I am pleased to inform you that the Company made various achievements during the past year. The Company made new records on paper production, again producing the highest amount of paper in our history or 569,692 tons. This marked an increase of 2.8 percent when compared with a year earlier. On the financial statement, the Company earned Baht 15,940 million from the sales of paper last year, similar to what has been achieved a year earlier. This is due to the fact that the Company had increased its inventory to support the growth of our “Double A” brand in oversea markets, especially in China which is a large market and is vital to the Company’s future growth.

On other income, the Company earned Baht 2,468 million from the sales of pulp last year, a decrease of about 27 percent when compared with a year earlier. The decrease stemmed from the fact that the Company needed more pulp for paper production within its own group as seen in the higher paper production level. In addition, the Company earned Baht 1,322 million from the sale of electricity, an increase of about 13 percent when compared with the previous year. Also, the Company earned Baht 976 million from the asset revaluation and was awarded Baht 230 million from the arbitration court over a dispute with one of the shareholders. In all, the Company recorded a net profit of Baht 1,909.5 million last year, an increase of Baht 390.9 million or 26 percent when compared with a year earlier.

Furthermore, the Company made a successful debt restructuring by issuing fixed-interest unsecured bonds worth US$ 250 million, which mature in seven years or in 2012. All money from the bonds was used to repay secured debts owed to domestic creditors. The move allowed the Company to reduce the risk associated with an interest rate fluctuation, and also to have enough cash flow needed for its operations and expansion of business opportunities. Also, it made the Company more recognizable and acceptable among foreign investors – which assist the Company if it wants to mobilize funds from foreign investors in the future.

The Company is very conscious of its responsibilities on social and environmental issues and has carried out many activities accordingly e.g. factory improvements program as well as supporting various social activities for the benefit of public in general. In 2005 and 2006, the Company has also responded to government policies on energy conservation by engaging in several studies and projects for example the Company has significantly replaced fuel oil with recycled used oil in its production of calcium hydroxide. In addition, the Company joined EGAT’s summer program by selling 8 mega-watts of electricity to them.

On behalf of the Company, I would like to thank all customers for their support, suppliers for their delivery of materials and services, banks and financial institutes for their financial support, and all members of the public and communities for their support in the Company’s social and environmental works. Also, I hereby thank all shareholders for their trust in and support for the Company’s operations.