anagement Discussion and Analysis Annual

to Baht 26,701 million, which was Baht 5,753 million higher than the amount as at December 31, 2002. This was due mainly to the profits from operation during 2003. The analysis of the company's capital structure as at December 31, 2003 is summarized as follows: Shareholders' equity was Baht 26,701 million or 47%. Liabilities were Baht 29,736 million or 53%. Important financial ratios were as follows; - Debt to equity ratio was 1.11 times, lower than 1.66 times at the end of last year. - Book value per share was Baht 49.21, higher than Baht 38.51 at the end of last year. 4. Report and Analysis of Cash Flow Position Cash Flow Statement shows the change in cash flows from operating activities, investing activities, and financing activities at the end of the accounting period, and indicates the ending balance of the cash and the cash equivalents. As at December 31, 2003, the ending balance of the cash and the cash equivalent was Baht 1,731 million, down by Baht 544 million from the end of 2002. The details of the sources and uses of funds are as follows; -Net cash received from operating activities totaled Baht 7,270 million,an increase of Baht 1,115 million as compared to 2002. Most of the changes were due to operation increased by Baht 1,742 million whereas cash received from working capital decreased by Baht 627 million. -Net cash payment for investing activities was Baht 2,385 million. Baht 1,838 million was for the net purchase of short-term and long-term financial investments. The amount spent on the construction of TLP Cogen, Roi-Et Green and GEC was Baht 370 million, Baht 159 million, and Baht 154 million respectively. The investment in subsidiaries and interests in joint ventures amounted to Baht 186 million. This included GEC's acquisition of the stake of Edison Mission Energy (EME) in Bo Nok Project, amounted to Baht 94 million, investment in NT2 amounting of Baht 91 million, and ESCO's increased capital in AE in the amount of Baht 2 million. The company also received dividends from Eastern Water Resources Development and Management Public Co.,Ltd. (EASTW) and the Krung Thai Dividend Selected Flexible Portfolio Fund (KTSF) of Baht 36 million and Baht 435 million respectively. - Net cash payment for financing activities was Baht 5,416 million, mainly owing to long-term loans and debentures repayment by EGCO, REGCO, KEGCO in the amount of Baht 1,295 million, Baht 1,676 million and Baht 1,195 million respectively. Moreover, EGCO also paid dividends of Baht 1,287 million. Loan drawdown from TLP Cogen and Roi-Et Green increased by Baht 448 million and Baht 138 million respectively, while GEC's short term loan and refinancing of loans for NKCC and SCC led to the net decrease in loans of Baht 157 million.