Table of Contents

1

Table of Contents

Messages from the Chairman Messages from the Audit Committee Board of Directors General Information Policy and Overview of Business Operations Nature of Business Operations Risk Factors Securities Details and Shareholders Dividend Policy Management Structure and Management Good Governance Corporate Social Responsibility Internal Control and Risk management Related Transactions Management Discussion and Analysis Significant Financial Information Others Auditor's Report and Financial Statement

3 5 8 20 22 32 42 46 49 51 59 79 83 88 95 104 114 115

2

Messages from the Chairman

NFC Public Company Limited's business in 2020 under the situation of the outbreak of New Coronavirus 2019 (COVID-19) has effect to the economy, society of the country and the world, The Company still emphasizes on the business of distributing chemicals, warehouse services, logistics and liquid warehouse services, including berth services and implemented a long-term business policy and plan to develop businesses that have potential to continuously increase the value of the businesses by focusing on improvement of existing assets for maximum benefits and reducing any unnecessary burdens from operations, investing in new projects that raise the value of the organization, As can be seen from NFCT Company Limited ("NFCT"), a subsidiary company which is 100 percent owned by the Company, invested in tanks for fuel oil storage project ("Project"), to provide liquid storage for oil storage and logistic services in transportation of oil through pipelines for the Shell Company of Thailand Limited. Currently, the Project is under construction as according to the plan, At the end of 2020 the progress is more than 70% and which is expected to be open for service in the 4th quarter of 2021 Furthermore, In 2020 NFCW Company limited ("NFCW") a subsidiary which is 100 percent by the Company, invested in area development to support and service for the operators of structure assembly and pipe system yare, and the operators of dismantling/cutting yard for the conveying pipe part of oil rig project ("Project"), located in the general industrial zone, no.2 I-2 Road, Map Ta Phut Industrial Estate, Map Ta Phut Sub-district, Mueang Rayong District, Rayong Province, on the leased land according to the industrial land lease agreement from Map Ta Phut Industrial Estate for a lease period 30 years to provide area development service for customers who want to use area behind the port, operators of structure assembly and pipe system yard, and the operators of dismantling/cutting yard for the conveying pipe part of oil rig project with full facilities. In this regard, the Company applies feasibility study tools to assess any projects before investing which will help to control and limit the risk to an acceptable level.

3

In the company's point of view, the situation of the outbreak of New Coronavirus 2019 (COVID-19) especially the new outbreaks in country while increasing number of infected people will continue impact on the economy of the country and it will inevitably impact on the Company's future business operations. However, The Board of Directors is confident and committed to perform our duties with cautiousness, discretion and dedication to lead the Company through obstacles and making more progress and emphasizing good corporate governance to ensure an efficient, transparent and verifiable management system in order to gain confidence from shareholders, investors and stakeholders so that the Company achieve strong and sustainable growth. Finally, on behalf of the Board of Directors, may we express our appreciation to all shareholders, investors, valued customers and financial institutions for your continued trust putting in the Company.

Gen. Montree Sungkasap Chairman

4

Audit Committee's Report

The Audit Committee of NFC Public Company Limited has been appointed by the Board of Directors consisting of 3 honorary independent directors have all the qualifications stipulated in the Audit Committee Charter and comply with the requirements of the Securities and Exchange Commission and the Stock Exchange of Thailand, whose names are as follows:

Mr.Virasak

Sutantawibul The Chairman of the Audit Committee

Assoc. Prof. Dr. Seri Wongmonta

Audit Committee

Mrs. Aree

Termwattanapakdee Audit Committee

The Audit Committee has performed its duties independently and uprightly in accordance with the scope of responsibilities

assigned by the Board of Directors and according to the charter of the Audit Committee in accordance with the regulations of

the Securities and Exchange Commission (SEC) and the Stocks Exchange of Thailand (SET). In 2020, the Audit Committee

held a total of 5 meetings to discuss and exchange ideas with the management, the internal auditor and the auditor which

summarizes the important aspects of performing duties for 2020 as follows:

Review of the financial report The Audit Committee have reviewed and considered financial reports highlights of the Company's and its subsidiaries' both quarterly and annually of 2020 including reviewing of important accounting policy issues and observations of the auditor as well as disclosure of information in the notes to the financial statements of the Company which have been reviewed and audited by the auditor, in this regard, the management team and the auditor are invited to provide information and clarification every time before giving opinions and presenting them to the Board of Directors for approval. The Audit Committee is of the opinion agreed with the auditor that the Company's financial statements have been accurately presented in material aspects in accordance with financial reporting standards and there are sufficient and appropriate disclosure of data which the auditor had performed their duties and independently expressed their opinions for the preparation of the complete,

5

 ................
................

In order to avoid copyright disputes, this page is only a partial summary.

Google Online Preview   Download