Anuphong Assavabhokhin

Chief Executive Officer

The year 2020 posed a signifcant challenge to AP Thailand. We started the year with LTV measure that its impact still struck against real estate business unavailingly. Furthermore, the world-changing crisis such as COVID-19 and the lockdown, which happened globally, directly affected the tourism industry. The consequential damages thereof cover all sectors. The real estate development business encountered unfavorable factors, where the local and overseas demand shrank. The condominium was ranked as a highly-affected product due to decreasing purchase power from the domestic and overseas scale. Today, the negative factors remain to alter around us, which means that the entire economy’s recovery, including the world economy, will take years to come. Nonetheless, due to the company’s preparation with internal management within the past few years in response to the estimated change, 2020 has become a year of opportunities for AP Thailand. We have gained advantages over several aspects which were prepared before the colossal crisis. In 2020, the Company launched new 40 projects valued at over THB 45,020 million. The low-rise project accounted for 39 projects, valued at 41,820 million baht, marking the highest number of low-rise project launches in our record. As for the operational result, the previous year, we recorded the highest income of AP Thailand in our history. Total revenue from the low-rise project - condominium (100% JV) and other businesses were THB 46,130 million. The revenue recognition from the low-rise products was THB 24,035 million thanks to all employees’ effort under the EMPOWERING LIVING as a vision/mission that encompasses us toward the targeted outcome.

Under the concept to create and provide the support that enables to live and enjoy life on their terms, the Company has implemented three essential driving strategies among employees of all levels since 2017, which included: 1) INDEPENDENT RESPONSIBLE LEADERS: To create an independent leader that enhances a better competition opportunity under the responsibility for themselves, customers, vendors and colleagues. The emphasis is on customers’ needs rather than the company’s requirements. 2) INNOVATIVE CULTURE: To create a corporate culture that supports innovation, cultivating the DESIGN THINKING among all employees. 3) EVERYTHING DIGITAL: Transforming all working dimension into digital world as a foundation to support rapid changes.

However, AP Thailand will not stop the preparation. We see that in 2021, the challenges will continue where the world economy will reach the worst case, resulting in delayed recovery. AP Thailand embraces to move forward, carrying on our original mission - EMPOWERING LIVING. In 2021, the Company plans to launch another 34 projects with a value of approximately THB 43,000 million. Our assurance is that the EMPOWERING LIVING will be a crucial compass that guides us toward the goal, creates continual and sustainable growth for our organization.

On behalf of AP (Thailand) Public Company Limited, I would like to express my sincere gratitude to all customers, shareholders and debenture stockholders, including alliances, for your continued trust and support. I wish to see us walk on this path of success together.