Message from Chairman and Group CEO

The year 2019 is another important year for WHA Group, particularly for success in terms of outstanding performance. The strong performance indicates WHA Group's capabilities in effective organizational restructuring for dealing with change. Furthermore, WHA Group has identified strategic directions focusing on extending its number 1 position in its core businesses via developing win-win partnerships, further expanding internationally, and maximizing WHA Group synergies of 4 business hubs to create innovative echnologydriven solutions for customers as well as digital transformation which will continually emerge in 2020. WHA will also continue to firmly adhere to operate by driving business forward on the principle of sustainability and consideration to stakeholders covering all three dimensions, including environmental(E), social(S) and governance(G).

The year 2019 is another important year for WHA Group, particularly for success in terms of outstanding performance. For year 2019, the WHA Group reported total revenue and share of profit at THB 13,386 million, representing a growth rate of 15% from 2018. In addition, net profit is THB 3,229 million. The normalized net profit excluding FX impact and one-time gain/loss item stands at THB 2,933 million, representing growth of 21% with total asset of THB 82,264 million. The strong performance indicates WHA Group's capabilities in effective organizational restructuring for dealing with change. Despite last year's challenging economic situation, WHA Group was able to deliver a solid growth while strengthening our position, as Thailand's number 1 developer of Logistics Properties, Industrial Estates, provider of Industrial Utilities and Power, and Digital Platform. The achievements in 2019 are also an inspiration for the WHA Group to look forward and prepare for challenges, while creating opportunities for future growth.

Significant achievements in 2019 for WHA Group in Thailand included the delivery of the E-Commerce Park project to world-class E-Commerce entrepreneurs with an area of approximately 130,000 square meters located at the Bang Pakong E-Commerce Special Economic Zone. Coupled with this, WHA Eastern Seaboard Industrial Estate 3, WHA's 10th Industrial Estate in Thailand, was officially launched on a 2,198-rai plot. Furthermore, WHA Utilities & Power Public Company Limited, the industrial utilities and power provider and WHA's subsidiary, introduced new products and services such as demineralized water, wastewater treatment and water quality improvement, cooperated with business allies to launch Chonburi Clean Energy (CCE) with a capacity of 8.63 megawatts and supporting disposal of up to 100,000 tons in non-hazardous industrial wastes per year. WHA Group also signed a contract to operate a solar rooftop project for customers in WHA Group's industrial estates for an additional 21.4 megawatts.

Furthermore, WHA Group also pursued international expansion, specifically in Vietnam, with the substantial completion of an initial 145-hectares (906 rai) area as part of the first phase of WHA Industrial Zone 1 – Nghe An, including a new office building to welcome our customers. WHA Group, via its subsidiary WHAUP, signed a partnership agreement with Aqua One Water Corporation and acquired 34% equity in Duong River Surface Water Plant, one of the leading water provider to Vietnam's capital city of Hanoi. Besides, in a strategic move to secure sources of water for its industrial customers in WHA Industrial Zone 1 - Nghe An, it also purchased 47% in Cua Lo Water Supply in Nghe An province, Vietnam.

Due to trade war tensions, election of the president of the United States, the COVID-19 epidemic, droughts, dust and air quality problems, strengthening of the Baht and other challenges, it is predicted that 2020 will be an exceptionally challenging year. Thus, WHA Group is constantly assessing various positive and negative factors such as the potential and direction of growth in the e-commerce market on the regional and global levels. The protracted trade war between the United States and China is causing relocations of Chinese investment into Thailand. Although that has slowed somewhat due to COVID-19, large numbers of Chinese investors continue to express interest in investing in the WHA Group's industrial estates. Similarly, progress in the Eastern Economic Corridor's infrastructure projects, such as the high-speed train connecting three airports, Map Ta Phut Port, Eastern Airport City project will integrate the region and benefit WHA Group in the long-term.

For 2020, WHA Group has identified strategic directions focusing on extending its number 1 position in its core businesses via developing win-win partnerships, further expanding internationally, and maximizing WHA Group synergies of 4 business hubs to create innovative technology-driven solutions for customers. Such synergies include collaboration with potential partners such as developing Smart Microgrid with PEA, collaborating with NBTC Commission and service providers in testing the use of 5G technology inside WHA Group’s industrial estates as well as digital transformation which will continually emerge in 2020. WHA will also continue to firmly adhere to operate by driving business forward on the principle of sustainability and consideration to stakeholders covering all three dimensions, including environmental(E), social(S) and governance(G).

Finally, on behalf of the Chairman, the Group CEO, the Board of Directors and executives, I would like to thank you all for your support and contribution to our success. I would like to express my gratitude to all shareholders for your trust, to all customers for allowing us to serve you, our business partners, financial institutions for supporting our growth, and to the Board of Directors, the Executive Committees and all employees for your continued trust and support to drive the businesses forward and grow sustainably, in pursuit of the best value for society, shareholders, customers and all stakeholders.

Miss Jareeporn Jarukornsakul
Chairman and Group CEO
WHA Corporation Public Company Limited