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Sermsuk-AR20-En Final.Pdf Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Contents 02 Message from the Chairman 126 Connected Transactions 04 Board of Directors 140 Financial Data and Financial Statements 08 Executive Committee Members 149 Management Discussion 10 Executives and Analysis: MD&A 12 Product Portfolio 154 Report of the Board of Director’s Responsibility for the Financial 14 Corporate Social Responsibility Statements Activities 155 Report of the Audit Committee 44 Policy and Business Overview 156 Report of the sustainability and 56 Business Operations Risk Management Committee Risk Factors 157 Report of the Nominating and 60 Remuneration Committee 66 Basic Information 158 Report of the Corporate Governance Committee 67 Share Capital and Shareholders 159 Report of the Executive 68 Dividend Payment Policy Committee 69 Management Structure 160 Independent Auditor’s Report and Financial Statements 89 Corporate Governance 275 Information of the Company’s 120 Corporate Social Responsibility Directors, Executives, (CSR) Controlling Parties (if applicable) and Company Secretary 125 Internal Control and Risk Management Investors can review listed companies’ financial statement in the Annual Report and SEC filing (Form 56-1) as shown on www.sec.or.th Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Message from the Chairman In 2021, Sermsuk will continue Dear Fellow Shareholders: to expand our channels to reach more consumers and develop The year 2020 was very challenging, not only for Sermsuk, but for people and economies worldwide. The COVID-19 and distribute new products for pandemic has had lingering impact from the beginning of the the health and well-being of consumers year right up until today. This led to changes in how people do to take advantage of today’s trends. business and having to adapt to the “new normal” lifestyle. Our ultimate goal is to maintain positive performance results and sustainable As the impact of the COVID-19 pandemic became obvious, Sermsuk adjusted the way we manage distribution and profit growth. supply so our products would remain available in sufficient quantities for consumers. To ensure that our products reached all communities, we added more distribution points Somchai Bulsook including mobile units, along with new sales channels near Chairman housing estates to make sure that people did not have to risk traveling far from their homes to buy our products, especially Crystal drinking water. At the same time, these measures reduced costs for both consumers and the Company. Sermsuk also put priority on our employees who delivered products to consumers and retail stores. By introducing strict health and safety measures, we were able to reduce concerns about the pandemic and boost the confidence of consumers and other stakeholders. In addition to adjusting our business plan, Sermsuk followed key strategies to help sustain growth during the COVID-19 situation and bounce back stronger by delivering products in the right size as demanded by each consumer segment. 02 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 We not only increased our focus on selling more beverages in returnable glass bottles, which helped in terms of cost and recyclability while being an eco-friendly option, we also concentrated on the most profitable sales channels such as traditional trade and restaurants throughout the country. Furthermore, we continued on a profit-oriented cost reduction strategy which helped Sermsuk boost efficiency in every business unit. The Company also developed and distributed a variety of products to respond to the healthy lifestyle trend and the “new normal” imposed by COVID-19. This included low-sugar products as well as products for better well-being. In addition, Sermsuk strengthened our marketing and sales efforts for Crystal Drinking Water. In 2021, Sermsuk will continue to expand our channels to reach more consumers and develop and distribute new products for the health and well-being of consumers to take advantage of today’s trends. Our ultimate goal is to maintain positive performance results and sustainable profit growth. Lastly, I would like to thank our company directors, management team, and all of our employees for their dedication and cooperation in “fulfilling happiness” for our consumers. 03 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Board of Directors Mr. Somchai Bulsook Mr. Suchin Wanglee • Chairman • Vice Chairman No.1 • Chairman of Corporate Governance Committee • Independent Director • Chairman of Nominating and Remuneration Committee • Member of Audit Committee Mr. Ueychai Tantha-Obhas Prof. Dr. Khunying Suchada Kiranandana • Vice Chairman No.4 • Independent Director • Vice Chairman of Executive Committee No.1 • Chairman of Audit Committee • Member of Corporate Governance Committee • Chairman of Sustainability and Risk Management Committee 04 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Mr. Chotiphat Bijananda Mr. Thapana Sirivadhanabhakdi • Vice Chairman No.2 • Vice Chairman No.3 • Chairman of Executive Committee • Member of Nominating and Remuneration Committee • Member of Sustainability and Risk Management Committee Adjunct Prof. Rawat Chamchalerm Mrs. Siripen Sitasuwan • Independent Director • Independent Director • Member of Audit Committee • Member of Sustainability and Risk Management Committee 05 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Mr. Pramoad Phornprapha Mr. Sithichai Chaikriangkrai • Independent Director • Director • Member of Corporate Governance Committee • Vice Chairman of Executive Committee No.2 • Member of Nominating and Remuneration Committee • Member of Sustainability and Risk Management • Member of Sustainability and Risk Management Committee Committee Mr. Dhitivute Bulsook Mrs. Tongjai Thanachanan • Director • Director • Vice Chairman of Executive Committee No. 3 • Member of Sustainability and Risk Management Committee 06 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Mr. Sakchai Thanaboonchai Mr. Rangsan Thammaneewong • Director • Director Mr. Kosit Suksingha • Director • Member of Sustainability and Risk Management Committee • Member of Executive Committee • President Remark Mr. Kosit Suksingha has been appointed as the Director, Member of Sustainability and Risk Management Committee, Member of Executive Committee and President replacing Mr. Lester Tan Teck Chuan, the resigned director on October 1, 2020. 07 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Executive Committee Members Mr. Thapana Sirivadhanabhakdi Mr. Ueychai Tantha-obhas • Chairman of Executive Committee • 1st Vice Chairman of Executive Committee Mr. Kosit Suksingha Mr. Phromson Ayanaputra • Executive Committee Member / President • Executive Committee Member Remark Mr. Kosit Suksingha has been appointed as the Director, Member of Sustainability and Risk Management Committee, Member of Executive Committee and President replacing Mr. Lester Tan Teck Chuan, the resigned director on October 1, 2020. 08 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Mr. Sithichai Chaikriangkrai Mr. Dhitivute Bulsook • 2nd Vice Chairman of Executive Committee • 3rd Vice Chairman of Executive Committee 09 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Executives Mr. Kosit Suksingha Mrs. Prangnee Chaipidej • President • Marketing Director Remark Mr. Kosit Suksingha has been appointed as the Director, Member of Sustainability and Risk Management Committee, Member of Executive Committee and President replacing Mr. Lester Tan Teck Chuan, the resigned director on October 1, 2020. Mr. Kwanchai Mahapornprachak Ms. Rewadee Chaihetphon Mr. Nitipat Putthong • National Sales Director • Finance Director • Human Capital Director 10 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Mr. Thepsiri Phengtieng Mr. Thanee Pornphisutsak • Acting Supply Chain Director • Production Director Mr. Pongwit Sumethmethachai Mr. Thosaphol Maneerat Mr. Vinij Thawilpaibul • Group Commercial Support Director • Acting Sales Director R1 / R2 / R3 / R4 • Sales Director R5 / R6 / R7 / R8 11 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Product Portfolio est Cola est Free est PLAY Strawberry est PLAY Cream Soda est PLAY Honey Lemon est PLAY Orange est PLAY Lemon Lime est PLAY Grapeberry est PLAY Melon Bingsu est PLAY Pinkbomb est PLAY Kamikaze 12 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Crystal Oishi Oishi Chakulza Jubjai Sarsi 100PLUS V-Boost Rock Mountain Ranger Power Plus 13 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Corporate Social Responsibility Activities for Sustainable Development Product Client variety forms to access happiness of happiness Consumer Society occasion to fulfill society fulfill happiness happiness for others People the happiness culture Corporate Social Responsibility Activities for Sustainable Development Sermsuk Public Company Limited 2020 14 Sermsuk Public Company Limited and its Subsidiaries Annual Report 2020 Mission: Sermsuk Fulfills Happiness and Strives to Achieve Stable and Sustainable Development Sermsuk Public Company Limited pledges to carry out Sermsuk’s continued commitment to social responsibility business with relentless commitment to social responsibility to achieve sustainable development in 2020 resulted in and environmental stewardship in pursuit of achieving the Company
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