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Dear Shareholders,

In 2016, our country had experienced the great loss with the passing of our beloved His Majesty the late King Bhumibol Adulyadej on October 13, 2016 which brought the profound grieving to all Thai people, his people, all over the country. The Royal Cremation of His Majesty King Bhumibol Adulyadej was scheduled for 25-29 October 2017 at the Royal Crematorium at Sanam Luang ceremonial ground. On Thursday, October 26, which was the royal cremation day, and it has been declared a special public holiday by the Cabinet to allow Thai people to take part in paying a final tribute and farewell to His Majesty the late King. On this occasion, the Royal Crematorium including all supplementary structures such as the Royal Merit Making Pavilion (Phra Thinang Song Tham) and the Government Officials’ Pavilions ( Sala Luk Khun) have been built according to Thai royal tradition and ancient Thai architecture and exquisitely elegant to befit his honor and worship.

I would like to inform you that in 2017 was a first year that Thai economy has expanded which resulted in the overall Thai economy to enlarge more than the expectation. However, even though the Thai economy has expanded but most people still believe that their financial status has not improved. This was a result of the growth of economic were still concentrate on some industrial sectors, not fully spread to the manufacturing sector, investment and fundamental economic. Furthermore, as the agricultural price still decreased which then affected in decrease in the agricultural income while household debt still maintained in high level, and since these group of people is the majority population of the country thus made the feelings of most people the perception of the unimprovement in overall economy, which was opposed to the improved in index figures. However, the clear investment in largescale projects has become more concrete such as the Thailand High speed rail project, first phase , Bangkok - Nakorn Ratchasima which the initial investment cost was 179,413 million Baht and the ceremony to mark the commencement of the project has been arranged on December 21, 2017. This will yield in continuous increase the investment of the private sectors. Furthermore, the clear specified schedule of the election will also bring the result of better confidence in the overall picture of investment in Thailand.

Nevertheless, I had to commit that for the year 2017 was another hard year for us due to the fluctuation in the money market from the default of payment of Bill of exchange of some listed companies at the end of 2016 which had continued to 2017, with the increasing numbers of the defaulted listed companies. This had the impact on the decrease in investors’ confidence to invest in the bill of exchange and finally completely ended the investment in such instruments. This crisis had the direct impact to the Company in the financial management, made it difficult to find the sources of fund and thus affected the significant increase in the cost of fund of the Company.

Though we had to solve all these above-mentioned problems, on the other way, we still have to find the opportunity to expand our business. During the past year, the Company, by the Crown Development Co., Ltd., the subsidiary company of TFD, has entered into a joint venture agreement with Beauty Honour Enterprises Limited. ( a subsidiary of Country Garden Group which is the leading company in the real estate development from The Republic of China ) for the purpose of establishment of BGY & TFD Properties Co., Ltd. to jointly invest in property development business in a residential condominium in Ratchadapisek Thiamruammit, total project area of approximately 8 rai, the 4 buildings of 34 storeys condominiums, total space of 123,470 sq.m with the sellable area of nearly 70,000 sq.m, and the total 1,337 residential units. In addition, there will be the office and community mall included. The total project cost is 6,800 million Baht. The plan is to complete the construction and start to transfer the ownership to customer within the first quarter of the year 2020. The joint venture with this business alliance will certainly generate the good yield return to the Company’s shareholders in the long run.

For the development of TFD industrial estate 2, the Company is in the process of speeding up the construction of the public utility system to serve the customers who will move in during the year 2018 which will then yield in the significantly better performance of the Company in this year comparing to the past year 2017.

I am strongly confident to inform all of you that in 2018 the Company’s performance will result in profit and will be able to pay the dividend to all shareholders.

The Company would like to thank our employees for their cooperation and would also express our sincere gratitude for the strong support to our shareholders, customers, business partners, financial institutions, mass media, investors both local and foreign and to all people. We sincerely hope and are still looking forward to your trustworthiness and kind continuous support in the future.



Thanks and best regards,
Professor Dr. Sunthorn Sathirathai
Chairman