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พัฒนาธุรกิจ โครงการทั่วไป / โครงการพิเศษ

การเงิน ธุรการ

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ธุรกิจบริการ และที่พักอาศัย กอสรางทั่วไป และ MEP

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บริหาร ทรัพยากรบุคคล

กฎหมาย

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ประกันคุณภาพและ ความปลอดภัย

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อาคารทั่วไป

แผนงาน

บริหาร ความเสี่ยง

กลุมบัญชีบริษัทและ นักลงทุนสัมพันธ

งานอุตสาหกรรม และ กลุมงานคาปลีกคาสง

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จัดซื้อ/จัดจาง

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คณะกรรมการ สรรหา

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คณะกรรมการ บริหาร

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

205

Message from the Board of Directors

The Company did not achieve a satisfactory financial result in 2018. Construction income and net profit were both lower than that of the previous year. Revenue was below target due mainly to slow progress on Government highway projects, notably because of land right issues, and consequently, profitability was also lower due to this reason, apart from the substantial provisions that the Company was required to make for certain legal disputes. In the year 2018, the Government made substantial efforts in improving the public transportation infrastructure all over the nation and the proposed development of the Eastern Economic Corridor (EEC). As a result, the Backlog of the Company as at the end of the year was approximately 12,500 MB which, gross project margins aside, is one of the highest backlogs the Company has ever had in the past. Throughout the past few years, competition in the construction market has been increasingly severe, and this has resulted in a steady and prolonged decline in tender margins. Fortunately, the latter part of the year saw the first signs of a very gradual upturn in tender margins. The Company intends to make strenuous and sustained efforts to secure a reasonable share of major public sector infrastructure projects in the medium to long term. The ongoing political situation continues to have a markedly negative impact on private sector and foreign investment in the construction market, particularly the industrial sector in which the Company has exceptional skills. It is anticipated that this situation might likely improve after the election of a new Government in 2019. During the year, the Company successfully completed its second project in Cambodia and is actively seeking further projects. In the coming years, the main focus of the Company will be to secure new contracts to increase the backlog year by year in line with target levels, and to achieve prolonged and sustainable growth in construction income and net profit. In addition, the Company will continue to improve and strengthen the business and reduce construction costs to become more efficient and competitive. The Company will continue with its programme of on-site skills training for workers, specialist training for project managers and site staff, and English language tuition for all site and Head Office staff. The Company sees this continuous training to improve skills as a key necessity over the long term. The Company has largely completed its programme to upgrade Company-owned plant, equipment and formwork systems, so as to provide an increasingly efficient and cost effective service to worksites. In anticipation of better prospects ahead, I thank the shareholders and our clients for their confidence and support and, on behalf of the Board of Directors, I express sincere thanks also to the management, staff and all employees of the Company for their hard work, loyalty and determination throughout the past year.

Santi Grachangnetara Chairman

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Report of the Audit and Corporate Governance Committee Dear Shareholders Christiani and Nielsen (Thai) PCL current Audit and Corporate Governance Committee consists of three knowledgeable independent directors, chaired by Mr. Kasemsit Pathomsak, with Mrs. Nampung Wongsmith and Mr. Kris Thirakaosal serving as members. All the Committee members adhere strictly to the rules prescribed by the Securities and Exchange Commission Thailand. The Audit and Corporate Governance Committee performs the duties as assigned by the Board of directors of the Company, that is, to assist the Board of Directors in supervising the business operations. In 2018, the Audit and Corporate Governance Committee carried out its responsibilities by exercising its knowledge, ability and carefulness with sufficient independence to ensure that maximum benefit were delivered to stakeholders in an equal manner and reported on its performance to the Board of Directors. Five meetings were held in 2018, with the management, the internal auditor, risk management and the external auditor on concerned matters, including one meeting with just the external auditor without the Management for independence discussion on material information in preparation of financial statements and sharing of opinions, which can be summarized as follows:

Review the Financial Reports The Audit and Corporate Governance Committee reviewed the quarterly and annual financial statements for the year 2018 with respect to the accuracy and completeness including significant adjustment entries that materially affected the statements, disclosure of information in the notes to the financial statements to ensure that the financial statements were reliable, timely and in compliance with legal and accounting standards and useful for the benefit of investors or users of financial statements. The Audit and Corporate Governance Committee has the opinion that the mentioned financial reports were properly prepared according to the Financial Reporting Standard with complete and sufficient disclosure of information and its notes as well as its timeliness for the benefit of shareholders and the users of the financial statements.

Review of Company’s Internal Control and Internal Audit System The Audit and Corporate Governance Committee has reviewed the internal control system with the internal auditor. Such a review has been conducted to assess the sufficiency and suitability of the internal control system in accordance with the internal audit standards. It also considered the audit results according to the approved audit plan and to ensure that there were correction and improvement in accordance with the recommendation in the audit report and from the committee on a continual basis. The committee reviewed and shall improve the internal control system to be in line with changing circumstances. From the internal audit result, there has not been any deficiency in the internal control which may materially impact business operations of the company. The Audit and Corporate Governance Committee agreed that the company’s internal control were independently carried out with sufficient and appropriate internal control system, performed under related laws and regulations.

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Review of Company’s Risk Management The Audit and Corporate Governance Committee reviewed the Company risk management to ensure the Company put in place the appropriate and effective risk management measures. The Committee conducted follow-up on the assessment of risks that might arise from changes in the business landscape, financial risk, interest rate risk, market risk and operational risk, to eliminate or mitigate risks on a regular basis. Based on the review, it was noted that the risk management were implemented effectively and adequately.

Review of Good Corporate Governance, Comply with relevant Laws & Regulations The Audit and Corporate Governance Committee reviewed the Company’s adherence to Good Corporate Governance principles and Code of Conduct guideline including compliance with rules and regulations and found that the Company directors, management and staff comply with those requirements. The Management has encouraged employees at all levels to consistently and continuously adhere to the Company’s Code of Conduct as well as compliance with relevant laws and notifications as required by Stock Exchange of Thailand and Securities and Exchange Commission of Thailand. The Company has opened up various channels for stakeholders to report any fraud, corruption and misconduct and also assigned Office of Internal Audit to consistently review and audit effectiveness of company anti-corruption implementation, good corporate governance and system of internal controls.

Review of Connected Transactions or Transaction that may lead to conflicts of interest The Audit and Corporate Governance Committee reviewed the related Party transactions to ensure compliance with the SET regulations and laws dated B.E. 2546 governing the disclosure of information and conduct of listed companies in relation to connected transactions that may lead to conflicts of interest. The Audit and Corporate Governance Committee was of the opinion that the connected transactions were conducted under normal business conditions, no conflicts of interest and conducted in a fair and reasonable manner. As such, no unusual transactions were identified, and there was full, accurate and adequate disclosure of information.

Selection and Proposal for appointment of the Company’s external Auditor The Audit and Corporate Governance Committee had considered the appointment of auditor and the annual auditor remuneration. By taking into account knowledge, capability, experience and quality of the auditors’ works in the past year, auditors’ status, significant limitations, or the regulations of the Stock Exchange of Thailand, or other related organizations to ensure that independence of the auditor and the neutrality on work performance. The Audit and Corporate Governance Committee had selected the auditors of EY Office Limited and considered the auditors remuneration and proposed to the Board of Directors to reappoint Ernst & Young Office Limited as the Company’s auditor for another period. The Audit Committee deemed that the auditors had good understanding of the Company’s businesses, practiced in a neutral and independence manner as well as regularly delivered its work on time, and as a result the Board of Directors proposed to the Annual General Meeting of Shareholders 2018 to appoint EY Office Limited as the Company’s auditor for another period.

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Annual review of Audit and Corporate Governance Committee’s Charter The Committee reviewed their Charter annually to ensure that its assigned duties were achieved and that its performance is aligned with SET’s Audit Committee Best Practice Guideline.

Self Assessment of The Audit and Corporate Governance Committee The Audit and Corporate Governance Committee conducted their self-performance appraisal annually. In 2018, the self-performance appraisal result of the Committee can be summarized that the Committee has fully performed its duties according to its Charter and complied with the best practice guidelines for the Audit Committee, resulting in effective implementation of the rules of good corporate governance In summary, the Audit and Corporate Governance Committee performed its charter duties and responsibilities with competence, care, prudence, and adequate freedom while providing constructive views and recommendations for the equitable benefit of all stakeholders. Its opinion is that Company’s financial statements were accurate, credible, and in line with generally accepted accounting standards. In addition, Company’s commanded compliance with applicable laws and business obligations, together with good governance, adequate risk management and a suitable, effective internal audit system.

On behalf of the Audit and Corporate Governance Committee

(Mr.Kasemsit Pathomsak) Chairman of the Audit and Corporate Governance Committee 26th February 2019

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The Board of Directors’ Report Annual Results of Operations and Future Outlook Year 2018 continued to show severe competition. In addition, in year 2018, the Company had higher construction costs, mainly due to the increase in fuel and material prices. Tendering for new projects in 2018 was very competitive, and therefore, the Company had to secure certain projects with very minimal tender margins in the extremely competitive bidding environment. However, in year 2018 the government made great efforts in improving the public transportation infrastructure all over the nation and the proposed development of the Eastern Economic Corridor (EEC). As a result, the Backlog of the Company as of 31 December 2018 was approximately THB 12,500 million, which is one of the highest backlogs the Company has ever had in the past. Furthermore, in year 2018, the Company entered into an Investment Cum Shareholders Agreement (the “Investment Agreement”) for a minority equity investment in Gammon Engineers and Contractors Private Limited (“GECPL”), a private company based in India within Gammon India Group. GECPL mainly engages in Engineering, Procurement and Construction (EPC) related business which is the business in relation to all the activities from design, procurement, construction, commissioning and handover of construction projects to project owners. The Company views this as an attractive investment as it offers the Company a way to tap into GECPL’s large technical resources and also gives access to the large Indian market. In January 2019, the Board of Directors of the Company also approved the investment in a new business sector, i.e., renewable energy business to provide energy solutions by way of an establishment of a new subsidiary of the Company, namely “Christiani & Nielsen Energy Solutions Company Limited” (“CNES”), based in Thailand, in which the Company will have 85% shareholding and the other 15% will be held by a strategic partner of the Company. The incorporation of CNES as above has been completed and CNES has now started its operations. This investment enhances the Company’s long term sustainability and reputation by entering into a business of the future. Even though the Company believes that the market conditions will continue to be challenging throughout 2019, for the above reasons, the Company has positive prospects for 2019 with its high backlog - the highest ever that the Company has had in the past! For year 2018, Consolidated Construction income of the Company was THB 7,123 million which, was 99.8% of total revenues of THB 7,136 million, a decrease from last year of THB 808 million or 10.17%. This was on account of the tough market conditions in the year 2018, with a dearth of major projects until quite late in the year. The Company's gross margin for the period was 2.44%, which is lower than the same period of last year, which had a gross margin of 4.62%, mainly due to the aforementioned tough market conditions, which led to fierce competition when bidding for projects resulting in new projects being secured at very thin tender margins. Moreover, there was an increase in fuel and material prices. As a result, Gross profit for year 2018 decreased by THB 189 million as compared to year 2017.

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In the year 2018, Other Income decreased by THB 80 million from year 2017, mainly due to that fact that in year 2017 there was the reversal of allowance for doubtful debt in the amount of THB 32 million and Professional and Design Fees Income of THB 16 million. In addition, interest income was higher by THB 32 million in year 2017 due to Interest received from a customer on past dues, but there was no such income in year 2018. Apart from the above, the Company set up certain reserves and provisions totaling THB 213 million and also paid extraordinary legal fees of THB 42 million (increased by THB 25 million as against the previous year) and made provisions for other expenses of Baht 16 million because of ongoing legal cases, including an arbitration. As a result, administrative expenses including the extraordinary legal fees were higher than the previous year by THB 35 million. Financial expenses decreased by THB 1 million, due to the decrease of short-term loans used for the Company’s working capital requirements. As a result of the foregoing, the net loss before tax for year 2018 was THB 401 million. Without the aforesaid reserves and provisions, the Company’s net loss before tax would have been approximately THB 130 million.

Financial Review The Company and its subsidiaries’ total construction income for year 2018 was THB 7,123 million. Total construction and direct expenses were THB 6,949 million, which resulted in a Gross Margin of THB 174 million. After other income of THB 13 million, less allowance for doubtful accounts of THB 213 million, administration expenses of THB 354 million, financial expenses of THB 21 million and income tax of THB 22 million, the Company ended the year with a consolidated net loss (after tax) of THB 423 million.

Appropriation The Board of Directors proposes to appropriate the earnings of the Company for year 2018 as follows: Baht Retained Earnings brought forward 678,560,439 Operating Result for year 2018 (434,826,386) Reversal of gain on valuation 1,368,958 Actuarial gain - net of income tax 868,344 Dividend payment (51,393,929) Unappropriated retained earnings carried forward 194,577,426

(Mr. Khushroo Kali Wadia) Managing Director and Executive Director

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Financial Highlights (Unit : Baht Million)

STATEMENTS OF FINANCIAL POSITION

2018

2017

2016

Total Assets Total Liabilities Total Shareholders’ Equity

5,670 4,210 1,460

5,813 3,879 1,934

5,010 3,171 1,839

Construction Income Total Revenue Cost of Construction and Administrative expenses Gross Profit Profit (Loss) before Finance Cost and Income Tax Profit (Loss) for the year

7,123 7,136 7,516 174 (380) (423)

7,851 7,944 7,807 363 137 96

6,972 7,003 6,861 441 142 140

Book Value per share (Baht) Earnings (Loss) per share (Baht) Cash Dividend declared for the year per share (Baht) Cash interim Dividend paid out per share (Baht)

1.42 (0.42) -

1.88 0.10 0.10 0.05

1.84 0.14 0.10 0.05

1.06 2.44 (5.34) (82.45) (5.93) (24.95) (7.37) 2.88 74.42 -

1.22 4.62 1.74 98.72 1.21 5.09 1.77 2.01 24.78 100

1.26 6.33 2.04 194.20 2.00 7.81 2.93 1.72 40.46 71

STATEMENT OF INCOME

FINANCIAL RATIO Current Ratio (times) Gross Profit Margin (%) Operating Profit Margin (%) Quality of Earnings (%) Ner Profit Margin (%) Return on Equity (%) Return on Assets(%) Debt to Equity Ratio (times) Interest Coverage (times) Dividend Payout Ration (%)* Notes:

* Dividend payout ratio compared to the Separate Financial Statements of the Company. (In 2017 the dividend payout from a combination of year 2017’s net profits after allocated of legal and the Company’s unappropriated retained earnings as at 31st December 2017)

Estimation

Business Development General Special Project

Business Development General | Special Project

Administration

Human Resources Development Mechanical and Electrical

Hospitality and Residential General Construction and MEP

Human Resources Management

Legal

Finance

Quality Assurance and Safety

Accounting and Tax

Group Accounts | IR

Accounts Finance | Admin Legal | HRM

General Buildings

Procurement and Purchase

Nomination Committee

Risk Management

Scaffoldings and Steelworks

Equipment

Equipment and Steelworks

Remuneration Committee

Planning

Structure Architech Design

Technical Human Resources Development Stratgy

Managing Director

Executive Board

Industrial Hypermarket

Government Works

Construction Operations

Risk Management Committee

Cost Engineerng

Commercial

Internal Audit

Audit & Corporate Governance Committee

Company Secretary

Board of Directors Christiani & Nielsen (Thai) PCL

Information Technology

212 รายงานประจำป 2561 บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Organization Chart

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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Type of Business Operations and Income Structure Christiani & Nielsen (Thai) Public Company Limited was found in 1930 with initial registered capital of 600,000 Baht. The Company’s principal shareholders were Christiani & Nielsen A/S, Denmark, The East Asiatic Co., Ltd. and the Privy Purse Bureau (Crown Property Bureau). The Company share registered as at 28 December 2018 was 1,102,904,144.- Baht with paid up capital of 1,027,904,144.- Baht. The major shareholder of the Company is Thailand registered company named Globex Corporation holding shares of 56.535 %

Business Policy To ensure that the Company’s business operation shall reach the utmost benefits of all stakeholders, the Company had adopted the policy subject to the principles as under: Vision: Develop Sustained Competitiveness Mission: Aim to Produce High Quality Works Develop Optimum Sale & Services Develop Optimum Staff Cost Consciousness Core Competency: Achievement orientation Cost effectiveness Customer focus Initiative Alertness Strategy: Foundation for business sustainable growth Set up Business Unites New Compensation Policy Reinforce Human Resources Development Expand to AEC countries Diversify to new businesses The Company’s top management regularly held a meeting at least twice a year to review the policy and action plans according to Company’s strategy to ensure the successful accomplishment of the Company’s objectives and goals. Moreover, the Ex-com Meeting is being held weekly to review its operation, the progress of works, problem solving and preventive measure in order to achieve the Company’s business plan.

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About us Christiani & Nielsen was established by Dr. Rudolf Christiani and Captain Aage Nielsen in Copenhagen, Denmark in 1904. The founders incorporated technologies and their expertise to build bridges, marine works, and other reinforced concrete structures. Within less than ten years the company was widely recognized and had gain credibility. After that the operations were extended to other countries in Europe, South America, and South Africa. Christiani & Nielsen is a world class building contractor that has earned its reputation from civil engineering and structural works. The company is well known for its high experience, expertise, and up-to-date technology. With over one hundred years of experiences abroad and over eighty-eight years in Thailand the company has participated in numerous significant engineering projects. We developed and produced reinforced concrete load relieving platform and vertical raking piles that were used for building wharf. We developed technique for wharf construction that later became known as “the C&N Wharf”. In addition we also developed immerse tube for underwater tunnel construction and cast push method for bridge construction. Those techniques have been repeated and developed for use worldwide. Knowledge and expertise have been passed down from generations to generations, resulted in numerous types of building projects and country landmarks across the world. Road, bridge, dam, seaport, tunnel, airport, gas separation plant, sport stadium, monument, high rise building, and residential building are examples of our accomplishments.

Significant changes and Development The first 25 years in Thailand (1930-1955) Christiani & Nielsen (Siam) Ltd. was found on February 28, 1930 and officially registered as a private limited company on November 10, 1930. Its major shareholders were Crown Property Bureau, East Asiatic, and Christiani & Nielsen Copenhagen. Later in 1949 the name of the company was changed to Christiani & Nielsen (Thai) Limited. Company’s projects in the first 25 years were roads within Bangkok, roads to other provinces, bridges, factories, cinema, and many others. Furthermore, the company also built country landmarks like the Democracy Monument (completed in 1940) and Kong Toey port (completed in 1941). 50-75 years in Thailand (1956-1980) During those period reinforced concrete was increasingly used in the construction industry. The company used it to build a 10-storey tall Oriental Hotel (completed in 1958). It was considered the very first high rise building in Thailand. In addition the company also built highways, Reinforced Concrete Bridge (connecting Bangkok and Thonburi), airport, dam, banknote printing factory, and industrial factories. Building industrial factories during those period was to accommodate the first national economic and social development plan (1961-1966), which meant to boost investment in industrial sector. That marked the beginning of industrialization era in Thailand.

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75 years onwards (1981-Present) Oil and natural gas were found in Thai Gulf. The discovery played a vital role in promoting Thailand economic growth. Christiani & Nielsen was active in many developmental projects in the Eastern Seaboard. Some of the company’s projects during that time were oil drilling, infrastructure for gas pipeline, drilling platform, golf course, hotel, resort, housing complex, large size office complex for both local and foreign investors, and many more. In 1991 Christiani & Nielsen became the first construction company that was listed on the Stock Exchange of Thailand. In November 1992 the company was renamed Christiani & Nielsen (Thai) Public Company Limited. In December of the same year the company did a reverse takeover from its publicly listed Danish parent company which was the first in Thai business history. Resulting from the economic crisis in 1993, the Company had to cease its operation overseas. The business since then was concentrated in Thailand only. Throughout all the years Christiani & Nielsen (Thai) Plc. Ltd. has engaged in countless of projects, many of which are Thailand landmarks that symbolize the country development. At the 85th anniversary the company purchased a land instead of leasing it to build a new head office, and also moved plant yard and steel structure factory to a new location that was far away from community to avoid disturbance. In addition training center was created to serve as a place for skills development for our staffs and labours. All in all we determine to carry on the founders’ wishes which are to accomplish business goal and care for the social and sustain the environment. To accommodate the growth of ASEAN community, on 15 July 2016, the company had established a new 100% own subsidiary in The Republic of the Union of Myanmar namely Christiani and Nielsen (Myanmar) Limited to provide construction, engineering and related services with registered capital of USD 500,000 and paid up capital of USD 100,000. On 16 March 2017 and on 2 July 2018, the Company had increased its paid-up capital for USD 100,000 in each year as of today total paid-up capital is USD 300,000. On 4 July 2017, the company had established a new 100% own subsidiary in Kingdom of Cambodia namely Christiani & Nielsen (Cambodia) Co., Ltd. to provide construction, engineering and related services with registered capital of USD 100,000 with fully paid up capital of USD 100,000.In year 2018, the Company entered into an Investment Cum Shareholders Agreement (the “Investment Agreement”) for a minority equity investment in Gammon Engineers and Contractors Private Limited (GECPL), a private company based in India. The Company acquired a newly issue 6,000,000 shares with par value of 35 Rupee India each or equivalent to Baht 104 million. The Company views this as an attractive investment as its offers the Company a way to tap into GECPL’s large technical resources and also gives access to the large Indian market.

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Changing in Shareholding Structure Since 2005, the Company’s Shareholders changed several times starting from May 2008, when longstanding major shareholder, Siam Commercial Bank PCL, sold its stake to the Crown Property Bureau, giving it a majority share. However, owning a construction company no longer fit with the long term business strategy, and in November 2011, the Crown Property Bureau sold all its shares to the GP Group, the company with a history that goes back more than 145 years in Thailand since 1918, through Globex Corporation which then became the major shareholders of the Company.

Standard and Certifications Throughout the years, CNT is committed to conducting business in a manner that adheres to construction international standards and certifications. This is so that we can create sustainable value for the business and meet the satisfaction of all stakeholders. At present, the company has received the latest quality management system certification, ISO 9001: 2005 from the United Kingdom and Accreditation Service (UKAS), which is an international standard that business organizations around the world trust in ensuring the quality of their organizations, and also from the National Accreditation Council of Thailand (NAC). In addition, the company has also been certified by the OHSAS 18001: 2007 Occupational Health and Safety Management System by Bureau Veritas Certification, which is a credible health and safety management standard. As a result, the company has been continuously receiving many awards in quality and safety from project owners.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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Income Structure At present, the Companyâ&#x20AC;&#x2122;s and its subsidiaries are principally engaged in the Construction Business and Holdings Company. As at 31 December 2018, the Company has 3 Subsidiary Companies as follows: 2017

2018 Subsidiary Company CNT Holdings Limited

Type of Business

Christiani and Nielsen (Myanmar) Limited

Construction Business & Holding Company Construction, engineering related services

Christiani & Nielsen (Cambodia) Co., Ltd.

Construction, engineering related services

Paid up Paid up % of % of Capital (MB) Shareholding Capital (MB) Shareholding 50.00

50.00

USD Million 0.3 USD Million 0.1

100

0.2

100

0.1

100

At the Executive Board of Directors Meeting held on 11 July 2016 it was resolved to establish the 100% own Company Subsidiary in The Republic of the Union of Myanmar namely Christiani and Nielsen (Myanmar) Limited with the registered capital of USD 500,000 (500,000 ordinary shares with par value of 1 USD each) and paid up capital of USD 100,000 (100,000 ordinary shares with par value of 1 USD each). The registration was made with the Directorate of Investment and Company Administration (DICA) in The Republic of the Union of Myanmar on 15 July 2016. In year 2017 the Company additionally paid for its investment in Christiani & Nielsen (Myanmar) Limited of USD 100,000 (100,000 ordinary shares of USD 1 each) on 16 March 2017 and on 2 July 2018, the Company additionally paid for its investment in Christiani & Nielsen (Myanmar) Limited of USD 100,000 (100,000 ordinary shares of USD 1 each) and registered the additional issued and paid up share capital with the Directorate of Investment and Company Administration of The Republic of the Union of Myanmar on 29 March 2017and on 9 July 2018, respectively, which at present, the total paid up capital is USD 300,000 (300,000 ordinary shares with par value of 1 USD each). At the Executive Board of Directors Meeting held on 15 June 2017 it was resolved to established the 100% own Company Subsidiary in Kingdom of Cambodia namely, Christiani & Nielsen (Cambodia) Limited to provide construction, engineering and related services with registered capital of USD 100,000 and fully paid up capital of USD 100,000. - (100,000 ordinary shares with par value of 1 USD each). The registration was made with Registrar of Companies Office in United Kingdom of Cambodia on 4 July 2017. The Company paid its capital investment in Christiani & Nielsen (Cambodia) Co., Ltd. on 21 July 2017. During the year 2012 and year 2013, the Company sold 1.25 million shares and 0.75 million shares equivalent to 25% and 15% respectively of registered and paid-up share capital of CNT Holdings Limited to a related company at Baht 21 per share, at an aggregate value of Baht 26.25 million and at Baht 29 per share, at an aggregate value of Baht 21.75 million respectively. As such the Companyâ&#x20AC;&#x2122;s holding in CNT Holdings decreased from 100% to 75% and to 60% respectively.

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The main income of the Company came from the construction operations as detailed hereunder based on type of business. Revenue Structure from the Operation of Christiani & Nielsen (Thai) PCL, and Subsidiaries 2018 Million Baht Construction Income Reversal of allowance for doubtful accounts Interest Income Other Income Total Revenue

7,123 11 2 7,136

2017 % 99.82 0.15 0.03 100

Million Baht 7,851 32 42 19 7,944

2016 % 98.83 0.40 0.53 0.24 100

Million Baht 6,972 29 2 7,003

% 99.56 0.41 0.03 100

Revenue Structure from the Operation of Christiani & Nielsen (Thai) PCL (Company only) 2018 Million Baht Construction Income Reversal of allowance for doubtful accounts Interest Income Dividend Received Other Income Total Revenue

6,949 10 9 6,968

2017 % 99.73 0.14 0.13 100

Million Baht 7,849 32 42 18 18 7,959

2016 % 98.62 0.40 0.53 0.23 0.22 100

Million Baht 6,972 29 2 7,003

% 99.56 0.41 0.03 100

The group’s revenue which consisted of construction income and other income, the information of income as presented on the statements of income for the year ended 31 December 2018.

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Type of business and operation The Nature of Business Operation Christiani & Nielsen is a leader in the construction industry in Thailand providing a wide range of services including design and construction of building and civil engineering projects, design, fabrication and erection of steel structures and mechanical and electrical installations. Construction Operations are set up in Business Units including Government Business Unit, Industrial and Hypermarket Business Unit, Buildings Business Unit, Residential and Hospitality Business Unit and General Construction and MEP Business Units. Market Sectors The Company works in both the Government and Private Sectors. The types of construction projects are as follows: Buildings:

retail hypermarkets and stores, distribution centres, universities, schools, hospitals, offices, condominiums, hotels, refurbishment and renovation and other commercial buildings and residential.

Industrial:

Industrial plants, factories and warehouses. Petrochemical and Power Works.

Infrastructure:

Airport, mass transit, roads, highways, bridges, overpasses, sports facilities, water distribution and wastewater collection tunnels, gas pipelines, flood protection, waste water treatment plants, and etc.

Construction income Currently the Company and its subsidiaries operates its construction business in Thailand and countries in ASEAN, namely the Republic of the Union of Myanmar and the Kingdom of Cambodia. However, during the year, the operations of the subsidiaries did not contribute significant income. Therefore, the main revenue of the Company comprised construction income in Thailand. Construction Income during the past three years is split by type of client and by type of work as follows:

17.4%

2018

86.3%

85.4%

82.6%

Private Sector Public Sector

14.6%

2017

13.7%

2016

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Unit – Million Baht

Type of Construction General and Industrial Factory Petrochemical & Energy General Buildings Commercial Buildings Hotel/Residential Civil Works Total

2018 Value 2,837 255 643 2,703 103 582 7,123

% 40% 4% 9% 38% 1% 8%

2017 Value 2,655 897 3,574 276 449 7,851

% 34% 11% 45% 4% 6%

2016 Value 3,094 172 2,198 1,300 68 140 6,972

% 44% 2% 32% 19% 1% 2%

Business Operation The Company’s main construction projects are from Government and Private Sector. The Company tendering status can be classified as follows: Main Contractor As a main contractor, the company will directly tenders with the owner. However, the company will join with the other business partner for projects that require specific expertise and complex mega projects that worth high value. In addition, the company will consider joining with other partner so as to combine qualifications, experience, expertise, and to mitigate the risk exposure. There are two types of business alliance; (1) Joint Venture and (2) Consortium. (1) Joint Venture is the co-investment in construction project that the amount of work cannot be divided. Each Joint Venture is liable for profit and loss in accordance with an agreed proportion. (2) Consortium is a partner in project that amount of work and revenue can be divided. Each consortium’s liability is independent from each other. Tendering directly with the owner either as solo company or joint venture or consortium, the company may hire sub-contractor to do part of the works. As a Sub-Contractor In the project that requires special qualifications and experience the company is lack of, then the company will tender as sub-contractor. Projects that the company will tender as Sub-contractor are infrastructure and Engineering Procurement and Construction (EPC). Projects such as Petrochemical Plant, Oil Refinery, Power Plant, Electric train transportation system, for instance, the company will consider combining expertise and entering bidding as sub-contractor or the main contractor.

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In addition to all the above projects the company has been exploring more opportunities to partner with government and private sectors or so call Public Private Partnership (PPP). However, the company needs to consider the terms and conditions of the investment as well as funding in a more thorough detail.

Construction Process After receiving a formal acceptance from the Owner by either Letter of Intent (LOI) or during the process of signing a Construction Contract, a meeting between all concerned departments and individual Business Units will be held to co-ordinate and discuss detailed estimates and construction plans to ensure that the project will run according to plan and can be delivered to the customer on time and within the budget. The Company will appoint a Project Manager to be the representative of the Company at the Construction Site. The duties and responsibilities of Project Manager are as follows: 1. Prepare the main construction programme and budget. 2. Prepare a sub-programme in accordance with the main program, prepare the staff and labour chart, prepare the material and equipment list. 3. Meet with the Owner or representatives of the Owner to update on the progress of work and solve problems to ensure that the project is completed on time. 4. Prepare Payment Applications for submission and liaise on payments from the Owner. 5. Collect all Site Instructions or any evidence for all changes in construction drawings, variation orders, requests for additional value of work or requests for extension of time due to changes to the construction drawings or from other factors that might cause a delay to the project. 6. Control and monitor the construction work to ensure that it is in line with the construction plan and specifications. Check for the completion of all work before handing over to the Owner. 7. Handing over of important documents such as As-Built Drawings, certificate of material and craftsmanship and all documents specified as part of construction contract. To follow up for the repayment of Retention Money after the acceptance of works by the Owner and to collect the Performance Bond after the defect liability has ended.

Marketing and competition strategy SM7< ?@7 G98? E7J?I<Uo K@<D8?D9JD _ ]D7Q87J @98 E=J8?<IE?7B JI>7<=I8 G<=Y7E?8o [=?@ ;=< L=M7<J>7J? 9JB

the Private sector in 70 countries around the world. The Company is very well known since it was established in Thailand more than 88 years ago (at the very beginning of the country’s development). The Company always abides with all contracts with its customers. N@7 K=>G9JUO8 E=J8?<IE?D=J öI9QD?U @98 9E@D7M7B VWS ppf cppd 8?9JB9<B8 DJ 7M7<U G<=Y7E?o DJEQIBDJ:

the Company’s own new headquarters building. This serves as a guideline in business operations, and helps the Company achieve all customers’ requirements, by focusing on efficiency, quality and safety to deliver each project to the customer on time and within the agreed budget.

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N@7 E=>G9JU @98 G=?7J?D9Q B7M7Q=G7B 9JB D8 <79BU ;=< C78D:J _ AIDQB G<=Y7E?8o @DE@ E9J >77? ?@7

satisfaction of owner like One-stop Service. For effective analytical and control of construction design, the Company is now using the BIM (Building Information Modeling) technology for design and calculation through the digital model of physical and functional characteristics of buildings. @7<7 9GG<=G<D9?7o ?@7 9QI7 nJ:DJ77<DJ: G<=E788 ?= 9J9QUT7 9JB <7 B78D:J ;=< ?@7 E=8? 7;;7E?DM7J788 9JB

absolute value of utilization shall be proposed to the customer to reduce time and cost with the required quality. N@7 K=>G9JU @98 @D:@QU öI9QD;D7B G7<8=JJ7Q 9JB 79E@ =; D?8 ?=G 7 7EI?DM7 =;;DE7<8 @98 <DE@ 7 G7<D7JE7

in the construction business, including knowledge on various type of construction and the different benefits and difficulties of various methods of construction. The Company has set out a clear policy to further develop its personnel with a modest knowledge of the construction business.

Type of customers and target group N@7 Company’s customers consist of Government units, educational institutions, and the private sector. There are different kinds of industries in the private sector, such as agricultural and food, electronic, petrochemical, energy, tourism, modern trade etc. The Company always maintains good relationships with each of its customers, which encourages them to return to the Company for their future requirements either in the Country or other countries in ASEAN. P<=> ?@7 L=M7<J>7J?O8 DJM78?>7J? G=QDED78 ?= 7J@9JE7 ?@7 E=>G7?D?DM7J788 =; ?@7 E=IJ?<U [U

accelerating construction projects such as mass transportation, the expansion of the electrical public train system, airports, seaports and numerous other infrastructure projects which are waiting for approval for the development of the eastern economic corridor (EEC) under Thailand 4.0 Model as such, the Company can expect to secure a significant share in this sector.

Pricing Policy Quotation for bidding for a project is based on the following principles: 1) Fixed Price System – Under this system, the firm will offer a fixed price and will be responsible for any changes in cost and expenses. In construction contracts made with the Government and Private Sectors, conditions in cost adjustment will be included, such as inflation (Government Sector), and client specifications, and the client is responsible for the cost of extra works or change orders. 2) Unit Price System – The bidder usually proposes its price for materials and manpower in terms of unit price, and the client pays according to the actual quantities. Cost adjustment will be specified in the contract in the same manner as that of the fixed price system. The client, however, will specify which price system is to be applied. The Company sets its basic profit as a percentage of project cost depending on existing parameters, such as competition, complexity of work and raw material availability, etc.

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Procedures Senior management, Head of each Business Unit, together with the Business Development Department, have a duty to deal with incoming clients, search for information on Government and Private Sector projects from all available sources, follow up on information from consulting companies and deal with project owners and project consultants, if possible. From such sources of information, the Company is able to bid for and win new contracts regularly. Generally, there are 3 procedures associated with bidding for a contract: 1. Bidding In bidding for Government projects, all bidders must be qualified according to pre-qualification requirement. For private sector projects; the owner, designer or consultant will consider the qualification and financial performances of the contractors before issuing the invitation to bid to those contractors. Once the Company makes the decision to bid for a project it will proceed as follows: 1.1 Purchase the bidding documents; 1.2 Prepare the bid in 3 parts: 1.2.1 Commercial preparation – preparation of legal, financial and company profile documents. Considering contract’s requirement e.g. all insurances, payment terms and special requirements according to contracts. Contact financial institutions for bank guaranties; 1.2.2 Cost estimation preparation i.e. site inspection, quantity take-off, materials quotation and sub-contractors quotations in case of special requirements; and 1.2.3 Construction planning including construction method, procurement of tools and equipment, staff allocation according to each type of construction project. 1.3 Conduct cost and expenditure estimation with respect to the details and procedures specified in the bidding document, then submit them on the date, time and at the place designated by the project owner. 2. Direct Negotiation The project owner, sometimes, relies on the reputation and experience of the Company, so it prefers the Company to quote the price with respect to its or its designer’s estimation, and then carries out a mutual negotiation. Generally, the design is provided by the project owner; however, the Company may negotiate to do the design itself in addition to the construction. This reduces the time of construction of the project.

Decision Making, negotiation and award of contract In bidding process, the procedure for the Owner and the Company are as follows: 1. The Company must pass the pre-qualification as defined by the Owner. 2. Purchasing Tender Document and calculate the bidding price according to the construction drawings and terms and conditions as stated in the tender document. 3. Submit the price according to Owner’s criteria. 4. Clarification of database as required by Owner.

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5. In evaluation of the bidding price, the Owner may ask for price re-submissions, short-list bidders or by e-bidding. 6. In selecting the successful bidder, there will be a lot of criteria for Owner’s consideration such as Technical and Price. After a decision has been made, the Owner will inform in writing to the successful bidder.

Distribution As the Company is a well-known construction company registered on the Stock Exchange of Thailand. The Company’s main prospects are: 1. Its former and current clients; 2. Exclusive invitations to bid from project owners; 3. General mass communication and government’s announcement; 4. Other sources such as shareholders, project consultants and acquaintances. In case the Company is interested in a particular project, it will purchase the bidding documents and assign its Design department verify drawing or design in some work. Planning department work together with Estimation department to estimate the total cost of the said project as per the drawings and details obtained. The computation will be reviewed in quantity, price and conditions specified by the client. All details will be concluded in quotation sheets. Then all data will be presented to the executives who are responsible for rechecking, before adding the profit and concerned taxes. This is the final price proposal. Once the proposal satisfies the client, then the Company will receive the letter of award. After that, the Estimation Section will forward the cost estimation details and drawings to the Construction Department for use in construction.

Company’s Capability in Thailand Construction Business Christiani & Nielsen (Thai) Public Company Limited is a construction contractor listed on the Stock Exchange of Thailand. The Company’s market share is around 5% of the listed construction companies with total revenue of more than 5,000MB a year. The Company has long been established as one of the top and most highly reputable contractors, trusted by clients from both public and private sectors. The Company has never broken its promises and never will with its clients; neither has the Company ever shirked its responsibilities. Since the first day of operation until now the Company still holds on to these values. The Company has delivered every project with good quality, within the agreed price, and agreed timeline. With these credentials, the Company always qualifies to compete in every tender offered by both public and private sector. In general, Government Sector and/or State Enterprises have laid tendering criteria in order to shortlist and pre-qualify the firms who are eligible to tender on their projects. The intention is to classify the capability of individual contractors by experience and project references, financial status, numbers of qualified staff, and construction related plant/equipment. Each firm will be determined according to the capability to tender the project in terms of size and values. Presently, the Company is registered and short listed as an eligible contractor to various Government Sectors, and especially to the Department of Highways as a First-class contractor who is qualified to bid and work on projects of unlimited size and value.

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Business Outlook and competition The construction industry is correlated to the development of the country, especially, in a country such as Thailand, which has changed from agriculture to industrialization. The market of this industry relies heavily on the growth of GDP which indicates the growth of the country. Hence, it depends on investment from government and private sector. Since 2013 the Thai economy has been steadily increasing, however, the capital investment was not encouraging to construction industry. Moreover, the political situation both abroad and in Thailand do not encourage investors to invest more capital. There were moves of manufacturing base to the other countries. All of these factors impacted the investment decisions of both private sector and foreign investors. As a result construction industry is slow. The construction market volume dropped dramatically, which created a business environment of high competition. The effects were that new bidding projects generally were not able to gain a satisfactory margin and this resulted in lower income than forecast. However, the Government’s mega projects, especially infrastructure development, were gradually released during the year but did not have a significantly positive impact on the construction business. During 2018, there were only few mega projects open to bid, most of the Government projects are Public Private Partnership which were carried on from the year 2017. When these mega projects are released and started, it will create jobs for construction companies. Therefore, the environment of high competition will ease since contractors will not have to compete only in the private sector. The positive outlook of government spending, expansion of the private sector, urbanization, and industrialization will increase construction projects. The Company is constantly reviewing tender margins according to the changing market conditions while, at the same time, continuing the process of improving competitiveness by reducing construction costs and improving productivity. Through the professionalism, experience and training in engineering and project management of its team members, it is the Company’s policy to focus its tendering for work with potential for future growth, such as projects in the retail business and modernized trade, which require rapid construction and timely completion.

The Competitors in Construction Business In year 2018, though the Government’s mega projects were released to drive the country’s economy, it was at starting pace, the money generated from construction has not yet started contributing to the economy. Private investment, both local and foreign, is still at a slow pace. As such, the construction business has still not fully recovered. Construction companies had to compete in a challenging environment. All the companies tried to win projects from the Private Sector, regardless of its small volume. Large and medium size contractors competed in the same market. This kind of competition is unprecedented. At present, the Company is operating in a tough competition market with minimal chance to make high margins.

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The Company focused its tendering on the projects where there is low competition, and in such cases, the contractor is required to have high capacity, potential and readiness, for example: Private Sector With its vast experience, the Company can provide the construction which require speedy, qualified construction work such as large scale of industrial facilities which required high safety and qualified standard. This type of construction also include office buildings, infrastructures, facilities, hotels, shopping mall, modern trade business and distribution centres. Government Infrastructure The Company is registered as special class contractor with the Department of Highways, first class contractor with the Royal Irrigation Department, the Department of Rural Roads and Bangkok Metropolitan Administration, thus capable to tender for all sizes of work with unlimited credit lines for all construction projects of those departments. In connection with the construction projects for the mass rapid transit system, the Company keeps on discussing with partners both in Thailand and foreign countries for the collaboration in tendering the projects. The company is regularly collecting information on government infrastructure projects. Energy, Oil and Gas The Company is one of few experienced companies undertaking this type of work, which is high value and involves a long construction period. These projects require international construction standards, specific know-how, high technology and high safety standards. The Company has constructed a number of projects for the PTT Group, IRPC and etc. During 2018, the expansion of Liquid Natural Gas (LNG) started and there are a lot of big projects to come from Thai Oil PCL’s Green Project which is part of the driven plan of the country to become centre of power in AEC. Education Facilities and Hospitals Construction of education facilities, normal or large scale hospitals which are complicated and required the installation of special equipment, the construction need to strictly follow the designs and finish in time. With Company’s experiences the Company can satisfy Owners needs and standards. The Company had a plan to expand its construction business into other countries in ASEAN to serve our existing customers, who will expand their business in that region. In year 2016, the Company had established a wholly owned subsidiary name Christiani and Nielsen (Myanmar) Limited followed with the establishment of Christiani & Nielsen (Cambodia) Co., Ltd. in year 2017 to provide construction and engineering related services in The Republic of the Union of Myanmar and Kingdom of Cambodia which has a growing economy and is now developing infrastructure.

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Backlog as of 31 December 2018 The Company was awarded new contracts in 2018 with a total value of 11,182 Million Baht (excluding VAT), categorized by type of work as follows: 10,313

Type of Construction

Value (MB) 869

Buildings

Industrial

Infrastructure

These contracts are due for completion in Years 2018 through to 2021 as follows: Year of completion

Value (MB)

2018 2019 2020 2021 Total

Percentage

1,177 3,726 1,673 4,606 11,182

10.53% 33.32% 14.96% 41.19% 100%

As at 31 December 2018, the projects wherein the value is more than 10% of the Total Revenue in the Financial Statements which are not handed over to Owners are as follows: Project

Primo Posto Complex Thungsong Interchange Bangyai Spurline Overpass Indochina Intersection Nurse Dormitory for King Chulalongkorn Memorial Hospital New Passenger Terminal at Khon Kaen Airport New Passenger Terminal No. 3 and The improvement of Terminal No. 1 and No. 2 and Car Park Bldg. Krabi International Airport PTTLNG Admin. Building

Type of Construction

Value (MB)

Expect to completed Operated by

Civil & Buildings Civil Civil Civil

813.0 905.1 1,486.6 794.3

2019 2020 2020 2020

Company Company Company Company

Civil & Buildings

828.0

2019

Company

Civil & Buildings

1,873.7

2021

Company

Civil & Buildings Civil & Buildings

2,732.1 1,085.0

2021 2020

Company Company

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Procurement of Products or Services The Company has procured products and construction material from various sources both domestic and overseas under the quality management system to meet with standard, specification and purpose of the Owner. The Company had introducing the ERP (Enterprise Resources Planning) system to enhance the procurement of products and materials process by adding more systematic control and recoding process. The process of issuance of purchase order, inventory management are more efficient by controlling and reducing the construction material waste. Description of key construction materials purchase during the year 2014-2018 Year 2018

Year 2017

Year 2016

Year 2015

Year 2014

Description Ready Mixed Concrete Cement Work Stone & Sand Steel Structure Steel Rebar Total Value of Year

(MB)

741 35 41 235 397 1,449

51.1 2.5 2.8 16.2 27.4

586 62 59 291 414 1,412

41.5 4.4 4.2 20.6 29.3

705 35 50 251 435 1,476

47.8 2.4 3.4 17.0 29.5

503 44 99 189 344 1,179

42.7 3.7 8.4 16.0 29.2

882 63 92 153 686 1,876

47.0 3.4 4.9 8.2 36.6

Description of key construction materials purchase the year 2018 Steel Rebar 27.4%

Ready Mixed Concrete 51.1%

Steel Structure 16.2% Stone & Sand 2.8%

Cement Work 2.5%

Construction materials are normally use in average, therefore, there is no construction material being used is more than 50% of total volume purchased.

Procurement process 1. 2. 3. 4.

Define master procurement plan for material and subcontractor Prepare material details such as quantity, detail of product and material, standard and specification. Specify the delivery schedule. Selection of suppliers, subcontractors by considering quality, standard, price, availability of resources, delivery period, and etc. 5. Agree price, issuance of purchase orders, quality checking, scope of work and responsibility, delivery program, and etc.

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Risk Factors and Risk Management The Company is aware of the importance of risk management in operating its business under the internal and external factors that affect the company’s operations. Thus, the Risk Management Committee was appointed on 20 February 2013. The Committee was established to consider the efficacy of the Company’s risk management policies. For the structure, roles and duties of the Risk Management Committee, please refer to “Management Structure” of this Report. In addition, the Company has the Risk Management Department overviewed by the Risk Management Committee which is responsible for the risk management process of the Company, overall evaluation and review of both, the internal and external risk situations, as well as reporting the risk factors to the Board of Directors. The important risk factors that may affect the Company’s on-going and/or future business which may affect the investors and internal and external stakeholders are as follows:

Market Risk The Company’s main revenue comes from construction projects for both, the Government & Private Sectors. The Company’s growth mainly depends on the domestic property and construction markets which are driven by various uncontrollable factors, viz. economy, production and export situation, monetary and fiscal policies as well as the political environment. The Company proactively takes steps to ensure that it gets consistent and sufficient volume of work despite the prevailing market conditions. The Company thoroughly assessed the market and settled a strategy for bidding to mitigate the risk factors associated with the state of the property and construction market. The Company selected and focused on potential projects to increase the work, as well as used all the resources available to it to make its bids for projects as competitive as possible. The Company reviews and adjusts the level of tender margins according to market circumstances, with a long term view, to reduce construction costs and increase productivity in order to improve overall competitiveness. The Company has expanded its business into the ASEAN countries by way of setting up a wholly-owned subsidiary in The Republic of the Union of Myanmar in 2016, namely “Christiani and Nielsen (Myanmar) Limited” and “Christiani & Nielsen (Cambodia) Co., Ltd.” in Kingdom of Cambodia in 2017 to provide construction, engineering and related services in the aforesaid countries which has a growing economy and is now developing infrastructure. Therefore, the Company will also be exposed to similar market risks in those two countries as well as any other ASEAN countries which the Company may expand to in the future.

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Operating Risk The Company is exposed to different levels of operating risks such as accidents, mechanical failure, human error, political action, labor strikes, adverse weather conditions and other circumstances and events. These could result in increased costs or loss of revenues. However, to cover against most of these risks, the Company ensures that contractors’ all risks insurance is available for each of the project which the Company executes.

Construction cost Generally, construction contracts envisage a lump sum price, which means that the Company has to absorb the risk of construction cost. In some cases, construction contracts may have conditions to allow increase or decrease of pricing from changing work price per unit of material as per an escalation formula, for example, most government contracts. However, the escalation formula will adjust only certain materials and the contractor has to be responsible for the first 4% of price increase in certain contracts. All projects require time to construct, and the time frame may be tight or relaxed, depending on the construction contract. The Company cannot set an unreasonably high price or demand too long a construction period, as either of these may cause the Company to lose the project to a more competitive bidder. Therefore, in order to remain competitive, the Company has to manage the overall purchasing volume by ordering big lots to help in bargaining and sign material contracts as early as possible. In order to mitigate the time risks, including fluctuation of material price over time, the Company favors projects which have manageable construction periods, or projects that are split into multiple phases. This allows the Company to adjust the pricing in case of higher material costs in the later phases. Therefore, agreement with owner to supply main materials in such case may also applied.

The delay of construction Projects may be delayed due to external factors, one of which is by the employer, for example, delay in hand-over of the relevant areas, delay in approval of matters or requiring numerous changes or additional work, without appropriate time extension. Delay may also be caused by other employees, for example, inefficient material suppliers, laborers, and/or subcontractors. Force majeure events may also cause delay of projects, i.e., events completely beyond the reasonable control of either the employer or any employee, e.g. rebellion, war or a natural calamity. In case of such delays, the Company is exposed to the risk in fluctuation in price of materials and other potentially unforeseen expenses. In case the Company is not adequately compensated in the event of such delays, the Company may face a loss or have to litigate with the employer to secure its rights. Before signing the contract services, the Company has a policy to review draft contracts carefully, including inserting provisions to mitigate the abovementioned risks, when necessary. The Company also has a focused and dedicated training program to improve employee/labour skills and efficiency. Further, each project manager prepares a detailed schedule plan, and closely monitors such plan. The project managers will concisely control work and arrange regular meetings with the management to track the progress of work every week. As such, the management is aware of any problems and accordingly allocates resources, including revising strategies to solve such problem in a timely manner.

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Overdue payments The Company’s main income is from providing construction services, where normally, payment is made in installments based on the progress of work done, so the Company might be at risk if the employers have financial problems and are unable to pay for the construction, or become bad debt, which may affect the operations. The Company is aware of these risks, and therefore, the Company carefully assesses the potential client’s financial position before accepting projects and reviews contracts very carefully before signing. Also, the Company ensures close monitoring of the work done and payment received from the employers to further mitigate these risks.

Financial Risk The amount of working capital Operation in the construction business requires the funding of a large amount of working capital to run the business. As mentioned before, payment is normally received in installments as per work done after deduction of withholding taxes. If the employers do not make timely payments of such installments or the Company does not manage the working capital well, it will affect the Company’s ability to get new projects and also might affect the performance of the other ongoing projects. To mitigate these risk factors, the Company has a policy to negotiate the terms of payment concisely and ask for advance payment from the employers before start of work. Further, the Company’s experienced staff manages the liquidity carefully and efficiently. The Company has also secured funding from various sources to facilitate the expansion of the Company. As at 31 December 2018, the Company had long term loans of Baht 68 million for the construction of the new office building from a local financial institution secured against mortgage of the land. Apart from interest payments and principal repayment obligations, the loan agreement prescribes certain financial covenants which, if not complied with, will also result in a default.

Compliance Risk As a publicly listed company, the Company is required to comply with various laws and regulations and failure to comply with any one or more of such laws and/or regulations could expose the Company to penalties or other legal action against the Company and its Senior Management. The Company remains attentive to this matter and has taken suitable measures, by way of appointing qualified staff and also adopting adequate and effective systems to ensure full compliance with all laws and regulations.

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Controlling Risk As at the date of the Annual General Meeting 2018, Globex Corporation Ltd. held 581,126,256 shares in the Company, which is equivalent to 56.535 percent of all the Company’s issued and paid-up shares. Consequently, Globex Corporation Ltd. can control almost all of the resolutions in the Annual General Meeting which includes the appointment of directors or other resolutions which require majority votes, with the exception of those matters which as per law or the Company’s Article of Associations require the votes of 3 of 4 voters present in the Annual General Meeting. For this reason, other shareholders may not be able to gather enough votes to take equilibrium on any Agenda proposed by the major shareholder. However, the Company has complied with the SET prescribed Good Corporate Governance Policy, Business Ethics, and Transparency of Information. The Company has set up principles for the approval of Connected Transactions, as per which related parties cannot approve their own transactions. The Audit and Corporate Governance Committee will consider all Connected Transactions and propose to the Board of Directors and/or Shareholder Meeting for approval. Apart from the above risks which the Company is exposed to, an Investor investing in equity shares of the Company is exposed to the risks associated with the equity investment in the Company as a company listed in Thailand, which include the following: The value of the stocks listed on the Stock Exchange of Thailand (“SET”) may fluctuate due to factors affecting the Thai Stock Market as a whole without any connection to the performance of the Company. Such factors affecting the Thai Stock Market could include political instability or political disturbances, slowdown in growth of the Thai economy, US Federal Reserve action, withdrawal of economic stimulus by governments of key export markets, general slowdown in regional, Asian or other developed economies and so on. Since the investment in the equity shares is made in Thai Baht currency, the investor is exposed to the exchange risk associated with the investment due to the fluctuation of the investor’s investment currency as against the Thai Baht, whereby the investor may suffer a loss in the investor’s own investment currency terms if the Thai Baht depreciates against the same when the equity shares are sold and the proceeds thereof are remitted back to the Investor after converting the same into the Investor’s investment currency. The Investor may suffer a loss on his investment in the event one or more Thai laws pertaining to the investment are amended adversely. An example of such an adverse change in law would be imposition of taxes or other duties on the investment or sale of investment in equity shares. If the Thai Government introduces exchange controls on investment proceeds or on the repatriation of investment proceeds, the Investor’s cost of the investment may increase and/or the Investor may not be able to repatriate the sale proceeds of the investment. Further, the Investor is exposed to additional risks like lower standards of Corporate Governance of the companies listed on the SET, insufficient legal checks and balances on company management, high proportion of concentrated shareholding with one individual or one group leading to unduly high control exercised by the individual or group, unavailability of qualified and experienced persons to act as Directors, etc.

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Shareholding and Dividend Policy As of 28 December 2018, the Company registered capital is Baht 1,102,904,144 with paid-up capital of Baht 1,027,904,144 divided into 1,027,904,144 common shares with par value of Baht 1.00 The list of top 10 major shareholders, as at 28 December 2018 Shareholders Globlex Corporation Co., Ltd. Victor Investment Holdings Pte., Ltd. Mr. William Ellwood Heinecke UBS AG Singapore Branch Thai NVDR Co., Ltd. Novotel Investments Limited Mr. Santpal Silpchaowala Mr. Arj Auttakraveesunthorn Mr. Prasit Chewananthachai Miss Pornpan Photirangsrithep

Number of shares 581,126,256 94,372,280 66,267,810 34,784,606 34,273,299 25,000,000 8,000,000 4,809,710 4,276,900 4,100,016

% of shareholding 56.535 9.181 6.447 3.384 3.334 2.432 0.778 0.468 0.416 0.399

The Group of majority shareholders, as at 28 December 2018 Shareholders Globlex Corporation Co., Ltd.

Number of shares 581,126,256

% of shareholding 56.535

The Group of majority shareholders has assigned its representatives to take positions of authorized directors in the Company. In this regard, the number of representative directors are considered as appropriate not in proportion of number of shareholdings.

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Dividend Payment Policy The Company’s Board of Directors has the policy to propose to the Annual General Meeting of Shareholders to approve the dividend payment to shareholders based on the Company’s operating result in that year at the rate of not less than 40 percent of net profit after tax deductible in the Company’s profit & loss statements (in compliance with Public Limited Company Act and interpreted by Federation of Accounting Professions) provided that there was no other necessary event and such dividend payment does not have substantial impact to Company’s normal business. There is no Dividend Payment Policy set out for Company’s affiliate, the jointed controlled business and the connected company.

Dividend Payment Records Year Net Profit per Share Dividend per Share Dividend payout Ratio (%)*

2018

2017

2016

2015

-0.42 -

0.10 0.10 100%

0.14 0.10 71%

0.02 -

2014 -0.35 0.05 -

* Note - Dividend payout ratio compared to the Separate Financial Statement of the Company which is in accordance with Company’s Dividend Payment Policy. - In 2017 dividend payment from a combination of year 2017’s net profit after allocated of legal and the Company’s unappropriated retained earnings as at 31st December 2017. - Dividend payout ratio not calculated for year 2014 as the Company had a net loss in that year.

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Management Structure The Company has 6 Boards / Committees 1. The Board of Directors 2. The Executive Board of Directors 3. The Audit and Corporate Governance Committee 4. The Remuneration Committee 5. The Nomination Committee 6. The Risk Management Committee

1. The Board of Directors According to the Company Articles of Association, the Board of Directors is composed of at least 5 Directors out of which at least one-third are Independent Directors, which shall not be less than 3 Directors as required by The Stock Exchange of Thailand in relation to number of Independent Director. There are 12 Directors which consists of 5 Executive Directors, 4 Independent Directors (equivalent to one third of the Board of Directors) and 3 Directors of which are 11 male and 1 female. The age of directors who are 27-50 years old is 7 persons and more than 50 years old is 5 persons. The Board of Directors’ members as of 31st December 2018 are as follows: Director’s Name 1. Mr. Santi Grachangnetara 2. Mr. Kirit Shah 3. Mr. Khushroo Kali Wadia 4. Mr. Surasak Osathanugraha 5. 6. 7. 8. 9. 10. 11. 12.

Mr. Ishaan Shah Mr. Kasemsit Pathomsak Mr. Kris Thirakaosal Mrs. Nampung Wongsmith Mr. Suphon Tubtimcharoon Mr. John Scott Heinecke Mr. Maxwell Federbush Mr. Vites Ratanakorn

Position

Appointment Date

Chairman of the Board of Directors Vice-Chairman of the Board of Directors | Executive Director Executive Director| Managing Director Executive Director| Assistant Managing Director and Company Secretary (Finance) Executive Director Independent Director Independent Director Independent Director Independent Director Director Director Executive Director | Operations Director

10 April 2008 11 November 2011 11 November 2011 2 March 2010 10 April 2012 10 April 2012 6 December 2012 8 August 2014 8 December 2015 10 April 2013 24 April 2017 24 April 2017

Details of Directors are disclosed in “Directors and Management Detail” in page 292 and details of Directors in subsidiary please refer to “Connected Transaction” in page 350 of this Annual Report.

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Election of the Board of Directors The election of Directors is conducted by the meeting of shareholders. Each shareholder has one vote per share and each shareholder exercises all votes applicable in appointing one or more persons to a Director. The candidates are ranked in descending order from the highest number of votes to the lowest, and are appointed as Directors in that order until the Director positions are filled. Where the votes for candidates are tied, which would otherwise cause the number of directors to be exceeded, the Chairman has the casting vote.

Authorized Directors binding the Company The Company’s present authorized signatories are: (a) Mr. Kirit Shah and Mr. Ishaan Shah jointly sign with Company’s seal affixed or (b) Mr. Kirit Shah and Mr. Khushroo Kali Wadia jointly sign with Company’s seal affixed or (c) any one of Mr. Kirit Shah or Mr. Khushroo Kali Wadia jointly sign with Mr. Surasak Osathanugraha or Mr. Vites Ratanakorn with the Company’s seal affixed.

Qualifications of Directors Qualified according to the Public Limited Companies Act, Securities and Exchange Act including other relevant laws and regulations and in accordance with the Good Corporate Governance Policy of the Company. J= Q7B:79[Q7o G=88788 :==B [9EX:<=IJB 7 G7<D7JE7o E9G9[Q7o DJB7G7JB7J? ?= G7<;=<> BD<7E?=<O8

duties with care and loyalty, and able to attend Directors’ meetings regularly. R9MDJ: XJ= Q7B:7 DJ =J7 =< >=<7 =; ?@7 ;=QQ= DJ: ;D7QB8

K=J8?<IE?D=Jo VJ?7<J9?D=J9Q N<9BDJ:o AI8DJ788

Strategy, International Accounting, International Finance, Law and Corporate Governance. ]=? @=QBDJ: [=9=<7 ?@9J d QD8?7B E=>G9JD78 ^DJEQIBDJ: ?@7 K=>G9JU` 9JB E7<?9DJQU J=?

in any competing construction business for both listed and non-listed company. W@=IQB E=>GQ7?7 ?@7 N@9D VSC CD<7E?=<O8 K7<?D;DE9?D=J Z<=:<9> D?@DJ e >=J?@8 =; 9GG=DJ?>7J?} H:7 J=? >=<7 ?@9J p U79<8 IJQ788 8G7ED;DE9QQU 7 ?7JB7B 9? ?@7 BD8E<7?D=J =; ?@7 A=9<B =; CD<7E?=<8

keeping in mind the availability of qualified candidates, the experience, qualifications and health of the concerned person.

Roles and Duties of the Board of Directors 1. The Board of Directors perform it’s duties in conformity with applicable laws and carry on the business of the Company in accordance with the laws, the Company’s objectives and the Articles of Association as well as the resolutions of the shareholders’ meetings. It is authorized to carry on any activities as prescribed in the Memorandum of Association or those related thereto under the Public Limited Companies Act B.E. 2535. The Board of Directors is responsible to the Company’s shareholders. Each Director represents all shareholders and takes part in supervisory and regulatory functions in the Company’s operations, in an independent and impartial manner, for the benefit of all shareholders and other stakeholders. 2. The Directors, in their business conduct, are expected to generally act with care and exercise their duty of care to preserve the interests of the Company.

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3. The Board of Directors or the Shareholders at their meetings are entitled to give authority to the executive directors to operate the Company’s business and designate the authorized Directors to bind the Company. 4. The Board of Directors are authorized to sell or mortgage any of the Company’s immovable properties, to let any of the Company’s immovable properties for a period of more than three years, to make a gift, to compromise, to file complaints to the Court and to submit disputes to Arbitration. 5. Annual review and approve the Mission Statement, Vision, Values and Code of Business Conduct. 6. Review and discuss Management’s proposed strategies and options and approve major decisions in respect of the Company’s business direction and policies. The Board of Directors also reviews and approves the Business and performance goals proposed by the Management. 7. Monitor the implementation of the Company’s strategies including monitoring the Company’s performance and progress toward achieving set objectives as well as compliance with the laws, regulations and related policies. 8. Ensure the establishment and communication of the policy and programme related to anti-corruption. 9. Ensure the existence of an effective internal control system and appropriate risk management framework. 10. Ensure an effective audit system executed by both internal and external auditors. 11. Approve quarterly and annual financial reports to ensure that the reports are prepared under generally accepted applicable accounting standards. 12. Ensure that the Company has a proper system in place to communicate effectively with all stakeholders and the public. 13. Define policy and guidelines for risk management and monitor the management to ensure the efficiency of risk management system. 14. Define policy and guidelines for good corporate governance and ensure that the duties and responsibilities of Directors and the management comply with Corporate Governance principles. 15. Define policy and guidelines to implement Corporate Social Responsibility. 16. Attend the meeting of shareholders to report results of operation answer questions and listen to suggestions and comments from shareholders.

2. The Executive Board of Directors The Executive Board of Directors consists of 5 Directors and is appointed by the Board of Directors. The members of the Executive Board are as follows: Name 1. 2. 3. 4. 5.

Mr. Kirit Shah* Mr. Khushroo Kali Wadia Mr. Surasak Osathanugraha Mr. Ishaan Shah** Mr. Vites Ratnakorn

Position Executive Director Managing Director Assistant Managing Director (Finance & Account) Executive Director Executive Director (Operations Directors)

At the Board of Directors Meeting No. 436 held on 27 February 2018, it was resolved to re-appoint *Mr. Kirit Shah as Executive Director and **Mr. Ishaan Shah as Executive Director for another term.

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Qualifications of Executive Directors Qualified according to the Public Limited Companies Act, and Securities and Exchange Act, including other relevant laws and regulations, and in accordance with the Good Corporate Governance Policy of the Company. J= Q7B:79[Q7o G=88788 :==B [9EX:<=IJB 7 G7<D7JE7o E9G9[Q7o DJB7G7JB7J? ?= G7<;=<> 9J n 7EI?DM7

Director’s duties with care and loyalty, and able to attend Directors’/Executive Directors’ meetings regularly. R9MDJ: XJ= Q7B:7 DJ ?@7D< <78G7E?DM7 ;D7QB8 =; 9GG=DJ?>7J? 98 G9<? =; W7JD=< 69J9:7>7J?} ]=? @=QBDJ: [=9=<7 ?@9J w =?@7< QD8?7B E=>G9JD78 ^DJEQIBDJ: ?@7 K=>G9JU` 9JB

certainly not in any competing construction business and also not un full time executive position. W@=IQB E=>GQ7?7 ?@7 N@9D VSC CD<7E?=<O8 K7<?D;DE9?D=J Z<=:<9> K=I<87} H:7 J=? >=<7 ?@9J p U79<8 IJQ788 8G7ED;DE9QQU 7 ?7JB7B 9? ?@7 BD8E<7?D=J =; ?@7 A=9<B =; CD<7E?=<8

keeping in mind the availability of qualified candidates, the experience, qualifications and health of the concerned person.

Roles and Duties of Executive Directors 1. To manage the Company’s business under the resolutions/regulations of the Board of Directors. With the resolution of the Board of Directors Meeting No. 414, the authority of Executive Board extends to the following: N= GI<E@987 9JB 87QQ ZQ9J?o nöIDG>7J? 9JB =?@7< H887?8o ?= G<=MDB7 87EI<D?U ?= Q7JB7<8o DJEQIBDJ:

mortgage on the Assets and to maintain the Assets of the Company and its subsidiaries in accordance with the programme set out by the Board of Directors.

N= [=<<= >=J7U ;<=> A9JX8o PDJ9JED9Q VJ8?D?I?D=J8 9JB =?@7< =<:9JDT9?D=J8 9JB ?= 7 7EI?7

agreements pursuant thereto and to fix interest rates. To give guarantees, provide security on behalf of the Company and its subsidiaries.

N= >9X7 9BM9JE78o B7G=8D?8 9JB Q=9J8 98 >9U [7 <7öID<7B DJ ?@7 DJ?7<78? =; ?@7 K=>G9JU 9JB D?8

subsidiaries.

N= =G7J 9JB =G7<9?7 ?@7 [9JX 9EE=IJ?8 =; ?@7 K=>G9JUo 9GG=DJ? 9I?@=<DT7B 8D:J9?=<D78 ?= =G7<9?7

the bank accounts, buy and sell currencies as may be required for the operations of the Company and its subsidiaries. 2. To execute any agreements/contracts including bidding for various jobs and tenders, enter into contracts with customers for the provision of construction services, including the supply of materials and other services and goods as may be required with terms and conditions under the scope of authority vested by the Board of Directors. Such agreements/contracts must be affixed with signatures of any two Executive Directors together with the Company’s seal. 3. To generally act on behalf and in the interests of the Company and its subsidiaries as may be required to carry on the business. 4. The Executive Board of Directors shall report on the business operations conducted by the Executive Board to the Board of Directors for acknowledgement and discussions. However, policy-related issues, or issues likely to have significant and major impact on the Company’s business, or issues requiring action by the Board of Directors in compliance with laws or the Company’s Articles of Association, must be approved

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

5. 6. 7. 8. 9. 10. 11. 12.

239

by the Board of Directors. This also includes issues for which the Executive Board of Directors considers it appropriate to seek the approval of the Board of Directors on a case-by-case basis, or per the criteria designated by the Board of Directors. Prepare and review strategic objectives, financial plans and key policies of the Company, to be submitted to the Board of Directors for approval. Review management authority in various aspects stipulated in the approval authority hierarchy, to be submitted for approval to the Board of Directors. Appoint, monitor and evaluate the performance of employees from the level of Department Director down to middle managers. Monitor and report on the Company’s operating results to the Board of Directors as well as on other work in progress to achieve the Company’s objectives. Communicate with external stakeholders, as per designated authority, and as deemed appropriate. Prepare and review policy and guidelines for risk management and monitor the management to ensure the efficiency of risk management system. Prepare and review policy and guidelines for good Corporate Governance and guidelines to implement Corporate Social Responsibility. Develop and implement anti-corruption systems, as well as encourage employees at all levels and related parties to follow the anti-corruption policy to create an anti-corruption culture.

3. The Audit and Corporate Governance Committee The Audit and Corporate Governance Committee was appointed by Board of Directors with the objective of having a mechanism to assist the Board independently in accordance with the regulations and the recommendations in respect of Good Corporate Governance, to give opinion of company’s financial report’s correctness, credibility and transparency, to encourage the good corporate governance including coordination with the Board of Directors for risk management and internal control systems in the Company. This is expected to create efficiencies in operations and also provide for an independent check on the functioning of the Management of the Company including checks on conflict of interest issues and connected party transactions, if any. The Board appointed Independent Directors as the Audit Committee on 16th November 2000 according to the resolutions of the Board of Directors’ meeting No. 340. Thereafter on 20th February 2013 the Board of Directors meeting No. 404 has resolved to amend the name of the Audit Committee from Audit Committee to Audit and Corporate Governance Committee since the existing roles and responsibilities of Audit Committee of the Company includes Corporate Governance also and in order that the Audit and Corporate Governance Committee emphasize consistently on the compliance of relevant regulations and continue the development of Corporate Governance of the Company.

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The Committee is presently comprised of 3 Independent Directors, each of them to hold their position on the Committee for a period of 3 years from the date of their respective appointment. Name 1. Mr. Kasemsit Pathomsak* 2. Mrs. Nampung Wongsmith 3. Mr. Kris Thirakaosal*** Mr. Ponpisit Charoenthai**

Position

Status

Duration on the Committee

Chairman of Audit & Corporate Governance Committee Audit & Corporate Governance Committee Member Audit & Corporate Governance Committee Member Secretary to Audit & Corporate Governance Committee

Independent Director

2 years 2 months

Independent Director

2 months

Independent Director

2 years 2 months

* Audit & Corporate Governance Committee member has knowledge and experience in accounting and financial field and details of the experience have been presented in the “Directors and Managements Details” in this Annual Report. ** Secretary to the Audit & Corporate Governance Committee was appointed by the Committee to assist the operation of the Committee. At the Board of Directors Meeting No. 436 held on 27 February 2018, it was resolved to re-appoint *Mr. Kasemsit Pathomsak as Chairman of Audit & CG Committee and ***Mr. Kris Thirakaosal as Audit & CG Committee Member for another term.

Composition of Audit & Corporate Governance Committee N@7<7 >I8? [7 9? Q798? w >7>[7<8} K@9D<>9J =; ?@7 A=99J =; ?@7 K=>>D??77 J=< ?@7 >7>[7<} A secretary may be appointed by the Audit & Corporate Governance Committee to assist the Committee.

Qualifications of Audit and Corporate Governance Committee Members

6I8? [7 9GG=DJ?7B [U ?@7 A=977?DJ:} HQQ ?@7 >7>[7<8 >I8? [7 VJB7G7JB7J? CD<7E?=<8} ]=? 9 A=97>[7< =; G9<7J? E=>G9JU =< 8I[8DBD9G9JU @DE@ D8 9Q8= 9 QD8?7B E=>G9JU ]=? @=QBDJ: 8@9<78 7 E77BDJ: p} p G7<E7J? =; ?@7 ?=?9Q JI>[7< =; 8@9<78 D88I7B [U ?@7 K=>G9JU =< D?8

affiliates or associates or any other related Companies, including shares held by a related person. A7 ;<77 =; 9JU G98? ^;=< 9 G7<D=B =; Q98? c U79<8` =< G<787J?o BD<7E? =< DJBD<7E?o ;DJ9JED9Q =< =?@7< DJ?7<78?

in the management and business of the listed company, its subsidiaries and associated companies and also that of the Company’s substantial shareholders. ]=? <7Q9?7B ?= =< 9 EQ=87 <7Q9?DM7 =; 9JU 7 7EI?DM7 BD<7E?=<o 7 7EI?DM7 =;;DE7< =< >9Y=< 8@9<7@=QB7< =; ?@7

Company. ]=? 9 A=97>[7< 988D:J7B ?= >9X7 B7ED8D=J8 =J [I8DJ788 =G7<9?D=J8 DJ ?@7 K=>G9JUo D?8 G9<7J?

company, subsidiaries or associated companies, or in a juristic person with possible conflicts of interest. A7 9[Q7 ?= ;<77QU G7<;=<> 9JB :DM7 =GDJD=J8o =< <7G=<? ?@7 <78IQ? =; ?@7 BI?D78 988D:J7B [U ?@7 A=9<B =;

Directors without being controlled by the management or major shareholders or any other related persons. R9MDJ: BI?D78 9JB <78G=J8D[DQD?D78 DJ 9EE=<B9JE7 D?@ ?@7 <IQ78 9JB <7:IQ9?D=J8 =; ?@7 WnN} H? Q798? f E=>>D??77 >7>[7< >I8? @9M7 XJ= Q7B:7o IJB7<8?9JBDJ: =< 7 G7<D7JE7 DJ 9EE=IJ?DJ: =<

financial fields enough to review the creditability of financial statements.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

241

Roles and Duties of the Audit and Corporate Governance Committee 1. To review the company’s financial reporting process to ensure accuracy with adequate and complete disclosure. 2. To ensure that the Company has an appropriate and efficient internal control system subject to internal audit and to also ensure that there is an efficient internal audit system in place and to ensure the independence of internal audit department, including approval of the selection, promotion, and rotation or termination process of the internal audit head. 3. Review risk management system of the Company and recommend improvements on a regular basis. 4. Review guidelines for the Company’s good corporate governance and make recommendations to the Board of Directors. 5. To review the performance of the Company to ensure compliance with the securities and exchange law, regulations of the exchange and other laws relating to the business of the Company. 6. To select and nominate for the shareholders’ approval, the external auditor of the Company, including recommendation of remuneration of the external auditor after considering the independence of the external auditor and to freely discuss significant matters, the Audit and Corporate Governance Committee shall meet privately with the external auditor at least once a year, without the management team being present. 7. To review connected party transactions that may lead to conflict of interest to comply with all related rules and to ensure the transactions are reasonable and for the full benefit in the company and to ensure accurate and complete disclosure of the same. 8. Monitor and receive complaints or information from stakeholders submitted to the Board of Directors. The primary investigation report must be submitted to the external auditor within 30 days, if the Committee had receive any information regarding suspicious behaviours that Director, Managers or person in charge of the operations of the business of the Company have committed and offences against the law in accordance to Section 89/25 of the Securities and Exchange act No. 4 B.E. 2551. 9. Annual review of Audit and Corporate Governance Committee’s charter to ensure that it is up to date and suitable for the Company’s environment. 10. To prepare a report on the monitoring activities of the Audit and Corporate Governance Committee, in accordance with the required details of SET’s regulations and disclose it in the annual report, such report to be signed by the Chairman of the Audit and Corporate Governance Committee. 11. To perform any other acts as delegated by the Board of Directors and accepted by the Audit and Corporate Governance Committee.

4. The Remuneration Committee The Remuneration Committee has been appointed by the Board of Directors as a mechanism to assist the Board in independently proposing the criteria of and setting guidelines for the remuneration of directors, managing Director and senior management and to propose the remuneration to the Board of Directors who will then act (accept fully, partially or reject totally) in accordance with the regulations and good governance practices based on the proposals made by the Remuneration Committee. The Board of Directors are not empowered to fix the remuneration of the directors but are required to place their recommendations on the same to the shareholders for their approval.

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The Board appointed the Remuneration Committee on 20th February 2013, which consists of 3 Directors with a term of 3 years. Name 1. Mr. Kasemsit Pathomsak* 2. Mr. Kirit Shah** 3. Mr. Kris Thirakaosal***

Duration on the Committee

Position

Status

Chairman of Remuneration Committee Remuneration Committee Member Remuneration Committee Member

Independent Director

2 years 2 months

Executive Director

2 years 2 months

Independent Director

2 years 2 months

At the Board of Directors Meeting No. 436 held on 27 February 2018, it was resolved to re-appoint *Mr. Kasemsit Pathomsak as Chairman of Remuneration Committee and **Mr. Kirit Shah and ***Mr. Kris Thirakaosal as Remuneration Committee Member for another term.

Composition of Remuneration Committee

N@7<7 8@9QQ [7 9? Q798? w CD<7E?=<8 98 >7>[7<8 =J ?@7 F7>IJ7<9?D=J K=>>D??77} N@7 69Y=<D?U =; ?@7 K=>>D??77 8@9QQ 9Q 9U8 [7 E=>G<D87B =; VJB7G7JB7J? CD<7E?=<8} N@7 K@9D<>9J =; ?@7 K=>>D??77 8@9QQ 9Q 9U8 [7 9J VJB7G7JB7J? CD<7E?=<} N@7 >7>[7<8 =; <7>IJ7<9?D=J E=>>D??77 @= B= J=? ;9QQ DJ ^c` 9JB ^w` 9[=M7 8@9QQ [7 ]=J n 7EI?DM7

Directors. N@7 K=>G9JUO8 K@9D<>9J 8@9QQ J=? [7 ?@7 K@9D<>9J =; ?@7 K=>>D??77 J=< 9 >7>[7<}

Qualifications of Remuneration Committee Members N@7U >I8? J=? [7 DJM=QM7B DJ ?@7 B9U ?= B9U >9J9:7>7J? =; ?@7 K=>G9JU =< 9J 9;;DQD9?7B E=>G9JU =<

an associated company. N@7U >I8? [7 ;<77 =; 9JU G<787J?o BD<7E? =< DJBD<7E?o ;DJ9JED9Q =< =?@7< DJ?7<78? DJ ?@7 >9J9:7>7J? 9JB

business of the Company, its subsidiaries or associated companies. N@7U >I8? J=? [7 9 <7Q9?DM7 =; 9JU n 7EI?DM7 CD<7E?=< =< 9J 7 7EI?DM7 =;;DE7< =; ?@7 K=>G9JU =< D?8

subsidiaries or associates. N@7U >I8? J=? [7 9E?DJ: 98 9 J=>DJ77 =< <7G<787J?9?DM7 =; 9JU n 7EI?DM7 CD<7E?=< =< 9J 7 7EI?DM7

officer of the Company. N@7U >I8? [7 9[Q7 ?= E9<7J?o 9JB <7G=<? ?@7 E=>>D??77O8

performances, which are assigned by the Board of Directors without being influenced by Executive Directors or executive officers of the Company or its subsidiaries or associates.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

243

Duties and Responsibilities of the Remuneration Committee The Remuneration Committee is responsible for duties assigned by the Board of Directors as follows: 1. Set out compensation guidelines for Directors, Sub-committee Members, Managing Director and senior management and propose the same to the Board of Directors. 2. Propose the Directors’ Remuneration including sub-committee members for the Board to make its recommendations and express its opinion for approval in shareholders’ meeting. 3. Update to the Board of Directors about compensation norms being followed by companies in Thailand and abroad. 4. Other specific jobs assigned by the Board of Directors.

Remuneration Criteria The Directors’ remuneration must be agreed by Board of Director and recommended to the shareholders for their approval. N@7 CD<7E?=<8O <7>IJ7<9?D=J 8@9QQ [7 G9DB 98 >77?DJ: 9QQ= 9JE7o >=J?@QU <7>IJ7<9?D=J 9JB [=JI8} W7JD=< >9J9:7>7J?O8 <7>IJ7<9?D=J 8@9QQ [7 G9DB 98 89Q9<U 9JB [=JI8 DJEQIBDJ: =?@7< [7J7;D?8 D?@ ?@7

same criteria as other employees such as provident fund, medical benefit, life insurance and etc. The remuneration shall be paid in accordance with the Company’s performance both in short term and long term as well as individual performance appraisal. N@7 <7>IJ7<9?D=J E<D?7<D=J 8@9QQ DJEQIB7 E=J8DB7<9?D=J =; ;DJ9JED9Q 8?9?I8 9JB G7<;=<>9JE7 =; ?@7

Company and should be comparable with other listed companies in general and should also be comparable with other listed companies in the same sector.

5. The Nomination Committee The Nomination Committee has been appointed by the Board of Directors in order to set up a mechanism to assist the Board to independently propose the criteria and set guidelines for nomination of new Directors and recruitment and selection of top executives, and thereafter propose to the Board of Directors who could then consider the proposal and decide to accept or reject the same or amend it for further approval by shareholders if required (for the appointment of Directors).

244 รายงานประจำป 2561

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The Board of Directors approved to appoint the Nomination Committee on 20th February 2013 and which currently consists of 3 Directors with the term of 3 years. Position

Name 1. Mr. Kasemsit Pathomsak* 2. Mr. Kirit Shah** 3. Mr. Kris Thirakaosal***

Chairman of Nomination Committee Nomination Committee Member Nomination Committee Member

Status

Duration on the Committee

Independent Director

2 years 2 months

Executive Director

2 years 2 months

Independent Director

2 years 2 months

At the Board of Directors Meeting No. 436 held on 27 February 2018, it was resolved to re-appoint *Mr. Kasemsit Pathomsak as Chairman of Nomination Committee and **Mr. Kirit Shah and ***Mr. Kris Thirakaosal as Nomination Committee Member for another term.

Composition of Nomination Committee

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Qualifications of Nomination Committee Members The Qualifications are exactly the same as that of the Independent Directors.

Duties and Responsibilities of the Nomination Committee The Nomination Committee is responsible for duties assigned by the Board of Directors as follows: 1. Set out selection and nomination guidelines of appropriate persons and propose the same to the Board of Directors. 2. Review the Board structure and propose a succession plan for Directors and Senior Management. 3. Propose to the Board, names of potential candidates for appointment as Directors. 4. If requested by the Board of Directors, assist in the process of review of performance of Directors. 5. Prepare specific reports on latest trends and practices in the appointment of the Directors and Senior Management for consideration by the Board of Directors. 6. Other jobs assigned by the Board of Directors.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

245

Nomination Criteria The Company recognises that diversity at the Board level is an essential element in supporting the attainment of its strategic objectives and its sustainable development. All Board appointments are based on meritocracy, and candidates are considered against appropriate criteria which are as follows; Consideration is based on a range of diversity perspectives, including gender, age and education background, skills, knowledge, and professional experience, and devotion of potential candidates expected to add value to the Board. K=J8DB7<9?D=J =; ?@7 öI9QD?D78 =; Q79B7<8@DGo MD8D=Jo 7?@DE8o 9JB @=J78?U ?= IG@=QB ?@7 @D:@78? G<DJEDGQ78 =;

Good Corporate Governance. N@7 E9JBDB9?7 8@=IQB J=? [7 9 G7<8=J G<=@D[D?7B IJB7< ?@7 ZI[QDE K=>G9JD78 HE?o ?@7 W7EI<D?D78 9JB

Exchange Act, announcement of the Securities and Exchange Commission or any other laws relating to the qualification and scope of work of the Board of Directors; or a person blacklisted by any organisation (including the SEC) or convicted of any crime. N@7 E9JBDB9?7 98 9J VJB7G7JB7J? CD<7E?=< >I8? [7 öI9QD;D7B DJ 9EE=<B9JE7 D?@ ?@7 DJB7G7JB7J? BD<7E?=<O8

qualification. R9MDJ: J= E=J;QDE? =; DJ?7<78?8 D?@ ?@7 K=>G9JU - Engaging, having been a partner in an ordinary partnership, an unlimited liabilities partnership in a limited partnership or having been an executive, director in a company or other listed company in the business similar to or compete with the Company and its subsidiaries. - Having been a partner in a contract, a concession contract or having been the Company’s stakeholder in such manner or having been a partner in an ordinary partnership, an unlimited liabilities partnership in a limited partnership or having been an executive, director in a company or other listed company operating in such manner. - Any other cases under the Public Companies Act and/or as specific by laws. Consider other qualifications as may be advisable such as the lacked of necessary skills required on the Board of Directors of the Company.

Procedure for selection and appointment of new directors The procedure when selecting and appointing new directors varies depending upon the circumstances of the Company at the particular time. In general, when the Board of Directors intends to appoint a new director (as a vacancy occurs or as an additional member on the Board), the following procedure is followed in selecting and appointing a new director to the Board of Directors: N@7 ]=>DJ9?D=J K=>>D??77 7M9QI9?78 ?@7 <9J:7 =; 8XDQQ8o 7 G7<D7JE7o 7 G7<?D87 9JB BDM7<8D?U =; ?@7

existing Directors, and identifies other appropriate qualifications giving consideration in line with the Company’s strategic direction, and gaps which need to be filled. Consideration is given to the balance of Independent Directors on the Board and the best practice recommendations as set out in the SET Corporate Governance Principles.

246 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

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preferred candidate to identify those individuals who best fit the target candidate profile. Once the Nomination Committee has identified an appropriate candidate for the Board to consider, it may also arrange the Board members to meet with the candidate. N@7 ]=>DJ9?D=J K=>>D??77 8I[>D?8} N@7 ]=>DJ9?D=J K=>>D??77 8I[>D?8 D?8 <7E=>>7JB9?D=J8 ?= ?@7 A=9<B =; CD<7E?=<8o @DE@ D8 G<=G=87B

for the shareholders’ approval at the shareholder’s meeting or which is proposed for the Board’s approval as a temporary replacement if a director resigns during his or her term in office and a casual vacancy is created.

Procedure for Re-election of Directors who retire by rotation In accordance with Section 71 of the Public Limited Companies Act B.E. 2535 and Article No. 16 of the Articles of Association of the Company, at every Annual General Meeting, at least one-third of the Directors, or, if their number is not a multiple of three, then the number nearest to one-third, must retire from office. In every subsequent year, the Director who has been longest in office shall retire. A retiring Director is eligible for re-election. The procedure for re-election of a director who retires by rotation are as follows: N@7 ]=>DJ9?D=J K=>>D??77 E=J8DB7<8 ?@7 G98? G7<;=<>9JE7 =; ?@7 <7?D<DJ: BD<7E?=<8 7}:} 9??7JB9JE7o

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which is proposed for the shareholder’s approval at the shareholders’ meeting.

6. The Risk Management Committee The Board of Directors has appointed a Risk Management Committee to prescribe risk management policies that cover the entire organization and to ensure that risk management procedures or systems are in place to appropriately mitigate impact of the risks on the businesses of the Company. Composition, authority, duties and responsibilities of the Risk Management Committee are prescribed to ensure their efficient performance as assigned by the Board of Directors

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

247

The Board of Directors approved to appoint the Risk Management Committee on 20th February 2013 and which currently consists of 3 Directors with the terms of 3 years Name 1. Mrs. Nampung Wongsmith 2. Mr. Khushroo Kali Wadia 3. Mr. Surasak Osathanugraha

Position Chairperson of Risk Management Committee Risk Management Committee Member Risk Management Committee Member

Status

Duration on the Committee

Independent Director

2 months

Executive Director

2 months

Executive Director

1 years 2 months

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Qualifications of Risk Management Committee Members Must be appointed by the Board of Directors or by the shareholders in a shareholders meeting. H? Q798? =J7 ^f` >7>[7< >I8? [7 9J VJB7G7JB7J? CD<7E?=<}

Roles and Duties of the Risk Management Committee The Risk Management Committee is responsible for duties assigned by the Board of Directors as follows: 1. Identify the various risks of the Company is exposed to in the business environment. 2. Prescribe policies and suggest measures for the appropriate and efficient management of the risks associated and identified of the Company. 3. Prescribe risk management policies and procedures to cover the entire organization. 4. Follow up on and evaluate the performance in accordance with the organization-wide risk management framework including recommendation of a framework for Internal Controls. 5. Report the Company’s major risks, status, progress of measures-taken to mitigate these risks and performance to the Board of Directors every quarter. 6. Communicate, collaborate and share information with Audit and Corporate Governance Committee on risk management and internal control. 7. Perform any other acts as delegated by the Board of Directors.

248 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Company Secretary In keeping with good Corporate Governance, the Company designated a Company Secretary viz. Mr. Surasak Osathanugraha, having duties and responsibilities in accordance with section 89/15 and section 89/16 of the Securities and Exchange Act (no. 4) B.E. 2551 enforced on 31 August 2008. The Company Secretary shall be responsible with care and integrity to comply with applicable laws, Company’s Articles of Association, Board and Shareholders’ resolutions. The detailed profile of the Company Secretary, Mr. Surasak Osathanugraha, has been disclosed under the subject “Directors and Management Detail” of this Annual Report.

Controlling persons of the Company and subsidiaries (As at 31 December 2018) Name

Company

CNT Holdings

Christiani and Nielsen Christiani & Nielsen (Myanmar) (Cambodia)

Chairman of the Board Director

Director

Mr. Kirit Shah

Director Executive Director

Mr. Khushroo Kali Wadia

Managing Director Director Executive Director

Director

Mr. Ishaan Shah

Director Executive Director

Director

Mr. Surasak Osathanugraha

Director Executive Director

Director

Mr. Vites Ratanakorn

Director Executive Director

Director

Mr. Santi Grachangnetara

Managing Director Chairman of the Board Director Director

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

249

BOARD OF DIRECTORS

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MR. KASEMSIT PATHOMSAK

MR. KRIS THIRAKAOSAL

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MR.MAXWEL WILLIAM FEDERBUSH II

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

251

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MR. KHUSHROO KALI WADIA : 65 5

_ X 5 = 4 ; @ V

b@ < 5

9 5 5 V

Â&#x2013; cppd

CD<7E?=<o nÂ&#x2014;7EI?DM7 CD<7E?=<o FD8X 69J9:7>7J? K=>>D??77 67>[7<o

Managing Director 11 November 2011 de U79<8 A9E@7Q=< =; W?9?D8?DEo 69?@7>9?DE 9JB nE=J=>DE KZH ;<=> VJBD9} K@9<?7<7B HEE=IJ?9J?o VJ8?D?I?7 =; K@9<?7<7B HEE=IJ?9J?8 =; VJBD9 Thai Institute of Directors (IOD) CD<7E?=<8 K7<?D;DE9?7 Z<=:<9> ^CKZ` KQ988 e~Â&#x2030;cppd

bĂ 5 <

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Â&#x2013; cpfÂ&#x192; Â&#x2021; Z<787J?

Â&#x2013; cpfe Â&#x2021; Z<787J?

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

255

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]=JÂ&#x2021;K=JJ7E?7B K=>G9JD78

Â D8?7B K=>G9JD78Â?

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S?@7< <7Q9?7B K=>G9JD78 ^WI[8DBD9<D78Â&#x2030;H88=ED9?7B K=>G9JD78`

Â D8?7B K=>G9JD78Â? ]DQ

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Â D>D?7B} c} 69J9:DJ: CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^6U9J>9<`

Â D>D?7B} w} K@9D<>9J =; CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^K9>[=BD9`

K=}o Â ?B} ~} CD<7E?=<o L9>>=J nJ:DJ77<DJ: 9JB K=J?<9E?=<8

Z<DM9?7 Â D>D?7Bo VJBD9}

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]= ;9>DQU <7Q9?D=J8@DG Â&#x2022;D?@ 9JU =; ?@7 =?@7< CD<7E?=<8 =< 9JU =; ?@7 69J9:7>7J? N79>}

256 р╕гр╕▓р╕вр╕Зр╕▓р╕Щр╕Ыр╕гр╕░р╕Ир╕│р╕ЫявЖ 2561

MR. SURASAK OSATHANUGRAHA : 65 5

H88D8?9J? ?= 69J9:DJ: CD<7E?=<o CD<7E?=< 9JB K=>G9JU W7E<7?9<Uo

n┬Ч7EI?DM7 CD<7E?=<o FD8X 69J9:7>7J? K=>>D??77 67>[7<

_ X 5 = 4 ; @ f C7E7>[7<o cpp┬Д V

dp U79<8 b@ < 5

698?7< =; PDJ9JE7o K@IQ9Q=J:X=<J ┬СJDM7<8D?U

A9E@7Q=< =; ┬Б9┬Х8o K@IQ9Q=J:X=<J ┬СJDM7<8D?U

A9E@7Q=< DJ HEE=IJ?9JEUo H88I>G?D=J ┬СJDM7<8D?U

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┬Ц cpfd

HJ?D┬ЗK=<<IG?D=J┬Р N@7 Z<9E?DE9Q LIDB7

┬Ц cpfc

K=>G9JU F7G=<? Z<=:<9>

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┬Ц cppp ┬З cpp~

┬Ц f┬Д┬Д~ ┬З cppp

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K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^K9>[=BD9` K=}o ┬Б?B} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^6U9J>9<` ┬БD>D?7B} 69J9:DJ: CD<7E?=<o ┬УDE7 Z<78DB7J?┬ЗVJ?7<J9Q HIBD? ^]┬ЗZ9<X\8 L<=IGò ]9?I<9Q Z9<X ZK┬Б} H88D8?9J? ┬УZ ÂIB:7?DJ: CDMD8D=Jò A9JX =; H8D9 ^HA] H><= 67>[7< o ┬СSA A9JX} HEE=IJ?DJ: 69J9:7<o N9┬Ч HBMD8=< _ H??=<J7U┬З9?┬ЗQ9┬Х L7=<:7 _ ┬ТDQQ77J Z}K} ┬Б?B} Assistant to Managing Director K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

257

_5 < 645 @ 65 5 6 4 @ 5 4 < = 5 6 @ 4 V 5Ă&#x160; 5 6 Connected Companies

Nil

]=JÂ&#x2021;K=JJ7E?7B K=>G9JD78

Nil

S?@7< <7Q9?7B K=>G9JD78 ^WI[8DBD9<D78Â&#x2030;H88=ED9?7B K=>G9JD78`

Â D8?7B K=>G9JD78Â? ]DQ

S?@7< S<:9JDT9?D=J8

Nil

]=JÂ&#x2021;Â D8?7B K=>G9JD78Â? f} CD<7E?=<o K]N R=QBDJ:8 Â D>D?7B} c} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^6U9J>9<` Â D>D?7B} w} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^K9>[=BD9` K=}o Â ?B}

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

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Â&#x2021;

Disposal in 2018 Â&#x2021;

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As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

Â&#x2021; Â&#x2021;

Â&#x2021;

]= ;9>DQU <7Q9?D=J8@DG Â&#x2022;D?@ 9JU =; ?@7 =?@7< CD<7E?=<8 =< 9JU =; ?@7 69J9:7>7J? N79>}

MR. ISHAAN SHAH : 65 5

_ X 5 = 4 ; @ V

b@ < 5

9 5 5 V

Â&#x2013; cpff

CD<7E?=<o nÂ&#x2014;7EI?DM7 CD<7E?=< 10 April, 2012 wp U79<8 A9E@7Q=< =; WED7JE7 DJ AI8DJ788 HB>DJD8?<9?D=J} K=JE7J?<9?D=J DJ PDJ9JE7 9JB Â 9Â&#x2022;o Â&#x2018;JDM7<8D?U =; W=I?@7<J K9QD;=<JD9o Â =8 HJ:7Q78o Â&#x2018;WH} Thai Institute of Directors (IOD) CD<7E?=< K7<?D;DE9?7 Z<=:<9> ^CKZ`

bĂ 5 <

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Â&#x2013; cpfc Â&#x2026; HI:ocpf~

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Â&#x2013; cpff Â&#x2021; Z<787J?

Â&#x2013; cppÂ&#x201A; Â&#x2021; Z<787J?

CD<7E?=<o nÂ&#x2014;7EI?DM7 CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^6U9J>9<` Â D>D?7B} CD<7E?=<o Z<7ED=I8 W@DGGDJ: ZI[QDE K=>G9JU Â D>D?7B} CD<7E?=<o LQ=[Q7Â&#x2014; K=<G=<9?D=J Â D>D?7B}

258 р╕гр╕▓р╕вр╕Зр╕▓р╕Щр╕Ыр╕гр╕░р╕Ир╕│р╕ЫявЖ 2561

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CD<7E?=<o 69┬Ч┬ХDJ AIDQB7<8 ┬БD>D?7B} CD<7E?=<o H>[DX9 N=I< H:7JEU ┬БD>D?7B} CD<7E?=<o 67:9 ┬БD;7 8ED7JE78 ZI[QDE K=>G9JU ┬БD>D?7B} CD<7E?=<o L77G77 HD< W7<MDE7 ┬БD>D?7B} CD<7E?=<o L<9DJ?<9B7 ┬БD>D?7B} CD<7E?=<o ┬СJD8?<7?E@ ┬БD>D?7B} CD<7E?=<o 6978?<= K=J?<=Q8 ┬БD>D?7B} CD<7E?=<o VJ8I<n┬ЧE7QQ7JE7 ┬БD;7 VJ8I<9JE7 A<=X7<8 ┬БD>D?7B} CD<7E?=<o VJ8I<n┬ЧE7QQ7JE7 VJ8I<9JE7 A<=X7<8 ┬БD>D?7B} Company Director

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┬БD8?7B K=>G9JD78┬Р ]DQ ]=J┬З┬БD8?7B K=>G9JD78

f} CD<7E?=<o LQ=[Q7┬Ч K=<G=<9?D=J ┬БD>D?7B} c} CD<7E?=<o ┬СJD8?<7?E@ ┬БD>D?7B} w} CD<7E?=<o 69┬Ч┬ХDJ AIDQB7<8 ┬БD>D?7B} ~} CD<7E?=<o H>[DX9 N=I< H:7JEU ┬БD>D?7B}

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f} CD<7E?=<o 67:9 ┬БD;78ED7JE78 ZI[QDE K=>G9JU ┬БD>D?7B} c} CD<7E?=<o Z<7ED=I8 W@DGGDJ: ZI[QDE K=>G9JU ┬БD>D?7B} ]=J┬З┬БD8?7B K=>G9JD78

f} CD<7E?=<o L77G77 HD< W7<MDE7 ┬БD>D?7B} c} CD<7E?=<o L<9DJ?<9B7 ┬БD>D?7B} w} CD<7E?=<o 6978?<= K=J?<=Q8 ┬БD>D?7B} ~} CD<7E?=<o VJ8I<n┬ЧE7QQ7JE7 ┬БD;7 VJ8I<9JE7 A<=X7<8

┬БD>D?7B} d} CD<7E?=<o VJ8I<n┬ЧE7QQ7JE7 VJ8I<9JE7 A<=X7<8 ┬БD>D?7B}

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Nil

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

259

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description By himself ^ย DE?=< K=}o ย ?B}` AU @D8 8G=I87 and minor

children

As of 1 January Acquisition in 2018 2018 ย ~owย cocย p

ย

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ย

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ย ~owย cocย p ย

ย

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a \ ย W9b] 9 8 ร [ 8 : 65 5

_ X 5 = 4 ; @ V

b@ < 5

9 5 5 V

ย cpfย

CD<7E?=<o nย 7EI?DM7 CD<7E?=<o SG7<9?D=J CD<7E?=< 9JB HE?DJ: ;=< R=8GD?9QD?U CD<7E?=<o 9JB F78DB7J?D9Q AI8DJ788 ย JD?} 24 April, 2017 dw U79< 6}A}Ho ย JDM7<8D?U =; ย 9<ย DEXo ย ย 6}WE}o K=J8?<IE?D=J 69J9:7>7J?o ย JDM7<8D?U =; A9?@o ย ย A} nJ:}o K}n}o ย 987?89<? ย JDM7<8D?U Thai Institute of Directors(IOD) CD<7E?=<8 K7<?D;DE9?D=J Z<=:<9> ^CKZ`}

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ย cpfย ย Z<787J?

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ย W7Go cpfc ย

P7[o cpfe

ย 69Uo cppย ย HI:o cpfc

ย fย ย ย ย cppย

CD<7E?=<o nย 7EI?DM7 CD<7E?=<o SG7<9?D=J CD<7E?=< 9JB HE?DJ: ;=< CD<7E?=< R=8GD?9QD?U 9JB F78DB7J?D9Q AI8DJ788 ย JD?o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ย D>D?7B} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^K9>[=BD9` K=}o ย ?B} CD<7E?=<o nย 7EI?DM7 CD<7E?=<o SG7<9?D=J8 CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ย D>D?7B} SG7<9?D=J8 CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ย D>D?7B} N7E@JDE9Qo RFC CD<7E?=< 9JB W?<9?7:U CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ย D>D?7B} H88D8?9J? ?= N7E@JDE9Q CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ย D>D?7B} W7JD=< 69J9:7<o ยกWRn ^ยกI9QD?U W9;7?U R79Q?@ nJMD<=J>7J? _ K=J8?<IE?D=J C7M7Q=G>7J?` 9? R79B S;;DE7o A9J:J9o A9J:X=X} W7JD=< K=>>7<ED9Q 69J9:7<o W7JD=< 69J9:7< K=J8?<IE?D=J K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ย D>D?7B}

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: 65 5 6 4 @ 5 4 < = 5 6

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Nill Nill

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f} CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^K9>[=BD9` K=}o Â ?B}

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Â&#x2021;

Disposal in 2018 Â&#x2021;

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

261

MR. KASEMSIT PATHOMSAK : 65 5

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AU @D8 8G=I87 and minor

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As of 1 January Acquisition in 2018 2018 Â&#x2021;

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As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

263

MR. KRIS THIRAKAOSAL : 65 5

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9 5 5 V

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264 ŕ¸Łŕ¸˛ŕ¸˘ŕ¸&#x2021;ŕ¸˛ŕ¸&#x2122;ŕ¸&#x203A;ŕ¸Łŕ¸°ŕ¸&#x2C6;ŕ¸łŕ¸&#x203A;ď˘&#x2020; 2561

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8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

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As of 1 January Acquisition in 2018 2018 Â&#x2021;

Â&#x2021;

Disposal in 2018 Â&#x2021;

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As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

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MS. NAMPUNG WONGSMITH : 65 5

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Capital Market Academy (CMA)

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

265

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8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

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As of 1 January Acquisition in 2018 2018 Â&#x2021;

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MR.SUPHON TUBTIMCHAROON : 65 5 _ X 5 = 4 ; @ V b@ < 5

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

267

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n 7EI?DM7 DE7 Z<78DB7J?o Z7?<=E@7>DE9Q8 _ F7;DJDJ: AI8DJ788 JD?o

ZNN ZI[QDE K=>G9JU D>D?7B} n 7EI?DM7 DE7 Z<78DB7J?o S<:9JDT9?D=J CDMD8D=Jo VFZK ZI[QDE K=>G9JU D>D?7B} 69J9:DJ: CD<7E?=<o VFZK H_ ZI[QDE K=>G9JU D>D?7B CD<7E?=<o ZNN Z=QU>7< 69<X7?DJ: K=>G9JU D>D?7B} n 7EI?DM7 DE7 Z<78DB7J?o Z7?<=E@7>DE9Q8 _ F7;DJDJ: AI8DJ788 JD?o

ZNN ZI[QDE K=>G9JU D>D?7B} W7JD=< n 7EI?DM7 DE7 Z<78DB7J?o K=>>7<ED9Q CDMD8D=Jo ZNN K@7>DE9Q ZI[QDE K=>G9JU D>D?7B} CD<7E?=<o ZNN Z=QU7?@UQ7J7 K=>G9JU D>D?7B} CD<7E?=<o ZNN Z@7J=Q K=>G9JU D>D?7B} CD<7E?=<o ZNN ?DQD?U K=>G9JU D>D?7B} W7JD=< n 7EI?DM7 DE7 Z<78DB7J?o C7M7Q=G>7J? 9JB WIGG=<? =<:9JDT9?D=Jo ]9?D=J9Q Z7?<=E@7>DE9Q ZK } n 7EI?DM7 DE7 Z<78DB7J?o Z7?<=E@7>DE9Q8 _ F7;DJDJ: AI8DJ788 JD?o

ZNN ZI[QDE K=>G9JU D>D?7B} VJB7G7JB7J? CD<7E?=<o

K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU D>D?7B}

_5 < 645 @ 65 5 6 4 @ 5 4 < = 5 6 @ 4 V 5Ê 5 6 Connected Companies ]=J K=JJ7E?7B K=>G9JD78 S?@7< <7Q9?7B K=>G9JD78 ^WI[8DBD9<D78 H88=ED9?7B K=>G9JD78` S?@7< S<:9JDT9?D=J8

Nil Nil Nil Nil

268 ŕ¸Łŕ¸˛ŕ¸˘ŕ¸&#x2021;ŕ¸˛ŕ¸&#x2122;ŕ¸&#x203A;ŕ¸Łŕ¸°ŕ¸&#x2C6;ŕ¸łŕ¸&#x203A;ď˘&#x2020; 2561

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

E@DQB<7J ^D; 9JU`

As of 1 January Acquisition in 2018 2018 Â&#x2021;

Â&#x2021;

Disposal in 2018 Â&#x2021;

Â&#x2021;

As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

Â&#x2021; Â&#x2021;

Â&#x2021;

]= ;9>DQU <7Q9?D=J8@DG Â&#x2022;D?@ 9JU =; ?@7 =?@7< CD<7E?=<8 =< 9JU =; ?@7 69J9:7>7J? N79>}

MR.JOHN SCOTT HEINECKE : 65 5 _ X 5 = 4 ; @ V b@ < 5

9 5 5 V

Â&#x2013; cppd

Director fp HG<DQ cpfw 47 years AAH VJ?7<J9?D=J9Q AI8DJ788o Â?98@DJ:?=J W?9?7 Â&#x2018;JDM7<8D?Uo ZIQQ>9Jo Â&#x2018;WH AAH 69<X7?DJ:o Â?98@DJ:?=J W?9?7 Â&#x2018;JDM7<8D?Uo ZIQQ>9Jo Â&#x2018;WH Thai Institute of Directors (IOD) CD<7E?=< K7<?D;DE9?D=J Z<=:<9> ^CKZ`

bĂ 5 <

Â&#x2013; cpfw Â&#x2021; Z<787J?

Â&#x2013; cpfd Â&#x2021; Z<787J?

Â&#x2013; cpfc Â&#x2021; Z<787J?

Â&#x2013; cpfp Â&#x2021; Z<787J?

Â&#x2013; cppÂ&#x201E; Â&#x2021; cpfd

Â&#x2013; cppe Â&#x2021; Z<787J?

Â&#x2013; cpff Â&#x2021; Z<787J?

Â&#x2013; cppÂ&#x192; Â&#x2021; cppÂ&#x201E;

Â&#x2013; cppe Â&#x2021; cppe

Â&#x2013; cpp~ Â&#x2021; cppd

Â&#x2013; cppc Â&#x2021; cppw

Â&#x2013; cppp Â&#x2021; cppc

Â&#x2013; fÂ&#x201E;Â&#x201E;Â&#x201A; Â&#x2021; cppp

[<< 5

CD<7E?=< K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} K@D7; SG7<9?DJ: S;;DE7<Â&#x2021;R=? K@9DJo 6DJ=< P==B L<=IG ZKÂ } CD<7E?=<o W_Z WUJBDE9?7 ZKÂ } nÂ&#x2014;7EI?DM7 CD<7E?=<o W_Z WUJBDE9?7 ZKÂ } CD<7E?=<o 6DJ=< P==B L<=IG ZKÂ } Â&#x201C;DE7 Z<78DB7J?o 6DJ=< P==B L<=IG ZKÂ } CD<7E?=<o 6DJ=< K=<G=<9?D=J ZKÂ } A=9<B =; N<I8?778o VJ?7<J9?D=J9Q WE@==Q A9J:X=X L7J7<9Q 69J9:7<o 6DJ=< P==B L<=IG ZKÂ } CD<7E?=< =; LQ=[9Q W=I<EDJ:o N@7 6DJ=< P==B L<=IG ZKÂ } L7J7<9Q 69J9:7<o AI<:7< ^N@9DQ9JB` Â ?B} SG7<9?D=J8 69J9:7<o AI<:7< ^N@9DQ9JB` Â ?B} AI8DJ788 C7M7Q=G>7J? 69J9:7<o

P=IJ?9DJ CDMD8D=J =; K=E9Â&#x2021;K=Q9 ]=<?@ H>7<DE9o Â&#x2018;WH} HEE=IJ? nÂ&#x2014;7EI?DM7o N@7 K=E9Â&#x2021;K=Q9 K=>G9JUo Â&#x2018;WH} 69J9:7>7J?o 6DJ=< P==B L<=IG ZKÂ } CD<7E?=<o K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B}

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

269

_5 < 645 @ 65 5 6 4 @ 5 4 < = 5 6 @ 4 V 5Ă&#x160; 5 6 Connected Companies ]=JÂ&#x2021;K=JJ7E?7B K=>G9JD78

S?@7< <7Q9?7B K=>G9JD78 ^WI[8DBD9<D78Â&#x2030;H88=ED9?7B K=>G9JD78` S?@7< S<:9JDT9?D=J8

Nil Â D8?7B K=>G9JD78Â? f} 67>[7< =; ?@7 A=9G9JD78Â? f} 67>[7< =; ?@7 A=9<B =; CD<7E?=<8o

6DJ=< P==B L<=IG ZKÂ } c} K@D7; SG7<9?DJ: S;;DE7<Â&#x2021;R=? K@9DJo

6DJ=< P==B L<=IG ZKÂ } w} CD<7E?=< =; ?@7 A=9<Bo 6DJ=< K=<G=<9?D=J ZKÂ } Nil A=9<B N<I8?77o VJ?7<J9?D=J9Q WE@==Q A9J:X=X

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

E@DQB<7J ^D; 9JU`

As of 1 January Acquisition in 2018 2018 Â&#x2021;

Â&#x2021;

Disposal in 2018 Â&#x2021;

Â&#x2021;

As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

Â&#x2021; Â&#x2021;

Â&#x2021;

]= ;9>DQU <7Q9?D=J8@DG Â&#x2022;D?@ 9JU =; ?@7 =?@7< CD<7E?=<8 =< 9JU =; ?@7 69J9:7>7J? N79>}

MR.MAXWEL WILLIAM FEDERBUSH II : 65 5 _ X 5 = 4 ; @ V

b@ < 5

9 5 5 V

Â&#x2013; cpfÂ&#x192;

Director 24 April 2017 ~d U79<8 698?7< =; AI8DJ788 HB>DJD8?<9?D=Jo K=QI>[D9 Â&#x2018;JDM7<8D?Uo Â&#x2018;WH} 698?7< =; AI8DJ788 HB>DJD8?<9?D=Jo Â =JB=J AI8DJ788 Â&#x2018;JDM7<8D?Uo Â&#x2018;WH} Bachelor of Arts, English, Â&#x2018;JDM7<8D?U =; Z7J8UQM9JD9o Â&#x2018;WH} Thai Institute of Directors (IOD) CD<7E?=<8 K7<?D;DE9?D=J Z<=:<9> ^CKZ` cwd}

270 ŕ¸Łŕ¸˛ŕ¸˘ŕ¸&#x2021;ŕ¸˛ŕ¸&#x2122;ŕ¸&#x203A;ŕ¸Łŕ¸°ŕ¸&#x2C6;ŕ¸łŕ¸&#x203A;ď˘&#x2020; 2561

bĂ 5 <

Â&#x2013; cpfÂ&#x192; Â&#x2021; Z<787J?

Â&#x2013; cppÂ&#x192; Â&#x2021; Z<787J?

Â&#x2013; cppc Â&#x2021; Z<787J?

Â&#x2013; cpfc Â&#x2026; cpf~

Â&#x2013; cppf Â&#x2021; cppc

Â&#x2013; fÂ&#x201E;Â&#x201E;Â&#x201E; Â&#x2021; cppf

Â&#x2013; fÂ&#x201E;Â&#x201E;Â&#x192; Â&#x2026; fÂ&#x201E;Â&#x201E;Â&#x201A;

[<< 5

CD<7E?=<oK@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} K=Â&#x2021;P=IJB7<o 69J9:DJ: Z9<?J7<o CUJ98?U VJM78?>7J?8} nÂ&#x2014;7EI?DM7 Â&#x201C;DE7 Z<78DB7J?o Â&#x201C;9<DEX F79Q?U K=<G} ]7Â&#x2022; ÂŚ=<Xo Â&#x2018;WH} K=Â&#x2021;P=IJB7<o 69J9:DJ: Z9<?J7<o H<=E<78? K9GD?9Q 69J9:7>7J?} Â&#x201C;DE7 Z<78DB7J?o nÂ&#x2014;G<788o Â&#x201C;7<DT=Jo K=8?=o CD8@ ]7?Â&#x2022;=<X8o CD<7E? NÂ&#x201C;} CD<7E?=< =; SG7<9?D=J8 9JB ]7Â&#x2022; AI8DJ788 C7M7Q=G>7J?o Â&#x2019;Zno Â H} CD<7E?=<o W?<9?7:DE L<=Â&#x2022;?@o WG9<X 69J9:7>7J?o Â Z ]7Â&#x2022; ÂŚ=<Xo Â&#x2018;WH} K=Â&#x2021;P=IJB7<o 69J9:DJ: Z9<?J7<o CUJ98?U VJM78?>7J?8 nÂ&#x2014;7EI?DM7 Â&#x201C;DE7 Z<78DB7J?o Â&#x201C;9<DEX F79Q?U K=<G}

_5 < 645 @ 65 5 6 4 @ 5 4 < = 5 6 @ 4 V 5Ă&#x160; 5 6 Connected Companies ]=JÂ&#x2021;K=JJ7E?7B K=>G9JD78 S?@7< <7Q9?7B K=>G9JD78 ^WI[8DBD9<D78Â&#x2030;H88=ED9?7B K=>G9JD78` S?@7< S<:9JDT9?D=J8

Nil Nil Nil Nil

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

E@DQB<7J ^D; 9JU`

As of 1 January Acquisition in 2018 2018 Â&#x2021;

Â&#x2021;

dÂ&#x201A;fofceocde

Â&#x2021;

Disposal in 2018 Â&#x2021;

Â&#x2021;

As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

Â&#x2021; Â&#x2021;

dÂ&#x201A;fofceocde

F7Q9?D=J8@DG =; CD<7E?=<8Â? 6<} 69Â&#x2014;Â&#x2022;7Q Â?DQQD9> P7B7<[I8@ VV D8 ?@7 8=J DJ Q9Â&#x2022; =; 6<} Â&#x2019;D<D? W@9@ 9JB ?@7

=QB7< [<=?@7< DJ Q9Â&#x2022; =; 6<} V8@99J W@9@

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

271

MANAGEMENT TEAM a \ Ă&#x2026;4 64 Ă&#x2026; 5 Ă&#x2039; @5

a \ ] 6 d [6 4 V 4

a \ Â?5 6 d

a V5 V _5 < _5 < @ 3 = > ] < > @

6656 a V5 V _5 < _5 < ` bĂ < 5^ _5 < ` [ 5 _5 <

Ă&#x152;Ă? X5 @ 64 4 @5 V <4 V 6` 6 X U[ _ [Ă? _W b39[ ] Ă&#x17D; : [Ă?W?b

a \ :5<4 85= 5<4 : 65 5

b@ < 5

CD<7E?=< Â&#x2021; AI8DJ788 C7M7Q=G>7J?

de U79<8 698?7< =; AI8DJ788 HB>DJD8?<9?D=Jo ]9?D=J9Q DJ8?D?I?7 =; C7M7Q=G>7J? HB>DJD8?<9?D=J ^]VCH` A9E@7Q=< =; nJ:DJ77<DJ: o Â&#x2019;987?89<? Â&#x2018;JDM7<8D?U}

bĂ 5 <

Â&#x2013; cpfÂ&#x192; Â&#x2021; Z<787J?

Â&#x2013; HI: cpfw Â&#x2021; cpfe

Â&#x2013; cppÂ&#x192; Â&#x2021; cpfw

Â&#x2013; cppc Â&#x2021; cppÂ&#x192;

Â&#x2013; fÂ&#x201E;Â&#x201E;~ Â&#x2021; cppc

Â&#x2013; fÂ&#x201E;Â&#x201E;p Â&#x2021; fÂ&#x201E;Â&#x201E;~

Â&#x2013; fÂ&#x201E;Â&#x201A;Â&#x192; Â&#x2021; fÂ&#x201E;Â&#x201E;p

: 65 5 6 4 @ 5 4 < = 5 6

CD<7E?=< Â&#x2021; AI8DJ788 C7M7Q=G>7J?

K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} H88D8?9J? ?= AI8DJ788 C7M7Q=G>7J? CD<7E?=<o

K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} W7JD=< Â&#x201C;DE7 Z<78DB7J? o C7GI?U K@D7; nÂ&#x2014;7EI?DM7 S;;DE7<

HWKS] K=J8?<IE?D=J ZI[QDE K=>G9JU Â D>D?7B} Z<=EI<7>7J? 69J9:7< o

HB>DJD8?<9?D=J 69J9:7<

V?9QD9JÂ&#x2021;N@9D oN9X7J9X9 K=<G}o SAHÂŚHWRV K=<G}o VNS Â&#x201D;=DJ? Â&#x201C;7J?I<7} W7JD=< ZQ9J? 9JB WIGGQU 69J9:7<

V?9QD9JÂ&#x2021;N@9D C7M7Q=G>7J? ZI[QDE K=>G9JU Â D>D?7B} ZQ9J? 9JB WIGGQU 69J9:7<

V?9QD9JÂ&#x2021;N@9D C7M7Q=G>7J? ZI[QDE K=>G9JU Â D>D?7B} nQ7E?<DE9Q nJ:DJ77<

V?9QD9JÂ&#x2021;N@9D C7M7Q=G>7J? ZI[QDE K=>G9JU Â D>D?7B} Nil

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

E@DQB<7J ^D; 9JU`

As of 1 January Acquisition in 2018 2018 Â&#x2021;

Â&#x2021;

Disposal in 2018 Â&#x2021;

Â&#x2021;

As of Increase (Decrease) 31 December 2018 in 2018 Â&#x2021;

Â&#x2021; Â&#x2021;

Â&#x2021;

]= ;9>DQU <7Q9?D=J8@DG Â&#x2022;D?@ 9JU =; ?@7 CD<7E?=<8 =< 9JU =; ?@7 =?@7<8 DJ 69J9:7>7J? N79>}

272 р╕гр╕▓р╕вр╕Зр╕▓р╕Щр╕Ыр╕гр╕░р╕Ир╕│р╕ЫявЖ 2561

a \94 5 ] 56 45 : 65 5

V b@ < 5

CD<7E?=< ┬Е AI8DJ788 C7M7Q=G>7J? WG7ED9Q Z<=Y7E? 42 years 698?7< =; WED7JE7 DJ 69<X7?DJ: K=>>IJDE9?D=J8 o VQQDJ=D8 VJ8?D?I?7 =;

N7E@J=Q=:U ^W?I9<? L<9BI9?7 WE@==Q =; AI8DJ788`o ┬СWH

A9E@7Q=< =; WED7JE7 DJ VJ;=<>9?D=J WU8?7>8 oA=JB ┬СJDM7<8D?Uo

┬бI77J8Q9JBo HI8?<9QD9

b├Б 5 <

┬Ц cpfe ┬Е Z<787J?

┬Ц cpfd ┬Е cpfe

┬Ц cpp┬Г ┬Е cpfd

┬Ц cpp~ ┬Е cppe

┬Ц cppf ┬Е cpp~

┬Ц f┬Д┬Д┬В ┬Е cppp

: 65 5 6 4 @ 5 4 < = 5 6

CD<7E?=<

┬З AI8DJ788 C7M7Q=G>7J? WG7ED9Q Z<=Y7E?

K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B H88D8?9J? ?= AI8DJ788 C7M7Q=G>7J? CD<7E?=< ^WG7ED9Q Z<=Y7E?`

K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B 69J9:DJ: CD<7E?=<

┬Т<78E=J K=}o┬Б?B}

69<X7?DJ: CD<7E?=< ]9?I<9Q VJ8IQ9?D=J ^N@9DQ9JB` K=}o┬Б?B} LQ=[9Q 69<X7?DJ: K==<BDJ9?=< F=EX┬ХQQ PD<8?Z=DJ? K=J?9E? ^QQDJ=D8o┬СWH` 69<X7?DJ: 69J9:7< ]9?I<9Q VJ8IQ9?D=J ^N@9DQ9JB` K=}o ┬Б?B}

Nil

8 \ X ]4 6 4 @ +64 6- 6 X > @ Description AU @D>87Q;

AU @D8 8G=I87 and minor

E@DQB<7J ^D; 9JU`

As of 1 January Acquisition in 2018 2018 ┬З

┬З

Disposal in 2018 ┬З

┬З

As of Increase (Decrease) 31 December 2018 in 2018 ┬З

┬З ┬З

┬З

]= ;9>DQU <7Q9?D=J8@DG ┬ХD?@ 9JU =; ?@7 =?@7< CD<7E?=<8 =< 9JU =; ?@7 69J9:7>7J? N79>}

a \ a U ├П = : 65 5

b@ < 5

CD<7E?=< ┬З AIDQBDJ:

d┬Д U79<8 A} nJ:}o K}n}o VJ8?D?I?7 =; N7E@J=Q=:U 9JB ┬У=E9?D=J9Q K=QQ7:7o

A9J:X=Xo N@9DQ9JB

b├Б 5 <

┬Ц C7Eocpf┬Г ┬Е Z<787J?

┬Ц cpfe ┬Е C7Eocpf┬Г

┬Ц cpfw ┬З cpfe

CD<7E?=< ┬Е AIDQBDJ: K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B} R79B =; AIDQBDJ:8 AI8DJ788 ┬СJD? K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B} W7JD=< 69J9:7<o K=J8?<IE?D=J K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU ┬БD>D?7B}

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

Â&#x2013; cpfc Â&#x2021; cpfw

Â&#x2013; fÂ&#x201E;Â&#x201E;e Â&#x2021; cpfc

Â&#x2013; fÂ&#x201E;Â&#x201E;d Â&#x2026; fÂ&#x201E;Â&#x201E;e

Â&#x2013; fÂ&#x201E;Â&#x201E;~ Â&#x2026; fÂ&#x201E;Â&#x201E;d

Â&#x2013; fÂ&#x201E;Â&#x201E;w Â&#x2026; fÂ&#x201E;Â&#x201E;~

Â&#x2013; fÂ&#x201E;Â&#x201E;c Â&#x2026; fÂ&#x201E;Â&#x201E;w

Â&#x2013; fÂ&#x201E;Â&#x201E;p Â&#x2021; fÂ&#x201E;Â&#x201E;f

Â&#x2013; fÂ&#x201E;Â&#x201A;Â&#x201E; Â&#x2026; fÂ&#x201E;Â&#x201E;p

Â&#x2013; fÂ&#x201E;Â&#x201A;Â&#x192; Â&#x2021; fÂ&#x201E;Â&#x201A;Â&#x201E;

Â&#x2013; fÂ&#x201E;Â&#x201A;e Â&#x2021; fÂ&#x201E;Â&#x201A;Â&#x192;

Â&#x2013; fÂ&#x201E;Â&#x201A;d Â&#x2021; fÂ&#x201E;Â&#x201A;e

: 65 5 6 4 @ 5 4 < = 5 6

273

W7JD=< Z<=Y7E? 69J9:7< K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} K=J?<9E?8 69J9:7< =J H<>7B P=<E7 HE9B7>D78 Z<7G9<9?=G9JU Â D>D?7B} K=J?<9E?8 69J9:7< =J CI8D?9 ZQ=7JE@D? Z<=Y7E?o A9J:X=X K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} Z<=Y7E? 69J9:7< =J ?@7 E=J8?<IE?D=J =; ?@7 ;=QQ=Â&#x2022;DJ: G<=Y7E?8 Â&#x2021; Z<=Y7E? C7Q?9 Z7?E@X987>o Z7?E@X987> F=9B} Â&#x2021; WD9> W=ED7?U Z<=Y7E?o H8=X7 F=9B} Â&#x2021; W9JB=T K9J?77Jo A9J:G==} Â&#x2021; K9Q?7Â&#x2014; L98 W?9?D=J} K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} Z<=Y7E? 69J9:7< =J N@9JU9?@9J77 L=Q; K=I<87 Z<=Y7E? DJ Z9?@I>?@9JDo K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} Z<=Y7E? 69J9:7< =J ZNN Z<=Y7E?o K@=J[I<Do K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} Z<=Y7E? nJ:DJ77< =J K7<7[=8 ]7Â&#x2022; P9E?=G9JU Â D>D?7B} H88D8?9J? Z<=Y7E? nJ:DJ77< =J WIJ Z9<9?7E@ Z<=Y7E? 9? W9<9[I<D

K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} n8?D>9?=< 9? R79B S;;DE7 K@<D8?D9JD _ ]D7Q87J ^N@9D` ZI[QDE K=>G9JU Â D>D?7B} PD7QB nJ:DJ77<o =J 66K L=B=Â&#x2022;J Z<=Y7E? N9JIB N<9BDJ: K=}o Â ?B}

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

275

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276 р╕гр╕▓р╕вр╕Зр╕▓р╕Щр╕Ыр╕гр╕░р╕Ир╕│р╕ЫявЖ 2561

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

277

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278 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Corporate Governance Report Definition Corporate Governance is a set of structure of relationships between Company’s management, its board and its shareholders to enhance the business competitiveness towards prosperity and long term shareholder value taking into consideration the interest of other stakeholders. The above definition is as recommended by the Securities and Exchange Commission (“SEC”) and the Company has endeavored to follow the same completely in letter and spirit.

Corporate Governance Policy Christiani & Nielsen (Thai) Public Company Limited recognizes that good corporate governance is important and necessary for sustainable growth in business and long term shareholders value, and accordingly, with the resolution of the Board of Directors Meeting held on 14th February 2013, the Corporate Governance Policy Manual, Business Ethics and Code of Conduct Manual have been set up and disclosed on the Company’s website under the subject of “Corporate Governance”. The Audit & Corporate Governance Committee annually review the Corporate Governance Policy (the “Policy”) and evaluation of the Policy’s implementation, so that the Policy is up to date and appropriate with the current situation. The Policy shall be reviewed and the implementation thereof shall be evaluated to ensure that the Board of Directors, Sub-Committees, Management and Employees understand and implement the Policy correctly for the sustainability of the Company. The Company’s administration has been complying with the Principles of Good Corporate Governance, focusing on the significance of and responsibilities towards shareholders and stakeholders of the Company. Consequently, the Company continued to receive a very good rating in the assessment of the corporate governance, and in 2018, the Company received assessment by the regulatory units as below

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despite the more intense assessment criteria.

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The Company has adopted the terms of the CG Code which are suitable for its business to ensure business integrity and creating long-term business value to all stakeholders. The board should strive for governance outcomes i.e. the competitiveness and performance with long-term perspective; ethical and responsible business; good corporate citizenship; and corporate resilience.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

279

The principle of CG for Board of Director’s are as follows: Principle 1 Establish clear leadership role and responsibilities of the board Principle 2 Define objetives that promote sustainable value creation Principle 3 Strengthen board effectiveness Principle 4 Ensure effective CEO and people management Principle 5 Nurture innovation and responsible business Principle 6 Strengthen effective risk management and internal control

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nJ8I<7 BD8EQ=8I<7 9JB ;DJ9JED9Q DJ?7:<D?U Principle 8 Ensure engagement and communication with shareholders The Company’s implementation of Good Corporate Governance Principles is outlined in 5 sections hereunder:

1. Rights of Shareholders The Company recognizes the rights and equitable treatment of shareholders and maintains a smooth working relationship to safeguard the best interests of all the shareholders. The basic legal rights comprise the rights to receive share certificate, the rights to buy/sell or to transfer securities held, the rights to share in profits of the Company, the rights to receive dividend, the rights to receive sufficient Company’s information in timely manner, the rights to attend the shareholders’ meeting, the rights to propose agenda in the shareholders’ meeting, the rights to vote for the appointment or revoke the directors, the rights to approve the director’s remunerations, the rights to vote for the appointment of auditor and fixing of auditor fee and the rights to take part in decision-making of the Company’s material issues. Apart from the basic rights of shareholders above, the shareholders have the right to received information on the operating performance of the Company, the newsletter from the Management and =?@7< X7U DJ;=<>9?D=J MD9 ?@7 K=>G9JUO8 7[8D?7}

VJ 9EE=<B9JE7 D?@ L==B K=<G=<9?7 L=M7<J9JE7 Guidelines, the Company has conducted its affairs with a view to protecting shareholders’ rights and also encourage all shareholders to exercise their rights. The policy for maintaining rights of shareholders is part of the Company’s Corporate Governance Policy Manual which is disclosed on the Company’s website. The Company is responsible to the shareholders in terms of information disclosure, accounting methods, internal information usage and conflict of interests. The Board of Directors and Management are expected to be honest and any decision must be based on honesty and fairness to both major and minor shareholders, and for the collective benefit of all. Some of the policies and procedures followed to protect the rights of the Company’s shareholders are follows: 1.1 Appointment of Board members The Company has continuously improved the documents required for the appointment of each Board member individually to give additional information in the nominees’/existing Directors’ profile in the Company’s Annual Report and also to present to the Company’s shareholders in the Annual General Meeting (“AGM”). The aforesaid information is provided so that the Company’s shareholders can get correct and complete information, which is relevant and required for the appointment of Board members, includes details are as follow:

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

1.2

1.3

1.4

1.5

Nominee’s/Director’s profile: Name, position, age, education, relevant knowledge, occupation, working experience and illegal acts (if any). ]=>DJ77O8 CD<7E?=<O8 G=8D?D=J8 DJ 9JU >9?7<D9QQU E=JJ7E?7B [I8DJ788} CD<7E?=<8O G<7MD=I8 G7<;=<>9JE7 98 CD<7E?=< DJ ?7<>8 =; >77?DJ: 9??7JB9JE7 ]=>DJ9?D=J G<=E7BI<78 ^DJ E987 =; ?@7 CD<7E?=<8 @= <7?D<7 [U <=?9?D=J`} Consideration of the policy on Director’s remuneration The Company seeks the approval of the shareholders on the policy on Directors’ remuneration at the AGM, and has also disclosed guidelines/procedures for determining Directors’ remuneration in 4.2 “Directors and Management Remuneration” hereunder. Appointment of auditors The Company seeks the approval of the shareholders on the appointment of the auditors of the Company at the AGM, and has improved the information disclosure for the correctness and completeness of the information required, such as their experience, independence and fees for the decision on the appointment of auditors, includes details as follows: HIBD?=<O8 ;D<> 9JB HIBD?=<O8 J9>7} HIBD?=<O8 <7>IJ7<9?D=J ;=< 9GG<=M9Q DJEQIBDJ: 87G9<9?7 BD8EQ=8I<7 ;=< 9IBD? 9JB J=J 9IBD?

related remuneration. HIBD?=<O8 <7>IJ7<9?D=J ;=< ?@7 G<7MD=I8 U79<} F7Q9?D=J8@DG D?@ ?@7 K=>G9JU 8IE@ 98 [7DJ: ?@7 K=>G9JUO8 9BMD8=<} ]I>[7< =; U79<8 98 ?@7 K=>G9JUO8 9IBD?=< ^DJ E987 =; <79GG=DJ?>7J? =; ?@7 G<787J? 9IBD?=<`} HIBD?=<O8 G7<;=<>9JE7} N@7 <798=J8 ;=< E@9J:DJ: ?@7 HIBD?=< ^DJ E987 ?@7 K=>G9JU 9GG=DJ?8 9 J7 9IBD?=<`} Consideration of the dividend policy Presently, the Company’s dividend policy is remains unchanged. However, any future changes will be subject to approval from the shareholders. Shareholders’ Meetings The Company has followed the recommended practices of Stock Exchange of Thailand (“SET”)/SEC for holding shareholders’ meeting as follows: P=< ?@7 HL6 =; 8@9<7@=QB7<8 98 =; U79< cpf o ?@7 K=>G9JU G<=MDB7B 9J =GG=<?IJD?U ?= ?@7

shareholders to propose agenda items for the AGM and an opportunity to the shareholders to J=>DJ9?7 8ID?9[Q7 E9JBDB9?78 ;=< >7>[7<8@DG =; ?@7 A=9G9JU}

practice, shareholders with a combined holding of at least 2,000,000 shares could propose 9:7JB9 D?7>8 =< J=>DJ9?7 öI9QD;D7B CD<7E?=<8 ;<=> fp SE?=[7< cpf IJ?DQ wf C7E7>[7< cpf o

which exceeds the privileges provided by law to shareholders. The Company has set up this policy, as well as made communication channels through the Company’s website and announcements through the SET, based on which, a shareholder or a group of shareholders could propose an agenda item and nominate candidates to be Director for consideration at the AGM.

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Z<=MDBDJ: E=>GQ7?7 9JB E=<<7E? J=?DE7 D?@ ;IQQ DJ;=<>9?D=J @7J E9QQDJ: 8@9<7@=QB7<8O

meetings is the normal policy of the Company. Such notice includes the objective and reasons for each agenda item, apart from the Board of Directors’ comments/opinion thereon, which has 9Q 9U8 [77J DJEQIB7B} V? D8 >9B7 E7<?9DJ ?@9? ?@7 K=>G9JU B=78 J=? 9>7JB ?@7 9:7JB9 =; ?@7

shareholders’ meetings without giving notice to shareholders. P=< ?@7 HL6 cpf o ?@7 K=>G9JU BD8EQ=87B ?@7 HL6 8E@7BIQ7 9JB ?@7 HL6 H:7JB9 ?@<=I:@

the SET and Company’s website from 28 February 2018 (55 days before the AGM date) for shareholders to plan their schedule for the meeting. N@7 K=>G9JU BD8EQ=87B ?@7 J=?DE7 =; 8@9<7@=QB7<8O HL6 cpf =J ?@7 K=>G9JU 7[8D?7 ;<=>

23 March 2018 (31 days before the AGM date). The company also instructed the Thailand Securities Depository Co., Ltd., which is the Company’s Registrar, to send the AGM 2018 notice to each of the shareholders on 3 April 2018 (21 days in advance of the AGM). Shareholders can :7? >=<7 DJ;=<>9?D=J ;<=> =I< VJM78?=< F7Q9?D=J8 [U E9QQDJ: G@=J7 JI>[7< £ee c ww p =<

at the Company’s website at www.cn-thai.co.th | ir@cn-thai.co.th N@7 K=>G9JU GI[QD8@78 ?@7 J=?DE78 =; 8@9<7@=QB7<8O >77?DJ:8 DJ [=?@ N@9D 9JB nJ:QD8@

newspapers for 3 consecutive days from 3 April 2018 to 5 April 2018 (21 days before the AGM date). N@7 K=>G9JU G<=MDB78 ;IQQ =GG=<?IJD?U ;=< 8@9<7@=QB7<8 ?= G9<?DEDG9?7 DJ ?@7 >77?DJ:8 9JB

encourages the shareholders to ask relevant questions which are answered by the Management and/or related persons. N@7 K=>G9JU G<7G9<78 ?@7 >DJI?78 =; 8@9<7@=QB7<8O >77?DJ:8o @DE@ 9<7 EQ79< 9JB E=>GQ7?7

and include the names of the Board members’ who attended the meeting. The minutes also include a correct and complete record of questions/answers, voting method, vote counting procedure and voting results. N@7 K=>G9JU @98 9Q 9U8 ;=QQ= 7B ?@7 G=QDEU =; =[?9DJDJ: ?@7 8@9<7@=QB7<8O 9GG<=M9Q ;<=> 9J

Extraordinary General Meeting of shareholders for any major event and in case of any serious situation that affects the Company’s operations, and has always provided correct and complete information required for their decision. N@7 K=>G9JU @98 9 <7:IQ9<QU <7MD7 DJ: ?@7 =I?8?9JBDJ: IJG9DB BDMDB7JB8 9JB ?<D78 ?= E=J?9E?

all the shareholders who may have, for some reason, not received their dividends. Thereafter, the Company helps shareholders in terms of reminding and advising them on the required procedures to collect the dividends

Annual General Meeting During the year 2018, the Company held one shareholders’ meeting, which was the AGM No. 85 on c~ HG<DQ cpf 9? fp}wp 9}>} 9? AI889<9X9> A9QQ<==>o H H]V H?<DI> R=?7Qo f p ]7 Z7?E@[I<D

Road, Bangkapi, Huay-kwang, Bangkok.

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Registration N@7 8@9<7@=QB7<8 E=IQB <7:D8?7< =< <7E@7EX B=EI>7J?8 f @=I< DJ 9BM9JE7}

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provided to shareholders using the proxy form. The proxy form including supporting documents could also be submitted by facsimile for checking in advance. The Company had send the notice to Company’s shareholders and clearly specifying the documents required to give proxy. The Company had arranged a barcode system for registration and vote counting for shareholders’ convenience and accuracy of the vote-count. The participants of Chairman of Board of Directors, Chairman of Sub-committees, Directors and Company’s top management. All directors (except Mr. Maxwell Federbush) inclusive of Chairman of the Board of Directors, Chairman of Audit and Corporate Governance Committee, Chairman of Remuneration Committee, Chairman of Nomination Committee, Chairperson of Risk Management Committee and Managing CD<7E?=< ^N=?9Q ff BD<7E?=<8 =I? =; fc BD<7E?=<8 9??7JB7B ?@7 677?DJ:o <7G<787J?DJ: f} =; ?=?9Q

directors) attended the Meeting to answer the questions relating to Company’s financial statement or the auditing. Moreover, the Company’s external auditors and legal advisor were attend the meeting. Procedure for Voting, vote casting and counting, query and comment A7;=<7 Eommencing the meeting, the Chairman informed all attendees about the voting procedure, vote casting and counting, the use of ballot and disclosed of votes counting in each agenda item for transparency, including the shareholders’ right to express their opinion or raise questions in each agenda item. The Meeting was in order, there were shareholders present at ?@7 677?DJ: DJ G7<8=J 9JB [U G<= Uo @=QBDJ: 8@9<78 DJ 9::<7:9?7 =; eowp owcc 8@9<78 7öI9Q ?=

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votes during the Meeting. The agenda of this AGM of Shareholders was considered chronologically as it appeared in the notice submitted to shareholders prior to the AGM, without any changes or request for the AGM to consider any agenda item other than those specified in the notice. All agenda items were voted on and approved in conformance with the relevant laws. During the 2 hours of the AGM, shareholders were allowed to freely express their opinions, give suggestions, and raise questions on any agenda items. The Directors, Audit and Corporate Governance Committee members and/or Executive Directors gave clear information to the shareholders in each agenda item. Record of the Minutes The Company records that it has informed the Shareholders of AGM’s quorum, voting method, vote counting and the use of ballot prior to the meeting. The Company also informed the name and position of Directors present at the meeting, Director who was absent, the external auditor, legal advisor and witness for vote counting. All questions, answers and comments, resolution in each agenda items were also recorded. Voting records are divided into agree, disagree, abstain and void. These were recorded in writing in the minutes of meeting in detail so as to enable Shareholders who did not attend the meeting to be review and recheck.

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Disclosure of Shareholders’ Meeting’s resolutions The Company disclosed the resolutions of the Meeting together with voting results in the Meeting date by way of letter to SET and on the Company’s Website under “Investors Relation”. After the Meeting, the minutes were prepared with all substantive issues, including voting results, ;=< 8I[>D88D=J ?= ?@7 WnNo 9JB G=8?7B =J K=>G9JUO8 7[8D?7 IJB7< VJM78?=<8 F7Q9?D=J D?@DJ f~

days after the Meeting.

2. Equitable treatment of Shareholders

The Company ensures the equitable and fair treatment of shareholders in terms of calling and holding shareholders meetings and for protecting the basic rights of shareholders for other matters by taking the following steps:

H8E7<?9DJDng that the date, time, venue of the meeting is convenient to attend. The Meeting will be held within 4 months from the end of accounting period. Any other shareholders’ meeting shall be called “Extraordinary General Meeting”.

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P9EDQD?9?7 G<= y voting: clearly specifying the documents required to give proxy and by sending out the notice to the Company’s shareholders prior to the meeting date at least 14 days. For shareholders who are unable to attend each meeting, the Company has B78D:J9?7B ?@7 K@9D<>9J 9JB =< 9J VJB7G7JB7J? CD<7E?=< ?= 9??7JB 9JB ?= M=?7 =J ?@7D<

behalf in each meeting. Full details for this purpose are provided in the notice of shareholders’ meetings. Moreover, the Company has provided Proxy Form B and the notice of the shareholders’ meeting both Thai and English on Company’s website for downloading.

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completion of registration.

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and accuracy of the vote-count.

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nominate candidates for Directorship in advance for the AGM of Shareholders through various channels including the Company’s website.

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papers for each of the Directors separately.

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CD<7E?=<8 <7G=<?DJ: ?@7D< = J7<8@DG =; K=>G9JUO8 8@9<78 ?= ?@7 A=9<B <7:IQ9<QU}

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with their relatives, if any, to the Company for the Company’s use in complying with the

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regulation about connected transactions. Such reports on interest are also useful in monitoring their adherence to their duties, by the following practices: H J7 CD<7E?=< n 7EI?DM7 8I[>D?8 ?@7 ;=<> F7G=<? =J K=J;QDE? =; VJ?7<78? N<9J89E?D=J8 within 30 days after appointment. N@7<79;?7<o @7J ?@7<7 D8 9 E@9J:7o 89DB CD<7E?=< n 7EI?DM7 8I[>D?8 ?@7 IGB9?7B ;=<>

F7G=<? =J K=J;QDE? =; VJ?7<78? N<9J89E?D=J8 D>>7BD9?7QU =< J= Q9?7< ?@9J =<XDJ:

days from the transaction date. N@7 K=>G9JU W7E<7?9D?8 9 E=GU =; ?@7 <7G=<? =J DJ?7<78? ?= ?@7 K@9D<>9J =;

the Board of Directors and the Chairman of Audit and Corporate Governance Committee D?@DJ =<XDJ: B9U8 ;<=> ?@7 B9?7 =J @DE@ ?@7 K=>G9JU @98 <7E7DM7B 8IE@ 9

report. N@7 A=9<B =; CD<7E?=<8 @98 78?9[QD8@7B 9 :IDB7QDJ7 ?= G<=@D[D? 9 CD<7E?=< n 7EI?DM7o

who has a conflict of interest on an issue, to participate in the decision-making process related to that issue. Normally, a Director/Executive who has a conflict of interest on an issue, will leave from the meeting and join back once the issue has been discussed and a decision is made. Z<=MDBDJ: B7?9DQ7B 7 GQ9J9?D=J8 =; <7Q9?7B G9<?U ?<9J89E?D=J8o E@9<9E?7<DTDJ: J9>78o

relationship, policy, and value of each transaction as explained under the “Connected Transactions” section of this Annual Report. No non-compliance cases involving related-party transactions have been detected. P=QQ= DJ: 9J 9GG<=G<D9?7 G=QDEU 9JB Q9UDJ: B= J G<=E7BI<78 ;=< >=JD?=<DJ: ?@7 I87

of insider information as explained under the “Supervision of the use of Inside Information” section of this Annual Report. No cases of insider trading involving the Directors and/or the Management have been detected.

3. Recognition of Role of Stakeholders The Company recognizes the importance of the rights of all stakeholder groups, whether it is the internal stakeholders such as director, employees and management of the Company and/or its subsidiaries, or external stakeholders such as shareholders, creditors, suppliers, customers, communities, government agencies and other related organizations. The Company is aware that the support from each stakeholder would help establish the Company’s competitive advantages and profitability, which would contribute greatly to the Company’s long term success and prosperity. The Company has also amended its website to include under the subject of “Stakeholder Activities”, the policy and code of conduct towards stakeholders in Business Ethics and Code of Conduct Manual and included therein a way whereby the website can be used as one of the channels for any stakeholder to express his/her opinion and contact the Audit and Corporate Governance Committee in case they wish to do so directly without going through the Management. The Committee will treat such DJ;=<>9?D=J 87<D=I8QU 9JB DQQ >9DJ?9DJ I?>=8? E=J;DB7J?D9QD?U} V; ?@7 E=>GQ9DJ?8 9<7 J=? IJ;=IJB7Bo

the Board would take all remedial action that may be necessary. “Stakeholders Engagement” are disclosed in “Sustainability Report” in this Annual Report.

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Shareholders: The Company ensures the equitable treatment of shareholders in terms of the participation in an important decision making issue. The Company allows the shareholders to express their opinion and suggestions for the improvement of Company’s business operations in order to achieve the long term growth and contribute to the optimum return to the Shareholders. The Company discloses the significant information to Shareholder completely, accurately and transparently. The Company facilitates all shareholders to fully exercise their rights. Management: The Company recognizes that Management is one of the key factors of success for the Company’s operations, and accordingly, Management remuneration is appropriately structured and comparable D?@ ?@7 VJBI8?8 9JB =?@7< 7öIDM9Q7J? QD8?7B E=>G9JD78 DJ N@9DQ9JB} N@7 69J9:7>7J? D8 9Q8=

allowed to work independently without interference as defined in their duties and responsibilities, which are approved by the Board of Directors. Employees: The Company recognizes that Employees are another key factor of success for the Company’s operations. The Company aims to build commitment and a long and sustainable relationship with all its Employees. The employment policy is set out to provide transparent, justified and equal treatment for all Employees. The Company intends to enhance their abilities and capabilities by using their knowledge, competency and experience for their future career development and for the benefit of the Company. The policy is as follows: Employment Policy The Company provides fair and equal opportunities in employment, job security, and career advancement, as well as adhering to other good principles related to employees and employment. Remuneration Policy The Company provides fair compensation commensurate with ability and performance, which is related to Company’s performance both in short and long term by considering Company’s ability to make profit 98 7QQ 98 DJBDMDBI9QO8 7U Z7<;=<>9JE7 VJBDE9?=< ^ ZV` 9JB K=>G7?7JEU}

A7J7;D?8 ?= n>GQ=U778 DJEQIBDJ: some of which are not required by laws are as follows: Salary D8 [987B =J BI?D78 9JB <78G=J8D[DQD?D78 9JB DJBDMDBI9QO8 G7<;=<>9JE7 9GG<9D89Q [U ZV 9JB

Competency. VJE<7>7J?8 [=JI8 is based on financial status/performance and future plans of the Company, which depends on many factors beyond the Employees’ direct control. Therefore, the Company has allocated certain budget from its operation as an annual bonus based on the individual performance against performance of the Company and individual assessment with specified quantitative targets. Other benefits like Provident Fund (not required by law) whereby the contributions are from Employees and the Company. However, the contribution rate from the Company is increased in connection with number of Employees’ years of services to promote good morale and serve as a long term incentive to Employees who have many years of service. Workmen’s Compensation, HEEDB7J? VJ8I<9JE7 Z=QDEUo ;DJ9JED9Q 9DB8 DJ M9<D=I8 =EE98D=J8}

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Training Policy The Company also ensures that Employees are adequately knowledgeable and skillful to perform their jobs for the Company’s business, and understand the relevant codes of conduct and practices, and are 7JE=I<9:7B ?= :9DJ XJ= Q7B:7 9JB 9[DQD?D78 9JB X77G ?@7> IGB9?7B [U ;=QQ= DJ: VJBI8?<U ?<7JB8 9JB

Company future growth as well as for their career advancement. The Company provides in-house and external training for staff, both in the office and at worksites. The costs of such training are borne by the Company. Moreover, the Company allows special leave and flexible working hours for employees who are undergoing longer term professional or degree courses. Moreover, the Company supports good relationship between all employees including the Management. The annual development programme (Career Path Development) is set up on a continuing basis from year to year. The objective is for employees to realize and understand the opportunities for their career development which is the Company’s mission to create “quality employees, quality productivity”. According to Company’s sustainability development, the 2 focus groups are 1. Top Management and staff at management level, 2. Operation staff at worksite. Separate detailed reports are provided under the subject of “Sustainability Report” in the Annual Report. Occupational Safety and Health Policy N@7 K=>G9JU @98 G=QDED78 9JB G<9E?DE78 <7Q9?DJ: ?= =EEIG9?D=J9Q 89;7?U 9JB @79Q?@ ^SRWHW f ppf cpp `

for staff at work place to promote safety, prevent accident, sickness and reduce the loss from operations, as well as to promote good physical and mental health of employees. Separate detailed reports are provided under the subject of “Sustainability Report” in the Annual Report. Creditors: The Company recognizes Financial Creditors as one more important factors of success, who provide funds which are essential for the Company’s highly capital intensive business. The Company complies with all terms in borrowings, including compliance with the objectives of using the borrowed funds, repayment, collateral, and other conditions as may be agreed. Moreover, if at all there is any covenant in any of the loan agreements with which the Company is not be able to comply, the Company proactively approaches the lenders to seek a waiver or achieve other mutually acceptable solutions. Suppliers: The Company recognizes the importance of satisfied Suppliers, and the Company always 7J8I<78 ?@9? ?7<>8 9JB E=JBD?D=J8 ;=< WIGGQD7<8 9<7 [987B =J VJBI8?8 9JB G<9E?DE78 9JB ?@7<79;ter, agreed terms and conditions are strictly followed by the Company. Customers: The Company recognizes the importance of Customers, who support the Company’s business, and the Company always provides the highest quality of work and services, with quality work guaranteed, within agreed construction periods, and in compliance with the Customer’s specifications. The Company also solicits client satisfaction feedback for improving and developing operation to maximize Customer’s satisfaction. The Customers’ confidential information is used exclusively for the concerned business, without revealing it unless required by laws, regulations, or with consent from the information owners, including issues related to marketing, market power exercises, price setting, and details of services, quality and safety. The Company has provided a separate detailed report under the subject of “Responsibility for products and services” section in “Sustainability Report” of the Annual Report.

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Competitors: The Company acts within the rules of fair trade, neither attacking trade competitors’ reputations with false allegations, nor does the Company access competitors’ confidential information or use dishonest or inappropriate means for any purpose. Social Responsibility to the Community: The Company recognizes its responsibility to the Community and is often involved in supporting Community activities and being attentive to the consequences of the Company’s conduct, including making efforts to absorb social accountability, going beyond what the relevant laws require. The Company has provided a separate detailed report under the subject of “Sustainability Report” of the Annual Report. Environment: The Company recognizes that the construction business, if conducted irresponsibly, may affect the environment by both noise and air pollution. For the protection of the environment, the Company has applied to be certified for Occupational Health and Safety Assessment Series: OHSAS f ppf cpp o ;=< 9QQ =<X8D?78 98 7 GQ9DJ7B IJB7< ?@7 Sustainability Report” in this Annual Report. Regulators: VJ ?@7 E=J8?<IE?D=J [I8DJ788o ?@7 K=>G9JUO8 D8 :=M7<J7B [U >9JU Q9 8 9JB <7:IQ9?D=J8}

The Company recognizes the significance of compliance with related laws and regulations and has DJEQIB7B D?8 <7MD7 =; E=>GQD9JE7 98 =J7 =; ?@7 BI?D78 =; ?@7 VJ?7<J9Q HIBD? C7G9<?>7J? @79B7B [U 9

öI9QD;D7B VJ?7<J9Q HIBD?=<} N@7 VJ?7<J9Q HIBD? 69J9:7< G<=MDB78 9J 9JJI9Q E=>GQD9JE7 <7MD7 <7G=<? =;

related laws and regulations and reports directly to the Audit & Corporate Governance Committee, as explained under the “Audit & Corporate Governance Committee Report” of this Annual Report. Respect for International Human Rights Principles: The Company requires that all of its Directors, the Management and Staff strictly respect international human rights principles as part of the operations, and the Company does not tolerate any violations thereof. The Company also encourages the improvement of the quality of life of disabled people, by employing them under the same terms and conditions as other Staff. Moreover, the Company also provides facilities for the disabled i.e. elevator, toilet etc. in its new Head Office. Separated detailed report are provided under the subject of “Sustainability Report” of the Annual Report. Ethics for Intellectual Property Rights: The Company requires that all of its Directors, the Management and Staff strictly respect the intellectual property rights of others with due care and caution. Policy on preventing corruption and offering bribes: The Company has a policy prohibiting all forms of bribery or corruption, either directly or indirectly to advance its business interests or those of its associates. The Company has a zero tolerance policy for fraudulent and/or corrupt behavior and takes corruption and bribery transactions, if any, very seriously. The policy was written in the Corporate Governance Policy, Code of Conduct including Anti-corruption Policy which always follow by the Company. The Any violation of this policy is regarded as a serious matter by the Company and will result in disciplinary action, including termination, consistent with local law.

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The Company has guidelines for preventing corruption and offering bribes as follows: HQQ E=>G9JU 7>GQ=U778 >I8? 8@= 9 E=>>D?>7J? ?= 9J?D E=<<IG?D=J 7;;=<?8 9JB 7J:9:7 DJ [IDQBDJ:

awareness and a culture that values honesty and transparency. LDMDJ: 9JB <7E7DMDJ: =; [7J7;D?8 ?@9? E=IQB D>G<=G7<QU DJ;QI7JE7 B7ED8D=J >9XDJ: 8@=IQB [7

conducted correctly, honestly, and in ways that are certain not to cause condemnation or loss of reputation. Gifts received by Directors are generally retained within the Company or distributed to office staff. N@7 K=>G9JU 8@9QQ ?9X7 D>>7BD9?7 9E?D=J [=?@ DJ ?7<>8 =; ?@7 K=>G9JUO8 <7:IQ9?D=J8 9JB Q7:9Q D;

any employee is found and proved to be dishonest in their duties and responsibilities. Z<=EI<7>7J? D8 ?= [7 E=JBIE?7B 9EE=<BDJ: ?= ?@7 K=>G9JUO8 :IDB7QDJ78 9JB 8@=IQB [7 ;9D< ?= 9QQ

involved. The procurement’s decisions are to be made on the basis of reasonable prices, quality and services, and should stand scrutiny if an investigation occurs. N<9J89E?D=J8 D?@ ?@7 L=M7<J>7J? >I8? J=? [7 8IE@ 98 ?= G7<8I9B7 ?@7 L=M7<J>7J? =< L=M7<J>7J?

officers to do anything wrong or inappropriate. Mutual acknowledgement and building relations, within the proper bounds and normal practice, such as offering congratulatory messages and flowers on public occasions is acceptable. VJ cpf o ?@7 K=>G9JU E=J?DJI7B ?= >9DJ?9DJ @D:@ 7?@DE9Q 8?9JB9<B8o D?@ 9 MD7 ?= IG@=QBDJ: D?8 G=8D?D=J

against any form of bribery and corruption. The continual activities throughout the year are as follows: N@7 E=>G9JU @9B 9JJ=IJE7B D?8 HJ?D K=<<IG?D=J Z=QDEU @DE@ D8 DJ 9EE=<B9JE7 D?@ ?@7 :IDB7QDJ78

provided by the Private Sector Collective Action Coalition Against Corruption Committee (CAC) and National Anti-Corruption Commission (NACC) on the Website. K=>>IJDE9?7 ?= K=>G9JU 7>GQ=U778 >I8? J=? [7 DJM=QM7B DJ 9JU ;=<> =; E=<<IG?D=Jo @7?@7< BD<7E?

or indirect. All employees must not offer, promise, demand of accept any form of bribes or engage in behavior that can be interpreted as such, whether for the benefit of themselves, the company or other related parties, such as family members or associates, whether in dealing with institutions within the public or private sector. All employees must comply with relevant laws, especially those related to corruption, both in Thailand and other countries where the company operates. K=JBIE? E=<<IG?D=J <D8X 9J9QU8D8 9JB 7J8I<7 E=<<IG?D=J <D8X 9 9<7J788 DJ ?@7 B78D:J =; DJ?7<J9Q

systems, especially in purchasing and contracts, human resources, record keeping, expense claims with high risk of corruption and transactions that involve government institutions. VJEQIB7 HJ?D K=<<IG?D=J Z=QDEU 98 G9<? =; K=>G9JUO8 8?9JB9<B E=J?<9E? D?@ =I< WI[ E=J?<9E?=<8} Publish anti-corruption policy to inform our staff both in Head Office and Construction Sites including our suppliers and sub-contractors of the anti-corruption policy so that everyone shall have the same practice under the policy. The anti-corruption content to be communicated to include policy, guidelines and related regulations, as well as the company’s expectations on compliance, pledge to protect whistleblowers and employees who refuse to engage in corruption activities, as well as punishment for those who fail to comply. The training about anti-corruption and its related law will be organized for company staff both at the Head Office and Construction Sites to ensure that everyone understand the objective and importance of anti-corruption policy and can implement in accordance with the policy and guidelines.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

289

Conduct internal audits to ensure that anti-corruption guidelines are being followed and provide regular reports to related committees, and immediately escalate emergency corruption-related findings to senior management and the Board of Directors. N@7 K=>G9JU B7?7<>DJ7B ?= B7EQ9<7 9J DJ?7J?D=J ?= Y=DJ KHK 9JB D?@ ?@7 ?9<:7? ?= [7 E7<?D;D7B [U

CAC that the Company’s internal control for anti-corruption policy is appropriate, effective and efficiency. This is to ensure all stakeholders that the Company is doing its business with transparency, integrity and without corruption for equal benefits to all stakeholders. Moreover, the Company has established channels for reporting any misconduct, fraudulent act or corruption and provides protection and remedies for any person who files a complaint or cooperates in the investigation of the charge. Communication with the board of directors and whistle-blowing policy The Company has a policy and guidelines on anti-corruption and does not engage in any form of bribery. This policy is clearly stipulated in the Corporate Governance Policy Manual and the Business Ethics and Code of Conduct Manual which has always been strictly complied with. To ensure the fair treatment of all stakeholders, either internal stakeholders, such as directors, employees, and executives of the Company, or external stakeholders such as shareholders and investors, customers, trade partners, competitors, the society, the environment, the public sector, and relevant agencies, all stakeholders can communicate with the Company’s Board of Directors for complaints, suggestions, or recommendations, giving useful information or evidence about illegal actions or violations of the Code of Conduct, as well as behaviour implying corruption. The procedure to protect such whistle-blowers has also been put in place. To foster trust, information regarding whistle-blower messages will be kept confidential and will be known only among responsible parties as to protect the rights of the whistle-blower. The Company has set up channels for communication where every stakeholder can suggest, file a complaint, and file a report in regards to corruption activities or unfair treatment, or disorderly acts of our employee. All information will be kept confidential according to whistle-blowers protection policy. Contact The stakeholders can communicate with the Board of Directors via Company’s website or by writing a letter with their name, address, phone number, fax number and e-mail (if any) and the relationship with the Company and emailing it to ponpisch@cn-thai.co.th or sending it to the Audit and Corporate Governance Committee at the address below. Khun Ponpisith Charoenthai (Internal Audit Department), Secretary of Audit and Corporate Governance Committee Christiani & Nielsen (Thai) Public Company Limited

c 9 W9QQ7 F=9Bo A9J:J9 N9D WI[BD8?<DE?o A9J:J9 CD8?<DE?o A9J:X=X fpcep The Audit and Corporate Governance Committee will verify the information received before reporting to the Board of Directors. When the whistle-blower does not reveal himself, the Company will consider such issue only if it has information or suggestions that can be useful to the Company.

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Other Channels: K=>GQD9JE78 VJM78?=< F7Q9?D=J8@DG K=>G9JU W7E<7?9<U

n >9DQ D<¤EJ ?@9D}E=}?@ KI8?=>7<8 F7Q9?D=J

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pc ww fef

Miss Sophidarat Panthong 02 338 8121 Whistle-blower and Complainant Protection VJ =<B7< ?= G<=?7E? ?@7 <D:@?8 =; ?@7 @D8?Q7 [Q= 7<o ?@7 E=>GQ9DJ9J? 9JB ?@7 DJ;=<>9J?o =< ?@=87 @=

participated in the investigation the company will conceal name, address, and any information that can G=88D[QU DB7J?D;U ?@7>}

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responsible person who conducts the investigation will be able to access such information. The Complaint handling procedure @7J ?@7 @D8?Q7 D8 [Q= J =< E=>GQ9DJ? D8 ;DQ7Bo ?@7 K=>G9JU DQQ E=QQ7E? ?@7 7MDB7JE7o 7M9QI9?7

and formulate measures to relieve damages caused to the affected person(s) by considering the overall impact. Afterwards, the person responsible for the case will follow up results of the relief and report to the appropriate staff and the filer of the complaint. Results of action will be reported to the Chairman of the Board of Directors, the Chairman of Audit & Corporate Governance Committee and/or all relevant Directors, respectively, depending on each case. VJ E987 =; 9JU E=>GQD9J? Q=B:7B 9:9DJ8? ?@7 8IG7<MD8=<o ?@7 9IBD? E=>>D??77 DQQ [7 <78G=J8D[Q7 ;=<

protecting the whistler-blower, the complainant, and the witness. The audit committee must 7J8I<7 ?@9? J= @9<> 8@9QQ [7 B=J7 ?= ?@7>}

V; ?@7 E=>GQ9DJ9J? D8 @9<>7B =< [7DJ: ?<79?7B IJ;9D<QU

in any way please inform the audit committee directly. 69J9:DJ: BD<7E?=< D8 <78G=J8D[Q7 ;=< :DMDJ: =I? =<B7<8 98 877J 9GG<=G<D9?7 ?= G<=?7E? ?@7

whistle-blower, complainant, and the witness. Managing director must ensure that no harm shall be done to them as a result of informing the truth. 69J9:DJ: BD<7E?=< E9J 988D:J =J7 =; ?@7 7 7EI?DM78 ?= :DM7 =I? =<B7< ?= G<=?7E? ?@7 @D8?Q7 [Q= 7<o

the complainant, and the witness on his behalf. However, the assigned executive himself must not be involved with the case either directly or indirectly. (The executive must not be one of the accused person by his subordinate.) The person who receives the complaint is responsible for keeping the information and evidence confidential. He must not reveal information to anyone unless constructed by law.

4. Disclosure and Transparency The Company has tightened procedures to take care of important information to be disclosed, including both financial and non-financial statements and reports. The information is disclosed correctly, accurately, on a timely basis and transparently, through the proper channels that users can fairly and trustfully access. 4.1 Board of Directors’ Report The Board of Directors is responsible for the Company and its subsidiaries’ financial statements and financial information presented in this Annual Report. The report on the Board of Directors’ F78G=J8D[DQD?D78 ;=< PDJ9JED9Q W?9?7>7J?8 D8 G<787J?7B 9Q=J: D?@ ?@7 F7G=<? =; VJB7G7JB7J?

Auditor and Audited Financial Statements in this Annual Report.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

291

4.2 Directors and Management Remuneration On 20th February 2013, the Board appointed and assigned the Remuneration Committee to set procedures for consideration of the remuneration of the Directors, Sub-committee Members and Senior Management. The remuneration of directors and sub-committee members will propose to the Board of Directors. The Board of Directors is not empowered to fix the remuneration of the Directors and Sub-committee Members but is required to place their recommendations on the same to the shareholders for their approval. The composition, role and duties and qualifications of Remuneration Committee and Remuneration Criteria are disclosed on Company’s website. The remuneration for Executive Directors who are working full time in the Company or in the subsidiary companies and Senior Management will be fixed in accordance with the principles and policies set by the Remuneration Committee. The Board of Directors directly and specifically approves the remuneration which is appropriate and at a sufficient level to attract and retain qualified high-ranking executives to work with the company based on the remuneration in the VJBI8?9JE7 =; ?@7 K=>G9JU ;=< [=?@ 8@=<?

term and long term and their respective individual performances.

VJ ?@7 U79<8 cpf 9JB cpf ?@7 K=>G9JU G<=G=87B ?@7 <7>IJ7<9?D=Jo >77?DJ: 9QQ= 9JE7 9JB

bonus pay, with no other numerations to the Board of Directors to the shareholders for their approval. The Directors’ remunerations approved by the shareholders’ meetings are as follows:

Director’s Remuneration 2018

Position

Meeting Allowance Audit & CG Director Committees’ Baht/Attendance/Person

Remuneration

2018

2017

2018

2017

2018

2017

60,000

60,000 30,000 30,000

20,000 10,000 30,000

45,000

30,000

25,000

Bonus

Baht/Attendance/Person

1. Chairman of the Board 2. Director 3. Chairman of Audit & CG Committee (additional renumeration) 4. Audit & CG Committee (additional renumeration) 5. Chairman of other Sub-committees 6. Member of other Sub-committees

2018

2017

c =; E98@ c =; E98@ Dividend Dividend Payment Equal Payment Equal to 2.06 MB. to 1.0 MB. The allocation The allocation 25,000 of Bonus of Bonus payment is payment is subject to the subject to the judgement of judgement of Board of Board of Directors. Directors. -

At present the Company's Board of Directors consist of 12 Directors including 3 Audit & CG Committee Members.

292 รายงานประจำป 2561

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A comparison of the regular remuneration paid to the Chairman of the Board, each Director, the Chairman of Audit and Corporate Governance Committee, each Audit and Corporate Governance Committee member among the Company and other listed companies and other construction listed companies is as follows: Comparison for regular remuneration Position

K@9D<>9J =; ?@7 A=9<B

of Directors Executive Directors

Non-Executive Directors K@9D<>9J =; HIBD? _

CG Committee*** HIBD? _ KL K=>>D??77

Members***

Unit : Thousand Baht/person/year Other Listed Companies** CNT* Listed Companies Listed Companies Property with Revenue All Listed Companies and Construction 5,001-10,000 MB 2018 cpf Mean Min Max Mean Min Max Mean Min Max c~p c~p c c~p wo ~p c cpf co p w

~p oc p fcp

120 wep

fcp

120 wep

dpp

488 w

wpp

c p

fcp cofep

120 2,160 fcp ~p

epp

w e

425 w ~

fcp 2,160 120 2,160 fcp fodpp

402 408 ~pp

40 3,000 40 3,000 ~p woepp

c e

~p co~pp

*CNT figures are actuals of respective years P<=> VSCO8 N@9D CD<7E?=<8 K=>G9JD78 WI<M7<U cpf ***Additional remuneration as Chairman of Audit & CG Committee l audit & CG Committee Member

A comparison of the regular remuneration, meeting allowance and bonus paid to the Chairman of the Board, each Director, the Chairman of Audit and Corporate Governance Committee, each Audit and Corporate Governance Committee member among the Company and other listed companies and other construction listed companies is as follows: Comparison for regular remuneration, meeting allowance and bonus

Position

Chairman of the Board of Directors Executive Directors Non-Executive Directors Chairmand of Audit & CG Committee*** Audit & CG Committee Members***

Unit : Thousand Baht/person/year Other Listed Companies** CNT* Listed Companies Listed Companies with Revenue Property All Listed Companies 5,001-10,000 MB and Construction Monthly Remuneration, Meeting Monthly Remuneration, Meeting Monthly Remuneration, Meeting Allowance and Bonus Allowance and Bonus Allowance and Bonus 2018 cpf Mean Min Max Mean Min Max Mean Min Max cd

c cofcd

~pp fcoc~p foe~

cw eoffd fo w

f oe~p

~ec

~fw fowwp

~fw foc~~

e w ew

wcc odep

cpe odep fopw~

~fd fod~p w~

fd ~opw fof

f f wodde fof

w~ cow d p

o p e o p cff ~o wp

e~c

dew

w p fow p

f c fo wp

f~ wo~wd

e ~

*CNT figures are actuals of respective years P<=> VSCO8 N@9D CD<7E?=<8 K=>G9JD78 WI<M7<U cpf ***Additional remuneration as Chairman of Audit & CG Committee l audit & CG Committee Member

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

293

Directors Remuneration

VJ ?@7 G98? U79<o ?@7 K=>G9JUO8 BD<7E?=<8 <7E7DM7B <7>IJ7<9?D=J DJ ?7<> =; >=J?@QU <7>IJ7<9?D=Jo

meeting allowance and bonus as follows: Name Period 1 January – 31 December 2018 f} 6<} W9J?D L<9E@9J:J7?9<9

Chairman of the Board of Directors 2. Mr. Kirit Shah Vice-chairman of the Board of Directors Executive Director 3. Mr. Surasak Osathanugraha Executive Director 4. Mr. Khushroo Kali Wadia Managing Director 5. Mr. Kasemsit Pathomsak Chairman of Audit & CG Committee

VJB7G7JB7J? CD<7E?=< e} 6<} V8@99J W@9@

Executive Director } 6<} <D8 N@D<9X9=89Q

Audit & CG Committee Member

VJB7G7JB7J? CD<7E?=< 8. Mr. John Heinecke Director } 6<8} ]9>GIJ: =J:8>D?@

Audit & CG Committee Member

VJB7G7JB7J? CD<7E?=< 10. Mr. Suphon Tubtimcharoon

VJB7G7JB7J? CD<7E?=< 11. Mr. Vites Ratanakorn Executive Director 12. Mr. Maxwell Federbush Director Z7<D=B f 9J} c~ HG<}f fw} 6<} W=>E@9D =J:8D<DQ7<B

Director

Monthly Remuneration Baht

Meeting Allowance Baht

Bonus Year 2018 Baht

c~poppp}

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120,000.-

180,000.-

162,326.45

120,000.-

180,000.-

162,326.45

120,000.-

180,000.-

162,326.45

360,000.-

420,000.-

162,326.45

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120,000.-

180,000.-

162,326.45

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120,000.-

180,000.-

162,326.45

120,000.-

180,000.-

162,326.45

120,000.-

30,000.-

162,326.45

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294 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Management Name and position of the Company’s executives (as on 31st December 2018) Name 1. Mr. Khushroo 2. Mr. Surasak 3. Mr. Vites 4. Mr. Pichet 5. Mr. Thanin 6. Mr. Manu } 6<} Z=J:89X

} 6<} 9?E@9<9

} 6<} Z=J:89X

Wadia Osathanugraha Ratanakorn Nimpanich Srisethi Benjamanee CD??9G=J:G9XB77

Z<=>X@IJ?@=J:

WI??@9G<77B9

Position Managing Director Assistant to Managing Director (Finance & Accounts) Operations Director Business Development Director Business Development Director (Special Project) Director – General Buildings Business Unit CD<7E?=< L=M7<J>7J? =<X8 AI8DJ788 JD? CD<7E?=< VJBI8?9<X7? AI8DJ788 JD? CD<7E?=< L7J7<9Q K=J8?<IE?D=J8 9JB 6nZ AI8DJ788 JD?

Advisor 1. Mr. David Greenbank Advisor - Commercial Detail of Company’s executives are described in “Directors and Management Details” in this Annual Report.

D=Q9?D=J <7E=<B8 ]=J7 Remuneration for Management

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[=JI8o ?= BD<7E?=<8 9JB 7 7EI?DM78 ^DJEQIBDJ: 69J9:DJ: CD<7E?=<` ;=< cpf ¥ cp G7<8=J8 ^cpf ¥ cp

G7<8=J8` ?=?9QDJ: A9@? ~ >DQQD=J ^cpf ¥ A9@? df >DQQD=J`

N@7 ?=?9Q <7>IJ7<9?D=J ?= ?@7 69J9:DJ: CD<7E?=< ;=< cpf 98 A9@? e} >DQQD=J @DE@ E=>G<D87B

of salary of Baht 6.52 million, bonus of Baht 0.16 million, Director Fees of Baht 0.30 million, and other remuneration of Baht 0.01 million. Contribution to Provident Fund for Executives The Company provided the Provident Fund for all Staff including Executives with contribution <9?7 =; d G7<E7J? ^B7G7JBDJ: =J 79E@ n 7EI?DM7O8 U79<8 =; 87<MDE7`}

VJ ?@7 U79< cpf ?@7 ?=?9Q

E=J?<D[I?D=J ;<=> ?@7 K=>G9JU ;=< G7<8=J8 D8 A9@? f} >DQQD=J}

Other remuneration for directors - None –

4.3 Information on Company’s shareholding by Directors and Managements both direct and indirect ZI<8I9J? ?= W7E?D=J d =; ?@7 W7EI<D?D78 9JB n E@9J:7 HE?o A}n} cdwdo 9QQ CD<7E?=<8 9JB 69J9:7>7J? personnel are required to report the changes in their (including their Relevant Persons) shareholding to the Office of the Securities and Exchange Commission within 3 business days from the date of ?<9BDJ: ?<9J8;7< =; ?@7 K=>G9JUO8 8@9<78 9JB =< =?@7< 87EI<D?D78 =; ?@7 K=>G9JU ^D; 9JU`}

V; ?@7<7

is any change, the Company Secretary will report such change in shareholding of the Directors, Management and top Executives to the Board of Directors on a quarterly basis. Details are B78E<D[7B IJB7< WIG7<MD8D=J =; ?@7 I87 =; VJ8DB7< VJ;=<>9?D=J DJ ?@D8 HJJI9Q F7G=<?}

295

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

Directors and management shareholding report Ordinary Shares (No. of shares) Change in As of 31/12/2018 As of Year 2018 Increase 31/12/2017 Numbers Percentage (Decrease) 1. Globlex Corporation Co., Ltd. c} 6<} V8@99J W@9@ ^ DE?=< K=}o ?B}`

Spouse and Minors

581,126,256 ~ow coc p

56.535 }f f

4.4 Relations with investors The Board of Directors recognizes the importance of accurate, complete and transparent disclosure of financial information and general information, which may affect the Company’s share price. The Company provides information through the SET and the Company’s website. While the Company undertakes investor relations at the top Management level, the Company has also designated persons as the contact points in the Company to service investors, shareholders, analysts and public as under. Mr. Khushroo Kali Wadia Managing Director

N7Q7G@=J7 £ee c ww fff E-mail: khushroowa@cn-thai.co.th Mr. Surasak Osathanugraha Assistant to Managing Director (Finance & Accounts) Company Secretary

N7Q7G@=J7 £ee c ww fpp E-mail: surasakos@cn-thai.co.th Mrs. Phanee Charoencharoenchai Senior Manager Group Finance and Accounts

N7Q7G@=J7 £ee c ww p E-mail: phaneech@cn-thai.co.th The Company participates in the investor relations activities held by SET called “Opportunity Day” quarterly, including interaction with press, which are attended by the Managing Director, Assistant to Managing Director and Operations Director. During the past year, the Company had joined 4 Opportunity Days and also took part in a number of press interviews.

Year /No. of time

cpf

2016

Meeting with Analysts d

Meeting with Investors e

Presentations d

Interview with newspapers/TV ff

Total c cd 22

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5. Responsibilities of the Board

5.1 Board Structure The number of members on the Board of Directors is commensurate with the size and complexity of the Company’s business. Currently, there are 12 Directors on the Board of Directors of the Company which consists of: d n 7EI?DM7 CD<7E?=<8 ^w CD<7E?=< 98 ;IQQ ?D>7 7>GQ=U77 =; ?@7 K=>G9JU`o

w ]=J n 7EI?DM7 CD<7E?=<8 9JB

~ VJB7G7JB7J? CD<7E?=<8 ^f w =; ?=?9Q A=9[7<8`}

N@7 HIBD? 9JB K=<G=<9?7 L=M7<J9JE7 K=>>D??77 E=>G<D878 7J?D<7QU =; VJB7G7JB7J? CD<7E?=<8} H>=J: fc BD<7E?=<8o ?@7<7 9<7 ff >9Q7 BD<7E?=<8o f ;7>9Q7 BD<7E?=<}

e CD<7E?=<8 9<7 [7? 77J c dp

years of age and 6 directors are more than 50 years old. Board Diversity The Company considered increasing diversity at the Board level as an essential element in supporting the attainment of its strategic objectives and sustainable development. The Board members represent diversity from a range of perspectives including gender, age, educational background, skills, knowledges and professional experience. And for the selection of new directors, the Board of Directors will consider candidate’s qualifications, having regard to the mix of skills, diversity and in line with the Company’s strategic direction.

Definition

Executive Director: An Executive Director is a Director who is involved in the Management of the Company on a full-time basis and receives regular monthly remuneration from the Company in the form of salary or its equivalent. VJB7G7JB7J? CD<7E?=< N@7 VJB7G7JB7J? CD<7E?=<8 9<7 DJB7G7JB7J? ;<=> ?@7 69J9:7>7J? 9JB @9M7 J= [I8DJ788 =< 9E?DMD?D78

with the Company and must not be involved in the day-to-day management of the Company or an 9;;DQD9?7B E=>G9JU @DE@ >9U E=>G<=>D87 ?@7 VJ?7<78?8 =; ?@7 K=>G9JU 9JB =< ?@7 W@9<7@=QB7<8} N@7 öI9QD;DE9?D=J8 =; ?@7 VJB7G7JB7J? CD<7E?=<8 =; ?@7 K=>G9JU E=>GQU D?@ ?@7 <IQ78 9JB <7:IQ9?D=J8 of the SET and the SEC, Thailand but some have higher qualifications. ¡I9QD;DE9?D=J8 =; VJB7G7JB7J? CD<7E?=<8 =; ?@7 K=>G9JU R=QBDJ: 8@9<78 J=? 7 E77BDJ: p} p G7<E7J? =; ?@7 ?=?9Q JI>[7< =; 8@9<78 D?@ M=?DJ: <D:@?8 =; ?@7

Company, its parent company, subsidiaries, associate companies, major shareholder or controlling G7<8=Jo DJEQIBDJ: 8@9<78 @7QB [U <7Q9?7B G7<8=J8 =; 8IE@ VJB7G7JB7J? CD<7E?=<}

]7D?@7< [7DJ: J=< I87B ?= [7 9J n 7EI?DM7 CD<7E?=<o n>GQ=U77o W?9;;o HBMD8=< @= <7E7DM78 89Q9<U

or other kinds of compensation from the Company, its parent company, subsidiaries, associate companies, major shareholder or controlling persons or other juristic person may have conflicts of interests (present and during less than 2 years prior to the date of appointment).

N@7U >I8? J=? [7 9 [Q==B <7Q9?DM7o Q7:9Q <7Q9?DM7o <7Q9?7B G7<8=J =< EQ=87 <7Q9?DM7 =; 9JU n 7EI?DM7

Director, top Executive, major shareholder or controlling person in/of the Company.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

297

Neither having nor used to have a business relationship pursuant to the regulations of the SEC and also must be free of any present, direct or indirect, financial or other interest in the management and business of the Company, its subsidiaries, associated companies, or its major shareholders. ]7D?@7< [7DJ: J=< I87B ?= [7 9J 9IBD?=< =< 9 G<=MDB7< =; 9JU G<=;788D=J9Q 87<MDE78 DJEQIBDJ: ?@=87

as legal advisor or financial advisor from the Company, its parent company, subsidiaries, associate companies, major shareholder or controlling person and not being a significant shareholder, controlling person or partner of the provider of professional services, unless the foregoing relations has ended not less than 2 years prior to the date of appointment. N@7U >I8? J=? [7 9E?DJ: 98 9 J=>DJ77 =< <7G<787J?9?DM7 =; 9JU CD<7E?=<o >9Y=< 8@9<7@=QB7< =<

shareholders, who are a relative of any major shareholders of the Company. ]=? IJB7<?9XDJ: 9JU [I8DJ788 =; 89>7 J9?I<7 9JB DJ E=>G7?D?D=J ?= ?@7 [I8DJ788 =; ?@7 K=>G9JU

or its subsidiary company or not being a significant partner, or being an Executive Director, Employee, Staff, Advisor who receives salary or controlling person or holding shares exceeding one per cent of the total number of shares with voting rights of other company which undertakes business in the same nature and in competition to the business of the Company or its subsidiary company. N@7U >I8? [7 9[Q7 ?= E9<7J?8o 9JB <7G=<? ?@7 E=>>D??77O8

performances, which are assigned by the Board of Directors without being influenced by Executive Directors or major shareholders of the Company, including related persons or relatives. ]=? @9MDJ: 9JU =?@7< E@9<9E?7<D8?DE8 @DE@ E9I87 ?@7 DJ9[DQD?U ?= 7 G<788 DJB7G7JB7J? =GDJD=J8} A7DJ: 9[Q7 ?= G<=MDB7 7öID?9[Q7 G<=?7E?D=J ?= ?@7 [7J7;D? =; 9QQ 8@9<7@=QB7<8o 9JB [7DJ: 9[Q7 ?=

prevent any conflict of interests that might occur between the Company and Executives, major shareholders, or any other company having similar major shareholders. May be appointed by the Board of Directors to make decision in a group (collective decision) regarding business operation for the Company, subsidiaries, affiliate or juristic person which may have conflicts of interest.

Definition of Related Persons Related persons shall include persons who are involved in any kind of benefits or are related to the Company’s business to a significant amount, such as suppliers, customers, or creditors. This kind =; E=JJ7E?D=J >9U 9;;7E? ?@7 VJB7G7JB7J? CD<7E?=<8 DJ E9<<UDJ: =I? ?@7D< BI?D78 DJB7G7JB7J?QU =<

conveniently. VJB7G7JB7J? CD<7E?=<8O F=Q78 9JB CI?D78 1. VJB7G7JB7J? CD<7E?=<8 8@=IQB :9DJ 9EE788 ?= ;DJ9JED9Q 9JB =?@7< [I8DJ788 DJ;=<>9?D=J

adequately for them to perform their duties effectively. 2. They are expected to regularly attend every Board meeting, including committee meetings, and raise good questions to ensure the interests of the Company’s shareholders’ and the protection of rights of other stakeholders’, and ensure that the Company complies with best practices.

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the Company's business and are also expected to express their views independently, as well as dedicate time and attention to the Company as needed.

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every way possible to look for opportunities in which they can discuss business management issues with the Management.

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their independence in accordance with the Company’s definition; on the date they accept the appointment and every subsequent year if required.

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beyond a certain time limit. Nonetheless, the difficulties of searching an appropriate replacement 9JB ?@7 [7J7;D?8 =; ?@7 =<XDJ: <7Q9?D=J8@DG [IDQ? IG =M7< ?@7 U79<8 D?@DJ ?@7 VJB7G7JB7J?

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limits placed under applicable law. Other Committee Apart from the Board of Directors and the Executive Board of Directors, the following sub-committees were appointed by the Board of Directors on 20th February 2013: N@7 HIBD? 9JB K=<G=<9?7 L=M7<J9JE7 K=>>D??77 ^P=<>7<QU HIBD? K=>>D??77 o E@9J:7B D?@

the Board of Directors resolution on 16th November 2000)

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N@7 FD8X 69J9:7>7J? K=>>D??77 The Composition, Role and Duties and Qualifications of each Committee are described under “Management” in this annual report. Other principles and practice involved A) Term of Directors Board of Directors: At every AGM, one-third of the Directors shall retire. The Director who @98 @7QB =;;DE7 Q=J:78? 8@9QQ <7?D<7}

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parts, the number or Directors closest to one-third shall retire. The retiring Directors may be <7 7Q7E?7B} VJ 9BBD?D=Jo ?@7 ?7JI<7 =; 9 BD<7E?=< J=<>9QQU 8@=IQB J=? [7 Q=J:7< ?@9J ?@<77

consecutive terms but this requirement may be waived by the Board of Directors after due consideration. Sub-Committee Members: Each member of the Sub-committees holds office during the same term as that of his/her Board membership. The tenure of a Sub-committee member normally should not be longer than three consecutive terms. VJB7G7JB7J? CD<7E?=<8

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However, depending on the reasonable needs of the business and ease or difficulty in finding 8ID?9[QU öI9QD;D7B E9JBDB9?78 98 VJB7G7JB7J? CD<7E?=<8}

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B) Board of Directors’ and sub-committees’ Meeting

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a regular basis, but extraordinary or special meetings, if required, may be called at any time during the year. Each meeting has a specific agenda, which would include a review of the Company’s operations. The Company Secretary sends the notice of each meeting and the <7Q7M9J? B=EI>7J?8 ?= 9QQ CD<7E?=<8o 9? Q798? B9U8 G<D=< ?= ?@7 >77?DJ: B9?7o 8= 98 ?= 9QQ=

sufficient time for them to review the information before joining the meeting, unless there is an overriding necessity or urgent matter. The Company Secretary will prepare the meeting schedule in advance and distribute to all board members, so as to allow them to arrange the time to attend the meeting. Moreover at every Board of Director Meeting, Company Secretary will regularly inform the schedule of the next meeting to all board members. Board of Directors’ meetings are held after the Audit & Corporate Governance Committee meeting so that the minutes of the Audit & Corporate Governance Committee meeting can be sent to the Board of Directors for their consideration and discussion during the Board meeting. However, in case a Director either feels suspicious or has any questions, the Director can seek answers or clarifications directly from the Executive Directors at all times.

Quorum

The quorum for the Board of Directors meeting is at least two-thirds of Board size. However, in emergency cases, this can be waived and the quorum required by the Articles and Law will be followed. The Company Secretary records the minutes, and after each meeting, the draft minutes are proposed to all Directors for their consideration. Such drafts are generally distributed to Board members before the minutes are adopted at the next meeting, and are kept for scrutiny by Board members and other concerned parties.

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regular meetings. The attendance of the Directors in Board of Directors meetings, Sub-committee meetings and shareholders’ meetings in the year 2018 was as followings:

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Sub-committee Company Annual Audit and Risk =; Executive Corporate Nomination Remuneration Management Board of General Directors attendance Board Governance Committee Committee Committee Meeting Committee

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On 14 November 2018, the non-executive directors held a meeting among themselves for discussing the business management issues and performance of the Executive Directors. C) Aggregation or Segregation of Positions The Chairman of the Board of Directors is not the Management and has no relationship with the Management as well as not the same person as the Managing Director of the Company nor is he related in any way to the Managing Director of the Company in order to segregate the duties between the policy maker and the policy manager. The Chairman of the Board is selected and appointed by the Board from the members of the Board. The Chairman of the Board is the leader of the Board of Directors and serves as the Chairman of the Board of Directors meetings and the shareholders’ meetings including promoting the good governance, and effective operation system. He engages directly with the Managing Director to monitor performance and oversees the implementation of the Company strategies.

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Powers, roles and duties of the Chairman of the Board of Directors Z<=MDB78 Q79B7<8@DG ?= ?@7 A=977?DJ:8o ]=J n 7EI?DM7 CD<7E?=<8 >77?DJ:8 9JB

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encourages their contribution to Board deliberations; Z<=>=?78 ?@7 @D:@78? 8?9JB9<B8 =; E=<G=<9?7 :=M7<J9JE7o 7?@DE8 9JB E=<G=<9?7 8=ED9Q

responsibilities; K=J8IQ? D?@ ?@7 69J9:DJ: CD<7E?=< 9JB K=>G9JU W7E<7?9<U ?= 9<<9J:7 ?@7 8E@7BIQ7 9JB

agendas of the Board of Directors’ meetings; nJ8I<7 ?@9? ?@7 K=>G9JU @98 7;;7E?DM7 E=>>IJDE9?D=J D?@ D?8 8@9<7@=QB7<8 9JB <7Q7M9J?

stakeholders. The Managing Director is appointed from the Board of Directors from one of Company’s directors. The Managing Director shall be Executive Director by position and is empowered to sign on behalf of the Company as specified by the Board of Directors. The Managing Director is the leader of the Management team and operates the business and to apply good governance principles across the organization to achieve the objectives as outlined. Powers, roles and duties of Managing Director The day-to-day management of the Company and its business is the responsibility of the Managing Director, supported by the executive team. C7M7Q=G8 9JB <7E=>>7JB8 ?@7 K=>G9JUO8 MD8D=Jo >D88D=Jo 8?<9?7:U 9JB [I8DJ788 GQ9J ;=<

the Board’s approval; 69J9:78 ?@7 K=>G9JU DJ 9EE=<B9JE7 D?@ 8?<9?7:Uo [I8DJ788 GQ9J8 9JB G=QDED78 9GG<=M7B

by the Board of Directors; F7G=<?8 =J ?@7 K=>G9JUO8 =G7<9?D=J <78IQ?8 ?= ?@7 A=9<B =; CD<7E?=<8 98 7QQ 98 =?@7< =<X

in progress to achieve the Company’s objectives; nJ8I<78 ?@9? 9QQ CD<7E?=<8 9<7 G<=G7<QU DJ;=<>7B 9JB ?@9? 8I;;DED7J? DJ;=<>9?D=J D8 G<=MDB7B

to enable the Directors to form appropriate judgments; AIDQB8 9JB >9DJ?9DJ8 9J 7;;7E?DM7 ?=G >9J9:7>7J? ?79> E9G9[Q7 =; B7QDM7<DJ: ?@7

Company’s strategy and objectives, and identifies and recruits new talent to ensure effective succession to top management positions; nJ8I<78 E=>>IJDE9?D=J D?@ 8@9<7@=QB7<8 9JB <7Q7M9J? 8?9X7@=QB7<8ú JB7<?9X78 9JU =?@7< <=Q78 9JB BI?D78 988D:J7B [U ?@7 A=9G9JU B78D:J9?7B 6<} WI<989X S89?@9JI:<9@9 as a Company Secretary, having duties and responsibilities in accordance with the Securities and Exchange Act and responsibility for overseeing and advising the Board and the Management regarding applicable laws, rules, regulations and good corporate governance, and responsible for holding the Board and shareholders’ meetings. The detailed profile of the Company Secretary, Mr. Surasak Osathanugraha, has been disclosed under the subject “Management Structure” of this Annual Report.

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D) Procedures for new directors The Company Secretary provides any newly appointed director with the background of the Company’s business, profile and industry along with all the relevant documents. Material documents are also provided to new Directors, including the Directors’ Manual, the Memorandum and Articles of Association of the Company, and the Company’s latest Annual Report. The main areas of focus are roles and responsibilities of Directors, policy statements on corporate governance, approval authorities, prohibitions under applicable laws, and roles and responsibilities of the Sub-committees of the Board. E) Directors and Management Remuneration The remuneration for Directors and members of Sub-committees was a fixed monthly amount, in addition to meeting attendance fees and bonuses, which were approved at the shareholders’ meeting. The remuneration for Managing Director and Senior Management consists of salary, bonuses and provident fund. The procedures to consider the remuneration for Managing Director and Senior Management was set out by Remuneration Committee which shall be appropriate and at a sufficient level to attract and retain qualified high-ranking executives to work with the company and based on the remuneration in the industry for equivalent positions, financial status/performance of the Company for both short term and long term including responsibility and performance. The remuneration of the Directors and Management has been disclosed hereinabove under the subject of “Disclosure and Transparency”. F) Board Self-Assessment Assessment of the Board is divided into 2 parts: a. Assessment of the Board and Sub-Committees as a whole. b. Assessment of each Board member and each Sub-Committee member Currently, the Assessment of the Board was conducted for Board of Directors and Sub-Committee as a whole and the assessment of each Board member and each Sub-Committee member. Board self-assessment is conducted each year on a regular basis. The Board of Directors has jointly defined criteria, assessment processes in the evaluation, as well as the norms of performance comparison. The Company Secretary shall distribute the assessment forms to each member of the Board, then collect the completed forms and submit them to the Chairman of the Board, for performance evaluation. Thereafter, the evaluation results will be used for discussion in a meeting of the Board where the recommendations given by Board members will be adopted for improvement of the Board’s performance, for the optimal benefit of the Company in terms of corporate governance.

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Board Directors and Sub-committee and Self-Assessment of the Board of Directors and of Committee Member on an individual basis was considered, with the major items for assessment was (in line with the guidance of the SET) as follows: W?<IE?I<7 9JB öI9QD?U =; CD<7E?=<ú

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303

N@7 G7<;=<>9JE7 =; ?@7 CD<7E?=<ú

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W7Q; B7M7Q=G>7J? =; CD<7E?=< 9JB n 7EI?DM7} The overall performance of the Board of Directors was excellent. The Sub-Committees’ Self-Assessment The Company has 5 Committees i.e., the Executive Board of Directors, the Audit & Corporate Governance Committee, the Nomination Committee, the Remuneration Committee and the Risk 69J9:7>7J? K=>>D??77} VJ U79< cpf o ?@7 A=9<B =; CD<7E?=<8 9EXJ= Q7B:7B ?@7 <78IQ?8 =; 79E@

board committee self-assessment conducted by members of each board committee through a questionnaire following the SET guidelines which covered the subjects as follows: Structure and characteristics of the Board Committees

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F=Q78 9JB <78G=J8D[DQD?D78 =; ?@7 A=9>D??778 DJ 79E@ G9<?DEIQ9< E=>>D??77 The scores of each board committee self-assessment are summarized as follows Sub-Committee 2018 Results of self-assessment The Executive Board of Directors Very Good Audit and Corporate Governance Committee Excellent Nomination Committee Very Good Remuneration Committee Very Good Risk Management Committee Excellent Assessment of Board member and each Sub-committee member on individual basis The assessment was (in line with the guidance of the SET) as follows:

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F=Q78 9JB <78G=J8D[DQD?D78 =; ?@7 A=9>D??778 DJ 79E@ G9<?DEIQ9< E=>>D??77 The scores of Board member and each Sub-committee member fall in the level of “Excellent”. Overall performance of the Board is enough and appropriate, the Board of Directors can perform their duty efficiently as can be seen from the ability to monitor the Company’s business operation to achieve its strategy goal and policy. The Board of Directors will use this assessment to further improve their performance. The Company will conduct this assessment every year which is in accordance with good corporate governance G=QDEU}

N@7 J7 ? 988788>7J? =; ?@7 A=9<B =; CD<7E?=<8 DQQ [7 E=JBIE?7B DJ cpf } Assessment of the Managing Director and Senior Management Assessment of the Managing Director is conducted by the Remuneration Committee on an annual basis. The Remuneration Committee has the duty to review the targets and performance criteria and assess the performance. Assessment of the Senior Management is conducted by the Managing Director by considering from key performance indicators following the goals and strategies for each year, and monitor and assess the performance. However, shall consider to apply the Managing Director’s assessment criteria which is in line with the guidance of SET for the assessment of Managing Director in the future.

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Directors and Management Training Board of Directors continues to try and enhance their value by participation in activities, courses and events which add to their knowledge base in the continually changing business environment to ensure that they are updated and possess full knowledge. All the Company’s Directors have attended important training courses, such as the Director Certification Program ^CKZ` =< 9? Q798? ?@7 CD<7E?=< HEE<7BD?9?D=J Z<=:<9> ^CHZ` @7QB [U ?@7 N@9D VJ8?D?I?7 =;

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Year 2018 Mrs. Nampung Wongsmith Role of Chairman Program - RCP

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G) Succession Planning The Company forms succession plans with the objectives of making human resources ready in advance, both in terms of quality and quantity, ensuring continuity of appropriate management, and selecting suitable Employees for the Company’s key jobs, which consist of the top Executives in the Company’s divisions, the key positions in the Company’s Management structure or business operations, or the positions for which specific expertise is required and replacements are difficult to find, such as the Managing Director, Assistant to Managing Director, the Head of Operations and the Head of Business Development etc. The persons who are responsible to nominate successors and to grant approval on the successors to key job positions are classified according to level of position. The person or group of persons responsible for nominations is the Nomination Committee, or others as specifically appointed by the Board, such as the Chairman of the Nomination Committee, members of the Board, the Managing Director, or the top Management at the group-head or division-head level, while the person or group of persons responsible for granting approval can be either the Board, the Nomination Committee, the Chairman of the Executive Committee, the Managing Director, or the top Management at the group-head level, depending on the level of each key position needing a successor. Operating Guidelines (In case the Managing Director or the Executive is unable to perform their duty). The Board of Directors specifies authorized signatories to sign on behalf of the Company in case the Managing Director or the Executive Directors are unable to perform their duty due to temporary absence for any reason like sickness, travel, etc.

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5.2 Roles, Duties and Responsibilities Leadership and Vision The Board of Directors is the main driver in defining the direction of the Company’s performance, achieving its goals and objectives and to define the Company Mission, Vision, Core Values, Strategic Business Plan, appointment of competent and effective Management and managing the Company’s affairs with good corporate governance in order to reach the objectives in accordance with Company’s policy and in accordance with the law. The Board of Directors is comprised of persons who have the knowledge, expertise, business experience and background which qualify them to perform their duties and responsibilities in accordance with the highest standards of business ethics. Explicit responsibilities of the Board of Directors The Board of Directors performs its duties and carries on the business of the Company in conformity with applicable laws, the Company’s objectives and the memorandum and articles of association, as well as the resolutions of the shareholders’ meetings. The Board shall be involved in any matters that may have a significant impact on the Company’s business. The following matters require decision or approval from the Board:

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prescribed by law.

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Company’s immovable properties for the period more than three years, to make a gift, to compromise, to file complaints to the Court and to submit the dispute to the Arbitration.

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and articles of association of the Company, the Public Limited Companies Act B.E. 2535, and other relevant laws and regulations. The Board of Directors has clearly defined and demarcated powers, duties and responsibilities between each committee as mentioned under the “Management Structure” section of this Annual Report. During year 2018, the Company held several meetings for top management to review Vision, Goal and Long-term Strategy of the Company. The reviews were based on current business environment, competitors and economics. The objective is to analyze and for in-time improvement of the Company Opportunities and Threats, Strength and Weakness in order to reach its goals. The Corporate Governance Policy A Corporate Governance Policy Manual outlining its features has been drawn up by the Company and already circulated to the Company’s employees for the recognition of the necessity of Good Corporate Governance. The Policy was also disclosed on the Website of the Company.

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The Company’s Corporate Governance Policies consists of: 1. Rights of Shareholders and equitable treatment of Shareholders; 2. Structure, duties and responsibilities and independent of Board of Directors 3. Disclosure and Transparency; 4. Controlling System and Risk Management; 5. Business Ethics. At the Audit and Corporate Governance Committee meeting held on 14 November 2018 had <7MD7 7B ?@7 J7 M7<8D=J =; ?@7 K=<G=<9?7 L=M7<J9JE7 K=B7 cpf ^KL K=B7` GI[QD8@7B [U ?@7

Securities and Exchange Commission. The Company had adopted the terms of the CG Code which are suitable for its business. The revised principle was proposed for the Board approval in the A=9<B =; CD<7E?=<8 677?DJ: ]=} ~~w @7QB =J ce P7[<I9<U cpf }

Further, the Audit & Corporate Governance Committee annually reviews the implementation of the CG Code within the Company, in order to ensure that good corporate governance is followed within the Company for the sustainability of the Company. Governance for Company’s subsidiary’s operation Previously, the nomination of candidates and the voting for the appointment of Directors in the subsidiaries was done by the Management. Starting from year 2013, the Company set a policy for ?@7 89DB J=>DJ9?D=J 9JB M=?DJ: ?= [7 9GG<=M7B [U 9 <78=QI?D=J =; ?@7 A=9<B =; CD<7E?=<8}

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of a conflict which could not be avoided, the candidate who was nominated should act in the best interests of the subsidiary and not the Company. The Company has also set an outline for an authorized person to ensure that as per the policy for related transactions, acquiring/selling of assets, or other important transactions, such transactions are correctly and completely disclosed, in compliance with the rules set out by the Company, including the proper record of all information and accounting records which can be investigated and submitted to the Company for consolidation of accounts on time.

6. Controlling System and Risk Management

The Company recognizes the importance of internal control systems at an operational level to ensure that the operations are conducted efficiently. The powers and duties of Operations and Management level personnel are clearly laid down. There is a proper level of control maintained on the utilization of the Company’s property/assets for the highest benefit of the Company and there is clear segregation between operations units, control units and assessment units for the purpose of maintaining appropriate checks and balances. Moreover, an internal control system for the financial and accounting functions of the Company is clearly set up which allows adequate reporting to the relevant Management. N@7 K=>G9JU @98 9J VJ?7<J9Q HIBD? C7G9<?>7J? DJ =<B7< ?= 7J8I<7 ?@9? ?@7 X7U =G7<9?D=J8 9JB ;DJ9JED9Q

activities are conducted efficiently, under the relevant guidelines and laws. Moreover, to ensure that the K=>G9JU @98 E=>GQD7B D?@ Q9 8 9JB <7:IQ9?D=J8 <7Q9?DJ: ?= ?@7 [I8DJ788 =; ?@7 K=>G9JUo ?@7 VJ?7<J9Q HIBD?

C7G9<?>7J? E=JBIE?8 <7:IQ9< E@7EX8 ?@7<7=;} VJ?7<J9Q 9IBD?=<8 <7G=<? BD<7E?QU ?= ?@7 HIBD? _ K=<G=<9?7

L=M7<J9JE7 K=>>D??77 =J 9QQ >9??7<8o DJ =<B7< ?= >9X7 ?@7 VJ?7<J9Q HIBD? C7G9<?>7J? E=>GQ7?7QU DJB7G7JB7J? of the Management.

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307

VJ?7<J9Q E=J?<=Q 8U8?7>8 ;=< ?@7 ;DJ9JED9Q 9JB 9EE=IJ?DJ: ;IJE?D=J8 =; ?@7 K=>G9JU 9<7 EQ79<QU 87? IG

which allows adequate reporting to the relevant Managers to achieve the following objectives: 1. Efficient and effective operations, including skillful use of resources for the best benefit of the Company. 2. Accurate, reliable and prompt financial reporting. 3. Full compliance with the Company’s policies, laws and regulations. The Board of Directors recognizes the importance of risk management and is responsible directly for the risk management of the organization with the objectives to support the work performance of the Management of the Company to be efficient and effective and to achieve the business objectives. The Board of Directors has specified the Company’s policy on risk management and internal control on the website of the Company and under the subject of Corporate Governance Policy and “Internal Control and Internal Audit” in this Annual Report.

7. Business Ethics

The Company has set up a code of ethics for Directors, Management and employees as a guideline to carry out their respective work for the Company in a transparent, honest, faithful and justifiable manner. V? D8 9Q8= BD8EQ=87B =J ?@7 K=>G9JUO8 7[8D?7} K=J;QDE? =; VJ?7<78? VJ =<B7< ?= G<7M7J? E=J;QDE? =; DJ?7<78? ?<9J89E?D=J8o ?@7 A=9<B =; CD<7E?=<8o ?@<=I:@ ?@7 HIBD? 9JB

Corporate Governance Committee has carefully supervised such potential transactions by setting out a written policy and procedure of approval of transactions involving any potential conflict of interests, as follows: Potential conflict of interest transactions Any transaction which could lead to a potential conflict of interest and/or a related party transaction is considered very carefully by the Board of Directors with a view to full compliance with the relevant rules and regulations of the SET and the SEC, Thailand, apart from compliance with the internal policies and guidelines set up by the Company. Moreover, such transactions are entered into strictly on an “Arms-Length” basis. The terms and conditions of such transactions are always in compliance with generally acceptable, standard commercial terms and conditions and appropriate disclosure regarding the details of the transactions viz. value, counter-party, reason and necessity of the transaction is made in this Annual Report and also in Form 56-1. N@7 HIBD? 9JB K=<G=<9?7 L=M7<J9JE7 K=>>D??77 9JB VJ?7<J9Q HIBD? C7G9<?>7J? @9M7 GQ9JJ7B ;=< ?@7

audit of potential conflict of interest transactions by recording these transactions in the audit plan every U79<} VJ cpf o ?@7 HIBD?=< @98 9IBD?7B 9QQ ?<9J89E?D=J8 9JB <7G=<?7B 9EE=<BDJ:QU ?= ?@7 HIBD? 9JB

K=<G=<9?7 L=M7<J9JE7 K=>>D??77} VJ ?@7 HIBD? 9JB K=<G=<9?7 L=M7<J9JE7 K=>>D??77 677?DJ:o ?@7

Committee will revise transactions that have potential conflict of interest, to ensure that each such transaction that the Company carried out was important to the Company’s business, according to standard commercial competition, generally based on price list as a priority and in the best of interests of the Company, as well as whether it is disclosed in the Annual Report.

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6=<7=M7<o ?@7 VJ?7<J9Q HIBD? C7G9<?>7J? @98 <7MD7 7B ?@7 E=>GQD9JE7 =; ?@7 K=>G9JU D?@ <78G7E?

?= ?@7 ]=?D;DE9?D=J8 =; ?@7 WnN F7 N@7 CD8EQ=8I<7 =; VJ;=<>9?D=J 9JB HE?8 =; D8?7B K=>G9JD78

Concerning Connected Transactions 2003 as amended from time to time and Notification of the Capital Market Supervisory Board No. Tor Chor. 21/2551 Re: Rules on Connected Transactions as amended from time to time including the circular letter of the SEC about the recommended practice to be ;=QQ= 7B IJB7< 87E?D=J fc ^f` =; ?@7 W7EI<D?D78 9JB n E@9J:7 HE? ^]=}~` A}n}cddf} N@7 B7?9DQ8 =; ?@7

connected transactions have been explained under the topic “Connected Transactions” of this Annual Report. The results of the review have been reported to the Board of Directors of the Company. The Board of Directors of the Company is of the opinion that such transactions are fair and for the full benefit of the Company. Reporting changes in Company share ownership To prevent abuse of inside information, all Directors and Senior Management must report any changes in their (including their Relevant Persons) holding of the Company’s shares and/or other securities (as the case may be) to the Company and the Office of the SEC within 3 business days from the date of trading/transfer of the Company’s shares and/or other securities (as the case may be). The changes in Company’s shares and warrants of the Directors are reported to the Board of CD<7E?=<8 >77?DJ: 7M79?D=J

section of this Annual Report for further information. Remuneration for Auditor (1) Audit Fee The Company and subsidiaries paid the audit fee to: N@7 K=>G9JUO8 9IBD?=<o DJ ?@7 G<7MD=I8 9EE=IJ?DJ: G7<D=Bo 9>=IJ?DJ: ?= A9@?

N@7 9IBD? ;D<> =; @DE@ ?@7 9IBD?=< D8 9 >7>[7<o G7<8=J8 =< [I8DJ78878 <7Q9?7B ?= ?@7 9IBD?=< 9JB

the audit firm of which the auditor is a member, in the year 2016 accounting period, amounting to Baht 2,600,000.- and which is the same auditor as last year. (2) Non-audit fee

- None -

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

309

Compliance with the Principles of Good Corporate Governance in Other Matters The Company has fully complied with the Principles of Good Corporate Governance for Listed Companies 2018, except the following matters: Principles of Corporate Governance

The opinion from the Board of Directors

Determination of the number of terms of holding of office as directors and independent directors

The Board of Directors considers and deems that the consecutive holding of such directors will be useful for the Company and Shareholders since Directors holding consecutive office will have knowledge and experience in the Company’s business operations and can maximize value to shareholders.

Declare an intention to join with Thailand’s Private Sector Collective Action Coalition Against Corruption (CAC)

The Board of Directors acknowledges the signing for anti-corruption campaign by participating in the private concerted efforts against corruption. The personnel in related department is assigned to draft the anti-corruption policy in accordance with the guideline set out by CAC to propose to the Management to consider propose to the Board of Directors for approval and to be used in the Company including suppliers and sub-contractors.

The Company should provide an appropriate compensation policy for the Board and the Management.

The Company may consider making this policy by arranging advice from an outside expert, but it cannot be prepared in this year.

The Chairman of the Board of Directors should be an independent director

This has not been adopted for the present but may be considered in future.

The committee should consist of independent directors, >=<7 ?@9J dp

This has not been adopted for the present but may be considered in future.

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Sustainability Report Principles for Sustainability Development With Company’s vision to “Develop Sustained Competiveness” and therefore in order to achieve the vision, the Company’s mission is set up for the sustainability management. The Company has applied the principle of organization sustainability aspects which cover the economy, society and environment under good governance for setting up strategy and policy.

Corporate Governance Christiani & Nielsen (Thai) Public Limited recognizes that good governance is important and necessary for sustainable growth in business and long term shareholders value, and accordingly, with the resolution of the Board of Directors Meeting held on 14th February 2007, the Corporate Governance Policy Manual, Business Ethics and Code of Conduct Manual have been set up and disclosed on the Company’s website under the subject of “Corporate Governance”. Audit and Corporate Governance Committee conducts an annual review of the Corporate Governance Policy (the “Policy”) and evaluation of the Policy’s implementation, so that the Policy is up to date and appropriate with the current situation. The Policy shall be reviewed and implementation thereof shall be evaluated to ensure that the Board of Directors, Sub-Committees, Management and Employees understand and implement the Policy correctly. The report for Corporate Governance was disclosed in “Corporate Governance Report” in this Annual Report. The Company’s administration has been complying with the Principles of Good Corporate Governance, focusing on the significance of and responsibilities towards shareholders and stakeholders of the Company. Consequently, the Company continued to receive a very good rating in the assessment of the corporate governance, and in 2018, the Company received assessment by the regulatory units as below

In the assessment of the quality of the 2018 Annual General Meeting of Shareholders by the Thai Investors Association, the Company was rated higher than the average score in the year 2017 despite the more intense assessment criteria.

N@7 K=>G9JU <7E7DM7B 9J n E7QQ7J? <9?DJ: DJ ?@7 988788>7J? =; E=<G=<9?7 :=M7<J9JE7 =; N@9D

listed companies for 2018 from the Thai Institute of Directors Association. In 2018, the Audit and Corporate Governance Committee had considered and reviewed the new version of ?@7 K=<G=<9?7 L=M7<J9JE7 K=B7 cpf ^KL K=B7` GI[QD8@7B [U ?@7 W7EI<D?D78 9JB n E@9J:7 K=>>D88D=J}

The Company has adopted the terms of the CG Code which are suitable for its business to ensure business integrity and creating long-term business value to all stakeholders. The Board shall strive for governance outcomes i.e. the competitiveness and performance with long-term perspective; ethical and responsible business; good corporate citizenship and corporate resilience.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

311

Economy The Company conducts business with commitment to promoting the nation’s economic development both directly and indirectly through its revenue. The generation and distribution of economic value is aimed to create value added to its shareholders, customers, employees and other stakeholders on equitable basis. Profits from operation are part of the creation of well-being of all stakeholders.

Society Social responsibility is one of the Company’s commitments in operating its business. The important mission is to create and develop a better quality of life in every community where the Company’s operations are involved. The Company always provides continuous support and promotes different kind of social activities. N@7 =[Y7E?DM7 D8 ?= G<=>=?7 ?@7 [I8DJ788 9JB E=>>IJD?D78 ?= E=7 D8? @9<>=JD=I8QU}

Environment The construction business, if conducted irresponsibly, can affect many aspects of the environment. The Company emphasizes on environment protection, and policies were set out and strictly followed by all employees at its Head Office, Plant and each construction work site. The Company also encourages and creates awareness in all employee to realize the importance of preserving sustained environment.

Overview of Sustainability Report Sustainability Report of Christiani & Nielsen (Thai) Public Company Limited has been made as part of this Annual Report, to present the Company’s performance in terms of economic, social, and environmental under good corporate governance to create sustained highest value to all stakeholders. Construction business is one of business fundamentals and takes an important role in driving nation’s economy. Company’s business affects various stakeholders, and that it may especially affect living and safety conditions for not only its own staff but also the environment and communities. If the Company’s business is conducted irresponsibly, it will inevitably lead to catastrophic environmental and other adverse impacts on communities near the Company or the Company’s worksites. Moreover, it may be harmful to life and property as well. The Company has set a clear policy to operate its business with the objective for achieving long-term sustainability. The policy needs to be followed by employees and shall be monitored regularly for improvement and ensure that the process has been done accordingly. The Company’s operation of the social and environmental responsibility can be separated into two parts as follows: 1. CSR In Process The Company conducted its business with full realization for the responsibility towards the impacts of all process of the Company’s operations to create value and equally contribute >9 D>I> [7J7;D? ?= 9QQ 8?9X7@=QB7<8}

2. CSR After Process The Company has the policy to get involved and support all activities both direct and indirect for the benefit and create well-being to society and community for the sustainable growth. This is not related to the Company operation.

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This Sustainability Report has been made in accordance to the frame work of GRI G4 of which Company reporting are re-categorized according to the GRI reporting standard. However, the Company plan to make the full Report to meet with full Core indicator and with “In accordance Criteria” in the future.

Stakeholder Engagements The Company’s recognizes the importance of all stakeholder groups whether it is internal stakeholders such 98 >9J9:7>7J? 9JB 7>GQ=U778 =; ?@7 K=>G9JU 9JB 8I[8DBD9<D78o =< 7 ?7<J9Q 8?9X7@=QB7<8 8IE@ 98 8@9<7@=QB7<8 and investors, customer, suppliers and creditors, competitors, communities and environment, government agencies and other related organizations whom the Company has an ongoing relationship and impact as a result of its business operations. The Company engages its stakeholder groups in various channels, with the frequency and communication mechanisms based on the most effective communication channels. The Company has also provided communication channels on its website or any another means for any 8?9X7@=QB7< ?= 7 G<788 @D8 @7< =GDJD=J =< E=>GQ9DJ? 9JB E=J?9E? ?@7 A=9<B =; CD<7E?=<8 BD<7E?QUo D?@=I?

going through the Management. The Board has, and will continue to treat such information seriously and with utmost confidentiality. Currently, the Company’s Stakeholders can be categorized into 8 groups, which are presented below. All Company’s departments are responsible for creating and maintaining good relationships with these groups, E=>>IJDE9?DJ:o ?9XDJ: ?@7D< 8I::78?D=J8o 9JB 988788DJ: ?@7D< 7 G7E?9?D=J8} Stakeholders Management and Employees

Expectations HGG<=G<D9?7 E=>G7J89?D=J 9JB welfare. K9<77< 9BM9JE7>7J? 9JB succession. K=>G7?7JEU 9BM9JE7>7J?}

L==B =<XDJ: 7JMD<=J>7J?} W7EI<D?U 9JB 89;7?U 9? =<X}

Key action and engagement

Communication channels

F78G7E? @I>9J <D:@?8 9JB BDM7<8D?U and ensuring equal opportunity. Z<=MDB7 ;9D< 89Q9<Uo [7J7;D?o 9JB welfare by benchmarking with other companies in the industry. Z<=MDB7 [=JI8 [987B =J E=>G9JU

financial and employee performances. Z<=MDB7 [7J7;D? 9JB 7Q;9<7

provident fund, social security fund, compensation fund, emergency financial assistance, medical treatment fees, and group health insurance. nJ8I<7 9 89;7 9JB @79Q?@U =<X environment Provide training for skill enhancement. HJJI9Q <7MD7 =; E=>G7J89?D=Jo welfare and benefits structure, in accordance with Company’s performance both in short and long term, to remain competitive with industry standards. Z<=>=?7 89MDJ: MD9 K]N K==G7<9?D=J}

K<79?7 89;7?U 9 9<7J788 [U ?<9DJDJ:}

SRWHW f ppf cpp 8?9JB9<B ;=< safety and health.

W7? IG W?9;; 7Q;9<7 K=>>D??77} 67889:7 ;<=> 69J9:7>7J? MD9 monthly internal newsletter, CNT Internal Web 677?DJ:o W7>DJ9< 9JB K=>G9JU event for staff to meet with Management. HJJ=IJE7>7J?o ZF A=9<B} WI[>D? E=>>7J?8 9JB 8I::78?D=J to Supervisor, Management or Managing Director via E-mail: ponpisch@cn-thai.co.th

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

Key action and engagement

313

Stakeholders

Expectations

Shareholders and Investors

VJE<7987 =; 8@9<7O8 M9QI7 W@9<7 G<=;D?8 DJ ?7<> =; BDMDB7JB8} WI8?9DJ9[Q7 :<= ?@ =; ?@7 [I8DJ788}

K=JBIE? [I8DJ788 D?@ YI8?DE7 9JB transparency. FD8X 69J9:7>7J?}

Customers

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professional services and solutions K=J;DB7J?D9Q J=J BD8EQ=8I<78}

at once. SJ ?D>7 ?<=I[Q7 8@==?DJ:}

677? EQD7J?8 û7 G7E?9?D=J8 D?@ superb quality and services. Deliver projects within the budget and timeline. ]7M7< B7QDM7< G<=Y7E?8 ?@9? >9U potentially damage the clients. VWS ppf cppd ¡I9QD?U 69J9:7>7J? System 77G ?@7 E=8? Q= 98o U7? >9DJ?9DJ high quality construction standard and services. W77X 9U8 ?= 9BB >=<7 [7J7;D?8 ?= the clients. N9X7 G9<? DJ ;DJBDJ: 8=QI?D=J8 98 7QQ as preventing environmental problems within the building sites and the neighborhood.

677?DJ: D?@ ?@7 G<=Y7E?O8 = J7< or representative. Construction site visit by Management. KI8?=>7< P77B[9EX ¡I78?D=JJ9D<7} 7??7< ?= Z<=Y7E? 69J9:7<o Operations Director, Managing Director. n >9DQ EJ?¤EJ ?@9D}E=}?@

Suppliers

P9D<J788 9JB 7öI9Q =GG=<?IJD?U DJ procurement process. P9D< G<DE78} F7GI?9?D=J 9JB E<7BD?9[DQD?U} K<79?7 8UJ7<:U G9<?J7<8} HB@7<7 ?= E=JBD?D=J8 DJ ?@7 contracts.

n >9DQ EJ?¤EJ ?@9D}E=}?@ @D8?Q7 [Q= 7< E-mail: ponpisch@cn-thai.co.th F7:IQ9< >77?DJ:8 ;=< DJ;=<>9?D=J

7 E@9J:7 9JB E<79?7 :==B relationship. S<:9JDT7 9E?DMD?D78 ?= E<79?7 :==B relationship.

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K<79?7o >9DJ?9DJ 9JB 9BB7B long-term value to Shareholders. CD8EQ=8DJ: ?D>7QUo E=JED87 9JB relevant information.

F78G=J87 ?= 9QQ öI7<D78}

W7? E<D?7<D9 ;=< ?@7 9GG<9D89Q 9JB selection of supplier for fair competition. C7;DJ7 öI9QD?Uo G<=BIE?8 9JB 87<MDE78}

nJ8I<7 ?@9? ?7<>8 9JB E=JBD?D=J8 9<7 based on industry norms and practices. K=>GQU D?@ 9:<77B ?7<>8 9JB conditions. On time payment WIGG=<? 9JB 988D8? @7<7 G=88D[Q7 ?= create synergy partners. VJ?7<J9Q HIBD? C7G9<?>7J? 98 assigned to follow up and monitor

?@7 G<=EI<7>7J? GI<E@98DJ: process to ensure that there will not be any corruptions nor fraud.

Communication channels F7:IQ9< E=>>IJDE9?D=J D?@ Investors through meetings and conference call. CD<7E? E@9JJ7Q =; E=>>IJDE9?D=J

?= A=97J? =G7J ;=< every shareholder via Secretary to Audit and CG Committee E-mail: ponpisch@cn-thai.co.th. W@9<7@=QB7<8 677?DJ: 9? Q798? once a year, plus quarterly Opportunity Day Meetings. HJJI9Q F7G=<?o P=<> de fo 7?E}

n >9DQ D<¤EJ ?@9D}E=}?@

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Stakeholders

Expectations

Key action and engagement

Communication channels

Creditors

H[DQD?U ?= <7G9U Q=9J8 B7[?8 =J ?D>7 W?<DE?QU E=>GQU D?@ 9QQ ?7<>8 9JB P9D< <7?I<J8 =J Q=9J8 9JB 87<MDE7 conditions and objectives of using fees. the borrowed funds, repayment, K=>>D?>7J? ?= 9:<77>7J?8} collateral, and other conditions as may agree. ]7M7< E=JE79Q ?@7 ?<I?@ ?@9? >9U potentially cause any damage to the creditors. H88I<7 öI9QD?U =; E=QQ9?7<9Q =< 9JU conditions in the agreement made with the creditors for achieving mutual benefit.

F7:IQ9< >77?DJ:8 ;=< DJ;=<>9?D=J

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Regulators

W?<DE?QU E=>GQU D?@ 9QQ <7Q9?7B laws and regulations. L==B K=<G=<9?7 L=M7<J9JE7 9JB transparency. SJ ?D>7 9JB 8I;;DED7J? BD8EQ=8I<7 of information.

PDJ9JED9Q 9JB 9JJI9Q =G7<9?DJ: reports including Annual Report,

P=<> de f 9JB =?@7< <7Q9?7B reports regularly required. F7:IQ9< BD8EQ=8I<7 ?@<=I:@ WnN} 7??7< ?= 69J9:DJ: CD<7E?=< @D8?Q7 AQ= 7< E-mail: ponpisch@cn-thai.co.th

Community, Society and Environment

V>G<=M7>7J? =; öI9QD?U =; QD;7}

WIGG=<? 9JB G9<?DEDG9?7 DJ Q=E9Q 7??7< ?= SG7<9?D=J8 CD<7E?=<o WIGG=<? =; E=>>IJD?U 9E?DMD?D78} community activities. Be a part of Managing Director. Z<787<M7 7JMD<=J>7J?} the neighborhood and join activities n >9DQ D<¤EJ ?@9D}E=}?@o HM=DBo <7BIE7 G=QQI?D=J @DE@ >9U as see fit. cnt@cn-thai.co.th affect the environment. S<:9JDT7 E9>G9D:J8 ?= DJ8?DQQ M9QI7

V88I7B ? = G=QDE78 DJ <7:9<B8 ?= of the living harmoniously between Corporate Social and Environmental the company, community, social, Responsibilities: CSR In Process and environment. and CSR After Process. F78G=JB öIDEXQU 9JB 7;;DED7J?QU @7J there’s an environmental complaint made by the community as a result of the company construction.

Competitors

K=>G7?DJ: IJB7< <IQ78o ]=? 9??9EXDJ: <7GI?9?D=J8 D?@ ;9Q87 regulations & law allegations. P9D< ?<9B7o ?<9J8G9<7JEU 9JB Z<=G7<QU ?<79?7B E=>G7?D?=<8 D?@ auditability. fairness, ethically and legally. ]=? MD=Q9?7 E=>G7?D?=<8O DJ?7QQ7E?I9Q property rights. ]=? 9EE788 E=J;DB7J?D9Q DJ;=<>9?D=J in dishonor or in appropriate means.

P=QQ= :IDB7QDJ78 DJ B=DJ: transactions with the State, code of conduct and participate in all relevant activities which may require. PDJ9JED9Q 9JB 9JJI9Q =G7<9?DJ: Reports. 77G =J787Q; DJ;=<>7B 9JB IGB9?7B at all time with the news, join regularly the meeting, seminar, and activities held by Ministries that govern rules and regulations in order to be informed about the changes. Z7<D=BDE DJ?7<J9Q 988788>7J? ?= ensure the compliance. F7:IQ9<QU BD8EQ=87 ?@<=I:@ WnN}

=DJ 98 9 >7>[7< =; N@9D Contractor Association to meet

9JB 7 E@9J:7 =; DB79 ?= E<79?7 good relationship among contractors’ members.

315

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

Economic Performance The Company had arranged its management structure in Construction operation in to Business Units 9EE=<BDJ: ?= 8?9;; E9G9[DQD?U 9JB 7 G7<D7JE78}

R79B =; 79E@ AI8DJ788 JD? D8 <78G=J8D[Q7 ;=< ?@7 >9J9:7>7J? in their own unit to generate income for the sustained economic growth of the Company. Business Unit consisting of Government Business Unit, Industry and Hypermarket Business Unit, General Buildings Business Unit, Residential and Hospitality Business Unit and MEP and General Construction Business Unit. The Company’s operations contribute to national economies by generating economic benefits for different stakeholders through Company’s cash flow from operations. Economic Performance Data

Direct Economic Value

VJE=>7 ;<=> K=J8?<IE?D=J

Distribution of Direct Economic Value

K=8? =; K=J8?<IE?D=J

n>GQ=U77O8 <7>IJ7<9?D=J 9JB [7J7;D?8

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N9 CI?U Z9U>7J? ?= L=M7<J>7J?

Community supports Cumulated Economic Value

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Transfer to (from) reserve

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cf ^ ` 7

N9 CI?U G9DB ?= L=M7<J>7J? DJEQIBDJ: 9QI7 HBB7B ?9 fw }d6Ao D?@@=QBDJ: N9 f~c6Ao CI?U W?9>G fc6Ao V>G=<? CI?U p}d6A}

(Source – Financial Statement of 2018) Further information for Company’s economic performance can be found in “Type of Business” and “Income Structure” in this Annual Report. Company’s financial performance as described in “Financial Highlight” and “Management Discussion and Analysis” in this Annual Report.

Effective Management Resources The Company is now improving its Enterprise Resources Planning system to manage and integrate all Company’s core business process including Cost Control, Account and Finance, Procurement, Worksite’s W?=<7 77GDJ:o nöIDG>7J? 69DJ?7J9JE7 9JB 7?E}

N@7 8U8?7> 9D>8 ?= >9J9:7 9QQ <78=I<E78 7;;DED7J?QU 9JB

reduce time (Algorithm) by integrating all database of company core business function in a single database to ensure the accuracy of all data. The real time access and linkage of all data enhance the decision of Management to become more efficient and can react immediately to the change.

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Social and Environment Performance (CSR In Process) Corporate Social Responsibility Policy Incorporated over 8 decades ago, the Company is proud to be a part of the country’s development on both, social and economic fronts. All along, it has been the Company’s policy to conduct its business with good corporate governance, while acting with responsibility towards society and the environment, which is translated into a clear policy for conducting the Company’s business operations. N@7 K=>G9JU 9GGQD78 ?@7 G<DJEDGQ78 =; K=<G=<9?7 W=ED9Q F78G=J8D[DQD?D78 87? =I? [U ?@7 W?=EX n E@9J:7 =;

Thailand (“SET”) as its guidance for the following: 1. Good corporate governance; 2. Fair business operation;

w} F78G7E? =; @I>9J <D:@?8 9JB ;9D< ?<79?>7J? =; Q9[=I<ú 4. Environmental conservation;

d} K=J8I>7< <78G=J8D[DQD?Uú

e} Z9<?DEDG9?D=J DJ social development;

Corporate Social Responsibility Operation The Company realizes the importance of long term resource utilization both, direct and indirect, such as employees, suppliers who supply natural construction material, various communities and the environment. The Management has set a clear policy to develop, encourage, promote and maintain the utilization of such resources with responsibility and good practices which is in accordance with good corporate governance. The Company believes that a successful business, conducted with all stakeholders’ in mind, can create long-term sustainability in social and environmental issues and enable the Company to achieve its missions. The policies are outlined and disclosed as follows:

Good corporate governance The Company’s management system is transparent and verifiable, in order to add to the confidence of all stakeholders and related persons for sustainable growth of the business. The Company has set up a Corporate Governance Policy Manual, which has been disclosed on the Company’s website under the subject of “Corporate Governance”.

Fair business operation The Company has established measures to prevent unfair competition and trade barriers. The Company has also implemented a policy for checking conflict of interest, business ethics and disclosure and transparency, which has been disclosed on the Company’s website under the subject of “Corporate Governance”.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

317

Anti-corruption Policy The Company’s Board of Directors has declared an intention not to participate in any form of corruption. This is in compliance with Thailand’s Private Sector Collective Action Coalition Against Corruption (CAC). Further details are provided under the section “Corporate Governance Report”. The Company had announced its Anti-Corruption Policy on Company’s Website.

Respecting Human Rights and Labour Practices The Company requires that all of its Directors, the Management and Staff strictly respect international human rights principles as part of the operations of the Company, and do not tolerate any violations thereof. The principle also apply to all Company sub-contractors as well.

Human Right Management Guidelines The Company will hold morality to procure and employ staff without discrimination in terms of race, religion, colour or gender. There are no child labour or forced labour and this shall be applied to all Company’s sub-contractors. This is to ensure fair and equal opportunity for everyone to be recruited as the Company’s employee. The recruiting process emphasizes on capability and suitability with such position. The Company also strives to improve the quality of life of disabled people, by employing them under the same terms and conditions as other staff. Moreover, the Company also provides facilities for the handicapped in its Head Office, e.g. special elevator, ramp for wheelchairs, special toilets, etc. The Company complied with the Law for the employment of disabled by cooperating with all related public sectors and the Social Innovation Foundation by joining the programe to employ the disabled person to work in the community or in public society organizations such as schools, hospital, local government authorization. This is the new dimension initiated by the Government to encourage the private sector to employ disabled person who are capable to work in the organization and be the representative of that organization for the contribution to society. The employment of disabled person is according to Company’s policy to create equality in society, improve disabled quality of life and added economic value to the country. VJ cpfeo ?@7 K=>G9JU Y=DJ7B D?@ ?@7 B7EQ9<9?D=J ;=< ?@7 E==G7<9?D=J [7? 77J ?@7 GI[QDEo G<DM9?7 9JB EDMDQ

society sectors. “Create a new dimension to create 100,000 career for disabled person” by the Thai Health Promotion Foundation in collaboration with private section to create 10,000 career for disabled person. This year the Company is able to hire disabled employee in proportion required by law at 1 disabled 7>GQ=U77 ?= fpp 7>GQ=U778o ?=?9QDJ: e BD89[Q7B 7<7 7>GQ=U7B @DE@ D8 9EE=<BDJ: ?= ?@7 Q9 98 8IE@ ?@7

Company need not to subsidize to the Fund for Empowerment of Persons with Disabilities.

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Staff Number Number of staff working at Head Office, Plant and construction work sites are as under: Total numbers of staff by age and gender Staff

Total Under 30 years old 31-50 years old over 51 years old 2018 2017 2018 2017 2018 2017 2018 2017

Female Male

fwp

f c

fwd

f~p

f~f

c e

Total Staff

312

306

562

598

174

160

1,048

1,064

2018

2017

2018

2017

2018

2017

2018

2017

Resigned Staff Female Male

fwd

Total staff resigned

179

122

Total numbers of staff - classified according to work places, age and gender Staff

Total Under 30 years old 31-50 years old over 51 years old 2018 2017 2018 2017 2018 2017 2018 2017

Head Office Female Male

fwp

fwp fcd

Total

149

156

247

255

Plant Female Male

cd de

Total

Construction Work site Female Male

fe~

wcc

w~d

fww d d

Total

247

241

369

396

101

717

728

Total Staff

312

306

562

598

174

160

1,048

1,064

2017 Total Female Male

Total

Classified according to level and gender : 2018 Female Male

Total of employees Level Top Management Middle Management IJD=< 69J9:7>7J?

Operation Level Total

fdp

ffw

ffc

wwc

f~f

~ c

wef

f~d

ffc

wwp

ced

p f~c ~ d w

298

750

1,048

288

776

1,064

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

319

Classified according to their Thai workers and migrant workers uner MOU, Age and Gender : Total Under 30 years old 31-50 years old Over 51 years old 2018 2017 2018 2017 2018 2017 2018 2017

Type of Workers Thai workers Female Male

w~p

d~c

foc~~

fop f

fod~d

~ ~

ccf

d d

fo~pf

coc p

fo e co ~f

Total

882

1,188

2,108

2,626

691

796

3,681

4,610

Migrant workers uner MOU Female Male

cdp

cpe

fp fe~

Total

257

211

471

174

1,139

1,272

2,319

2,715

694

797

4,152

4,784

Total of Workers

Employment Ratio of Disabled Staff and workers Staff

Female

2018 Male

Total

Female

2017 Male

Total

Staff Disables staff and workers

foe d }ed wo~~p } ~ dofcd } f cop~w } ~ wo ~p } c do w } cw f}wd ~~ f}ce e f}c c~ f}fe ~f f}p ed f}ff

Total

1,708

3,484

5,192

2,067

3,781

5,848

Overall Employment VJ cpf o ?=?9Q 8?9;; 98 fop~ ^DJEQIBDJ: d >9Q7 BD89[Q7B` D?@ ;7>9Q7 8?9;; c ^c }~~ ` 9JB >9Q7 8?9;; dp

^ f}de `}

N=?9Q =<X7<8 7<7 ~ofdc G7<8=J8 D?@ ;7>9Q7 fo~fw G7<8=J8 ^w }c `o >9Q7 co w G7<8=J8 ^ed} `}

H>=J: ?@787 7<7 N@9D =<X7<8 woe f G7<8=J8 ^ }ee ` 9JB =<X7<8 IJB7< 6S ~ f G7<8=J8 ^ff}w~ `}

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valued equal employment opportunities. However, as the nature of construction business requires physical 7JBI<9JE7o =I< E=J8?<IE?D=J =<X;=<E7 E=J?9DJ8 @D:@7< JI>[7< =; >9Q7 ?@9J ;7>9Q7 8?9;; =<X7<8}

VJ ?7<>8

of employing physically challenged persons (disabled) the Company strongly adheres to the law. The Company realized that they have physical limitations and therefore delegate them to work in the areas that do not impose any risk to their individual physical challenge.

Equal Opportunity and Fairness Labour Treatment The Company is committed to providing equal opportunity in every aspect of its business. The Company pays remuneration according to Employee’s abilities for each position. The same principle also applies to other benefits such as housing, medical services etc. The Company does not discriminate between able and disabled staff or local and migrant labour, all of who are considered equal. All Employees have an equal chance to develop themselves for career advancement.

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Equality support for career advancement The Company applies the principle of “Competency Development Programme” for training. Goal, indicators and action plans are set according to Individual Development Plan (IDP) to enhance employee’s knowledge for the advancement in their career. Post evaluation and assessment shall be conducted after every training course to prepare further individual development plan.

Human Resources Development and career advancement Training and development ¡I9QD;D7B 7>GQ=U778 9JB G7<8=JJ7Q 9<7 X7U <78=I<E78 ;=< 9JU E=>G9JU ?= B<DM7 ;=< Q=J: ?7<> B7M7Q=G>7J?

=; ?@7 =<:9JDT9?D=Jo 98 7QQ 98 ?@7 E=IJ?<U ?@<=I:@ ?@7D< XJ= Q7B:7 9JB 7 G7<D7JE7}

N@7 K=>G9JU GQ9U8

an important role in supporting and encouraging its employees and staff, by providing various training E=I<878 @DE@ 9<7 <7Q9?7B ?= ?@7D< 7 D8?DJ: BI?D78 9JB <78G=J8D[DQD?D78o :7J7<9Q >9J9:7>7J? 9JB 8XDQQ8 DJ ?@7

Company’s main construction activities. This is to ensure that all staff shall understand all relevant practices and meet with the Company’s standard. The continuous training programme always provides to enhance its staff to meet with the change of construction business and prepare for Company’s future growth. The Company believes that good workmanship will deliver high quality of work to satisfy EI8?=>7<8}

HQ?@=I:@ E7<?9DJ 7>GQ=U778 >9U Q79M7 ?@7 K=>G9JUo D? D8 7 G7E?7B ?@9? ?@7D< XJ= Q7B:7o

7 G7<D7JE7 9JB :==B =<X>9J8@DG G<9E?DE78 =IQB 7J9[Q7 ?@7> ?= B7QDM7< :==B =<X ?= =?@7< =<:9JDT9?D=J8o

thereby resulting in the positive long term development of the country. Training School will be responsible to prepare the training programme, according to Company Strategic Plan, to all employees in all levels including workmanship in construction site. The courses shall be E=JBIE?7B [U DJ @=I87 =< 7 ?7<J9Q ?<9DJ7<8 @= 9<7 7 G7<D7JE7B DJ 79E@ 8I[Y7E?}

N@7 9JJI9Q ?<9DJDJ:

programme and target training group will set in advance and publicized on Company Internal Web Site, n 79<JDJ: Z<=:<9>>7 9JB VJ?7<J9Q =I<J9Q}

N@7 G<=:<9>>7 9Q8= J=?D;D7B ?= 79E@ 7>GQ=U77 ?= GQ9J ;=<

attending the course. The Company construction training center at Nimit Mai Road was established to enhance Company’s development programme, with more space, in order to facilitate more staff training programs to improve their skill and workmanship. Apart from in-house training, the Company also sends Employees to attend training programmes organized by other organizations related to Company’s business or general management, so that Employees gain new XJ= Q7B:7o DB798o 9JB ?= B7M7Q=G DJJ=M9?D=J}

H;?7< ?<9DJDJ:o ?@7U 9GGQU ?@7D< J7 Q79<JDJ: DJ ?@7D< 7 D8?DJ:

job duties for the development of their careers.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

321

Master Degree Supporting Policy The Company had a policy to support key employees to further their study in Master Degree in Company’s business related programmes. Employees whose qualifications meet with Company’s criterial will have a E@9JE7 ?= 7J@9JE7 ?@7D< XJ= Q7B:7o E9G9[DQD?U 9JB DJE<7987 ?@7D< 7;;DED7JEU DJ ?@7D< 7 D8?DJ: Y=[8 9JB DJ ?@7

future. As part of the career long-term advancement plan, the employee can bring in their new knowledge for the improvement in their jobs and become Company’s future assets. In order for the Company to provide continuous specific training courses to staff and workers especial for safety and special training programme. The Company had registered with relevant departments to set up Company’s in-house training center to train internally and issue the certificate thereof. The Company had promoted, developed and supported employee whose qualifications are in accordance with the requirement of Department of Labour Protection and Welfare to be trained as an in-house trainer. The training courses 9<7 E=JBIE?7B [U K=>G9JUO8 7>GQ=U77 @= @9M7 7 G7<D7JE7 9JB 7<7 ?<9DJ7B DJ <7Q7M9J? E=I<878} C7?9DQ8

as under: Training courses Safety in Electrical Works Confine Space Safety Safety, Occupational Health and Work Environment Safety Officer at Supervisor Level Crane Operation Safety Testing for Road Works Installation and Inspection of Ring-locked Scaffoldings

Registrar Occupational, safety Health – Department of Labour Protection and Welfare Occupational, safety Health – Department of Labour Protection and Welfare Occupational, safety Health – Department of Labour Protection and Welfare Occupational, safety Health – Department of Labour Protection and Welfare Occupational, safety Health – Department of Labour Protection and Welfare Department of Highway Occupational, safety Health – Department of Labour Protection and Welfare

Career Development Plan The annual development programme (Career Path Development) is set up on a continuous basis from year to year. The objective is for employees to realize and understand the opportunities for their career development which is the Company’s mission to create “quality employees, quality productivity”. The Company will train its employees according to its development plan. Employee training is focused on two target groups as follows: Group of operation staff – Top Management and Staff at Management level Group of operation staff including workers at worksites

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Development plan for Top Management and Staff at Management Level The Company applies the principle of “Competency Development” for training. Goal, indicators and 9E?D=J GQ9J8 9<7 87? 9EE=<BDJ: ?= VJBDMDBI9Q C7M7Q=G>7J? ZQ9J8 ^VCZ8`}

N@7<7 9<7 w Q7M7Q8 DJ K=>G7?7JEU

Development. Type of Competency Core Competency For staff at all levels

Level of staff Average training hour per employee All levels wp @<8} 8788D=J U79<

Managerial Competency Management

wp @<8} 8788D=J U79<

Functional Competency

Manager / Professional Staff ff~ @<8} 8788D=J U79<

Objective of the program - To ensure that all staff understand the core values of the organization which is achievement oriented, cost effective, customer focused, initiative and alertness. - To develop managerial skills such as pro-active

9J9QU?DE9Q 9JB GQ9JJDJ:o <78=I<E78 >9J9:7>7J?o management, communication and co-ordination, leadership. - To develop technical skills according to their professional duties and responsibilities.

Leadership Development To create and develop the leadership is one of the Company’s missions to develop staff from supervisor level to prepare themselves into higher level to become future organization leader group as part of succession plan. The Company provides continue soft-skill training and other related programmes for both in-house 9JB 7 ?7<J9Q ?<9DJDJ: DJ8?D?I?D=J8}

English communication skills development The Company realized the importance of staff being able to communicate in English. Therefore, English courses are provided to employees as part of their skill development. There is a full time English teacher who will conduct English classes for staff at the head office, plant and construction sites. Courses are designed to match the level of individual’s English proficiency and needs with pre & post course evaluations.

E-learning system The Company has developed an e-learning system for English and many in-house courses for Head Office and construction sites staff. The purpose is to provide an all-time access to knowledge for employees. The =J QDJ7 E=I<878 DJEQIB7 öIDTT78 9JB 7 7<ED878 ?= 7JE=I<9:7 G9<?DEDG9?D=J}

n Q79<JDJ: DQQ 7J9[Q7 8?9;; ?=

continue improving their skills and knowledge. During the year 2018, the E-learning system were developed the group of major knowledges to serve the needs for various course of learnings. These group of knowledges including:

¦=IJ: nJ:DJ77< Z<=:<9>>7

K=J8?<IE?D=J J= Q7B:7

W=;? WXDQQ8 J= Q7B:7

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

323

nJ:QD8@ J= Q7B:7 W9;7?U J= Q7B:7 K=>GI?7< WXDQQ8

Young Engineer Programme Newly employed young engineers are a major resource of the construction business, are trained to develop ?@7D< [98DE XJ= Q7B:7 9JB DJ ?@7 K=>G9JUO8 8G7ED9Q ?7E@JDöI78}

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Engineer”, whereby the Company recruits new graduates from engineering institutes and trains them starting with the Company’s fundamentals, such as procedures, systems, techniques, know-how, and etc. They are trained both in the office and at the work sites (on the job training). The Company believes that after training, these young engineers will carry out their duties according to the Company’s standards and will become the Company’s future assets and continue to maintain the Company culture.

Development Plan for operation staff in construction operation The Training School is responsible to prepare the training programme to develop staff in construction operation as well. The training programme will focus on operating and managing in worksite (Project Management) to ensure the understanding of efficient project management. The target groups are all staff at supervisor Q7M7Qo 7J:DJ77< Q7M7Q d IG ?= Z<=Y7E? 69J9:7<}

N@7 ?9<:7? :<=IG8 >I8? 9??7JB 9QQ ?<9DJDJ: E=I<878 98 IJB7<

D?@ ?<9DJDJ: @=I<8 J=? Q788 ?@9J we @=I<8 G7< U79<}

N@7 E=I<878 9<7 BDMDB7B DJ ?= :<=IG8 =; XJ= Q7B:7

9JB 8@9QQ [7 E=JBIE?7B [U K=>G9JUO8 8?9;; @= 9<7 7 G7<D7JE7Bo XJ= Q7B:79[Q7 9JB [7DJ: 9J 7 G7<? DJ

each subject. This is to create sustainable knowledge in the Company from generation to generation. Staff can attend more than one course in a year. Details or training course, No. of training staff and hours are as under: Data per year

No. of courses 2018 2017

Training hours 2018 2017

Nos. of participant 2018 2017

K=J8?<IE?D=J J= Q7B:7

W=;? WXDQQ

K=>GI?7< WXDQQ

W9;7?U Z<=:<9>>7

Z<=Y7E? 69J9:7< Z<=:<9>>7

nJ:QD8@ WXDQQ

f ~

~wd

wec

fo~ c

cwd

cwf ede

fdw

Total

786

828

2,416

2,175

Group of Operation staff at construction sites As a large construction company, the Company needs a number of skilled staff and workers. With high competition in the construction market, operation staff and worker is one of the significant target groups for training. The Company has built a training center at Nimitmai Road to provide full facilities for training staff and workers. The programs are focused on major construction activities, skills which are needed for every construction project such as brick laying, plastering, carpentry, formwork, erection works, etc. The Company conducts a test for standard workmanship in line with the standards of the Skill Development

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Department, as for the Company to pay the remuneration according to their skill. The Company always develops the training programme to meet with the shortage of some certain skills in order to increase Company’s including its sub-contractors’ quality of workmanship. As for sustained development, after training, they may leave the Company to join other organizations without any objection from the Company. The training programmes for safety are conducted regularly for staff and workers at site to ensure safety workplace. Training for the use of equipment is provided to ensure that all company’s equipment will be used correctly and efficiently. The regular training programmes, including the development of skilled labour are also conducted to ensure that qualified works will be handed over to all customers. The detail of training programmes are as under: Nos. of hours 2018 2017

Continuous programme W9;7?U DJ K=J8?<IE?D=J 9JB I8DJ: WE9;;=QBDJ:

N= 7< K<9J7 WD:J9Q

w~c

f~~

Nos. of participant 2018 2017 woddf

coc p

cfd

Programme developed in 2018 Continuous programme W9;7?U =<X8 ZQ9E78

W9;7?Uo SEEIG9?D=J9Q R79Q?@ 9JB =<X nJMD<=J>7J?

W9;7?U ;=< =<XDJ: DJ K=J;DJ7 WG9E7

W9;7?U ;=< =<XDJ: DJ @D:@ GQ9E78

Nos. of hours wp

f ~

Nos. of participant f d fef

ce~

wpc

Joining as a member of Council of Engineers network In December 2017, the Company was approved as a member of Council of Engineers network. As a member the company is certified to host a training for engineers of the other members and sharing engineering professional knowledge among members as knowledge sharing to promote personal and country development in a sustainable way. In addition engineers can collect training hours toward the continuing professional development program (CPD), which is required when they need to take professional QDE7J87 7 9> 98 ?= G<7G9<7 ;=< ?@7D< E9<77< 9BM9JE7>7J?}

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be lecturers of certain courses that organized by the Council. The company has received approval to be a member of the Continuing Professional Development Network from the Council of Engineers in 2018. Since then we have organized training courses to enhance skills 9JB 7 G7<D7JE78 ;=< 7J:DJ77<8}

VJ 9BBD?D=Jo 7 ?==X ?@7> ?= >9JI;9E?I<7<8 ?= Q79<J G<=BIE?D=J G<=E788 9JB

8?IBU @= ?= I87 >9?7<D9Q8 BD<7E?QU ;<=> fp >9JI;9E?I<7<8}

cef 7J:DJ77<8 <7E7DM7B =J ?@7 Y=[ ?<9DJDJ:o

@DE@ D8 7öIDM9Q7J? ?= ep @=I<8 =; ?<9DJDJ:}

H>=J: ?@=87 cef 7J:DJ77<8o few 79<J7B E<7BD?8 ;<=> ?@7 K=IJEDQ =; nJ:DJ77<8}

N@7 E<7BD? 79<J7B DQQ E=J?<D[I?7 ?= 9 DJ ?@7 ;I?I<7}

325

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

Details of Trainings Total No. of Training Courses 2018 2017

Type of Training Courses In-House Trainings n ?7<J9Q N<9DJDJ:8

Total

131

102

No. of Training Staff 2018 2017 cof w

2,264

cocdc

2,343

No. of Training Days 2018 2017 fce

ff~

240

f~f

fff

252

Total Training Expenses Per Year (Baht)

2018

2017

dweowwc fo pco~c c po ~f ecco f 827,173 2,325,409

Average training hours according to employee level and gender Employee Level Operation Staff IJD=< 69J9:7>7J? 7M7Q

Middle Management Level Top Management Level

Hour/person/year 2018 2017 28 cd

20 fd

By Gender Female Male

24 c~ 42 c~

Hour/person/year 2018 2017 18 wp

24 c~

Performance Management The Company has a system of performance management to support the employees to work efficiently and effectively in accordance with the ultimate target of the Company that is to “Develop Sustained Competiveness”. The supervisor has duties to manage performance of their sub-ordinates in each level to achieve the successful by assigning the duties and responsibilities in accordance with company target and strategy. It is to enhance their sub-ordinates through training, coaching and mentoring according to their knowledge and capability. The employees have duties to comply with their duties and responsibilities for the achievement of their target and meet the standard of performance and be responsible for self-development for better performance. The performance evaluation shall be conducted annually to review the remuneration including promotion. This to encourage and motivated employees to work with their full effort and dedication in works and improve their performance continually.

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Policy and Regulations about remuneration, welfare, provident fund The Company has a policy of remuneration payment which related to the Company’s performance both in 8@=<? 9JB Q=J: ?7<> ?= >=?DM9?7 7>GQ=U778 ?= B7M=?7 ?@7>87QM78 ;=< ?@7 9E@D7M7>7J? =; ?@7D< ?9<:7?}

^ 7U Z7<;=<>9JE7 VJBDE9?=<` 9JB K=>G7?7JEU D8 ?@7 >7E@9JD8> DJ @DE@ ?@7 K=>G9JU 9GGQD78 ;=< ?@7

management of salary which is in short term. Other benefits which is beyond legal are also provided. This aim to promote the security for employee and their family and to build up long-term relationship between employees and the Company. The salary rate and basic remuneration shall not be different between female and male employees e.g. salary adjustment, bonus, incentive and etc. However, for long term remuneration it will depend on Company’s investment plan in the future and the outlook of market which the Company is operating in. The Company has registered establishing Christiani & Nielsen (Thai) PCL provident fund, registered no. cff cdww =J fw IJ7 f p D?@ Z<=MDB7J? PIJB [U WKA H887?8 69J9:7>7J? ?= [7 89MDJ: 9JB :I9<9J?77

for the employees and their family. The employee are free to choose their own investment plan. The saving <9?7 D8 B7G7JBDJ: =J 7>GQ=U778O M=QIJ?9<U 9? ?@7 <9?7 [7? 77J d fd }

VJ U79< cpf o ?@7 ?=?9Q 9>=IJ? DJ G<=MDB7J? ;IJB DJ E=>G9JUO8 E=J?<D[I?D=J 9? ?@7 <9?7 =; d [U I8DJ:

E<D?7<D9 =; >7>[7<O8 U79<8 =; 87<MDE78 ;=< G7<E7J?9:7 E9QEIQ9?D=J D8 c~} 6DQQD=J A9@? D?@ <787<M7 9EE=<BDJ:

?= ?@7 G<=MDB7J? ;IJB GQ9J =; f w 6DQQD=J A9@? @DE@ D8 E=M7<8 9QQ 7J?D?Q7B 7>GQ=U778} All staff who has pass the probationary period will have the right to apply for provident fund membership. H8 9? wf C7E7>[7< cpf o >7>[7< =; G<=MDB7J? ;IJB D8 c 7>GQ=U778 =< ~}ed @= 9<7 ?@7 >7>[7<8 =;

the fund from 1,048 employees who are qualified according to the requirement of the fund.

Saving and Contribution Rate (Employees & Company) The contributions to the fund are from Employees and Company. The saving from Employee is at the starting <9?7 =; d G7<E7J?}

N@7 E=J?<D[I?D=J ;<=> ?@7 K=>G9JU D8 9? d B7G7JBDJ: =J JI>[7< =; n>GQ=U778O U79<8

of services to promote good morale and serve as a long term incentive to Employees who have many years =; 87<MDE7}

N@7 7>GQ=U778 89MDJ: <9?7 E9J [7 ;<=> d fd G7<E7J? B7G7JBDJ: =J ?@7D< M=QIJ?9<U} N@7 89MDJ:

and contribution rates are as under: Saving and contribution Rate according to employee’s years of services Years of services 788 ?@9J fd U79<8

P<=> fd ?= cp U79<8

P<=> cp ?= cd U79<8

P<=> cd ?= wp U79<8

6=<7 ?@9J wp U79<8

Contribution Rate (%) from Company d e

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

327

Terms of payment The Company shall pay to the employees who dismiss form membership of the provident fund when they are resigned or retired from the Company. The payment and benefits shall be cumulative of saving from employee and contribution from the company depend on employee’s years of services. Year of membership (after probationary period) 788 ?@9J d U79<8

P<=> d ?= e U79<8

P<=> e ?= U79<8

From 7 to 8 years P<=> ?= U79<8

P<=> ?= fp U79<8

More than 10 years

Cumulative Cumulative Employee Saving Company Contribution (%) (%) fpp

fpp

100 fpp

fpp

100

J=J7

dp ep 70 p p 100

Other Welfare and Benefits Welfares and Benefits will be provided to employees and their family after they pass the probationary period. Employees at same level shall receive the same welfare and benefits regardless of their gender, race, age and religion. Welfare and Benefits are as under:

Promoting Health Policy The Company provides yearly physical check-ups to all its Employees with the aim of detection and protection before any severe disease that may occur. The Company also provides medical insurance, which is in addition to Social Security’s medical benefits for Employees, to enable them to access better medical services. Moreover, the Company also provides first-aid services at its office and on worksites. In addition, certain worksites have a nurse stationed at a first-aid room to provide first-aid assistance and give advice on health care and use of medicine. N@7 K=>G9JU 9Q8= G<=>=?78 D?8 n>GQ=U778O :==B @79Q?@ [U @D<DJ: ?<9DJ7<8 ?= E=JBIE? 97<=[DE 7 7<ED87 9JB

U=:9 EQ98878 =J B9DQU [98D8 98 7QQ 98 ?@7 7 7<ED87 <==> D?@ 9 ;IQQU 7öIDGG7B :U>J98DI> D?@ ?<9DJ7< ?=

:IDB7 @= ?= 7 7<ED87 9JB I87 7öIDG>7J? G<=G7<QU 9JB 89;7QU ;=< n>GQ=U778 9? R79B S;;DE7 @= 9J? ?=

7 7<ED87 9;?7< =<XDJ: @=I<8}

H8 ;=< 7>GQ=U778 9? ?@7 GQ9J? 9JB E=J8?<IE?D=J 8D?78o ?@7 K=>G9JU @98

G<=MDB7B 9 G<=G7< 7 7<ED87 M7JI7 D?@ J7E78897J?} N@7 =[Y7E?DM7 D8 ?= ;9EDQD?9?7 =I<

7>GQ=U77 @= 9J? ?= 7 7<ED87 9;?7< =<XDJ: @=I<8 D?@=I? ?<9M7QQDJ: 9JB 7 G7J878 98 ?= G<=>=?7 :==B

health and for the benefit of Employees.

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Work Absence at Head Office, Plant and Construction work sites are as follows: Gender Head Office Sick Leave Business Leave Annual Leave Plant Sick Leave Business Leave Annual Leave Construction work sites Sick Leave Business Leave Annual Leave

2018 2017 No. of Person

2018 2017 No. of Days

2018 2017 Average (Day:Person)

Female Male Female Male Female Male

fcc

fff

fpw

dfp

wec

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w}w

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d}c ~} c}c f} } }

Female Male Female Male Female Male

ffw

ff~

wfe

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w}e

w}w d}w w}f ~}d }f }w

Female Male Female Male Female Male

f~w

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After one year of service, employees are entitled to 10 days Annual Leave. HJJI9Q 79M7 ;=< 7>GQ=U778 @= 9<7 7J?D?Q7B ;=< HJJI9Q 79M7 DJ U79< cpf ^J=8} =; HJJI9Q F7G=<? DJ

this Report is including the Annual Leave taken by employees who were resigned during the year).

Housing/camping The Company provides housing for Employees who are working outside Bangkok city limits in order to facilitate living and reduce the impact of higher cost. The Company builds temporary camp sites located near its construction sites for staff and labour including sub-contractors’ labour. These camps must be safe, clean and with a healthy living environment.

Child care at construction sites It is the Company’s policy to provide housing for staff and workers who are working at construction sites. In addition to housing, at some construction sites with a long period of construction and a large number of staff and workers, the Company may provide a child care center for the children of staff and workers. This is to improve the quality of life for those children. As a result, children had someone to look after them while their parents were at work. Other than improving the quality of life for the children, parents can also rest assured that their children are cared for, allowing them to work more effectively.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

329

Financial Aid Medical care benefit for staff and family The Company absorbs limited cost of out-patient medical services for its Employees which is beyond the medical services provided by Social Securities Fund. The Company also provides insurance to cover in-patient costs and accident for Employees. As an in-patient, gifts will be sent to Employee for caring and concerning. In addition, the Company also provides limited in-patient medical benefits to the spouses and children aged 20 years or younger of its Employees as well.

Life Insurance, accident and social funds The Company provide group life insurance policy at the rate of 12 times of each employee’s salary and medical group insurance with Alliance Ayutthaya Insurance PCL. The Company paid the contribution, as required by law, to Social Security Fund and Workmen’s Compensation Fund.

Funeral expense aid H8 =J7 =; ?@7 G=QDED78 ?= 7987 ?@7 ;DJ9JED9Q [I<B7J =; D?8 n>GQ=U778o ?@7 K=>G9JU G<=MDB78 ;IJ7<9Q 7 G7J87

aid in case Employee or the Employee’s family members passes away. The Company sends the wreath in condolence for the loss of the Employee.

Saving Cooperative The Company encourages the establishment of a saving cooperative and named it the “Christiani & Nielsen Employee Saving Cooperative” or Co-op in short. The Co-op is managed by the Employees with the objective to encourage employee’s saving for their financial stability in the future. Moreover, it is a financial aid amongst its members. The Company supports the Co-op staff and allows the Co-op to use Company premises. Moreover, the Company act as a centre in supporting its employees for special interest rate and conditions for housing loan from various commercial banks.

Employee Welfare Committee The Company had established the Employee Welfare Committee of which according to the law. The Company facilitate the election of Employee to be a member of the Committee. The members of the Committee being the representative from Employees to jointly consult with the Employer for the purpose of providing welfare to the Employees, give advice and recommendation, inspect control and supervise welfare arrangement, promote employees relations activities, comments and propose guidelines to improve workplace environment and etc. The Committee can create a good morale to Employee which in return, it can increase productivity and efficiency in the Company.

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Environmental Operation (CSR In Process) Since the establishment of the Company, the Company has conducted its business strictly in compliance with all related laws and regulations, governed by related authorities for social and environmental protection. The Company realizes that simply complying with regulations is not enough, and accordingly, a clear policy to prevent harmful effects and pollution from the Company’s work was set up. Reviews are regularly conducted to control and monitor the effects of the Company’s work in order to ensure the highest level of effectiveness. This policy is updated with the changes in environment to ensure long-term sustainable development. N@7 ¡WRn ^¡I9QD?Uo W9;7?U 9JB R79Q?@ nJMD<=J>7J?` C7G9<?>7J? 98 87? IG ?= >=JD?=< 9JB 7J8I<7 ?@9?

E=J8?<IE?D=J =G7<9?D=J8 E=>GQU D?@ ?@7 <7Q9?7B Q9 8 9JB <7:IQ9?D=J8}

N@7 ¡WRn DQQ 9Q8= 7J8I<7 ?@9?

quality and safety is in accordance with the high standards and policy of the Company. The aim is to prevent or minimize all accidents and negative impacts that may occur during the construction process. In May 2018, the Company was granted the certificate of OHSAS 18001:2007 (Occupational Health and Safety Assessment Series) from certified body. The objectives for this assessment is for the monitoring to reduce and control all risks of employees and the others and to increase the efficiency of business. The benefit received from following the OHSAS 18001:2007 is; reduce cost in long term, as it can control and reduce the amount of accidents to staff, property as well as environment impact,

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7JE=I<9:7 8?9;; ?= GQ9J 9JB =<X DJ ?79>} N= G<=MDB7 ?@7 XJ= Q7B:7 <7Q9?7B ?= 8U8?7>

management, surveillance, and monitor. Correct the mistake and continue to improve to achieve efficiency and effectiveness; and

B7M7Q=G ?@7 J7 ?7E@J=Q=:D78 ?= D>GQ7>7J? =EEIG9?D=J9Q @79Q?@ 9JB 89;7?U DJ E=J8?<IE?D=J}

Occupational Safety, Health and Environment The Company cared for life and health and is determined to promote safety for employees to prevent injury, accident and sickness from work and control insecurity that is involved in business operation of the Company by defying the policy of safety, occupational health and work environment as the guidelines underlined under Safety, Occupational Health and Working Environment Act. Therefore, Safety is the strictest policy which all departments must follow. It is a duty of all employees to take care of the health and safety of oneself and the others in the operation. All employees are required to cooperate with the Company to comply with rules and regulations. Moreover, the Company also encourages employees to realize the importance of safety at all time by providing training on a regular basis. The company plans and set method to reduce the accident including discussion to strengthen safety mindfulness and how to react to accident. The Company established the Safety, Occupational Health and Working Environment Committee including representatives from Employer and Employees with the aim to defy standard and policy for safety for effective management. The Committee shall be responsible for prepare safety plan, safety reporting and propose the measurements according to the laws to ensure safety and healthy work place for all employees, sub-contractors and other related parties.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

331

At every work site, the Company provides Safety Officers at various level such as Supervisory Level, Operation Level and Professional Level to oversee and monitor the operation according to the professional safe standard, the planning and the work conditions to be in compliance with the applicable laws, such as lines drawing, warning signs installation and providing of safety equipment. Safety Officers at work sites will monitored and advised in order to ensure that work sites are running under safe conditions. There is 9 B9DQU >=<JDJ: N==Q[= N9QX8 ^W9;7?U N9QX8` ?= [<D7; 9QQ n>GQ=U778 ?= [7 9 9<7 =; 89;7?U BI<DJ: ?@7D< B9U

to day operations. The Company has also set out a campaign for the awareness of health and safety at work sites, called the “Best Sites for Safety and Cleanliness”, whereby the best performing sites in these aspects are rewarded with cash rewards and commendation certificates are given to the Project Managers and staff. This also improves morale and encourages safety awareness at every stage of their work. The best safety performance is judged in accordance with safety standards outlined by OHSAS’s standards regarding safety management. The Company had set the rules and regulations for safety workplace for all employees to follow based on W7EI<D?U HE? ^cpff`o 6DJD8?7<D9Q F7:IQ9?D=J8 ^cppe`o 9JB 6DJD8?7<D9Q F7:IQ9?D=J8 ^cpfc`}

Health and Safety Policy 1. Employee must be aware of safety and health in every construction activities and including other related parties in that operation. 2. In all workplaces, the company will provide and preserve as under:

W9;7?U =<XGQ9E7 DJEQIBDJ: G<=G7< 9EE788 9U

W9;7?U =<XDJ: 8U8?7> 9JB 7öIDG>7J?

nJ8I<7 G<=G7< 89;7?U 8?9JB9<B ;=< 89;7 =<XGQ9E7

SEEIG9?D=J9Q R79Q?@ 9JB W9;7?U ?<9DJDJ:8} w} Z<=>=?7 7>GQ=U778 ?= G9<?DEDG9?7 DJ @79Q?@ 9JB 89;7?U G<=:<9>>7} HGG=DJ?DJ: W9;7?U S;;DE7< 98 9

member of Occupational Health and Environment Committee. 4. It is a duty of all employees to ensure their own health and safety as well as other co-workers. All employees must strictly perform their duty with full responsibilities. The Regulations for working in safety place: W9;7?U ?<9DJDJ: D}7} =<X DJ <D8XU 9<79o I87 =; ;D<7 7 ?DJ:ID8@7<8o 9JB ;D<8? 9DB} W9;7?U DJ :7J7<9Q =<X}

N@7 7>GQ=U778o =<X7<8 DJEQIBDJ: 8I[E=J?<9E?=<8 >I8? 79< 89;7?U G<=?7E?D=J

at all the time to prevent the harm from work. Head, ear, feet, face, eye, respiratory, hand, and arm must be protected. Also devices to prevent falls from the height must be working. CD8GQ9U 89;7?U 8D:J 8IE@ 98 G<=@D[D? 8D:J8o 9<JDJ: 8D:J8o >9JB9?=<U 8D:J8 9JB 89;7?U E=JBD?D=J 8D:J8

with the different colours to differentiate the types. Firefighting training to identify type, cause of the fire and how to protect oneself, how to use fire 7 ?DJ:ID8@7<8 DJEQIBDJ: G<9E?DE7 ?@7 ;D<7 9Q9<> GQ9Jo 87? ?@7 ;D<7 7 D8? <=I?78 9JB 7>7<:7JEU E=J?9E?

numbers.

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

W7? ?@7 7JMD<=J>7J? DJ =<XGQ9E7 9JB 9<<9J:7 7Q;9<7ú

= Z<=>=?7 dW ^W=<?o W7? DJ =<B7<o W@DJ7o W?9JB9<BDT7 9JB WI8?9DJ`o

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Sanitary canteen. o Arrange activities to promote safety and safety driving campaign.

Environment Policy The company promotes and enhances its employees to be aware of the importance of environment protection and set out the policies as under: 1. Economical use of material and power. If appropriate try to reuse or recycle. 2. Where possible, use material or products form reliable sources to ensure the reuse or recycle.

w} V>GQ7>7J? G<=G7< >798I<7>7J? ?= 9M=DB 9JU 9;;7E?D=J ;<=> E=J8?<IE?D=J8 ?= J79<[U E=>>IJD?D78}

4. Worksite and work place must be kept clean and tidy at all time.

d} Z<=>=?7 7>GQ=U778O XJ= Q7B:7 ;=< :<77J [IDQBDJ: E=J8?<IE?D=J}

Occupational, Safety and Health Training The Company regularly conducts the Occupational, Safety and Health training programme for its Safety Officer and staff working at worksite. During last year, 11 training courses were conducted to ensure all staff at worksite understand and are aware of safety in work place in order to avoid or prevent accidents or diseases from work-based. The Company had registered with Department of Labour Protection and Welfare to set up its own training unit for Safety Officer at Supervisor level including other training course related to safety workings in various type. The Company can conduct in-house training and is able to issue the certificate to the trainees.

Prevention of risk from work-based Diseases The Company is aware of good health of all staff both in Head Office, Plant and Site Office by providing annual medical check-up for all staff. Moreover, the specific medical check-up programme is provided for 8?9;; 9EE=<BDJ: ?= ?@7D< <D8X 7 G=8I<7 7JMD<=J>7J? 8IE@ 98 ZIQ>=J9<U PIJE?D=J N78?o D8I9Q N78?o R79<DJ:

Test and etc. to prevent or eliminated the risk from work-based diseases.

The Operation in Sriracha Plant With the Company’s target to double its construction income, the Company’s plan was to increase its Equipment and Scaffolding Plant capacities, which are important supporting units to the increase of the Company’s productivity. The Company realized that increasing the production in its plant, which includes equipment maintenance, steel fabrication and erection, etc. may pollute nearby communities. The Company ?@7<7;=<7 <7Q=E9?7B D?8 7 D8?DJ: GQ9J? ;<=> :<79?7< A9J:X=X ?= W<D<9E@9o @DE@ B=78 J=? @9M7 E<= B7B

communities in its neighboring areas.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

333

The Company had strictly complied with related laws and regulations concerning environment and communities. The Company aims to establish a good connection with local community like school and temples by supporting and improving the surrounding area. The Company also offers the job for the locals to work in the Plant.

Environment Management in Structural Steel Manufacturing and Plant The Operation in the Structural Steel Manufacturing Structural steel is one of the major equipment used in construction of all types. In order to create Company’s long term cost competitiveness, the Company had applied for and was permitted to operate the manufacturing plant for steel structure works with the capacity of 10,000 tons per year. This aim to serve all Company’s E=J8?<IE?D=J =<X 8D?78 ;=< B78D:J 9JB ;9[<DE9?D=J =; 8?77Q =<X8 98 7QQ 98 G<=MDB7 87<MDE7 ?= 7 ?7<J9Q

customers to increased its revenue.

Safety and Environment protection in Structural Steel Manufacturing To prevent dust and reduce noise, the panel had installed around the manufacturing plant in order to avoid any disturbance to the community.

Waste Management for production process

K=ntinue developing and improving production process and supporting activities to minimize the waste. 98?7 >9J9:7>7J? 8U8?7> D8 E=>GQD7B D?@ ?@7 Q9 DJEQIBDJ: 8?=<9:7o <7 I87o ?<79?>7J? =<

dispose outside the factory. F7BIE7 Q9JB;DQQ [U E9?7:=<DT7B ?@7 98?7 9EE=<BDJ: ?= D?8 I87;IQ}

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Ministry of Industry.

The Operation in plant yard and workshop The Plant in Sriracha is the central storage and management for construction equipment of more than 10,000 pieces consisting of machinery, equipment, tool, scaffoldings and steel works. The plant also provides the maintenance services and transportation services to all worksites located in Bangkok and various countries around Thailand. The policies for environment protection and safety in plant yard including transportation system are as under:

All equipment to be used in worksite and being maintain or repair must be kept separately and categorized according to the use.

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all time to reduce numbers or frequency of broken equipment

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equipment must be repaired in time and be ready to be use with quality and safety.

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Waste management in plant yard and workshop

Sewage receiving area, and waste disposal area must be kept clean at all time. Z<=MDB7 G<=G7< 9<79o E=J?9DJ7< D?@ G<=G7< E=M7<9:7 9EE=<BDJ: ?= ?@7 ?UG7 =; ?<98@ =< 98?7 8IE@

98 G9G7<o GQ98?DEo =DQ 9JB E=J?9>DJ9?7B =< ?= DE 98?7} K=J?9E?DJ: D?@ E=>G9JU 7 G7<D7JEDJ: DJ BD8G=89Q =; E=J?9>DJ9?7B =< ?= DE 98?7} Contacting with vendors for the sale of reusable wastes such as paper, plastic, residues, oil and etc. W?<DE?QU E=>GQD7B D?@ Q9 8 9JB <7:IQ9?D=J8 =; The Ministry of Industry

Safety Standard for Transportation of material and equipment The Sriracha office is transporting the material construction, including to scaffolding and steel work to various worksites located in many areas in Bangkok and up country. Therefore, the transportation must be handled appropriately and safely from the starting point to distinctive destination. The transportation policy are as under:

N<9Jsport with safe, complete, accurate and on time.

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H<<9nge equipment, tool or material on truck effectively to prevent any hazards or accident during the transporting.

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May

IJ7

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August

September f~ow~ ofpw feo~ o d~ c

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April

October

November f of eode cpocc o wf ff

December cpop~dofw ccof~ o ~w fc~

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March

2018

Frequency in 1 MMH

wowd~ocec co oee cp

Total

February

2017

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2018

fe~

fdp

ffc

Total

2017

Frequency in 1 MMH

Total Accident Target <50 Cases : 1 MMH

9JI9<U

Month

Man-Hours

Total

2018

Frequency in 1 MMH

fpe

Total

2017

Frequency in 1 MMH

Lost Time Accident Target <20 Cases : 1 MMH

Safety and Environment Report Accident Static 2017 and 2018

Total

2018

Frequency in 1 MMH

Total

Frequency in 1 MMH

2017

Fatality Target = 0

Christiani & Nielsen (Thai) Public Company Limited

ANNUAL REPORT 2018

335

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Construction projects rewarded as part of safety campaign VJ U79< cpf o ?@7<7 7<7 c G<=Y7E?8 =I? =; f G<=Y7E?8 ?@9? 7<7 9 9<B7B 9EE=<BDJ: ?= ?@7 K=>G9JUO8 89;7?U

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~ ~owpp} }

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Safety and environment projection at Worksite Pollution reduction during construction process The Company’s construction policies is to reduce or avoid any activities which may affect the environment by applying the standard of Green Building Construction according to LEED (Leadership in Energy and Environment Design). The measurements for every construction site are as under: 1. Worksite must be kept clean and tidy at all time. Proper storage of materials and reusable items on site. Control when remove loose material; c} K=J?<=Q 87BD>7J? B7[<D8 9? 8D?7 [=IJB9<U 9JB =I?Q7? 9JB E=J?<=Q 8=DQ 7<=8D=J 9? 8D?7 9EE788 9<79ú w} Segregated trash and waste and having waste water control. Regularly repair and maintain machine and equipment in good condition with no oil leakage. Construct grease trap to treat water contaminated by oil. 4. Speed limit for vehicle in construction site. Prepare site hoarding and dust protection to protect against falling objects and dust pollution. Road and access must be kept clean, all truck wheels must be cleaned before leaving the construction site d} K=J?<=Q ?@7 öI9QD?U =; 9D< 9JB J=D87 9<=IJB ?@7 =<X8D?7 9JB J79<[U 9<79}

Numbers of complaints about Environment and Social Impact The complaints about environment and social impact during construction process can be notified to Company’s Project Manager or e-mail at cnt@cn-thai.co.th. During the past year, there were no complaints received for any impact to environment or social.

Company Head Office The Company Head Office at 727 La Salle Road, was constructed on the land plot of 10 Rai to support the K=>G9JUO8 7 G9J8D=J}

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friendly. The new Head Office was designed with a view to reduce energy consumption and provide modern ;9EDQD?D78o DJEQIBDJ: 9 E9;7?7<D9o Q=IJ:7o ;IQQU 7öIDGG7B :U> <==>o 9JB 7 ?7<J9Q <7E<79?D=J 9<79o ?= E<79?7 9

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and the Company relocated to the new Head Office on 28 April 2014.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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Features of the design for an energy saving working place: 1. Installing LEDs (Light-emitting Diodes) which consume less power, giving more brightness with low heat 9JB 9 Q=J: I87;IQ QD;7 ?D>7}

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compared to other types of light bulbs. c} VJ8?9QQDJ: F ^ 9<D9[Q7 F7;<D:7<9J? =QI>7` 9D< E=JBD?D=JDJ: 8U8?7>}

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heat rays as regular glass, and acts as a reflection filter for unwanted light. This glass thereby reduces the heat in the building, and reduces the energy consumed by air-conditioners. 4. Installing motion sensor lights in all restrooms: A motion detector controls the lighting system, and turns the lights on when it detects any motion and automatically turns the lights off after a certain period of time. It facilitates energy saving and generates less heat from light bulbs.

Responsible for products and services The Company is highly aware of customer’s trust and confidence, which is very important to the Company. It is the Company’s policy to conduct construction under close supervision at every process, starting from the beginning i.e. designing, consulting, and supervising to ensure that all buildings are constructed correctly and in accordance with the highest professional standards. All materials must be of good quality, qualified standards and meet the customer’s needs. The Company has issued the “CNT Standard for H<E@D?7E?I<9Q =<X8 ?= I87 98 9 :IDB7QDJ7 9JB ?= [7 >=JD?=<7B [U ¡I9QD?U H88I<9JE7 ^¡H` C7G9<?>7J?

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ensure that during the construction period and before handing over to customers, all construction works are qualified in accordance with Company’s standards and meet customer’s specifications. The Company also solicits client satisfaction feedback to projects’ owner and or their representatives for improving and B7M7Q=GDJ: =G7<9?D=J8 ?= >9 D>DT7 EI8?=>7< 89?D8;9E?D=J}

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less than 1 year or at owner’s requirement to ensure the safety and quality of the buildings. The Company conducted a survey that contained 14 topics concerning client satisfaction. The survey had 9 8E9Q7 =; p ?= fp D?@ fp [7 ?@7 @D:@78? 9JB p ?@7 Q= 78?}

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therefore infer that we were able to maintain quality standard of our service to the clients. In addition we would adopt clients' suggestions to improve our service even further especially in the topics that received less scores than the others. We aim to continue improving our service to reach the highest client satisfaction

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Last year, the customer feedback was surveyed with a satisfactory result and details thereof are as under:

Customer Feedback KS66 ]VKHNVS] H]C KS SZnFHNVS] VNR ¦S F SFLH]VýHNVS]

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COMPLETION COMPLIED WITH PROGRAMME AND MILESTONES

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COMPETENCE OF SITE STAFF AND SITE ORGANIZATION

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2018 2017

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0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

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that specify requirements for quality management system in the organization, with the purpose of ensuring ?@9? ?@7 K=>G9JU E9J B7QDM7< 87<MDE78 ?@9? >77? EQD7J?8O <7öID<7>7J?8 9JB 7 G7E?9?D=J 9JB E=>GQU D?@

legal requirement. Moreover, Company has provided training to personnel at various levels to understand the standard regulations and for employees to apply them appropriately depending on the level of responsibility of person in each group.

Complainst for Quality of work The customers can compalin for quality of work during the construction process and thereafter by make a complaint in Customers’ Feedback Survey or directly inform to the Company’s Project Manager or Management or by sending e-mail at cnt@cn-thai.co.th. All problems or complaints will be responded as fast as possible according to our employee’s core competency “Alertness”.

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Customer Privacy The Company insists on protecting customer’s confidential information from loss, misuse, unauthorized disclosure, modification, and unauthorized destruction. The Company handles complaints through phone QDJ78o 7 >9DQ 9JB Q7??7<8 ?= ;<=> EI8?=>7<8}

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and responsibility in providing services to its customers in order to meet the commitment to provide the best service for its customers, provide a rapid responses to various requests and complains as part of Company Core Competency. Therefore, during last year, there have been no complaints whatsoever regarding the mentioned issues and no financial penalties or other sanctions associated with the violation of the confidentiality of customers’ data.

Innovation (Value Engineering) N@<=I:@ K=>G9JUO8 7 G7<D7JE7 :9DJ7B DJ ?@7 E=J8?<IE?D=J [I8DJ788 =M7< ?@7 G98? 87M7<9Q B7E9B78o ?@7

Company always encourages its employees to find new construction methods and new equipment to increase Company’s productivity with least adverse environmental impact. The objective is to accelerate the construction time with lower costs and minimal environmental impact and meet the continuing changes required for long term satisfaction of the customer. The Company has put in place a campaign to encourage innovation in construction activities by encouraging all employees, in office and on worksites, to submit their innovative plans and ideas for a better working 8U8?7> =< J7 >7?@=B8 =; E=J8?<IE?D=J @DE@ E9J [7 G<=M7B ?= [7 [7??7< ?@9J 7 D8?DJ: 9U8 =< >7?@=B8

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standards, lower cost of construction and must be delivered in time and in accordance with customers’ needs. Moreover, the idea must be able to be applied as a prototype for other departments or worksites and for long term development to enhance Company’s specialist skills and reputation. This is the encouragement for continuous thinking to create long-term sustainability and in line with Company’s mission, which is to “Aim to produce high quality works, develop optimum sale and services and develop optimum staff cost consciousness”. That includes innovation that reduces environmental impact from the project. The goal is to preserve the environment and promote creative thinking in the employees for them to be a part of sustaining the environment. The “Best Innovation Award” is one of such initiatives that have been put in place. The Company has appointed its top management to be members of the committee to select the best proposed innovation ideas. Rewards and certificates are given as morale boosters and encouragement for continuous thinking to create long-term sustainability.

Participating in Social Development (CSR After Process) The Company strives to meet the declared policy of the responsibility to Company’s stakeholders, especially towards the communities which are directly and indirectly related to Company’s business. These communities can be directly affected by the operations of the Company. The Company is aware of its responsibility to these communities and society, does as much as possible to absorb social accountability, going beyond

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what is required by the relevant laws. There are many projects and activities in which the Company participates, as its contribution to communities and the society both CSR in process and CSR after process. The Company assigned construction site to participate in the local community environment improvement projects and activities as deemed appropriate. The construction site may join with the stakeholder for a building project to achieve environmental and community betterment. 98? U79<o ?@7 K=>G9JU @9B 8IGG=<?7B 9E?DMD?D78 DJ KWF H;?7< Z<=E788 D?@ ?=?9Q 7 G7J878 =; ~wod d A9@?}

Apart from this, the Company also join with various social organizations for the hosting of golf tournaments =; w oppp A9@?o B7?9DQ 98 IJB7<

Education Support The Company realizes the importance of education as a major mechanism to develop the country. The Company is continuously support the education in a remote area. Last year, the Company contribution for education support as under: Educational Institues/Organizations P9EIQ?U =; nJ:DJ77<DJ: n>9G97J: W97J L=Q; ?=I<J9>7J? E@9<D?U ;=< 7BIE9?D=J =; D<<D:9?D=J nJ:DJ77<DJ:

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Consulting Engineers Association of Thailand “Establishment of the Dispute Prevention and Diagnostic Committee” P9EIQ?U =; nJ:DJ77<DJ: Z<DJE7 =; W=J:XQ9 JDM7<8D?U nJ:DJ77<DJ: PIJ P9D<

P9EIQ?U =; 67BDEDJ7 9YD<9 R=8GD?9Qo ]9 9>DJ?@9<9?@D<9? JDM7<8D?U ]6 K9< F9QQU 9E?DMD?D78 ?= GI<E@987 >7BDE9Q 7öIDG>7J?

Amonut : Baht fdpoppp}pp fppoppp}pp 100,000.00 wpoppp}pp wpoppp}pp

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doppp}pp

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woppp}pp

Wat Wichit Thararam School, Surat Thani - Charity Concert “Magic Acrobatics Festival”

2,000.00

9? 69J77 K@9<=7J P<D7JB8@DG WE@==Q ]=}cc o ]9X@=J WD N@9>>9<9? N@7 G7<8=J ;==?[9QQ :9>7 EIG ]=}w

coppp}pp

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Intern students One of the Company’s policies is to support intern students from technical school and university both private and public education institution to temporary work with the Company in various departments or =<X 8D?7}

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for future employment. VJ cpf o ?@7<7 7<7 we DJ?7<J 8?IB7J?8 ;<=> fe 7BIE9?D=J DJ8?D?I?D=J8 =<XDJ: DJ R79B S;;DE7 9JB =<X 8D?78}

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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Social Support AQ==B B=J9?D=J JB7< ?@7 J9>7 K]NO8 B=J9?D=J ;=< :==B ;9D?@ ?= ?@7 DJ: D?@ ?@7 N@9D F7B K<=88 W=ED7?U o to encourage Employees to sacrifice for others and to promote Employees to do merit in the office, the Company, with assistance from Somdejprapinklao Hospital, sets up a blood donation mobile unit at the Company’s office every three months. Two weeks before the mobile unit is set up, the Company publicizes through the notice board in the office, giving employees an opportunity to prepare themselves for the donation. This campaign has been regularly conducted since a few years. During last year, the blood donation drive was arranged 4 times, detail as follows: Date

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The company, staffs, and together with suppliers organized a charity event entitled “CNT Run Together.” N@7 GI<G=87 =; ?@7 7M7J? 98 ?= G<=>=?7 ;D?J788}

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Other Social supports to Social Organizations: Organizations/Social Organizations “Water for Life Concert” - BG Container Glass PCL. to the Hydrophat Foundation in the Royal Patronage N@7 9X7 =; =M7 K@9<D?U E=JE7<? ]=J: ]=J N9D 9> DJ: Z<=Y7E? 9Q=J: F=U9Q VJD?D9?DM7o

Sakon Nakorn fp [DEUEQ78 ;=< F7B K<=88 P9D< =E9Q HI?@=<D?D78o N@7 :=M7<J>7J? =; ?@9D CD8?<DE?o

Phra Nakhon Si Ayutthaya H>D<IQ 6I<DJDJ7 P=IJB9?D=J ;=< =<G@9J8 DJ w 8=I?@7<J [=<B7< G<=MDJE78 8IGG=<? K@DQB<7JO8 C9U 9E?DMD?D78

Father Ray Foundation - Charity concert “Father Ray for life” ]=J: @9> WI[BD8?<DE? HB>DJD8?<9?DM7 S<:9JDT9?D=J

- Charity tickets for the Royal Forest Department’s Back to Natue project “Chef’s Table” Chonburi Chamber of Commerce - Charity tickets “Stress Relief Project” Friends help Friends to Royal Thai Police, Royal Thai Police - Charity tickets “Father’s Land” C7G9<?>7J? =; 9[=< F7B K<=88 ;78?DM9Q ;=< fcd?@ 9JJDM7<89<U =; ?@7 F7B K<=88

The Naval Reserve Club, Southern Region (Sub), Surat Thani - Charity Tickets “The 11th Annual Homeland Music Performing Arts Event” The club for the mentalty impaired, Surat Thani - Charity Tickets “A little money project Help to life and breath For the mentally impaired” Immigration Unit, Lamphun Province - Charity Tickets “Anti-human trafficking concert”

Amonut : Baht 70,000.00 ~doppp}pp fdoppp}pp doppp}pp 4,000.00 ~oppp}pp 4,000.00 4,000.00 coppp}pp 2,000.00 2,000.00 2,000.00

For people with disabilities Organizations/Social Organizations f @77QE@9D< 9JB f ?<DEUEQ7 <=EXDJ: E9<

- “Wheelchairs for Disabled” Thai Disability Foundation CD89[Q7B WG=<?8 H88=ED9?D=J =; N@9DQ9JB

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The Disabled Persons and their Parents, Surat Thani Charity tickets “Sharing to develop the quality of Disable’s life” the Autistic Personnel Life Support Centre, Cholburi Charity tickets “Sharing love for children at the Autism Center Chonburi”

Amonut : Baht feoppp}pp fdoppp}pp eoppp}pp 2,000.00 2,000.00

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The Company also joined Golf Competitions held by various social organizations for charity’s fund raising as under: Organizations/Social Organizations K9GD?9Q 69<X7? HE9B7>U ^K6H A9?E@ ce`

K9GD?9Q 69<X7? HE9B7>U ^K6H A9?E@ `

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The Consulting Engineers Association of Thailand P9EIQ?U =; H<E@D?7E?I<9Qo DJ: 6=J:XI?O8 JDM7<8D?U =; N7E@J=Q=:Uo 9B <9[9J: HQI>JD

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N@9D RUB<=Q=:D8? H88=ED9?D=J

PTTLNG Golf Club

Amonut : Baht fppoppp}pp fppoppp}pp dpoppp}pp 40,000.00 wdoppp}pp wpoppp}pp cdoppp}pp 7,000.00

Cultures and Religious activities Supporting Buddhist Religion The Company realizes the importance of supporting Buddhism to inherit the good culture of the country. The Company and its stakeholders often support cultural and religious activities. The Company regularly support the nearby community for the activities, as follows:

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“Rod Nam Dam Hua”.

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Orther Religious Supports Temple / Organizations F9>D7 R9<>=JU D?@ R=>7 Z<=BIE?8 K7J?<7 ZK

- Purchase of Medical instruments at Pakret Hospital 2 K= @=8? 9?DJ D?@ K@7?E@=?D9X K=}o ?B}

- Construction of the Chapel at Nong Ruea, Chachoengsao K= @=8? D?@ P9EIQ?U =; 67BDEDJ7 9YD<9 @=8GD?9Qo ]9M9>DJ?@9<9?@D<9? JDM7<8D?U

- ;=< ?@7 7889J?9<9 9?9X9 ;=< ?@7 E=J8?<IE?D=J =; HJ SI?G98?D7J? 9JB HE9B7>DE W7<MDE7 AIDQBDJ:8 C=J9?7 E9JBQ78 =;;7<<DJ: ;=< ?@7 AIBB@D8? 7J? Z@=J: Z@Q=D D<DU9<9> N7>GQ7o A9J:J9o A9J:X=X

K= @=8? D?@ C7G9<?>7J? =; n>GQ=U>7J? ;=< =;;7<DJ: ?@7 F=U9Q 9?@DJ9 F=[7

- Bhotharam Mahaviharn Temple, Chiangmai K= @=8? D?@ C7G9<?>7J? =; 9[=I< Z<=?7E?D=J 9JB 7Q;9<7 ;=< =;;7<DJ: ?@7 F=U9Q 9?@DJ9 F=[7

97 L=<9 9<9>o <9[D Songkran and Watery Festival - Nongkham Subdistrict Administrative Organization, Cholburi W=J:X<9J P78?DM9Q N@=J[9D K=>>IJD?Uo A9J:J9 CD8?<DE?

W=J::<9J P78?DM9Q 9? W9J?DXD<D<=>o 9= RI9X 9D WI[ BD8?<DE?o ZIJGDJo WI<9? N@9JD}

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- Ban Wang Tao School, Nakhon Si Thammarat

Amonut : Baht dpoppp}pp cpoppp}pp cpoppp}pp od d}pp coppp}pp coppp}pp 10,000.00 woppp}pp woppp}pp coppp}pp

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Participation in sustainability Network The Company joined hand with various social organizations in both public and private sectors for the contribution to society as under: K=J?DJID?U Y=DJDJ: D?@ F=?9<U KQI[ ;=< ?@7 E=J?<D[I?D=J ?= 8=ED7?U}

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depending on the foundation resolution to build the certain school in remote area. WIGG=<?8 E=J8?<IE?D=J >9?7<D9Q8 ?= E=>>IJD?D78o 8E@==Qo ?7>GQ78 9JB 9JU =?@7< GI[QDE GQ9E78 IG=J

requested. HQQ=E9?7 9<79 DJ R79B S;;DE7 ;=< ?@7 8?9?D=J =; B=J9?D=J [= ;<=> A99J ]=X @9>DJ P=IJB9?D=J

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society sectors. “Create a new dimension to create 10,000 career for disabled person” by the Thai Health Promotion Foundation. Therefore, this is to improve disabled quality of life and added economic value to the country. N@9D D8?7B K=>G9JU H88=ED9?D=J [7DJ: ?@7 >7>[7< =; KWF KQI[ ?= >9X7 [7J7;D?8 ;=< GI[QDE 9JB 8@9<7

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=?@7< >7>[7<8 ;=< E=J?<D[I?D=J ?= ?@7 8=ED7?Uo 8@9<7 DJ;=<>9?D=Jo 7 G7<D7JE78 9JB XJ= Q7B:7 ?= B7M7Q=G

?@7 E=J8?<IE?D=J8 [I8DJ788}

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a director of the Thai Contractors Association of Thailand. =DJDJ: 98 9 >7>[7< =; K=IJEDQ =; nJ:DJ77<8 J7? =<X 9JB 98 E7<?D;D7B ?= @=8? 9 ?<9DJDJ: ;=< 7J:DJ77<8

of the other members as well as share engineering professional knowledge among members as knowledge sharing promotes personal and country development in a sustainable way. In addition engineers can collect training hours toward the continuing professional development (CPD) program to ?9X7 G<=;788D=J9Q QDE7J87 7 9> 98 ?= G<7G9<7 ;=< ?@7D< E9<77< 9BM9JE7>7J?}

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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Supervision of the use of Insider Information Christiani & Nielsen (Thai) Public Company Limited has the policy to ensure correct and adequate disclosure of information such as financial statements and other significant data or information related to the business, on a transparent and timely basis to shareholders, investors and general public. The Board is committed to comply with rules and regulations with regard to the disclosure of information in a timely manner with full transparency. The monitoring of the use of insider information of the Company is considered the responsibility of the Directors, executives and senior staff who are obliged to strictly monitor and prevent any leaks of the Company’s confidential and privileged information including information not yet revealed to the public or any data that might affect the Company’s operations or share price. This includes the prohibition on use of Company’s information obtained from directorships or employment for personal benefit or conducting business or other activities in competition with the Company. The Company has determined it as policy and guideline in the Business Ethics and Code of Conduct Manual which is disclosed on the website of the Company under the subject of Corporate Governance. Pursuant to section 59 of the Securities and Exchange Act B.E. 2535, all Directors and Management Team members are required to report the changes in their shareholding to the Office of the Securities and Exchange Commission within 3 business days from the date of trading/transfer of the Company’s shares and/or other securities (as the case may be). Such reporting shall extend to any change in shareholding of any Director/Management Team member’s: (i) spouse, (ii) cohabiting partner, (iii) minor children, and (iv) any juristic person in which such Director/Management Team member holds more than 30% of the total voting rights of such juristic person (including that of his/her spouse, cohabiting partner and minor children), ((i) to (iv) referred to as “Relevant Persons”). In accordance with the Company’s Corporate Governance policy, the Company does not allow the following persons to trade/transfer the Company’s shares/other securities (as the case may be) during the period of 30 days before considering the quarterly reviewed results and annual audited results are announced and also within 2 days after any notificationsl and also at least 5 days before the Company makes any significant announcement:

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Department who are close to the relevant inside information of the Company. During the year, the above policy has been fully complied and no non-compliance cases have been observed. PI<?@7<>=<7o 9EE=<BDJ: ?= ?@7 K=>G9JUO8 K=<G=<9?7 L=M7<J9JE7 Z=QDEUo 9QQ CD<7E?=<8 9JB 69J9:7>7J?

Team members are encouraged to inform the Company their intention (including that of their Relevant Persons) to trade/transfer the Company shares/other securities (as the case may be) at least a day in advance.

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Internal Control and Internal Audit The Company recognizes the importance of internal control and internal audit and, accordingly, has set up an Internal Audit Department which reports to the Audit and Governance Committee to ensure that there is an appropriate and effective control system and to have reasonable assurance that the Company can achieve the following main objectives in this area: 1. Operation : Efficient and effective operations, including safety of assets, skillful use of resources for the best benefit of the Company, detection or mitigation of mistakes and wastage, including fraud in the operation units. Assessment procedures have been set up for reviewing the following matters: K=>G9JU G=QDED78o <7:IQ9?D=J8 9JB 9I?@=<DT9?D=Jú

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evaluation. 3. Compliance : PIQQ E=>GQD9JE7 D?@ ?@7 K=>G9JUO8 G=QDED78o G<=E7BI<78o Q9 8 9JB <7:IQ9?D=J8}

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Company's internal Control comprised of five different dimensions as follows: 1. Control Environment W7?

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its directors, executives and other staff to comply with such conduct codes in order to avoid an =EEI<<7JE7 =; 9JU E=J;QDE?8 =; DJ?7<78?}

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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2. Risk Management

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functions to mitigate risk to an acceptable level. 3. Control Activities

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business unit is clearly set to provide check and balance features. Authority and authorization QD>D?8 9<7 G<78E<D[7B DJ <D?DJ: ;=< 9QQ B7ED8D=J >9XDJ: Q7M7Q8}

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assets are exercised to protect against possible damage and inappropriate use. Budgeting system for controlling and monitoring cost at various construction sites are also put in place to ensure that the appropriate and sufficient controls are in place, all levels and functions have to operate their =<X ?= 9E@D7M7 ?@7D< ?9<:7?8 DJ 9EE=<B9JE7 D?@ ?@7 K=>G9JUO8 78?9[QD8@7B G<=E7BI<78o K=B7 =;

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4. Information and Communication The Company provides sufficient information and reports to all levels and all functions to ensure ?@7D< 7;;DED7J? =G7<9?D=J} P=< ?@7 HEE=IJ?8 _ PDJ9JE7 B9?9o ?@7 K=>G9JU 8G7ED9QQU B7M7Q=G7B ?@7

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external reporting.

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The Information Technology Department is assigned to oversee system security and efficiency of ?@7 K=>G9JUO8 E=>GI?7< 9JB DJ;=<>9?D=J 8U8?7>8o @DE@ 9<7 7QQ >=JD?=<7B 9JB E=J?DJI9QQU

updated by the Information Technology Department, in collaboration with the Internal Audit Department and other relevant departments. Contingent and back up plans are established for 7>7<:7JEU GI<G=878 9JB 9:9DJ8? Q=88 =; B9?9} N@7 K=>G9JUO8 9EE=IJ?DJ: G=QDEU 9JB <7E=<B8

comply with the generally accepted accounting standards as well as appropriate practices of the industry. There is no comment from the external auditor about deficiency of the data base for support the account.

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also set up the channel for complaints, whistleblowers and other information from both internal and external stakeholders. 5. Monitoring In addition to monitoring and evaluating from the line of command, the Internal Audit Department D8 9Q8= <78G=J8D[Q7 ;=< 9IBD?DJ: 9JB 988788DJ: DJ?7<J9Q E=J?<=Q DJ 79E@ ;IJE?D=J} N@7 HIBD? F7G=<? D8

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inputs. Any deficiencies will be monitored and recommended for improvement. The internal auditor DQQ ;=QQ= IG =J ?@787 E=<<7E?DM7 >798I<78 9JB 9Q8= <7G=<? ?= ?@7 69J9:7>7J? 9JB ?@7 HIBD? 9JB

Corporate Governance Committee regularly.

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

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operations will achieve the objectives for efficiency in internal control system, resource consumption, stewardship of properties including the prevention or reduction of errors, damage, losses, and waste and the credibility of financial accounting, and other reports, compliance with laws, regulations, K9[DJ7? <78=QI?D=J8o 9JB K=>G9JUO8 G=QDED78 9JB <7:IQ9?D=J8} H8 7QQ 98 988788DJ: ?@7 =G7<9?D=J8

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principles of the Collective Action Coalition against Corruption (CAC).

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for related transactions, with conflict of interest, risk management procedures, internal control and internal audit. The Committee further encouraged good corporate governance, as well as monitored ?@7 K=>G9JUO8 E=>GQD9JE7 D?@ Q9 8 9JB <7:IQ9?D=J8}

The Audit and Corporate Governance Committee has monitored that the Internal Audit Department has built assurance and given consulting advice independently and fairly about examining and assessing the sufficiency of the internal control system covering the processes of the performance, conformity to the law, rules, regulations, and the accuracy of information of the Company and its subsidiaries, submitting a report to the Audit Committee regularly, monitoring results of the D>G<=M7>7J? =; =G7<9?D=J9Q G<=E78878 ?= [7 >=<7 9GG<=G<D9?7 G9<?DEIQ9<QUo D88I78 ?@9? 9<7 D>G=<?9J? =< <7Q9?7B ?= @D:@ <D8X8 9JB [7DJ: <7G=<?7B =; 9[J=<>9Q DJEDB7J?8 8IE@ 98 E=<<IG?D=J 9JB >9QG<9E?DE7 in order to find causes and measures to prevent damage or reoccurrence so that it can ensure that ?@7 K=>G9JUO8 G7<;=<>9JE7 @98 ?@7 8I;;DED7J?o 9GG<=G<D9?7o 9JB 7;;DED7J? DJ?7<J9Q E=J?<=Q 8U8?7> 98

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principle. The Internal Audit Department has developed the internal audit system to accord with the VJ?7<J9?D=J9Q W?9JB9<B8 ;=< ?@7 Z<=;788D=J9Q Z<9E?DE7 =; VJ?7<J9Q HIBD?DJ: ^VVH` [U I?DQDTDJ: ?@7

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auditors in order to continuously improve efficiency and effectiveness of the Internal Audit Department and recognize actual conditions and work performance so that problems, obstacles and working limitations related to work performance can be properly analyzed. Also, the internal auditors are developed so that their knowledge, skills, and competency meet an international standard and they can conduct the auditing more efficiently by means of encouraging them to receive training such as professional practice of internal audits, knowledge of other professionalism, and taking examinations to get professional certificates, for example.

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internal auditor and was of the opinion that the internal control system is appropriate and efficient in terms of organization, control of environment, risk management, control activities, information 9JB E=>>IJDE9?D=J >=JD?=<DJ: ?= 9E@D7M7 ?@7 K=>G9JUO8 :=9Q8} N@7 =G7<9?D=J8 =; ?@7 K=>G9JU

are in compliance with all applicable laws, rules and regulations.

Type of relationship

Mr. Ishaan Shah, Director of the Company is the Director and Shareholder of Maestro Controls Limited. Mr. Kirit Shah, a director of the company, is the Director of Meastro Controls Limited.

Maestro Controls Limited. The Company employed Maestro Controls Limited as a subcontractor for air-conditioning and ventilation system.

0.6

8.5

0.2

- The Company purchased air tickets from Ambika Tour Agency Limited. The Company sale construction tools and equipments and provide construction management service to Christiani and Nielsen (Cambodia) Limited.

0.2

(MB)

Transaction Value 2018

- The Company paid for hotel services.

Type of transaction

Policy on future connected Transactions

- Share resources for the utmost benefit of the Company. The selling prices are based on net book value plus margin and the services fees are based on the market price.

- The Company consider the competitive rate, services and availability of airline flights which can satisfy our needs.

- The Company provided construction - Selection of subcontractors services for civil works and M&E will consider from past works. The company is hiring experience, capability and price. experienced M&E subcontractor.

- Normal business transaction. The Company have available construction tools and equipments. The Company have the experienced construction team to support construction activities of the Subsidiary.

- Management, Project Managers and staffs of the Company have local and overseas travel for business purpose.

- The Company held Annual General - Service fee are compared Meeting, other meeting and according to general competition banquet services. conditions for the utmost benefit of the Company.

The necessity and reasons

The Audit and Corporate Governance Committee has examined and reviewed the disclosure of intercompany transactions that occurred between the company and its subsidiaries. The review showed sufficient and appropriate disclosure that complied accordingly with requirement of The Securities and Exchange Commission of Thailand and the Stock Exchange of Thailand.

The Subsidiary, the Company held 100% of the total shares, Mr. Khushroo Kali Wadia, Mr. Vites Ratakorn and Mr. Surasak Osathanugraha, the Directors of the Company are the Directors of Christiani and Nielsen (Cambodia) Limited.

Christiani and Nielsen (Cambodia) Limited.

- Mr. Ishaan Shah, Director of the Company is the Director and Shareholder of Maxwin Builders Limited. - Mr. Kirit Shah and Mr. Khushroo Kali Wadia, the Directors of the Company are the Directors of Maxwin Builders Limited. Ambika Tour Agency Limited. - Mr. Ishaan Shah, Director of the Company is the Director and Shareholder of Ambika Tour Agency Limited.

Maxwin Builders Limited.

Company

350 รายงานประจำป 2561 บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

CONNECTED TRANSACTIONS

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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Report of the Board of Directors’ Responsibility for the Financial Report The Company’s Board of Directors is responsible for the separate financial statements and the consolidated financial statements of the Company and its subsidiaries as well as financial information presented in the Annual Reports. The said financial statements were prepared in accordance with the financial reporting standards, where an appropriate accounting policy has been selected and implemented on a regular basis and that important information is adequately disclosed in notes to the financial statements. The Board of Directors has appointed an Audit and Corporate Governance Committee consisting of independent directors to take responsibility for the quality of financial statements and assessment of the internal control system to ensure that the record of accounting is sufficiently accurate, complete and timely, and also to prevent the occurrence of corruption or irregular operations. The Audit and Corporate Governance Committee’s opinion on these matters has been stated in the Audit and Corporate Governance Committee’s report published in this Annual Report. The Board of Directors is of the opinion that the Company’s internal control system on the whole is satisfactory and able to ensure that Christiani & Nielsen (Thai) Public Company Limited and its separate financial statements and the consolidated financial statements as of 31 December 2018 present fairly, in all material aspects, the financial positions, the results of operations and cash flows.

(Mr. Santi Grachangnetara) Chairman of the Board of Directors

(Mr. Khushroo Kali Wadia) Managing Director

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Independent Auditor's Report To the Shareholders of Christiani & Nielsen (Thai) Public Company Limited Opinion I have audited the accompanying consolidated financial statements of Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (“the Group”), which comprise the consolidated statement of financial position as at 31 December 2018, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity and cash flows for the year then ended, and notes to the consolidated financial statements, including a summary of significant accounting policies, and have also audited the separate financial statements of Christiani & Nielsen (Thai) Public Company Limited (“the Company”) for the same period. In my opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries and of Christiani & Nielsen (Thai) Public Company Limited as at 31 December 2018, their financial performance and cash flows for the year then ended, in accordance with Thai Financial Reporting Standards.

Basis for Opinion I conducted my audit in accordance with Thai Standards on Auditing. My responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report. I am independent of the Group in accordance with the Code of Ethics for Professional Accountants as issued by the Federation of Accounting Professions as relevant to my audit of the financial statements, and I have fulfilled my other ethical responsibilities in accordance with the Code. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinion.

Key Audit Matters Key audit matters are those matters that, in my professional judgement, were of most significance in my audit of the financial statements for the current period. These matters were addressed in the context of my audit of the financial statements as a whole, and in forming my opinion thereon, and I do not provide a separate opinion on these matters. I have fulfilled the responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of my report, including in relation to these matters. Accordingly, my audit included the performance of procedures designed to respond to my assessment of the risks of material misstatement of the financial statements. The results of my audit procedures, including the procedures performed to address the matters below, provide the basis for my audit opinion on the accompanying financial statements as a whole.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

353

Key audit matters and how audit procedures respond for each matter are described below. Revenue recognition and estimation of loss relating to construction contracts Revenue from construction contract works is recognised as income on the basis of percentage of completion which is estimated by project engineers. The Company has disclosed its policies on revenue recognition for services provided under construction contracts and provision for loss on projects under construction contracts in Note 4.1 and Note 5 to the financial statements. Revenue from construction contract works is significant accounting transaction as the amount recognised in each period forms a significant portion of the Groupâ&#x20AC;&#x2122;s total revenues, and directly affects profit or loss of the Group. In addition, the processes to assess the percentage of completion and the probability of loss for determination of revenue and estimation of possible losses to be recognised are areas requiring the knowledge, expertise and experience of project engineers and management. I therefore consider revenue recognition and estimation of loss relating to construction contracts as key audit matter. I examined the revenue recognition and estimation of possible loss relating to construction contracts by accessing and testing the internal controls relating to the method that the management used in estimation of the percentage of completion, recognition of revenue and cost of construction and estimation of possible loss by making enquires of responsible executives, gaining an understanding of the controls and selecting construction contracts that the Company made with customers to test the operation of the designed controls. I also read the contracts to consider the conditions relating to revenue recognition and inquired of the management about the terms and risks associated with these contracts. In addition, I selected construction contracts to review the assessment of the percentage of completion and the probability of loss by making inquiry of the management and project engineers with respect to the status of projects and had site visit of the significant projects under construction together with the Companyâ&#x20AC;&#x2122;s project engineers. I compared the percentage of completion evaluated by the project engineers with cost-to-cost method and investigated the variance of these two methods, and obtained written representation letter from the project engineers regarding the percentage of completion. I also performed analytical review of the gross margin of the construction projects to detect possible irregularities. Deferred tax assets The Group has disclosed its accounting policy and details relating to deferred tax in Note 4.16 and Note 25 to the financial statements. A deferred tax asset is recognised when it is highly probable that the Groupâ&#x20AC;&#x2122;s taxable profit will be sufficient to allow utilisation of the deferred tax assets in the future. The determination whether there will be sufficient future taxable profit to utilise temporary differences or taxable losses requires significant management judgement with respect to preparation of business plans and projections of future taxable profit based on approved business plans. Therefore, there is risk with respect to the amount of deferred tax assets.

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I gained an understaning of and tested the key related controls over the preparation and approval of the estimates of future taxable profit for the purposes of deferred tax asset recognition by making enquiry of responsible executives, gaining an understanding of the controls and selecting representative samples to test the operation of the designed controls. I assessed the estimates of future taxable profit by checking the required information and key economic assumptions used in the projections against information from both internal and external sources, with particular consideration given to information and assumptions that directly affect revenue growth and gross profit margin and compared past profit projections with actual taxable profits to assess the exercise of management judgment in estimating taxable profits. I also tested the calculation of future taxable profit based on the above information and assumptions, and considered the effects of changes to key assumptions on the projected future taxable profits, especially in respect of long-term revenue growth. In addition, I reviewed the disclosure of information regarding temporary differences and unused tax losses for which deferred tax assets were not recognised by the Group.

Other Information Management is responsible for the other information. The other information comprises the information included in annual report of the Group, but does not include the financial statements and my auditor’s report thereon. The annual report of the Group is expected to be made available to me after the date of this auditor’s report. My opinion on the financial statements does not cover the other information and I do not express any form of assurance conclusion thereon. In connection with my audit of the financial statements, my responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or my knowledge obtained in the audit or otherwise appears to be materially misstated. When I read the annual report of the Group, if I conclude that there is a material misstatement therein, I am required to communicate the matter to those charged with governance for correction of the misstatement.

Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with Thai Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Group’s financial reporting process.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

355

Auditor’s Responsibilities for the Audit of the Financial Statements My objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes my opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Thai Standards on Auditing will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Thai Standards on Auditing, I exercise professional judgement and maintain professional skepticism throughout the audit. I also: VB7J?D;U 9JB 988788 ?@7 <D8X8 =; >9?7<D9Q >D88?9?7>7J? =; ?@7 ;DJ9JED9Q 8?9?7>7J?8o @7?@7< BI7 ?= ;<9IB

or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for my opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. S[?9DJ 9J IJB7<8?9JBDJ: =; DJ?7<J9Q E=J?<=Q <7Q7M9J? ?= ?@7 9IBD? DJ =<B7< ?= B78D:J 9IBD? G<=E7BI<78

that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. nM9QI9?7 ?@7 9GG<=G<D9?7J788 =; 9EE=IJ?DJ: G=QDED78 I87B 9JB ?@7 <798=J9[Q7J788 =; 9EE=IJ?DJ:

estimates and related disclosures made by management. K=JEQIB7 =J ?@7 9GG<=G<D9?7J788 =; >9J9:7>7J?O8 I87 =; ?@7 :=DJ: E=JE7<J [98D8 =; 9EE=IJ?DJ: 9JBo

based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify my opinion. My conclusions are based on the audit evidence obtained up to the date of my auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. nM9QI9?7 ?@7 =M7<9QQ G<787J?9?D=Jo 8?<IE?I<7 9JB E=J?7J? =; ?@7 ;DJ9JED9Q 8?9?7>7J?8o DJEQIBDJ: ?@7

disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. S[?9DJ 8I;;DED7J? 9GG<=G<D9?7 9IBD? 7MDB7JE7 <7:9<BDJ: ?@7 ;DJ9JED9Q DJ;=<>9?D=J =; ?@7 7J?D?D78 =<

business activities within the Group to express an opinion on the consolidated financial statements. I am responsible for the direction, supervision and performance of the group audit. I remain solely responsible for my audit opinion.

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I communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that I identify during my audit. I also provide those charged with governance with a statement that I have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on my independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, I determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. I describe these matters in my auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, I determine that a matter should not be communicated in my report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. I am responsible for the audit resulting in this independent auditor’s report.

Kamontip Lertwitworatep Certified Public Accountant (Thailand) No. 4377 n¦ S;;DE7 D>D?7B Bangkok: 26 February 2019

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

357

Statements of financial position As at 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements

Separate financial statements

Note

2018

2017

7 6, 8 9

107,550,326 1,687,541,877 1,431,406,728 106,535,108 151,769,318 8,125,141 572,845,402

o wfodff

4,075,605,411

123,080,118 2,145,511,523 947,909,054 114,235,632 220,118,329 8,407,422 635,537,063

o foddf

4,204,680,692

32,612,141 1,667,547,642 1,431,406,728 106,535,108 149,216,619 8,125,141 572,135,235

o f offf

3,976,395,725

103,446,094 2,138,846,185 947,909,054 114,235,632 218,604,959 8,407,422 594,257,284

owpco~cc 4,135,009,052

26,324,458 104,950,000 76,918,558 1,260,535,764 19,854,753 106,245,605 1,594,829,138 5,670,434,549

36,010,882 1,000,000 77,337,399 1,352,086,109 18,425,306 123,292,749 1,608,152,445 5,812,833,137

26,324,458 47,179,866 104,950,000 76,918,558 1,256,551,506 19,840,713 106,245,605 1,638,010,706 5,614,406,431

36,010,882 44,267,866 1,000,000 77,337,399 1,351,105,408 18,403,280 123,259,349 1,651,384,184 5,786,393,236

2018

2017

Assets Current assets Cash and cash equivalents Trade and other receivables Unbilled receivables Construction contracts in progress Advance payments to subcontractors Inventories Withholding tax deducted at source S?@7< EI<<7J? 9887?8

Total current assets Non-current assets Restricted bank deposits and investments Investments in subsidiaries S?@7< Q=J: ?7<> DJM78?>7J?8

Investment properties Property, plant and equipment Intangible assets Deferred tax assets Total non-current assets Total assets

10 11 12 13 14 15 25

The accompanying notes are an integral part of the financial statements.

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Statements of financial position (continued) As at 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements

Separate financial statements

Note

2018

2017

6, 17

1,972,825,039

2,204,578,137

1,949,624,182

2,195,130,997

18 19

129,767,215 29,560,000

115,093,825 58,800,000

129,767,215 29,560,000

115,093,825 58,800,000

1,401,731,046 243,701,220

o ppoww~

3,855,384,854

715,725,895 291,440,000

epoe ocpc

3,446,316,059

1,401,731,046 238,730,000

oeceo ~

3,827,039,317

715,725,895 291,273,000

epoc o~dc 3,436,313,169

192,695,021 38,400,000 124,243,531 355,338,552 4,210,723,406

245,043,534 67,960,000 119,696,000 432,699,534 3,879,015,593

192,695,021 38,400,000 124,243,531 355,338,552 4,182,377,869

245,043,534 67,960,000 119,696,000 432,699,534 3,869,012,703

2018

2017

Liabilities and shareholders' equity Current liabilities Trade and other payables Current portion of liabilities under finance lease agreements Current portion of long-term loans Advances from customers and deferred construction revenue Short-term provisions S?@7< EI<<7J? QD9[DQD?D78

Total current liabilities Non-current liabilities Liabilities under finance lease agreements net of current portion Long-term loans - net of current portion Provision for long-term employee benefits Total non-current liabilities Total liabilities

18 19 20

The accompanying notes are an integral part of the financial statements.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

359

Statements of financial position (continued) As at 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements Note

Separate financial statements

2018

2017

2018

2017

1,102,904,144

1,027,904,144 100,000,000

Retained earnings Appropriated - statutory reserve 23 Unappropriated S?@7< E=>G=J7J?8 =; 8@9<7@=QB7<8\ 7öID?U

Premium on sales of investment in subsidiary Premium on sales of own shares held by subsidiary Equity attributable to owners of the Company Non-controlling interests of the subsidiaries Total shareholders' equity Total liabilities and shareholders' equity

90,786,400 108,824,756

f odcfo~e

21,431,362 68,924,184 1,437,392,315 22,318,828 1,459,711,143 5,670,434,549

90,786,400 581,051,231

cfofc ofp

21,431,362 68,924,184 1,911,226,428 22,591,116 1,933,817,544 5,812,833,137

89,226,400 194,577,426

cpowcpod c

1,432,028,562 1,432,028,562 5,614,406,431

89,226,400 678,560,439

cfoe oddp 1,917,380,533 1,917,380,533 5,786,393,236

Shareholders' equity Share capital Registered 1,102,904,144 ordinary shares of Baht 1 each Issued and fully paid up 1,027,904,144 ordinary shares of Baht 1 each Share premium

The accompanying notes are an integral part of the financial statements.

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Income statements For the year ended 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements Note

Separate financial statements

2018

2017

2018

2017

7,123,364,847 10,575,872

fo e ocpd

7,135,909,924

7,851,071,312 41,978,086 32,000,000

f odpdoc f

7,943,554,689

6,949,438,965 10,245,961

o o~ e

6,968,562,402

7,848,976,186 41,912,260 32,000,000 17,759,982

f odpdoc f 7,959,153,719

6,949,132,997 567,170,074 7,516,303,071

7,488,307,371 318,593,682 7,806,901,053

6,806,580,449 559,477,348 400,000 7,366,457,797

7,491,667,871 313,762,472 14,800,000 7,820,230,343

(380,393,147) (20,693,016) (401,086,163) (22,255,973) (423,342,136)

136,653,636 (21,744,369) 114,909,267 (18,955,957) 95,953,310

(397,895,395) (20,134,333) (418,029,728) (16,796,658) (434,826,386)

138,923,376 (21,774,011) 117,149,365 (17,787,777) 99,361,588

(423,069,848) (272,288) (423,342,136)

94,473,267 1,480,043 95,953,310

(434,826,386)

99,361,588

(0.41) 1,027,904,144

0.09 1,005,301,404

(0.42) 1,027,904,144

0.10 1,005,301,404

Revenues Construction income Interest income Reversal of allowance for doubtful accounts Dividend income S?@7< DJE=>7

Total revenues Expenses Costs of construction Administrative expenses S?@7< 7 G7J878

Total expenses Profit (loss) before financial cost and income tax expenses Finance cost Profit (loss) before income tax expenses Income tax expenses Profit (loss) for the year

6, 11

Profit (loss) attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

Earnings (loss) per share 26 Basic earnings (loss) per share Profit (loss) attributable to equity holders of the Company Weighted average number of ordinary shares (shares)

The accompanying notes are an integral part of the financial statements.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

361

Statements of comprehensive income For the year ended 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements Note Profit (loss) for the year Other comprehensive income: Other comprehensive income to be reclassified to profit or loss in subsequent periods: Exchange differences on translation of financial statements in foreign currency S?@7< E=>G<7@7J8DM7 DJE=>7 ?= [7 <7EQ988D;D7B to profit or loss in subsequent periods Other comprehensive income not to be reclassified to profit or loss in subsequent periods Actuarial gain (loss) Less: Income tax effect S?@7< E=>G<7@7J8DM7 DJE=>7 J=? ?= [7 <7EQ988D;D7B to profit or loss in subsequent periods - net of income tax Other comprehensive income for the year Total comprehensive income for the year Total comprehensive income attributable to: Equity holders of the Company Non-controlling interests of the subsidiaries

20 25

2018

2017

Separate financial statements 2018

2017

(423,342,136)

95,953,310

(434,826,386)

99,361,588

(238,680)

(382,588)

(238,680)

(382,588)

1,085,430 (217,086)

(16,824,837) 3,364,967

1,085,430 (217,086)

(16,824,837) 3,364,967

868,344 629,664

(13,459,870) (13,842,458)

868,344 868,344

(13,459,870) (13,459,870)

(422,712,472)

82,110,852

(433,958,042)

85,901,718

(422,440,184) (272,288) (422,712,472)

80,630,809 1,480,043 82,110,852

(433,958,042)

85,901,718

The accompanying notes are an integral part of the financial statements.

Equity attributable to non-controlling Total interests of the 8@9<7@=QB7<8\ subsidiaries equity

21,689,550

(1,368,958)

21,129,107 21,431,362

(1,368,958)

- (11,840,018) (11,840,018) 68,924,184 1,911,226,428 22,591,116 1,933,817,544

(560,443) 21,689,550 21,129,107 21,431,362 68,924,184 1,911,226,428 22,591,116 1,933,817,544 - (423,069,848) (272,288) (423,342,136)

^cw oe p`

ec oee~

ec oee~ (238,680) (238,680) - (422,440,184) (272,288) (422,712,472) - (51,393,929) - (51,393,929) - (1,368,958) (1,368,958) (799,123) 20,320,592 19,521,469 21,431,362 68,924,184 1,437,392,315 22,318,828 1,459,711,143

1,027,904,144 100,000,000 90,786,400

Balance as at 1 January 2018 Loss for the year S?@7< E=>G<7@7J8DM7 DJE=>7 ;=< ?@7 U79<

Total comprehensive income for the year Dividend paid Transferred to retained earnings Balance as at 31 December 2018

581,051,231 (423,069,848)

e ow~~

(422,201,504) (51,393,929) 1,368,958 108,824,756

(560,443)

1,027,904,144 100,000,000 90,786,400 581,051,231

6,560,000 -

Total equity attributable to owners of the Company

(Unit: Baht)

(177,855) 23,058,508 22,880,653 21,431,362 68,924,184 1,805,886,002 32,951,091 1,838,837,093 - 94,473,267 1,480,043 95,953,310

^w cod `

^fwo ~co~d `

^fwo ~co~d ` (382,588) (382,588) - 80,630,809 1,480,043 82,110,852 - 125,000,000 - 125,000,000 - (100,290,383) - (100,290,383)

(6,560,000) 1,368,958

1,002,904,144 - 84,226,400 605,519,259 - 94,473,267

^fwo~d o p`

- 81,013,397 25,000,000 100,000,000 - (100,290,383)

Share Premium

Balance as at 1 January 2017 Profit for the year S?@7< E=>G<7@7J8DM7 DJE=>7 ;=< ?@7 U79<

Total comprehensive income for the year Share capital increase 21 Dividend paid 27 Unappropriated retained earnings transferred to statutory reserve 23 Transferred to retained earnings Decrease in non-controlling interests of the subsidiary from dividend payment of subsidiary Balance as at 31 December 2017

Note

Issued and paid-up share capital

Equity attributable to owners of the Company

S?@7< E=>G=J7J?8 =; 8@9<7@=QB7<8\ 7öID?U

S?@7< E=>G<7@7J8DM7 income

Consolidated financial statements

Exchange differences on Total other Premium on Premium on translation of Revaluation components of sales of sales of own Appropriated financial statutory statements in surplus on 8@9<7@=QB7<8\ investment in shares held equity reserve Unappropriated foreign currency assets subsidiary by subsidiary

Retained earnings

Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries

362 รายงานประจำป 2561 บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Statements of changes in shareholders' equity

For the year ended 31 December 2018

21 27

1,027,904,144

The accompanying notes are an integral part of the financial statements.

Balance as at 1 January 2018 Loss for the year S?@7< E=>G<7@7J8DM7 DJE=>7 ;=< ?@7 U79<

Total comprehensive income for the year Dividend paid Transferred to retained earnings Balance as at 31 December 2018

Balance as at 1 January 2017 Profit for the year S?@7< E=>G<7@7J8DM7 DJE=>7 ;=< ?@7 U79<

Total comprehensive income for the year Share capital increase Dividend paid Unappropriated retained earnings transferred to statutory reserve Transferred to retained earnings Balance as at 31 December 2017

Note

Issued and paid up share capital 1,002,904,144

25,000,000 -

Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries

100,000,000

100,000,000 -

Share premium

89,226,400

5,000,000 89,226,400

678,560,439 (434,826,386)

e ow~~

(433,958,042) (51,393,929) 1,368,958 194,577,426

(5,000,000) 1,368,958 678,560,439

Retained earnings Appropriated statutory reserve Unappropriated 84,226,400 696,580,146 99,361,588

^fwo~d o p`

85,901,718 (100,290,383)

21,689,550

(1,368,958) 20,320,592

(1,368,958) 21,689,550

21,689,550

(1,368,958) 20,320,592

(1,368,958) 21,689,550

1,917,380,533 (434,826,386)

e ow~~ (433,958,042) (51,393,929) 1,432,028,562

1,917,380,533

S?@7< E=>G=J7J?8 =; 8@9<7@=QB7<8\ 7öID?U S?@7< comprehensive income Total other Total Revaluation components of surplus on 8@9<7@=QB7<8\ 8@9<7@=QB7<8\ equity equity assets 23,058,508 23,058,508 1,806,769,198 99,361,588

^fwo~d o p` 85,901,718 125,000,000 - (100,290,383)

Separate financial statements

(Unit: Baht)

Christiani & Nielsen (Thai) Public Company Limited

ANNUAL REPORT 2018

363

Statements of changes in shareholders' equity (continued) For the year ended 31 December 2018

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บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Cash flow statements For the year ended 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements

Separate financial statements

2018

2017

2018

2017

(401,086,163)

114,909,267

(418,029,728)

117,149,365

225,404,552 213,091,563 1,973,016 698,300 77,530 (47,738,780) 8,643,961 16,340 (10,575,872) 17,500,959

218,554,002 (24,176,136) 19,733 (811,506) 4,542,570 (3,001,902) (98,602,163) 11,641,922 (41,978,086) 19,356,840

224,613,258 213,091,563 400,000 1,830,036 698,300 77,530 (52,543,000) 8,643,961 16,340 (10,245,961) 16,964,746

218,485,865 (24,176,136) 14,800,000 (811,506) 4,542,570 (2,993,999) (92,769,163) 11,641,922 (17,759,982) (41,912,260) 19,404,112

8,005,406

200,454,541

(14,482,955)

205,600,788

244,677,914 (483,497,674) 7,700,524 68,349,011 (416,019)

dpop~p

(484,720,252) (87,552,005) (11,950,716) (130,415,085) 160,479

^fop odf~`

258,006,811 (483,497,674) 7,700,524 69,388,340 (416,019)

~ dowff

(513,698,387) (109,142,967) (11,950,716) (130,406,687) 160,479

^fofwfo ec`

(236,725,660) 686,005,151 (3,011,000)

ccodppopp

313,637,702 10,759,701 (6,900,103) 254,169,794 (192,927,468) 378,739,626

574,163,199 60,629,608 (3,937,600)

f ofd o~pd

134,911,060 42,037,826 (14,299,442) 2,924,389 (205,059,024) (39,485,191)

(246,502,797) 686,005,151 (3,011,000)

cco fdoc

296,390,991 10,429,790 (6,363,890) 213,430,936 (191,308,887) 322,578,940

594,596,396 60,629,608 (3,937,600)

f o eowfd 109,605,467 41,972,000 (14,346,714) (204,518,103) (67,287,350)

Cash flows from operating activities Profit (loss) before tax Adjustments to reconcile profit (loss) before tax to net cash provided by (paid from) operating activities Depreciation and amortisation Allowance for doubtful accounts and bad debts (reversal) Allowance for impairment loss of investment in subsidiary Write off withholding tax deducted at sources Reversal of advances from customers Loss (gain) on disposals/write off of equipment Allowance for diminution in inventory value Write back other payables and other current liabilities Reversal of estimated expenses for construction projects Provision for long-term employee benefits Dividend income Unrealised gain on exchange rate Interest income Interest expenses Profit (loss) from operating activities before changes in operating assets and liabilities SG7<9?DJ: 9887?8 ^DJE<7987` B7E<7987 Trade and other receivables Unbilled receivables Construction contracts in progress Advance payments to subcontractors Inventories

S?@7< EI<<7J? 9887?8

SG7<9?DJ: QD9[DQD?D78 DJE<7987 ^B7E<7987` Trade and other payables Advances from customers and deferred construction revenue Provision for long-term employee benefits

S?@7< EI<<7J? QD9[DQD?D78

Cash from operating activities Interest income Cash paid for interest expenses Refund of withholding tax deducted at sources Cash paid for income tax Net cash from (used in) operating activities

The accompanying notes are an integral part of the financial statements.

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Cash flow statements (continued) For the year ended 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries (Unit: Baht)

Consolidated financial statements 2018

2017

Separate financial statements 2018

2017

Cash flows from investing activities Decrease in restricted bank deposits and investments Increase in investment in subsidiary Increase in other long-term investment Cash paid for acquisitions of property, plant and equipment Proceeds from disposals of plant and equipment Cash paid for intangible assets Decrease in other non-current assets Dividend income Net cash used in investing activities

9,686,424 (103,950,000) (66,280,664) 4,305,277 (2,921,883) (159,160,846)

31,868,497 (202,997,919) 5,177,482 (2,188,140) 153,084 (167,986,996)

9,686,424 (3,312,000) (103,950,000) (63,555,297) 5,538,442 (2,921,883) (158,514,314)

31,868,497 (6,885,000) (202,215,364) 5,177,482 (2,188,140) 153,084 17,759,982 (156,329,459)

(125,845,868) (58,800,000) (50,252,711) (234,898,579) (209,993) (15,529,792) 123,080,118 107,550,326

(51,020,894) (58,800,000) 125,000,000 (112,130,401) (96,951,295) (354,256) (304,777,738) 427,857,856 123,080,118

(125,845,868) (58,800,000) (50,252,711) (234,898,579) (70,833,953) 103,446,094 32,612,141

(51,020,894) (58,800,000) 125,000,000 (100,290,383) (85,111,277) (308,728,086) 412,174,180 103,446,094

71,969,246 1,141,218

236,673,320 -

71,969,246 1,141,218

236,673,320 -

Cash flows from financing activities Cash paid for liabilities under financial lease agreements Cash paid for long-term loans Cash received from capital increase Dividend paid Net cash used in financing activities Decrease in translation adjustments Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (Note 7)

Supplemental disclosure of cash flows information Non-cash transactions Assets acquired under finance lease agreements Dividend payable

The accompanying notes are an integral part of the financial statements.

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Notes to consolidated financial statements For the year ended 31 December 2018 Christiani & Nielsen (Thai) Public Company Limited and its subsidiaries 1.

General information Christiani & Nielsen (Thai) Public Company Limited (“the Company”) is a public company incorporated and domiciled in Thailand. The major shareholder of the Company is Globex Corporation Limited, which was also incorporated in Thailand. The Company is principally engaged in the provision of construction services. The registered office of the Company is at 727, La Salle Road, Kwaeng Bangna Tai, Khet Bangna, Bangkok.

Basis of preparation

2.1

The financial statements have been prepared in accordance with Thai Financial Reporting Standards enunciated under the Accounting Professions Act B.E. 2547 and their presentation has been made in compliance with the stipulations of the Notification of the Department of Business Development dated 11 October 2016, issued under the Accounting Act B.E. 2543. The financial statements in Thai language are the official statutory financial statements of the Company. The financial statements in English language have been translated from the Thai language financial statements. The financial statements have been prepared on a historical cost basis except where otherwise disclosed in the accounting policies. Basis of consolidation a) The consolidated financial statements include the financial statements of Christiani & Nielsen (Thai) Public Company Limited (“the Company”) and the following subsidiary companies (“the subsidiaries”):

2.2

Company’s name

Nature of business

Country of incorporation

Subsidiaries (held by the Company) CNT Holdings Limited Construction business Christiani & Nielsen (Myanmar) Limited Construction business Christiani & Nielsen (Cambodia) Co., Ltd. Construction business

Thailand Myanmar Cambodia

Percentage of shareholding 2018

2017

Percent

60 100 100

b) The Company is deemed to have control over an investee or subsidiaries if it has rights, or is exposed, to variable returns from its involvement with the investee, and it has the ability to direct the activities that affect the amount of its returns. c) Subsidiaries are fully consolidated as from being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. d) The financial statements of the subsidiaries are prepared using the same significant accounting policies as the Company.

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2.3

e) The assets and liabilities in the financial statements of overseas subsidiary company are translated to Baht using the exchange rate prevailing on the end of reporting period, and revenues and expenses translated using monthly average exchange rates. The resulting differences are shown under the caption of “Exchange differences on translation of financial statements in foreign currency” in the statements of changes in shareholders’ equity. f) Material balances and transactions between the Company and its subsidiary have been eliminated from the consolidated financial statements. g) Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries that are not held by the Company and are presented separately in the consolidated income statement and within equity in the consolidated statement of financial position. The separate financial statements present investments in subsidiaries under the cost method.

New financial reporting standards (a) Financial reporting standards that became effective in the current year During the year, the Company and its subsidiaries have adopted the revised financial reporting standards and interpretations (revised 2017) which are effective for fiscal years beginning on or after 1 January 2018. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes and clarifications directed towards disclosures in the notes to financial statements. The adoption of these financial reporting standards does not have any significant impact on the Company’s and its subsidiaries’ financial statements. (b) Financial reporting standards that will become effective for fiscal years beginning on or after 1 January 2019 The Federation of Accounting Professions issued a number of revised and new financial reporting standards and interpretations (revised 2018) which are effective for fiscal years beginning on or after 1 January 2019. These financial reporting standards were aimed at alignment with the corresponding International Financial Reporting Standards with most of the changes directed towards clarifying accounting treatment and providing accounting guidance for users of the standards. The management of the Company and its subsidiaries believes that most of the revised financial reporting standards will not have any significant impact on the financial statements when they are initially applied. However, the new standard involves changes to key principles, as summarised below. TFRS 15 Revenue from Contracts with Customers TFRS 15 supersedes the following accounting standards together with related Interpretations. TAS 11 (revised 2017) Construction contracts TAS 18 (revised 2017) Revenue TSIC 31 (revised 2017) Revenue - Barter Transactions Involving Advertising Services TFRIC 13 (revised 2017) Customer Loyalty Programmes TFRIC 15 (revised 2017) Agreements for the Construction of Real Estate TFRIC 18 (revised 2017) Transfers of Assets from Customers

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Entities are to apply this standard to all contracts with customers unless those contracts fall within the scope of other standards. The standard establishes a five-step model to account for revenue arising from contracts with customers, with revenue being recognised at an amount that reflects the consideration to which an entity expects to be entitled in exchange for transferring goods or services to a customer. The standard requires entities to exercise judgement, taking into consideration all of the relevant facts and circumstances when applying each step of the model. The management of the Company and its subsidiaries believes that this standard will not have any significant impact on the financial statements when it is initially applied. (c) Financial reporting standards related to financial instruments that will become effective for fiscal years beginning on or after 1 January 2020 During the current year, the Federation of Accounting Professions issued a set of TFRSs related to financial instruments, which consists of five accounting standards and interpretations, as follows: Financial Reporting Standards: TFRS 7 Financial Instruments: Disclosures TFRS 9 Financial Instruments Accounting Standard: TAS 32 Financial Instruments: Presentation Financial Reporting Standard Interpretations: TFRIC 16 Hedges of a Net Investment in a Foreign Operation TFRIC 19 Extinguishing Financial Liabilities with Equity Instruments These TFRSs related to financial instruments make stipulations relating to the classification of financial instruments and their measurement at fair value or amortised cost (taking into account the type of instrument, the characteristics of the contractual cash flows and the Company’s business model), calculation of impairment using the expected credit loss method, and hedge accounting. These include stipulations regarding the presentation and disclosure of financial instruments. When the TFRSs related to financial instruments are effective, some accounting standards, interpretations and guidance which are currently effective will be cancelled. The management of the Company and its subsidiaries is currently evaluating the impact of these standards to the financial statements in the year when they are adopted.

Significant accounting policies 4.1 Revenue recognition Construction income Revenue from construction contract works is recognised as income, excluding value added tax, on the basis of percentage of completion which is estimated by project engineers. Recognised revenue not yet due as per contracts is presented as “Unbilled receivables” under current assets in the statement of financial position. Contracts under which the amount billed exceeds the calculated revenue is shown as “Deferred construction revenue” under current liabilities in the statement of financial position.

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Provision for anticipated loss from construction contracts will be made in the accounts as soon as the possibility of such loss is ascertained. Interest income Interest income is recognised on an accrual basis based on the effective interest rate. Dividends Dividends are recognised when the right to receive the dividends is established. 4.2 Cost of construction Cost of construction comprises the costs of materials, labour, subcontractors’ charges, other services and overheads, which are recognised on the percentage of completion method. Contracts of which incurred construction cost exceeds calculated cost of construction under percentage of completion, and cost of project of which revenue has not yet been recognised are shown as “Construction contracts in progress” under current assets in the statement of financial position, while contracts of which calculated cost of construction exceeds incurred cost of construction are shown as “Accrued construction costs” under current liabilities in the statement of financial position. 4.3 Cash and cash equivalents Cash and cash equivalents consist of cash in hand and at banks, and all highly liquid investments with an original maturity of three months or less and not subject to withdrawal restrictions. 4.4 Trade accounts receivable Trade accounts receivable are stated at the net realisable value. Allowance for doubtful accounts is provided for the estimated losses that may be incurred in collection of receivables. The allowance is generally based on collection experiences and analysis of debt aging. 4.5 Inventories Inventories, which comprise construction materials and spare parts, are valued at the lower of average cost and net realisable value. Allowance for diminution in inventory value is made for deteriorated inventories. 4.6 Investments a) Investments in debt securities, both due within one year and expected to be held to maturity, are recorded at amortised cost. The premium/discount on debt securities is amortised/ accreted by the effective rate method with the amortised/accreted amount presented as an adjustment to the interest income. b) Investments in non-marketable equity securities, which the Company classifies as other investments, are stated at cost net of allowance for impairment loss (if any). c) Investments in subsidiaries are accounted for in the separate financial statements at cost net of allowance for impairment loss (if any). The weighted average method is used for computation of the cost of investments. On disposal of an investment, the difference between net disposal proceeds and the carrying amount of the investment is recognised in the income statement.

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4.7 Investment properties Investment properties are initially measured at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and allowance for loss on impairment (if any). Depreciation of investment properties in condominium units is calculated by reference to their costs on the straight-line basis over the estimated useful lives of 20 years. Depreciation of the investment properties is included in determining income. No depreciation is provided on investment properties in land. On disposal of investment properties, the difference between the net disposal proceeds and the carrying amount of the asset is recognised in the income statement in the period when the asset is derecognised. 4.8 Property, plant and equipment and depreciation Land is stated at cost. Buildings and equipment are stated at cost or revalued amount less accumulated depreciation and allowance for loss on impairment of assets (if any). Buildings are initially recorded at cost on the acquisition date, and subsequently revalued by an independent professional appraiser to their fair values. Revaluations are made with sufficient regularity to ensure that the carrying amount does not differ materially from fair value at the end of reporting period. Differences arising from the revaluation are dealt with in the financial statements as follows: - When an asset’s carrying amount is increased as a result of a revaluation of the Company’s assets, the increase is credited directly to the other comprehensive income and the cumulative increase is recognised in equity under the heading of “Revaluation surplus on assets”. However, a revaluation increase is recognised as income to the extent that it reverses a revaluation decrease in respect of the same asset previously recognised as an expense. - When an asset’s carrying amount is decreased as a result of a revaluation of the Company’s assets, the decrease is recognised in the income statement. However, the revaluation decrease is charged to the other comprehensive income to the extent that it does not exceed an amount already held in “Revaluation surplus on assets” in respect of the same asset. Depreciation of plant and equipment is calculated by reference to their costs or the revalued amounts on the straight-line basis over the following estimated useful lives: Buildings 20 years Land improvements 5 years Construction machinery and equipment - 2 - 10 years Furniture, fixtures and equipment - 3 - 6 years Motor vehicles - 3 - 6 years Depreciation is included in determining income. No depreciation is provided on land and assets under construction and installation. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on disposal of an asset is included in the income statement when the asset is derecognised.

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4.9 Intangible assets and amortisation Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses (if any). Intangible assets with finite lives are amortised on a systematic basis over the economic useful life and tested for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method of such intangible assets are reviewed at least at each financial year end. The amortisation expense is charged to the income statement. Intangible asset with finite useful lives which is computer software has the estimated economic useful lives of 5 years and 10 years.

4.10 Related party transactions Related parties comprise individuals or enterprises that control, or are controlled by, the Company, whether directly or indirectly, or which are under common control with the Company. They also include individuals or enterprises which directly or indirectly own a voting interest in the Company that gives them significant influence over the Company, key management personnel, directors, and officers with authority in the planning and direction of the Companyâ&#x20AC;&#x2122;s operations.

4.11 Long-term leases Leases of property, plant or equipment which transfer substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lower of the fair value of the leased assets and the present value of the minimum lease payments. The outstanding rental obligations, net of finance charges, are included in long-term payables, while the interest element is charged to the income statement over the lease period. The assets acquired under finance leases are depreciated over the useful life of the asset. Leases of property, plant or equipment which do not transfer substantially all the risks and rewards of ownership are classified as operating leases. Operating lease payments are recognised as an expense in the income statement on a straight-line basis over the lease term.

4.12 Foreign currencies The consolidated and separate financial statements are presented in Baht, which is also the Companyâ&#x20AC;&#x2122;s functional currency. Items of each entity included in the consolidated financial statements are measured using the functional currency of that entity. Transactions in foreign currencies are translated into Baht at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into Baht at the exchange rate ruling at the end of reporting period. Gains and losses on exchange are included in determining income.

4.13 Impairment of assets At the end of each reporting period, the Company performs impairment reviews in respect of the property, plant and equipment whenever events or changes in circumstances indicate that an asset may be impaired. An impairment loss is recognised when the recoverable amount of an asset, which is the higher of the assetâ&#x20AC;&#x2122;s fair value less costs to sell and its value in use, is less than the carrying amount.

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An impairment loss is recognised in the income statement. However, in cases where buildings were previously revalued and the revaluation was taken to equity, a part of such impairment is recognised in equity up to the amount of the previous revaluation. In the assessment of asset impairment if there is any indication that previously recognised impairment losses may no longer exist or may have decreased, the Company estimates the asset’s recoverable amount. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognised. The increased carrying amount of the asset attributable to a reversal of an impairment loss shall not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the income statement unless the asset is carried at a revalued amount, in which case the reversal, which exceeds the carrying amount that would have been determined, is treated as a revaluation increase.

4.14 Employee benefits Short-term employee benefits Salaries, wages, bonuses and contributions to the social security fund are recognised as expenses when incurred. Post-employment benefits Defined contribution plans The Company and its employees have jointly established a provident fund. The fund is monthly contributed by employees and by the Company. The fund’s assets are held in a separate trust fund and the Company’s contributions are recognised as expenses when incurred. Defined benefit plans The Company and its subsidiaries have obligations in respect of the severance payments they must make to employees upon retirement under labor law. The Company and its subsidiaries treat these severance payment obligations as a defined benefit plan. The obligation under the defined benefit plan is determined by a professionally qualified independent actuary based on actuarial techniques, using the projected unit credit method. Actuarial gains and losses arising from post-employment benefits are recognised immediately in other comprehensive income.

4.15 Provisions Provisions are recognised when the Company and its subsidiaries have the present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

4.16 Income tax Income tax expense represents the sum of corporate income tax currently payable and deferred tax. Current tax Current income tax is provided in the accounts at the amount expected to be paid to the taxation authorities, based on taxable profits determined in accordance with tax legislation.

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Deferred tax Deferred income tax is provided on temporary differences between the tax bases of assets and liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at the end of the reporting period. The Company and its subsidiaries recognise deferred tax liabilities for all taxable temporary differences while they recognise deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent that it is probable that future taxable profit will be available against which such deductible temporary differences and tax losses carried forward can be utilised. At each reporting date, the Company and its subsidiaries review and reduce the carrying amount of deferred tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. The Company and its subsidiaries record deferred tax directly to shareholdersâ&#x20AC;&#x2122; equity if the tax relates to items that are recorded directly to shareholdersâ&#x20AC;&#x2122; equity.

4.17 Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between buyer and seller (market participants) at the measurement date. The Company and its subsidiaries apply a quoted market price in an active market to measure their assets and liabilities that are required to be measured at fair value by relevant financial reporting standards. Except in case of no active market of an identical asset or liability or when a quoted market price is not available, the Company and its subsidiaries measure fair value using valuation techniques that are appropriate in the circumstances and maximise the use of relevant observable inputs related to assets and liabilities that are required to be measured at fair value. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy into three levels based on categories of input to be used in fair value measurement as follows: Level 1 Use of quoted market prices in an observable active market for such assets or liabilities Level 2 Use of other observable inputs for such assets or liabilities, whether directly or indirectly Level 3 Use of unobservable inputs such as estimates of future cash flows At the end of each reporting period, the Company and its subsidiaries determine whether transfers have occurred between levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that are measured at fair value on a recurring basis.

Significant accounting judgements and estimates The preparation of financial statements in conformity with financial reporting standards at times requires management to make subjective judgements and estimates regarding matters that are inherently uncertain. These judgements and estimates affect reported amounts and disclosures; and actual results could differ from these estimates. Significant judgements and estimates are as follows:

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Construction contracts The Company and its subsidiaries recognise construction income by reference to the stage of completion of the construction contract activities, when the outcome of a construction contract can be estimated reliably. The stage of completion is measured by reference to surveys of works and estimates performed by project engineers. The management is required to make judgement and estimates based on past experience and information obtained from the project engineers. Estimated construction project costs The Company and its subsidiaries estimate costs of construction projects based on details of the construction work, taking into account the volume and value of construction materials to be used in the project, labour costs and other miscellaneous costs to be incurred to complete the construction service, taking into consideration the trend of the changes in these costs. Estimates are reviewed regularly or whenever actual costs differ significantly from the figures used in the original estimates. Estimated expenses for construction projects In determining estimated expenses for construction projects, the management is required to use judgement and relevant information to estimate losses that may be incurred from warranties and claims on the construction contract works. The estimates are made through a combination of specific reviews of construction projects, analysis of actual claims incurred and historical statistic information, among others. However, the use of different estimates and assumptions could affect the amounts of estimated expenses for construction projects. Leases In determining whether a lease is to be classified as an operating lease or finance lease, the management is required to use judgement regarding whether significant risk and rewards of ownership of the leased asset has been transferred, taking into consideration terms and conditions of the arrangement. Allowance for doubtful accounts In determining an allowance for doubtful accounts, the management needs to make judgement and estimates based upon, among other things, past collection history, aging profile of outstanding debts and the prevailing economic condition. Impairment of investments The Company treats investments as impaired when there has been a significant or prolonged decline in the fair value below their cost or where other objective evidence of impairment exists. The determination of what is “significant” or “prolonged” requires judgement of the management. Property, plant and equipment and depreciation In determining depreciation of plant and equipment, the management is required to make estimates of the useful lives and residual values of the plant and equipment and to review estimate useful lives and residual values when there are any changes. The Company measures buildings at revalued amounts. Such amounts are determined by the independent valuer using the depreciated replacement cost approach. The valuation involves certain assumptions and estimates.

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In addition, the management is required to review property, plant and equipment for impairment on a periodical basis and records impairment losses when it is determined that their recoverable amount is lower than the carrying amount. This requires judgements regarding forecast of future revenues and expenses relating to the assets subject to the review. Deferred tax assets Deferred tax assets are recognised for deductible temporary differences and unused tax losses to the extent that it is probable that taxable profit will be available against which the temporary differences and losses can be utilised. Significant management judgement is required to determine the amount of deferred tax assets that can be recognised, based upon the likely timing and level of estimate future taxable profits. Post-employment benefits under defined benefit plans The obligation under the defined benefit plan is determined based on actuarial techniques. Such determination is made based on various assumptions, including discount rate, future salary increase rate, mortality rate and staff turnover rate. Litigation The Company has contingent liabilities as a result of litigation. The management has used judgement to assess of the results of the litigation and believes that the provision made would be sufficient. However, actual results could differ from the estimates.

Related party transactions During the years, the Company and its subsidiaries had significant business transactions with related parties. Such transactions, which are summarised below, arose in the ordinary course of business and were concluded on commercial terms and bases agreed upon between the Company and those related parties. (Unit: Million Baht)

Consolidated financial statements 2018 Transactions with subsidiary (eliminated from the consolidated financial statements) Dividend income Rental and service income Sales of assets Other Income Transactions with related companies Construction income Cost of construction 0.6 Rental and service expenses 0.4

Separate financial statements

2017

2018

2017

7.0 1.2 0.3

17.8 -

0.1 5.0 1.6

0.6 0.4

0.1 5.0 1.6

Transfer pricing policy

At declared rate Market price Net book Value plus margin Net book Value plus margin

Cost plus margin Market price Market price

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The balances of the accounts as at 31 December 2018 and 2017 between the Company and those related parties are as follows: (Unit: Thousand Baht)

Consolidated financial statements Trade accounts receivable - related parties (Note 8) Construction contract receivables Related companies (related by common directors and/or connected person) Total Less: Allowance for doubtful accounts Total construction contract receivables Total trade accounts receivable - related parties Other receivables - related parties (Note 8) Subsidiary Related company (related by common directors and/or connected person) Total Less: Allowance for doubtful accounts Total other receivables - related parties Trade and other payables - related parties (Note 17) Related companies (related by common directors and/or connected person) Total trade and other payables - related parties

Separate financial statements

2018

2017

2018

2017

208,050 208,050 (208,050) -

219,032 219,032 219,032 219,032

208,050 208,050 (208,050) -

213,076 213,076 213,076 213,076

7,516

5,130 5,130 (5,130) -

5,422 5,422 5,422

5,130 12,646 (5,130) 7,516

5,422 5,510 5,510

136 136

712 712

136 136

712 712

Directors and management's remuneration During the years ended 31 December 2018 and 2017, the Company and its subsidiaries had employee benefit expenses payable to their directors and management as below. (Unit: Thousand Baht)

Consolidated and Separate financial statements 2018 46,692 1,987 48,679

Short-term employee benefits Post-employment benefits Total

2017 49,579 1,448 51,027

Cash and cash equivalents (Unit: Thousand Baht)

Consolidated financial statements Cash Bank deposits Total cash and cash equivalents

2018 6,485 101,065 107,550

2017 5,998 117,082 123,080

Separate financial statements 2018 6,320 26,292 32,612

2017 5,930 97,516 103,446

As at 31 December 2018, bank deposits in savings accounts carried interests between 0.10 and 1.20 percent per annum (2017: between 0.10 and 1.20 percent per annum).

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Trade and other receivables (Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

2018

2017

2018

2017

208,050 208,050 (208,050) -

10,982 208,050 219,032 219,032

208,050 208,050 (208,050) -

5,026 208,050 213,076 213,076

728,089

974,275

709,978

974,275

176,221 36,184 51,488 130,512 1,122,494 10,000 1,132,494 (32,438) 1,100,056 570,097 1,670,153 1,670,153

182,826 75,446 18,181 23,542 31,729 1,305,999 93,345 1,399,344 (32,438) 1,366,906 520,152 1,887,058 2,106,090

176,221 36,184 51,488 130,512 1,104,383 10,000 1,114,383 (32,438) 1,081,945 561,295 1,643,240 1,643,240

182,826 75,446 18,181 23,542 31,729 1,305,999 93,345 1,399,344 (32,438) 1,366,906 520,152 1,887,058 2,100,134

5,130 9,125 115 8,851 23,221 (5,832) 17,389 1,687,542

5,422 22,384 298 12,019 40,123 (702) 39,421 2,145,511

12,646 8,745 115 8,634 30,140 (5,832) 24,308 1,667,548

5,510 22,365 298 11,241 39,414 (702) 38,712 2,138,846

Trade receivables - related parties Aged on the basis of due dates Past due 6 - 12 months Over 12 months Total Less: Allowance for doubtful accounts Total trade receivables - related parties

Trade receivables - unrelated parties Aged on the basis of due dates Not yet due Past due Up to 1 month 1 - 3 months 3 - 6 months 6 - 12 months Over 12 months Total Notes receivable and post dated cheques Total Less: Allowance for doubtful accounts Total trade receivables - unrelated parties - net Retention as per contracts Total Total trade receivables - net

Other receivables Other receivables - related parties Other receivables - unrelated parties Interest receivable Prepaid expenses Total other receivables Less: Allowance for doubtful accounts Total other receivables - net Total trade and other receivables - net

378 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

The trade receivables included amounts receivable from several construction projects of which the developers have experienced financial difficulties or are in the process of claim for damages and delayed payments for the construction services provided and some of these projects have been subject to legal actions taken by the Company. The Company has transferred the calling right for the collections from the construction contract debtors of certain projects to a bank to secure the credit facilities of the Company granted by that bank.

Unbilled receivables/Advances received from customers and deferred construction revenue (Unit: Thousand Baht)

Consolidated financial statements

Separate financial statements

2018

2017

2018

2017

19,756,628

12,606,449

19,756,628

12,606,449

8,276,682 (6,845,275) 1,431,407

5,795,895 (4,847,986) 947,909

8,276,682 (6,845,275) 1,431,407

5,795,895 (4,847,986) 947,909

1,979,233 1,900,965

3,289,724 2,549,756

1,979,233 1,900,965

3,289,724 2,549,756

(1,838,527) 62,438 1,339,293

(2,495,706) 54,050 661,676

(1,838,527) 62,438 1,339,293

(2,495,706) 54,050 661,676

1,401,731

715,726

1,401,731

715,726

Unbilled receivables Project value as per contracts Accumulated amount recognised as revenue on percentage of completion basis Less: Amount billed Unbilled receivables

Advances received from customers and deferred construction revenue Project value as per contracts Amount billed Less: Accumulated amount recognised as revenue on percentage of completion basis Deferred construction revenue Advances received from customers Advance received from customers and deferred construction revenue

10. Restricted bank deposits and investments (Unit: Thousand Baht)

Consolidated and Separate financial statements Bank deposits Investments in Bank of Thailand bonds Total

2018 1,527 24,797 26,324

2017 11,366 24,645 36,011

As at 31 December 2018, bank deposits and investments in Bank of Thailand bonds carried interests between 0.80 and 1.47 percent per annum (2017: between 0.63 and 1.50 percent per annum). The Company pledged its bank deposits to secure credit facilities and bank guarantees issued by banks on behalf of the Company and pledged its Bank of Thailand bonds to guarantee the tax refund from the Revenue Department.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

379

11. Investments in subsidiaries Details of investments in subsidiaries as presented in the separate financial statements are as follows: (Unit: Thousand Baht)

Company’s name

Paid-up capital 2018

CNT Holdings Limited Christiani & Nielsen (Myanmar) Limited Christiani & Nielsen (Cambodia) Co., Ltd. Total Less: Allowance for impairment loss on investment Total investments in subsidiaries - net

Baht 50.0 million USD 0.3 million USD 0.1 million

2017 Baht 50.0 million USD 0.2 million USD 0.1 million

Shareholding percentage

Cost

2018 (%) 60

2017 (%) 60

2018 1,526,230

1,526,230

100

10,292

6,980

100

3,375

1,539,897 (1,492,717)

1,536,585 (1,492,317)

47,180

44,268

2017

During the year 2018, the Company recorded the allowance for impairment loss on investment in subsidiary of Baht 0.4 million (2017: Baht 14.8 million). During the year 2017, the Company received dividend income of Baht 17.8 million from CNT Holdings Limited. Subsidiary in Myanmar On 11 July 2016, the meeting of the Executive Board of Directors of the Company passed a resolution to approve the establishment of a subsidiary in Myanmar, namely “Christiani & Nielsen (Myanmar) Limited”, with the registered share capital of USD 500,000 (500,000 ordinary shares of USD 1 each). The subsidiary called up its share capital of USD 100,000 (100,000 ordinary shares of USD 1 each). The Company holds 100% equity interest in this subsidiary. On 15 July 2016, the subsidiary registered its establishment with the Directorate of Investment and Company Administration of Myanmar. On 16 March 2017, the Company additionally paid for its investment in Christiani & Nielsen (Myanmar) Limited of USD 100,000 (100,000 ordinary shares of USD 1 each). On 29 March 2017, the subsidiary registered the additional issued and paid up share capital with the Directorate of Investment and Company Administration of Myanmar. On 2 July 2018, the Company additionally paid for its investment in Christiani & Nielsen (Myanmar) Limited of USD 100,000 (100,000 ordinary shares of USD 1 each). On 9 July 2018, the subsidiary registered the additional issued and paid up share capital with the Directorate of Investment and Company Administration of Myanmar.

380 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Subsidiary in Cambodia On 15 June 2017, the meeting of the Executive Board of Directors of the Company passed a resolution to approve the establishment of a subsidiary in Cambodia, namely “Christiani & Nielsen (Cambodia) Co., Ltd.”, with the registered share capital of USD 100,000 (100,000 ordinary shares of USD 1 each). The subsidiary called up its share capital of USD 100,000 (100,000 ordinary shares of USD 1 each). The Company holds 100% equity interest in this subsidiary. On 4 July 2017, the subsidiary registered its establishment with the Ministry of Commerce of Cambodia. On 21 July 2017, the Company paid for its investment in Christiani & Nielsen (Cambodia) Co., Ltd. of USD 100,000. New subsidiary Company On 11 January 2019, the meeting of the Board of Directors of the Company No.442 passed a resolution to approve the establishment of a subsidiary in Thailand, namely “Christiani & Nielsen Energy Solutions Company Limited” with the registered share capital of Baht 10 million (1,000,000 ordinary shares of Baht 10 each). The Company holds 85 % equity interest in this subsidiary. On 22 January 2019, the subsidiary registered its establishment with the Ministry of Commerce.

12. Other long-term investment (Unit: Thousand Baht)

Consolidated and Separate financial statements Shareholding percentage Investments 2018 (%)

2017 (%)

2018

2017

Other investment - other companies Oriental Residence Bangkok Co., Ltd. Gammon Engineers and Contractors Private Limited (GECPL) Total

0.20

1,000

10.50

103,950 104,950

1,000

On 22 March 2018, the meeting of the Board of Directors of the Company No. 437 passed a resolution to approve the Company to enter into the Investment Cum Shareholders Agreement (the “Investment Agreement”) for investment in Gammon Engineers and Contractors Private Limited (“GECPL”). Under the Investment Agreement, the Company subscribed to 6,000,000 newly issued shares (par value of Indian Rupees 10 each) of GECPL at price of Indian Rupees 35 per share or in total amount of Indian Rupees 210 million or equivalent to approximately Baht 104 million, which was paid by the Company on 26 March 2018.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

381

13. Investment properties (Unit: Thousand Baht)

Consolidated and Separate financial statements Land

Condominium units

Total

Cost 1 January 2017 31 December 2017 31 December 2018

77,707 77,707 77,707

9,314 9,314 9,314

87,021 87,021 87,021

7,498 419 7,917 419 8,336

1,767 1,767 1,767

75,940 75,940

1,397 978

77,337 76,918

Accumulated depreciation 1 January 2017 Depreciation for the year 31 December 2017 Depreciation for the year 31 December 2018

Allowance for impairment loss 1 January 2017 31 December 2017 31 December 2018

Net book value 31 December 2017 31 December 2018

Depreciation for the year 2017 2018

419 419

The fair value of investment properties as of 31 December 2018 and 2017 is presented below. (Unit: Thousand Baht)

Consolidated and Separate financial statements Land Condominium units

2018 200,416 6,381

2017 134,688 4,354

The fair value of the above investment properties has been determined based on valuation performed by an accredited independent valuer, using the market approach. As at 31 December 2018 and 2017, the Company had mortgaged its 8 plots of land with net book value of Baht 36 million with banks to secure the bank overdrafts and loans granted by those banks.

1 January 2017 Additions Disposals/write-off Transfer in (transfer out) Translation adjustment 31 December 2017 Additions Disposals/write-off Transfer in (transfer out) Translation adjustment 31 December 2018

Cost/Revalued amount 309,985 120 3,175 313,280 476 313,756

Buildings

Revaluation basis

802 802

Leasehold buildings 297,668 297,668 297,668

Land 42,217 42,217 42,217

1,180,083 373,513 (68,844) 400 1,485,152 86,066 (51,580) 1,519,638

129,573 17,055 (1,064) 3,375 (30) 148,909 7,750 (7,201) (40) 149,418

Cost basis Construction machinery Furniture, and Land fixtures and improvements equipment equipment

Consolidated financial statements

166,161 42,040 (1,038) 207,163 40,813 (3,878) 244,098

Motor Vehicles

25,239 6,944 (6,950) 25,233 3,626 (1,278) 1 27,582

Assets under construction and installation

2,150,926 439,672 (70,946) (30) 2,519,622 138,255 (62,659) (39) 2,595,179

Total

(Unit: Thousand Baht)

382 รายงานประจำป 2561 บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

14. Property, plant and equipment

Leasehold buildings Land 109,583 17,541 (924) 126,200 17,988 (3,210) 140,978 21 21 21 80,942 103,099

1,946 1,946 1,946 33,301 23,505

Motor Vehicles

95,514 19,119 (966) (5) 113,662 17,346 (7,028) (13) 123,967

Cost basis Construction machinery Furniture, and Land fixtures and improvements equipment equipment

1 January 2017 44,161 26,279 728,039 Depreciation for the year 15,812 8,439 155,885 Depreciation on disposals/write-off (59,335) Translation adjustment 31 December 2017 59,973 34,718 824,589 Depreciation for the year 15,811 265 7,168 164,917 Depreciation on disposals/write-off (46,142) Translation adjustment 3 2 31 December 2018 75,784 268 41,886 943,366 Allowance for impairment loss 1 January 2017 121 6,306 31 December 2017 121 6,306 31 December 2018 121 6,306 Net book value 31 December 2017 253,186 297,668 7,499 654,257 31 December 2018 237,851 534 297,668 331 569,966 Depreciation for the year 2017 (Baht 180 million included in cost of construction, and the balance in administrative expenses) 2018 (Baht 190 million included in cost of construction, and the balance in administrative expenses)

Accumulated depreciation

Buildings

Revaluation basis

Consolidated financial statements

25,233 27,582

Assets under construction and installation

216,796 223,495

1,352,086 1,260,536

8,394 8,394 8,394

1,003,576 216,796 (61,225) (5) 1,159,142 223,495 (56,380) (8) 1,326,249

Total

(Unit: Thousand Baht)

Christiani & Nielsen (Thai) Public Company Limited

ANNUAL REPORT 2018

383

1 January 2017 Additions Disposals/write-off Transfer in (transfer out) 31 December 2017 Additions Disposals/write-off Transfer in (transfer out) 31 December 2018

Cost/Revalued amount 309,985 120 3,175 313,280 476 313,756

Buildings

Revaluation basis

297,668 297,668 297,668

Land 42,217 42,217 42,217

1,180,083 373,477 (68,844) 400 1,485,116 84,272 (52,939) 1,516,449

129,266 17,004 (1,064) 3,375 148,581 6,918 (7,201) 148,298

Cost basis Construction machinery Furniture, and Land fixtures and improvements equipment equipment

Separate financial statements

166,161 42,040 (1,038) 207,163 40,813 (3,878) 244,098

Motor Vehicles

25,239 6,248 (6,950) 24,537 3,521 (476) 27,582

Assets under construction and installation

2,150,619 438,889 (70,946) 2,518,562 135,524 (64,018) 2,590,068

Total

(Unit: Thousand Baht)

384 รายงานประจำป 2561 บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Land 95,493 19,057 (966) 113,584 17,153 (7,028) 123,709 1,946 1,946 1,946 33,051 22,643

728,039 155,884 (59,335) 824,588 164,589 (46,411) 942,766 6,306 6,306 6,306 654,222 567,377

Cost basis Construction machinery Furniture, and Land fixtures and improvements equipment equipment

1 January 2017 44,161 26,279 Depreciation for the year 15,812 8,439 Depreciation on disposals/write-off 31 December 2017 59,973 34,718 Depreciation for the year 15,811 7,168 Depreciation on disposals/write-off 31 December 2018 75,784 41,886 Allowance for impairment loss 1 January 2017 121 31 December 2017 121 31 December 2018 121 Net book value 31 December 2017 253,186 297,668 7,499 31 December 2018 237,851 297,668 331 Depreciation for the year 2017 (Baht 180 million included in cost of construction, and the balance in administrative expenses) 2018 (Baht 190 million included in cost of construction, and the balance in administrative expenses)

Accumulated depreciation

Buildings

Revaluation basis

Separate financial statements

80,942 103,099

21 21 21

109,583 17,541 (924) 126,200 17,988 (3,210) 140,978

Motor Vehicles

24,537 27,582

Assets under construction and installation

216,733 222,709

1,351,105 1,256,551

8,394 8,394 8,394

1,003,555 216,733 (61,225) 1,159,063 222,709 (56,649) 1,325,123

Total

(Unit: Thousand Baht)

Christiani & Nielsen (Thai) Public Company Limited

ANNUAL REPORT 2018

385

386 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

Since 2013, the Company arranged for an independent professional valuer to reappraise the value of its buildings. The revaluations were conducted on 7 November 2013 and 14 November 2013 using the depreciated replacement cost approach, the results of which showed a Baht 34 million increase in the net book value of the buildings. The Company recorded the revaluation increase of buildings in other comprehensive income and the cumulative increase is recognised as the “Revaluation surplus on assets” in the shareholders’ equity. Had the buildings been carried in the financial statements based on historical cost basis, their net book values as of 31 December 2018 would have been approximately Baht 213 million (2017: Baht 226 million). As at 31 December 2018, the Company had machinery, vehicles and equipment under finance lease agreements with net book value amounting to Baht 376 million (2017: Baht 370 million). As at 31 December 2018, certain plant and equipment items have been fully depreciated but are still in use. The gross carrying amount before deducting accumulated depreciation and allowance for impairment loss of those assets amounted to approximately Baht 812 million (2017: Baht 690 million). As at 31 December 2018, the Company had mortgaged its 9 plots of land and construction thereon with net book value of approximately Baht 501 million (2017: 9 plots of land with net book value of approximately Baht 522 million) with banks to secure the short-term and long-term credit facilities granted by those banks.

15. Intangible assets The net book value of intangible assets as at 31 December 2018 and 2017 is presented below. (Unit: Thousand Baht)

Consolidated financial statements Computer software - cost Less: Accumulated amortisation Net book value

2018 23,862 (4,007) 19,855

2017 20,948 (2,523) 18,425

Separate financial statements 2018 23,837 (3,996) 19,841

2017 20,915 (2,512) 18,403

A reconciliation of the net book value of intangible assets for the years 2018 and 2017 is presented below. (Unit: Thousand Baht)

Consolidated financial statements 2018 Net book value at beginning of year Additions Amortisation for the year Translation adjustment Net book value at end of year

18,425 2,922 (1,490) (2) 19,855

2017 17,580 2,188 (1,340) (3) 18,425

Separate financial statements 2018 18,403 2,922 (1,484) 19,841

2017 17,549 2,188 (1,334) 18,403

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

387

16. Bank overdrafts and short-term loans from financial institutions The Company has credit facilities for bank overdrafts and short-term loans from the local banks of Baht 545 million (2017: Baht 545 million). The facilities are secured by the pledge of the bank deposits as discussed in Note 10 and the mortgage of plots of land and construction thereon as discussed in Note 13 and 14. The loan agreements contain covenants that, among other things, require the Company to maintain certain financial ratios such as net interest bearing debt to equity ratio.

17. Trade and other payables (Unit: Thousand Baht)

Consolidated financial statements Trade and other payables Related parties Unrelated parties Accrued construction costs Unrelated parties Accrued expenses Unrelated parties Total trade and other payables

Separate financial statements

2018

2017

2018

2017

136 1,044,348

712 1,299,119

136 1,027,488

712 1,290,757

864,970

874,904

861,006

874,148

63,371 1,972,825

29,843 2,204,578

60,994 1,949,624

29,514 2,195,131

18. Liabilities under finance lease agreements (Unit: Thousand Baht)

Consolidated and Separate financial statements 2018 337,798 (15,336) 322,462 (129,767) 192,695

Liabilities under finance lease agreements Less: Deferred interest expenses Total Less: Current portion Liabilities under finance lease agreements - net

2017 381,211 (21,074) 360,137 (115,094) 245,043

The Company entered into finance lease agreements with leasing companies for lease of vehicles and machines for use in its operation, whereby it is committed to pay rental on a monthly basis. The terms of the agreements are generally 3 - 4 years. Future minimum lease payments required under the finance lease agreements were as follows: (Unit: Thousand Baht)

As at 31 December 2018 Less than 1 year

Future minimum lease payments Deferred interest expenses Present value of future minimum lease payments

138,422 (8,655) 129,767

1 - 4 years

199,376 (6,681) 192,695

Total

337,798 (15,336) 322,462

388 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

(Unit: Thousand Baht)

As at 31 December 2017 Less than 1 year

Future minimum lease payments Deferred interest expenses Present value of future minimum lease payments

125,846 (10,752) 115,094

1 - 4 years

Total

255,365 (10,322) 245,043

381,211 (21,074) 360,137

19. Long term loans (Unit: Thousand Baht)

Loan Credit line

Interest rate

(Million Baht)

(% per annum)

160

BIBOR + 2.625

280

BIBOR + 2.625

Total long-term loans Less: Current portion Long-term loans - net

Repayment schedule

Consolidated and Separate financial statements 2018

Monthly installment of Baht 1.9 million of which the first installment is dued after 13 months from the first withdrawal on 23 August 2013 Monthly installment of Baht 3 million of which the first installment is dued after 13 months from the first withdrawal on 25 September 2013

2017

61,200

84,000

6,760 67,960 (29,560) 38,400

42,760 126,760 (58,800) 67,960

Long-term loans are secured by the mortgage of part of land and construction thereon as discussed in Note 14. The loan agreements contain covenants which, among other things, require the Company to maintain net interest bearing debt-to-equity and debt service coverage ratios at the rate prescribed in the agreements. As at 31 December 2018, the long-term credit facilities of the Company which have not yet been drawn down amounted to Baht 120 million (2017: Baht 120 million).

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

389

20. Provision for long-term employee benefits Provision for long-term employee benefits, which represents compensation payable to employees after they retire, was as follows: (Unit: Thousand Baht)

Consolidated and Separate financial statements Provision for long-term employee benefits at beginning of year Included in income statement: Current service cost Interest cost Reversal during the year Included in other comprehensive income: Actuarial loss (gain) arising from Demographic assumptions changes Financial assumptions changes Experience adjustments Benefits paid during the year Provision for long-term employee benefits at end of year

2018

2017

119,696

99,055

13,215 2,943 (7,514)

8,980 2,662 -

(1,085) (3,011)

2,591 2,620 11,614 (7,826)

124,244

119,696

Line items in the income statement under which long-term employee benefit expenses are recognised are as follows: (Unit: Thousand Baht)

Consolidated and Separate financial statements Cost of construction Administrative expenses Total expenses recognised in the income statement

2018 5,597 3,047 8,644

2017 6,027 5,615 11,642

The Company and its subsidiary expect to pay Baht 7.4 million of long-term employee benefits during the next year (2017: Baht 4.8 million). As at 31 December 2018, the weighted average duration of the liabilities for long-term employee benefits is 15.8 years (2017: 15.5 years). Significant actuarial assumptions are summarised below. (Unit: Thousand Baht)

Consolidated and Separate financial statements Discount rate Salary increase rate Staff turnover rate

2018 1.8 - 4.3 3.0 - 8.0 0.0 - 18.0

2017 1.5 - 3.9 3.0 - 8.0 0.0 - 18.0

390 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

The results of sensitivity analysis for significant assumptions that affect the present value of the long-term employee benefit obligation as at 31 December 2018 and 2017 are summarised below. (Unit: Thousand Baht)

2018 2017 Consolidated and Separate Consolidated and Separate financial statements financial statements Increase 1% Decrease 1% Discount rate Salary increase rate

Staff turnover rate

(10,893) 13,506

12,575 (11,892)

Increase 1% Decrease 1% (11,026) 12,341

12,756 (10,905)

Increase 20% Decrease 20% Increase 20% Decrease 20% (6,510) 7,429 (5,832) 6,597

On 13 December 2018, The National Legislative Assembly passed a resolution approving the draft of a new Labour Protection Act, which is in the process being published in the Royal Gazette. The new Labour Protection Act stipulates additional legal severance pay rates for employees who have worked for an uninterrupted period of twenty years or more. Such employees are entitled to receive not less than 400 days’ compensation at the latest wage rate. This change is considered a post-employment benefits plan amendment and the Company has additional liabilities for long-term employee benefits of Baht 31 million. The Company will reflect the effect of the change by recognising past services costs as expenses in the income statement of the period in which the law is effective.

21. Share capital On 2 August 2017, the Extraordinary General Meeting of the shareholders of the Company passed a resolution to change the Company’s registered share capital from Baht 1,177,904,204 (1,177,904,204 ordinary shares of Baht 1 each) to Baht 1,002,904,144 (1,002,904,144 ordinary shares of Baht 1 each) by cancelling the 175,000,060 authorised but unissued ordinary shares, at a par value of Baht 1 and passed a resolution to increase its registered share capital from Baht 1,002,904,144 (1,002,904,144 ordinary shares of Baht 1 each) to Baht 1,102,904,144 (1,102,904,144 ordinary shares of Baht 1 each) through the issuance of 100,000,000 new ordinary shares of Baht 1 each by means of General Mandate to specific investors by way of private placement. The Company registered the change in its registered share capital with the Ministry of Commerce on 3 August 2017. On 14 November 2017, the meeting of the Company’s Board of Directors No.435 passed a resolution approving the first allocation of the Company’s shares by offering and issuing 25,000,000 new ordinary shares with par value of Baht 1 each to a specific investor, at the offering price of Baht 5 per share, totaling Baht 125,000,000. The Company fully received the payment of share capital and registered the share capital increase with the Ministry of Commerce on 4 December 2017. The Company presented the difference between the offering price and the par value of Baht 100,000,000 as “Share premium” in the shareholders’ equity in the statement of financial position. On 24 April 2018, the Annual General Meeting of the Company’s shareholders No. 85 passed resolution approving the change of the Company’s registered share capital from Baht 1,102,904,144 (1,102,904,144 ordinary shares of Baht 1 each) to Baht 1,027,904,144 (1,027,904,144 ordinary shares of Baht 1 each) by cancelling the 75,000,000 authorised but unissued ordinary shares, at a par value of

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

391

Baht 1 and passed resolution to increase the Companyâ&#x20AC;&#x2122;s registered share capital from Baht 1,027,904,144 (1,027,904,144 ordinary shares of Baht 1 each) to Baht 1,102,904,144 (1,102,904,144 ordinary shares of Baht 1 each) through the issuance of 75,000,000 new ordinary shares of Baht 1 each. The Company registered the change in its registered share capital with the Ministry of Commerce on 22 May 2018.

22. Revaluation surplus on assets This represents surplus arising from revaluation of buildings. The surplus is amortised to retained earnings on a straight-line basis over the remaining life of the related assets. (Unit: Thousand Baht)

Consolidated and Separate financial statements 2018 27,112 (1,711) 25,401

Balance - beginning of year Less: Amortisation during the year Balance - end of year

2017 28,823 (1,711) 27,112

The revaluation surplus can neither be offset against deficit nor used for dividend payment.

23. Statutory reserve Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside to a statutory reserve at least 5 percent of its net profit after deducting accumulated deficit brought forward (if any), until the reserve reaches 10 percent of the registered capital. The statutory reserve is not available for dividend distribution. During the year 2017, the Company and its subsidiary set aside approximately Baht 6.6 million as statutory reserve (the Company only: Baht 5.0 million).

24. Expenses by nature Significant expenses classified by nature are as follows: (Unit: Thousand Baht)

Consolidated financial statements Subcontractors Construction materials Salaries and wages and other employee benefits Depreciation and amortisation

2018 2,872,692 1,731,748 1,569,994 225,404

2017 3,051,345 1,790,606 1,695,019 218,554

Separate financial statements 2018 2,865,590 1,646,814 1,545,096 224,613

2017 3,044,549 1,790,353 1,693,608 218,486

392 รายงานประจำป 2561

บริษัท คริสเตียนีและนีลเส็น (ไทย) จำกัด (มหาชน)

25. Income tax Income tax expenses for the years ended 31 December 2018 and 2017 are made up as follows: (Unit: Thousand Baht)

Separate financial statements

Consolidated financial statements 2018 Current income tax: Current income tax charge Deferred tax: Relating to origination and reversal of temporary differences Income tax expenses reported in the income statements

2017

2018

2017

22,256

18,956

16,797

17,788

22,256

18,956

16,797

17,788

The amounts of income tax relating to each component of other comprehensive income for the years ended 31 December 2018 and 2017 are as follows: (Unit: Thousand Baht)

Consolidated financial statements Deferred tax relating to actuarial gain (loss) Income tax recognised in other comprehensive income

2018 217

2017 (3,365)

217

(3,365)

Separate financial statements 2018 217

2017 (3,365)

217

(3,365)

The reconciliation between accounting profit and income tax expenses is shown below. (Unit: Thousand Baht)

Consolidated financial statements Accounting profit (loss) before tax Applicable tax rate Accounting profit (loss) before tax multiplied by income tax rate Effects of: Non-deductible expenses Additional expense deductions allowed Income not subject to tax Unrecognised deductible temporary differences and unused tax loss Total Income tax expenses reported in the income statements

Separate financial statements

2018 (401,086) 20%, 25%

2017 114,909 20%, 25%

2018 (418,030) 20%

2017 117,149 20%

(80,322)

22,982

(83,606)

23,430

316 (2,007) -

1,780 (8,749) -

172 (2,259) -

1,776 (8,740) (3,552)

104,269 102,578

2,943 (4,026)

102,490 100,403

4,874 (5,642)

22,256

18,956

16,797

17,788

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

393

The components of deferred tax assets and deferred tax liabilities are as follows: (Unit: Thousand Baht)

Statements of financial position as at 31 December Separate Consolidated financial statements financial statements 2018

2017

2018

2017

47,746 24,849 37,758 6,431 116,784

6,812 58,289 23,939 37,758 6,132 132,930

47,746 24,849 37,758 6,431 116,784

6,812 58,255 23,939 37,758 6,132 132,896

2,391 5,080 3,067 10,538 106,246

5,422 4,215 9,637 123,293

2,391 5,080 3,067 10,538 106,245

5,422 4,215 9,637 123,259

Deferred tax assets Accumulated depreciation - plant and equipment Estimated expenses for construction projects Provision for long-term employee benefits Unused tax loss Others Total

Deferred tax liabilities Accumulated depreciation - plant and equipment Revaluation surplus on buildings Liabilities under finance lease agreements Total Net deferred tax assets

As at 31 December 2018, the Company and its subsidiaries have deductible temporary differences and unused tax losses totaling Baht 669 million (2017: Baht 1,713 million) (the Company only: Baht 2,157 million, 2017: Baht 1,667 million), on which deferred tax assets have not been recognised as the management believes that the Companyâ&#x20AC;&#x2122;s and its subsidiariesâ&#x20AC;&#x2122; future taxable profits may not be sufficient to allow utilisation of such deductible temporary differences and unused tax losses. Details of expiry date of unused tax losses of which the Company and its subsidiaries did not record deferred tax assets are summarised below. (Unit: Million Baht)

Consolidated financial statements 2018 31 December 2018 31 December 2019 31 December 2020 31 December 2021 31 December 2022 31 December 2023 Total

136 83 1 193 413

2017 1,534 93 1 43 1,671

Separate financial statements 2018 136 81 192 409

2017 91 42 133

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26. Earnings per share Basic earnings (loss) per share is calculated by dividing profit (loss) for the year attributable to equity holders of the Company (excluding other comprehensive income) by the weighted average number of ordinary shares in issue during the year.

27. Dividend paid During the years ended 31 December 2018 and 2017, the Company and its subsidiary had dividend payments as follows: Dividends

Approved by

Total Dividends

Dividend per share

(Thousand Baht)

(Baht)

Paid on

The Company 2018 Final dividends for 2017 Annual General Meeting of the shareholders No. 85 on 24 April 2018 Total 2017 Final dividends for 2016 Annual General Meeting of the shareholders No. 84 on 24 April 2017 Interim dividends on Board of Directors’ meeting profit for January No. 433 on 11 August 2017 June 2017 Total

51,394

0.05

8 May 2018

51,394

0.05

50,145

0.05

8 May 2017

50,145

0.05

8 September 2017

100,290

0.10

29,600

5.92

29,600

5.92

Subsidiary 2017 Dividends on retained earnings as at 31 December 2016

Annual General Meeting of the shareholders No. 1/2560 of CNT Holdings Limited on 25 April 2017

Total

8 May 2017

28. Construction contracts in progress As at 31 December 2018, the aggregate amount of construction cost incurred and recognised profits or losses to date of the construction contracts in progress of the Company and its subsidiaries was approximately Baht 5,904 million (2017: Baht 7,243 million) (the Company only: Baht 5,730 million, 2017: Baht 7,243 million). The Company and its subsidiaries had already billed for contracts in progress to the project owners of approximately Baht 4,735 million (2017: Baht 6,274 million) (the Company only: Baht 4,559 million, 2017: Baht 6,274 million).

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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29. Segment information Operating segment information is reported in a manner consistent with the internal reports that are regularly reviewed by the chief operating decision maker in order to make decisions about the allocation of resources to the segment and assess its performance. The chief operating decision maker has been identified as the Managing Director. The Company and its subsidiaries are principally engaged in one reportable operating segment in the construction services. Their operations are carried in Thailand, Myanmar and Cambodia. However, at present the operations in Myanmar and Cambodia are insignificant. Segment performance is measured based on operating profit or loss, on a basis consistent with that used to measure operating profit or loss in the financial statements. As a result, all of the revenues, operating profits and assets as reflected in these financial statements pertain exclusively to the aforementioned reportable operating segment and geographical area.

Major customers For the year 2018, the Company has revenue from 2 major customers in amount of Baht 1,874 million, arising from general construction (2017: Baht 1,554 million derived from 2 customers).

30. Provident fund The Company and its employees have jointly established a provident fund in accordance with the Provident Fund Act B.E. 2530. Both employees and the Company contribute to the fund monthly at the rate of 5 - 9 percent of basic salary depending on the employeesâ&#x20AC;&#x2122; length of service. The fund, which is managed by SCB Asset Management Co., Ltd., will be paid to employees upon termination in accordance with the fund rules. The contributions for the year 2018 of Baht 22 million (2017: Baht 21 million) were recognised as expenses.

31. Commitments and contingent liabilities 31.1 Operating lease commitments The Company and its subsidiaries have entered into several lease agreements in respect of the lease of motor vehicles. The terms of agreements are generally between 2 and 3 years. Future minimum payments required under these operating lease contracts were as follows: (Unit: Million Baht)

Consolidated and Separate financial statements Payable In up to 1 year In over 1 year and up to 3 years

2018

2017

10 3

10 7

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31.2 Service and other commitments As at 31 December 2018, the Company had commitments in respect of subcontractor agreements payable in the future of approximately Baht 2,408 million (2017: Baht 2,405 million) (the Company only: Baht 2,399 million, 2017: Baht 2,405 million). 31.3 Guarantees a) As at 31 December 2018, the Company had issued letters of guarantees of approximately Baht 28 million (2017: Baht 186 million), mainly in respect of contractual performance and advance payments. b) As at 31 December 2018 and 2017, there were outstanding bank guarantees issued by banks on behalf of the Company and its subsidiaries in respect of certain performance bonds as required in the normal course of business of the Company and its subsidiaries. The details of bank guarantees are as follows: (Unit: Million Baht)

Consolidated financial statements 2018 Project tender Advances Contractual performance Retention Payments due to creditors Tax refund Total

52 1,868 1,406 482 86 706 4,600

2017 340 924 1,085 291 71 706 3,417

Separate financial statements 2018 52 1,849 1,386 482 70 706 4,545

2017 340 924 1,085 291 71 706 3,417

c) As at 31 December 2018, the Company had the credit utilisation agreements with a financial institution for the standby letter of credit facilities of approximately Baht 16.1 million to guarantee short-term loans of its subsidiary and the letters of guarantees issued by bank on behalf of its subsidiary to guarantee advances, contractual performance, and payments due to creditors totaling Baht 38.2 million (2017: Nil). 31.4 Litigation a) In 2015, the Company was sued by a subcontractor claiming compensation of Baht 235 million for breach of contract. The Company’s opinion is that it did not commit the breach claimed, and on 16 July 2015, it filed a counterclaim with the court, claiming compensatory damages of Baht 632 million. On 23 March 2017, the Civil Court rendered judgment ordering the Company to pay Baht 101 million plus interest of 7.5 percent per annum and return the letter of advance guarantee to the subcontractor and ordering the subcontractor to make a payment of Baht 105 million plus interest of 7.5 percent per annum to the Company. In 2018, the Company and the subcontractor lodged their respective appeals with the Appellate Court.

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On 18 September 2018, the Appellate Court rendered its judgment ordering the Company to pay Baht 76.5 million for the works done by the subcontractor plus interest of 7.5 percent per annum and Baht 0.2 million per month for bank guarantee fees to the subcontractor, and to return the letter of guarantee to the subcontractor. The Appellate Court also ordered the subcontractor to repay the advance paid by the Company of Baht 50.4 million to the Company. The Company is in the process of filing an application to suspend the legal execution of the Appellate Courtâ&#x20AC;&#x2122;s judgment and also filing its appeal to the Supreme Court against the Appellate Courtâ&#x20AC;&#x2122;s judgment. b) In March 2018, the Company initiated arbitration proceedings under the Thai Arbitration Institute against one of its customers for recovery of wrongfully withheld sums of money due and payable to the Company, as well as seeking payment of costs associated with an extension of time, totaling approximately Baht 410 million. The customer brought counterclaim against the Company, seeking damages alleged of approximately Baht 449 million. As at 31 December 2018, the arbitration is still on-going. However, during the current year, the Company set up an allowance for doubtful accounts of approximately Baht 213 million for the estimated losses that may be incurred in collection of receivables from this customer.

32. Fair value hierarchy As at 31 December 2018 and 2017, the Company had the assets that were measured at fair value or for which fair value is disclosed, based on levels of inputs as follows: (Unit: Thousand Baht)

2018 2017 Consolidated and Separate Consolidated and Separate financial statements financial statements Assets measured at fair value Buildings Assets for which fair value is disclosed Investment properties

Level 2

Total

Level 2

Total

237,851

253,186

206,797

139,042

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33. Financial instruments 33.1 Financial risk management The Company’s and its subsidiaries’ financial instruments, as defined under Thai Accounting Standard No.107 “Financial Instruments: Disclosure and Presentations”, principally comprise cash and cash equivalents, current investments, trade and other receivables, trade and other payables, and long-term loans. The financial risks associated with these financial instruments and how they are managed is described below. Credit risk The Company and its subsidiaries are exposed to credit risk primarily with respect to trade and other receivables. The Company and its subsidiaries manage the risk by adopting appropriate credit control policies and procedures and therefore do not expect to incur material financial losses. In addition, the Company and its subsidiaries do not have high concentrations of credit risk since they have a large customer base and the majority of construction services are made to creditworthy customers. The maximum exposure to credit risk is limited to the carrying amounts of trade and other receivables as stated in the statement of financial position. Interest rate risk The Company’s and its subsidiaries’ exposure to interest rate risk relates primarily to their bank deposits, investments and long-term borrowings. Most of the Company’s and its subsidiaries’ financial assets and liabilities bear floating interest rates or fixed interest rates which are close to the market rate, the interest rate risk is expected to be minimal. Significant financial assets and liabilities classified by type of interest rate are summarised in the table below, with those financial assets and liabilities that carry fixed interest rates further classified based on the maturity date, or the repricing date if this occurs before the maturity date.

399

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

(Unit: Million Baht)

As at 31 December 2018 Consolidated financial statements Fixed interest rates Within 1 year 1 - 5 years

Floating interest rate

Noninterest bearing

Total

(% per annum)

Interest rate

Financial assets Cash and cash equivalents Trade and other receivables Restricted bank deposits and investments

98 -

10 1,678

108 1,688

0.10 - 1.20 4.00

26 36

1,688

26 1,822

0.80 - 1.47

1,969

130 30 160

192 38 230

1,969

322 68 2,359

0.67 - 8.16 BIBOR +2.63%

Financial liabilities Trade and other payables Liabilities under financial lease agreements Long-term loans

(Unit: Million Baht)

As at 31 December 2018 Separate financial statements Fixed interest rates Within 1 year 1 - 5 years

Floating interest rate

Noninterest bearing

Total

(% per annum)

Interest rate

Financial assets Cash and cash equivalents Trade and other receivables Restricted bank deposits and investments

26 -

7 1,658

33 1,668

0.10 - 1.20 4.0

26 36

1,665

26 1,727

0.80 - 1.47

1,950

130 30 160

192 38 230

1,950

322 68 2,340

0.67 - 8.16 BIBOR +2.63%

Financial liabilities Trade and other payables Liabilities under financial lease agreements Long-term loans

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(Unit: Million Baht)

As at 31 December 2017 Consolidated financial statements Fixed interest rates Within 1 year 1 - 5 years

Floating interest rate

Noninterest bearing

Total

(% per annum)

Interest rate

Financial assets Cash and cash equivalents Trade and other receivables Restricted bank deposits and investments

116 -

7 2,053

123 2,146

0.10 - 1.20 4.0

36 129

116

2,060

36 2,305

0.63 - 1.50

2,205

115 59 174

245 68 313

2,205

360 127 2,692

0.67 - 8.14 BIBOR+2.63%

Financial liabilities Trade and other payables Liabilities under financial lease agreements Long-term loans

(Unit: Million Baht)

As at 31 December 2017 Separate financial statements Fixed interest rates Within 1 year 1 - 5 years

Floating interest rate

Noninterest bearing

Total

(% per annum)

Interest rate

Financial assets Cash and cash equivalents Trade and other receivables Restricted bank deposits and investments

97 -

6 2,046

103 2,139

0.10 - 1.20 4.00

36 129

2,052

36 2,278

0.63 - 1.50

2,195

115 59 174

245 68 313

2,195

360 127 2,682

0.67 - 8.14 BIBOR+2.63%

Financial liabilities Trade and other payables Liabilities under financial lease agreements Long-term loans

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

401

Foreign currency risk The Company’s and its subsidiaries’ exposure to foreign currency risk arises mainly from service payment transactions that are denominated in foreign currencies, which are currently not hedged by any derivative financial instruments. However, the balances of financial assets and liabilities denominated in foreign currencies are insignificant, the foreign currency risk is expected to be minimal. 33.2 Fair values of financial instruments Since the majority of the Company’s and its subsidiaries’ financial instruments are short-term in nature or carrying interest at rates close to the market interest rates, their fair value is not expected to be materially different from the amounts presented in statement of financial position.

34. Capital management The primary objective of the Company’s capital management is to ensure that it has appropriate capital structure in order to support its business and maximise shareholder value. The Company manages its capital position by reference to its debt-to-equity ratio. As at 31 December 2018, the Group’s debt-to-equity ratio was 2.88:1 (2017: 2.01:1) and the Company’s was 2.92:1 (2017: 2.02:1).

35. Approval of financial statements These financial statements were authorised for issue by the Company’s Board of Directors on 26 February 2019.

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Management Discussion and Analysis (MD&A) for the year 2018

Overview Christiani & Nielsen (Thai) PCL (the “Company”) is a leading construction company in Thailand and has been providing a wide range of services, including design and construction of buildings, civil engineering projects, design, fabrication and erection of steel structures and mechanical and electrical installations, for almost 90 years. The Company works in both the Government and Private Sectors. In order to expand the Company’s business into the ASEAN countries in which the Company sees opportunities to make additional income, as well as enhance the Company’s reputation, the Company established two wholly-owned subsidiary companies, namely “Christiani & Nielsen (Myanmar) Limited” in Myanmar in 2016 and “Christiani & Nielsen (Cambodia) Co., Ltd.” in Cambodia in 2017, to provide construction, engineering and related services in these countries, which have growing economies and are now developing their infrastructure. In year 2018, the Company entered into an Investment Cum Shareholders Agreement (the “Investment Agreement”) for investment in Gammon Engineers and Contractors Private Limited (“GECPL”) based in India. Under the Investment Agreement, the Company subscribed to 6,000,000 newly issued shares (par value of Indian Rupees 10/- each) of GECPL at price of Indian Rupees 35 per share or in total amount of Indian Rupees 210,000,000/- (equivalent to about THB 104 million), which was paid by the Company on 26 March 2018. The Company views this as an attractive investment as it offers the Company a way to tap into GECPL’s large technical resources and also gives access to the large Indian market. On 11 January 2019, the Meeting of the Board of Directors of the Company No. 442 passed a resolution to approve the establishment of a subsidiary, namely “Christiani & Nielsen Energy Solutions Company Limited”, with a registered (share capital of THB 10,000,000/- (1,000,000 ordinary shares of THB 10/- each).The Company holds 85 % equity interest in this subsidiary. On 22 January 2019, the subsidiary registered its establishment with the Department of Business Development, Ministry of Commerce, Thailand. This investment enables the Company to enter into the new renewable energy business which is the business of the future.

Performance Overview Year 2018 continued to show severe competition. In addition, in year 2018, the Company had higher construction costs, mainly due to the increase in fuel and material prices. Tendering for new projects in 2018 was very competitive, and therefore, the Company had to secure certain projects with very minimal tender margins in the extremely competitive bidding environment. However, in year 2018 the government made great efforts in improving the public transportation infrastructure all over the nation and the proposed

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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development of the eastern economic corridor (EEC). As a result, the Backlog of the Company as of 31 December 2018 was approximately THB 12,500 million, which is one of the highest backlogs the Company has ever had in the past. With this level of backlog, revenue is expected to increase in the year 2019. The Consolidated Financial Statements reported a net loss for the year 2018 of THB 423 million as against a net profit of THB 96 million for the year 2017. This was mainly because of a decrease in construction revenue by 9.27% due to the fierce competition in the market. In addition, the Company set up certain reserves and provisions for allowance of doubtful accounts of about THB 229 million for the estimated losses that may be incurred as a result of ongoing legal cases, including an Arbitration. The Company also incurred legal fees of THB 42 million in connection with these legal cases. As a result, the Company's gross margin for the period was 2.44%, which is lower than that of the same period of last year, which had a gross margin of 4.62%. Without the two aforesaid reserves and provisions, the Companyâ&#x20AC;&#x2122;s net loss before tax would have been approximately THB 130 million. As at 31 December 2018, the Company had total assets of THB 5,670 million, total liabilities of THB 4,210 million and total shareholderâ&#x20AC;&#x2122;s equity of THB 1,460 million.

Financial Performance STATEMENTS OF INCOME FOR THE YEAR ENDED 31 DECEMBER (Unit: Million Baht)

Consolidated financial statements 2018

2017 Inc. / (Dec.)

Var. % Inc. / (Dec.)

Revenues Construction income % of total revenues Others income Total revenues Costs of construction Gross Margin % Gross Margin Provision for doubtful debts Administrative expenses % Administrative expenses / Total revenues Finance cost Profit (loss) before income tax expenses Corporate income tax Net Profit (loss) for the period % Net Profit (loss) / Total revenues Earning per share Basic earnings per share Profit (loss) attributable to equity holders of the Company (Baht)

7,123 99.82% 13 7,136 6,949 174 2.44% 213 354 4.96% (21) (401) (22) (423) -5.93%

7,851 98.83% 93 7,944 7,488 363 4.62% 319 4.02% (22) 115 (19) 96 1.21%

(0.41)

0.09

(728)

-9.27%

(80) (808) (539) (189)

-86.02% -10.17% -7.20% -52.07%

213 35

10.97%

1 (516) (3) (519)

-4.55% -448.70% 15.79% -540.63%

(0.50)

-555.56%

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Revenue and gross profit from operations Consolidated Construction income of the Company was THB 7,123 million which was 99.8% of total revenues of THB 7,136 million, a decrease from last year of THB 808 million or 10.17%. This was on account of most of the works executed by the Company during the year 2018 being new projects secured by the Company at lower margins in the intensely competitive market. Further, Gross profit for year 2018 decreased by THB 189 million as compared to year 2017. This was mainly due to an increase in construction cost, mainly due to the increase in fuel and material prices and new projects secured at very low margins. As a result, the Company's gross margin for the period was 2.44%, which is lower than the same period of last year, which had a gross margin of 4.62%. Other income Other income decreased by THB 80 million from year 2017, mainly due to that fact that in year 2017 there was the reversal of allowance for doubtful debt in the amount of THB 32 million and professional and design fees of THB 16 million. In addition, interest income was higher by THB 32 million in year 2017 due to Interest received from a customer on past dues, but there was no such income in year 2018. Construction cost The main costs of the Company were for construction materials, subcontractors and labor, all of which depend on market conditions. The Consolidated Costs of construction of the Company in year 2018 were THB 6,949 million, a decrease from 2017 by THB 539 million, equivalent to 7.20%. The rate of decrease in construction costs was less than the rate of decrease in construction revenue, as a result of execution of projects with very low tender margins. Administrative Expenses Administrative expenses for year 2018 were THB 354 million, which were higher than the previous year by THB 35 million. This resulted from an increase in legal fees of THB 25 million as against the previous year for the abovementioned legal cases. Furthermore, the Company has set up reserves and provisions for a litigation case with a subcontractor of THB 16 million as mentioned above. Financial costs The financial costs in year 2018 decreased from year 2017 by THB 1 million, as the Company took less short-term loans for working capital in year 2018, resulting in lower interest expenses. The Company has fully repaid these short-term loans before the end of year 2018. Income tax for the period The Company and its subsidiary in Thailand were not liable for income tax for year 2018, since in year 2018, the Company and its subsidiaries' expenses were allowed as expenses in the calculation of tax for year 2018, rather than as net income for the year. For year 2018, the Company and its subsidiaries' have a net loss for tax purposes. However, the Company has recognized the value of deferred income tax asset of THB 16 million in the Consolidated Financial Statements this year and deferred tax assets in the statements of financial position in the amount of THB 106 million.

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However, one of the overseas subsidiaries, i.e., Christiani & Nielsen (Cambodia) Co., Ltd. was liable for corporate income tax for year 2018 of approximately THB 5.4 million which has been provided in the Financial Statements. Net profit The Consolidated Financial Statements of year 2018 show a net loss after tax of THB 423 million as compared to a net profit after tax of THB 96 million for the year 2017. The net loss before tax was THB 401 million, as compared to the net profit before tax of THB 115 million for the year 2017, equaling a decrease by THB 516 million. This was mainly because of the two abovementioned reserves and provisions that the Company set up, totaling THB 229 million and the extraordinary legal fees paid. Gross profit from construction income decreased by THB 189 million. Furthermore, other income decreased from the previous year by THB 80 million for the reasons mentioned above. Administrative expenses for year 2018 increased by THB 35 million from the same period of last year, mainly due to an increase in legal fees of THB 25 million for the abovementioned legal cases. In addition, financial expenses slightly decreased by THB 1 million due to the decrease of short-term loans used for the Companyâ&#x20AC;&#x2122;s working capital. There is also an increase in Corporate Income Tax (deferred) of THB 3 million as explained above.

Comprehensive income Statements of comprehensive income (Unit: Million Baht)

Consolidated financial statements 2018

Net profit (loss) for the period Other comprehensive income : Actuarial gain (loss) - net of income tax Exchange differences on translation of financial statements in foreigh currency Other comprehensive income for the period Total comprehensive income for the period Equity holders of the parent Non-Controlling interests of the Sudsidiary

2017

Inc. (Dec.)

% Inc. (Dec.)

(423)

(519)

-540.63%

(14)

-107.14%

1 (422) (422) (422)

(14) 82 81 1 82

15 (504) (503) (1) (504)

-614.63% -620.99% -614.63%

The total comprehensive income in the consolidated financial statements for year 2018 was THB -422 million, as a result of net loss of THB 423 million less the actuarial gain of THB 1 million.

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Statements of Financial Position Analysis (Unit: Million Baht)

Consolidated financial statements 31 Dec. 18

31 Dec. 17

Inc. (Dec.)

% Inc. (Dec.)

Assets Cash and cash equivalents Trade and other receivables and unbilled receivables Construction contracts in progress and advance payments to subcontractors Withholding tax deducted at source Other current assets Total current assets Property, Plant and equipment Other non-current assets Total non-current assets Total assets

108 3,119

123 3,094

(15) 25

-12.20% 0.81%

258 573 17 4,075 1,261 334 1,595 5,670

334 636 18 4,205 1,352 256 1,608 5,813

(76) (63) (1) (130) (91) 78 (13) (143)

-22.75% -9.91% -5.56% -3.09% -6.73% 30.47% -0.81% -2.46%

Assets As at 31 December 2018, total assets of the Company and its subsidiaries were THB 5,670 million, a decrease of THB 143 million or equivalent to 2.46%, compared to year 2017. There was a decrease of current assets in the consolidated financial statements of THB 130 million and a decrease in non-current assets of THB 13 million, mainly as follows. Current assets decreased mainly because construction contracts in progress and advance payments to subcontractors decreased by THB 76 million and cash and cash equivalents decreased by THB 15 million. Furthermore, the Company received a refund of withholding tax deducted at source during the year of THB 254 million. As a result, the withholding tax deducted at source as at the end of the year 2018 decreased by THB 63 million as compared to that as at the end of the previous year. Trade receivables and unbilled receivables including work in progress increased by THB 25 million.

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Aging of receivables on the basis of due dates are detailed below (Unit: Million Baht)

Consolidated financial statements 31 Dec. 18

31 Dec. 17

31 Dec. 16

Age of receivables Not yet due Past due Not over 1 month % of total construction contracts debtors 1 - 3 months 3 - 6 months 6 - 12 months Over 12 months Total construction contract debtors

728

974

586

176 904 68.0% 36 51 339 1,331

183 1,157 75.9% 75 18 35 240 1,525

282 867 69.3% 63 35 130 158 1,253

Construction contract debtors, with the aging of the balances in year 2018 in the consolidated financial statements were THB 1,331 million, 68.0% of which were not yet due and not over 1 month past due. The Company has allowances for doubtful accounts with estimates based upon, among other things, past collection history, aging profile of outstanding debts and the prevailing economic conditions. In year 2018, the Company had an allowance for doubtful accounts as mentioned above of THB 240 million, which is 18% of total construction contract debtors. However, the Company manages the risk by adopting appropriate credit control policies and procedures and therefore, does not expect to incur material financial losses. In addition, the Company does not have high concentration of credit risk since the Company has a large customer base and creditworthiness of customers is assessed before taking up construction work. The decrease in non-current assets In year 2018, non-current assets decreased by THB 13 million, due to net book value of plant and equipment decreasing by THB 91 million from depreciation for the period, and restricted bank deposits and investments and deferred tax assets decreasing by THB 10 million and THB 17 million, respectively. However, there was other investment of THB 104 million, as the Company made a minority equity investment in GECPL in March 2018, as mentioned above.

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Liabilities (Unit: Million Baht)

Consolidated financial statements 31 Dec. 18

31 Dec. 17

Inc. (Dec.)

% Inc. (Dec.)

Liabilities Trade and other payables Advances from customers and deferred construction revenue Short term provision Long term load Liabilities under finance lease agreements Other liabilities Total liabilities

1,973

2,204

(231)

-10.48%

1,402 244 68 322 201 4,210

716 291 127 360 181 3,879

686 (47) (59) (38) 20 331

95.81% -16.15% -46.46% -10.56% 11.05% 8.53%

As at 31 December 2018, the Company had liabilities totaling THB 4,210 million, an increase of THB 331 million or equivalent to 8.53%, compared to the same as at the end of the year 2017. Most of the increase came from an increase in advances received from new projects secured by the Company, including the new passenger terminals of Krabi Airport and Khon Kaen Airport, as a result of which, advances from customers and deferred construction revenue increased by THB 686 million. Trade and other payables decreased by THB 231 million as result of a decrease in cost of construction due to the decrease in the Construction Income. Moreover, the Company repaid certain financial leases and long term loans in the amount of THB 126 million and THB 59 million, respectively. Further, as at the end of year 2018, short-term provisions for the estimated expenses for construction projects decreased by THB 47 million, due to a reversal of certain expenses for construction that will not be incurred.

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Shareholders’ equity (Unit: Million Baht)

Consolidated financial statements 31 Dec. 18

31 Dec. 17

Inc. (Dec.)

% Inc. (Dec.)

Shareholders’ equity Share capital Share Premium Retained earnings Appropriated - statutory reserve Unappropriated Other components of equity Equity attributable to the Company’s shareholders Premium on sales of investments in subsidiary Premium on sales of own shares held by subsidiar Equity attributable to Owners of the Company Non-controlling interests of the subsidiary Total shareholders’ equity

1,028 100

0.00% 0.00%

91 109 20 1,348 21 69 1,438 22 1,460

91 581 21 1,821 21 69 1,911 23 1,934

(472) (1) (473) (473) (1) (474)

0.00% -81.24% -4.76% -25.97% 0.00% 0.00% -24.75% -4.35% -24.51%

As at 31 December 2018, the shareholders’ equity of the Company was THB 1,460 million, a decrease from the year 2017 of THB 474 million or equivalent to 24.51%. In the year 2018, the Company had net loss of THB 423 million and the Company paid out dividends (final dividend of net profit year 2017) of THB 50 million. In addition, the Company recorded actuarial gain on the provision for long-term employee benefits of THB 1 million. Cash Flow Analysis Cash and cash equivalents at end of year 2018 was THB 108 million, a decrease of THB 15 million from balance of THB 123 million at the beginning of the year. Details of cash flow by activities are as follows:

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Statements of Cash Flow For the year ended 31 December 2018 (Unit: Million Baht)

Consolidated financial statements 2018

Cash from (used in) operating activities Interest income Cash paid for interest expenses Cash paid for corporate income tax Cash received from corporate income tax Net cash from (used in) operating activities Purchases of Property, plant and equipment Net cash from (used in) investing activities Bank overdrafts and loans from bank and financial institution Cash paid for long term loan and liabilities under financial lease Cash received from capital increase Dividend paid Net cash from (use in) financing activities Increase (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period

2017

314 11 (7) (193) 254 379 (66) (159) (185) (50) (235) (16) 123 108

135 42 (14) (205) 3 (39) (203) (168) (110) 125 (112) (97) (305) 428 123

Var. Inc. / (Dec.)

179 (31) 7 12 251 418 137 9 (75) (125) 62 (138) 289 (305) (15)

Net cash provided by operating activities increased by THB 418 million, mainly due to the tax refund received from the Revenue Department of about THB 254 million and an increase in cash received from advances from customers and deferred construction revenue of THB 686 million coupled with a decrease in other cash used in other working capital by THB 522 million. Net cash used in investing activities decreased by THB 9 million, mainly due to lower purchase of property, plant and equipment lower by THB 137 million. However, there was the aforementioned investment of THB 104 million, as the Company made a minority equity investment in GECPL in March 2018, as mentioned above. Restricted bank deposits and investments decreased by THB 22 million. Net cash from financing activities decreased from year 2017 by THB 138 million, as the Company had received THB 125 million from a new private investor, as a result of the recent increase in equity share capital. There was higher partial repayment of long term loans from financial institutions and liabilities under financial lease agreements in year 2018 as compared to year 2017, higher by THB 75 million. Also, year 2018 the Company paid out THB 62 million less in dividends than year 2017.

ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

411

Liquidity Key Financial Ratios Consolidated financial statements 2018

current Ratio Quick Ratio Average collection period Average Debt service period Return on Equity Return on Assets Debt to Equity Ratio

Times Times Days Days % % Times

1.06 0.47 102.27 105.88 (24.95) (7.37) 2.88

2017

1.22 0.66 88.89 89.33 5.09 1.77 2.01

In 2018, the ratio of the liquidity of the Company was 1.06 times, which was close to the previous year. The quick ratio was 0.47 times, slightly lower as compared to year 2017, which was 0.66 times. Further the average days of collection of cash accounts receivable (102 days) and the average debt service period (106 days) were both higher than the previous year. In year 2018, the Return on Equity and Return on Assets were lower than year 2017, at -24.95% and -7.37%, respectively. Debt to Equity Ratio was 2.88 times, slightly higher as compared to year 2017 which was 2.01 times, mainly due to the advances received for the two airport projects of THB 732 million being included in the Total Debt.

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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ANNUAL REPORT 2018 Christiani & Nielsen (Thai) Public Company Limited

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