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Annual Report 2019 M.K ANNUAL REPORT 2019 M.K. REAL ESTATE DEVELOPMENT PLC. M.K. Real Estate Development Public Company Limited Address 6 th - 8th Floor, 345 Surawong Building, No. 345, Surawong Road, Kwaeng Suriyawong, Khet Bangrak, Bangkok, 10500 Tel. 02 234 8888 Fax. 02 234 8880 ANNUAL REPORT 2019 Public Company Registration No : 0107536001567 M.K. REAL ESTATE DEVELOPMENT PLC. CONTENT Message from the Chairman 1 Message from the Chief Executive Officer 2 Policies and Overview of Business Operations 3 Nature of Business 14 Risk Factor 25 Summary of Financial Information 28 Board of Directors 30 General and Other Significant Information 42 Securities and Shareholders 45 Management Structure 51 Corporate Governance 60 Corporate Social Responsibility (CSR) 127 Internal Controls and Risk Management 141 Related Party Transactions 152 M anagement Discussion and Analysis of Financial 158 Independent Auditor’s Report 162 Statement of Financial Position 166 Remark : Investor can study further information from the Company’s form 56-1 which is disclosed at www.sec.or.th or the Company website at www.mk.co.th Message from the Chairman 2019 marked a major step as we moved to a new office and were able to implement the concept of well-being-happy and healthy living for humans, nature and animals, creating quality living whether in terms of energy, the environment, health and safety, in order to achieve sustainable happiness-in various company operations. This goes hand-in-hand with the Sustainability Development Roadmap, which encourages entrepreneurs to be socially, economically and environmentally responsible in how they do business and interact with both internal and external stakeholders and promote “comprehensive wellbeing” at work for all employees. This is because people who are physically and mentally healthy and working in a positive environment also deliver great work performance. We started improving working conditions by making sure the way we work is up-to-date, promoting integrated approaches in all departments, supporting remote work or working from home, adjusting working hours by allowing flexible time and regularly organizing activities to enhance skills and knowledge on how to maintain good health. We have provided various facilities that enable employees to achieve well-being, including a gym, a yoga studio, a rooftop organic farm and co-wellnest. We also planned to have more green space in the building, to instill a sense of well-being in all personnel so that they work effectively in the same direction. This concept has translated into operating procedures in various departments, starting from our commitment to apply universal design to product and service development, taking in consideration the lifestyles of people of all ages and bringing in advanced technologies. We provide educational playgrounds that are fun and inspire learning. We select eco-friendly, energy- efficient building materials. We care for the communities around us. We promote quality living by ensuring residents feel at home so that they will want to stay there for many years to come. We organized a bicycle ecotourism event to encourage residents to exercise by biking in Bang Krachao and learn more about the local community there. We planted Yellow Star trees, an auspicious tree representing the reign King Vajiralongkorn, to honor His Majesty the King and save the environment. Many other activities were also held with an aim to get residents to get to know and mingle with each other and encourage families to spend more time together on a holiday. We initiated an organic farm project and created a farm in every project managed by Yours Property Management Co., Ltd. The organic vegetables collected are distributed to residents in the project, to give them access to chemical-free vegetables and show them that organic farming is no longer a far-flung idea - that they can indeed grow organic vegetables at home. We also contributed to community care, including by improving houses for the elderly, sponsoring health checks for community residents and promoting organic farming. On an environmental note, we signed a Memorandum of Understanding (MoU) with the government to install litter traps in Bang Namphung Subdistrict, to prevent litter from flowing out of the mouth of River Chao Phraya in the Bang Krachao area and stop it from ending up in the sea, as ocean pollution living beings and the ecological system. Although residential property faced challenges from the LTV regulations which became effective last April; the Bank of Thailand relaxed the regulations in the last half of last year, the government introduced tax deductions for first-time home buyers and interest rates remained low. As a result, the real estate industry, especially horizonal housing projects which are the Company’s primary products, were still warmly welcomed by consumers with real demand, who tended to be first-time home buyers. The Company continued to launch new housing projects as planned, consisting of single detached houses and townhouses, including in Chuanchuen Town Chaiyapruek-Chaengwattana, Chuanchuen Prime Village Bang Na, Chuanchuen Town Village Bang Na and Chuanchuen Town Bang Yai. We also purchased more land in suitable locations to develop new projects, to expand our customer base in areas of increasing potential such as Nonthaburi and Rangsit-Nakhon Nayok. Meanwhile, property for rent continued to grow steadily, as rental rates have gone up to increase the proportion of income from rental property and achieve long-term financial stability. This income comes from the Part Court Sukhumvit 77 apartment and Prospect Development Co., Ltd., which offers warehouses for rent and operates Flora Ville Golf and Country Club. The golf club has been renovated and is now complete with all the necessary facilities, e.g. an 18-hole golf course, a sports club, a souvenir shop and a restaurant to cater to ensure maximum customer satisfaction. On behalf of the Board of Directors, I would like to thank every shareholder and stakeholder for their continued trust and support in the Company’s operations all these years. Please rest assured that the Board of Directors, the Executive Committee and personnel at all levels - whether management or employees - are committed to bringing sustainable growth to the Company and adding value to society and environment care. We are determined to keep delivering excellent products and services, to bring sustainable happiness to everyone. Mr.Suthep Wongvorazathe Chairman / Chairman of Executive Committee PB M.K. REAL ESTATE DEVELOPMENT PLC. Message from the Chief Executive Officer M.K. Real Estate Development PLC (MK), a developer of real estate for sale, rent and services, along with affiliated companies recognizes the importance of sustainable development in its operations and is prepared to instill the idea of sustainable development in the minds of all of its employees, so that it is reflected in every work procedure and everyone in the organization moves in the same direction. For this reason, the concept of “sustainability for everyone’s well-being” was created, to show how the Company is committed to conducting business in a way that cares about health, food, the environment and quality living in every work procedure. The aim is to attain stable growth for every group of stakeholders and make sustainability our organizational identity in the years to come. Within the framework of sustainable development, in 2019, the Company joined the Global Compact Network Thailand, a United Nations (UN)’ initiative whereby companies worldwide are encouraged to adopt business approaches that focus more on sustainability and social responsibility. This initiative is implemented globally, bringing together companies, large and small, in all sectors, to recognize 10 principles covering four key areas of human rights, labor, the environment and anti-corruption as the fundamental responsibilities of business operations required of all organizations. In addition, the UN announced and encouraged the adoption of Sustainable Development Goals (SDGs), setting out 17 goals as the framework for implementation. In the past year, we operated our business in compliance with these goals, focusing on action that had positive impacts on the environment, living beings, society, the economy and creating partnerships for sustainable development globally. For example, we promote well-being for everyone, from employees to customers, taking into account employees’ working arrangements and our residents’ lifestyles. We promote gender equality for all women and girls, encouraging them to play a key role in policy making and supporting fair treatment. Women occupy over 50 percent of management positions at our company. We care about surrounding communities and study environmental impacts as we aim for achieve simultaneous development of these communities and environmental protection. We select materials that are eco-friendly but not harmful to people, hence contributing to well-being of both our customers and surrounding communities. We also continue to forge universal partnerships for sustainable development through activities and services that are beneficial to residents, communities and society. Given our determination, we strong believe that our operations will meet the demands and expectations of all stakeholders, in line with good governance principles economically, socially or environmentally - from planning and material procurement, production to delivery of finished products to customers in a
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