To all shareholders

The year 2022 was the third year on record that Thailand and the rest of the world continued to face the challenges and effects of the COVID-19 pandemic. Nevertheless, the situation has improved due to widespread vaccinations across the nation, which has resulted in the relaxation of lockdown measures. The Company has monitored the situation relentlessly, and laid out plans to mitigate risks and look for opportunities. The Company is also aware of possible impacts on our businesses, and has adjusted business plans and policies to ensure business operation operate with efficiency with cooperation with all our stakeholders. As a result, in the year ended 2022, the Company has a total revenue of 27,546.81 million baht and a profit of 7,406.47 million baht, up by 33.99% YoY and 24.91% YoY respectively. The Company has won various awards and recognition from both national and global organizations. To emphasize the Company’s longevity, the Company has become a member of The Sustainability Yearbook 2022 by S&P Global. Additionally, the Company has achieved the sustainability assessment results of MSCI ESG Ratings at the A level, and was selected to appear on Thailand’s Sustainability Investment (THSI) list for the 5th consecutive year. These reflect the confidence that resulted in the operation and the Company’s success, which uses green power technology to improve and develop our existing products and move towards an EV ecosystem. Moreover, the Company has integrated the sustainable development goals as part of the corporate strategic planning, reinforcing the Company’s viability in the long term.

This year, the Company’s operation in its battery and electric vehicles subsidiaries showed a clear picture of the upwards trajectory of this industry, which is reflected upon in our revenues and earnings significantly. A majority of the earnings came from the production of lithium-ion battery and energy storage systems by Amita technologies (Thailand), owned by EA, has begun operations. This enabled Absolute Assembly to operate continuously. The Company has delivered more electric buses this year compared to last year, showing its readiness in meeting the growing demand of electric vehicles. The Company has expanded its electric charging stations, both normal charging stations and its fast charge to accommodate commercial vehicle demand. The Company has laid out plans to expand its lithium-ion battery facility to 4 GWh in order to meet demands of the electric vehicle industry

For Electric Vehicle Businesses such as electric buses, electric ferries “MINE Smart Ferry” and electric tractor, in the month of October 2022, the Company has debuted its electric mini truck “MINE MT 30” to have a complete product offering for every segment. The Company has taken the opportunity to advance development of Thai railways, and cooperated with CRRC Dalian, a major developer of railways in China, in order to research and development an electric locomotive powered by battery. The Company was also given the opportunity to cooperate with the Ministry of Transport, the State Railway of Thailand (SRT) and King Mongkut’s Institute of Technology Ladkrabang. Following the EV On Train policy, we have tested trial runs of our electric locomotive known as MINE locomotive, and trailed the shunting of carriages at Krung Thep Aphiwat Central Terminal Station. Utilizing the Company’s Ultra-Fast-Charge Technology, there has been more development on the charging system for MINE Locomotive, with a size of 3 MWh. It takes one hour to charge only. All these developments contribute to an EV Ecosystem which is continuously growing, especially technology related to green energy and energy storage systems. Furthermore, the Ultra-Fast-Charge technology with its efficient and fast charging times, adds value to products made by Thai people. The Company has always believed strongly in the research and development of modern technology to create new innovations that are a result of Thai craftsmanship, and helps upgrade the quality of life and protects the environment. This is a tool which will help create a difference between the Company and its competitors, as well as increases competitiveness of the Company as a leader in green energy. This results in a stable and long-lasting company, which is a positive factor in creating a supply chain for the electric vehicle industry of Thailand, and has an important role in developing Thai economy and society. The Company’s products and policies all contribute towards catapulting Thailand to becoming the ASEAN BEV HUB, the leader of EV production in the region.

The Company has policies to upgrade public transport, to make it more convenient, make it more modern, and reduce the amount of air pollution contributed by public transport. These efforts will show the success of the electric vehicle industry, which is becoming a new S-Curve industry in Thailand. Furthermore, investment and research into energy storage systems to be used at power plants will promote the use of renewable energy, and all these factors will help push Thailand towards becoming a low carbon society.

In the year 2022, the Company is extremely proud that it has signed the purchase-sale agreement of carbon credits as a result of its electric bus operation business with the Swiss Federation. Thailand and the Swiss Federation are the first partners in buying carbon credits between countries. Following Article 6.2 of the Paris Agreement, which has resulted in an estimated 500,000 tons of carbon credits exchanged between 2023-2030.

Throughout the year 2022, the successes that have occurred is a testament to the commitments of the Company, in using green technology for the better of Thai society by a company built by Thais. I would like to thank all those who have contributed to the success and pride of the Company, including the Board of Directors, Executives, Employees, Customers, Suppliers, Business Partners, Shareholders, Financial Institutions, Government Agencies, and Community Enterprises, as well as all stakeholders.