Mr. Pricha Attavipach
Chairman

Chairman

Dear all contributors to success

In the past year, the Thai economy has been affected by the new coronavirus outbreak resulting in lower economic growth than the previous year and 2020 agricultural products. In particular, sugarcane has a significant decrease in factories' output, approximately 56.08 million tons of cane from the quantity of sugarcane delivered to factories. In the sugar production season 2018/19, the amount of 130.97 million tons of cane is the cane amount paid to factories. In the sugar production season 2019/20, 74.89 million tons of cane. The Company focuses on sustainable business strategies through vision and mission, including creating many trade partners and continuously improving logistics service standards at the international level. As a result, the group of companies still maintain profitability and liquidity, including the ability to pay off debt

Overall performance in 2020, the group had a net profit of 157.43 million baht, and the Company announced a dividend payment at the rate of 0.175 per share. Although there are many external effects, the company group can also maintain net profitability and debt repayment ability and possess the ability to pay dividends, thus confirming that the group of companies succeed in sustainable business operations.

On behalf of the board's chairman, I thank you for the trust and confidence from shareholders, investors, financial institutions, business partner, customers, executives, and all employees who have worked together to help run the business with dedication, patience, and honesty, resulting in the company success until today. A result of this confirms that it will operate the business following the principles of good corporate governance. And be aware of all stakeholders, including being responsible for the environment society for sustainable growth.

Mr. Prapas Chutimavoraphand
Chairman of Executive Director

Chairman of Executive Director

Dear all contributors to success

Although in the past 2020, the country's economy was affected by the novel coronavirus outbreak. But from the year 2019, the company has invested in infrastructure to increase business competitiveness and invest in technology to reduce the cost of doing business and support technological changes, including growing service and production standards in the port, warehouse, and affiliated factories. In 2020, TS Oil Industry Company Limited (a subsidiary) had passed BRC ISO 22000 and FSSC 22000 certification. The resulted in making Thai Sugar Terminal Public Company Limited and its subsidiary's network maintain sustainable profitability and reinforce its success as "the leader in providing logistics services, including operating food-related businesses."

In this regard, the management team and employees adhere to the vision and mission and strictly operate with the organization's core values, namely work discipline, be honest service-minded, and capable of conducting business with care which will be a way to continue to create success.

Thai Sugar Terminal Public Company Limited and Affiliates are committed to conducting business with care for stakeholders, economy, society, and environment with morality, ethics, and good governance as a guideline for implementing various activities. It is honest, transparent, and fair. At the same time, they are aware of their impact on the economy, society, and environment. It will be the key to the genuinely sustainable growth of the organization

 


Mr.Suwat Summashipvitsavakul
Chairman of The Audit Committee

Audit Committee Report

Audit Committee appointed by the Board of Directors' resolution comprises three independent directors: 1. Mr. Suwat Summashipvitsavakul as Chairman of the Audit Committee who is knowledgeable in accounting 2. Mrs. Puangthip Silpasart as Audit Committee and 3. Mrs. Kornsiri Pinnarat as Audit Committee.

In 2020, the Audit Committee held four meetings, and all of the directors attended every session. Each director's appointment has been reported in the annual report 2020 and has performed various actions summarized as follows

1. Review the company's quarterly and annual financial reports and the subsidiaries' consolidated financial statements by considering the accounting information, financial reporting standards, internal controls relevant to preparing such financial statements. The meeting is held regularly with executives in the Company and Sam Nak - Ngan A.M.C. Company Limited's accounting department, who is the auditor, and reports the observation from the audit. There were no fraud or violations of the company's law and its subsidiaries during the auditors' auditing.

2. The company had a meeting with the internal audit, Dharmniti Law Office Company Limited, to assess various departments' internal control systems' effectiveness and sufficiency. The critical issues that have been detected and follow up on improvements to resolve the problems identified and preventive measures to prevent damage that internal auditors present emphasize the independence of internal auditors and external auditors.

3. To consider and approve the 2020 internal audit plan, emphasizing risks that may significantly impact the business of both the Company and its subsidiaries. According to the internal auditors' recommendations, follow up on the corrective action to take the correct and continuous movement to make the affiliates' business operation as efficient and effective as possible.

4. To review the regulatory system for compliance with legal requirements related to the Company's business operations, including compliance with the Stock Exchange regulations of Thailand and other relevant laws and meeting with the accounting department's management, including auditors and internal auditors.

5. To review related transactions between the Company and its subsidiaries. Including related transactions or items that may cause conflicts of interest for ensuring that the transaction follows normal business conditions, reasonable, and in the Company's best interests. Along with the disclosure of information adequately, transparently, no transactional affects the company significantly

6. Evaluate the auditor's and internal auditors' performance and consider the auditor's and internal auditors' knowledge, competence, and experience, including appropriate audit and internal audit fees to propose to the Board of Directors for approval in presenting the auditors' listing shareholders' meeting for support the year 2020.

In 2020, the Audit Committee had reviewed and considered the Company's operations in the implementation of their roles and duties by considering together with the responsible management Internal auditors and external auditors, including the Audit Committee. The company has an appropriate and adequate internal control system, including operations under its laws and company policy. The Company's financial statements have been prepared following generally accepted accounting principles and are reliable by taking into account the risk management system and the audit process.