was able to made Baht 749 millions
as its net profit for the 2nd quarter of this year

BEC World group was able to made Baht749 millions as its net profit for the 2nd quarter of this year, 12 percent or Baht79 millions higher than that of the prior quarter; an improvement of more than 27 percent or Baht161 millions higher than that of the same quarter of the prior year, as the advertising income increased 11 percent or Baht 201 millions higher than that of the prior quarter; and 23 percent or Baht392 millions higher than that of the same quarter of the prior year; from air-time rate increases on certain day parts, from expansion of prime and super-prime slots and from the higher utilization rate of our commercial air-time, whereas our costs were also higher than the prior quarter and last year, as we changed our programming chart and expanded our prime and super-prime slots but at a lower growth rates; while the selling and administration expenses do not change that much when compares with the prior quarter and those of the same quarter of the prior year, therefore, our profit and our operating margin had improved substantially, as discussed further in the attached management discussion and analysis.

BEC World Plc.
Consolidated Financial Statements for the 2nd Quarter of the year 2008
Management Discussion and Analysis :

Business Environment :

The industry has improved since the beginning of the 2nd quarter. Nielsen Media Research (Nielsen) reported that advertising expenditure through television (adex) is higher year-on-year (YoY) in April, and the improvements continued further throughout the quarter with better growth rate, push the adex for the quarter up more than 6 percent higher YoY. Even Nielsen reported that the industry did not expand at all in the first half of this year (because of a big slump during the first quarter) but when reviewed the report in details, it is obvious that several big and mid-size advertisers have increased their adex from the prior year level, some of them increased their adex more than 20 percent. It's a strong evidence of diversity, strength and growth opportunity of the industry. Furthermore, Channel 3 is also growing at a higher growth rate than that of the industry, thus Channel 3 is gaining its market share in adex which end up increased to 28 percent for the first half of this year.

Operating Results :

Due to the change in accounting for investments, from the equity method to cost method in separate (the company only) financial statements of the company, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid confusion.

BEC World group was able to made Baht749 millions as its net profit for the 2nd quarter of this year, 12 percent or Baht79 millions higher than that of the prior quarter; an improvement of more than 27 percent or Baht161 millions higher than that of the same quarter of the prior year, as the advertising income increased 11 percent or Baht 201 millions higher than that of the prior quarter; and 23 percent or Baht392 millions higher than that of the same quarter of the prior year; from air-time rate increases on certain day parts, from expansion of prime and super-prime slots and from the higher utilization rate of our commercial air-time, whereas our costs were also higher than the prior quarter and last year, as we changed our programming chart and expanded our prime and super-prime slots but at a lower growth rates; while the selling and administration expenses do not change that much when compares with the prior quarter and those of the same quarter of the prior year, therefore, our profit and our operating margin had improved substantially.

Revenues :

Our advertising income in the second quarter of this year was increased higher than that of the prior quarter by 11percent and also higher year on year by 23 percent. The increase came from air-time rate increases on certain day parts, from expansion of prime and super-prime slots - which were needed to accommodate higher than anticipated demands, and from the higher utilization rate of our commercial air-time. The concerts and shows revenue is declined "quarter on quarter" and "year on year" as the number of shows reduced in this 2nd quarter of the year.

Costs and Operating Expenses :

Costs of services are higher "quarter on quarter" and "year on year" as we changed our programming chart and expanded our prime-time to enhance our opportunity to generate higher revenue and profit; and as we expanded our super-prime slots to accommodate higher than anticipated demands. Costs of concerts and shows reduced in line with revenue. The selling and administration expenses did not change that much when compares with prior quarter and those of the same quarter of the prior year.

Financial positions :

Our total assets increased when compared with balances at the end of the previous year as cash and short term investment of our cash increased in line with the improved profit even after the payment of our prior year's final dividends during the quarter. Our liabilities are almost at the same level at the end the prior year. Our shareholders' equity increased in line with the improved profit even after the dividend payments. BEC World's financial positions are strong as usual.

BEC World Plc.
Consolidated Financial Statements for the year 2007
Management Discussion and Analysis :

Business Environment :

Following the tragic incident at the New Year Eve, advertising expenditure through television during the first quarter of 2007 had dropped around 5% when compares with the previous quarter, and when major changes incurred at the other channels at the beginning of the second quarter the industry's data as reported by Nielsen Media Research (NMR) seems even more strange as the report does not show any improvement despite the fact that the 2nd quarter normally is the better quarter, but the 2nd quarter ad-spending was 9% worsen year-on-year. However, the industry had recovered during the 2nd half of the year as ad-spending increased every month since the beginning of the 3rd quarter showing growth quarter-on-quarter. Even NMR reported that "Uniliver" the largest advertiser in the industry had substantially cut its ad-spending through out the last quarter of the year but the industry still shows 5% year-on-year growth pushed the TV ad-spending in 2007 up slightly higher than that of the prior year at 53.5 billions, but still lower than the whole ad-spending growth which is reported at 2.5%. TV still has 58% share of the total ad-spending. On the brighter side, the industry is recovering and is more diversified which should be a strong base for future growth.

Structure Changes :

In 2007, the BEC World group was almost unchanged except that now we have "Major Group" as our minority partner in "Thai Ticket" and we had disposed of all our shares in "SMBT Publishing" to the major shareholders, and we also had brought the shares of "BEC-Tero Exhibitions" from our partners increasing our stake in that company to 99.9%, and we also set up a joint venture with "Senario" to stage "Cats" here in Bangkok.

Operating Results :

Due to the change in accounting for investments, from the equity method to cost method in separate (the company only) financial statements of the company, the reported profit as shown in the separate statements is difference from that shown in the consolidated statement. This MD&A will discuss those numbers shown in the consolidated statement in order to avoid confusion.

BEC World group was able to made Baht 2,252 millions as its net profit for the year 2007, higher than that of the last year by Baht 609 millions, up 37 percent, as the advertising income increased continuously since the last quarter of 2005, from the higher utilization rate of our commercial air-time, from expansion of our super-prime slot and from air-time rate increases on certain day parts, while our costs of services were lower down as we had reduced the number of local dramas whereas the concerts and shows businesses are profitable and the selling expenses were slightly increased. Therefore, our operating margin and growth rate of our profit had improved substantially.

Revenues :

Our advertising income in the last quarter of 2007 was in line with the industry, it increased higher than the previous quarter and also higher year on year. BEC World's performance was better than the industry as its year on year growth in the fourth quarter is 26.9% and 14.9% higher for the whole year; the increase came from higher utilization rate of our commercial air-time, from expansion of our super-prime slot and from air-time rate increases on certain day parts. The revenue from concerts and shows in 2007 are also higher than the prior year.

Costs and Operating Expenses :

Costs of services were lower down as we had reduced the number of local dramas. Costs of concerts and shows increased in line with the revenue but at a lower rate. The selling and administration expenses were slightly increased, only at 2.6%.

Financial positions :

Our total assets increased when compared with balances at the end of the previous year as cash and short term investment of our cash increased in line with the improved profit. Our liabilities increased as corporate income tax is higher. Our shareholders' equity increased because of higher profit. BEC World's financial positions are strong as usual.