TKN One Report2020 en

Taokaenoi Food & Marketing Public Company Limited 1
Content
Part 1 Business and Operation Result
01Structure and Operation

02Risk Management
03
Business Development for
of the Group Page 33 Sustainability
Page 2 Page 37
04Management’s Discussion
05General and other
and Analysis Management important information
Discussion and Analysis: MD&A Page 52
Page 44
Part 2 Corporate Governance

06Corporate Governance
07Corporate Governance Structure
08
Report of Significant
Policy and Important Information Operation of the
Page 56 about the Board of Directors Corporate Governance
Committees, Executives, Page 104
09
Employees and Others
Page 80
Internal Control and Related

Transactions
Page 106
Part 3 Financial Statement
10
Financial Statements
Page 116
Part 4 Certification of Information Accuracy
11
Certification of Information Accuracy
Page 194
The Board of Directors’ Statement
Dear Shareholders,
According to the forecast, the COVID-19 outbreak will continue to affect all industries from the end of 2019 to 2020.
Tourism is one of the industries being affected severely, and 68% of the Company’s revenue is from export, wherein the
export to China accounts for approximately 38% of total revenue. Upon the pandemic, most of the countries, including
China, cut consumption. Therefore the product orders have been contracted from the previous year. Domestic sales income
also dropped since there were no foreign arrivals throughout 2020, especially Chinese tourists who like our products.
Despite the USA’s sales increased, the margin still too far to compensate for the loss upon COVID-19 outbreak. Overall,
the Company’s consolidated income in 2020 decreased from THB 4,948.31 million in 2019 to THB 3,860.47 million, or
a cutback by approximately 22%. When combined subsidiaries’ revenue, total revenue dropped from the year 2019 by
about 25%. In other words, total revenue decreased from THB 5,297.33 million in 2019 to THB 3,999.27 million in 2020.
The dramatic drop in income in 2020 caused the increasing cost of sales from 72.14% of revenue in 2019 to 74.24%
of total revenue in 2020. The Group’s cost of sales increased from 71.48% of total revenue in 2019 to 73.99% in 2020.
However, the figures were considerably moderate despite the higher cost of production with the Management’s diplomatic
effort and control on the cost of production. It is estimated that in 2021, the cost of sales compared to revenue will
decrease upon improved total turnover. One major factor is the cost reduction after relocating the partial production
base from the Nopphawong factory to the Rojana factory in the middle of 2020. Another factor is the machine’s use in
the replacement of human labor, which enhances production performance while saving costs.
According to the main reasons above, the consolidated net profit declined from 2019 by 21.41% or a cut of THB
429.29 million in 2019 to THB 337.38 million in 2020. Meanwhile, the subsidiaries’ net profit for the year 2020 decreased
from 2019 by 33.16% or a reduction from THB 361.84 million in 2019 to 241.87 million. Despite the substantial decrease
in the Company’s net profit, we consider the shareholders’ interest and expectation. The dividend payment rate has
been provided at the highest possible rate when compared to the net profit. The Company hence strives to manage
adequate financial liquidity and robust and stabilised financial status.
In the year 2021, we expect the COVID-19 impact will lessen, the overall situation will be improved, and the turnover
will grow from 2020. In addition to the main product’s turnover expected to rise, there is a new product - milk tea which
released at the end of the previous year. Upon positive feedback on the latest product, we will release a few more
new products to boost sales volume. At the exact times, the Company will manage to reduce the cost of production
continued from the previous year and resolve the drop of sales overseas.
The Board of Directors has approved maximum effort to implement driving strategy to become the absolute
leader in the food and snack industry. The Management will address the importance of risk management, considering
sustainability related to society and the environment, which has significant risk factors to our business operation. The
Management will support and coordinate in considering investment projects or business expansion to ensure prudence
and caution,
On behalf of the Board of Directors, we would like to thank everyone for your business’s support to be more
prosperous and stable. My appreciation also to all board members, executives, customers, vendors, financial institutions,
and relevant government agencies to ensure that it will conduct business with corporate governance, taking into account
the interest and importance of all stakeholders.
Mr. Yuth Vorachattarn Mr. Itthipat Peeradechapan
Chairman of the Board Chief Executive Officer
Part 1
Business Operation
and Operation Result
1
Structure and
Operation of the Group
1. Structure and Operation of the Group

Business Policy and Overview
Taokaenoi Food and Marketing Public Company Limited or “TKN” and/or (“the Company”) manufactures and
distributes crispy seaweed snack and other food such as Whey protein products, supplementary products, ready-
to-drink milk tea, a crispy snack made from fish, pellet milk. The products are distributed locally and overseas.
TNK has four subsidiaries, namely:
1. Taokaenoi Restaurant and Franchise Company 2. Taokaenoi USA Inc. “TKNUS”

Limited (TKNRF”) Distributes seaweed snacks and products from Tao-
conducts souvenir shop, offering crispy snacks to kaenoi Food and Marketing Company Limited within
tourists under the store named “Taokaenoi Land.” North America (the USA and Canada) under the trade-
TKNRF also establishes a quick-service restaurant (QSR). mark “Taokaenoi” and “NORA.”
3. NCP Trading and Supply Company Limited 4. Taokaenoi Care Company Limited (TKNC”)
(“NCP”) resells the products, mainly health care products.
manufactures and distributes seasoning powder to
Taokaenoi Group.
2 2020 Annual Report

Vision, Objectives, Goal
VISION MISSION
“To become a company • To develop innovative products
without boundaries.
that brings about food, • To achieve a world-class
generating happiness to manufacturing standard and
consumers worldwide.” adhere to the environmental-
friendly concept.
• To create happiness and bonding
with the organization.
• To respond to the change and
carry on the development for
sustainable growth.
• Create a trustful organization
through good governance and
sustainable development
STR ATEG Y
Go Global
To expand business toward the future,
seek opportunities and develop existing
business, and add new targets and
channels for sustainable growth.
Go Broad
To enlarge our core business, distribute income
and customer base sources under diversification
risk policy.
Go Firm
To leverage our core business’s profit, to re-prioritize, to
adjust the business model and working procedures to
stabilize and strengthen our core business.

Major changes and developments
History
Taokaenoi Food and Marketing Public Company shares as a public offering at the par value of 0.25 THB
Limited was registered as a limited company with the each. The public offering was a part of the funding for
Ministry of Commerce on 21 September 2004 with initial machine development and to add up the Company’s
registered capital of THB 1 million to manufacture and working capital.
distribute processed seaweed products under the brand In 2020, the Company had two factories, namely
“Taokaenoi”. “Nopphawong (NPW)” located at Pathum Thani province
Taokaenoi, from time to time, increased its capital to and “Rojana (RJN)” located at Ayudhaya province to
support business growth. On 10 May 2013, the Company accommodate consumers’ demand locally and interna-
converted into a public company. On 30 November 2015, tionally. Taokaenoi also set up a sales office in the
the Company registered its paid-up capital (increase United States.
capital) to THB 345 million upon issuance of 360 ordinary
First Factory
Tha-It, Nonthaburi

Current Factory
Rojana Industrial Park
29,000 Sq.M.

Major Developments
Significant Developments of the Company regarding business operation 2553
from the date of incorporation are as follows. Opened 1st shop of
“Taokaenoi Land”
2547 2551
Company Establishment Moved to current factory
Nopawong, Phatumthani
2549
Production line moved to
Bang Bua Thong, Nonthaburi
2004 2007 2009

• The Company was registered to manu- • The Company obtained Thailand’s Brand, • The Company established Taokaenoi
facture and distribute processed seaweed which accredits exported goods’ quality, Restaurant & Franchise Company Limited
products under the brand “Taokaenoi” with building trust among global consumers (TKNRF”), in which the Company held
the initial registered capital of THB 1 million. toward products from Thailand. 99.99% of paid-up capital. TKNRF distributes
The Company established a manufactur- snacks under the brand “Taokaenoi Land,”
ing factory at Tha It Office and Neerawan 2008 with branches established in major tourist
Villa. The first batches of products were • The Company has accredited ISO cities such as Bangkok, Chiang Mai, Pattaya,
distributed at 7-11 convenience stores. 9001:2008 standard certification (previously Phuket.
ISO9001:2000), a standard set for international
2005 standard quality management system 2010
• The Company received a Halal Certificate under the International Organization for • The Company acquired shares in Want
to certify that its food production process Standardization operation. More Industry Company Limited, which
was in conformity with the Islamic rules • The Company obtained Hazard Analysis accounted for 99.99% of the paid-up
allowing consumption by the Muslims. and Critical Control Point (HACCP Codex capital. At present, the said Company
• The Company was accredited with CODEX Alimentarius) TAS 9024-2007 and General has changed its name to “Taokaenoi Care
GMP by Global Certification Service Limited. Principles of Food Hygiene (GMP Codex Company Limited.”
The standard certification is for a factory Alimentarius) TAS 9023-2007, which focuses • The Company added up its registered
that passes standard quality evaluation on food safety to consumers. capital from THB 5 million to THB 35
by the Food and Drug Administration, • The Company expanded the production million and THB 160 million respectively
Ministry of Public Health. capacity in response to the increasing by issuing 1,550,000 ordinary shares at
• The Company started distributes its demand among customers and to support the par value of THB 100.
products abroad via Thai exporters to new customers in the future by opening
the first overseas market - Singapore. the second factory, “Nopphawong.” The
project was under the land lease from 2011
• The Company acquired shares in the
2006 the third party, locating at no. 12/1, the
proportion of 99.99% of paid-up capital in
• The Company relocated its factory from village no. 4, Na Mai sub-district, Lat Lum
Kaeo district, Pathum Thani province NCP Trading and Supply Company Limited
Tha It to Bang Bua Thong. The land was (“NCP”) from a third party considered
under the lease from the third party, (Nopphawong Office).
The Company added up its registered an unrelated person. The Company
located at no. 48/124-134, village no. 6, manufactures and distributes seasoning
Bang Kruai - Sai Noi Road, Bang Rak Yai capital from THB 3 million to THB 5 million
by issuing 20,000 ordinary shares at the powder.
road, Bang Bua Thong district, Nonthaburi
par value of THB 100. • The Company earned over THB 2,000
district (Bang Bua Thong Office). Eventually,
Taokaenoi increased its registered capital • The Company received Pai Po Business million per year from the sales of products.
from THB 3 million by issuing 20,000 Award from Sasin Graduate Institute
ordinary shares at the par value of THB of Business Administration and Siam 2013
100 each. Commercial Bank for Outstanding Medium • The Company converted into a public
and Small Business Operator. company under the name “Taokaenoi
• The Company generated over THB 1,000 Food & Marketing Public Company Limited”
million of income per year. and passed a resolution to change the
2558 2561
Listed in the Stock Launched Nora Brand
Exchange of Thailand (SET) in US Market
2554 2560
“The Billionaire” Start operation of 2nd factory
Movie based on true story in Rojana, Ayutthaya
par value of ordinary shares from THB of THB 1.00 to THB 0.25. As a result, the 2018
100 to THB 1. Eventually, the Company Company’s registered capital was 1,380 • The Company opened a representative
resolved to increase its registered capital million shares. office in Shanghai, China, to support
from THB 160 million to THB 300 million • The Company offered 360 ordinary China’s sales and marketing activities.
by issuing 140 million ordinary shares at shares for the capital increase at the par
the par value of THB 1. From total capital value of THB 4 to the public. Accordingly,
increase shares, 60 million shares were the said capital increase shares were all
2019
offered to existing shareholders, and 80 paid up at the sum of THB 1,440 million. • The Company collaborated with ORION
million shares were allocated for IPO. There were direct expenses related to Group, the company group run business in
• The Company changed its head office the share offering that amounted to THB China for over 40 years. In such a matter,
from 93/5-7 Village No. 5, Rattanathibeth 34.6 million, as shown in the deduction PAN ORION Corp. Limited acquired 3.5%
road, Bang Rak Noi sub-district, Mueang from the surplus of ordinary shares in the of the Company’s shares and appointed
Nonthaburi District, Nonthaburi province financial position statement. The Company as an exclusive sales representative in
11110, to no. 12/1, village no. 4, Na Mai registered the increase of paid-up capital China.
sub-district, Lat Lum Kaeo district, Pathum with the Ministry of Commerce on 30 • The Company adjusted work procedures
Thani province 12140. November 2015. in Taokaenoi USA Inc. from factory and
• The Company’s securities were first distribution into a regional sales office in
traded in the Stock Exchange of Thailand the USA.
2014 on 3 December 2015.
• The Company passed a resolution
to allocate the capital increase shares • The Company generated over THB 3,000 2020
value THB 140 million by offering to million of income per year from the sales. • The Company ceased the representative
exist shareholders at the amount THB office in Shanghai, China. Eventually, all
95 million and THB 45 million for IPO. 2016 communication would be made directly
Eventually, the Company registered the • The Company’s second factory in from Thailand.
change of capital to THB 300 million and Rojana Industrial Park started operation • The Company received IP Champion
the paid-up capital to THB 255 million. to enhance the production capacity, to 2020 award for Trademark from the
accommodate market growth locally and Department of Intellectual Property,
2015 abroad continually. Ministry of Commerce.
• The Company commenced construction • The Company generated over THB 4,000 • The Company merged a factory in
of the new factory at Rojjana Industrial million of income per year from the sales. Nopphawong and Rojana Industrial Estate
Park. and relocated the manufacturing base to
• The Company passed a resolution to 2017 Rojana Industrial Estate.
change the registered capital with the • The Company acquired GIM Factory Inc.
Ministry of Commerce at THB 345 million (now changed the name to Taokaenoi USA
and allocated 90 million shares for initial Inc.), a manufacturer of roasted seaweed
public offering. located in California, USA. Taokaenoi USA
• The Company passed a resolution to Inc. was the third factory and the first
change the par value for its ordinary overseas factory of the Company.
shares with the Ministry of Commerce • The Company earned revenue from
on 3 September 2015 from the par value sales over THB 5,000 million per year.
Funding history and the fund spending
Unfinished fund spending details
- None
Finished fund spending details

Taokaenoi Food & Marketing Public Company Limited (“the Company”) offered 360,000,000 ordinary shares for
IPO at the par value of THB 4 on 3 December 2015 as a part of the capital increase. The net earnings after expens-
es deduction amounted to THB 1,394.50 million. The spending on the fund ended as planned as of 31 December
2017 as follows:
PURPOSES ESTIMATED AMOUNT AMOUNT SPENT

1. For expansion the production capacity of THB 560,000,000 THB 577,630,000
the new factories (Rojana Industrial Park)
2. Purchase of machinery for new produc- THB 100,000,000 THB 93,380,000
tion lines
3. Company’s working capital THB 734,500,000 THB 723,490,000
Total THB 1,394,500,000 THB 1,394,500,000

Nature of business
Income Structure
Revenue structure divided by product types
The Company’s revenue structure divided by product types within the past 3 years between 2020 - 2018 are as
follows:
2020 2019 2018
ITEM
Amount Percent Amount Percent Amount Percent
Crispy seaweed 1,493.4 37 2,079.3 39 2,259.6 42
Grilled seaweed 2,235.8 56 2,398.6 46 2,461.3 45
Tempura seaweed 89.6 2 151.6 3 221.6 4
Roasted seaweed 89.2 2 143.0 3 132.3 2
Other products 1 75.1 2 494.3 9 352.4 6
Total revenue 3,983.1 100 5,266.8 100 5,427.2 100
Note: 1
Revenue from other products includes other products of the Company such as OEM, revenue from
Hinoya restaurants, revenue from Taokaenoi Lands
Crispy seaweed
37%
Other products
2%
Tempura seaweed
2% Revenue
structure divided
by product types
Roasted seaweed
2% 2020
Grilled seaweed
56%
Revenue structure categorised by countries

The Group’s revenue structure divided by countires within the past 3 years between 2020 - 2018 are as follows:
2020 2019 2018

TRADING COUNTRY
THB million Percent THB million Percent THB million Percent
Thailand 1,275 32.0 2,120 40.3 2,061 38.0
China 1,514 38.0 1,906 36.2 2,193 40.4
Other country 1 1,194 30.0 1,241 23.6 1,173 21.6
Sales revenue 3,983 100.0 5,267 100.0 5,427 100.0
Note: 1
Other countries include Indonesia, Malaysia, United States, Singapore, Hong Kong, CLMV (Cambodia, Laos,
Myanmar, Vietnam).

Product information
The Company and subsidiaries have products divided by product categories/businesses consists of 4 types as follows:
1. Seaweed product is the Company’s main products consisting of 4 types which are:
a. Crispy Seaweed b. Grilled Seaweed
is a processed seaweed that fried with oil seasoned made from dipping seaweed in Taokaenoi’s
with our unique spice. Crispy seaweed is cut into propriety sauce and grilled on a unique design
pieces and packed in a package under the trade stove. The product is packed in an individual
name Taokaenoi, Taokaenoi Big Sheet, Konomi, sachet or formed before packing in a sachet.
Nora. The trade name is Taokaenoi BigRoll, Taokaenoi
BigBag.
c. Roasted Seaweed d. Tempura Seaweed
is made from roasting seaweed, powering with is made by dipping seaweed in flour and fried
spice and pack. The trade name is Taokaenoi, until crispy and glow in yellow color and powder
Nora. with spice. The trade name is Taokaenoi Tempura,
Taokaenoi Hi-Tempura, Taokaenoi Salted Egg.

2. Non-seaweed is other consumer products which include:
2.1 Supplement products 2.2 Extrude snack and 2.3 Beverages products
other snacks
Whey Protein - My Whey, Back-Up Kobuk (Crispy Roasted Corn Snack), such as Taiwanese milk tea -
Supplementary, My Whey Protein Corn War (Crispy Corn Snack), Just Drink
Power Bar Z-Roll Farm, crispy potato chips
wrapped with seaweed, TinTen,
fish snack
3. TKNRF’s businesses include stores and restaurants, namely below.
a. Taokaenoi Land b. Japanese curry on rice “Hinoya” c. Bomber Dog
The snack store sells snacks and is a quick-service restaurant that is a food kiosk that serves special
souvenirs for tourists. the Company has acquired to run hot dogs unique with special flour,
the franchise from Japan. topped with various season powder
and sauces.
To adjust the business to be consistent with corporate growth, the Company has categorized snacks and other
products by their properties to release to the market within 3-5 years ahead. The Company plans to increase product
proportion in non-seaweed which includes:
1.) Plant Base Snack is a plant-based food/snack.
2.) Protein Snack- food/snack contain a high volume of protein.
3.) Premium Snack is the food/snack that can add value to the products offered at an expensive rate.
4.) Supplementary include other supplementary products.

2. Marketing and Competition
Domestic markets Sales Strategy
1. Expansion of sales channel To distribute our
1.) Overview of snack, seaweed product market, products thoroughly to target groups via all channels,
industrial situation, and competition in 2020 the Company has assigned a marketing team
responsible for all major media, including arranging
The overall situation of the snack market in 2020
our business allies to be responsible for product
was directly affected by the COVID-19 outbreak. The total distribution that covers all channels nationwide. The
market value was THB 35,833 million, a decrease of 9.9% distribution includes modern trades, convenient stores,
from 2019. Potato Chip remained highest in the market supermarkets, hypermarkets, and traditional trades,
shares at 36%, while extruded snack ranked the second assuring that Taokaenoi’s products are available in all
at 28%. The seaweed snack ranked fifth in market share stores across the country. Moreover, the Company
at 6%. carries on seeking a new possible platform to reach
For seaweed, in snack market in 2020 was affected consumers thoroughly. This year, we distributed
by the COVID-19 outbreak. While the consumers’ index products to 128,000 retail stores/grocery stores in
dropped, the curfew announcement limited the traveling Thailand, dividing in Bangkok and the central region
out of residence at the beginning of the year, shrank 25%/northern region 27%/northeastern region 28%
sales time. Furthermore, the country closure in which no / southern region 20%.
arrival is coming throughout the year, especially Chinese 2. The focus on display on the storefront
tourists recessed the seaweed snack even more than 2.1 In wholesale stores, the aesthetics, attractive
overall snack market at 28.3%. Seaweed snack sales and neat product display can draw attention
dropped from flavored sheet squid snack, which was from retailers who purchase for reselling. One of
affected directly by consumers’ index and absence of our methods is to arrange display cabinets and
tourists. dispatch them to wholesalers nationwide or create
outstanding product showcases.
2.) Sales Strategy, Channels and Marketing Strategy 2.2 In modern trades, the products should be
in 2020 arranged in aesthetics, attractive and persuasive,
Sales channels, local distributions currently made drawing customers’ attention. The Company
via three main channels. assigns staff to organize products in over 80% of
different branches.
1. Modern Trade consists of convenience stores,
supermarkets, and hypermarkets. The Company
conducts a direct trade with each customer by
delivering products from the warehouse to customers’
product distribution center (D.C.) to forward to
different branches.
2. Local distributors The Company trade via local
distributors to distribute its products to wholesalers
stores and retails stores nationwide, including the
3. Increase e-commerce and online customers Upon
supermarkets without product distribution center (D.C.).
the lockdown announcement during the COVID-19
3. Online stores: The Company establishes its online outbreak, consumers, purchase online products more
store on its website, Facebook page and opens online and more. Eventually, the Company has adjusted
stores via different platforms such as SHOPEE, LAZADA, its sales strategy by stimulating online platforms, for
or JD Central. instance, launching online promotions with modern
trades, creating official stores in market places to
boost sales directly to consumers, making promotions
during various occasions and campaigns of each
marketplace/online platform.
Marketing Strategy 3.) Domestic sales and marketing adjustment in
When consumers deviate their behavior by preferring 2020 toward COVID-19 situation
healthy food amid the rapid media communication, the Amid the severe outbreak of COVID-19, the year
Company has applied the primary strategy which are: 2020 recorded the major change of consumers’ behavior
1. Communicate to target consumers via Youtuber, including other unfavorable impact to the national economic
Influencer, KOLs (Key Opinion Leader) using various situation upon counry closure, limited opening hours of
content. Nowadays, our target groups watch online stores and declined confidence among consumers due to
media mainly, the Company has assigned varied the uncertainty of situation, the Company has adjusted
Youtuber, Influencer and KOLs to create recognition to meet the changes of domestic consumers’ behavior.
and to reach distinctive consumer groups effectively. Overall is summarized as follows:
2. The Company also releases Co-Brand products to 3.1 The Company adds online sales channels and highlights
enhance the appearance and increase new customer the importance of online purchase by selling products
groups, for instance, crispy corn snack - Taokaenoi on its website, Facebook page and Official Account
Kobuk is upon collaboration with our business allies, with popular trading platforms such as Shoppee,
Orion from Korea. Meanwhile, China imports Taokaenoi Lazada, JD.com.
Kobuk to build new and trendy snacks among those 3.2 The Company encourages consumers’ engagement
who were traveling to Korea. The Company also plans via internet in various procedures, sales procedures
to expand its product line to extrude snacks. adjustment, launching live sales video, creating online
3. The release of a new product to stimulate the market content to enable consumers’s participation during
and to build a new customer group is divided into the lockdown, for instance, cooking class based on
two major groups, which are: Taokaenoi’s products, launching discount promotion
3.1. Snacks in each remarkable day of the month such as 11.11,
3.1.1. Snack made from seaweed, for example, Big 12.12.
Roll Finger is released to carry on the success 3.3 The Company supports some parts of the sales
of Big Roll from grilled snack, Big Sheet - lobster channels being affected by the lockdown, for instance,
grilled with pineapple flavored and salmon- increasing sales proportion, production distribution
leechee flavored, the stimulation in tempura rate and adjusting temporary agreement in traditional
seaweed segment to increase the growth, trades to enable the product flow without any delay.
release of healthy snacks like Taokaenoi Good 3.4 The Company mainly concentrates on small package-
Day - the snacked fried with rice bran oil and product which is convenient for buying, for example,
less sodium content. Big Sheet Crispy seaweed (5 baht) and Big Roll, grilled
3.1.2.Activities of other snacks include the release seaweed (5 baht).
of extruded corn, CornWar to broaden the 3.5 The Company contributes to communities, government
market shares in traditional trades, Co-Branding agencies and hospitals by supporting and distributing
with Kobuk under collaboration with Orion, the face masks, face shields, food and the neccesity for
Korean and Chinese business allies. daily lives, with an aim to help our society, to share
3.2. Beverages Having the vision to become a leader and relieve crisis impact during COVID-19 outbreak.
that innovates food business, Taokaenoi start
broadening its product line from snacks by joining
hands with Korean business allies - Bifido, to launch
a pasteurized milk Just Drink, the Taiwanese milk
tea to reach those who like Taiwanese milk tea
at a reasonable price. The product is suitable as
an all-day drink with a mild taste.

14
4.) Launch of new products in 2020 in Thailand included:
Product
Group Brand SKU Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2020 Annual Report

11 SKUS
-Grilled BBQ
Taokaenoi, Lobster with
pineapples 3.5g Konomi Taokaenoi
Big Sheet, Classic Sea - Smoked Seafood, Corn soup -Fried seaweed
Name salmon with Tiew Thai bag
Salt 30g Japanese 12 g/3.5 g -smoky bite
Gooday, lychee 3.5g set 48g
Sauce 8g
- Spicy Korean
Crispy seaweed
Konomi noodle 3.5g/30g
DKSH, Tesco, DKSH, DKSH, Agent, 7-11, Jiffy,
Familymart, Wholesale, Wholesales, CJ, The Mall,
Big C, Jiffy, Agent, TKNL, Wholesale, Online,
Channel 7-11 Makro, Online,
TKNL, Big C, Tops, Agent 7-11, TKNL, Wholesale,
Tops,Tsuruha, Jiffy, Tesco, Familymart, Agent
The mall Lazada, CJ Tops, Tesco, Jiffy
12 SKUS
Big Roll,
Big Roll XL 7g Big Roll
Big Roll XL, Finger Roll 9g Konomi Big Roll Box Big Bag 3g Big Bag 6g Finger Roll 18g
Name Miangkham One Shot 0.9g
CS, SP, SQ CS 8g 36g SQ CS SP SQ CS SQ
Big bag flavoured CS
Grilled seaweed
Konomi DKSH, Big C, Familymart,
Makro DK, Makro, Big C,
Tops, Makro DK, Jiffy, Big C,
DKSH, Lotus,
Familymart, Wholesale, Wholesales, Tops,
Channel Wholesales, 7-11 7-11 DKSH,
Jiffy, Agent Agent, Wholesales,
Agent, Wholesales,
Wholesales, Online Agent, TKN
TKN Online Agent
Agent, Online Online
Product
Group Brand SKU Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
7 SKUS
- Tempura - Box set Tempu-

- Tempura spicy wings
- Tempura ra spicy wings 18
spicy wings 18 g
spicy wings 5 g g Presenter SB5
Name 18 g Presenter SB5
- Tempura - Tempura - Box set Tempu-
- Tempura
Tempura Ramen 5g Ramen 18 g ra Ramen 18 g
Ramen 18 g Presenter SB5 Presenter SB5
DKSH, 7-11, DKSH, 7-11,
Tempura seaweed
TKNL, Big C, TKNL, Big C,
Siripro, Whole-
Tops, Jiffy, Tops, Jiffy,
sale, Agent,
Channel Familymart, Familymart, Online
BigC, Tesco,
Tesco, Tesco,
Makro
Wholesales, Wholesales,
Agent Agent
Kobuk 2 SKUS
Name Corn Soup 36g BBQ 36g

7-11, Big C,
Channel Tesco, Lazada, Only at 7-11
Shopee, CJ
Corn War
Extrude snack
4 SKUS
Corn war
Corn war Milk,
Name Party Pack MiIk,
Chocolate 12g Chocolate 12g*3
Channel Siri Pro, Shopee Family Mart
1 SKU
Just Drink
Name Milk Tea 375 ml.
Taokaenoi Food & Marketing Public Company Limited

Beverages products
Channel 7-11
Total 40 4 9 3 1 5 3 4 2 3 3 3
15
5.) Marketing activities in 2020
First quarter/2020
Taokaenoi receives the
Prize of Thailand Social
Awards 2020
Thailand Social Awards is a
reward granted to an active
brand with the highest
engagement in leading
platforms such as Facebook,
Twitter, Instagram, and Pantip.
Taokaenoi Brand is awarded Release of “Good Day” music video
for a snack product.
Taokaenoi launched a new product line as a healthy
product under Taokaenoi Good Day to meet the health
awareness trend. The launch is published via music
marketing scheme to imply our product benefit that
well combines with target group’s lifestyle. The Company
arranges to have SB5, a popular band for singing and
performing in the said music video.
Launch of a new product from Korea “Kobuk”

With the unique taste and crispness, Kobuk is popular
among those traveling to Korea. Furthermore, Taokaenoi
has trading allies - Orion, to support feasible opportunities
in expanding product lines for new target groups in
extruded snack products.
Online marketing activities

during COVID lockdown Giving our Thai Airways
During the lockdown when product samples
everyone must be home, Giving our Thai Airways product
Taokaenoi stimulated con- samples Since Taokaenoi products
sumption by sharing cooking are popular among tourists, especially
classes based on Taokaenoi Chinese tourists, the Company sees
products. The Company also the opportunity to expand the
arranged marketing activities recognition and launch a product
online, for instance, arranging trial for them. Under collaboration
promotions, giving out mini with Thai Airways, the Company
shabu-pot for the prospective provides Big Sheet products as a
leads to cooking the food at snack before the main meal to
their homes. passengers in China’s flight.

Second quarter/2020
Taokaenoi, We Fight Together
Upon COVID-19 outbreak hit Thailand hard, Taokaenoi re-
alised that there were issues from lack of face masks and
face shields, especially, medical personnel and people risk.
Taokaenoi arranged a channel for face mask and face shield
donation for the said people and coped with the COVID-19
outbreak together with Thai citizens without delay.
Cooking Challenge
Taokaenoi joined hands with various artists creating a menu
based on Taokaenoi’s seaweed. Fanclubs were invited to
share their recipe based on seaweed for the contest and
get a special award from famous artists.
Third quarter/2020
IP Champion Award
Taokaenoi received an IP Champion award
from the Intellectual Property Department to
certify that the Company has effective and
diversified management of the brand ‘Taokaenoi.’
The brand has been well recognised and led
to business growth to the international
recognition.
Back To School Promotion

To meet the current situation and to stimulate product consumptions and to support parents for the school expenses,
and provide children with tasty snacks and healthy, Taokaenoi launched a campaign ‘Back to School, Save for the
Children, Save for the Mom,’ giving out gift vouchers from various department stores or stationery kits.

Fourth quarter/2020
J-Festival 2020
Taokaenoi is a top-rated product, especially during the
vegetarian festival. Since our product contains no meat,
the Company always arranges sales promotion campaign
during the vegetarian festival to serve the high demand.
Thaifex 2020 Booth Activity

Thaifex 2020 Booth Activity Taokaenoi attends ThaiFex
every year to reach our customers and introduce our
existing products among Thai and foreign customers.
Also, the Company aims to let them try the products
to enlarge the sales territory and market.

Oversea market
Market in China
The year 2020 faced the challenge of the Chinese Capital for positive, creative encouragement and happiness
market and the corporate adjustment upon a new for society amid the pandemic’s sadness and stress.
distributor. It was the time when the US-China trade war Furthermore, the Company published live streaming via
became more intense that China had to drop its GDP Tmal Flagship Store using the top NOK of Thailand. The
from the previous forecast. Furthermore, the COVID-19 Company also opened its JD Flagship Store to add up a
outbreak forced China’s federal to close significant cities, major trading channel in the online market.
transportation, logistics. Businesses were widely affected, In addition to the COVID-19 outbreak, the Company
including our sales volume. also faced a container shortage during the fourth quarter.
Aftermarket situation analysis, the Company, As a result, the freight cost increased significantly.
suspended marketing activities, roadshows, events, Despite the FOB, where the buyer is responsible for
focusing on online platforms. During the ‘work from goods transportation, the increase of freight cost gave
home’ or quarantine period, the Company arranged the Company a higher price.
promotion activities for its products as well as to create The overall situation of the Chinese market in 2020
encouragement among consumers, for instance, Douyin The Company placed its products in modern trades
(Tiktok) “KaChaHai-Laobanzai Douyin Challenge,” the (MT) covering over 95% of major cities such as Beijing,
motion clip of Taokaenoi animation broadcast Application Shanghai, Guangzhou, including local stores such as food
Douyin (Tiktok). After this activity, the Company received stores under the residential building, wholesalers, and
an Extraordinary Award Typical Case Award from Unique expansion of online platforms.

Market in the United States Sales channels in the United States
The year 2020 witnessed significant growth from Taokaenoi product distribution and sales account for
75% of the Ethnic Asian stores. Eventually, the Company
2019 thanks to the high demand of the USA market. Since tried targeting the mainstream via Safeway (North California),
the Company’s distribution base is small, the Company including an online platform via Amazon and Yamibuy.
will find potential vendors, enlarge sales channels to com.
boost the turnover that covers “Nora” and “Taokaenoi” Nora products are distributed through our partners.
products. The Company plans to expand to Canada, in The company joined hands with national merging
which the seaweed snack is likely to grow significantly. distributors like Rainforest and JFC to enlarge Nora’s
brand to ShopRite and Daiso in the previous year.
Nora Brand The COVID-19 certainly affected our new product
release in many channels such as Costco, and it directly
affected our turnover in Hawaii-the world-class tourism
landmark. To cope with the unfavorable situation, the
Company added more online platforms such as Amazon,
which could become a significant lead in the future.
Sales channels in Canada
Taokaenoi product distribution and sales account for
59% of the Ethnic Asian stores. Eventually, the Company
Nora is a brand that the Company plans to launch tried targeting the mainstream via Loblaw and Sobey.
marketing via mainstream market in the United States Furthermore, the Nora brand was launched in Loblaws
and Canada. Nora products include seaweed snacks and Ambrosia Markets.
and tempura seaweed. We launched spicy flavor- a new
flavor last year in response to Nora’s Crispy seaweed Other oversea markets
consumers’ growth.
In 2020, the Company launched sales of Taokaenoi
products in more than 40 countries. Major markets
Taokaenoi Brand included Indonesia, Malaysia, and CLMV (Cambodia,
Myanmar, Vietnam, and Laos).
In 2020, the Company assigned the local brand
ambassador in Indonesia and Malaysia to communicate
with Halal (Thai) and Halal Mui (Indonesia) to expand
the customer base among Muslims. Both countries were
continuously affected by COVID-19. Hence, the offline
sales channels dropped. In response to the issue, the
Company concentrated more on online sales channels,
creating a flagship store in Bali, Indonesia, and Shoppee
Taokaenoi is a brand of which the Company plans in Malaysia to boost sales and sales channels, including
to launch marketing that targets Asian-American. The online activities that encourage consumers’ engagement.
product includes fried, grilled, roasted, and tempura For markets in CLMV, since the COVID-19 situation
seaweed, and non-seaweed products such as Z-Roll- suspended any offline activities, events, roadshows, the
Farm (crispy potato wrapped with seaweed), Taokaenoi Company highlighted online activities throughout the
Coconut Roll. year. The online activities boosted up sales volume and
The Company has broadened its distribution channels raised brand awareness of our product significantly. For
for grilled seaweed products in the previous year - Big instance, arranging brand ambassador to the fan meet
Roll in Costco to other four regions, namely Northeastern, event. Meanwhile, the Company added more online
Southeastern, Northwestern, and Southwestern, contributing sales by creating flagship stores in Lazada and Shoppee
to the turnover growth in 2020. in Vietnam and launched more online marketing activities.
For other overseas markets, the Company carried on
launching activities considered appropriate for the COVID-19
situation in each country. The Company inspected sales
volumes, inventory, updated vendors closely to meet
the current situation as much as possible.

New product release oversea in 2020 included:
Crispy seaweed green curry flavored Low Sodium fried seaweed-Good Day
Singapore, Hong Kong, Canada, Laos, Cambodia, Singapore, Hong Kong
Cambodia, Sweden
Crispy seaweed corn soup flavored Korean roasted seaweed

Hong Kong, Laos China, Italy, Canada
BigBag and Big Roll Mala flavored Tempura seaweed Truffle flavored Tempura seaweed with grains
China, Canada, United States, Laos, Hong Kong Canada, Malaysia
Cambodia, Sweden

3. Procurement of raw materials
1. Seaweed 4. Package
Seaweed is the main raw material of the Company’s Suppliers send samples to the Quality Assurance
manufacturing process. The Company will require two or Department (QA) for inspection. If the samples pass the
three overseas manufacturers and distributors to quote inspection, more than two or three suppliers will quote
the price. After that, the Company will make contracts the comparison price. After suppliers are selected,
with manufacturers and distributors for seaweed supply the suppliers will need to keep the price valid for a
annually. The conditions in the contract will specify the particular period. For purchasing, the purchase will be
level of seaweed’s quality, prices, and quantity, as well as made in accordance with the demand in each month.
the year of purchasing. However, the Company will issue The Company currently purchases packages that include
a purchase order (PO), which specifies that manufacturers packets, plastic film rolls, boxes, and cardboard boxes
and distributors must ship each time. Before shipment, from various suppliers to reduce the risk of deliveries that
the manufacturers and distributors must send a seaweed miss deadlines. The purchase will be made in the form
sample for inspection to see if it is up to the Company’s of issuing a purchase order (PO) according to lead time
criteria. If the seaweed meets every Company’s criterion, conditions that each supplier specifies, which is within
the manufacturers and distributors then ship that seaweed 15-45 days. The suppliers need to give about 30-60 days
batch to the Company. The manufacturers and distributors of credit term to the Company.
will need to give 45-60 days of credit term to the Company.
Currently, the Company mainly purchases seaweed from 5. Other Main Raw Materials
manufacturers and distributors in South Korea.
Suppliers send samples to the Quality Assurance
2. Palm Oil Department (QA) for inspection. If the samples pass the
inspection, more than two or three suppliers will quote
Suppliers must send samples to the Company’s the comparison price. After suppliers are selected, the
Quality Assurance Department (QA) to be inspected for suppliers will need to keep the price valid for a particular
its palm oil supply quality. If it passes quality inspection, period. The purchase will be made in accordance with
more than two or three suppliers will then quote the the demand in each month.
comparison price. After suppliers are selected, the Company
will make a contract and specify the price and quantity 6. Product Transportation
to be delivered. The contract will be made in advance
periodically according to the market situation, and a For finished goods, the Company outsources
purchasing order (PO) will be issued to the suppliers. The transportation providers since it wants the products to
Company currently purchases palm oil from three major be transported to the clients thoroughly and correctly.
suppliers for the reasonable prices they offered, and their The criteria for procurement and employment of third-
previous batch of oil had good quality. These suppliers party transportation providers are specified below.
give about 30 days of credit term to the Company. Palm
oil price changes throughout the year according to the In the process of transportation provider selection,
price mechanism. The Company prevents the risk from the Company accepts bidding annually. The criteria
these changes by making advance contracts for palm oil include the cost of transportation, number of vehicles
at a reasonable price and within acceptable cost. The in the fleet, types of vehicle provided, route coverage,
contracts may have three to six months term depending a guarantee of products, services, and service mind. For
on the price at that time. risk management in product transportation, the Company
will select three or four transportation providers that
meet these criteria.
3. Seasoning powder
Starting with a new product development process, The transportation contract comprises two original
the Research and Development Department (R & R&D) copies of the contract (the original and the duplicate) and
will coordinate with suppliers to develop seasonings an addendum to the contract (the list of freight rates) (the
according to the specifications and price that the Company original and the duplicate). The Company will issue the
requires. The suppliers will need to keep the price valid contract and send it to the transportation company and
for a particular period. For purchasing, the purchase will the addendum. After that, the contract will be sent back
be made in accordance with the demand in each month. to the Company to be signed by authorized persons. After
The Company currently purchases seasoning products both parties signed the contract and the appendix, the
from various suppliers prioritizing quality first and prices transportation company can start its service. The Company
second. In secret recipe seasonings, the Company purchases has procedures in managing transportation concerning risk
them from NCP (a subsidiary company), which opened management and lawfulness so that the finished goods
for its manufacturing seasonings. A purchase order will be can be correctly and duly shipped to the clients.
issued in each purchase according to lead time conditions
that each supplier specifies within 15-45 days.
Factories and Manufacturing Capacity Utilization
As of 31 December 2020, the Company has two manufacturing factories as follows:
Noppawong Factory (NPW) Rojana Factory (RJN)

located at 12/1 Moo 4, Na Mai, Lat Lum Kaeo, located 55/5 Moo 5 Sam Bandit, Uthai,
Pathum Thani 12140 Phra Nakhon Si Ayudhaya 13210
Overall, in 2020, the maximum capacity was 8,443 tons, while the manufacturing capacity utilization rate was 50
percent.
For a summary of manufacturing capacity and manufacturing capacity utilization from 2018 to 2020, the
Company had the manufacturing capacity (ton/year) as the following details:
Manufacturing Manufacturing Capacity % of Manufacturing
Capacity (Ton) Utilization (Ton) Capacity Utilization
2020 2019 2018 2020 2019 2018 2020 2019 2018
Crispy seaweed 4,104 3,995 3,882 1,837 2,834 3,140 45% 71% 81%
Grilled seaweed 3,735 3,645 3,841 2,058 2,289 2,551 55% 63% 66%
Tempura seaweed 406 337 305 326 291 318 80% 86% 104%
Roasted seaweed 198 195 194 19 35 56 10% 18% 29%
Total 8,443 8,172 7,959 4,240 5,449 6,065 50% 67% 75%
Remark : In 2018, Tempura Seaweed and Roasted Seaweed’s production lines had a manufacturing capacity
utilization rate that exceeded the maximum manufacturing rate due to high demand for such products at
the end of the year (Tao Kae Noi Salted Egg Tempura Seaweed and Roasted Seaweed). The Company had
to increase manufacturing capacity from its usual manufacturing capacity.

4. Business assets
BOOK VALUE
TYPE OF ASSET As of 31 As of 31 As of 31 OWNERSHIP Obligation
December December December
2020 2019 2018
1. Land and Land Improvements
1.1. Muang Thong Thani Office, 88 Tarang Wah
17.83 17.83 17.83 Owned None
(352 sqm) of land in Nonthaburi Province
1.2. Factory at Rojana Industrial Park 63.98 63.98 63.98 Owned None
1.3. Theppanom Warehouse, 300 Tarang Wah
10.50 10.50 10.50 Owned None
(1,200 sqm.) of land in Nonthaburi Province
1.4. Right-of-Use Asset 0.00 0.17 27.89 Leased None
Total 92.31 92.48 120.20
2. Building and Building Improvements
2.1. Muang Thong Thani Office Building 63.82 67.85 37.09 Owned None
2.2. Noppawong Factory,NCP 78.60 93.03 105.35 Leased None
2.3 Theppanom Warehouse Building 2.11 2.27 2.43 Owned None
2.4 Bang Bua Thong Warehouse Building 0.84 0.94 1.04 Leased None
2.5 Rojana Factory 395.65 414.90 427.99 Owned None
2.6 TKN China Office Building - 0.82 2.15 Leased None
Total 541.02 579.81 576.05
3. Machines and Equipment - Noppawong 74.31 99.94 115.73 Owned None
4. Machines and Equipment - Rojana 91.97 92.20 112.34 Owned None
5. Furniture and Office Equipment -
43.74 55.52 40.47 Owned None
Noppawong
6. Furniture and Office Equipment - Rojana 21.53 26.95 27.19 Owned None
7. Vehicles 8.75 15.11 22.93 Owned None
8. Assets under Installation and
13.12 21.97 57.73 Owned None
Construction - Noppawong
9. Assets under Installation and
117.68 58.45 64.50 Owned None
Construction - Rojana
10. Furniture and Office Equipment -
- 0.15 0.19 Leased None
TKN China
Total 371.10 370.29 441.08
Total Fixed Assets 1,004.42 1,042.61 1,137.33
Impairment of Assets (21.83) (23.86) (19.52)
Estimated Demolition 0.31 - -
Total Fixed Assets-Net 982.90 1,018.75 1,117.81

5. Incentives
The Group receives incentives from investment by earning the Thailand Board of Investment’s investment pro-
motion certificates under Investment Promotion Act B.E. 2520 (1977). The Group must adhere to the terms and
conditions specified in the investment promotion certificates. As of 31 December 2020, three investment promotion
certificates remain in effect as follows:
Certificate No. Dated Incentives and Conditions of the Project

1433/2553 9 April 2010 For investment in seaweed products manufacturing business
(Noppawong Factory) Incentives of the Project
• Permitted to bring expatriate technicians or experts (Myanmar, Laos, and
Cambodia not included), their spouses, and both individuals’ dependents to
the Kingdom for the numbers and time as specified.
• Exempted from import duties of machinery. (The incentives ended on 9 October 58)
• Exempted from import duties of raw materials and materials required to be
imported overseas to manufacture for export. (The right can be exercised until
9 January 66)1
• Exempted from import duties of items for re-export. (The right can be exercised
until 9 January 66)1
Conditions of the Project
• Have the manufacturing capacity to manufacture seaweed products of
about 2,700 tons per year, such as crispy seaweed, roasted seaweed, and
tempura seaweed. (Working time of 8 hours/day: 300 days/year)
• Must use new machinery in the promoted businesses.
• Must set up a factory in the area of Pathum Thani Province.
• The Company is granted permission to be operated in accordance with the
conditions on 29 July 2016.
2155(2)/2554 20 September For investment in seaweed products manufacturing business
(Rojana Factory) 2011 Incentives of the Project
(Permitted to relocate • Permitted to bring expatriate technicians or experts (Myanmar, Laos, and
business operations Cambodia not included), their spouses, and both individuals’ dependents to
from Lat Bua Luang the Kingdom for the numbers and time as specified.
to Rojana Industrial • Exempted from import duties of machinery. (The incentives ended on 20 March 60)
Park, Phra Nakhon Si • Exempted from import duties of raw materials and materials required to be
Ayutthaya Province
on 25 November imported overseas to manufacture for export. (The right can be exercised until
2014.) 9 January 66)1
• Exempted from import duties of items for re-export. (The right can be exercised
until 9 January 66)1
• Exempted from corporate income tax on net profit from all of the promoted
businesses, which not exceed 100 percent of the investment. The cost of land
is not included, and the term of circulating capital is seven years.
• Exempted from including dividends from the promoted businesses that exempted
from corporate income tax in calculating income tax.
• Have the manufacturing capacity to manufacture seaweed products of about
9,400 tons per year, such as crispy seaweed, roasted seaweed, and tempura
seaweed. (Working time of 24 hours/day: 345 days/year) 2
• The amount of tax exempted from corporate income tax for seven years must
not exceed 670,747,603.37 Baht.
• Must set up a factory in the industrial park of Rojana Industrial Park Public Co.,
Ltd. in Phra Nakhon Si Ayutthaya Province.
• Must earn ISO 9000 or ISO 14000 quality assurance certification or another
equivalent international standard within two years from the starting date of
operation according to the conditions. The results were reported, and the
permission was granted on 7 February 2019.
• Permitted to be operated in accordance with the conditions on 12 December
2018.

Certificate No. Dated Incentives and Conditions of the Project
63-1161-1-00-1-0 20 October 2020 For investment in seaweed products manufacturing business
(Rojana Factory) Incentives of the Project
• Permitted to bring expatriate technicians or experts (Myanmar, Laos, and
Cambodia not included), their spouses, and both individuals’ dependents to
the Kingdom for the numbers and time as specified.
• Exempted from import duties of machinery. (The incentives will end on 20
April 66)
• Exempted from import duties of raw materials and materials required to
be imported overseas to manufacture for export. (The right has not been
exercised.)1
• Exempted from import duties of items for re-export. (The right has not been
exercised.)
• Exempted from corporate income tax on net profit from all of the promoted
businesses, which not exceed 100 percent of the investment. The cost of
land is not included, and the term of circulating capital is six years.
• Exempted from including dividends from the promoted businesses that
exempted from corporate income tax in calculating income tax.
• Permitted to bring or remit money out of the Kingdom in foreign currencies.
• Have the manufacturing capacity for the manufacture of seaweed products
of about 2,366 tons per year. (Working time of 24 hours/day: 345 days/year) 2
• The amount of tax exempted from corporate income tax for seven years
must not exceed 126,830,000 Baht. 3
• Must set up a factory in the industrial park of Rojana Industrial Park Public
Co., Ltd. in Phra Nakhon Si Ayutthaya Province.
• Must obtain ISO 9000 or ISO 14000 quality assurance certification or another
equivalent international standard within two years from the starting date of
operation according to the conditions.
Remarks :
1
For raw materials and materials required to be imported from overseas to use in the manufacture for export and import duties
exemption for items imported for re-export, the import period can be continually extended with two-year permission for each
time.
2
Corporate income tax amount is subject to change according to the actual investment value on starting operation (set to be
on 20 October 2023).

Shareholder Structure of the Group
Taokaenoi
Restaurant
Taokaenoi Food &
& Franchise 100 Marketing Public 91.21 Taokaenoi USA
Company Limited % % Inc. (TKNUS)
(TKNRF) Company Limited
(TKN)
100 100
% %
NCP Trading & Taokaenoi care

Supply Company Company Limited
Limited (NCP) (TKNC)

Subsidiary
At present, the Company holds shares in four subsidiaries, namely below.
1. Taokaenoi Restaurant and Franchise Company Limited (TKNRF”)

Company Registration No. 0125552015842
Head office 469 Bond Street,
Bang Phut, Pak Kret,
Nonthaburi
Tel. 0 2960 1477
Fax 0 2960 1486
Registered capital 35,000,000 Baht
Issued and paid-up capital 35,000,000 Baht
Shareholding (%) 100 percent
Tao Kae Noi Restaurant & Franchise Company Limited is a company under the retail store business and quick-
service restaurant business. The number of branches has changed in the past three years as follows:
Business 2020 2019 2018

1. Tao Kae Noi Land business 5 19 19
2. “Hinoya Curry” Japanese curry rice 9 4 -
restaurant business
3 Bomber Dog: a snacks business 1 - -
TKNRF Retail Store Business
Tao Kae Noi Land operates souvenir stores that In 2020, Tao Kae Noi Land stores were directly
mainly target tourist customers. The products include affected by the COVID-19 pandemic, especially tourists
seaweed products and snacks of Taokaenoi Food & which are the main target as they cannot travel to Thailand.
Marketing Public Company Limited, consigned goods, and The Company had to change its operation by closing
house brand products that TKNRF especially developed unprofitable branches and selling to Thai customers
to meet such customers’ needs. The Company intended through online shopping. At the end of 2020, there were
to make “Tao Kae Noi Land” a channel for souvenir five branches of Tao Kae Noi Land stores in operation,
shopping among tourists and a channel to advertise and including Terminal 21 Branch, Asiatique The Riverfront
make Tao Kae Noi brand products known for consumers Branch, ICONSIAM Branch, MBK Center Branch, and Terminal
through developing house brand products to differentiate 21 Pattaya Branch. The Company still retains Tao Kae Noi
itself. Land stores. When the situation on tourism and tourists
improves, the Company will reconsider branching out.
TKNRF Restaurant Business
“Hinoya Curry,” a Japanese curry rice restaurant, is a curry rice restaurant franchise from Japan that won
first place from Kanda Curry Grand Prix 2013, a curry rice competition in Japan. The restaurant also continuously
developed ‘Only in Thailand’ menus to serve Thai customers’ needs, such as Taokaenoi Nori Seaweed Curry Rice,
Fried Pork Belly Curry Rice, and Beef Hamburger Curry Rice.
There are two types of Hinoya Restaurant: a regular standalone restaurant located inside department stores
and an express kiosk that mainly sells in food courts.
A Restaurant Type of Hinoya An Express Type of Hinoya
Hinoya Restaurant Group started its operation in 2019. The number of a restaurant has been changed as
follows:
2020 2019
1 The Market Bangkok Branch 1 The Market Bangkok Branch
2 Cosmo Bazaar Lifestyle Mall Branch 2 Cosmo Bazaar Lifestyle Mall Branch
3 The Promenade Branch 3 The Promenade Branch
4 Central World Branch 4 Central World Branch
5 Seacon Square Srinagarindra Branch
6 Megabangna Branch (Express)
7 The Mall Ngamwongwan Branch (Express)
8 The Platinum Fashion Mall Branch (Express)
9 Terminal 21 Branch
Bomber Dog Snack Shop is a food kiosk

franchise that the Company developed from
the idea of a street food restaurant that sells
tasty food and is easy to access. The shop
sells hot dogs with a unique flour recipe
topped with seasonings and a variety of sauces.
The soft opening of a model branch started
in December 2020 in the Gourmet Market
Zone of Terminal 21 Department Store.

2. Taokaenoi USA Inc. (“TKNUS”)
Head office 1688 South Street
#201, Artesia, CA 90701
Tel. +1 562 402 0005
Fax +1 562 402 0007
Registered capital 4,070,000 US Dollar
Issued and paid-up capital 4,070,000 US Dollar
Shareholding (%) 91.21 percent
Taokaenoi USA Inc. operates the distribution of seaweed snack products from Taokaenoi Food & Marketing
Public Company Limited to sell in the United States and Canada.
3. NCP Trading and Supply Company Limited (“NCP”)

Nonthaburi
Tel. 0 2960 1999
Fax 0 2960 1501
NCP Trading & Supply Co., Ltd. operates seasonings, manufacture, and sale for the Group to be the
ingredients in the manufacture of seaweed snacks and other goods. The seasonings use an exclusively developed
recipe that allows the Company to control manufacturing quality from the beginning and quickly create various
new flavors.
4. Tao Kae Noi Care Company Limited (“TKNC”) *

Nonthaburi
Tel. 0 2960 1999
Fax 0 2960 1501
Tao Kae Noi Care Company Limited operates merchandising business that currently sells health care
products for customers, such as “My Whey” whey protein.
* The Company registered a change of company name from Want More Industry Company Limited with Ministry of Commerce on 6
February 2018.

Persons with potential conflicts who hold more than 10 percent of shares are entitled to vote in sub-
sidiary companies or associated companies.
- None -
Relation with a business group of the major shareholders

- None –
Shareholders
List of Major Shareholders
Taokaenoi Food & Marketing Public Company Limited, Symbol: TKN
• Started trading on 3 December 2015
• 345 million Baht registered capital
• 345 million Baht of issued and paid-up capital which comprises 1,380 million common stocks
with the value of 0.25 Baht per stock
• The Company does not have other types of stock apart from common stocks.
Shareholders
The first 10 shareholders as appear on the shareholder registration book as of 30 December 2020 are as follows:
Series Name Amount of shares Percent

1 Peeradechapan Holding Company Limited 360,000,000 26.09
2 Mr. Itthipat Peeradechanpan 322,896,200 23.40
3 Thai NVDR Company Limited1 97,117,700 7.04
4 Mr. Nutchatpong Peeradechapan 63,655,000 4.61
5 Ms. Orrapat Peeradechapan 63,255,000 4.58
6 Thailand Securities Depository Company Limited for Depositors2 48,416,400 3.51
7 Maybank Kim Eng Securities (Thailand) Plc 19,500,000 1.41
8 Kiatnakin Phatra Securities Public Company Limited 19,000,000 1.38
9 SOUTH EAST ASIA UK (TYPE C) NOMINEES LIMITED 14,886,213 1.08
10 UOB LONG TERM EQUITY FUND 6,089,800 0.44
11 Institutional and individual investors 365,183,687 26.46
Total 1,380,000,000 100.00
1
Thai NVDR Company Limited is a subsidiary of The Stock Exchange of Thailand, or SET, responsible for issuing Non-Voting Depository Receipts
(NVDR), listed security in SET, to sell investors. The money derived from the sale of NVDRs will be used to invest in SET. Investors who hold
NVDRs will receive the same dividends as shareholders who directly invest in registered companies but do not have voting rights. NVDR holders’
information can be found in www.set.or.th.
2
THAILAND SECURITIES DEPOSITORY COMPANY LIMITED FOR DEPOSITORS, OR TSD, ARE SECURITY DEPOSIT ACCOUNTS WHICH TSD WILL TRANSFER
THE DEPOSITED SECURITIES UNDER THE NAME OF TSD ON BEHALF OF PERSONS WHO MAKE A DEPOSIT OR CUSTOMERS OF SUCH THE SAID
PERSONS WHO OWN SUCH SECURITIES

The group of major shareholders as appear on the shareholder registration book as of 30 December
2020 are as follows:
Series Name Amount of shares Percent

1 Peeradechapan Holding Company Limited 360,000,000 26.09
2 Mr. Itthipat Peeradechanpan 322,896,200 23.40
3 Mr. Nutchatpong Peeradechapan 63,655,000 4.61
4 Ms. Orrapat Peeradechapan 63,255,000 4.58
Total 809,806,200 58.68
For Foreign Limit, the Company set the foreign shareholding limit at 49 percent of the registered capital.
Issuance of other securities

- The Company has not issued any additional securities.
Dividend Policy
The Company has a dividend payment policy that provides not less than 40% of net profit as appeared in
the separate financial statement after deduction of tax and legal reserves and other reserves (if any). However, the
dividend payment is subject to changes depending on operation result, financial status, liquidity, necessity to use
working capital for business operation, investment plan and future business expansion, market condition, feasibility
and other factors relating to business operation and management. However, the dividend payment must be under the
condition that the Company shall have sufficient cash for business operation and such generates highest benefits to
shareholders as the Board of Directors and/or shareholders will deem reasonable. The Board of Directors’ resolution
on the dividend payment must be proposed to the shareholders’ meeting for approval, except the interim dividend
payment in which the Board of Directors has the authority to approve and eventually report to shareholders in the
next extraordinary meeting of shareholders.
Dividends (THB / share) Dividend paid Payout rate

Year
Interim Last payment Total (THB) (Percent) 1
2018 0.17 0.17 0.34 469,200,000 95.66
20192 0.26 - 0.26 358,800,000 83.60
20203 0.11 0.10 0.21 289,800,000 85.90
1 Payout rate is calculated from dividend paid to net profit according to the separate financial statement.
2 The right to receive dividend payment of the Company is not clearly determined, awaiting the approval from the shareholders’ ordinary meeting
for the year 2021.
3 However, granting the right to receive the dividend of the Company is still not confirmed as it is required to be approved by the 2021 Annual
General Meeting of Shareholders.

2
Risk Management
2.1 Risk Management Policy and Plan

The Company has determined scope of risk management for effective implementation as follows:
With adherance to business ethics, the Management and employees of all levels comply and adheres to
business philosophy and ethics. Under appropriate managerial structure, authority and responsibility are determined
clearly, policy, rules, procedures or work operation are set in a written form. The Company has in place a good
management and fair treatment to stakeholders, taking into account fairness among employees, vendors, trade account
payables, business competitors, shareholders, society and environment. Furthermore, the Company provides trainings
to employees of all levels to raise the awareness and understanding on risk management. The Company arranges
activities, assessment and risk management in a systematic approach continually in order to properly determine risk
at acceptable level.
A.) Determine objectives
The Company determines corporate objectives and targets which include strategic plan, work plan/operation/
activity of each department. The objective should consist of the expectation of each corporation or organization and
therefore, it should indicate the ultimate goal thereof.
The Risk Management Committee will consider the corporate objective in consistent with the strategic plan
set forth in order to determine risk management plan to be in the acceptable level amid the changing situation or
risk factors.
B.) Identifying event or risk factor
Identifying event or risk factor is a search for risk caused by internal and external factor that may affect the
Company’s accomplishment toward corporate objective and goal or corporate operation and activity result. Types
of risk are categorized as follows.
1. Strategic Risk
2. Operational Risk
3 Financial Risk
4. Compliance Risk
5. Fraud Risk
C.) Risk assessment, risk rating and risk management
After identifying event/activity and type of corporate risk that may occur whether in terms of strategic,
operational, financial aspects and non-compliance with requirement/law, the Board of Directors will analyse id any
party involved in the event or activity, called as Risk Owner.
The Risk Owner Unit will identify their own activity that involves such risk including to conduct likelihood
assessment and impact severity from such risk as a supporting factor to risk management decision.
D.) Follow-up
To ensure that the risk management is of fine quality and appropriate, the Company has hired internal
audit party to follow up the result under coordination with department executive, Risk Management Unit and Risk
Management Committee.

2.2 Risk factors to business operation
2.2.1 Risk of business operation
Major risks in the Company’s business operation for the year 2020 -2021 include:
Strategic and Financial Risks
• Risk management toward COVID-19 impacts
• Risk management from operation suspension caused by force majeure
• Risk management from depending on major vendors and new vendors in China
• Risk management from shortage of non-deversification of non-seaweed products
• Risk management from fluctuation of exchange rate
Operational and compliance risk
• Risk management for labor, safety, occupational health and environment in factory operation
Strategic and Financial Risks

Risk management toward COVID-19 impacts factory and power system inspection and the big cleaning
The Covid - 19 hinders and suspends our product activity on an annual basis to minimise the occurance of
distribution both within Thailand and abroad, especially such force majeure. In addition to the business continuity
during the lockdown in each country which does not plan, the Company has applied for insurances including
occur at the same time. The Company had adjusted labor business interruption insurance with insurance company
structure and quantity to maintain the balance between that has strong financial status, and experience in undertaking
turnover and production rate in each quarter. Furthermore, insurance to business entities.
the Company has prepared business continuity plan to Risk management from depending on major
set direction for prevention and mitigation of COVID-19 vendors and new vendors in China
impact on business operation. The Company conducts
The Company has appointed new vendors in the
risk analysis in the entire production process and the
end og 2019 to distribute and conduct marketing in China
control over occupational health within the factory in
where the turnover reached over 40% of the Company’s
order to implement strict measures to monitor and prevent
total turnover. The Company always maintains a good
the spread of COVID-19 among employees effectively. All
relationship with customers from the beginning and also
these effort are to ensure that the Company’s business
has in place the risk management plan under the risk
will develop without interruption during the pandemic.
management approach as follows.
Risk management from operation suspension 1. Prepare sales and marketing plan with customers
caused by force majeure including review of sales volume and product
The Company’s business operation may be interrupted quantity of each platform on a monthly basis.
due to problems in production process or the damages 2. Supervise and manage risk to minimise impacts on
to main oeprating assets or severe impacts from natural overall export business by imposing proactive
disaster and other events such as political unrest, severe measure to manage all risk items to minimise the
accident, terrorism. risk events. Impose defensive measure to accomodate
The Company has in place the impact prevention risk, preventing impacts on corporate goal. Prepare
and mitigation to business operation due to force majeure management plan for various scenarios.
based on proper risk analysis that covers the entire 3 Expand trade platforms in which the Company
production process and the control over occupational remains the control and supervision such as online
health within the factory. The Company assigns Quality platforms.
Management Representative (QMR) to give advice and 4. Maintain pricing at reasonable range in each channel.
review the quality management procedures and effectiveness 5. Add up online and offline marketing activities through
of quality control. The QMR is also responsible to arrange social media, digital media.

Risk management from shortage of non- However, since the cost of seaweed which is the
deversification of non-seaweed products major raw materials in our production is purchased in
dollar, the Company is hence at risk of exchange rate
For seaweed products, the Company emphasises
fluctuation. Furthermore, the seaweed raw materials is
the creation of new flavors and styles and shifting regularly,
purchased abroad and distributed in abroad, while the
based on researches and observation on consumers’
purchase contract is made in USD and partial export
behavior of different group.
contract is also made in USD.
According to the Company’s regular study on
Risk Management The export rate is partially made
consumers’ behavior, the Company realises the changes
in USD and other currencies, therefore, the strong THB
and market trend. Out Business Development is responsible
will decrease a part of income from product sales while
to develop new products to the market constantly in
the cost of raw materials is also dropped. On the contrary,
order to increase revenue from new products via new
the weak THB will increase revenue from sales as well as
channels and to enlarge customer base. In the end of
the cost of raw materials. The cost of raw materials and
2020, the Company launched Taiwanese pasteurized milk
selling prices are likely to changes likewise and such
tea in support of the food innovation company concept
stabilize the Company’s gross profit margin from business
in the future.
operation. Moreover, the Company has applied financial
Risk management from fluctuation of exchange instrument to prevent such risk from exchange rate
rate fluctuation by entering into the forward exchange contract
In 2020, the Company’s sales proportion are as with domestic financial institutions. Most of the contract
follows. is valid for one year. Such approach minimize the exchange
• Domestic sales reaches 32% in THB. rate fluctuation at a certain level and maintains the risk
• Sales to China accounts approximately 38% in THB. in acceptable level. The Company also monitors closely
• Sales to other countries accounts approximately and regularly the movement of currencies with the banks.
30% in US dollar and Sinapore dollar.
Operational and compliance risk

Risk management for labor, safety, occupational health and environment in factory operation
Due to the fact that the Company is a manufacturer For safety, occupational health and environmental
of processed seaweed, where some products requires management within the factory, the Company has
skilled labors. To prevent risk, the Company hires external implemented the safety and health management system
party to outsource the labor for convenience, rapid which meet international standard namely Occupational
procedures and to minimize duties in daily recruitment Health and Safety Standard (OHSAS 18001). The Company
of the labor fields where the workforce are unstabilised. also plans to expand the safety and health management
Furthermore, the Company has determined a competitive to its vendors. In the future, the Company will apply for
rate for labor, with attractive welfare and emolument for the ISO14001 standard to enhance the environmental
new labor and to keep existing experienced workforce. management performance.
The Company always seeks for new technologies for
production i.e., the machine for filling, temperature control
device, or adjustment of working environment in production
line factory merging project in which to be completed
within the second quarter of 2021 where the automated
production is implemented to reduce labor while maintaining
equivalent productivity.

2.2.2 Risk in the securities’s holders’ invesment
Risk from that fact that the Company’s major shareholders is more than 50%
As of 30 December 2020, Peeradechapan Group, holding 809,806,270 shares or 58.68% of total subscribed
shares. Such proportion means that the Peeradechapan can control almost the entire resolutions in the shareholders’
meeting including the appointment of directors, dividend payment or seeking for a resolution that require a majority
vote in the shareholders’ meeting except the matter in which the law or articles of association requires to have the
third-forth votes of the shareholders’ meeting. Hence, other shareholders cannot collect votes to audit and to
balance the vote in the matter which the said major sharheolder group will propose in the meeting.
Regarding risk management, the Company has appointed 3 independent directors from total 3 members of
the board. At present, the three directors are a member of the Audit Committee having responsibility to audit the
Company’s operation. For this reason, the management authority is maintained at proper level, leading to transparency
and ccountable system. Moreover, the Company has assigned an independent Internal Audit Unit to perform the
auditing as deemed appropriate and under direct supervision of the Audit Committee. The main duty is to supervise
internal control system and internal audit.
2.2.3 Risk from investment in foreign securities

The Company does not invest in any foreign securities.

3
Business Development
for Sustainability
3.1 Policy and Target of Sustainability Management

TKN Sustainability Policy
Taokaenoi Food & Marketing Public Company Limited (“the Company”) has in place the sustainability pol-
icy that is in conformity with the vision to lead become the food innovatio company that brings about happiness
to consumers around the globe and the aim to deliver great value to consumers as a “product” of “innovation”,
as well as to create consumption culture that adjust to the time. Furthermore, the Company would like to deliver
other value aspects to stakeholders in the form of compensation and value from attending activity together. This
includes creating valuable products to consumers, the design of production process that is environmentally-friendly.
building a good relationship with surrounding communities or conduct a research and development on raw materials
resource with raw material manufacturer. The Company’s concept and policy on sustainability are as follows:
Upstream: Progress forward with stakeholder as Along the way: Every employee contributes to the
a vendor delivery of happiness to consumers.
Considering business operation, every procedures • Every employee is the person who drive
from upstream to downstream involves our sustainable growth. The Company
stakeholders. Therefore, moving forward together promotes the awareness on sustainable
with stakeholder especially the one who being development of our corporation among
our vendor is essential. It is the Company’s employees, with the concentration on
commitment to conduct business with fairness, understanding toward society and environment
buildig engagement and deliver value for each in which affect everyone’s existence. When
other. All in all. these effort is to ensure our all employees realise the outcome of
vendors will be proud to be a part of process sustainable operation, our products will
to deliver the value of “Taokaenoi” product be great and ready for delivery to consumers
to consumers. at our greatest pride.
• Main suppplier of raw materials: The • The Company promotes corporate bonding
Company strives to collaborate in developing to encourage employees that they are a
raw materials which is the raw seaweed part of our growth. It is the Company’s
with seaweed manufacturers to increase policy to continually develop its personnel,
production and minimise environmental with fair assessment system, reasonable
impact. The Company aims to develop incentive and welfares.
the seaweed spicy that give the highest • Promoting understanding toward sustainability:
yeild with better quality. The Company has set forth the sustainable
• Raw material vendors and other products: development into the key performance
The Company determines to promote for the executive rank from director and
and select manufacturers of raw materials higher in all departments to encourage
and packages that have environmental the sharing to the entire corporation and
friendly production process. The Company to stakehholders from upstream to
adheres to the fair trade. downstream.
On the way: Production process and Downstream: Enhance value, experience and
environmentally-friendly products consumption of our product with
including the seek for alternative happiness
innovation for sustainability
• At present, most of the raw materials in • The core of our business is to deliver the
food industry are from nature. Having innovative products and offer the experience
production process that generate minimal of having good food to consumers which
impact to environment and nature will include happiness of consumption, nutrition
maintain the sustainable growth of our and product safety. The Company
business. Taking into consideration that emphasises the research, development
nature and environment allow everything to have modern technology for production
to grow, the Company has emphasised process and deliver products to consumers,
to develop a production process that is and to communicate to consumers the
modern, reducing the waste emission to value of our product toward society and
nature, including wastewater treatment, environment. It is our endeavor to let
reducing waste in production process or consumers feel proud for beig a part of
seeking for alternative energy, for instance consuming good food that brings about
using solar cells in production process, benefit to themselves and also to the
joining the assessment for various production society and environment.
standard i.e., ISO, BRC to build trust among
stakeholders and to affirm that our products
will deliver to consumers the value to
environment, great taste and nutrition.
• Due to limited resource, global undertainty,
emerging risks such as COVID-19 pandemic,
European heat waves and many more
events that could damage agriculral
products and result in shortage, the
Company has a policy to study variety of
alternative resources including innovation,
i.e., plant based food, packages from
natural product which is environmentally-
friendly to diverify business while adhering
to the Company’s vision to become the
world food innovation company.

3.2 Impact management to stakehholders in business value chain
3.2.1 Business value chain
Business value chain
The Company’s main business is manufacturing and distributing seaweed snacks where the business value
chain begins at the source of raw materials, through a party that processing into dried seaweed and deliver to
our factory to process into various seaweed snacks including crispy sewage, grilled seaweed, roasted seaweed,
and tempura seaweed. Eventually, the products are distributed to our distributors in modern trades and retailers
and finally to consumers.
The main value chain when our seaweed has reached consumers, there are related part y along the
journey of our products. According to the analysis on out business value chain, related persons are as follows:
Product distributor
Employee/
Labor
Raw material
manufacturer/vendor Consumers
Communities
around the
factory
Gocernment agency
Shareholders
STAKEHOLDERS EXPECTATION OUR RESPONSE

Raw materials Fair treatment Taokaenoi has in place the Fair Trade policy, fair selection of vendors,
manufacturer/ support the growth among vendors and making the payment in accordance
vendors with the terms agreed mutually.
Employees / Labor Fair treatment Taokaenoi supports the equality of every gender and human dignity. The
wages payment, performance assessment and welfares are proceeded
with intrigty. The Company provides appropriate welfares and compies
with labor law.
Communities around Environment around Our factory complies with environmental control law. The Company controls
the factory the factory, the and inspect the waste emission from the production process on a regular
harmony between basis. We use modern technology to reduce the use of resources. Our staff
the community regularly arrange activities to support surrounding communities and take
and our factory consideration on their concern in order to resolve any issue without delay.
Distribution agents Delivery the product The Company offers valuable products which are in need among consumers.
of great value and With agents, the Company will settle proper trading agreement and
trade support conditions. The Company also helps distribution agents in case of issues
found in the sales, for example, COVID-19 impact.
Consumers Product value Consumers are the core of our growth. Taokaenoi has set the target to
present food innovation that bring quality and benefit to consumers’ health.
We take responsibility in our products, where all product information is
disclosed accurately. In different ocassion, the Company will make sure
that we meet consumers’ demand.

STAKEHOLDERS EXPECTATION OUR RESPONSE
Government agency Compliance with Taokaenoi monitors for newly imposed law relevant to its business to
the law ensure the accurate compliance.
Shareholders Business growth, It is Taokaenoi’s dedication to stabilise the business growth despite of
development of
business value economic fluctuation from time to time. The Company always strives
and information to build the business that brings about value to stakeholders with equal
disclosure information disclosure policy.
3.3 Sustainability in environmental dimension

3.3.1 Environmental policy and practice
Taokaenoi Food & Marketing Public Company Limited manufactures ready-made seaweed food and
other consumption products. The Company is determined to conduct business that delivers fine quality products
that meet customers’ satisfaction coupling with environmental conservation and sustainable development of
natural resources to achieve the sustainability development target under international standard. Based on the
environmental responsibility concept, the Company has a policy that promotes OEM to enhance their production
process to be more environmentally-friendly. Followings are our environmental progress.
1 Designing production process that minimises - The Company selects only authorised waste
the loss and saves energy management company that obtains certificate
A good production process will minimise the waste from the Department of Industrial Works to ensure
emission and save energy, resulting positive feedback to compliance with the law.
environment and economy. For instance, it will reduce - The Company prepares waste management report
the number of complaints, build confidence of communities, regarding the waste generated in production process
and cut the cost of production. Followings are our code and business operation to ensure the waste
of practice. management in consistent with business operation.
- Our production process and production lines is 3 Seeking for alternative energy or clean energy
inspected by our teams and advisor with expertise The alternative energy or clean energy is one among
before proposal and approval. The Company our targets to build an environmental-friendly factorty.
requires to have performance report of production The Company has assigned a team to study the feasibility
line with compulsory development. of using other clean and alternatice energy, for instance,
- The Company conducts preventive maintenance solar energy, biomass energy.
on a regular basis to enhance maximum effecicency
for effective use of energy. 4 Determining environmental KPI
The Company has determined environmental
2 Management of waste from production process objectives and goals to minimise and control the risk in
Waste from production process will be treated under all work procedures and business operation that may lead
the relevant law and regulation and other environmental to environmental impacts. The Company strives to have
requirements strictly. To properly control environmental a control to ensure strict practice and continual development
impacts, to build confidence among stakeholders that as to create corporate culture toward environment. The
Taokaenoi factoryh will not be in the contrary with legal Company also reviews, analyses and improves environmental
provisions, and to show our endeavor to reach beyond operation result to ensure consistency with the objectives
general standard, followings are our code of practices and goal set forth.
- The Company complies with laws and regulations 5 Review of environmental policy
and quality system at international standard which The Company reviews environmental policy to be
includes ISO9001:2015 , BRC I8 and according to consistent with international standard, highlighting continual
customers’ requirement. development with dedication to support every employee,
community and stakeholders for their safety, health and
good environment.
3.3.2 Environmental performance in 2020
The Company sorts out the waste generated from The Company has used recycled water for consumption
production process and other activities within the Company within the factory, i.e., toilets, saving water by putting a
in order to manage the waste without value. To generate bottle of water in the toilet bowl to copensate the amount
value from such waste and to reduce the cost of waste of water loss in each flushing.
management, the sorted waste is sent to legal recycle The Company has power savig project where the
operator for processing, for example, plastics, glass bottles, lights are off during the break in production line in the
papers, boots. Average 24.64 tons of waste is sent montly previous year. The Company has changed the collective
and returns approximately THB 98,560 income to the switch to be individual switch for each bulb, saving
Company monthly. electricity expenses within the premise.
The Company monitors quality of waste water on a The Company monitors air quality emitted from the
monthly basis to ensure the quality meet legal standard. chimney and prepares a report to follow up to ensure
Accordingly, the Company can reduce amount of chemical compliance with the law related to Department of Industrial
used in treatment tank properly and also reduce the cost Works. Monitoring details in 2020 are summarised as
of treatment in each month. follows:
Parameter (measured value)

Standard
Date TSP CO NOx SO2 Result
Monitoring (mg/m3) (ppm) (ppm) (ppm)
location 400 870 200 500
08/12/63 Canteen chimney 0.779 0 0.116 0.107 Passed
08/12/63 Chimney of the dryer room 0.760 0 0.082 0.097 Passed
08/12/63 Chimney of the seasoning room, Frying Line 0.870 0 8.02 <3.07 Passed
08/12/63 Chimney of the Frying Room 4.11 7.67 1.49 <3.07 Passed
08/12/63 Chimney of Seaweed roasting room 0.710 0 1.91 <3.07 Passed
08/12/63 Chimney of grilling room 0.602 70 3.78 <3.07 Passed
08/12/63 Chimney of the seasoning room, Grill Line 0.863 16 4.73 <3.07 Passed
08/12/63 Chimney of the Laboratory 0.726 0 0.115 0.128 Passed
The Company has monitored the odor released out of the factory and prepares the report to ensure compliance
with the law and to prevent the complaints from surrounding communities. Monitoring result in 2020 are summarised
as follows.
Parameter
Date Monitoring location Standard TOB (Measured value) Result
(OU) TOB (OU)
12/11/63 Chimney of seasoning room <1000 173 Passed
12/11/63 Waste water treatment <30 17 Passed
The company has been certified for green industry level 2 from the Ministry of Industry. To do activities to
reduce the impact on the environment According to company policy With community involvement from 28 October
2019 to 27 October 2021. The company takes care of the safety in the work of employees, in the year 2020 the
statistics of accidents are as follows:
Rojana Noppawong
Type of accident
Factory (Count) Factory (Count)
Property Damaged 10 4
First Aid case 12 60
Medical Treatment case 2 13
Loss Time Accident 11 3

3.4 Sustainability management in social dimension
3.4.1 Socia policy and practice
Policy overview
One of the major policies of the Company is to conduct business with adherance to corporate social
responsibility (CSR) to lead to sustainable development. At corporate scale, the Company manages its business
operation with transparency and effectiveness under the corporate governance principles. For customers and business
partners, the Company maintains product quality, manufactures products that contains value to consumers. The
Company also realises the importance of supporting social and community activity. Followings are our code of
practices.
1 Good corporate governance 3 Operation with fairness
The corporate governance system is essential for The Company conducts business with justice, placing
business operation. Policies and rules are set forth to requirements and authority guidance in distintive approach
maintain coalition and unity of an organization. The good to build the fair competition and vendor selection. There
corporate governance will return benefit to the Company’s is an audit performed by external unit to prevent any
business operation directly, enabling the adequare bribery or corruption to build a network that shares benefits
management of finance, law and ethics and pushing the experience and target in developing competitiveness limit.
organization to excellency. Furthermore, the Company has determined policy an
code of conduct about non-violation to intellectual
2 Human rights property and copyright, adhering to the good corporate
The Company conducts business taking into account governance amd business ethics. The Company takes
the human rights that everyone should have as a part of responsibility to all groups of stakeholders, strictly complies
our society, including freedom and human dignity. The with the laws, agreement and contracts. The Company
Company respects the equality of individual, non- also joined the Private Sector Collective Action against
discrmination between genders and classes, no-child labor. Corruption.
We have solid pactice guidance and use as a major concept
in driving the orginazation forward. 4 Relations with customers and suppliers
Based on the organizational management as a family To create transparency in business operation, the
that everyone is united and shares mutual goal, the Company has paved the policy for equal and fair treatment
Company places importance to employees of all levels to vendors. In other word, the acceptance of incentives
equally. must be considered with the equality principle and fairness
to vendors including those related to the Company.
Labor practice
The Company provides appropriate wages that 5 Engagement and development with the community
consistent with Thai industry. The adjustment of corporate The Company utilises its potentiality and corporate
structure and reorganization will be proceeded with skills to build the engagement with communities, to
responsibility under Thai law. The Company strictly complies promotes its personnel as a guidance for management
with laws and regulations related to occupational health. and resolve issues. to enable independency among
Working environment is safety for employees, contractors communities and to be a part that improve life quality
and visitors. It is our aim to prevent accidents and any of the communities, leveraging and developing societies
harms that could occur. The Company encourages as a whole.
opportunities and work progress for its employees by
providing learning courses and skill development trainings
to leverage their skill to professional level.

3.4.2 Our contribution to the society
In 2020, the COVID-19 outbreak has caused a ‘new normal’ lifestyle, concepts among people. Eventually,
the Company has adjusted many work procedures including workign approaches of employees physical distancing.
Our social contribution inludes:
“Taokaenoi Fight Together” project: Upon the

COVID-19 outbreak, a new contagion that caused
chaos in Thai society during April 2020. After that
the New Normal lifestyle has started when people
looking for self-defense method against the
outbreak. However, the public health personnel
is a group of people that working hard amid the
shortage of PPE.
Taokaenoi staff arranged 100,000 face shields
and gave to medical personnel to minimise the
risk of contacting with the disease.
Health check service for residents

around the factory is held every year
to raise awareness among the residents
about healthcare and to create the good
relationship with them.
• Health check at Na Mai community,
Na Mai sub-district, Pathum Thani
province on 14 October 2020.
The Company arranged a blood donation activity with the Thai Red Cross Society every
year to encourage employees for blood donation in support of those who urgently need the
blood for medical purpose.
• Blood donation at Rojana factory on 16 November 2020
• Blood donation at Nopphawong factory on 23 September 2020

4
Management Discussion
and Analysis : MD&A
Performance overview for the year 2020

2020 2019 2018
Sales revenue 3,983 100.0 5,267 100.0 5,427 100.0
Cost of sales 2,959 74.3 3,786 71.9 3,933 72.5
Gross Margin 1,024 25.7 1,480 28.1 1,494 27.5
Cost of distribution 442 11.1 768 14.6 672 12.4
Administrative expenses 307 7.7 344 6.5 311 5.7
Corporate income tax 31 0.8 11 0.2 67 1.2
Profit attributable to
243 6.1 366 7.0 459 8.5
the parent company
Profit attributable to the

Revenues Gross Margin parent company
Million Baht Million Baht 1,494 1,480 Million Baht
6,000 1,500 500
5,427 5,267 459
400 366
3,983 1,024
4,000 1,000
27% 28% 300
26% 243
200 9% 7% 6%
2,000 500
100
0 0 0
2018 2019 2020 2018 2019 2020 2018 2019 2020
Business Overview
The Company Group, having Taokaenoi Food & Marketing Public Company Limited as a parent company with
core business as a manufacturer and distributor of seaweed snack under the brand “Taokaenoi.” Seaweed snack
product accounts for approximately 95% of total products divided into four groups: crispy seaweed, grilled seaweed,
roasted seaweed, and tempura seaweed. In addition to the Company’s main products, there are also non-seaweed
products such as Whey Protein products, Taiwanese milk tea - Just Drink. Our subsidiaries’ revenue includes “Taokaenoi
Land” souvenir shops and Hinoya restaurants, which account for approximately 5% of total sales revenue. North
America

Impacts from COVID-19 pandemic
In 2020, the COVID-19 pandemic impacts on the Company were categorised in 3 parts as follows:
1.) Operation 3.) Balance sheet and performance
• working procedures are adjusted; some employees • Snack market shrank due to decreased consumers’
must work from home to reduce the risk of index upon economic situation caused by
contagion. The Company has applied strict COVID-19 outbreak.
entry-exit at the factory to control personnel. • The COVID-19 outbreak posed a negative impact
• Operation adjustment: The Company has on the Company’s turnover. The Company had
merged the Nopphawong factory and Rojana to reduce the amount of budget for the year
factory by relocating the production base to 2020. Furthermore, the drop in turnover due
Rojana as the sole factory. The merging of the to economic recession upon the pandemic
factory saved the fixed cost of the Company. affected our overall performance throughout
• Closure of Taokaenoi Land stores minimizes 2020.
the loss from subsidiaries’ operation upon • Moreover, the COVID-19 outbreak generated
border closure where foreign tourists are not an indirect impact on the world situation, for
allowed for entry, especially Chinese tourists, instance, shortage of containers after Chine
which are our primary customers. reopened the country during the first outbreak.
2.) Financial Many goods were ordered to China from Europe
and the United States. Meanwhile, the virus
Despite the decreased turnover, the Company’s
started spreading in many countries. Eventually,
liquidity remained at a moderate level with sufficient cash
containers were left in ports, causing a shortage
for the management and preparation in case of a lockdown.
of containers and a higher freight cost.
The Company has an available source of funds in emergency
cases. The Company continued to comply with the loan
contracts, provide dividend payments to shareholders
and seek an additional source of funds for an emergency.
Sales revenue
During the past three years, revenue from sales was THB 3,983 million in 2020, THB 5,267 million in 2019, and
THB 3,427 million in 2018, respectively. The sales revenue in 2020 declined by -24%. The leading cause was the
COVID-19 outbreak, affecting both local and overseas markets. Furthermore, the reduced revenue in 2019 from 2018
was due to the change of sales representatives in China.
2020 2019 2018

Trading
country THB Percent THB Percent THB Percent Other
million million million countries Thailand
Thailand 1,275 32.0 2,120 40.3 2,061 38.0 30 %
2020
32%
China 1,514 38.0 1,906 36.2 2,193 40.4
Other countries 1 1,194 30.0 1,241 23.6 1,173 21.6 China
Sales revenue 3,983 100.0 5,267 100.0 5,427 100.0

38%
Note: 1 Other country include Indonesia, Malaysia, the USA, and CLMV countries (Cambodia, Laos, Myanmar, Vietnam).

Revenue from domestic sales in 2020 was THB Revenue from overseas sales in 2020 reached THB
1,275 million or 32% of total sales revenue, a decrease 2,708 million, decreasing by 14% compared to 2019. The
of 40% compared to domestic sales in 2019 at THB 2,120 main reason was the recessed turnover of approximately
million. The primary cause was the COVID-19 outbreak 20.5% in China which accounted for 38% of our total sales
when the government announced border closure to revenue due to the COVID-19 outbreak at the beginning
prevent the virus’s spread. Tourists, especially Chinese of the year.
tourists whose purchases account for around one-fourth Furthermore, revenue reduction included realised
of our domestic sales, were unable to enter Thailand. product entry free and direct selling expense with a new
Eventually, revenue from domestic sales gradually dropped agent. The export rate during November -December 2020
since Chinese New Year, consumers’ confidence was was significantly affected due to the container shortage
negative toward volatile economic situation caused by issue and the increasing vessel freight cost, which was
the outbreak, restricted traveling and activities in public more than double.
places, restricted opening hours of department stores and Revenue from overseas sales in 2019 reduced by
other venues. 7% compared to 2018 due to the change of sales agent
in China during the latter half of the year. However, the
Company’s sales volume grew in many countries such as
United States, Australia.
Cost of sales
The cost of sales within the past three years was THB 2,959 million in 2020, THB 3,786 million in 2019, and
THB 3,933 million in 2018 or 74.3%, 71.9% 72.5% of sales revenue, respectively. The cost of sales proportion in 2020
increased by 2.4% from 2019. The primary cause was the higher cost per unit from a lower utilisation rate. On average,
in 2020, the aggregated production capacity of the Company was approximately 8,443 tons, with an average capacity
utilisation rate of 50%. In 2019, the total production capacity was 8,171 tons, with average capacity utilisation at
67%. The reduction in capacity utilisation followed decreased turnover. Accordingly, the Company prepared resources
such as machinery, labor to correlate with sales estimation. However, even those factors will be at the nearest
correlation, the cost per unit in fixed expenses, i.e., depreciation cost increased.
After the disposal of expired packaging during the fourth quarter, the Company had to bear the higher production
cost. Meanwhile, the seaweed cost was likely to drop. The Company was proceeding with the factory merging,
moving the Nopphawong production line to the Rojana factory. After the merge, we can optimise the cost of sales
regarding fixed expenses and labor costs. The cost of sales in 2019 reduced by 0.6% due to decreased price of
seaweed.
Cost of distribution
The Company’s cost of distribution in 2020 was THB 442 million, THB 768 million in 2019, and THB 672 million,
respectively, in percentage 11.1%, 14.6%, and 12.4% of sales revenue, respective. In 2020, the Company adjusted
its marketing strategy and sales promotion to managing the distribution cost to correlate with the sales volume and
respond to the changing situation. The Company focused on the online market, which was our central channel, and
met the target group where the feedback was quite positive with a clear outcome. As a result, the cost of a distribution
cut by 3.5%, while the cost of distribution in 2019 increased by 2.2% compared to 2018. The variation resulted from
creating brand recognition in potential markets such as China and the United States.
Administrative expenses
Administrative expenses in 2020 accounted for THB 307 million, THB 344 million in 2019, and THB 311 million
in 2018 or 7.7%, 6.5%, and 5.7% when calculated in proportion of sales revenue. The majority of administrative
expenses were fixed expenses which included salary and wages. When considering the value, the administrative
expense recorded the lowest within the past three years due to a compelling correlation between expenditures
and decreased sales volume.

Profit attributable to the parent company
The Company’s significant profit in 2020 contributed from the sales was THB 243 million, THB 366 million in
2019, and THB 459 million in 2018 or represented 6.1%, 7.0%, and 8.5% of sales revenue. Meanwhile, the Company
continued its new product development following the Company’s strategy, optimised cost structure and expenses.
It is estimated that the net profit margin will gradually grow after the COVID-19 pandemic is improved.
CONSOLIDATED FINANCIAL STATEMENTS

2020 2019 2018
Assets
Current Assets
Cash and cash equivalents 208.6 6.0 162.3 4.4 179.1 4.7
Temporary Investment - - 7.6 0.2 4.3 0.1
Trade receivables and other receivables 436.3 12.5 919.2 24.8 793.6 21.0
Inventory 1,258.7 36.2 1,332.6 36.0 1,427.1 37.7
Other current financial assets 274.6 7.9 - - - -
Other current assets 23.5 0.7 47.2 1.3 59.3 1.6
Total current assets 2,201.7 63.2 2,468.9 66.6 2,463.4 65.0
Non-current Assets
Investment in the joint venture - - - - 29.8 0.8
Real estate for investment 39.7 1.1 39.7 1.1 39.7 1.0
Property, plant and equipment 982.9 28.2 1,018.7 27.5 1,117.8 29.5
Right-of-use model 87.7 2.5 - - - -
Goodwill 11.5 0.3 11.5 0.3 12.4 0.3
Intangible assets other than goodwill 55.7 1.6 51.0 1.4 35.9 0.9
Asset of deferred income tax 75.8 2.2 65.8 1.8 47.5 1.3
Other non-current assets 26.0 0.7 50.9 1.4 40.9 1.1
Total non-current assets 1,279.2 36.8 1,237.7 33.4 1,323.9 35.0
Total assets 3,480.9 100.0 3,706.6 100.0 3,787.3 100.0
3,787.3 1,619.1 3,706.6 1,565.4 3,480.9 1,458.4

(100%) (42.8%) (100%) (42.2%) (100%) (41.9%)
2020 2019 2018
2,168.2 2,141.2 2,022.6

(57.2%) (57.8%) (58.1%)
Assets Liabilities Shareholders’ equity

2020 2019 2018
Liabilities and shareholders’ equity
Current liabilities
Short-term loan from the financial 690.2 19.8 854.7 23.1 881.2 23.3
institutions
Trade and other current payables 568.3 16.3 603.8 16.3 656.9 17.3
Current portion of lease liabilities 25.2 0.7 - - - -
Short-term loans 14.6 0.4 24.1 0.6 19.1 0.5
Accrued corporate income tax 21.3 0.6 11.8 0.3 29.0 0.8
Other current liabilities 38.1 1.1 45.6 1.2 15.5 0.4
Total current liabilities 1,357.7 39.0 1,539.9 41.5 1,601.8 42.3
Non-current liabilities
Long-term loans 4.5 0.1 - - - -
Lease liabilities 63.2 1.8 - - - -
Estimated non-current liabilities for 31.3 0.9 25.5 0.7 17.3 0.5
employee benefits
Other non-current liabilities 1.7 0.0 - - - -
Total non-current liabilities 100.7 2.9 25.5 0.7 17.3 0.5
Total liabilities 1,458.4 41.9 1,565.4 42.2 1,619.1 42.8
Shareholders’ equity
Capital shares
Registered capital
1,380,000,000 common shares, par 345.0 9.9 345.0 9.3 345.0 9.1
value of THB 0.25
Issued and paid-up capital
1,380,000,000 common shares, par 345.0 9.9 345.0 9.3 345.0 9.1
value of THB 0.25 Fully paid
Premium on ordinary share 1,315.4 37.8 1,315.4 35.5 1,315.4 34.7
Capital surplus from changes of
1.2 0.0 1.2 0.0 1.1 0.0
shareholding in subsidiaries
Retained earnings
Appropriated Legal reserve 34.5 1.0 34.5 0.9 34.5 0.9
Unappropriated 331.3 9.5 449.5 12.1 471.3 12.4
Other component od shareholders’
(4.4) (0.1) (4.7) (0.1) (2.8) (0.1)
equity
Included parent company's equity 2,023.0 58.1 2,140.9 57.8 2,164.6 57.2
Non-controlling interests (0.4) (0.0) 0.3 0.0 3.6 0.1
Included shareholders' equity 2,022.6 58.1 2,141.2 57.8 2,168.2 57.2
Total liabilities and shareholders’ equity 3,480.9 100.0 3,706.6 100.0 3,787.3 100.0

Financial position
Assets
According to the Company’s combined financial Policies implemented before 1 January 2020
statement, total assets as of the end of 2020 were THB Trade receivables and other current receivables are
3,481 million, THB 3,707 million in 2019, and THB 3,787 shown according to the net realisable value. The Company
million in 2018, respectively. The reduction of total assets Group records doubtful accounts for the estimated loss in
in 2020 was due to fewer trade receivables. case of unsuccessful debt collection. In general, the estimation
is based on collection history and debt aging analysis.
Current Assets Policies implemented from 1 January 2020
• Cash and cash equivalents Trade receivables and other current receivables value
The Company’s cash and cash equivalent as at areas based on the invoice less allowance for expected
the year-end of 2020, 2019, and 2018 were THB 208.60 credit loss. The expected credit loss (ECL) is disclosed in
million, THB 162.30 million, and THB 179.10 million, the Note to Financial Statement (TFRS9).
respectively. The increasing rate of cash and cash equivalent • Inventory
in 2020 amid the decrease of sales volume supported The Company’s inventory as of the year-end of
cash reservation for COVID-19 impact. 2020, 2019, and 2018 was THB 1,258.7 million, THB 1,332.6
• Trade receivables million, and THB 1,427.1 million or 36.2%, 35.95%, and
37.68% of total assets, respectively. The inventory of
Consolidated financial
statements (Unit: THB million) year-end of 2020 decreased by THB 73.9 million or 5.5%
Trade accounts from the previous year. The primary cause was the dwindled
receivable age As of 31 As of 31 As of 31 import of seaweed and the use of existing raw materials,
December December December
2020 2019 2018 which has been in the prior year’s storage.
However, the Company has the policy to set allowance
Incoming 320.1 408.8 416.2
for inventory impairment by 100 % under the following
1-90 day overdue 48.8 129.0 267.4 criteria.
91-180 day overdue 0.6 0.2 0.2
Type of inventory 100% allowance when
181-270 day overdue 0.6 - 13.3 due
Overdue for 271 days 28.9 25.0 3.7 Seaweed and other raw 12 months
or more materials
Total trade 397.9 562.9 700.8 Seasoning powder 6 months
receivables
Packages-sachets from 12 months
Less allowance for (19.8) (15.6) (16.3) Thailand
doubtful accounts
Packages - sachets from 12 months
Trade receivables - net 378.1 547.3 684.5 oversea
- As of 31 December 2020, the Company’s net trade o The allowance is subject to additional range if
receivables were THB 378.1 million, decreased by THB it is at risk of deterioration or sale cancellation,
169.2 million from the previous year or a 30.9% drop. or changes of the packaging upon the executive’s
Incoming payment accounted for 80.4% of total trade approval. The allowance for inventory deterioration
receivables. The account overdue for 1-90 days accounted as of 31 December 2020 is subject to the
for 12.2%—most of the funds awaiting scheduled payment. allowance policy mentioned above.
Total accrued receivables were the Company’s allowance
list and continual demand schedule. • Other current financial assets
• Account receivables turnover ratio in 2020 was 7.98 times, Other current assets in 2020 valued at THB 274.6
with an average debt collection of 46 days. million, which included the investment in short-term
• The Company’s policy on doubtful accounts are as follows: fixed-income funds as a reserve for emergency during the
COVID-19 outbreak. Such was gradually paid as a corporate
income tax for the year 2019 in the early of 2020.

Non-current Assets
As of 31 December 2020, the Company’s consolidated financial statement reported property, plant, and
equipment amounted to THB 982.9 million, or 28.2% compared to total asset, shortened by 3.5%. In 2020, all assets
from 2019 and early 2020 with depreciation cost recognised were finished-mainly medium and small scale machinery.
Throughout the year, the Company purchased facilities for its factory and improved the Rojna factory, Nakhon Si
Ayudhaya, to accommodate the merging.
Liabilities and shareholders’ equity
The Company’s total liabilities in 2020, 2019, and 2018 were THB 1,458.4 million, THB 1,565 million, THB 1,619.1
million, respectively. The debt to equity ratio was 0.72, 0.73, and 0.75 times respectively. The Company’s liabilities
divided into the followings:
• Current liabilities • Non-current liabilities
Current liabilities in 2020 accounted for 93% of Non-current liabilities in 2020 accounted for 7%
total liabilities. The majority of the current liabilities of total liabilities. The main proportion was an estimated
consisted of short-term loans from financial institutions non-current liabilities for employee benefits. There were
to use as working capital. Current liabilities in 2020, 2019, THB 63.2 million addenda to the lease liabilities as per
and 2018 were THB 690 million, THB 855 million, and THB financial report standard no. 16 subject: lease contract
881 million, respectively. Trade payables and other current (Notes to Financial Statement Article 2.5.2).
payables in 2020, 2019, and 2018 were THB 568.3 million,
THB 603.8 million, and THB 656.9 million, respectively.
The average payable day in 2020 was approximately 28
days.
Liquidity and sources of funds

Unit: THB million
Cash flow statement
Item
2020 2019 2018
Net cash from (used in) operating activities 1,007.1 488.6 (172.4)
Net cash from (used in) investing activities (390.4) (78.0) 84.7
Net cash from (used in) financing activities (570.3) (431.7) (34.7)
The impact from exchange rates (0.0) 4.3 0.1
Cash and cash equivalents increase (decrease)-net 46.3 (16.8) (122.4)
Cash and cash equivalents as of 31 December 208.6 162.3 179.1
For the year 2020, the Company and subsidiaries had cash flow received from operating activities THB 1007.1
million. The primary transaction was profit before corporate income tax amounted to THB 273.0 million. After
adjustments from transactions such as depreciation cost, profit from operation before adjusting assets and operating
liabilities was THB 518.5 million. Another significant transaction was the increase of trade receivables, and other
receivables amounted to THB 476.7 million since the revenue of overseas sales from credit customers in 2020 was
higher than in 2019.
For the year 2020, the Company and subsidiaries had less cash flow from investing activities at THB 390.4
million. Significant transaction of cash flow was used in cash paid to purchase permanent assets, and intangible
assets amounted to THB 120.4 million, and cash paid to purchase financial assets amounted to THB 265.0 million.
For the year 2020, the Company and subsidiaries had net cash flow used in funding activity amounted to THB
570.3 million. A significant transaction was a dividend payment of THB 358.6 million.

Significant Financial Ratios
Unit 2020 2019 2018
1. Liquidity ratio
- Liquidity ratio Times 1.62 1.60 1.54
- Quick liquidity ratio Times 0.68 0.70 0.56
2. Asset efficiency ratio
- Account receivables turnover ratio Times 7.98 7.89 7.94
- Account payables turnover ratio Times 13.00 10.00 11.34
- Inventory turnover ratio Times 2.30 2.14 3.51
- Asset turnover ratio Times 1.15 1.43 1.44
- Fixed asset turnover ratio Times 4.07 5.20 4.89
- Average collection period Days 46 44 45
+ Domestic trade receivables Days 124 90 88
+ Oversea trade payables Days 20 17 20
- Average repayment period Days 28 36 32
- Average inventory period Days 11 10 7
- Cash cycle Days 55 16 19
3 Loan risk ratio
- Debt to equity ratio Times 0.72 0.73 0.75
- Interest coverage ratio Times 16.10 15.18 24.68
4. Profitability ratio
- Gross profit margin % 25.71 28.11 27.53
- Net profit margin % 6.07 6.87 8.41
- Return on Assets (ROA) % 6.95 9.76 12.05
- Return on Equity (ROE) % 11.96 16.90 27.96

5
General and
other important information
General Information
General information for investor

Symbol: TKN Factory / Office:
Type of Business: Manufacturing and distribution 1. MUANTHONG THANI OFFICE
of seaweed snack 337 Bond Street Rd., Bangpood, Pakkret,
Registered Number: 0107556000337 Nonthaburi 11120
Website: www.taokaenoi.co.th 0 2984 0666
Registered Capital: 345,000,000 Bath 0 2984 0118
Paid-up Capital: 345,000,000 Bath 2. NOPPAWOPNG FACTORY
Stock Value: Common stock, 0.25 Baht 12/1 Moo 4, Namai, Ladlumkaew,
per stock Patumthani 12140
Preferred stock: – None – 0 2108 6888
Major Shareholders: On December 30, 2020 0 2108 8704
Peeradechapan group holds
58.68% of shares while the 3. ROJANA FACTORY
remaining shares are held by 55/5 Moo 5, Sarm-Bandit, Uthai,
other institutional and individual
shareholders Phra Nakorn Sri Ayutthaya 13210
Other information : – None – 0 3592 3055

Reference
Securities Registrar:
Thailand Securities Depository Company Limited
93 Ratchadaphisek Rd., Dindaeng, Dindaeng,
Bangkok 10400
0 2009 9999
0 2009 9991
Debenture Registrar: - None -
Auditor:
Deloitte Touche Tohmatsu Jaiyos Co., Ltd.
Mr. Chupong Surachutikan Certified Public Accountant ID 4325
AIA Sathorn Tower, 23rd – 27th Floor
11/1 South Sathorn Road Yannawa, Sathorn Bangkok 10120
0 2034 0000
0 2034 0100
Legal Advisor:
Kudun and Partners Company Limited
23rd Floor, Units C And F, Gaysorn Tower
127 Ratchadamri Road,Lumpini Pathumwan,Bangkok 10330
0 2838 1750
0 2838 1795
Investor Relations:
In v e s t o r
IR Department
Jettasic Sittipiyasakul
Re lati o
337 Bond Street Rd., Bangpood, Pakkret,

Nonthaburi 11120
ns [email protected]
0 2984 0666 ตอ 316
0 2094 0118
Other important information Legal dispute

- None - - None -

54
Part 2
Corporate Governance

6
Corporate Governance Policy
Taokaenoi Food & Marketing Public Company Limited has started its business in 2004 and has cultivated
continuous growth. The Company was listed on the Stock Exchange of Thailand (SET) in 2015. From the
first day of operation until the present (2021), the Company has been in business for more than 16 years.
Its growth includes expansion of production capacity, markets, sales, and profits, with its products exported
to various countries worldwide. However, due to the change of social conditions, which reflects on people’s
way of life and the economy both domestically and internationally, the Company, therefore, came up with
a concept of organizational development for mutual growth of all stakeholder’s value chain.
The Company has established and issued a Corporate Governance Policy as an ethical guideline
published in 2015. The policy applies to the Board of Directors, executives, and all employees to comply
with and has been constantly revised. The Board of Directors has reviewed the Company’s operations,
including the framework for good corporate governance, and amended ethical guidelines and good corporate
governance policy. Some of the procedures shall be revised and/or added to comply with the good corporate
governance practice required for the listed the Company year 2020. The Company aims to develop its
organization with good corporate governance for stable and sustainable growth of all stakeholders and
adheres to justice and transparency, creating long-term value for shareholders.
December 2020

Taokaenoi Food & Marketing Public Company Limited’s Code of Ethics
Code of Ethics Compliance
1. Those who should comply with the Code of Ethics 5.2 The Company considers any information related
Employees at all levels must comply with the principles to complaints as confidential and will only discuss
and practices set by the Company. if necessary, taking into consideration the safety
and damage that might cause the source of
information or related persons. Moreover, all
2. Suggestions
parties involved or responsible in all whistleblowing
2.1 Study various principles and practices relating to procedures must guard the lead at the highest
your work and duties. level of confidentiality and shall never disclose
2.2 Consult your supervisors when unsure whether to other people. Violation is considered a disciplinary
the conduct of your activities is ethical or not. offense.
2.3 Communicate with your contacts to understand 5.3 The Board of Directors or assigned persons may
the practice guidelines in various activities according impose a measure to protect the complainant as
to the Company’s Code of Ethics. deemed appropriate if the matter is likely to cause
damage or unsafe situation to the complainant
2.4 In case of an encounter with any actions against
due to the complaint thereof.
the Company’s Code of Ethics, please proceed
with whistleblowing through the Company’s 5.4 Employees who treat other people with unfair
available channels to verify and take further approach, discrimination, or inappropriate manner
corrective actions. or causing damage to another person due to the
fact that the other person complains or provides
information regarding fraud or non-compliance
3. Non-compliance with the Code of Ethics with laws, regulations, Code of Ethics, or the
Non-compliance or the act of encouraging others to Company’s Good Corporate Governance Policy,
take unethical actions may be considered a disciplinary including the fact that another person sues,
or legal violation, resulting in penalties according to prosecutes, testifies, gives statements or cooperates
the Company’s regulations, as the case may be. with any court or government agency, are considered
a disciplinary offense which is subject to the penalty
4. When witnessing the unethical action and may be subject to the legal penalty if such
Those who witness non-compliance with the Company’s action violates the law.
Code of Ethics may complain or report through the 5.5 Those who suffer the damages will be mitigated
Company’s Whistleblowing System. by appropriate and fair approach or procedures.
5. Whistleblower’s Protection and Justice Policy

5.1 Complainants or whistleblowers may choose not
to disclose themselves if the disclosure may cause
any harm for them. Nevertheless, the details, facts,
or evidence reported must be sufficiently clear
to show a reasonable cause to believe that
dishonest acts or violations of laws, Company
regulations, Code of Ethics, and Good Governance
Policy have been committed. However, the disclosed
identity will accelerate the procedures.

Compliance Guidance for Business Ethics
1. Human Rights and Labor addition, the Company plans to join Thailand’s Private
The Company values the importance of fundamental Sector Collective Action Coalition Against Corruption
human rights to promote respect for rights and freedom (CAC) project, to build trust and among stakeholders
and no discrimination against sexes and classes for and shareholders.
equality. The Company demonstrates a clear and
strong intention not to support or conduct business 5. Gifts and Entertainment
with entrepreneurs who are infringing human rights. Receiving or providing benefits, including property,
The Company treats its employees equally and fairly service, facilitation, or entertainment with business-
by providing welfare that is equal to or beyond the related parties, must be in accordance with each
legal requirement as deemed appropriate. This includes country’s customs and local traditions, including
maintaining safety and hygiene in the workplace, relevant laws. The provision must be of an appropriate
training, and education to develop potential and value and must not create an incentive to commit an
progress. The Company allows employees to enhance unfair decision.
their working skills in other areas, provides appropriate
rates, treats employees according to the labor laws, 6. Conflict of Interest Management
regulations with integrity. In all business activities, all employees will perform
their duty while considering the Company’s best
2. Environment interest under the laws and ethics and refrain from
The environment is vital to human existence and the any actions that may create a conflict of interest,
cornerstone of sustainable growth. The Company is a affecting decision-making.
manufacturer and distributor of snacks made with
natural ingredients. Changes in the world’s overall 7. Vision toward politics
environment will directly affect the Company’s quality
The Company remains neutral toward politics, refrains
of raw materials and packaging. The Company conducts
from offering financial or any other forms of support
environmental impact assessments before its operation
to political parties, political coalition, or political
and designs the work processes with the least minimal
authority, either directly or indirectly at any level, i.e.,
impact on the environment, using adequate technology.
local, regional or national politics. The Company
The Company aims to restore the biodiversity that has
respects its employees’ right toward politics. Nevertheless,
been affected by the business operation, including
all employees must not put the Company’s name on
the release and management of production waste,
greenhouse gas emissions, and cultivating environmental- any political matters.
friendly activities for everyone in the organization.
8. Personal Information Management
3. Delivering Product Value to Consumers In compliance with the law, the Company respects
and protects the privacy of any information of business,
The Company is committed to the development and
business partners, customers, or employees. Information
delivery of safe products for pleasant consumption,
such as transaction history, contact information, or
taking into account consumers’ health. The product
other personal information will be protected and will
development starts from upstream to downstream
not be used, disclosed, or passed on to other people
management, quality control from the purchase of
raw materials, production process, packaging, occupational or parties, which violates legal rights.
health, and environment care, ensuring product quality
for consumers’ safety and health. All employees are 9. Internal Information Usage
also committed to delivering happy, healthy, and safe Employees of all levels shall not use internal information
products to consumers. under their responsibility for personal interest and
must not disclose such internal details to others to
4. Anti-corruption exploit their benefit.
The Company conducts business with related parties
transparency and honesty in compliance with applicable 10. Utilising and Maintaining Intellectual Property
laws and standards. The Company has in place the The Company must respect and does not infringe on
anti-corruption policy and announced it to the public others’ intellectual property and protect its intellectual
and encourages other companies and business partners property from being used by others.
to have and inform the anti-corruption policy. In
11. The Information Disclosure and Communication 13. Trade Competition
The disclosure of the Company’s information will be The Company adheres to equality, honesty, and
made through authorized entities of the Company, transparency in business operations. Thus, the Company
based on the principle of accuracy, equality, and does not create an unfair competitive advantage,
verifiability, in accordance with the relevant laws. following an ethical trade competition framework
according to the laws and related regulations.
12. International Business Operation 14. Money Laundering Prevention

The Company’s overseas business operations will The Company applies great importance and strictly
adhere to the country’s laws, regulations, and culture complies with laws regarding anti-money laundering.
in which the Company operates, which must not
conflict with the Company’s ethical practices.
Compliance with the Good Corporate Governance Policy

2020 Corporate Governance Policy Evaluation • A Very Good (4 stars) for a survey on Corporate
Overview: The Company always follows Good Corporate Governance Report of Thai Listed Companies (GCR)
Governance principles, both for domestic affairs such 2020 by the Thai Institute of Directors Association
as Good Corporate Governance for listed companies (IOD).
of the Securities and Exchange Commission (SEC) and • Received 98% assessment score from 2020 Annual
the Stock Exchange of Thailand (SET). This includes General Meeting of Shareholders (AGM Checklist)
the criteria according to the Corporate Governance Quality Assessment by the Thai Investors Association.
Report of Thai Listed Companies (GRC) of the Thai • The Company’s Chief Executive Officer, Mr. Itthipat
Institute of Directors Association (IOD) and international Peeradechapan, received the SET Award - Young
criteria such as the ASEAN Corporate Governance Rising Star CEO Award 2020 from the Stock Exchange
Scorecard and DJSI Sustainability Assessment. The of Thailand (SET). The award was for the new
Corporate Governance and Nomination Committee generation CEO of listed companies with outstanding
is responsible for considering establishing and performance, having a significant role in accomplishing
implementing the policy above and principles and success in various dimensions. Mr.Ittipat has proven
presenting to the Company’s Board of Directors for his organizational development ability through
approval. For any additional criteria that have not yet innovation in multiple fields and has been successful
been included in the Company’s policy or implementation, in promoting and enhancing the Company’s
the management will report to the Committee to competitiveness for sustainable growth.
review the matter annually.
The Board of Directors has compiled knowledge • The Company applied for the Best Investor Relations
and practices consistent with corporate governance Awards in the Listed Companies Program and was
principles as guidelines for the Code of Ethics and assessed in group 3 (listed companies with market
Good Corporate Governance Policy. In 2020, the capitalization between THB 10,000 - 30,000 million).
Company reviewed and revised the Good Corporate After the assessment, the Company received a
Governance Policy and Guidance and requested total score of 79.18% and was voted for the Best
compliance among directors, executives, and employees Company for consumer satisfaction based on data
as a part of their work. In 2020, the Company conducted from 2 analysts and institutional investors’ opinions.
various assessments and received awards on corporate • The Company received Outstanding Intellectual
governance as follows: Property Award for the trademark of large enterprise
and state enterprise from the IP Champion Award
2020 by the Department of Intellectual Property,
Ministry of Commerce.

(1) Rights of Shareholders
The Company realises the great importance of the votes and informing the voting result, right of each
fundamental rights of all shareholders, including institutional share in voting, information of independent directors
shareholders. All shareholders should exercise their various proposed by the Company as a proxy holder, the
rights as an investor, such as the right to vote, to appoint documents required to present by shareholders before
a proxy in trading and transfer of shares, to share the profit the meeting, power of attorney document, a map
of the enterprise, to obtain adequate information regarding showing the location of the meeting. Attachment of a
the Company, to attend the shareholders’ meeting and proxy form and a list of independent directors for the
vote, to propose an agenda in advance, to nominate the shareholders to appoint a proxy is also made. The
persons for directors and auditors appointment, to set Company publishes the meeting invitation letter and
audit fees, to make crucial decisions that may affect the related documents such as registration form, documents
Company such as the allocation of dividends, regulations required for the attendees before the meeting attendance,
and memorandum prescription or revision, capital reduction and proxy form on the Company’s website, both in
or increase, and approval of special items. Each share Thai and English before the shareholders’ meeting
equals one vote. date. The documents above are delivered to the
In addition to the above fundamental rights, the shareholders in advance through Securities Depository
Company also provides important and necessary information (Thailand) Co., Ltd. The registrar of the Company is
for shareholders regarding its business operations in a responsible for sending shareholders the invitation
clear, up-to-date, and equal manner by disclosing information letter and supporting document for a review before
through the SET Link website and the Company’s website the meeting date.
(www.taokaenoi.co.th/ir) continuously. 3. In the event that the shareholders cannot attend the
meeting in person, the Company allows shareholders
Guidelines to support participation and communication to appoint independent directors or any person to
with shareholders include: attend the meeting on their behalf by using the proxy
1. The Company provides opportunities for shareholders form attached to the meeting invitation letter or the
to propose meeting agendas and make a nomination proxy form specified by the Department of Business
for directors in advance of the shareholders’ meeting, Development, Ministry of Commerce.
which shall be included in the meeting agenda and 4. The Company facilitates shareholders and institutional
directors’ election. The Company publishes details on investors by choosing a proper meeting venue with
the rules and procedures of the rights above, including convenient transportation and providing stamp duty
nominees’ qualifications for directors through the SET for the shareholders to appoint a proxy.
Link website and on the Company’s website (www. 5. The Company clarifies the shareholders’ rules and
taokaenoi.co.th/ir). voting methods before the Annual General Meeting of
2. The Company publishes information regarding details Shareholders (AGM). The meeting sequence is in
and agendas of the shareholders’ meeting together with accordance with the agenda outlined in the invitation
relevant documents at least 30 days in advance of the letter sent to the shareholders without any changes.
meeting. This ensures all shareholders receive clear and There were no additional matters other than those
sufficient information and allow some time to study specified in the agendas. During the meeting, the
the information in advance of the shareholders’ meeting. chairman allowed shareholders to express opinions
The data is published via the SET Link system and on and raise questions concerning the Company and the
the Company’s website (www.taokaenoi.co.th/ir). meeting agenda. The vote counting is conducted by a
legal advisor to supervise the meeting and verify the
The Company provides detailed information of each
vote to comply with the Company’s law and regulations.
agenda for shareholders’ meeting invitation letter,
Shareholders who attend the meeting after the chairman
clearly stating an agenda as acknowledgment or approval.
announced the meeting are entitled to vote on the
Related agenda are prepared in separate topics such
agenda under consideration which no resolution has
as directors - directors election, directors’ remuneration,
yet been made. As a result, there may be different
with explanation, opinions of the Board of Directors,
voters for each agenda item.
including other supporting information such as counting

6. The Company conducted AGM with transparency and vote-counting is finished, the result will be informed
traceable mechanisms. The Board of Directors, and all to the meeting immediately.
related executives, including the auditor, attended the 8. The Company publishes AGM meeting resolutions to
meeting to answer questions and acknowledge the the public on the voting result of each agenda within
shareholders’ opinions. Moreover, there were shareholder the shareholders’ meeting date or by 9 AM of the next
rights protection volunteers from the Thai Investors business day as the latest via SET Link system for
Association who attended for observation. investors. The minutes of the meeting, including
7. The Company has implemented a barcode system for questions, clarifications, and opinions of the shareholders
the registration and vote counting of AGM to facilitate submitted at the meeting, are fully published within
prompt registration and voting process. Each agenda’s 14 days from the date of the shareholders’ meeting
vote-counting results will be informed to the meeting (both for the annual general meeting and the extraordinary
after completing the vote counting of the said agenda. general meeting of shareholders) submitted through
If some agenda takes longer than usual, the chairman the SET Link system as information for the Stock
of the meeting will proceed with other agendas first Exchange of Thailand and on the Company’s website
in order to ensure the meeting continues. Once the (www.taokaenoi.co.th/ir).
2020 Annual General Meeting of Shareholders (AGM) Summary
The 2020 Annual General Meeting of Shareholders was held on Monday, 17 August 2020, at 14.00 hours. Amber
Room 2-3, Impact Exhibition Center (Hall 8), Muang Thong Thani, Ban Mai Subdistrict, Pak Kret District Nonthaburi
11120, easily accessible by various transportation means. The stamp duty was also prepared to facilitate the
shareholders who appointed proxies to attend the meeting and the appointment of a legal advisor of Kudun and
Partners Company Limited to supervise the meeting and verify the vote counting to ensure compliance with the
law and the Company’s regulations. All directors attended the 2020 AMG.
Before the shareholders’ meeting, the Company discloses the meeting resolutions, meeting date, and agenda
on the Stock Exchange of Thailand’s website to inform shareholders in advance regarding the directors’ resolution
before sending the meeting invitation letter. Thailand Securities Depository Company Limited, the Company’s
securities registrar, is responsible for the delivery of the invitation letter with important and necessary supporting
Information of the Board’s decisions and opinions, complete details of past meetings’ minutes, annual report, as
well as meetings documents, proxy form with a clear explanation regarding the use as specified by the Company,
all of which shall be delivered to the shareholders at least 14 days in advance before the shareholders’ meeting.
For 2020 AMG, invitation letters were sent out on 24 July 2020. They were announced in a daily newspaper for
three consecutive days to notify the shareholders in advance for sufficient preparation before attendance. In
addition, the Company has disclosed the information of the shareholders’ meeting invitation letter and supporting
documents on the Company’s website before the meeting date since 17 July 2020.
In addition, the Company arranged voting by ballot in every agenda for transparency and audibility. The chairman
of the meeting inquired whether any shareholders or proxies disagree or wish to abstain from voting, and those
shall raise their hands and make decisions on the ballot. The staff then collected and recorded all votes by
scanning the barcode on the voting cards. The shareholders agreeing to vote did so on the voting cards without
having to raise their hands, and all cards were collected at the same time after the meeting was over. For
shareholders who appointed proxy to independent directors, the Company voted for agreeing, disagree, or abstain
according to the shareholders’ wishes. During the meeting, the chairman of the meeting provided shareholders
with opportunities to express opinions, suggestions, or inquiries on any agenda that they have doubts independently
before voting on any agenda for shareholders to have sufficient information and details on the said matter.
The Company published the resolutions of the shareholders’ meeting on the voting results of each agenda
to the public through the SET Link system and on the Company’s website www.taokaenoi.co.th/iron 17 August
2020, as well as the publishing of the complete minutes of the meeting, including questions, clarifications, and
opinions which shareholders proposed during the meeting on 28 August 2020.

(2) Equal Treatment of Shareholders
The Company is aware of the duty to protect the interests of all shareholders in every group, whether major
shareholders
, minor shareholders, ordinary shareholders, institutional investors, Thai or foreign shareholders are all entitled
to truly fair and equitable treatment for their best interest in the following matters:
• The Company allows shareholders to propose meeting • The Company has prepared ballots for shareholders
agendas and nominate candidates for directors election to vote on various agendas. For agenda concerning
to replace those who are ending their terms by rotation directors election, the shareholders can exercise their
in advance. The Company published through the SET rights to elect individual directors. The vote counting
Link system of the Stock Exchange of Thailand and on on each agenda item proceeds openly and transparently.
the Company’s website: www.taokaenoi.co.th/ir for • The chairman of the meeting conducts the meeting
consideration by the Nomination and Remuneration according to the agenda sequence stated in the meeting
Committee. The matter was then presented to the invitation letter without adding any other agenda not
Board of Directors for consideration before adding to specified in the invitation letter.
the shareholders’ meeting agenda and proposing to • All shareholders are entitled to vote according to the
the shareholders’ meeting for further approval. number of shares they hold. One share equals one
• The Company allows shareholders who cannot attend vote.
the shareholders’ meeting in person to appoint a proxy • The Company encourages independent individuals to
from the Company’s independent directors or other count or check the votes in the meeting, disclose the
persons to attend and vote on their behalf. voting result of agreeing, disagreeing, and abstaining
• The Company prepares the proxy form according to on each agenda item to the meeting for acknowledgment,
the Ministry of Commerce’s specification, where the with a record in the minutes of the meeting.
shareholders can determine the direction of their votes.
The proxy form is sent out together with the invitation
letter. The shareholders can also download the proxy
form from the Company’s website.
Summary of agenda proposals and advance directors nomination of minority shareholders
In 2020, the Company allowed minor shareholders to propose meeting agendas and nominate candidates
for the Company’s directors election at the Annual General Meeting of Shareholders between 27 November
2019 to 31 January 2020.
The shareholders must submit the form to propose agenda items and/or to nominate candidates for TKN
Directors election together with the required evidence through investor relations e-mail address at ir@taokaenoi.
co.th. In this regard, the shareholder who wishes to propose the agenda must be one or several shareholders
holding TKN’s shares at the time of agenda proposal, possessing an aggregate of voting rights not less than
5% of the Company’s total voting rights. The Nomination and Remuneration Committee will consider and
screen the matter before proposing it to the Board of Directors’ meeting and the shareholders’ meeting for
further approval.
In 2020, there were no shareholders proposing meeting agendas and/or nomination of candidates for the
Company’s directors in advance of the shareholders’ meeting.

Internal Information Usage
The Company has set measures and informed the Directors and executives must report their securities
directors and executives regarding the prohibition of holdings when appointed to the position of director or
directors, executives, employees at director level or above, senior management of the Company for the first time by
as well as personnel concerned with the internal information filing the 59-1 form to the SEC within 30 business days
to trade the Company’s securities within one month from the date of office, and report any change in the
before the disclosure of financial statements and 48 hours Company’s securities holding when buying, selling,
after material information is disclosed (Blackout Period). transferring or accepting the transfer of the Company’s
The Investor Relations Department will notify the relating securities by filing the 59-2 form within three business
persons in advance by letter. The penalty is also imposed days via the SEC’s website since the date of the change.
for any violation of the Company’s internal information
for personal benefit and others, with penalties ranging
from verbal admonition to dismissal.
Summary of 2020 Enforcement of the Information Use Policy
The Company places emphasis on the enforcement of the information use policy within the Company by
publishing through the announcement and central e-mail system. During the Blackout Period in each quarter,
Investor Relations will announce a list of employees who have access to internal information at different
levels as an alarm to comply with the Company’s internal information policy, including the Company’s
penalties relevant laws.

Guidelines for Internal Information Usage
For equality of information access and prevention of disclosure of the quarterly and annual financial
personal use of internal information for the benefits of statements, and 48 hours after material information
directors, executives, employees, and workers, the policy is disclosed.
also applies to spouses and minors of directors, executives, 5. Directors and executives must report on the purchase
employees, and workers. To comply with the Good or sale of the Company’s securities and changes
Governance Policy, the Board of Directors has considered made regarding holding such securities to the
and approved the formulation of the policy on the Company every time and reporting such changes
supervision of internal information use with the following to the SEC. According to Section 59 of the Securities
details: and Exchange Act B.E. 1992 and the amendments
1. Directors, executives, employees, and workers of (“Securities Act”)
the Company must maintain the Company’s 6. The Company prohibits the current and former
confidentiality and/or internal information. directors, executives, and employees of the Company
2. Directors, executives, employees, and workers of to disclose internal information or the Company’s
the Company must not disclose the Company’s confidentiality, as well as the Company’s business
confidentiality and/or internal information for partners’ confidential information that they receive
personal gain or benefit of any other person, whether while performing their duties to third parties,
directly or indirectly, with or without the return. regardless of the harm the information disclosure
3. Directors, executives, employees, and workers of might cause the Company or its business partners.
the Company must not buy, sell, transfer or accept In this regard, the Company has imposed disciplinary
the transfer of the Company’s securities by using action for those seeking benefits from the use or disclosure
confidentiality and/or internal information, including of the Company’s internal information. which may cause
performing any act by using the Company’s damage. The appropriate punishment will be applied,
confidentiality and/or internal information which such as verbal/written admonition, probation, as well as
may cause either direct or indirect damage to the the termination of employment as a discharge or dismissal
Company. The violation of these regulations will accordingly. The Company’s management must acknowledge
be considered a serious offense. the obligation to report their Company’s securities holdings,
4. The Company has set guidelines for the prevention including those of their spouses and minors.
of insider trading by prohibiting directors, executives, In addition, the violation of the prohibition is an offense
employees at department director level or higher, under the Securities Act. It is subject to the maximum
and other personnel concerned with the internal tow year imprisonment or a fine from THB 500,000 to THB
information with risks of insider trading to trade 2,000,000, or both.
company securities within 1 month prior to the
Summary of offenses relating to the internal information use
In 2020, the Board and management disclosed information on the number of shares held at the beginning and
the end of the year, including direct/indirect trades of directors and executives, during the annual report. There
was no evidence of any wrongdoing of the directors, executives, or employees involved in the insider trading.
Guidelines for Conflicts of Interest Prevention

The Board of Directors establishes a policy to prevent conflict of interest on the principle that any decision
involving transactions of the Company must be in the Company’s best interest and shareholders. The Company’s
personnel, including directors, executives, and employees, shall not use the opportunity to act as the Company’s
personnel for their personal and others’ benefits, whether financial or other types of services. They also must try
to avoid involvement in any activity that may create a conflict of interest. Any business transactions made by
personnel or a juristic person with a stake in connection with the Company, such transactions must be disclosed in
accordance with the Company’s regulations. It is the duty of the directors, executives, and employees to protect
the legitimate interests of the Company by limiting the freedom of activities for directors, executives, and employees
with the following guidelines:

1. Directors, executives, and employees should refrain such matters must be reported to supervisors for
from operating businesses of the same nature and approval or withdrawal from such transactions.
compete with the Company’s business, whether for 5. Directors, executives, and employees of the Company
personal or others’ gain, which may cause direct or must work full-time to the best of their ability without
indirect damage to the Company. They also shall any personal business that may affect the performance
not become partners, shareholders with decision- of their duties and the Company’s working hours.
making power, directors or executives in businesses 6. Directors, executives, and employees of the Company
that have the same nature and are insignificant must not engage or participate in any business that
competition with the Company’s business, unless is in competition with the Company, or become
proven that such action will not affect the Company, partners, shareholders, directors, or management
and measures will be taken for the Company’s and with decision-making power in competing business
its shareholders’ best benefit as a whole. On such or similar business nature, whether for direct or
occasion, the directors, executives, and employees indirect personal benefits.
shall report to the Company Secretary immediately. 7. Company directors, executives, and employees must
2. Directors and executives shall disclose private business avoid any involvement in financial and/or other
or business transactions with family, relatives, or types of relationships with other third parties, which
dependents that may cause a business conflict of may cause the Company to lose interest, create a
interest with the Company, such as joint investment conflict of interest, or hinder its effective operation.
or having benefits with the Company’s business 8. Directors, executives, and employees of the Company
partners or customers. The disclosure includes any must not provide or use the Company’s internal
position holding or consultant for the Company’s information for one’s or others’ benefit, regardless
business partners or customers, direct goods trade of the damage that action might cause the Company.
or services to the Company or through others. In addition, they must strictly adhere to the Company’s
3. Directors, management, and employees of the internal information usage policy.
Company must make business operation decisions 9. Directors, executives, and employees of the Company
in the best interests of the Company. must not take any action that is considered the
4. Directors, executives, and employees of the Company nature of management to undermine the Company’s
must avoid making any personal transactions that interests or facilitate benefits for any person or juristic
may lead to conflicts of interest with the Company. person, either for personal or others’ benefits.
If necessary, any actions and decisions made by the 10. Directors and executives must refrain from voting
Company’s directors, executives, and employees must not participate in the meeting concerning
must be based on the Company’s best interest and consideration or approval of the transaction item
free from the influence of personal needs of they possess conflicts of interest. Those involved or
themselves or relating persons either by blood or have a stake in the transaction that may create a
other intimate relation. The prices used must be conflict of interest with the Company must inform
reasonable and fair as if transactions with third parties. the relationship nature, or their stakes in the Company’s
However, when making decisions or approving said transactions.
transactions that may lead to conflicts of interest,
Summary of Offenses Relating to Conflicts of Interest

In 2020, the Company required directors and top management to report their or their relevant persons’
interests. Furthermore, in the event that any members of the Board of Directors have a stake or are involved
in any agenda, the certain directors shall refrain from meeting participation and abstain from voting on that
agenda for fair decision making. There have been no offenses committed by the directors or any management
regarding the matter.

(3) Responsibility towards Stakeholders
The Company emphasizes the treatment of stakeholders and considers their rights, both within and without the
Company. Stakeholders are supervised by the Company, according to the rights entitled under the relevant law.
The Company also promotes cooperation between the Company and the stakeholders to create wealth, financial
stability, and corporate sustainability. There are numerous groups of stakeholders in the corporate governance
system, which can be summarized by the treatment guidelines as follows:
1) Shareholders: the Company attaches great importance Various actions are taken to gain customers’ confidence
to the shareholders as the owners of the Company. and satisfaction in the Company’s products with quality
Therefore, as the shareholders’ representative, the Board and fairness at a reasonable price. The Company has a
of Directors manages and conducts business cautiously department responsible for customer relations for advice
and carefully to achieve the Company’s goals. The on products and a channel which customers can report
Company treats shareholders equally and fairly, with an problems regarding product usage, complaints on
arrangement for various disclosure of information inappropriate services which can be made via e-mail or
consistently, completely, correctly, and equally to all call center. This is for immediate and appropriate
stakeholders. The Board also supervises and prevents prevention/problem solving for the customers, including
the directors, executives, and employees from exploiting further improvement and development of products and
the undisclosed information in an unethical manner. services.
2) Employees: the Company is committed to establishing 4) Business Partners, Business Competitors, and Creditors:
a fair human resource management system and fair the Company adheres to equality and honesty in business
performance assessment. The Company recruits and operations for mutual benefits based on good business
retains talented employees with operational experience ethics and strict legal compliance to all parties’ rules
by constantly developing and enhancing the competence and conditions. The Company aims to create a business
of employees, including providing opportunities for their alliance while maintaining good relationships with all
career advancement and stability, as well as equal parties, including legal, equitable, and fair contracting
treatment of all employees in various ways as follows: with creditors with no advantage taken. In addition, a
framework for honest and transparent trade competition
In terms of remuneration, the Company has guidelines is followed by adhering to the commercial terms and
for compensation based on their knowledge, skills, conditions specified and the support for suppliers or
experience, position, and responsibility, in accordance business partners who ethically conduct their business
with the Company’s business performance and socio- with social and environmental responsibility. The Company
economic environment in the form of salary and will not engage in transactions with illegal individuals or
bonus. The remuneration structure has been set entities in a corrupt manner. The purchase price must
appropriately. The Company has also prepared an always remain reasonable and fair, taking into account
annual compensation budget inconsistent with the the quality and service received. Regulations for procurement
performance of the Company both in the short and and operation have been established based on fairness
long term. The short-term performance is based on and transparency, focusing on mutual benefits. Regarding
net profit, while the long-term performance is based fraud prevention, the Company will terminate its relationship
on the Company’s long-term business plan, such as with its business partners immediately if fraud, bribe, or
business growth, expansion, and net profit growth. benefit of any kind are evident in order to enter into any
In terms of welfare, the Company provides employees contract or transaction with the Company.
with appropriate welfare and benefits comparable 5) Community, Society, and Environment: the Company
to other companies in the same or similar business is aware of its role as a part of the society and community
and according to the law, such as uniforms, annual and therefore places great emphasis on the community,
health checks, social security, group insurance (life society, and environment. The Company provides education
and health insurance), and provident fund. and training to cultivate a sense of responsibility towards
Long-term employee care: the Company provides the community, environment, and society among
its employees the provident fund. Member employees employees at all levels and encourages the employees
are accumulated monthly to the fund at 3-7% of the to participate in various activities held by the Company.
employees’ remuneration, plus 3-7% of the Company’s Community and Society: the Company is aware of
monthly contribution to the fund at the rate of 3-7% its responsibility towards society in the form of help
of the employees’ wages according to their years’ and support to give back to the local community.
experience. The Company, therefore, helps create jobs and
opportunities such as providing scholarships and
3) Customers: the Company is committed to continuously participating in various activities that contribute to
improving product quality by focusing on consumer safety the development of the community’s public health.
and satisfaction and taking full responsibility for customers. In addition, the Company organizes activities to
promote society quality in multiple fields, including • The Company assigns relevant departments to
continuous donation for public benefit. promote sustainable business growth and set
the Company’s standard by participating in
Environment: the Company places great emphasis various projects concerning sustainability.
on building values and conscience towards environmental
conservation and the use of valuable resources In addition, the Company attaches great importance
through training and various activities. This includes to fundamental human rights to promote non-discrimination
campaigning and cultivating cost-effective use of and respect for rights and freedom. It promotes equality,
resources within the organization, such as the office no discrimination between sexes and classes, no child
paper reduction campaign, electricity-saving during labor, and anti-corruption of all forms as a part of the
breaks, and wastewater treatment system in the Company’s Corporate Governance Policy. It demonstrates
factory to facilitate an environmental and community- a clear and unwavering intention not to support or
friendly production process. conduct business with entrepreneurs involved in human
rights abuses. This includes fair and equal treatment
The Company operates its business focusing on towards employees by providing welfare, safety,
sustainable growth development apart from the occupational hygiene, and appropriate compensation
emphasis on sales and business returns to maintain and prevention of all forms of child labor.
the balance of organization growth, business value
delivery to stakeholders, and the environment. Once 6) Mass Media: the Company places great importance on
the lack of balance occurs, it will significantly affect disclosing information to the media with accuracy, clarity,
the Company’s sustainable growth. The Company’s and audibility, focusing on building good relations with
operating guidelines take into account the environment, the media as a way to communicate and exchange ideas
social and governance, which will lead to continuous with relevant parties.
improvement such as 7) Civil Society and Academics: the Company operates
• knowledge development and profound its business with responsibility towards society and all
understanding of employees at all levels towards stakeholders groups. Opinions hearing and exchange for
the importance of sustainable corporate correct information are conducted, including information
development, which reflects on the Company’s exchange accuracy as part of the cooperation between
values the Company and stakeholders towards sustainable
mutual growth.
• Conduct the study of the impact on economic,
social, and environment before implementing
any company’s activities.
Summary of Roles of Stakeholders

In 2020, the following activities with the stakeholders were conducted:
Regarding shareholders and the mass media, Community, Society, and Environment
information disclosure was made to shareholders, Regarding community activities, the Company
individual/institutional investors, analysts, and stakeholders provides health check services for nearby communities.
through various Investor Relations Department activities. It donates the project called “Tao Kae Noi Fights Together”
All information was provided within an accurate and to contribute to the Covid-19 epidemic relief.
equitable manner, such as Opportunity Day, where listed Society: the Company promoted and developed the
companies meet with investors and shareholders’ quality of life of the disabled, adhering to the Promotion
meetings. and Development of the Quality of Life of the Disabled
Act BE 2550, and its amendment (No. 2) BE 2556.
Employee Care: Employees developed were conducted Following Section 33, the Company recruited the disabled
to build new skills and learning processes, enhancing to work for the Company and helped create occupations
the employees’ knowledge to cope with rapid-changing by giving concessions to generate income under Section
situations through learning activities in various forms. 35.
An exchange of knowledge between employees was Environment: The Company focuses on eco-friendliness
encouraged, and an online learning system was integrated by providing a waste management process that includes
to facilitate employees in choosing training courses to recycling and sorting waste generated from its production.
improve their work in various fields. It also organizes projects regarding electricity consumption
reduction within the Company.

Stakeholders Contact Channels
The Company provides various channels for notification, complaints, comments, or suggestions that concern the
stakeholders’ risk and effects that may cause damage to all groups of stakeholders from the Company’s business
operations or the Company’s employees’ practice regarding illegal or ethical acts. This includes behaviors that may
imply corruption, discrimination, or negligence, or lack of prudence. The complaints can be made through the
following channels:
1. The Company’s website www.taokaenoi.co.th
2. E-mail [email protected]
3. Post Via one of the directors
337 Bond Street Road, Bang Phut Subdistrict, Pak Kret District,
Nonthaburi, 11120
The Company’s complaint procedures are as follows:
The employees or stakeholders report whistleblowing, complaints, comments, or suggestions through the specified
channel. Then, the Company will investigate and make an investigation record in writing with no disclosure of the
information regarding whistleblowers for confidentiality and protection of the whistleblowers. In the event that
supporting evidence was found, the investigation committee will be set up to determine and consider the punishment
and make a further report to the Audit Committee and the Board of Directors.
Summary of whistleblowing channels to accept complaints, comments or suggestions

In 2020, no whistleblowing, complaints, opinions, or suggestions were made through such channels.
(4) Information Disclosure and Transparency

Information disclosure
The Company realizes the importance of necessary information disclosure, which must be accurate, complete,
current, transparent, straightforward, verifiable, and timely and helpful towards investment and management decision-
making of all stakeholders. Therefore, measures for the disclosure of both financial and non-financial information
according to the law are crucial. The Company provides information to all concerned parties in a fair, appropriate,
correct, reliable, timely manner, ensuring equal access to information of all groups of stakeholders, such as
1. preparation of annual reports which contain complete, that particular agenda. The said directors and top
accurate, reliable information in a timely manner. executives must report their stakes and personal
2. Publish relevant information in advance in a satisfactory interests, including those of their relevant persons.
and timely manner via the website before sending out 5. Require the disclosure of performance assessment,
the meeting documents to the shareholders to ensure including the entire Board and individual evaluation
sufficient time for shareholders to study information result.
in advance of the meeting. 6. Require the disclosure of directors’ and top management’s
3. Require directors and top management to disclose and remuneration, both in the forms of salary and other
changes made towards shareholding by revealing the compensation.
number of shares held at the beginning and the end 7. The corporate objectives and long-term goals must be
of the year and report the purchase of the Company’s disclosed in the annual report.
ordinary shares during the year, including their spouses 8. The development and training of individual directors
and minor child(ren) in the annual report. in the past year are required to be disclosed in the
4. Any directors involved or interested in any agenda Thai Board of Directors (IOD).
must refrain from voting and attending the meeting on
Summary of Information Disclosure

In 2020, the Company published the Corporate Governance Policy and performance in the annual report,
including the disclosure of the Board and Sub-Committees’ roles and duties, the number of meetings and
each director’s attendance, as well as the audit fee and other service fees. The Company’s Articles of Association
were published on the Company’s website.

The Company’s Information Dissemination Channels
The Company pays great attention to the proper and complete disclosure of information in a timely manner for
the benefit of all stakeholders as follows:
• Disclosure of important information through the SET Link system and via the Company’s website www.
taokaenoi.co.th/ir
• Publish the Company’s news through various electronic media forms such as images, articles, advertising
media, and social media.
• Disclose the Company’s quarterly performance to investors and analysts via the stock market channel
on Opportunity Day.
• Arrange for an investor relations unit to contact institutional investors, analysts, and domestic and
international investors.
• Organize activities creating opportunities to meet investors both in the country and abroad.
(5) Board of Directors’ responsibilities

5.1 Board of Directors
The Board of Directors’ responsibility covers business operation, corporate governance that complies with policy,
work plan, strategy, objectives, articles of association, including performing the board’s duties toward the Company
and shareholders. Followings are codes of conduct related to the Board of Directors’ responsibility.
Structure of the Board of Directors Scope of duties and responsibilities of the Board of Directors
The Board of Directors comprises eight members, which 1. The Board of Directors is authorised to supervise and
includes three Independent Directors. The Independent manage compliance with the law, objectives, and articles
Director must have the qualifications as specified by the of association, including resolution of the board’s meeting
Securities and Exchange Commission, Thailand, and the and resolution of the shareholders’ meeting. The Board
Stock Exchange of Thailand as a basis to ensure genuine of Directors should adhere to the responsibility, honesty,
independence, suitability to the company’s nature. The prudence, and safeguard the Company’s benefits, based
Board of Directors will supervise the coordination with on good corporate governance.
Independent Directors to ensure the effectiveness and 2. The Board of Directors is authorised to appoint directors
independent opinions. and/or the management to perform one or more tasks
The Board of Directors consisted of qualified persons in support of work assigned by the Board of Directors.
from various industries having experience in their profession, The Board of Directors is authorised to appoint the Chief
skills, and exceptional knowledge which is beneficial to the Executive Officer (CEO) and other committees such as
Company in terms of business, engineering, production, Audit Committee, Nomination, and Remuneration
sales, marketing, accounting, and finance - all contributed Committee as deemed appropriated and necessary,
to the Company’s business operation. including to approve the scope of authority of various
The Board of Directors arranges and discloses members’ sub-committee, to revoke, dismiss, or amendment the
information which includes age, gender, education background, authority thereof.
experience, shareholding structure in the Company, a number 3. To encourage the Board of Directors to dedicate their
of the year holding directorship in the Company and time performing duties effectively, each member of the
directorship in other listed companies, a policy that the board is allowed to hold directorship in a maximum of
board of directors must be diversified, business ethics and/ 5 other listed companies.
or code of ethics for the board of directors are disclosed 4. To determine or change authorised signatory directors
on the Company’s website. The Company has in place the 5. To determine targets, guidance, operation direction, work
formal and transparent nomination of directors. Their list, plan, and budget of the Company. To control the
background, qualifications, experience, and shareholding management or assigned person’s administration and
proportion are disclosed clearly. management to ensure conformity with the board of
The board of directors and committee’s roles and duties, directors’ policy and work plan.
meeting attendance of each member are also disclosed 6. To review and approve the important matters related to
thereof. the Company’s operation, for instance, vision, mission,
Furthermore, the Company Secretary is responsible for policy, business strategy, operation goal and plan, financial
giving the board advice relevant to laws and regulations, goal, large-scale investment project, and the Company’s
supervising their activities, and coordinating to ensure budget.
compliance with the board’s resolution.
7. To oversee the Management’s performance to ensure 20. To arrange a meeting between non-executive directors
conformity with the policy, work plan, and approved without the Management’s attendance at least once a
budget. year to discuss the significant managerial issues and inform
8. To arrange accounting system, financial report, accountable the Chief Executive Officer of the result accordingly.
auditing, including to oversee the internal control and 21. The Board of Directors has the authority to approve any
internal audit which is effective and efficient. matters deemed necessary and related to the Company
9. To prepare the Company’s annual report and/or the or as deemed appropriate and beneficial to the Company.
board’s report to ensure compliance with the relevant Such authority includes the entering into related transactions
law or regulations. and the acquisition or disposal of important assets of
10. To establish policy related to good corporate governance the Company in which the law, rules, notifications, and/
and implementation of such policy effectively. or regulations related to the Securities and Exchange
11. To seek professional opinions from the third party, if Commission and the Stock Exchange of Thailand require
necessary, to support the proper decision. approval from the Board of Directors’ meeting.
12. To audit the risk management procedure and policy The Board of Directors can proceed with the following
and to follow up on the performance. matters upon approval from the shareholders’ meeting
13. To appoint the Company Secretary to assist the Board only:
of Directors in performing tasks to accomplish the (A) Any matters as stipulated by law that requires
Company’s business under relevant laws and regulations. resolutions from the shareholders’ meeting;
14. To oversee the benefits of major and minor shareholders (B) Any matters in which the director has interest and
based on their rights and justice and to treat shareholders within the scope that the law, rules, notification,
and stakeholders fairly. and/or regulation of the Securities and Exchange
15. To balance the management and/or major shareholders’ Commission or the Stock Exchange of Thailand
power at an inappropriate level, placing the importance requires approval from the shareholders’ meeting;
on proportion or number of Independent Directors in 22. The Board of Directors shall arrange the performance
the Board. assessment for (a) The Board of Directors, (b) the Sub-
16. To ensure the adequate information provision from Committee, and (c) the Chief Executive Officer every
the Management to the Board of Directors to enable year. The assessment compares performance and scope
compliance with the authority, duties, and responsibility. of duties as determined in the charter for each board
17. To ensure distinctive and transparent procedures and and the Chief Executive Officer, as the case may be. The
management in association with related transactions of assessment result will be considered to improve the
the Company and subsidiaries and associated persons performance of the Board of Directors, sub-committee,
to prevent interest conflict. There must be adequate and and Chief Executive Officer accordingly. The assessment
accurate information disclosure and the report made to result will be disclosed in the Annual Report Overview.
the subsidiary company’s board of directors. 23. Other authority, duties, and responsibilities of the Board
18. To supervise the accurate, complete, punctual, and of Directors are specified in the relevant laws and criteria,
transparent disclosure of important information related articles of association, and resolution of the shareholders’
to the Company via a convenient channel with equality meeting. The Board of Directors may assign one or more
and reliability. directors or any other person to perform many tasks for
19. To hold the Board of Directors’ meeting at least seven them. Such authority is subject to the revocation, dismissal,
sessions a year and require at least third fourth (75%) amendment, or edit by the Board of Directors. However,
of the board members’ attendance each unless a such authority does not include the assignment of
reasonable ground of absence. authority or sub-assignment or authority that enable the
In the month when there is no meeting of the Board, director or assigned person to approve the transaction
the Board will arrange the Management to prepare in which he/she may have a conflict of interest, interest,
operation result of such month to the Board to enable or any other benefit that may conflict with the benefit
the supervision and oversee the Management’s performance of the Company or its subsidiaries.
continually and in a timely manner. 24. The Board of Directors is responsible for arranging
To hold a meeting of the Board, the Chairman of the orientation for a new director.
Board or assigned person shall sed an invitation to the
meeting, including meeting agenda and supporting
document to the directors at least seven days before
the meeting date to ensure the directors will have
sufficient time to review the details. In case it is an urgent
case and to preserve the company’s right or benefits,
the meeting invitation will be informed in alternative
means, or the meeting date will be postponed earlier.

Overview of the Board of Director’s performance and changes in 2020
In 2020, the Board of Directors performed their The Board of Directors also reviews and approves
fiduciary duty to consider the best benefits to shareholders, important policies to ensure the adequacy and conformity
adhering to the principal practices as below. to a business operation that adheres to good corporate
governance, with the follow-up schedule.
1.1 Perform duty with responsibility, precaution, and
The Board of Directors monitors the Management’s
prudence (Duty of Care);
performance through performance reports and operation
1.2 Perform duty with integrity (Duty of Loyalty);
results consistent with the current situation. The Board
1.3 Comply with the law, company’s objectives and
of Directors thoroughly performs its duties and authority.
articles of association, resolution of the Board of
However, the Board of Directors does not determine
Directors and resolution of shareholders’ meeting
policy on the duration of the independent directors’
(Duty of Obedience);
holding directorship since they consider that the continual
1.4 Disclose information to shareholders accurately,
holding office will benefit the Company’s operation. In
completely, with transparency, accountability,
addition, there is no CG Committee since the entire
and promptly (Duty of Disclosure);
Board’s duty covers the CG Committee already.
The Company arranged nine meetings of the Board Nonetheless, the Company has reviewed the
of Directors and one meeting for non-executive directors corporate governance in the Board’s meeting. The
without the management’s attendance. The Board of Company does not disclose compensation policy for
Directors determines the company’s vision, mission, and the Chief Executive Officer both short and long-term
strategy to divert business operation in the same approach. according to their performance, but the total figure is
disclosed.
Board of Directors structure

The Board of Directors comprises eight members, with the proportion as shown below.
Independence Diversity of genders
5 Male
63% 37%
5 executive 3 independent 2 independent directors
directors directors 3 Directors
3 Female
1 independent director
2 Directors

Diversity of expertise
Experience in Engineering
the industry
Accounting and Finance Law
Sales and Marketing Corporate Governance
Innovation International Business
Economics Political science
Strategy and Risk Strategic planning

Management
Sustainable development Entrepreneurship

The Company has a policy that requires the directors and executive officers to report the changes of their
securities holding, which include the changes of securities holding of their spouses and minor child (if any), by
submitting a copy of changing of securities holding and forward contract (form 59) to the Office of Company Secretary
ho will collect and propose to the Board’s meeting.
A table showing the change of securities holding by directors and executive officers between 2019 and 2020.
Variation
Series Name Number of shares (TKN) Increase /
(Decrease)
30 Dec 2020 30 Dec 2019
Director
1. Mr. Yuth Vorachattarn 0 0 -
Spouse/minor child 0 0 -
2. Mrs. Wanee Thasanamontien 0 0 -
3. Mr. Chaiyong Rattanacharoensiri 0 0 -
4. Mr. Somboon Prasitchootrakul 0 0 -
5. Mr. Itthipat Peeradechapan 322,896,200 315,026,200 7,870,000
6. Miss Orrapath Peeradechapan 63,255,000 65,255,000 (2,000,000)
7. Mr. Jirapong Suntipiromkul 0 0 -
8. Miss Pornteera Rongkhasiriphan 0 0 -
Executive
9. Mr. Nutchatpong Peeradechapan 63,655,000 63,655,000 -
10. Mr. Prayut Apisitsareekul 116,000 50,000 66,000
11. Mr. Prin Pitchayavijit 0 0 -
12. Mr. Woothi Kruanamkhum 0 0 -
13. Mr. Koosoon Rattanaporn 0 0 -

Nomination of the board members
The Company has in place the criteria ad procedures Assessment Form 2:
for director nomination. The Nomination and Remuneration Collective assessment of the sub-committee
Committee will consider qualifications and suitability The performance assessment of the entire board
regarding knowledge, skills, and work experience according consists of four topics as follows:
to the Board Skill Matrix to conform with the vision, (1) Structure and qualifications of the
strategy, and business operation of the Company. Eventually, sub-committee;
the list of directors will be proposed to the shareholders’ (2) Meeting of the sub-committee;
meeting for approval. (3) Roles, duties, and responsibilities of the
The appointment of the Board member is subject to sub-committee;
the articles of association, which summarised as follows: (4) Other matters;
1. The Board of Directors comprises at least five members,
and at least half of the Board must have domicile in Assessment Form 3:
the Kingdom. The board member must have defied Self-assessment of individual director
qualifications and does not have any prohibited Self-assessment of the individual director is divided
characteristics as stipulated by law. into three topics as follows:
(1) Structure and qualifications
2. The director selection by shareholders’ meeting is (2) Meeting attendance
subject to the majority of votes and the following (3) Roles, duties, and responsibilities
criteria and procedures:
The performance assessment and review of the Chief
(a) One share represents one vote; Executive Officer is conducted annually, once a year. The
(b) Shareholders cast their votes for individual director; assessment result is brought for analysis and summary to
Persons who receive the highest votes arranged in order determine measures for improving the performance and
from higher to lower in a number equal to that of the to prepare a performance development plan. The followings
number of directors to be appointed are elected to be are details of our Chief Executive Officer performance
the Company’s directors. In the event of a tie at a lower assessment form.
place, which would make the number of directors greater 2.1 Leadership
than required, the chairman of the meeting will have a 2.2 Strategy formulation
casting vote.
2.3 Compliance with strategy
2.4 Planning and financial performance
Performance assessment of the Board of Directors and 2.5 Relationship with the Board
sub-committee and Chief Executive Officer 2.6 Relationship with the third party
2.7 Management and relationship with personnel
The board of directors and sub-committees performance 2.8 Succession
assessment and review are conducted annually, once a year.
The assessment is divided into two types which include 2.9 Knowledge of products and services
the entire board assessment and self-assessment. The 2.10 Personal qualifications
assessment result is brought for analysis and summary to In 2020, the performance assessment result of the
determine measures for improving their performance and Board of Directors, sub-committee, and Chief Executive
to prepare a performance development plan. Followings Officer was summarised as follows:
are further details:
Assessment Form 1: The Board of Directors, The average
Collective performance assessment of the Board sub-committee, and Chief score in Level
Executive Officer percentage
The performance assessment of the entire board
consists of six topics as follows: 1. Collective assessment 88.75 Very good
(1) Structure and qualifications of directors; result of the Board
(2) Roles, duties, and responsibilities of the Board 2. Collective assessment of 88.58 Very good
of Directors; sub-committee
(3) Meeting of the Board of Directors; 3. Self-assessment 93.75 Very good
(4) Performance;
(5) Relationship with the Management; 4. Chief Executive Officers 81.13 Good
(6) Self Development of Directors and Development
of Executives;
Roles and duties of the Chairman of the Board
To separate power and duties in determining the of Internal Audit Department or any department in
Company’s policy and management, the connection to the internal audit.
The company establishes roles and duties of the Chairman 3 Review to ensure the company’s compliance with the
of the Board as follows: Securities and Stock Exchange law, regulations of the
Stock Exchange, including applicable law related to
1. Call for the Board of Directors’ meeting, chair the Board the Company’s business.
of Directors’ meeting and shareholders’ meeting, and 4. Audit to ensure the supervision on compliance with
determine the meeting agenda. the information technology and data security to be
2. Take part in controlling the meeting efficiency to ensure effective in accordance with international standards.
compliance with the article of association. Support and 5. Consider, select and propose for an appointment the
allow directors to express their opinion freely. independent person as an auditor of the Company,
3 Support and promote the Board of Directors to perform including propose remuneration such auditor, attend
their duties at the fullest effort to the scope of duties the meeting with an auditor without the management’s
and responsibility and the good corporate governance. attendance at least once a year.
4. Supervise, monitor, and oversee to ensure the Board 6. Consider related transactions or the transactions that
may have a conflict of interest in line with the securities
of Directors’ efficient performance and accomplishment and stock exchange laws and requirement of the Stock
of the corporate objectives and primary goal. Exchange of Thailand to ensure that such transaction
5. Create a good relationship between executive directors is reasonable and will bring the best benefit to the
and non-executive directors and between the Board Company. Consider the Company’s information disclosure
of Directors and the Management. when there is a related transaction or a transaction
6. Allocate sufficient time to allow the Management to that may have a conflict of interest to ensure its
propose the matters and the directors to discuss accuracy.
important issues prudently. Promote prudent discretion 7. When the Company’s auditor finds unlikely event
and independent opinion expression among directors. associated with the director, executive officer, or any
7. Oversee to ensure that all directors build corporate other person who is responsible for business operation
culture with morality and good corporate governance. of the Company and subsidiaries, legal offense, and
the auditor reports such event to the Audit Committee,
the Audit Committee must execute the matter without
5.2 Sub-committees delay by conducting further investigation and report
To enhance the board of directors’ performance initial inspection to the Securities and Exchange
efficiency and effectiveness, the Board has assigned sub- Commission and the auditor within 30 days from the
committees to study and screen operations as deemed date receiving auditor’s report.
necessary. 8. Prepare the report of the Audit Committee and disclose
it in the annual report. The said report shall be signed
As of 31 December 2020, there are three boards by the Chairman of the Audit Committee and consist
of sub-committees, as shown below. of at least the following information:
(1) Audit Committee (a) Opinions on accuracy, completeness, and reliability
(2) Nomination and Remuneration Committee of the financial report of the Company and its
(3) Risk Management Committee subsidiaries.
(b) Opinions on the adequacy of the Company’s and
(1) Audit Committee subsidiaries’ internal control system.
Scope of duties (c) Opinions on compliance with securities and stock
exchange laws, the Stock Exchange of Thailand’s
1. Audit to ensure the accuracy, the complete financial requirement, or the laws related to the Company’s
report of the Company, adequate information disclosure and subsidiaries’ business.
to create equality among shareholders by coordinating (d) Opinions on the suitability of the auditor.
with external certified public accountant and responsible (e) Opinion on the transaction that may have a conflict
executive officers to prepare quarterly and annual of interest.
financial reports. (f) The number of the meeting of the Audit Committee
2. Arrange to have proper and effective internal control and attendance of each member.
and internal audit within the Company; review the (g) Opinion or observation received from performing
Internal Audit Department’s independence; give consent their duties under the charter.
to the appointment, relocation, dismissal of the Chief
(h) Any other matters which is considered that (2) Nomination and Remuneration Committee
shareholders and public investors should acknowledge, Scope of duties
under the scope of duties and responsibilities
assigned by the Board. 1. Select the nominated person as a director and high-rank
executive officer based on criteria or nomination
9. On circumstance where it is found or doubted that the procedures and selection with transparency to propose
following transaction or actions might significantly affect to the meeting of the Board of Directors and/or
the Company’s financial status and operation result, shareholders’ meeting for approval.
the Audit Committee must report to the Board for 2. Consider compensation rating to directors and high-rank
improvement within the appropriate time as considered executive officers, taking into account the fair and
by the Audit Committee. reasonable criteria and basis, and propose to the Board
(a) The transaction that causes a conflict of interest. of Directors meeting and/or shareholders’ meeting for
(b) Corruption or unusual or a significant deficiency approval.
in the internal control system. 3 Consider and give opinions on human resource policy
(c) Violation of the securities and stock exchange laws, to propose to the Board of Directors to conform with
SET regulations, or the laws relating to the Company’s the corporate business strategy. Oversee and supervise
business. the nomination of directors, high-rank executive officers
In the event where the Board of Directors or executive in all business departments. Assure the organization
that the succession plan of high-ranked executive
officers fails to rectify the situation within the mentioned
officers, essential executive positions, and a list of
period, one of the Audit Committee members may nominated persons will be considered and reviewed
report the matter to the Securities and Exchange regularly.
Commission or the Stock Exchange of Thailand. 4. Perform any other tasks as assigned by the Company.
10. The Board of Directors may seek professional opinions The Management and departments must report or
regarding business operations from an external advisor propose information and document related to the
at the company’s own cost. nomination and remuneration to support the Nomination
11. Perform any other tasks as assigned by the Board of and Remuneration Committee’s duties to accomplish
Directors as deemed appropriate. the assigned tasks.
12. Review the accuracy of reference document and self- Term of Office
assessment related to the Anti-Corruption Measure The Nomination and Remuneration Committee’s term
under the Private Sector Collective Action against of office is three years. The retired member may be re-
Corruption. elected as deemed appropriated by the Board of Directors.
In performing duties and responsibilities within the
scope of work, the Audit Committee is authorised to (3) Risk Management Committee
invite the Management, executive officers or employees Scope of duties
or related subsidiary to report, give an opinion, attend
1. To determine the scope of policy, strategy, and approach
the meeting or send the document which considered for corporate comprehensive risk management, which
related and necessary. The Board of Directors has the covers various significant risks.
authority to make an adjustment on the scope of 2. To determine preventive measures, risk management
authority of the Audit Committee as deemed necessary plan for the Management including overall risk
or appropriate. management procedures of the organization.
3 To supervise the Management for compliance with
Term of Office policy, strategy, and approach to the corporate risk
The Audit Committee holds a term of office of three management, monitor compliance with the scope of
years, except the resign in accordance with articles of corporate risk management, and report to the Board
association where the resigning committee may be re- of Directors regularly.
elected. 4. To review or assess the policy’s effectiveness, strategy,
and risk management approach at least once a year
and upon change of risk level.
5. To monitor, assess, and supervise the management’s
risk management procedures to maintain at an appropriate
level and align with the policy set forth.
6. To perform other tasks as assigned by the Board of
Directors.
Term of Office to determine wages, salary, compensation, bonus, and
welfares for employees.
The Risk Management Committee’s term of office is
11. To consider and appoint external consultant for the
three years and may be re-elected for another term
Company’s operation as consider appropriate.
deemed appropriate by the Board of Directors.
12. To have the power in issuance, amendment, modification,
improvement, regulations, notifications, and memorandum
5.3 Chief Executive Officers to ensure the Company’s operation is in line with the
policy and bring about benefits, and to maintain
Chief Executive Officer (CEO) is responsible for the
corporate regulation.
management and control of the operation to meet the
13. To perform any other tasks as assigned by the Board
Company’s initial objective. The CEO must perform his
of Directors from time to time.
duties and responsibility regarding the Company’s business
14. To operate business related to the general administration
operation himself or assign the manager to perform the
of the Company.
following CEO tasks but not limited to
15. To have the power in signing any document for
1. the supervision and provision of advice on daily process
necessary operation or related to normal business
and administration.
transactions of the Company as specified in Article 1
2. To have the power in any business operation to
to 4 above.
accomplish the objective, policy regulation, agreement,
However, the authority in any legal acts which (a) may
and order, including resolving the board of directors’
cause the conflict of interest with the Company or subsidiary
meeting and/or the resolution of the shareholders’
(b) may cause a conflict of interest with the executive
meeting.
officers or the person who may have a conflict of interest
3. To guide the approach that enables accomplishing the
and the person having interest with the Company or
vision, mission, strategy, objectives, goals, and annual
subsidiary as specified in the law and notification of the
business outcome of the Company.
Securities and Exchange Commission or notifications of
4. To authorise or assign any other person as the Chief
the Capital Market Advisory Board or the Stock Exchange
Executive Officer deems qualified to act on his behalf
of Thailand is not included under the scope of authority
in the necessary and appropriate matter, considering
of the Chief Executive Officer for consideration or to assign
the Company’s benefit and adhering to the law provision
any other person to act on his behalf on such case. The
and the articles of association.
said transaction must be proposed for approval by the
5. To order and advise on project implementation and
Audit Committee to subsequently forward to the Board
objectives as required in the scope of work and direction
of Directors and/or shareholders’ meeting (as the case
of business operation to benefit the company.
may be) as specified in the articles of association and laws
6. To monitor and assess the Company’s performance
unless such approval is for normal business course with
each day to cope with potential risks from external
distinctive scope.
and internal factors.
7. To contact and communicate with the public, shareholders, Chief Executive Officer recruitment process
customers, and employees to promote the Company’s
To recruit the Chief Executive Officer, the Nomination
reputation and positive image.
and Remuneration Committee will screen the person with
8. To have the power to approve transactions which
qualifications, suitability, knowledge, skill, and experience
include product purchase, raw material supply, marketing,
beneficial to the Company’s business operation. The
personnel management, purchase, and general
nominated person must have an explicit understanding
administration to support ordinary business course of
of the Company’s business and accomplish the management
the Company. The said approval must be under the
to meet the target set forth by the Board of Directors.
conditions and limitations specified in the Company’s
The Board of Directors is responsible for appointing this
approval authority.
highest rank of executive officer.
9. To appoint purchase and sales representatives in normal
The Company’s criteria for selecting and appointing
business transactions.
the highest executive officer based on their qualifications
10. To recruit and hire employees such as relocation,
as follows:
exchange within the same work line, between division,
between departments, or to dismiss employment and

1. Being a natural person and attained of majority; 8. Not being
2. Not being a bankrupt, incapacitated person or quasi- 9. Committing or omitting any action mala files or gross
incompetent person; negligence in the transaction of the Company or
3. Not being sentenced by final judgment in rem; subsidiary and causes damages to the Company or
4. Never receiving penalty by dismissal or removal from shareholders or enables wrongful benefit to one’s self
government service or organization or government or another person.
agency for malpractice in one’s duty; 10. Having no action involving in disclosure or dissemination
5. Not being in the accusation process by the Securities of false information or content related to the Company
and Exchange Commission, Thailand or not being or subsidiary which may cause misleading or concealing
prosecuted due to the accusation by the Securities the fact supposed to be revealed as materiality which
and Exchange Commission, Thailand or has been may affect the decision of shareholders, investors, or
sentenced for imprisonment by final judgment whether related person whether by giving the order, taking part
the sentence is suspended or not, and has been in responsibility or taking part in the preparation,
released from the imprisonment or released from the disclosure or disseminate such information or content
suspended the penalty for less than three years. This or by committing or omitting any other action. Except
shall include only the law provision related to securities it is proven that by position, status, or scope of duties,
and stock exchange or the laws related to forward such person does not know the quality of such
contract as follows: information or content or the lack of disseminating
(1) Unfair act related to securities trading or forward such statement.
contract. The following transactions of the Company or subsidiaries,
(2) Dishonest act or an act that causes damages to whether by giving the order, approval support, receiving
the assets, creditors, or public. benefits, or taking a significant part in any other manner
(3) Failure to perform duties with diligence or honesty. that is considered dishonest unless proven otherwise.
(4) Intentionally show false statements in materiality 10.1 A transaction that does not proceed in the same
or disclose the materiality that should be disclosed. approach as the prudent business operator shall
(5) Conduct security business or forward contract conduct with a general contractual party in the
without a license and considered as defrauding same situation. Such transaction does not bring
the public. benefits to the Company or subsidiary mainly,
6. Not pending accusation by the financial institution or it enables benefit to one’s self or another
controlling agency whether in Thailand or abroad; or person.
not pending the prosecution upon the accusation of 10.2 The transaction is not in line with the securities
such agency; or not pending such agency’s prohibition and stock exchange laws, connected with a
from holding directorship or executive position of a related transaction or significant transaction of
financial institution or never been sentenced for asset acquisition or disposal.
imprisonment whether the judgment is suspended or 11. Not committing any unfair act or taking advantage of
not and has been released from imprisonment or investors in securities trading or forward contract or
awaiting the penalty for less than three years. This having taken part or supported such action.
matter covers the ground caused by fraud, swindling,
or corrupting management that results in damages to
the financial institution in which such person holds a
directorship or executive position or damages to
customers.
7. Never been sentenced for imprisonment by final
judgment whether the sentence is suspended or not,
and has been released from the imprisonment or
released from the suspended penalty for less than
three years for a criminal offense related to frauding,
swindling, or corrupting asset management.

Consideration of compensation for directors and top Other Compliance with Good Governance Principles
executive officers
Succession Plan
The Board of Directors, Sub-committee, and top executive
officers’ compensation are based on the following guides. The Company establishes succession plan to ensure
the continuity of administration among management at
1. The Nomination and Remuneration Committee is the level of department chiefs, and focus on executive
responsible for determining compensation for the Board staff, in order to enable the Human Resources Department
members sub-committees and Chief Executive Officer, to arrange for personnel to be well-prepared to perform
taking into consideration their duties, responsibility,
work systematically, with competency and skills, and build
performance, type/scale of business, and expected
benefits from each member. In comparison with the up their experiences required for key positions in the
company in a similar industry, the compensation rate Company
must be reasonable and incentive to maintain the
qualified personnel. The Nomination and Remuneration Governance of Subsidiaries and Associated Companies
Committee also considers the type of compensation, For the purpose of governance of subsidiaries and
payment method, and the proper rate provided thereof. associated companies, the Company shall send its directors
2. In case of any variation in the Chief Executive Officer’s or high-ranking staff to supervise such subsidiaries and
compensation, the case must be proposed to the Board associated companies in order to set out significant policies
of Directors for approval. and oversee their business operations to the right direction
3 The compensation for the Board of Directors and Sub- and in the best interests of the Company as a whole.
committee must be proposed to the shareholders’ Furthermore, the Company should have a veto right on
meeting for approval on an annual basis. any significant matters to be undertaken by its subsidiaries.
Investment in such subsidiaries must first be considered
and approved by the Board of Directors and connected
transactions must also be considered and approved by
the Audit Committee. In addition, the subsidiaries must
be required to establish and put in place proper regulations
on execution of connected transactions, acquisition or
disposition of assets or any other material transactions
and subject to information disclosure requirements. Any
transactions which may materially affect the Company
must first be approved by the Company’s Board of Directors.
The subsidiaries must be supervised to keep information
and record its accounts and make them available for the
Company’s audit and consolidation in the preparation of
the Company’s financial statements in a timely manner.

7
Corporate Governance Structure
and Important Information about
the board of directors, Sub-committee,
executive officers ad other employees
The Board of Directors

Board of Directors
The Board of Directors consists of 8 members as follows:
8 6 3 1 5 2 4 7
1 Mr. Yuth Vorachattarn Chairman of the Board / 5 Mr. Itthipat Peeradechapan Director /
Independent Director Chief Executive Officer
2 Ms. Wanee Thasanamontien Independent Director 6 Ms. Orrapat Peeradechapan Director / Managing Director
3 Mr. Chaiyong Ratanacharoensiri Independent Director 7 Mr. Jirapong Suntipiromkul Director /
Deputy Managing Director
4 Mr. Somboon Prasitjutrakul Director and
Executive Committee 8 Ms. Porntera Rongkasiripan Director /
Internal Audit Director

Corporate Governance Structure
The Company’s organization structure as of
31 December 2020 are as follows: Board of Directors
Nomination and
Audit Committee Remuneration Committee
Risk Management
Committee
Chief Executive Officer
Internal Audit Director
Managing Director Managing Director

(International Trade &
(Business Support) Management)
Deputy
Managing Director
Chief People Chief Financial Chief Operating Chief Sales Officer Chief Strategy & International
Officer Officer Officer (Domestic) Commercial Officer Trade
Sustainability Country General
Human Production Merger & Development & Manager (USA)
Resource Accounting & Planning Center Domestic Sales Acquisition Corporate Social Business
Policy & System Finance and Joint Venture Responsibility Development
Production
Human (Nopawong Factory) Marketing Strategic Business Quality
Resource Cost Directions & Investor Relations &
Management Government Affair Assurance
Business Partner Production Priorities Procurement
Organization & Corporate (Rojana Factory) Development
People Finance Project Risk Management
Management Research and
Development System Supply Legal
Chain Office Quality
Company Secretary Management
Management Engineering Office Import and
Information System Representative
Trade
Occupational Total Quality

Health, Safety Management
and Environment (TQM)
81
Mr. Yuth
Vorachattarn
Age 73
Current position
• Chairman of the Board
• Independent Director
• Member of Audit Committee
• Member of Nomination and
Renumeration Committee
Holding directorship Positions in non-listed companies

since 24 March 2011 2017 - present Director / Chairman of the Audit Committee
Nutrix PCL.
Education background 2015 - present Director
• Master of Economics (English Program) B.S.Y. Construction Co., Ltd.
Thammasat University 2015 - present Director / Chairman of the Audit Committee
BSY Group PCL.
• Bachelor of Economics (Honor class - Good)
Thammasat University
Work experience in the past 5 years
Training record with the Thailand Institute 2010 - 2020 Director/Chairman of the Audit Committee
Sahathai Steel Pipe PCL.
of Directors (IOD)
• Class 5, year 2018 Strategic Board Master Class (SBM) 2017 - 2019 Chairman of the Board
• Class 28, year 2018 Advance Audit Committee Program (AACP) SCB Protect Co., Ltd.
• Class 2, year 2015 Ethical Leadership Program (ELP) 2003 - 2019 Chairman of the Board / Audit Committee
• Class 0, year 2014 Corporate Governance for Capital Market Maybank Kim Eng Securities (Thailand) PCL.
Intermediaries (CGI) 2004 - 2015 Chairman of the Board
• Class 6, year 2013 Financial Institutions Governance Program SCB Leasing PCL.
(FGP) 2004 - 2015 Chairman of the Board
• Class 12 year 2010 Monitoring of the Quality of Financial Preecha Group PCL.
Reporting (MFR)
Family relation between directors and executive
• Class 33, year 2010 Audit Committee Program (ACP)
officers
• Class 3, year 2008 Chartered Director Class (R-CDC)
• Class 8, year 2003 Role of the Chairman Program (RCP) - None -
• Class 0, year 2000 Directors Certification Program (DCP) Shareholding in the company includes the
shareholding of the spouses and minor child(ren)
Positions in other listed companies (As of 30 December 2020)
2016 - present Chairman of the Board / Audit Committee
Sahathai Terminal PCL. Self : - None -
2016 - present Chairman of the Board Spouse/ : - None -
Grand Prix International Co., Ltd. minor child(ren)
Legal offence within the past 10 years

- None -

Mrs. Wanee
Thasanamontien
Age 66
Current position
• Chairman of Audit Committee

since 13 November 2014 - None -
Education background Work experience in the past 5 years

• Master of Public Administration, 2010 - 2014 Taxation strategy consultant
Chulalongkorn University The Revenue Department
• Bachelor of Law 2010 - 2014 Representative Director of
Thammasat University the Ministry of Finance
• Bachelor of Accounting Wastewater Management Organization
Thammasat University
2014 - 2014 Representative Director of
the Ministry of Finance
Training record with the Thailand Institute Thailand Institute of Scientific and
of Directors (IOD) Technological Research
• Class 18, year 2015 Advanced Audit Committee Program
(AACP) Family relation between directors and executive
• Class 4, year 2012 Financial Institutions Governance officers
Program (FGP) - None -
• Class 138, year 2010 Directors Certification Program (DCP)
Shareholding in the company includes the
Positions in other listed companies shareholding of the spouses and minor child(ren)
- None - (As of 30 December 2020)
Self : - None -
Spouse/ : - None -
minor child(ren)

- None -

Mr. Chaiyong
Ratanacharoensiri
Age 65
Current position
• Member of Audit Committee
• Chairman of the Nomination and

since 24 March 2011 2015 - present Chairman of Audit Committee
Quick Leasing Co., Ltd.
Education background
• Master of Administration Work experience in the past 5 years
Scranton University, USA 2018 - 2018 Executive Committee
• Bachelor of Engineering P-Mart Superstore Co., Ltd.
Chulalongkorn University 1998 - 2015 Vice President
Bangkok Bank PCL
Training record with the Thailand Institute
of Directors (IOD) Family relation between directors and executive
• Class 1, year 2008 Successful Formulation & Execution officers
the Strategy (SFE)
- None -
• Class 58 year 2005 Directors Certification Program (DCP)
• Class 34, year 2005 Directors Accreditation Program (DAP) Shareholding in the company includes the
- None - Self : - None -
Spouse/ : - None -
minor child(ren)

- None -

Mr. Somboon
Prasitjutrakul
Age 62
Current position
• Director and Executive Committee

since 8 November 2013 2020 - present Director
Tia Ngee Hiang (Chaosua)
Education background 2018 - present Director
• Master of Business Administration Devakam Apothecary Hall Co., Ltd.
Sasin Graduate Institute of
Business Administration Work experience in the past 5 years
• Bachelor of Marketing 2014 - 2020 Director
San Jose State University, USA River Pro Pulp and Pepper Co., Ltd.
Training record with the Thailand Institute 2014 - 2020 Director
of Directors (IOD) Thanatharn Paper Co., Ltd.
• Class 54, year 2005 Directors Certification Program (DCP) 2017 - 2018 Director
V Food Group Co., Ltd.
Positions in other listed companies 2015 - 2017 Director
T.A.C. Consumer PCL
2020 - present Director
Moong Pattan International PCL. 2014 - 2015 Executive Director
2017 - Present Director Ippudo (Thailand) Co., Ltd.
JWD Infologistics PCL
officers
- None -

(As of 30 December 2020)
Self : - None -
Spouse/ : - None -
minor child(ren)

- None -

Mr. Itthipat
Peeradechapan
Age 37
Current position
• Director
• Chief Executive Officers
Holding directorship Positions in other listed companies

since 21 September 2004 - None -

• Doctorate Entrepreneurship 2014 - 2020 Director
(Honorary) University of the Thai Chamber
of Commerce Omise Co., Ltd.
2013 - 2019 Director
• Bachelor of Entrepreneurship Tokyo Runway Marketing Co., Ltd.
University of the Thai Chamber
of Commerce 2009 - 2019 Director
Twenty Four Projects Co., Ltd.
of Directors (IOD) Taokaenoi Maruesu (Thailand) Co., Ltd.
• Class 86, year 2010 Directors Accreditation Program (DAP) 2012 - 2015 Director
Gen C Inspire Corporation Co., Ltd.
Positions in non-listed companies
2019 - Present Director Family relation between directors and executive
Thonglor 24 Co., Ltd. officers
2018 - Present Director Younger brother of Mr. Nutchatpong Peeradechapan
Henry Berger International Co., Ltd.
Younger brother of Ms. Orrapat Peeradechapan
2018 - Present Director
Tob Capital 24 Co., Ltd.
Peeradechapan Holding Co., Ltd. shareholding of the spouses and minor child(ren)
Chubcheeva Co., Ltd. Self : 322,896,200 shares
2010 - Present Director Self (indirectly : 252,000,000 shares
Dr. Tobi Co., Ltd. through the
holding company)
Taokaenoi Restaurant & Franchise Co., Ltd. Spouse/ : - None -
minor child(ren)
Taokaenoi Care Co., Ltd.
2004 - Present Director Legal offence within the past 10 years
NCP Trading and Supply Co., Ltd. - None -

Miss Orrapat
Peeradechapan
Age 40
Current position
• Director
• Chairman of the Risk Management Committee
• Managing Director
(International Trade and Management)
Holding directorship Work experience in the past 5 years

since 21 September 2004 2009 - Present Director
Twenty Four Projects Co., Ltd.
Education background
• Master of Public Administration, Family relation between directors and executive
Ramkamhaeng University officers
• Bachelor of Service Industry, Older sister of Mr. Itthipat Peeradechapan
Rangsit University Younger sister of Mr. Nutchatpong Peeradechapan
Training record with the Thailand Institute Shareholding in the company includes the
of Directors (IOD) shareholding of the spouses and minor child(ren)
• Class 86, year 2010 Directors Accreditation Program (DAP) (As of 30 December 2020)
Self : 63,255,000 shares
Positions in other listed companies Self (indirectly : 54,000,000 shares
- None - through the
holding company)
Positions in non-listed companies Spouse/ : - None -
2020 - present Director minor child(ren)
Rainbow Project Co., Ltd.
Jibvardee Co., Ltd. - None -
Peeradechapan Holding Co., Ltd.
Dr. Tobi Co., Ltd.
Taokaenoi Restaurant & Franchise Co., Ltd.
NCP Trading and Supply Co., Ltd.

Mr. Jirapong
Suntipiromkul
Age 58
Current position
• Director
• Deputy Managing Director
• Member of Risk Management Committee

since 1 September 2018 2020 - present Director
Education background 2018 – Present Director
• Master of Accounting Taokaenoi Restaurant &
Chulalongkorn University Franchise Co., Ltd.
• Bachelor of Accounting 2013 – Present Director
University of the Thai Chamber JWK Engineering Co., Ltd.
of Commerce
Training record with the Thailand Institute - None -
of Directors (IOD)
• Class 108, year 2020 Company Secretary Program (CSP) Family relation between directors and executive
• Class 287, year 2019 Director Certification Program (DCP) officers
• Class 8, year 2017 Ethical Leadership Program (ELP) - None -
Positions in other listed companies Shareholding in the company includes the

- None - shareholding of the spouses and minor child(ren)
Self : - None -
Spouse/ : - None -
minor child(ren)

- None -

Miss Porntera
Rongkasiripan
Age 52
Current position
• Director
• member of Risk Management Committee
• General Manager NCP Trading and Supply Co., Ltd.

since 3 January 2012 2020 - present Director
Education background 2018 - present Director / General Manager
• Bachelor of Accounting NCP Trading and Supply Co., Ltd.
Assumption University
Training record with the Thailand Institute 2008 - 2020* Director of Internal Audit
of Directors (IOD) Taokaenoi Food and Marketing PCL.
• Class 89, 2011 Directors Accreditation Program (DAP)
Positions in other listed companies officers
- None - - None -

Self : - None -
Spouse/ : - None -
minor child(ren)

- None -
*Miss Porntera Rongkasiriphan who was Director of Internal

Audit in Taokaenoi Food & Marketing Public Company Limited
was transfer to General manager in NCP Trading and Supply
Co.,Ltd since July 1, 2020 onward.

About Sub-Committee
Sub-Committee
To enhance efficient and effectiveness of the Board of Directors’ performance, the Board has assigned
sub-committees to study and screen operation as deemed necessary. As of 31 December 2020, there are 3 boards
of sub-committees as shown below.
1. Audit Committee
The Audit Committee has the authority to review
quarterly and annual financial statement by coordinating 3
with external auditor, to review the internal control and
2
internal audit, including the selection and appointment
of auditor, to consider the related transactions or the
transaction that may have a conflict of interest, to ensure
compliance with securities and stock exchange laws. The
Audit Committee comprises three members namely:
1. Mrs. Wanee Thasanamontien Chairman of
Audit Committee
1
2. Mr. Yuth Vorachattarn Audit Committee
3. Mr. Chaiyong Ratanacharoensiri Audit Committee
2. Nomination and Remuneration Committee
The Nomination and Remuneration Committee has the authority to select the qualified persons to be the
member of the Board of Directors and the Chief Executive Officer, to consider and set compensation rate to the
Board of Directors and Chief Executive Officer. The Nomination and Remuneration Committee comprises of four
members namely.
1. Mr. Chaiyong Ratanacharoensiri
Chairman of the Nomination and Remuneration
Committee
4 2. Mr. Yuth Vorachattarn
2 3 Member of Nomination and Renumeration Committee
3. Mrs. Wanee Thasanamontien
Member of Nomination and Renumeration Committee
4. Mr. Somboon Prasitjutrakul
Member of Nomination and Renumeration Committee
1 Mr. Jirapong Suntipiromkul is a secretary to the
Nomination and Remuneration Committee.
3. Risk Management Committee
The Risk Management Committee has the authority to determine policy, strategy and approach to the risk
management, supervise to ensure compliance with the policy, review and assess the performance on a regular
basis. The Risk Management Committee comprises four members namely:
1 2 3 4 1. Ms. Orrapat Peeradechapan
Chairman of the Risk Management Committee
2. Mr. Jirapong Suntipiromkul
A member of Risk Management Committee
3. Ms. Porntera Rongkasiripan
4. Mr. Prayut Apisitsareekul
Mr. Wanchai Wongpongsawiwat is the Secretary of Risk
Management Committee
About the Executives
As of 30 December 2020, the Company has eight executive officers namely below:
Mr. Itthipat Peeradechapan Miss Orrapat Peeradechapan Mr. Nutchatpong Peeradechapan

Chief Executive Officers Managing Director Managing Director
Mr. Jirapong Suntipiromkul Mr. Prayut Apisitsareekul Mr. Koosoon Rattanaporn

Deputy Managing Director Chief Strategy and Chief Financial Officer
Commerce Officer
Mr. Woothi Kruanamkhum Mr. Prin Pitchayavijit

Chief Operating Officer Chief People Officer
91
Mr. Itthipat
Peeradechapan
Age 37
Current position
• Director
• Chief Executive Officers
Education background Positions in other listed companies

• Doctorate Entrepreneurship - None -
(Honorary) University of the Thai Chamber
of Commerce
• Bachelor of Entrepreneurship
University of the Thai Chamber 2014 - 2020 Director
of Commerce Omise Co., Ltd.
Training record with the Thailand Institute Tokyo Runway Marketing Co., Ltd.
of Directors (IOD) 2009 - 2019 Director
• Class 86, year 2010 Directors Accreditation Program (DAP) Twenty Four Projects Co., Ltd.
Positions in non-listed companies Taokaenoi Maruesu (Thailand) Co., Ltd.
2019 - Present Director 2012 - 2015 Director
Thonglor 24 Co., Ltd. Gen C Inspire Corporation Co., Ltd.
Henry Berger International Co., Ltd. Family relation between directors and executive
2018 - Present Director officers
Tob Capital 24 Co., Ltd.
Younger brother of Mr. Nutchatpong Peeradechapan
2014 - Present Director Younger brother of Ms. Orrapat Peeradechapan
Peeradechapan Holding Co., Ltd.
Chubcheeva Co., Ltd. Shareholding in the company includes the
Dr. Tobi Co., Ltd. (As of 30 December 2020)
2009 - Present Director Self : 322,896,200 shares
Taokaenoi Restaurant & Franchise Co., Ltd. Self (indirectly : 252,000,000 shares
through the
2008 - Present Director holding company)
Spouse/ : - None -
NCP Trading and Supply Co., Ltd. minor child(ren)

- None -

Miss Orrapat
Peeradechapan
Age 40
Current position
• Director
• Chairman of the Risk Management Committee
• Managing Director
(International Trade and Management)

• Master of Public Administration, 2009 - Present Director
Ramkamhaeng University Twenty Four Projects Co., Ltd.
• Bachelor of Service Industry,
Rangsit University Family relation between directors and executive
officers
Training record with the Thailand Institute Older sister of Mr. Itthipat Peeradechapan
of Directors (IOD) Younger sister of Mr. Nutchatpong Peeradechapan
• Class 86, year 2010 Directors Accreditation Program (DAP)
Self : 63,255,000 shares
Positions in non-listed companies Self (indirectly : 54,000,000 shares
2020 - present Director through the
Rainbow Project Co., Ltd. holding company)
2018 - Present Director Spouse/ : - None -
Jibvardee Co., Ltd. minor child(ren)
Peeradechapan Holding Co., Ltd. Legal offence within the past 10 years
2010 - Present Director - None -
Dr. Tobi Co., Ltd.
Taokaenoi Restaurant & Franchise Co., Ltd.

Mr. Nutchatpong
Peeradechapan
Age 41
Current position
• Managing Director (Business Support)

• Bachelor of Science in Industrial Education, 2009 - 2019 Director
King Mongkut’s Institute of Technology Twenty Four Projects Co., Ltd.
North Bangkok 2014 - 2015 Director
Gen C Inspire Corporation Co., Ltd.
of Directors (IOD) Thai Forward Building Co., Ltd.
• Class 42, year 2011 Company Secretary Program (CSP)
• Class 86, year 2010 Directors Accreditation Program (DAP) officers
Older brother of Mr. Itthipat Peeradechapan
Positions in other listed companies Older brother of Ms. Orrapat Peeradechapan
- None -
Positions in non-listed companies shareholding of the spouses and minor child(ren)
2014 - Present Director (As of 30 December 2020)
Peeradechapan Holding Co., Ltd. Self : 63,655,000 shares
2010 - Present Director Self (indirectly : 54,000,000 shares
Dr. Tobi Co., Ltd. through the
2009 - Present Director holding company)
Taokaenoi Restaurant & Franchise Co., Ltd. Spouse/ : - None -
2008 - Present Director minor child(ren)
- None -

Mr. Jirapong
Suntipiromkul
Age 58
Current position
• Director
• Deputy Managing Director
• member of Risk Management Committee
Education background Positions in non-listed companies

• Master of Accounting 2020 - present Director
Chulalongkorn University Taokaenoi Care Co., Ltd.
• Bachelor of Accounting 2018 – Present Director
University of the Thai Chamber Taokaenoi Restaurant &
of Commerce Franchise Co., Ltd.
2013 – Present Director
Training record with the Thailand Institute JWK Engineering Co., Ltd.
of Directors (IOD)
• Class 108, year 2020 Company Secretary Program (CSP) Work experience in the past 5 years
• Class 287, year 2019 Director Certification Program (DCP) - None -
• Class 8, year 2017 Ethical Leadership Program (ELP)
Positions in other listed companies officers
- None - - None -

Self : - None -
Spouse/ : - None -
minor child(ren)

- None -

Mr. Prayut
Apisitsareekul
Age 43
Current position
• Chief Strategy and Commerce Officer

• Master of Business Administration (MBA) 2017 - 2018 Finance Director (New Business Investment
Institut Européen Department To increase management
d’Administration des Affaires efficiency Supply chain and logistics of oil
(INSEAD) drilling North America region)
• Bachelor of Electrical Engineering Schlumberger
King Mongkut’s Institute Ladkrabang (North America – Vertical Integration)
2013 - 2017 Finance Director, North Asia Headquarters
Training record with the Thailand Institute Schlumberger
(North Asia - Oilfield Services)
of Directors (IOD)
- None - Family relation between directors and executive
officers
Positions in other listed companies - None -
- None -
Positions in non-listed companies shareholding of the spouses and minor child(ren)
2020 - present Directors (As of 30 December 2020)
Star Hunter Studio Co., Ltd.
Self : 116,000 shares
2020 - present Directors Spouse/ : - None -
Show No Limit Co., Ltd.
minor child(ren)

- None -

Mr. Koosoon
Rattanaporn
Age 40
Current position
• Chief Financial Officer

• Bachelor of Accounting - None -
Chiang Mai University
Training record with the Thailand Institute officers
of Directors (IOD) - None -
• Class 113, year 2020 Company Secretary Program (CSP)
Self : - None -
Positions in non-listed companies Spouse/ : - None -
- None - minor child(ren)

- None -

Mr. Prin
Pitchayavijit
Age 51
Current position
• Chief People Officer

• Master of Human Resource Development 2007 - 2020 Director of Mitr Phol Development
National Institute of Development Institute
Administration Mitr Phol Sugar Corporation., Ltd.
• Bachelor of Political Sciences
Ramkamhaeng University Family relation between directors and executive
officers
- None -
of Directors (IOD)
- None - Shareholding in the company includes the
- None - Self : - None -
Spouse/ : - None -
Positions in non-listed companies minor child(ren)
- None -
- None -

Mr. Woothi
Kruanamkhum
Age 48
Current position
• Chief Operating Officer
Education background Positions in non-listed companies

• Master of The Management - None -
Ramkamhaeng University
• Bachelor of Mechanical Engineering Work experience in the past 5 years
King Mongkut’s Institute of Technology
North Bangkok 2018 - 2020 Chief Executive Officers
Bluefalo Co., Ltd.
Training record with the Thailand Institute 2017 - 2018 Chief Operating Officer
of Directors (IOD) Mary Anne Co., Ltd.
• Class 280, year 2019 Directors Certification Program (DCP) 2017 - 2017 Chief Operating Officer
Do Day Dream PCL.
• Class 160, year 2019 Directors Accreditation Program (DAP)
2016 - 2016 Factor Director
Positions in other listed companies Mary Anne Co., Ltd.
- None - 2012 - 2016 Product Director
Monsanto Thailand Co., Ltd.

officers
- None -

Self : - None -
Spouse/ : - None -
minor child(ren)

- None -

About Employees
Personnel
The changes in the personnel of Taokaenoi Food & Marketing Public Company Limited within the past three years are
as follows:
2020 2019 2018
Location Part- Monthly Total Part- Monthly Total Part- Monthly Total
time time time
Muang Thong - 193 193 - 208 208 - 221 221
Thani Office
Nopphawong 529 163 692 1,655 301 1,956 751 329 1,080
Factory
Rojana Factory 1,499 291 1,790 1,197 185 1,382 554 175 729
Other / Out Source - - - 2 - 2 1,169 - 1,169
Total 2,028 647 2,675 2,854 694 3,548 2,474 725 3,199
2020 2019 2018

Line Part- Part- Part- Monthly
time Monthly Total time Monthly Total time Total
Production / - - - 2 - 2 1,169 - 1,169
Outsource
Production 1,871 174 2,045 2,666 188 2,854 1,134 194 1,328
Production Planning 3 9 12 2 11 13 1 11 12
Quality Assurance 50 33 83 54 34 88 81 38 119
Engineering 7 65 72 8 69 77 5 71 76
Safety - 5 5 - 5 5 - 4 4
Quality Management - 8 8 - 7 7 - 4 4
Representative
Supply Chain 53 67 120 67 72 139 45 77 122
Purchase - 12 12 - 14 14 - 13 13
Research and 5 18 23 5 17 22 3 16 19
Development
Import and Trading - 4 4 - 4 4 - 4 4
Foreign Trade - 45 45 - 43 43 - 40 40
Domestic Marketing - 42 42 - 64 64 - 76 76
Domestic Sales - 19 19 - 22 22 - 19 19
Human resource 39 51 90 50 60 110 36 66 102
Management - 19 19 - 18 18 - 16 16
Law - 6 6 - 5 5 - 5 5
Information - 22 22 - 21 21 - 26 26
Technology
Cost Finance - 48 48 - 40 40 - 45 45
Account
Total 2,028 647 2,675 2,854 694 3,548 2,474 725 3,199

Welfares Personnel Development Policy
Addressing the importance of employees who are the Considering that human resource is a vital factor and
core of our sustainable growth, the Company provides valuables in driving the Company’s business, the Company
reasonable compensation and welfares to build morale establishes the personnel development, corporate
and encouragement. The followings are our basic welfares. development that meets its vision, mission, and core
value. With development policy to enhance potentiality,
Group welfare for stability and security includes: skills, and knowledge, the performance of employees in
• The company has registered a provident fund. By all levels on a regular basis, the Company expects its
registering an additional employer to join the registered employees to improve their thinking skills, personal skills,
provident fund, Krungthai Master Pool Fund. Krung and working skills. The Company would like to see its
Thai Asset Management Public Company Limited is personnel willing to open the door of learning to develop
the fund manager. Which all employees and executives and experience a new learning curve in an endless scope.
can apply for membership In which members will
pay the accumulated money to the fund The 1) Training Plan: The Company determines a personnel
employer shall deduct from the wages and submit development plan for each department to ensure
them to the fund at the rate of 3-7% of the wages. their knowledge, understanding, and accurate
The employer is obliged to pay contributions to the performance that suits each position.
fund. On the same day the member pays contributions 2) In-house and external training are provided to develop
to the fund at the following percentage of wages: their thinking, potentiality, knowledge, and ability to
perform work properly and be consistent with
Years of work Employer contribution corporate strategy and target.
rate (percentage)
3) On Job Training is provided to develop working skills
Under 3 years 3 on an actual worksite where employees will work
Between 3-7 years 5 under a skilled and expert instructor’s supervision.
From 7 years 7 The performance will be assessed under a systematic
approach.
• Life insurance, accident insurance, and health 4) Self-Learning is made via learning platforms. Taokaenoi
insurance (OPD, IPD)
believes that each person possesses a different
Group welfare for life quality and employee ability learning approach, and everyone has their learning
enhancement includes: style. Hence, the Company allows its personnel to
• Online course welfare (self-learning) is initiated under choose the learning methodology that they prefer
the Your Next You project. The employee can choose to reach various skills effectively and to enjoy with
from various leading courses from abroad such as the content provided to them. To get the best
Design Thinking, Business Mind Set, Leadership experience for its employees, the Company provides
Program, and In-House Training. virtual training and video clips to learn anywhere,
• Nursing room in a factory, annual health check. anytime. The courses focus on exchanging knowledge,
information, or content from curator/specialists/
• Welfare for daily life such as uniforms, shuttle service
self-learners. In addition, there is a library of information
for employees
and documents for employees to access and
As specified in the Company’s regulation, other welfares download to review their learning progress.
include a special day off on employee’s birthday, New
Year Party and other important days of the Company, the
special supporting fund to employee’s family in various
occasions, traveling allowance, visit banquet.
Personnel Development outcome
Topic General training Self learning Training

(In-house and External Training)
Number of training courses 241 courses 616 courses
Training hours/employee 11.71 hours per year 21.36 hours per year
Average satisfaction rating 89% -

Well Plan with Savings Program Supervisor Program
Giving feedback to performance assessment One Team One Goal Program
Change Lover’s Café: Virtual Training

Sharing Your Knowledge Together
Corporate value promotion activity Corporate value promotion activity

Other important information
Auditors’ remuneration
As of the ending of the accounting period, 31 December 2020, the Company and subsidiaries hired Deloitte
Touche Tohmatsu Jaiyos Audit Co., Ltd. and Shanghai Fuqua Network Technology Co., Ltd as an auditor. The followings
are the compensation rate provided for the auditors.
Unit: THB million
Auditors' remuneration TKN TKNRF NCP TKNC TKNUS
Audit fee 2.01 0.55 0.35 0.10 2.07
Other service fees * 0.27 0.04 0.01 0.01 -
Total 2.28 0.59 0.36 0.11 2.07
Remark* Other service fees include traveling allowance, inspection fee on product elimination process, and
documentation fee.
Investor Relations
In 2020, the Investor Relations activities and operation result presentation, the information provided to
shareholders, minor investors, institution investors, analysts, and stakeholders were published via the following
platforms.
Series Information disclosure and presentation Times

1. Joined the Opportunity Day 4
2. Company Visit 1
3 Domestic Roadshow 1
4. Talking to investors via conference call (1x1 Conference Call) 8
5. Talking to investors via conference call (Group Conference call) 13
6. Interview 2
7. Annual General Meeting of Shareholders 1
8. Arranged Analyst / Fund Manager Meeting 1
In addition to the above investor relations activities in which our executive officers had joined for giving
information to analysts, the Company also assigned investor relations staff to provide initial information to
interested people via emails and telephone.
Investor Relations Contact Channels
Email: [email protected]
Website: www.taokaenoi.co.th/ir (Investor Relations)
Phone: 0 2984 0666 # 316 Contact Jettasic Sittipiyasakul

8
Report of Significant Operation
of the Corporate Governance
8.1 Summary of the Board of Directors’ performance within the past year.
A table showing meeting attendance of the Board member in 2020
Series Name BOD1 AC2 NRC3 RMC4 AGM5
1 Mr. Yuth Vorachattarn 9/9 4/4 2/2 1/1
2 Ms. Wanee Thasanamontien 9/9 4/4 2/2 1/1
3 Mr. Chaiyong Ratanacharoensiri 9/9 4/4 2/2 1/1
4 Mr. Somboon Prasitjutrakul 9/9 2/2 1/1
5 Mr. Itthipat Peeradechapan 9/9 1/1
6 Ms. Orrapat Peeradechapan 9/9 2/2 1/1
7 Ms. Porntera Rongkasiriphan 9/9 2/2 1/1
8 Mr. Jirapong Suntipiromkul 9/9 2/2 1/1
9 Mr. Prayut Apisitsareekul 2/2
Number of meeting attendees 8 3 4 4 8
1
The Board of Directors (BOD) consists of eight members,
with Mr. Yuth Vorachattarn as a Chairman of the Board.
2
The Audit Committee (AC) consists of three members,
with Mrs. Wanee Tassanamontien as the Audit Committee Chairman.
3
Nomination and Remuneration Committee (NRC) consists of four members,
with Mr. Chaiyong Rattanacharoensiri as a Chairman of the Nomination and Remuneration Committee.
4
Risk Management Committee (RMC) consists of four members,
with Ms. Orrapat Peeradechapan as a Chairman of the Risk Management Committee.
5
The Annual General Meeting (GM) of Shareholders for the year 2020 was held on 17 August 2020,
with Mr. Yuth Vorachattarn as the chairman of the meeting.

Remuneration for Directors and Executives in 2020
Position Unit 2020 2019 2018
Board of Directors
- Chairman of the Board THB/month 60,000 60,000 60,000
- Independent Director THB/month 30,000 30,000 30,000
- Director and Executive Committee THB/month 80,000 80,000 80,000
Audit Committee
- Chairman of the Board THB/month 20,000 20,000 15,000
- Director THB/month 15,000 15,000 10,000
Nomination and Remuneration Committee
- Chairman of the Board THB/time 10,000 10,000 10,000
- Director THB/time 8,000 8,000 8,000
In 2020, the total remuneration provided to the Board of Directors was THB. Details are as shown below.
Remuneration The bonus Total
Series Name year 2020 (Baht)
BOD 1
AC 2
NRC 3
1 Mr. Yuth Vorachattarn 720,000 180,000 16,000 - 916,000

2 Ms. Wanee Thasanamontien 360,000 240,000 16,000 - 616,000
3 Mr. Chaiyong Ratanacharoensiri 360,000 180,000 20,000 - 560,000
4 Mr. Somboon Prasitjutrakul 960,000 - 16,000 - 976,000
5 Mr. Itthipat Peeradechapan
6 Ms. Orrapat Peeradechapan
7 Ms. Porntera Rongkasiripan
8 Mr. Jirapong Suntipiromkul
Total 2,400,000 600,000 68,000 - 3,068,000
1
BOD – Board of Directors
2
AC – Auditing Committee
3
NRC – Nomination and Remuneration Committee

The Executive’s Remuneration Governance of Subsidiaries and Joint Ventures
According to the Notification of the Office of the Governance of Subsidiaries and Joint Ventures
Securities and Exchange Commission Tor Lor Jor.23/2551 The Central Support Unit is centralised at the Company.
states that “Executives” meaning the management or The subsidiaries will appoint a direct responsible person
take on the role as the executive ranked in the top four. while some use the outsource. Further details are as
Those individuals hold the position equivalent to all four follows:
executives. This includes those who hold executive Accounting, accounting system, finance, costs, planning,
positions in accounting and finance of the company and budget.
equivalent to the top 4 executives’ level or higher. Human resource and organization development
Corporate information technology
According to the company’s structure in 2020, the
Each subsidiary functions as a business unit to support
Securities and Exchange Commission has 6 executives in
the Company’s business operation, including seasoning
total. These are: Chief Executive Officer, Managing Director
power production - as raw materials for the Company.
(International trade and management), Managing Director
On the other hand, the snacks and souvenir shops function
(Business support), Deputy Managing Director, Chief Financial
as follows.
Officer, Chief Operating Officer Chief Strategy and Commerce
Officer and Chief People Officer received remunerations Seasoning powder as a raw material for processed
in the forms of salaries, bonuses and other benefits totaling seaweed production.
33,081,396 baht. The seasoning powder production unit is responsible
for procuring raw materials to feed the production, proceed
the show to meet the standard set forth, and deliver to
Other compensation the Company to produce a ready-made seaweed production
1. Other Remuneration of Directors : none line.
2. Other Executive Remuneration : Provident Fund
Restaurant/snack and souvenir shops
Restaurant/s/souvenir shops function as a distribution
channel for the Company by directly targeting the customer
group. The restaurant and souvenir shop is also a platform
to conduct new products for the domestic market and
tourists and arrange marketing promotion activities.
The subsidiary’s business operation must be under the
business policy and criteria set forth by the Company.

9
Internal Control and
Related Transactions
9.1 Internal Control

Social policy and practice
The Board of Directors realises the importance of internal control system and hence provides the internal
control system that covers finance, management, and operation to leverage the effectiveness and efficiency to meet
the requirement of the laws, regulations, and rules. Furthermore, the Company’s risk management effectively
maintains the risk at an acceptable level, suited to each department’s working environment or activity.
The Board of Directors and Audit Committee adheres to and refers to internal control scope based on the
Company’s internal control system assessment, which covers five elements, namely below.
1. Control Environment for controlling impacts and potential risks based on the
insignificant risk level to business operation. The
The Company has an optimised organizational
comprehensive assessment covers the factors that may
structure and working environment that enables the
affect the Company’s business operation, including the
effective operation of internal control. The Board of
impact from external and internal including all departments.
Directors adheres to and places the importance of correct
The Company has appointed the Risk Management
matters based on justice and morality. The internal control
Committee to manage the risk as a whole. The Risk
involves the feasibility of the target set forth, and such
Management Committee’s duty covers all departments
target is passed on to employees regularly. There is a fair
regarding managing and controlling risk at an acceptable
indicator to identify employee performance and business
level specified in the Key Risk Indicator (KRI). The KRI is
goals and provide guidance for performing their duties.
the vital indicator for improvement operation target to
Furthermore, the distinctive organizational structure
accomplish a successful operation and conform to the
enables the Management to perform their tasks effectively,
current situation.
with nomination and recruitment of the proper personnel
with qualifications, skills, and knowledge ready to support
3. Control Activities
our corporate goal. The personnel also receive incentive
income. The Company has in place control procedures to
ensure compliance with the rules, regulations, mandatory
2. Risk Identification and Assessment and work manual regularly, including the determination
of authority and approval hierarchy in explicit and written
Prioritising risk management, the Company has
form. Furthermore, the Audit Committee considers the
established risk assessment procedures consistent with
internal audit result quarterly to acknowledge important
the business objective and target by identifying and
topics and issues. Eventually, the Audit Committee will
analysing all types of risk existing now and in the future.
suggest to the Management for resolution and report the
The risk assessment will clarify measures to control and
outcome accordingly. In case there is a transaction made
monitor the risk properly in case of failure to accomplish
with a person who may have a conflict or a person related
one of our objectives. The Company has guidance necessary

to the Management, the matter is brought forward or Upon considering the internal audit assessment
proposed to the Audit Committee’s meeting for consideration result, and the information inquired from the Management,
and to seek approval from the Board of Directors under including reviewing documents prepared by the Management,
the relevant procedures and rules. it is summarised that the Company’s internal control
system is effective and appropriate.
4. Information and Communication
The Company has in place good quality data storage Head of Internal Audit of the Company
and information technology. Our documents are sorted The Audit Committee has appointed P&L Internal
into categories, in particular, accounting documents which Audit Co.., Ltd. as an auditor from 2011 until the present.
are important to preparing financial reports to the Board P&L Internal Audit Co., Ltd. assigns Miss Wanwimon
of Directors. The accounting documents and booking are Chongureeyapas, the Vice President, as the main responsible
stored in proper order and traceable. The invitation letter person to perform the Company’s internal audit.
to the meeting and supporting document are prepared After considering the qualifications of P&L Internal
before the meeting within an adequate period and in line Audit Co., Ltd., and Miss Wanwimon Chongsureyapas, the
with the law. The information is beneficial to the Company’s Audit Committee is of the opinion that the qualification
business, accurate, and sufficient for related parties to is adequate and suited to the duties. The company and
decide. Such information will lead to successful operation auditor independence and experience in internal audit
control, mutual understanding of individual responsibility, for similar business are sufficient. Moreover, Miss Wanwimon
and the availability to utilise correctly. The internal Chongsureyaps has been to the training programs related
communication procedures effectively create the to the internal audit, which are COSO 2014 and Fraud
convenience of access to the data necessary for work or Audit and Caution for Auditor by the Institute of Internal
auditing transactions. In addition, the communication to Auditors of Thailand (IIAT), Data Analytics for Internal
the external party is appropriately conducted. Auditor Class 2/60 by the Federation of Accounting
The Company provides a communication channel Professions Under the Royal Patronage (FAP) and the
with stakeholders such as the complaint channel, call Prepared Course for Certified Internal Auditor: Pre – CIA
center, investor relations officer to acknowledge errors by Chulalongkorn University. However, the consideration
and issues found and to acknowledge the external party and approval, appointment, dismissal of the Company’s
of the correct information and the report of any matter internal auditor are subject to the approval (or consent)
promptly. from the Audit Committee.
5. Monitoring and Evaluation

The Company has in place continual operation
monitoring procedures. The Audit Committee has considered
and approved the annual internal audit plan after reviewing
various coordination matters with the Internal Audit Unit.
Furthermore, the Audit Committee has invited the auditor
to propose the financial statement regularly monitoring
performance. The performance is prepared in the report
and proposed to the Audit Committee and the Board of
Directors every quarter. Accordingly, the Company conducts
the assessment on a regular basis to ensure the effectiveness
of the internal control.

9.2 Connected transactions
For the fourth quarter and cumulative year ending as of 31 December 2020, Taokaenoi Food and Marketing
Public Company Limited (“the Company”) and its subsidiaries had connected transactions as follows:
Related person Type of relationship

Director and Chief Executive Officer
Mr. Itthipat Peeradechapan holding 23.40% of the Company’s shares and 70.00% of shares in Peeradechapan
Holding Co., Ltd.
Director and Managing Director of the Company
Miss Orrapat Peeradechapan holding 4.61% of the Company’s shares ad 15.00% of shares in Peeradechapan
Holding Co., Ltd.
Managing Director of the Company
Mr. Nutchatpong Peeradechapan holding 4.58% of the Company’s shares ad 15.00% of shares in Peeradechapan
Holding Co., Ltd.
Dr. Tobi Co., Ltd. Has two common directors, namely Mr. Itthipat Peeradechapan and
(“Dr. Tobi”) Ms. Orrapat Peeradechapan.
At present, the Company holds shares in four subsidiaries, namely below.
Subsidiary Type of relationship
Taokaenoi Restaurant and Franchise Company Limited (TKNRF”) The Company holds 100.0% in TKNRF.
NCP Trading and Supply Company Limited ("NCP") The Company holds 100.0% in NCP.
Taokaenoi Care Company Limited (TKNC") The Company holds 100.0% of TKNC.
Taokaenoi USA Inc (“TKN US”) The Company holds 91.21% in TKNUS.

Details of the connected transactions for the fourth quarter and cumulative year ending of 31 December 2020
contain 11 transactions. Details of each transaction are as follows.
1. Trading of goods and services - 5 transactions
Seller / Buyer / Characteristics of The cumulative
Tran- Service transaction / year 2020 Necessity and reasonableness of the transaction
saction Provider Client important conditions (THB million)
1 Company TKN US The Company Necessity
distributes products TKNUS distributes our crispy seaweed, grilled seaweed
to TKN US. ad tempura seaweed in the United States and Canada.
• Sell products 149.02 Price-reasonableness
• Trade receivables 66.81 1. In the event the product distributed to TKNUS
is also spread to other customers.
The Company has set the prices based on general
trading prices offered to significant distributors
in other countries, and the gross profit margin
after deducting the net contribution margin is
at a similar rate to another distributor.
2. In the event the product distributed to TKNUS
is not distributed to another customer.
The trading price between the Company and TKNUS
is determined based on gross profit margin after
deducting the net contribution margin similar to
another distributor.
The Company’s gross profit of grilled seaweed
after deducting the net contribution margin to TKNUS
is 20.2%, similar to the gross profit in distribution rate
offered to a significant customer in China market at
23.1%.
The gross profit of crispy seaweed after deducting
the net contribution margin to TKNUS is 32.0%, similar
to the gross profit in distribution rate offered to a
major customer in China market at 30.3%.
The difference between gross profit after
deducting net contribution margin when compared
to the china market is due to the product mix in
each SKU upon actual distribution rate, including the
sales promotion items and the entry fee recognised
in each period.
Opinion of the Audit Committee
The characteristic, reason and necessity, and price
reasonableness in terms of prices, trading conditions of
such transaction is in accordance with the connected
transaction policy article 1 - Normal Business Transaction
approved by the Board of Directors no. 8/2559 on
9 August 2016.

2 Dr. Tobi TKN RF TKN RF purchased the Necessity
beauty and healthcare TKN RF provides products for sales in Taokaenoi
product from Dr. Tobi Land, including the made-to-order products and the
to put on sales in Company’s products and general trading items. TKN
Taokaenoi Land. RF purchases the beauty and healthcare products
• Purchase products 0.01 from Dr. Tobi to resell in Taokaenoi Land.
• Trade payable 0.01 Price-reasonableness
1. In the event the product distributed to TKNRF
is also distributed to other customers.
TKNRF sets the price at the same rate as Dr.
Tobi, which is equal to Dr. Tobi’s selling rate
offered to another seller. The first entry fee and
sales promotion fee are subject to the general
agreement made with other vendors.
2. In the event the product distributed to TKNRF
is not distributed to other customers.
TKNRF considers the gross profit (margin) received
and compares with the same product group in
Taokaenoi Land as follows:
- The beauty products - gross profit from Dr.
Tobi 35%, which is similar to the average gross
profit of the beauty product 36.4% (30-40%)
- The healthcare products - gross profit from
Dr. Tobi 31.67%, similar to the average gross
profit of the beauty product 34.5% (30-40%).
9 August 2016.
3 Dr. Tobi Company T h e C o m p a n y Necessity
purchases healthcare The Company purchases alcohol wipes and spray from
products (alcohol Dr. Tobi to use in a sale promotion for customers
wipes and spray) from during the COVID-19 outbreak.
Dr. Tobi to use as Price-reasonableness
a gift to customers Pricing based on the general trading rate offered to
during the COVID-19 other customers
outbreak. Opinion of the Audit Committee
• Purchase products 0.03 The characteristic, reason and necessity, and price
9 August 2016.

4 Dr. Tobi TKN RF TKN RF charges the Necessity
sales promotion fee TKN RF charges the sales promotion fee from Dr. Tobi
from Dr.Tobi for putting products on sale in Taokaenoi Land. This is
• Sales promotion fee 0.01 considered an ordinary course of business operation
• Account receivables 0.02 for a snack shop.
from sales promotion Price-reasonableness
fee The sales promotion fee is under the general agreement
made with other vendors. The rate is calculated from
the sold items.
After consideration, the Audit Committee approved
the reasonableness of the transaction, including its
conditions, and that the price reasonableness of the
transaction is under the Arm’s Length Basis.
5 TKN RF Dr. Tobi Dr. Tobi purchases Necessity
cosmetic products Dr. Tobi purchases cosmetic products from TKN RF for
from TKN RF for sales via an online platform, including consignment
sales via an online at the TKN RF stores. TNKRF distributes the products
platform, including to Dr. Tobi at a wholesale rate which is lower than
consignment at the the retail price offered at the TKNRF stores.
TKN RF stores. Price-reasonableness
• Purchase products 0.010 The wholesale price is lower than the retail price
• Trade receivables 0.004 set at TKNRF stores.
After consideration, the Audit Committee approved
the reasonableness of the transaction, including its
conditions, and that the price reasonableness of the
transaction is under the Arm’s Length Basis.

2. Giving or taking financial help - 1 transaction.
6 นาย TKNRF TKNRF acquired a short- Necessity
อิทธิพัทธ term loan from Mr. Since TKNRF expanded the Hinoya Curry branch, the cash
Itthipat Peeradechapan flow was insufficient, and it was pending loan request
to expand the Hinoya progress with the bank.
Curry branch. TKNRF TKNRF applied for the bank overdraft (OD) from Siam
repaid the loan on 22 Commercial and Kasikorn Thai PCL, pending the approval
May 2020. process. Eventually, TKNRF acquired the short-term loan
Interest rate: 2.15% from the director (Mr. Itthipat Peeradechapan) while awaiting
per year the bank decision on 29 May 2019. TKNRF repaid the total
• Interest paid from 0.08 amount of the loan on 22 May 2020.
the loan Price-reasonableness
As of 29 May 2019, TKNRF had no credit line and pending
the bank overdraft application. Upon comparison, the OD
interest rate between Siam Commercial Bank at 6.87% and
Kasikorn Thai Bank at 7.21%, while Itthipat Peeradechapan
interest rate was 2.15% which was lower the rate from
both banks.
reasonableness in terms of prices, trading conditions of such
transaction is in accordance with the connected transaction
policy article 5 - Financial Support approved by the Board
of Directors no. 8/2559 on 9 August 2016.
3. Building Leasing - 4 transactions

7 Ms. Company The Company leases Necessity
Orrapat the building no. 93/6, The building no. 93/6 is a former office of the Company, and
Rattanathibeth Road, the said area was allocated for storage of some documents
Bang Rk Noi sub-district, after relocation to the new office. Due to the convenient
Mueang Nonthaburi location and easy access for searching documents, the
District, Nonthaburi building is situated between the factory and Mueangthong
province from Ms. office, the Company decided to lease the said building for
Orrapat Peeradechapan document storage purposes.
at the rental rate THB Price-reasonableness
10,000 monthly to use The Company compared the price with nearby properties.
for document storage. Eventually, the rental rate was 338 THB/sq—wah, which
• Rent paid 0.12 was lower than the nearby properties’ rental rate. The
Company conducted price comparisons every year.
After considering the transaction’s suitability, including
the condition thereof, price reasonableness, the Audit
Committee considered that the rent was reasonable since
it was comparable to the rent of nearby properties. The
Audit Committee’s meeting no. 2/2558 on 12 March 2015
passed a resolution for approval.
8 Mr. Company The Company leased Necessity
Itthipat the building no. 93/7, The building no. 93/7 is a former office of the Company, and
Rattanathibeth Road, the said area was allocated for storage of some documents
Bang Rk Noi sub-district, after relocation to the new office. Due to the convenient
location and easy access for searching documents, the
Mueang Nonthaburi building is situated between the factory and Mueangthong
District, Nonthaburi office, the Company decided to lease the said building for
province from Mr. document storage purposes.
Itthipat Peeradechapan Price-reasonableness
at the rental rate THB The Company compared the price with nearby properties.
10,000 monthly to use Eventually, the rental rate was 338 THB/sq—wah, which was
for document storage. lower than the nearby properties’ rental rate. The Company
• Rent paid conducted price comparisons every year.
0.12
Committee considered that the rent was reasonable since it
was comparable to the rent of nearby properties. The Audit
Committee’s meeting no. 2/2558 on 12 March 2015 passed
a resolution for approval.
9 Mr. Company The Company leased Necessity
Nutchat the building no. 93/5, The building no. 93/5 is a former office of the Company, and
pong Rattanathibeth Road, the said area was allocated for storage of some documents
after relocation to the new office. Due to the convenient
Bang Rk Noi sub-district, location and easy access for searching documents, the
Mueang Nonthaburi building is situated between the factory and Mueangthong
District, Nonthaburi office, the Company decided to lease the said building for
province from Mr. document storage purposes.
Itthipat Peeradechapan Price-reasonableness
at the rental rate THB The Company compared the price with nearby properties.
Eventually, the rental rate was 338 THB/sq—wah, which was
10,000 monthly to use lower than the nearby properties’ rental rate. The Company
for document storage. conducted price comparisons every year.
• Rent paid 0.12 Opinion of the Audit Committee
Committee considered that the rent was reasonable since it
was comparable to the rent of nearby properties. The Audit
Committee’s meeting no. 2/2558 on 12 March 2015 passed
a resolution for approval.
10 TKN RF Dr.Tobi Dr. Tobi leased the Necessity
space in building no. Dr. Tobi sub-leases the spare space on the second floor of
469, Bond Street from the office building, TNKRF leases from the third party. The
lease duration is from 1 January 2020 - 31 December 2022.
TNK RF to use as an TNRF has reduced the rent for five months for Dr. Tobi due
office. The lease contains to the Covid-19 outbreak. TKNRF made the credit note in
rent and service fees October 2020.
(common facilities Price-reasonableness
fee and parking fee) The Company compared the price with nearby properties.
in total THB 25,561 Eventually, the rental rate was 248 THB/sq. m, which was
monthly. lower than the nearby properties’ rental rate and correlated
with the expenses payables to the lessor. The comparison is
• Rental income 0.23 based on the actual space utilised by Dr. Tobi.
• Deposit received 0.05 Opinion of the Audit Committee
- rent The characteristic, reason and necessity, and price reasonableness
in terms of prices, trading conditions of such transaction is
in accordance with the connected transaction policy article
3 - Rent Transaction approved by the Board of Directors no.
8/2559 9 August 2016.
116
Part 3

10
REPORT OF THE INDEPENDENT CERTIFIED

PUBLIC ACCOUNTANTS
TO THE SHAREHOLDERS AND BOARD OF DIRECTORS
TAOKAENOI FOOD & MARKETING PUBLIC COMPANY LIMITED
Opinion Basis for Opinion

We have audited the consolidated financial We conducted our audit in accordance with Thai
statements of Taokaenoi Food & Marketing Public Company Standards on Auditing (“TSAs”). Our responsibilities under
Limited and its subsidiaries (the “Group”) and the separate those standards are further described in the Auditor’s
financial statements of Taokaenoi Food & Marketing Public Responsibilities for the Audit of the Consolidated and
Company Limited (the “Company”), which comprise the Separate Financial Statements section of our report. We
consolidated and separate statements of financial position are independent of the Group in accordance with the
as at December 31, 2020, and the related consolidated Federation of Accounting Professions’ Code of Ethics for
and separate statements of profit or loss and other Professional Accountants that are relevant to the audit
comprehensive income, changes in shareholders’ equity of the consolidated and separate financial statements,
and cash flows for the year then ended, and notes to the and we have fulfilled our other ethical responsibilities
consolidated and separate financial statements, including in accordance with these requirements. We believe that
a summary of significant accounting policies. the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
In our opinion, the accompanying consolidated and
separate financial statements present fairly, in all material
respects, the financial position of Taokaenoi Food &
Marketing Public Company Limited and its subsidiaries and
of Taokaenoi Food & Marketing Public Company Limited
as at December 31, 2020, and its financial performance
and its cash flows for the year then ended in accordance
with Thai Financial Reporting Standards (“TFRSs”).

Key Audit Matter
Key audit matter is the matter that, in our professional judgment, was of most significance in
our audit of the consolidated and separate financial statements of the current period. This matter
was addressed in the context of our audit of the consolidated and separate financial statements
as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this
matter.
Key Audit Matter Audit Responses
Valuation of investment in a subsidiary in Our key audit procedures included:

the separate financial statements
A subsidiary of the Company has incurred • Understanding the impairment consideration

process and related internal control procedures
substantial retained deficit which may be an
relating to recognition of loss from impairment
indication that the carrying amount of investment
in such subsidiary in the separate financial • Reviewing the design and implementation of
statements may exceed the recoverable amount. the internal control procedures for such matter
Therefore, the investment of a subsidiary may • Involving our internal specialist to assist with:
be impaired. - Critically evaluating whether the model
used by management to calculate the value
The consideration of impairment of investment in use of the individual Cash Generating
in such subsidiary in the separate financial Units complies with the requirements of
statements is depended on the judgements TAS 36 Impairment of Assets.
and assumptions used by management in
- Validating the assumptions used to calculate
estimating the recoverable amount.
the discount rates and recalculating these
rates.
Accounting policies for impairment of investments
and details of investment in a subsidiary were • Analyzing the projected future cash flows used
disclosed in the Notes 3.15, 4 and 9 to the in the models to determine whether they are
reasonable and supportable given the current
financial statements.
market and expected future performance.
• Subjecting the key assumptions to sensitivity
analysis.
• Comparing the projected cash flows,
including the assumptions relating to revenue
growth rates and operating margins, against
historical performance to test the accuracy of
management’s projections.
• Comparing between the recoverable amount
and the carrying value.

Emphasis of Matters Responsibilities of Management and Those Charged
We draw attention to Notes 2.5.2 and 2.6 to the with Governance for the Consolidated and Separate
financial statements, which describes the adoption of Financial Statements
Thai Financial Reporting Standard No. 16 “Leases” and Management is responsible for the preparation
the Accounting Treatment Guidance on “The temporary and fair presentation of the consolidated and separate
relief measure for additional accounting alternatives to financial statements in accordance with TFRSs, and for
alleviate the impacts of the COVID-19 outbreak” issued such internal control as management determines is
by the Federation of Accounting Professions. Our opinion necessary to enable the preparation of consolidated and
is not qualified in respect of these matters. separate financial statements that are free from material
misstatement, whether due to fraud or error.
Other Information In preparing the consolidated and separate financial
Management is responsible for the other information. statements, management is responsible for assessing
The other information comprises information included in the Group’s and the Company’s ability to continue as a
the annual report, but does not include the consolidated going concern, disclosing, as applicable, matters related
and separate financial statements and our auditor’s report to going concern and using the going concern basis of
thereon, which is expected to be made available to us accounting unless management either intends to liquidate
after the date of this auditor’s report. the Group and the Company or to cease operations, or
has no realistic alternative but to do so.
Our opinion on the consolidated and separate
financial statements does not cover the other information Those charged with governance are responsible
and we do not express any form of assurance conclusion for overseeing the Group’s and the Company’s financial
thereon. reporting process.
In connection with our audit of the consolidated Auditor’s Responsibilities for the Audit of the Consolidated
and separate financial statements, our responsibility is
and Separate Financial Statements
to read the other information identified above when it
becomes available and, in doing so, consider whether Our objectives are to obtain reasonable assurance
the other information is materially inconsistent with the about whether the consolidated and separate financial
consolidated and separate financial statements or our statements as a whole are free from material misstatement,
knowledge obtained in the audit, or otherwise appears whether due to fraud or error, and to issue an auditor’s
to be materially misstated. report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee
When we read the annual report, if we conclude
that an audit conducted in accordance with TSAs will
that there is a material misstatement therein, we are
always detect a material misstatement when it exists.
required to communicate the matter to management
Misstatements can arise from fraud or error and are
and those charged with governance for correction of the
considered material if, individually or in the aggregate,
misstatement.
they could reasonably be expected to influence the
economic decisions of users taken on the basis of these
consolidated and separate financial statements.
As part of an audit in accordance with TSAs, we
exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement • Obtain sufficient appropriate audit evidence
of the consolidated and separate fi nancial regarding the financial information of the entities or
statements, whether due to fraud or error, design business activities within the Group to express an
and perform audit procedures responsive to those opinion on the consolidated financial statements.
risks, and obtain audit evidence that is sufficient We are responsible for the direction, supervision
and appropriate to provide a basis for our opinion. and performance of the group audit. We remain
The risk of not detecting a material misstatement solely responsible for our audit opinion.
resulting from fraud is higher than for one resulting We communicate with those charged with governance
from error, as fraud may involve collusion, forgery, regarding, among other matters, the planned scope and
intentional omissions, misrepresentations, or the timing of the audit and significant audit findings, including
override of internal control. any significant deficiencies in internal control that we
• Obtain an understanding of internal control relevant identify during our audit.
to the audit in order to design audit procedures We also provide those charged with governance
that are appropriate in the circumstances, but with a statement that we have complied with relevant
not for the purpose of expressing an opinion on ethical requirements regarding independence, and to
the effectiveness of the Group’s and Company’s communicate with them all relationships and other
internal control. matters that may reasonably be thought to bear on our
• Evaluate the appropriateness of accounting policies independence, and where applicable, related safeguards.
used and the reasonableness of accounting estimates
and related disclosures made by management. From the matters communicated with those charged
• Conclude on the appropriateness of management’s with governance, we determine those matters that were
use of the going concern basis of accounting and, of most significance in the audit of the consolidated
based on the audit evidence obtained, whether and separate financial statements of the current period
a material uncertainty exists related to events or and are therefore the key audit matter. We describe this
conditions that may cast significant doubt on the matters in our auditors’ report unless law or regulation
Group’s and the Company’s ability to continue as precludes public disclosure about the matter or when, in
a going concern. If we conclude that a material extremely rare circumstances, we determine that a matter
uncertainty exists, we are required to draw attention should not be communicated in our report because the
in our auditor’s report to the related disclosures in adverse consequences of doing so would reasonably be
the consolidated and separate financial statements expected to outweigh the public interest benefits of such
or, if such disclosures are inadequate, to modify our communication.
opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditor’s
report. However, future events or conditions may
cause the Group and the Company to cease to
continue as a going concern.
• Evaluate the overall presentation, structure and
content of the consolidated and separate financial
statements, including the disclosures, and whether Choopong Surachutikarn
the consolidated and separate financial statements Certified Public Accountant (Thailand)
represent the underlying transactions and events Registration No. 4325
in a manner that achieves fair presentation. DELOITTE TOUCHE TOHMATSU
JAIYOS AUDIT CO., LTD.
BANGKOK : March 1, 2021

STATEMENTS OF FINANCIAL POSITION
AS AT DECEMBER 31, 2020
TAOKAENOI FOOD & MARKETING PUBLIC COMPANY LIMITED AND ITS SUBSIDIARIES
UNIT : BAHT
CONSOLIDATED SEPARATE
FINANCIAL STATEMENTS FINANCIAL STATEMENTS
NOTES 2020 2019 2020 2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents 5 208,579,540 162,298,035 189,530,371 130,928,093
Temporary investments 2.5.1 and 6 - 7,612,435 - 4,870,735
Trade and other current receivables 7 436,288,492 919,176,535 486,693,992 1,026,535,791
Short-term loan to a subsidiary 28 - - 99,500,000 -
Inventories 8 1,258,707,519 1,332,570,702 1,222,707,345 1,264,451,089
Other current financial assets 6 274,649,781 - 271,820,206 -
Other current assets 23,454,242 47,236,839 13,840,809 44,164,253
Total Current Assets 2,201,679,574 2,468,894,546 2,284,092,723 2,470,949,961
NON-CURRENT ASSETS
Investment in subsidiaries 9 - - 137,461,570 137,461,570
Investment property 10 39,745,095 39,745,095 39,745,095 39,745,095
Property, plant and equipment 11 982,907,868 1,018,745,092 942,818,275 961,186,363
Right-of-use assets 12 87,684,291 - 62,792,487 -
Goodwill 13 11,468,294 11,512,927 - -
Other intangible assets other
14 55,671,730 50,969,372 40,806,907 34,222,029
than goodwill
Deferred tax assets 23 75,804,527 65,822,810 27,692,585 19,710,161
Other non-current assets 25,959,949 50,885,406 13,539,645 20,831,737
Total Non-current Assets 1,279,241,754 1,237,680,702 1,264,856,564 1,213,156,955
TOTAL ASSETS 3,480,921,328 3,706,575,248 3,548,949,287 3,684,106,916
Notes to the financial statements from an integral part of these statements

STATEMENTS OF FINANCIAL POSITION (CONTINUED)
AS AT DECEMBER 31, 2020
UNIT : BAHT
NOTES 2020 2019 2020 2019
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES
Short-term borrowings from financial institutions 15 690,217,376 854,671,573 680,217,376 846,671,573
Trade and other current payables 16 568,334,245 603,777,807 546,755,337 555,949,706
Current portion of lease liabilities 19 25,155,186 - 10,426,694 -
Short-term borrowings 17 14,588,415 24,055,680 - -
Income tax payable 21,318,426 11,774,221 21,316,954 11,766,634
Other current liabilities 38,053,289 45,619,590 24,673,376 38,910,113
Total Current Liabilities 1,357,666,937 1,539,898,871 1,283,389,737 1,453,298,026
NON-CURRENT LIABILITIES
Long-term borrowing 18 4,506,556 - - -
Lease liabilities 19 63,184,993 - 52,742,598 -
Non-current provision for employee benefits 20 31,337,661 25,473,718 29,526,434 24,874,922
Other non-current liabilities 1,658,286 - - -
Total Non-current Liabilities 100,687,496 25,473,718 82,269,032 24,874,922
TOTAL LIABILITIES 1,458,354,433 1,565,372,589 1,365,658,769 1,478,172,948
SHAREHOLDERS’ EQUITY
SHARE CAPITAL
Authorized share capital
1,380,000,000 ordinary shares of Baht 0.25 each 345,000,000 345,000,000 345,000,000 345,000,000
Issued and paid-up share capital
1,380,000,000 ordinary shares of Baht 0.25 each,
fully paid 345,000,000 345,000,000 345,000,000 345,000,000
SHARE PREMIUM ON ORDINARY SHARES 1,315,440,000 1,315,440,000 1,315,440,000 1,315,440,000
SURPLUS ARISING FROM CHANGE IN OWNERSHIP
1,186,255 1,186,255 - -
‘INTEREST IN A SUBSIDIARY
RETAINED EARNINGS
Appropriated
Legal reserve 21 34,500,000 34,500,000 34,500,000 34,500,000
Unappropriated 331,283,260 449,510,851 488,350,518 510,959,570
OTHER COMPONENTS OF SHAREHOLDERS’ EQUITY (4,407,696) (4,715,426) - 34,398
TOTAL SHAREHOLDERS’ EQUITY ATTRIBUTABLE 2,023,001,819 2,140,921,680 2,183,290,518 2,205,933,968
TO OWNERS OF THE PARENT
NON-CONTROLLING INTERESTS (434,924) 280,979 - -
TOTAL SHAREHOLDERS’ EQUITY 2,022,566,895 2,141,202,659 2,183,290,518 2,205,933,968
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 3,480,921,328 3,706,575,248 3,548,949,287 3,684,106,916
STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
‘FOR THE YEAR ENDED DECEMBER 31, 2020
UNIT : BAHT
NOTES 2020 2019 2020 2019
Revenues
Revenue from sales 3,983,113,688 5,266,779,496 3,843,840,147 4,929,891,705
Other income 15,863,426 29,558,399 16,211,108 17,476,113
Gain on exchange rates 293,984 996,624 413,820 944,870
Total revenues 3,999,271,098 5,297,334,519 3,860,465,075 4,948,312,688
Expenses
Cost of sales 2,959,050,876 3,786,467,306 2,865,820,209 3,569,869,904
Distribution costs 442,360,131 768,086,519 367,857,412 635,165,372
Administrative expenses 306,724,098 343,595,168 240,364,751 259,334,235
Total expenses 3,708,135,105 4,898,148,993 3,474,042,372 4,464,369,511
Profit from operating activities 291,135,993 399,185,526 386,422,703 483,943,177
Finance costs (18,084,344) (26,301,612) (15,971,464) (23,676,017)
Profit before income tax expense 273,051,649 372,883,914 370,451,239 460,267,160
Income tax expense 23 (31,179,654) (11,042,632) (33,073,408) (30,973,873)
PROFIT FOR THE YEAR 241,871,995 361,841,282 337,377,831 429,293,287
‘OTHER COMPREHENSIVE INCOME (LOSS):
Items that may be reclassified subsequently to
profit or loss
Unrealized gain on revaluation of
available-for-sale investments - net of - 32,449 - 32,449
income tax
Exchange differences on translating financial
375,099 (2,181,578) - -
statements
Item that will not be reclassified subsequently to
profit or loss
Acturial loss - net of income tax (2,082,858) (1,623,616) (1,221,281) (1,562,053)
Other comprehensive income (loss) for the year
(1,707,759) (3,772,745) (1,221,281) (1,529,604)
- net of income tax
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 240,164,236 358,068,537 336,156,550 427,763,683

STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME (CONTINUED)
UNIT : BAHT
NOTES 2020 2019 2020 2019
PROFIT (LOSS) ATTRIBUTABLE TO
Owners of the Parent 242,620,869 366,238,134 337,377,831 429,293,287
Non-controlling interests (748,874) (4,396,852)
241,871,995 361,841,282
TOTAL COMPREHENSIVE INCOME (LOSS)

ATTRIBUTABLE TO
Owners of the Parent 240,880,139 362,657,741 336,156,550 427,763,683
Non-controlling interests (715,903) (4,589,204)
240,164,236 358,068,537
‘BASIC EARNINGS PER SHARE (BAHT) 29 0.18 0.26 0.24 0.31

‘WEIGHTED AVERAGE NUMBER OF ‘ORDINARY 1,380,000,000 1,380,000,000 1,380,000,000 1,380,000,000
SHARES (SHARES)
Notes to the financial statements from an integral part of these statements

126
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
2020 Annual Report

UNIT : BAHT
Other components of shareholders’ equity
Total
Surplus arising Retained earnings Other comprehensive income (loss)
shareholders’
Issued and Share premium from change in Total other Non - Total
Unrealized gain equity
NOTES paid-up on ordinary ownership Appropriated Exchange components of controlling shareholders’
(loss) on attributable
share capital shares interest in differences shareholders’ interests equity
Unappropriated revaluation to owners
a subsidiary - legal reserve on translating equity
of available-for- of the Parent
The Company financial statement
sale investments
Beginning balances as at January 1, 2019 345,000,000 1,315,440,000 1,121,461 34,500,000 471,296,333 1,949 (2,760,598) (2,758,649) 2,164,599,145 3,636,027 2,168,235,172
Profit (loss) for the year - - - - 366,238,134 - - - 366,238,134 (4,396,852) 361,841,282
Other comprehensive income (loss) for the year - - - - (1,623,616) 32,449 (1,989,226) (1,956,777) (3,580,393) (192,352) (3,772,745)
Total comprehensive income (loss) for the year - - - - 364,614,518 32,449 (1,989,226) (1,956,777) 362,657,741 (4,589,204) 358,068,537
Change in equity attributable to non-
- - 64,794 - - - - - 64,794 1,234,156 1,298,950
controlling interests of a subsidiary
Dividends paid 26 - - - - (386,400,000) - - - (386,400,000) - (386,400,000)
Ending balances as at December 31, 2019 345,000,000 1,315,440,000 1,186,255 34,500,000 449,510,851 34,398 (4,749,824) (4,715,426) 2,140,921,680 280,979 2,141,202,659
Beginning balances as at January 1, 2020
- before application of TFRS 9 345,000,000 1,315,440,000 1,186,255 34,500,000 449,510,851 34,398 (4,749,824) (4,715,426) 2,140,921,680 280,979 2,141,202,659
Effects of adoption of TFRS 9 2.5.1 - - - - 34,398 (34,398) - (34,398) - - -
Beginning balance as at January 1, 2020
- after adjustment of TFRS 9 345,000,000 1,315,440,000 1,186,255 34,500,000 449,545,249 - (4,749,824) (4,749,824) 2,140,921,680 280,979 2,141,202,659
Profit (loss) for the year - - - - 242,620,869 - - - 242,620,869 (748,874) 241,871,995
Other comprehensive income (loss) for the year - - - - (2,082,858) - 342,128 342,128 (1,740,730) 32,971 (1,707,759)
Total comprehensive income (loss) for the year - - - - 240,538,011 - 342,128 342,128 240,880,139 (715,903) 240,164,236
Dividends paid 26 - - - - (358,800,000) - - - (358,800,000) - (358,800,000)
Ending balances as at December 31, 2020 345,000,000 1,315,440,000 1,186,255 34,500,000 331,283,260 - (4,407,696) (4,407,696) 2,023,001,819 (434,924) 2,022,566,895

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (CONTINUED)
UNIT : BAHT
SEPARATE FINANCIAL STATEMENTS
Issued and paid-up Share premium Retained earnings Other comprehensive income (loss) Total
NOTES
share capital on ordinary shares shareholders’ equity
Appropriated Unrealized gain (loss) on revaluation of
Unappropriated
Legal reserve available-for-sale investments
Beginning balances as at January 1, 2019 345,000,000 1,315,440,000 34,500,000 469,628,336 1,949 2,164,570,285
Profit for the year - - - 429,293,287 - 429,293,287
Other comprehensive income (loss) for the year - - - (1,562,053) 32,449 (1,529,604)
Total comprehensive income for the year - - - 427,731,234 32,449 427,763,683
Dividends paid 26 - - - (386,400,000) - (386,400,000)
Ending balances as at December 31, 2019 345,000,000 1,315,440,000 34,500,000 510,959,570 34,398 2,205,933,968

- before application of TFRS 9 345,000,000 1,315,440,000 34,500,000 510,959,570 34,398 2,205,933,968
Effects of adoption of TFRS 9 2.5.1 - - - 34,398 (34,398) -
- after adjustment of TFRS 9 345,000,000 1,315,440,000 34,500,000 510,993,968 - 2,205,933,968
Profit for the year - - - 337,377,831 - 337,377,831
Other comprehensive loss for the year - - - (1,221,281) - (1,221,281)
Total comprehensive income for the year - - - 336,156,550 - 336,156,550
Dividends paid 26 - - - (358,800,000) - (358,800,000)
Ending balances as at December 31, 2020 345,000,000 1,315,440,000 34,500,000 488,350,518 - 2,183,290,518

127
STATEMENTS OF CASH FLOWS
UNIT : BAHT
NOTES 2020 2019 2020 2019
Cash flows from operating activities
Profit before income tax expense 273,051,649 372,883,914 370,451,239 460,267,160
Adjustments for
Depreciation of fixed assets and right-of-use assets 175,061,018 154,257,422 139,329,792 132,998,007
Amortization of intangible assets 7,856,578 9,081,182 5,670,952 7,226,599
Unrealized gain on derivative (22,257) (127,050) (22,257) (127,050)
Loss from devaluation of inventories (reversal) 31,762,708 (20,924,372) 27,651,754 (21,348,868)
Loss allowance (reversal) 4,182,593 (644,249) 1,461,688 (375,825)
Impairment loss on fixed assets (reversal) (2,035,615) 4,344,505 - -
(Gain) loss on sale and write-off of fixed assets and
7,628,746 26,228,991 (857,155) 414,628
intangible assets
Difference from rental discount from temporary
306,116 - 4,943 -
relief measure
Difference from cancellation of leases (1,046,877) - - -
Unrealized (gain) loss on exchange rates 1,250,023 (2,050,268) 1,280,957 (2,433,916)
Gain on sale of other financial assets (654,039) - (654,039) -
Gain on sale of available-for-sale securities - (880,676) - (880,676)
Unrealized loss on revaluation of securities
- 281,200 - -
held for trading
Unrealized gain on revaluation of other current
(1,348,909) - (1,261,034) -
financial assets
Loss from liquidation of a joint venture - 1,679,128 - 1,679,128
Employee benefit expenses 4,722,436 6,592,600 4,229,481 6,373,104
Interest income (299,879) (540,317) (1,296,667) (407,772)
Finance costs 18,084,344 26,301,612 15,971,464 23,676,017
Profit from operations before changes in operating
518,498,635 576,483,622 561,961,118 607,060,536
assets and liabilities
Operating assets (increase) decrease
Trade and other current receivables 476,735,073 (124,191,280) 536,409,734 (189,242,104)
Inventories 42,100,475 115,459,999 14,091,989 121,436,184
Other current assets 19,036,137 9,117,745 28,429,299 10,659,909
Other non-current assets 27,445,811 (10,120,559) 9,487,119 (9,639,525)
Operating liabilities increase (decrease)
Trade and other current payables (37,908,885) (63,395,032) (15,465,972) (33,302,705)
Other current liabilities (7,206,732) 32,376,922 (13,911,137) 29,423,407
Other non-current liabilities 948,285 - - -
Employee benefit obligations paid (1,462,066) (468,000) (1,104,570) (468,000)
Cash generated by operations 1,038,186,733 535,263,417 1,119,897,580 535,927,702
Income tax paid (31,096,451) (46,679,314) (31,200,191) (47,540,311)
Net cash provided by operating activities 1,007,090,282 488,584,103 1,088,697,389 488,387,391

STATEMENTS OF CASH FLOWS (CONTINUED)
UNIT : BAHT
NOTES 2020 2019 2020 2019
Cash flows from investing activities
Advance payments for purchases of fixed and
(11,216,389) (16,984,280) (10,349,506) (7,897,804)
intangible assets
Cash paid for acquisition of fixed and intangible
5.2.1 (120,416,319) (98,899,373) (109,683,179) (67,732,522)
assets
Proceeds from sales of fixed assets and
5,905,037 11,866,955 1,058,266 -
intangible assets
Proceeds from liquidation of a joint venture - 28,151,999 - 28,320,872
Cash paid for acquisition of available-for-sale
- (369,634,633) - (369,634,633)
securities
Proceeds from sales of available-for-sale securities - 367,000,000 - 367,000,000
Cash paid for acquisition of other financial assets (770,000,000) - (770,000,000) -
Proceeds from sales of other financial assets 505,000,000 - 505,000,000 -
Cash paid for short-term loans to a subsidiary 5.2.2 - - (99,500,000) (5,159,700)
Cash repayment from loans to a subsidiary 5.2.2 - - - 241,417
Interest received 299,879 540,317 1,296,667 407,772
Net cash used in investing activities (390,427,792) (77,959,015) (482,177,752) (54,454,598)
Cash flows from financing activities
Cash repayments for short-term borrowings
5.2.4 (3,467,707,887) (3,606,247,426) (3,458,706,612) (3,599,747,426)
from financial institutions
Proceeds from short-term borrowings from
5.2.4 3,303,253,690 3,579,692,430 3,292,252,415 3,565,192,430
financial institutions
Cash repayments for short-term borrowings
5.2.4 (10,000,000) - - -
from a director
Proceeds from short-term borrowings from
5.2.4 - 10,000,000 - -
a director
Cash repayments for short-term borrowing 5.2.4 - (4,258,007) - -
Proceeds from long-term borrowing 5.2.4 4,506,556 - - -
Cash repayments for liabilities under lease
5.2.4 (24,096,105) (314,143) (6,681,880) -
agreements
Dividends paid 5.2.3 (358,674,552) (383,388,944) (358,674,552) (383,388,944)
Interest paid (17,626,033) (27,199,786) (16,106,730) (23,821,634)
Net cash used in financing activities (570,344,331) (431,715,876) (547,917,359) (441,765,574)
Effects of foreign exchange rate changes (36,654) 4,316,706 - -
Net increase (decrease) in cash and cash
46,281,505 (16,774,082) 58,602,278 (7,832,781)
equivalents
Cash and cash equivalents as at January 1, 162,298,035 179,072,117 130,928,093 138,760,874
Cash and cash equivalents as at December 31, 208,579,540 162,298,035 189,530,371 130,928,093

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED DECEMBER 31, 2020
1. GENERAL INFORMATION AND THE OPERATION OF THE COMPANY

Taokaenoi Food & Marketing Public Company Limited (the “Company”) was incorporated under the Thai Civil
and Commercial Code on September 21, 2004. Subsequently, on May 10, 2013, the Company was transformed into
Public Company Limited. The address of its registered office is at 12/1 Moo 4, Tambon Na Mai, Amphur Lad Lum Kaew,
Pathumthani.
The Company’s major and ultimate shareholder is Peeradechapan Holding Company Limited, which was
registered in Thailand, holding 26.09% of the Company’s share capital.
The Company is the parent company within the group of companies. The principal business activities are
manufacturing and distribution of fried, grilled, and baked seaweed and seaweed snacks. Details of the Group’s
subsidiaries as at December 31, 2020 and 2019 are as follows:
Percentage of
Country of shareholdings (%)
Subsidiaries Business type As at December 31,
registration
2020 2019
Taokaenoi Restaurant & Distribution of snacks and Thailand 100.00 100.00
Franchise Company Limited souvenirs, and restaurant business
Taokaenoi Care Company Limited Distribution of snacks Thailand 100.00 100.00
NCP Trading & Supply Company Manufacturing and distribution of Thailand 100.00 100.00
Limited seasoning powder
TAOKAENOI USA, Inc. Distribution of seaweed snacks United States 91.21 91.21
of America
The Coronavirus disease 2019 (“COVID-19”) pandemic is continuing to evolve, resulting in an economic slowdown
and adverse impact on most businesses and industries. This situation may bring uncertainties and have an impact on
the environment in which the group operates. Nevertheless, the Group’s management has continued to monitor the
ongoing situation and regularly assessed the financial impact in respect of the valuation of assets, provisions and
contingent liabilities.
2. BASIS FOR PREPARATION AND PRESENTATION OF THE CONSOLIDATED AND SEPARATE FINANCIAL
STATEMENTS
2.1 The Group and the Company maintain their accounting records in Thai Baht and prepare their statutory
financial statements in the Thai language in conformity with Thai Financial Reporting Standards and accounting practices
generally accepted in Thailand.
2.2 The Group’s and the Company’s financial statements have been prepared in accordance with the Thai
Accounting Standard (“TAS”) No. 1 “Presentation of Financial Statements”, which was effective for financial periods
beginning on or after January 1, 2020, and the Regulation of the Stock Exchange of Thailand (SET) dated October
2, 2017, regarding “The Preparation and Submission of Financial Statements and Reports for the Financial Position
and Results of Operations of the Listed Companies B.E. 2560” and the Notification of the Department of Business
Development regarding “The Brief Particulars in the Financial Statements (No. 3) B.E. 2563” dated December 26, 2019,
which was effective for financial periods beginning on or after January 1, 2019 onwards.
The accounting standards adopted by the Company may not be in conformity with accounting principles generally
accepted in other countries because the financial statements of the Company are not intended to present the
financial position, results of operations and cash flows in accordance with accounting principles and accounting
practices generally accepted in countries other than Thailand. Accordingly, the financial statements have not been
designed for those who are not familiar with accounting principles and accounting practices generally accepted
in Thailand.
For the convenience of readers, an English translation of the financial statements has been prepared from
Thai language statutory financial statements which are issued for domestic financial reporting purposes. In the
event of any conflict or interpretation difference between two different languages, the Thai version of consolidated
and separate financial statements prepared in accordance with Thailand laws supersedes.
2.3 The financial statements have been prepared under the historical cost convention except as disclosed
in the significant accounting policies (see Note 3).
2.4 The consolidated and separate statements of financial position as at December 31, 2019, presented
herein for comparison, have been derived from the consolidated and separate financial statements of the Company
for the year then ended which had been previously audited.
2.5 Thai Financial Reporting Standards affecting the presentation and disclosure in the current year’s
financial statements
During the year, the Group has adopted the revised and new financial reporting standards and guidelines on
accounting issued by the Federation of Accounting Professions which become effective for fiscal years beginning
on or after January 1, 2020. These financial reporting standards were aimed at alignment with the corresponding
International Financial Reporting Standards, with most of the changes directed towards revision of wording and
terminology, and provision of interpretations and accounting guidance to users of standards. The adoption of
these financial reporting standards does not have any significant impact on the Group’s financial statements.
However, the new standards which become effective for this fiscal year and involve changes to key principles
are summarized below:
2.5.1 Groups of Financial Instruments Standards
Thai Accounting Standards (“TAS”)

TAS 32 Financial Instruments: Presentation
Thai Financial Reporting Standards (“TFRS”)
TFRS 7 Financial Instruments: Disclosures
TFRS 9 Financial Instruments
Thai Financial Reporting Standard Interpretations (“TFRIC”)
TFRIC 16 Hedges of a Net Investment in a Foreign Operation
TFRIC 19 Extinguishing Financial Liabilities with Equity Instruments
These group of Standards make stipulations relating to the classification of financial instruments and their
measurement at fair value or amortized cost; taking into account the type of instrument, the characteristics of the
contractual cash flows and the Company’s business model, the calculation of impairment using the expected credit
loss method, and the concept of hedge accounting. These also include stipulations regarding the presentation
and disclosure of financial instruments.
In the current year, the Group has initially applied the Groups of Financial Instruments Standards. The
Group has elected to recognize the cumulative effects of the initial application of TFRS 9 as an adjustment to
the opening balance of retained earnings of the reporting period.
TFRS 9 introduced new requirements for:
- Classification and measurement of financial assets and financial liabilities;
- Impairment of financial assets; and
- General hedge accounting
The Group has applied TFRS 9 in accordance with the transition provisions set out in TFRS 9 as follows:

a) Classification and measurement of financial assets
The date of initial application is January 1, 2020. Accordingly, the Group has applied the requirements
of TFRS 9 to the financial instruments that continue to be recognized as at January 1, 2020. The comparative
information in relation to the financial instruments that continue to be recognized as at January 1, 2020 has
not been restated.
All recognized financial assets that are within the scope of TFRS 9 are required to be measured subsequently
at amortized cost or fair value on the basis of the entity’s business model for managing the financial assets and
the contractual cash flow characteristics of the financial assets, particularly:
- Debt instruments that are held within a business model whose objectives are to collect the contractual
cash flows, and that have contractual cash flows that are solely payments of principal and interest
on the principal amount outstanding, are measured subsequently at amortized cost;
- Debt instruments that are held within a business model whose objectives are both to collect the
contractual cash flows and to sell the debt instruments, and that have contractual cash flows that
are solely payments of principal and interest on the principal amount outstanding, are measured
subsequently at fair value through other comprehensive income (FVTOCI); and
- All other debt investments and equity investments are measured subsequently at fair value through
profit or loss (FVTPL).
The management of the Company reviewed and assessed the Group’s existing financial assets as
at January 1, 2020 based on the facts and circumstances existing at that date and concluded that the initial
application of TFRS 9 has had the following impacts on the Group’s financial assets in regard to their classifications
as described in d).
b) Impairment of financial assets
In relation to the impairment of financial assets, TFRS 9 requires an expected credit loss model. The
expected credit loss model requires the Company and its subsidiaries to account for expected credit losses and
changes in those expected credit losses at each reporting date to reflect changes in credit risk since the initial
recognition of the financial assets. In other words, it is no longer necessary for a credit event to have occurred
before credit losses are recognized.
Specifically, TFRS 9 requires the Company and its subsidiaries to recognize a loss allowance for expected
credit losses on trade receivables. The Group has estimated the allowance for expected credit losses in accordance
with TFRS 9 and noted that the difference is immaterial.
c) General hedge accounting
The Group has entered into the forward exchange contracts to reduce the risk. The accounting treatment
is explained in Note 3.20.
d) Financial impact of the initial application of TFRS 9
The total impacts on the retained earnings and other components of shareholder’s equity as at January
1, 2020 are as follows: Unit : Thousand Baht
Consolidated Separate
Financial Financial
Statements Statements
Unappropriated retained earnings
Unappropriated retained earnings as at December 31, 2019 449,511 510,960
Financial assets - fair value through profit or loss - net of tax 34 34
Unappropriated retained earnings from adoption of TFRS 9
449,545 510,994
as at January 1, 2020

Other components of shareholders’ equity as at December 31, 2019 (4,715) 34
Financial assets - fair value through profit or loss - net of tax (34) (34)
Other components of shareholders’equity from adoption of TFRS 9
as at January 1, 2020 (4,749) -

The table below shows information relating to financial assets that have been reclassified as a result of the
transition to TFRS 9.
Unit : Thousand Baht
Consolidated Financial Statements
Carrying Carrying
Impact from
amount as at amount as at
application of Category
December 31, January 1,
TFRS 9
2019 2020
Assets
Temporary investments 7,612 (7,612) -
Other current financial assets
Financial assets measured at fair value through profit
or loss
- equity securities - 2,741 2,741 FVTPL

- open-ended fixed income fund (debt securities) - 4,871 4,871 FVTPL
7,612 - 7,612

Separate Financial Statements
Carrying Carrying
Impact from
amount as at amount as at
application of Category
December 31, January 1,
TFRS 9
2019 2020
Assets
Temporary investments 4,871 (4,871) -
Other current financial assets
Financial assets measured at fair value through profit
or loss
- open-ended fixed income fund (debt securities)
- 4,871 4,871 FVTPL
4,871 - 4,871
2.5.2 Thai Financial Reporting Standard 16: Leases (“TFRS 16”)

In the current year, the Group has applied TFRS 16 that is effective for periods that begin on or after
January 1, 2020.
TFRS 16 introduces significant changes to lessee accounting by removing the distinction between
operating and finance leases and requiring the recognition of a right-of-use asset and a lease liability at
commencement for all leases, except for short-term leases and leases of low-value assets. In contrast to
lessee accounting, the requirements for lessor accounting have remained largely unchanged.
The Group’s management has applied TFRS 16 using the cumulative catch-up approach which:

- Requires the Group to recognize the cumulative effects of the initial adoption of TFRS 16 as an
adjustment to the opening balance of retained earnings at the date of the initial application; and
- Requires the Group not to make retrospective adjustment to the comparative information and continues
presenting the comparative information according to Thai Accounting Standard No. 17 “Leases” and
Thai Financial Reporting Standard Interpretations No. 4 “Determining Whether an Arrangement Contains
a Lease”.
a) Impact of the New Definition of a Lease
The change in the definition of a lease mainly relates to the concept of control. TFRS 16 determines whether
a contract contains a lease on the basis of whether the customer has the right to control the use of an identified
asset for a period of time in exchange for consideration. This is in contrast to the focus on “risk and rewards” in
TAS 17 and TFRIC 4.
The Group applies the definition of a lease and related guidance set out in TFRS 16 to all lease contracts
entered into or changed on or after January 1, 2020. In the preparation for the first-time application of TFRS 16,
the Group has carried out an implementation project, which has shown that the new definition in TFRS 16 will
not significantly change the scope of contracts that meet the definition of a lease of the Group.
b) Impact on Lessee Accounting
Former operating leases
TFRS 16 changes how the Group accounts for the leases previously classified as operating leases under TAS
17, which were off the statement of financial position.
To apply TFRS 16 to all leases (except as noted below), the Group:
1) Recognizes right-of-use assets and lease liabilities in the consolidated and separate statements of
financial position, initially measured at the present value of the future rental fee payments;
2) Recognizes depreciation of right-of-use assets and interest on lease liabilities in the consolidated and
separate statements of profit or loss; and
3) Separates the total amount of cash paid into a principal portion (presented in financing activities) and
interest (presented in financing activities) in the consolidated and separate statements of cash flows.
Lease incentives (e.g. rent-free periods) are a part of the measurement of the right-of-use assets and lease
liabilities while under TAS 17 they are recognized as a reduction of the rental expenses on a straight line basis.
Under TFRS 16, right-of-use assets are tested for impairment in accordance with Thai Accounting Standard
No. 36 “Impairment of Assets”.
For short-term leases (lease terms of 12 months or less) and leases of low-value assets (which include
small items of furniture), the Group has recognized a lease expense on a straight-line basis as permitted by
TFRS 16. This expense is presented in “Administrative expenses” in the consolidated and separate statements of
profit or loss.
The Group has used the following practical expedients when applying the cumulative catch-up approach
to the leases previously classified as operating leases under TAS 17:
- The Group has applied a single discount rate to a portfolio of leases with reasonably similar characteristics;
- The Group has adjusted the right-of-use assets at the date of the initial application by the amount of
provision for onerous leases recognized under Thai Accounting Standard No. 37 in the statement of
financial position immediately before the date of the initial application as an alternative to performing
an impairment review;
- The Group has elected not to recognize the right-of-use assets and lease liabilities for leases in which
the lease term ends within 12 months form the date of the initial application;
- The Group has excluded initial direct costs from the measurement of the right-of-use assets at the date
of the initial application; and
- The Group has used hindsight when the contract contains options to extend or terminate the lease.

Former finance leases
For leases that were classified as finance leases under TAS 17, the carrying amount of the leased
assets and obligations under finance leases measured under TAS 17 is reclassified to right-of-use assets
and lease liabilities, respectively, without any adjustments, except in cases where the Group has elected
to apply the low-value lease recognition exemption.
The right-of-use assets and lease liabilities are accounted for applying TFRS 16 from January 1, 2020
onwards.
c) Impact on Lessor Accounting
TFRS 16 does not change substantially how a lessor accounts for leases. Under TFRS 16, a lessor
continues to classify leases as either finance leases or operating leases and account for those two types
of leases separately.
However, TFRS 16 has changed and expanded the disclosures required, particularly regarding how
a lessor manages the risks arising from its residual interest in the outstanding leased assets.
d) Financial Impact of the Initial Application of TFRS 16
The Group recognized lease liabilities in relation to leases which had previously been classified as
operating leases under the principles of TAS 17. The right-of-use assets were measured at amount equal
to the lease liabilities, adjusted by the amount of any prepaid or accrued lease payments relating to that
lease recognized in the statement of financial position immediately before the date of the initial application.
These lease liabilities were measured at the present value of the remaining lease payments, discounted
using the Group’s incremental borrowing rates. The weighted average incremental borrowing rate of the
lessees applied to the lease liabilities recognized in the statement of financial position as at January 1,
2020 is 2.5%.
The following table shows the operating lease commitments disclosed under TAS 17 as at December
31, 2019, discounted using the incremental borrowing rate at the date of the initial application and the
lease liabilities recognized in the statement of financial position at the date of the initial application.
Impacts as at January 1, 2020 are as follows:
Unit: Thousand Baht
Consolidated Separate
Financial Financial
Statements Statements
Operating lease commitments as at December 31, 2019 155,055 58,541
Short-term leases and leases of low-value assets (23,333) (23,894)
Effects of discounting the above amounts (4,643) (2,389)
Finance lease liabilities recognized under TAS 17 2 -
as at December 31, 2019
Lease liabilities recognized as at January 1, 2020 127,081 32,258
Right-of-use assets recognized as at January 1, 2020 127,081 32,258
Reclassified to right-of-use assets:
Prepaid rental expenses 3,194 -
Accrued rental payments (3,323) (2,282)
Right-of-use assets as at January 1, 2020 126,952 29,976

2.6 In addition, the Federation of Accounting Professions has announced Accounting Treatment
Guidances which have been announced in the Royal Gazette on April 22, 2020. The details are as follows:
Accounting Treatment Guidance on “The Temporary Relief Measures for Additional Accounting Alternatives
to Alleviate the Impacts of COVID-19 Outbreak”
This accounting treatment guidance is the option for all entities applying Financial Reporting Standards
for Publicly Accountable Entities. Since the preparation of financial statements during the period in which
the COVID-19 situation is still highly uncertain as at the end of the reporting period, which may cause the
entities’ management to use the critical judgment in the estimation or the measurement and recognition
of accounting transactions, the objectives of this accounting treatment guidance are to alleviate some of
the impacts of the application of certain financial reporting standards, and to provide clarification about
accounting treatments during the period of uncertainty relating to this situation. Entities can apply this
accounting treatment guidance to the preparation of financial statements with a reporting period ending
between January 1, 2020 and December 31, 2020.
The Group has elected to apply the following temporary relief measures:
- Not to account for any reduction in lease payments by lessors as a lease modification, with
the lease liabilities that come due in each period reduced in proportion to the reduction and
depreciation of right-of-use assets and interest on lease liabilities recognized in each period
reversed in proportion to the reduction, with any differences recognized in the statement of
profit or loss for the year ended December 31, 2020;
- Not to consider the COVID-19 situation as an indication that an asset may be impaired in
accordance with TAS 36; and
- Not to use information relating to the COVID-19 situation that may affect the cash flow fore-
casts in testing goodwill for impairment.
2.7 Amendment on Thai Financial Reporting Standard No.16 “Leases”

TFRS 16 has been amended for the Rent Concessions related to COVID-19, which is effective from
1 June 2020 with earlier application permitted. The amendment permits lessees, as a practical expedient,
not to assess whether rent concessions that occur as a direct consequence of the COVID-19 pandemic
and meet specified conditions are lease modifications and, instead, to account for those rent concessions
as if they were not lease modifications. In addition, the revised TFRS 16 also added the requirements for
the temporary exception arising from interest rate benchmark reform, which an entity shall apply these
amendments for annual reporting periods beginning on or after January 1, 2022 with earlier application
permitted. This revised TFRS 16 has been announced in the Royal Gazette on January 27, 2021.
2.8 Thai Financial Reporting Standards announced in the Royal Gazette but not yet effective
The Federation of Accounting Professions has issued the Notification regarding Thai Accounting
Standards, Thai Financial Reporting Standards, Thai Accounting Standards Interpretation and Thai Financial
Reporting Standard Interpretation, which have been announced in the Royal Gazette and will be effective
for the financial statements with reporting periods beginning on or after January 1, 2021 onwards. These
financial reporting standards were aimed at alignment with the corresponding International Financial Re-
porting Standards, with most of the changes directed towards revisions to references to the Conceptual
Framework in TFRSs, except for the revisions of definitions and accounting requirements as follows:
Conceptual Framework for Financial Reporting

The revised Conceptual Framework for Financial Reporting consisted of the revised definitions and
recognition criteria of asset and liability as well as new guidance on measurement, derecognition of asset
and liability, and presentation and disclosure. In addition, this Conceptual Framework for Financial Re-
porting clearly clarifies management’s stewardship of the entity’s economic resources, prudence, and
measurement uncertainty of financial information.
Definition of Business
The revised Thai Financial Reporting Standard No. 3 “Business Combinations” clearly clarifies the
definition of business and introduce an optional concentration test. Under the optional concentration test,
the acquired set of activities and assets is not considered a business if substantially all of the fair value of
the gross assets acquired is concentrated in a single identifiable asset or group of similar assets. This revised
financial reporting standard requires a prospective method for such amendment. Earlier application is permitted.
Definition of Materiality
The revised definition of materiality resulted in the amendment of Thai Accounting Standards No. 1
“Presentation of Financial Statements” and Thai Accounting Standards No. 8 “Accounting Policies, Changes in
Accounting Estimates and Errors”, including other financial reporting standards which refer to materiality. This
amendment is intended to make the definition of materiality to comply with the Conceptual Framework which
requires a prospective method for such amendment. Earlier application is permitted.
Interest Rate Reform

Due to the interest rate reform, there are the amendments of specific hedge accounting requirements
in Thai Financial Reporting Standard No. 9 “Financial Instruments” and Thai Financial Reporting Standard No.
7 “Financial Instruments: Disclosures”.
The Group’ management will adopt the relevant TFRSs in the preparation of the Group’s financial
statements when they become effective. The Group’s management is in the process of assessing the impact
of these TFRSs on the financial statements of the Group in the period of initial application.
3. SIGNIFICANT ACCOUNTING POLICIES

Significant accounting policies are as follows:
3.1 Basis for preparation of consolidated financial statements
a) The consolidated financial statements comprise the Company’s and its subsidiaries’ financial
statements. The Company is deemed to have control over an investee or subsidiary if it has
rights, or is exposed, to variable returns from its involvement with the investee, and has the
ability to direct the activities that significantly affect the amount of its returns.
If facts and circumstances indicate that there are changes to one or more of the elements of
control listed above, the Group reassesses whether or not it controls an investee.
b) Subsidiaries are fully consolidated, from the date on which the Company obtains control, and
continue to be consolidated until the date such control ceases.
c) The financial statements of the subsidiaries are prepared using the same accounting period and
significant accounting policies as the Company.
d) The assets and liabilities in the financial statements of overseas subsidiary companies are translated
into Baht using the exchange rate prevailing at the end of the reporting period, and revenues
and expenses are translated using monthly average exchange rates. The resulting differences are
shown under the caption of “Exchange differences on translating financial statement” in the
statements of changes in shareholders’ equity.
e) Material balances and transactions between the Company and its subsidiaries have been eliminated
from the consolidated financial statements.
f) Non-controlling interests represent the portion of profit or loss and net assets of the subsidiaries
that are not held by the Company and are presented separately in the consolidated profit or
loss and within equity in the consolidated statement of financial position.
3.2 Cash and cash equivalents

Cash and cash equivalents consist of cash on hand and all types of deposits at financial
institutions with the original maturities of three months or less from the date of acquisition, excluding
deposits at financial institutions used as collateral.
3.3 Trade and other current receivables
a) Policies applicable prior to January 1, 2020
Trade and other current receivables are stated at the net realizable value. Allowance for
doubtful accounts is provided for the estimated losses that may be incurred in collection
of receivables. The allowance is generally based on collection experience and analysis
of debt aging.
b) Policies applicable from January 1, 2020
Trade and other current receivables are stated at their invoice value less allowance for
expected credit losses.
The allowance for expected credit losses has been disclosed in Note 3.20.
3.4 Inventories
Finished goods and work in process are valued at the lower of cost or net realizable value.
The cost of inventories is measured using the standards cost method, which approximates actual cost
under the first-in, first-out method and includes raw material costs, labour cost and attributable factory
overheads.
Merchandise inventories, raw materials, ingredients, packing materials and spare parts and
factory supplies are valued at the lower of cost under the first-in, first-out method or net realizable
value and are charged to production costs whenever consumed.
3.5 Investments
Policies applicable prior to January 1, 2020
a) Investments in securities held for trading are stated at fair value. Changes in the fair value
of these securities are recorded in profit or loss.
b) Investments in available-for-sale securities are stated at fair value. Changes in the fair
value of these securities are recorded in other comprehensive income, and will be recorded
in profit or loss when the securities are sold.
c) Investments in debt securities, both due within one year and expected to be held to
maturity, are recorded at amortized cost. The premium/discount on debt securities is
amortized/accreted by the effective rate method with the amortized/accreted amount
presented as an adjustment to the interest income. Debt securities are classified as held
to maturity when the Group has the positive intention and ability to hold them to maturity.
d) Investment in a joint venture is accounted for in the consolidated financial statements
using the equity method.
e) Investments in subsidiaries and a joint venture are accounted for in the separate financial
statements using the cost method.
The fair value of unit trusts is determined from their net asset value. The fair value of
debt securities is determined based on yield rates quoted by the Thai Bond Market Association.
The weighted average method is used for computation of the cost of investments.
In the event the Group reclassifies an investment from one type to another, such investment
will be readjusted to its fair value as at the reclassification date. The difference between the carrying
amount of the investment and the fair value on the date of reclassification is recorded in profit or
loss or as other components of shareholders’ equity, depending on the type of investment that is
reclassified.

On disposal of an investment, the difference between net disposal proceeds and the carrying
amount of the investment is recognized in profit or loss.
Policies applicable from January 1, 2020 is explained in Note 3.20
3.6 Investment property

Investment property is measured initially at cost, including transaction costs. Subsequent to initial
recognition, investment property is stated at cost less allowance for loss on impairment, if any.
On disposal of investment property, the difference between the net disposal proceeds and the
carrying amount of the asset is recognized in profit or loss in the period when the asset is derecognized.
3.7 Property, plant and equipment

Land is stated at cost. Buildings and equipment are stated at cost less accumulated depreciation
and allowance for loss on impairment of assets, if any.
Depreciation of plant and equipment is calculated by reference to their costs on a straight-line
basis over the following estimated useful lives:
Land improvements 9 years

20 years and based on the remaining period of land leases for those
Buildings and building improvements
acquired since 2015 onwards
Machinery and equipment 5 years and 10 years
Furniture and office equipment 3 years and 5 years
Motor vehicles 5 years
Depreciation is included in income determination.

No depreciation is provided for land and assets under installation and construction.
An item of property, plant and equipment is derecognized upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising from disposal of an asset
is included in profit or loss when the asset is derecognized.
3.8 Borrowing costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalized as
part of the cost of the respective assets. All other borrowing costs are expensed in the period they are
incurred. Borrowing costs consist of interest and other costs that an entity incurs in connection with the
borrowing of funds.
3.9 Other intangible assets other than goodwill

Other intangible assets other than goodwill are carried at cost less accumulated amortization and
allowance for loss on impairment of assets, if any.
Intangible assets with finite lives are amortized on a systematic basis over the economic useful life
and tested for impairment whenever there is an indication that the intangible asset may be impaired. The
amortization period and method of such intangible assets are reviewed at least at each financial year end.
The amortization is charged to profit or loss.

The amortization expense of intangible assets with finite useful lives is calculated on a straight-
line basis over the following estimated useful lives:
Computer software 5 years and 10 years

Franchise 10 years
License 2 years
No amortization is provided for computer software under implementation.

The Group does not amortize intangible assets with indefinite useful lives, which consist of
trademarks. However, they are tested for impairment annually, either individually or at the cash gen-
erating unit level. Assessment of the indefinite useful lives of the intangible assets is conducted an-
nually.
3.10 Goodwill
Goodwill is initially recorded equals the excess of cost of business combination over the fair
value of the net assets acquired. If the fair value of the net assets acquired exceeds the cost of busi-
ness combination, the excess is immediately recognized as gain in profit or loss.
Goodwill is not amortized but is reviewed for impairment at least annually.
For the purpose of impairment testing, goodwill acquired from a business combination is allo-
cated to each of the Company’s cash generating units (or group of cash-generating units) that is ex-
pected to benefit from the combination. The Company estimates the recoverable amount of each
cash-generating unit (or group of cash-generating units) to which the goodwill relates. Where the re-
coverable amount of the cash-generating unit is less than the carrying amount, an impairment loss is
recognized in profit or loss. Impairment losses relating to goodwill is not reversed in future periods.
3.11 Revenue Recognition

Sales of goods
Sales of goods are recognized when the control of the goods has been transferred, being when
the goods have been shipped to the customer’s specific location. The Group has full discretion over
the manner of distribution and price to sell the goods, has the primary responsibility when onselling
the goods and bears the risks of obsolescence and loss in relation to the goods. A receivable is rec-
ognized by the Group when the goods are delivered to the customers as this represents the point in
time at which the right to consideration becomes unconditional, as only the passage of time is required
before payment is due. Sales are the invoiced value, excluding value-added tax of goods supplied
after deducting goods returns, discounts and allowances.
Interest income
Interest income is recognized on an accrual basis baed on the effective interest rate.
Dividend
Dividends are recognized when the right to receive the dividends is established.
3.12 Related party transactions

Related parties comprise individuals or enterprises that control or are controlled by the Com-
pany, whether directly or indirectly, or are under common control with the Company.
They also include associates, and individuals or enterprises which directly or indirectly own a
voting interest in the Company that gives them significant influence over the Company, key manage-
ment personnel, directors and officers with authority over the planning and direction of the Compa-
ny’s operations.

3.13 Leases
The Group has applied TFRS 16 using the cumulative catch-up approach. Therefore, the
comparative information has not been restated and is presented under TAS 17. The details of the
accounting policies under both TAS 17 and TFRS 16 are presented separately below:
a) Policies applicable from January 1, 2020

The Group as Lessee
The Group assesses whether a contract is or contains a lease at inception of the contract. The
Group recognizes right-of-use assets and corresponding lease liabilities with respect to all lease
arrangements, except for short-term leases (with lease terms of 12 months or less) and leases of low-
value assets, such as small items of office equipment. For these leases, the Group recognizes the
lease payments as operating expenses on a straight-line basis over the terms the leases unless a more
effective systematic basis representating the time pattern in which economic benefits from the leased
assets is applied.
The lease liability is initially measured at the present value of the lease payments that are not
paid at the commencement date, discounted using the rate implicit in the lease. If such rate cannot
be readily determined, the Group uses its incremental borrowing rate.
Lease payments included in the measurement of the lease liability comprise:
- Fixed lease payments (including in-substance fixed payments), less any lease incentives;
- Variable lease payments that depend on an index or rate, initially measured using the index
or rate at the commencement date;
- The amount expected to be paid by the lessee under residual value gurantees;
- The exercise price of purchase options, if the lessee is reasonably certain to exercise the
options; and
- Payments of penalties for terminating the lease, if the lease term reflects the exercise of the
option to terminate the lease.
The lease liability is presented as a separate item in the consolidated and separate statements
of financial position.
The lease liability is subsequently measured by increasing the carrying amount to reflect the
interest on the lease liability (using the effective interest method) and by reducing the carrying amount
to reflect the lease payments made according to the lease.
The Group remeasures the lease liability (and makes a corresponding adjustment to the related
right-of-use asset) whenever:
- The lease term is changed or there is a significant event or change in circumstances resulting
in a change in the assessment of the exercise of the purchase option, in which case the lease
liability is remeasured by discounting the revised lease payments using a revised discount
rate; or
- The lease payments are changed as a result of the change in an index or rate or the change
in the expected payment under a guaranteed residual value, in which case the lease liability
is remeasured by discounting the revised lease payments using an unchanged discount rate
(unless the lease payments are changed as a result of the change in a floating interest rate,
in which case a revised discount rate is used); or
- A lease contract is modified and the lease modification is not accounted for as a separate
lease, in which case the lease liability is remeasured based on the lease term of the modified
lease by discounting the revised lease payments using a revised discount rate as at the
effective date of the modification.

The Group did not make any adjustments during the periods presented.
The right-of-use assets comprise the initial measurement of the corresponding lease liability and
lease payments made at or before the commencement date, less any lease incentives received and any
initial direct costs. The right-of-use assets are subsequently measured at cost less accumulated depreciation
and losses from accumulated impairment.
Whenever the Group incurs an obligation for costs of dismanting and removing a leased asset,
restoring the site on which it is located or restoring the underlying asset to the condition required by the
terms and conditions of the lease, a provision is recognized and measured under TAS 37. To the extent
that the costs relate to a right-of-use asset, the costs are included in the related right-of-use asset unless
those costs are incurred in the production of inventories.
Right-of-use assets are depreciated over the shorter period of lease term and useful life of the
underlying asset. If a lease transfers the ownership of the underlying asset or the cost of the right-of-use
asset, which reflects that the Group expects to exercise the purchase option, the related right-of-use asset
is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement
date of the lease.
The right-of-use assets are presented as a separate item in the consolidated and separate statements
of financial position.
The Group applies TAS 36 to determine whether a right-of-use asset is impaired and accounts for
any identified impairment loss as described in the “Property, Plant and Equipment” policy.
Variable rents that do not depend on an index or rate are not included in the measurement of the lease
liability and the right-of-use asset. The related payments are recognized as expenses in the period in which
the event or condition that triggers those payments occurs and are included in “Administrative expenses”
in profit or loss.
As a practical expedient, TFRS 16 permits a lessee not to separate non-lease components, and
account for any lease and associated non-lease components as a single arrangement. The Group has used
this practical expedient.
The Group as Lessor

Leases in which the Group is the lessor are classified as finance or operating leases. Whenever the
terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, such lease
is classified as a finance lease. All other leases are classified as operating leases.
Rental income from operating leases is recognized on a straight-line basis over the term of the
relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to
the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.
Amounts due from lessees under finance leases are recognized as receivables at the amount of
the Group’s net investment in the leases. Finance lease income is allocated to accounting periods to
reflect a constant periodic rate of return on the Group’s net investment outstanding in respect of the
leases.
b) Policies applicable prior to January 1, 2020

The Company as Lessee
Lease of asset which transfers substantially all the risks and rewards of ownership to the lessee is
classified as finance lease. Finance lease is capitalized at the lower of the fair value of the leased asset
or the present value of the minimum lease payments. The outstanding rental obligations, net of finance
charges, are recognized as liability, while the interest element is charged to profit or loss over the lease
period. An asset acquired under a finance lease is depreciated over the useful life of the asset.
Lease which does not transfer substantially all the risks and rewards of ownership to the lessee is
classified as operating lease. Operating lease payments are recognized as expense in profit or loss on a
straight-line basis over the lease period.

3.14 Transactions in foreign currencies
The consolidated and separate financial statements are presented in Baht, which is also the
Company’s functional currency. Items of each entity included in the consolidated financial statements
are measured using the functional currency of that entity.
Transactions in foreign currencies are translated into Baht at the exchange rates ruling at the date
of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into
Baht at the exchange rates ruling at the end of the reporting period. Gain and loss on exchange is included
in income determination.
The translation of foreign financial statements into Baht for the purpose of preparing the
consolidated financial statements is determined using the following rates:
a. Assets and liabilities are retranslated at the closing rates at the statements of financial
position date.
b. Shareholders’ equity is retranslated at the rates prevailing on the transaction dates; and
c. Revenues and expenses are retranslated at the average rates during the year.
Gain (loss) on translation of foreign financial statements is shown under shareholders’ equity.
3.15 Impairment of assets
The carrying amounts of the assets are reviewed at the end of each reporting period to determine
whether there is any indication of impairment loss. If any indication exists, the recoverable amount of an
asset is estimated.
The Company recognizes impairment loss when the recoverable amount of an asset is lower than
its carrying amount. The recoverable amount is the higher amount which is either the asset’s fair value
less cost to sell or its value in use. The Company determines the value by estimating the present value
of future cash flows generated by the asset, discounted using a pre-tax discount rate which reflects current
market assessments of the time value of money and the risk specific to the asset. In determining the fair
value less costs to sell, an appropriate valuation model is used. The calculation reflects the amount that
the Company could obtain from the disposal of the asset in an arm’s length transaction between
knowledgeable, willing parties, after deducting the costs of disposal.
The Company recognizes impairment loss as an expense in the statement of profit or loss and
other comprehensive income unless it reverses a previous revaluation credited to equity and it is
subsequently impaired in which case it is charged to the statements of comprehensive income.
Reversal of impairment loss
The Company reverses impairment loss of asset which had been recognized in the prior periods,
if there is an indication that the impairment may no longer exist or may have decreased. The recoverable
amount must be estimated.
Impairment losses recognized in prior periods in respect of other non-financial assets are assessed
at each reporting date to determine whether there is any indication that the impairment will decrease or
no longer exist. An impairment loss is reversed if there has been a change in the estimates used to
determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s
carrying amount does not exceed the carrying amount that would have been determined, net of depreciation
or amortization, as if no impairment loss had been recognized.
3.16 Employee benefits
Short-term employee benefits
Salaries, wages, bonuses and contributions to the social security fund are recognized as expenses
when incurred.
Post-employment benefits
Defined contribution plans
The Company and its employees have jointly established a provident fund. The fund is monthly
contributed by employees and by the Company. The fund’s assets are held in a separate trust fund and
the Company’s contributions are recognized as expenses when incurred.

Defined benefit plans
The Group has obligations in respect of the severance payments that must be made to employees
upon retirement under the labor law. The Group treats these severance payment obligations as a defined
benefit plan.
The obligation under the defined benefit plan is determined by a professionally qualified independent
actuary based on actuarial techniques, using the Projected Unit Credit Method.
Actuarial gain or loss arising from the defined benefit plan is recognized immediately in other
comprehensive income.
3.17 Provisions
Provisions are recognized when the Group has a present obligation as a result of a past event and
it is probable that an outflow of resources embodying economic benefits will be required to settle the
obligation, and a reliable estimate can be made of the amount of the obligation.
3.18 Income tax

Income tax expense represents the sum of corporate income tax currently payable and deferred tax.
Current tax
Current income tax is provided in the accounts at the amount expected to be paid to the taxation
authorities, based on taxable profits determined in accordance with tax legislation.
Deferred tax
Deferred income tax is provided on temporary differences between the tax bases of assets and
liabilities and their carrying amounts at the end of each reporting period, using the tax rates enacted at
the end of the reporting period.
The Group recognizes deferred tax liabilities for all taxable temporary differences but recognizes
deferred tax assets for all deductible temporary differences and tax losses carried forward to the extent
that it is probable that future taxable profit will be available against which such deductible temporary
differences and tax losses carried forward can be utilized.
At each reporting date, the Group reviews and reduces the carrying amount of deferred tax assets
to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or
part of the deferred tax asset to be utilized.
The Group records deferred tax directly to shareholders’ equity if the tax relates to items that are
recorded directly to shareholders’ equity.
3.19 Forward exchange contracts

Policies applicable prior to January 1, 2020
Receivables and payables arising from forward exchange contracts are translated into Baht at the
rates of exchange ruling at the end of the reporting period. Unrealized gains and losses from the translation
are included in profit or loss. Premiums or discounts on forward exchange contracts are amortized on a
straight-line basis over the contract periods.
Policies applicable from January 1, 2020 is explained in Note 3.20
3.20 Financial instruments

Policies applicable from January 1, 2020
Financial assets and financial liabilities are recognized in the Group’s consolidated statements of
financial position when the Group becomes a party according to the contractual provisions of the instrument.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that
are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than
financial assets and financial liabilities measured at fair value through profit or loss) are added to or
deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair
value through profit or loss are recognized immediately in profit or loss.

Financial assets
All recognized financial assets are measured subsequently at amortized cost or fair value, depending
on the classification of the financial assets.
Classification of financial assets

Debt instruments that meet the following conditions are measured subsequently at amortized
cost:
- The financial asset is held within a business model whose objective is to hold financial
assets in order to collect contractual cash flows; and
- The contractual terms of the financial asset raise, on specified dates, cash flows that are
solely payments of principal and interest on the principal amount outstanding.
Debt instruments that meet the following conditions are measured subsequently at fair value
through other comprehensive income (FVTOCI):
- The financial asset is held within a business model whose objectives are to collect contractual
cash flows and sell the financial assets; and
- The contractual terms of the financial asset raise, on specified dates, cash flows that are
solely payments of principal and interest on the principal amount outstanding.
By default, all other financial assets are measured subsequently at fair value through profit or loss
(FVTPL).
(1) Amortized cost and effective interest method
The effective interest method is a method of calculating the amortized cost of a debt instrument
and allocating interest income over the relevant period.
Interest income is recognized in profit or loss and included in the “finance income - interest income”
line item.
(2) Financial assets at FVTPL
Financial assets that do not meet the criteria for being measured at amortized cost or FVTOCI are
measured at FVTPL:
• Investments in equity instruments are classified as at FVTPL; and
• Debt instruments that do not meet the amortized cost criteria or the FVTOCI criteria are classified
as at FVTPL.
Financial assets at FVTPL are measured at fair value at the end of each reporting period, with any
fair value gains or losses recognized in profit or loss.
Impairment of financial assets

The Group recognizes a loss allowance for expected credit losses on investments in debt instruments
that are measured at amortized cost or FVTOCI, trade receivables and contract assets. The amount of the
expected credit losses is updated at each reporting period date to reflect changes in credit risk since the
initial recognition of the respective financial instruments.
The Group always recognizes lifetime ECL for trade receivables. The expected credit losses on
these financial assets are estimated using a provision matrix based on the Group’s historical credit loss
experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both current and future direction forecasts at the reporting date, including time value of
money where appropriate.
(i) Write-off policy
The Group writes off a financial asset when there is information indicating that the debtor is in
severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor
has been placed under liquidation or has entered into bankruptcy proceedings, or in the case
of trade receivables when the amounts are over two years past due, whichever occurs sooner.
Financial assets written off may still be subject to enforcement activities under the Group’s
recovery procedures, taking into account legal advice where appropriate. Any recoveries made
are recognized in profit or loss.

(ii) Measurement and recognition of expected credit losses
The measurement of expected credit losses is a function of the probability of default, loss
given default (e.g. the magnitude of the loss if there is a default) and the exposure at default.
The assessment of the probability of default and loss given default is based on historical data
adjusted by forward-looking information. The exposure at default for financial assets is represented
by the asset’s gross carrying amount as at the reporting date. For financial guarantee contracts,
the exposure includes the amount drawn down as at the reporting date, together with any
additional amounts expected to be drawn down in the future. The default date is determined
based on the historical trend. The Group tries to understand the specific future financing needs
of the debtors, and other relevant forward-looking information.
Derecognition of financial assets
The Group derecognizes a financial asset only when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of
ownership of the asset to another entity. If the Group neither transfers nor retains substantially all the
risks and rewards of ownership and continues to control the transferred asset, the Group recognizes its
retained interest in the asset and an associated liability for amounts it may have to pay. If the Group
retains substantially all the risks and rewards of ownership of the transferred financial asset, the Group
continues to recognize the financial asset and a collateralized borrowing for the proceeds received.
On derecognition of a financial asset measured at amortized cost, the difference between the
asset’s carrying amount and the sum of the consideration received and receivable is recognized in profit
or loss.
Derivative financial instruments
The Group enters into derivative financial instruments which are foreign exchange forward contracts
to manage its exposure to foreign exchange rate risks.
Derivatives are recognized initially at fair value at the date a derivative contract is entered into and
are subsequently remeasured to fair value at each reporting date. The resulting gain or loss is recognized
in profit or loss immediately unless the derivative is designated and effective as a hedging instrument in
the event that the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognized as a financial asset whereas a derivative with a
negative fair value is recognized as a financial liability. Derivatives are not offset in the financial statements
unless the Group has both legal right and intention to offset. A derivative is presented as a non-current
asset or non-current liability if the remaining maturity of the instrument is more than 12 months and it is
not expected to be realized or settled within 12 months. Other derivatives are presented as current assets
or current liabilities.
3.21 Fair value measurement
Fair value is the price that would be received from selling an asset or paid for transferring a liability,
which is a transaction that occurs in the ordinary course of business between the buyer and the seller
(market participants) at the measurement date. The Group applies a quoted market price in an active
market to measure their assets and liabilities that are required to be measured at fair value by relevant
financial reporting standards. In case of no active market for an identical asset or liability or when a quoted
market price is not available, the Group measures fair value using valuation techniques that are appropriate
in the circumstances and maximizes the use of relevant observable inputs related to assets and liabilities
that are required to be measured at fair value.
All assets and liabilities for which fair value is measured or disclosed in the financial statements
are categorized within the fair value hierarchy into three levels based on categories of input to be used
in the fair value measurement as follows:
Level 1 Use of quoted market prices in an observable active market for such assets or liabilities
Level 2 Use of other observable inputs for such assets or liabilities, whether directly or indirectly
Level 3 Use of unobservable inputs such as estimates of future cash flows

At the end of each reporting period, the Group determines whether transfers that occurred between
levels within the fair value hierarchy for assets and liabilities held at the end of the reporting period that
are measured at fair value on a recurring basis are necessary.
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCE OF ESTIMATION UNCERTAINLY

4.1 Use of management’s judgments in applying the Group’s accounting policies
The preparation of financial statements in conformity with Thai Financial Reporting Standards
(TFRSs) requires the Group’s management to exercise various judgments in order to determine the
accounting policies, estimates and assumptions that affect the reported amounts of assets and liabilities,
the disclosure of contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the year. Although these estimates are based on management’s
reasonable consideration of current events, actual results may differ from these estimates. Significant
judgements and estimates are as follows:
Reducing inventory cost to net realizable value
In determining a reduction of inventory cost to net realizable value, the management makes
judgement and estimates of net realizable value of inventory based on the amount of the inventories
that are expected to be realized. The estimate takes into consideration fluctuations of the selling price
or cost directly relating to events occurring after the end of the reporting period. Also, the management
makes judgement and estimates of expected loss from stock obsolescence based upon the aging profile
of inventories and the prevailing economic condition.
Property, plant and equipment/Depreciation
In determining depreciation of plant and equipment, the management is required to make estimates
of the useful lives and residual values of plant and equipment and to review the estimate useful lives
and residual values when there are any changes.
In addition, the management is required to review property, plant and equipment for impairment
on a periodical basis and records impairment losses when it is determined that the recoverable amount
is lower than the carrying amount. This requires judgement regarding forecast of future revenues and
expenses relating to the assets subject to the review.
Impairment of investments
The carrying amounts of the investments in subsidiaries are reviewed at the end of each reporting
period. Management estimates the recoverable amount from its value in use, which requires management
to make estimate of cash flows to be generated and to choose a suitable discount rate in order to calculate
the present value of those cash flows.
Goodwill
The initial recognition and measurement of goodwill as at the acquisition date, and the subsequent
impairment testing, require management to make estimates of cash flows to be generated by the assets
or the cash generating units and to choose a suitable discount rate in order to calculate the present value
of those cash flows.
Deferred tax assets
Deferred tax assets are recognized for deductible temporary differences and unused tax losses to the
extent that it is probable that taxable profit will be available against which the temporary differences and
losses can be utilized. Significant management judgement is required to determine the amount of deferred
tax assets that can be recognized, based upon the likely timing and level of estimated future taxable
profits.
Post-employment benefits under defined benefit plans
The obligation under the defined benefit plan is determined based on actuarial techniques. Such
determination is made based on various assumptions, including discount rate, future salary increase rate,
mortality rate and employee turnover rate.

4.2 Key sources of estimation uncertainty
The Group have estimates with the assumptions concerning the future. Although these estimates
are based on management’s reasonable consideration of current events, actual results may differ
from these estimates. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined
below.
4.2.1 Fair value measurements and valuation processes
Some of the Group’s assets and liabilities are measured at fair value for financial
reporting purposes. The Board of Directors of the Company has set up a valuation
committee, which is headed by the Chief Financial Officer, to determine appropriate
valuation techniques and inputs for fair value measurements.
In estimating the fair value of an asset or liability, the Group uses market-observable
data to the extent it is available. Where Level 1 inputs are not available, the Group
uses other observable information either directly or indirectly.
Information about valuation techniques and inputs used in determining the fair value
of various assets and liabilities are disclosed in Note 33.
4.2.2 Calculation of recoverable amount
In the calculation of recoverable amount, the Group’s management estimated the
future cash flows discounted to their present value using a pre-tax discount rate that
reflects current market assessments of the time value of money and the risks specific
to the asset. For an asset that does not generate cash inflows largely independent
of those from other assets, the recoverable amount is determined for the cash-
generating unit to which the asset belongs.
4.2.3 Impairment of goodwill
Determining whether goodwill is impaired requires an estimation of the value in use
of the cash-generating units to which goodwill has been allocated. The value-in-use
calculation requires the Group’s management to estimate the future cash flows
expected to arise from the cash-generating unit and requires a suitable discount rate
for calculating the present value. If the actual future cash flows are less than expected,
a material impairment loss may arise.
4.2.4 Allowance for obsolete and slow-moving inventories
The Group has provided allowance for obsolete and slow-moving inventories based
on management’s best estimate of net realizable value of damaged, obsolete or
deteriorated inventories and review of the aging analysis at the end of each reporting
period.

5. SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
5.1 Cash and cash equivalents
Cash and cash equivalents as at December 31, consist of:
2020 2019 2020 2019

Cash on hand 950 1,678 164 136
Bank deposits - savings and current accounts 207,630 160,620 189,366 130,792
208,580 162,298 189,530 130,928
5.2 Non-cash transactions are as follows:

5.2.1 Cash payments for acquisition of fixed and intangible assets for the years ended
December 31, are as follows:
2020 2019 2020 2019

Liabilities incurred from acquisition of fixed and
intangible assets as at January 1, 31,512 22,915 27,204 19,804
Add Purchase of fixed and intangible assets during
the year 134,878 125,444 125,598 82,684
Less Cash payments (120,416) (98,899) (109,683) (67,732)
Less Advance payments for purchase of fixed assets
paid in the prior year (9,449) (17,948) (8,154) (7,552)
Liabilities incurred from acquisition of fixed and
intangible assets as at December 31, 36,525 31,512 34,965 27,204

5.2.2 Significant non-cash items for the years ended December 31, are as follows:
As at December 31, 2020
Balance Cash flows Balance

as at January 1, 2020 from investing activities as at December 31, 2020
Loan to a subsidiary - (99,500) (99,500)

Non-cash changes
as at January 1, from investing as at December
2019 activities Gain on 31, 2019
Other changes
exchange rate
Loan to a subsidiary (11,338) (4,918) (85) 16,341 -
In April 2019, the Company has converted this loan of USD 507,000 (equivalent to Baht 16.34 million)
to 7,800 ordinary shares of TAOKAENOI USA, Inc. at the price of USD 65 per share.
5.2.3 Dividends paid for the years ended December 31, are as follows:

2020 2019 2020 2019

Accrued dividends as at January 1, 3,530 519 3,530 519
Add Dividends declared during the year 358,800 386,400 358,800 386,400
Less Paid during the year (358,675) (383,389) (358,675) (383,389)
Accrued dividends as at December 31, 3,655 3,530 3,655 3,530

5.2.4 Reconciliation of liabilities arising from financing activities
Changes in the liabilities arising from financing activities, including both cash and non-cash changes
classified as financing activities in the statements of cash flows, are as follows:

Non-cash changes
Balance Cash flows Translation Effects of Balance
as at from the as at
differences application Increase Other December
January financing of 31,
1, 2020 activities financial of the new (Decrease) changes (1) 2020
accounting
statements standards
Short-term borrowings from 854,672 (164,455) - - - - 690,217

financial institutions
Short-term borrowings from 10,000 (10,000) - - - - -
a director
Short-term borrowings 14,056 - (80) - 612 - 14,588
Long-term borrowing - 4,507 - - - - 4,507
Lease liabilities 2 (24,096) 31 127,079 4,234 (18,910) 88,340
Total 878,730 (194,044) (49) 127,079 4,846 (18,910) 797,652
(1)
Such changes occurred from the reduction in lease payments according to the temporary relief measures regarding the impacts of COVID-19.

Non-cash changes
as at from Translation as at
January 1, financing differences Other December 31,
2019 activities of financial changes 2019
statements
Short-term borrowings from financial 881,227 (26,555) - - 854,672

institutions
Short-term borrowings from a director - 10,000 - - 10,000
Short-term borrowings 19,127 (4,258) (813) - 14,056
Liabilities under finance lease 317 (315) - - 2
agreements
Total 900,671 (21,128) (813) - 878,730


Balance Effects of the Balance

as at Cash flows application Increase as at
January 1, from financing of the new (Decrease) December 31,
2020 activities accounting 2020
standards
Short-term borrowings from 846,672 (166,455) - - 680,217
Lease liabilities - (6,682) 32,258 37,593 63,169
Total 846,672 (173,137) 32,258 37,593 743,386


as at from financing Non-cash as at
January 1, activities changes December 31,
2019 2019
Short-term borrowings from 881,227 (34,555) - 846,672

6. OTHER CURRENT FINANCIAL ASSETS AND TEMPORARY INVESTMENTS

Other current financial assets as at December 31, 2020, consist of (see Note 2.5.1):
Other current financial assets
Financial assets measured at fair value through
proft or loss
- Equity securities 2,830 -
- Open-ended fixed income fund 271,820 271,820
Total other current financial assets 274,650 271,820

Temporary investments as at December 31, 2019, consist of:
FINANCIAL FINANCIAL
STATEMENTS STATEMENTS
Investment in securities held for trading
Equity securities - cost 3,875 -
Change in fair value (1,134) -
Total investment in securities held for trading
2,741 -
- fair value
Investment in available-for-sale securities
Unit trusts (open-ended fixed income fund) - cost 4,828 4,828
Change in fair value 43 43
Total investments in available-for-sale securities
4,871 4,871
- fair value
Total temporary investments 7,612 4,871
7. TRADE AND OTHER CURRENT RECEIVABLES

Trade and other current receivables as at December 31, consist of:

2020 2019 2020 2019

Trade receivables
Related parties 4 - 69,405 130,324
Other parties 397,904 562,939 375,814 541,711
Less Loss allowance (19,795) (15,612) (14,781) (13,319)
Total trade receivables 378,113 547,327 430,438 658,716
Other receivables
Related parties 17 14 855 1,381
Other parties 3,611 7,172 2,381 5,596
Total other receivables 3,628 7,186 3,236 6,977
Accrued income - other parties 7,850 1,000 7,806 1,000
Prepaid expenses 16,896 24,366 15,432 20,599
Advance payments for purchase of raw materials 29,801 339,298 29,782 339,244
Total trade and other current receivables 436,288 919,177 486,694 1,026,536

Trade receivables as at December 31, classified by aging are as follows:

2020 2019 2020 2019

Trade receivables
Subsidiaries
Current 1 - 16,322 36,022
Overdue
3 months or less 3 - 31,784 51,103
Over 3 months up to 6 months - - 21,299 30,872
Over 6 months up to 9 months - - - 12,182
Over 9 months - - - 145
Total 4 - 69,405 130,324
Other parties
Current 320,118 408,781 309,941 396,554
Overdue
3 months or less 48,752 128,984 41,638 122,229
Over 3 months up to 6 months 64 214 49 214
Over 6 months up to 9 months 55 - 23 -
Over 9 months 28,915 24,960 24,163 22,714
Total 397,904 562,939 375,814 541,711
397,908 562,939 445,219 672,035
Less Loss allowance (19,795) (15,612) (14,781) (13,319)
Total trade receivables 378,113 547,327 430,438 658,716
The normal credit term given to customers of the Group ranges from 30 to 90 days.
In 2020, the Group measures the loss allowance for trade receivables at an amount equal to
lifetime ECL. The expected credit losses on trade receivables are estimated using a provision matrix
by reference to past default experience of the debtor and an analysis of the debtor’s current financial
position.
There has been no change in the estimation techniques or significant assumptions made during
the current reporting period.
The following table details the risk profile of trade receivables based on the Group’s provision
matrix. As the Group’s historical credit loss experience does not show significantly different loss patterns
for different customer segments, the provision for loss allowance based on past due status is not
further distinguished between the Group’s different customer segments.


Trade receivables - collectively assessed (days past due) Trade

receivables
- Total
Not 181 individually
≤ 90 91 -180 ≥ 271
past - 270 Total assessed
days days days
due days
Expected credit loss rate 0.44% 1.45% - 75.64% 100.00%
Estimated total gross carrying
amount at default amounts 59,605 21,745 - 31 19,191 100,572 297,336 397,908
not past due
Lifetime expected credit loss (265) (315) - (24) (19,191) (19,795) - (19,795)
80,777 297,336 378,113

Trade receivables - collectively assessed (days past due) Trade

receivables
- Total
Not 181 individually
≤ 90 91 -180 ≥ 271
past - 270 Total assessed
days days days
due days
Expected credit loss rate 0.29% 0.41% - - 100.00%
Estimated total gross carrying
amount at default amounts 50,102 14,658 - - 14,574 79,334 365,885 445,219
not past due
Lifetime expected credit loss (147) (60) - - (14,574) (14,781) - (14,781)
64,553 365,885 430,438

The following table shows the movement of lifetime ECL that has been recognized for
trade receivables in accordance with the simplified approach set out in TFRS 9.
Balance as at January 1, 2020 15,612 13,319
Net remeasurement of loss allowance 4,183 1,462
Balance as at December 31, 2020 19,795 14,781
8. INVENTORIES
Inventories as at December 31, consist of:
2020 2019 2020 2019

Finished goods 101,397 157,862 72,658 103,527
Work in process 2,152 2,712 1,843 2,694
Raw materials 1,046,338 1,060,550 1,036,921 1,047,999
Packaging materials 102,127 107,107 99,844 104,931
Spare parts and supplies 15,950 9,709 15,118 9,201
Goods in transit 27,876 - 27,876 -
1,295,840 1,337,940 1,254,260 1,268,352
Less Allowance for diminution in value of
(37,132) (5,369) (31,553) (3,901)
inventories
1,258,708 1,332,571 1,222,707 1,264,451
Cost of inventories recognized as an expense and included in the cost of sales for the years
ended December 31, consists of the following:
2020 2019 2020 2019

Cost of inventories recognized as an expense in
cost of sales:
- Cost of sale of goods 2,927,288 3,807,392 2,838,168 3,591,219
- Allowance for diminution in value of 31,763 (20,925) 27,652 (21,349)
inventories (reversal)
Total 2,959,051 3,786,467 2,865,820 3,569,870

Movements of the allowance for diminution in value of inventories for the years ended December
31, are summarized as follows:
2020 2019 2020 2019

Beginning balances of the year 5,369 26,294 3,901 25,250
Add Loss from diminution in value of
33,027 4,819 27,669 2,172
inventories
Less Reversal due to destruction during
the year (1,264) (25,744) (17) (23,521)
Ending balances of the year 37,132 5,369 31,553 3,901
9. INVESTMENTS IN SUBSIDIARIES
Investments in subsidiaries recorded by the cost method in the separate financial statements as
at December 31, consist of:
Percentage Balance (at cost)
of
Paid-up
share capital Shareholding 2020 2019
2020 and Thousand Baht Thousand Baht
2019
Subsidiaries
Taokaenoi Restaurant & Franchise Baht 35 100.00 35,000 35,000
Company Limited million
Taokanoi Care Company Limited Baht 5 million 100.00 4,543 4,543
NCP Trading & Supply Company Baht 1 million 100.00 491 491
Limited
TAOKAENOI USA, Inc. USD 4,912,000 91.21 97,428 97,428
Total investments in subsidiaries 137,462 137,462
For the years ended December 31, 2020 and 2019, the subsidiaries did not declare dividends.
As at December 31, 2020, the recoverable amount of investment in TAOKAENOI USA, Inc. was
determined based on the value in use, calculated using cash flow projections for the next 5 years. Key
assumptions applied in the calculation of value in use of the assets are summarized below.
PERCENT PER ANNUM
Sales growth rate 28.5 for the first three years 10.0 for the forth year onwards
Long-term growth rate 0.0
Pre-tax discount rate 9.0
The management determined the growth rate based on historical operating results, the expected growth
of such subsidiary and market including the discount rate which is a pre-tax rate that reflects the specific
risk of the business unit.

10. INVESTMENT PROPERTY
The investment property, consisting of land with carrying value amounting to Baht 39.74 million
has fair value amounting to Baht 42.24 million. The fair value was assessed by an independent
appraiser on July 2, 2020 on the basis of market approach. As at December 31, 2020, the management
believes that there had been no material change in the fair value since the assessment date.
11. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment as at December 31, consist of:

Differences Balance
Balance Transfer in on
as at as at
Additions Disposals (Transfer translation December
January 1, out) of financial
2020 statements 31, 2020
Cost
Land and land improvements 94,314 - - - - 94,314
Buildings and building 756,629 710 (2,849) 15,932 - 770,422
improvements
Machinery and equipment 492,970 6,028 (1,499) 26,132 - 523,631
Furniture and office equipment 181,197 8,136 (30,476) 14,789 (1) 173,645
Vehicles 46,820 700 (2,411) - (2) 45,107
Assets under installation and 81,383 106,526 (81) (56,853) - 130,975
construction
Total cost 1,653,313 122,100 (37,316) - (3) 1,738,094
Accumulated depreciation
Land and land improvements (1,877) (127) - - - (2,004)
Buildings and building (177,117) (54,932) 2,775 - (1) (229,275)
improvements
Machinery and equipment (301,554) (57,387) 1,488 - - (357,453)
Furniture and office equipment (98,376) (27,272) 17,376 - 5 (108,267)
Vehicles (31,782) (6,932) 2,368 - (15) (36,361)
Total accumulated depreciation (610,706) (146,650) 24,007 - (11) (733,360)
Less Allowance for impairment
(23,862) - 2,036 - - (21,826)
of assets
Property, plant and equipment 1,018,745 982,908


Differences Balance
Balance Transfer in on
as at as at
Additions Disposals (Transfer translation December
January 1, out) of financial
2019 statements 31, 2019
Cost
Land and land improvements 94,314 - - - - 94,314
Buildings and building 728,339 125 (30,251) 60,728 (2,312) 756,629
improvements
Machinery and equipment 482,174 3,521 (22,605) 31,364 (1,484) 492,970
Furniture and office equipment 138,479 17,091 (3,436) 29,097 (34) 181,197
Vehicles 47,127 12 (262) - (57) 46,820
Assets under installation and 122,228 80,424 (80) (121,189) - 81,383
construction
Total cost 1,612,661 101,173 (56,634) - (3,887) 1,653,313
Land and land improvements (1,654) (223) - - - (1,877)
Buildings and building (124,760) (61,930) 9,350 - 223 (177,117)
improvements
Machinery and equipment (257,721) (50,987) 7,065 - 89 (301,554)
Furniture and office equipment (67,003) (33,449) 2,064 - 12 (98,376)
Vehicles (24,196) (7,668) 59 - 23 (31,782)
Total accumulated depreciation (475,334) (154,257) 18,538 - 347 (610,706)
Less Allowance for impairment (19,517) (4,345)
- - - (23,862)
of assets
Property, plant and equipment 1,117,810 1,018,745
Depreciation for the years ended December 31,
2020 Thousand Baht 146,650


Balance Transfer in Balance
as at as at
January 1, Additions Disposals (Transfer December
out)
2020 31, 2020
Cost
Land and land improvements 94,314 - - - 94,314
Buildings and building improvements 736,701 - (2,735) 15,288 749,254
Machinery and equipment 473,689 3,017 (1,291) 25,412 500,827
Furniture and office equipment 114,278 5,635 (1,183) 12,837 131,567
Vehicles 45,523 700 (1,923) - 44,300
Assets under installation and construction 80,421 103,990 (81) (53,537) 130,793
Total cost 1,544,926 113,342 (7,213) - 1,651,055
Land and land improvements (1,877) (128) - - (2,005)
Buildings and building improvements (172,688) (52,343) 2,736 - (222,295)
Machinery and equipment (293,365) (55,132) 1,279 - (347,218)
Furniture and office equipment (70,827) (17,111) 1,074 - (86,864)
Vehicles (30,920) (6,795) 1,923 - (35,792)
Total accumulated depreciation (569,677) (131,509) 7,012 - (694,174)
Less Allowance for impairment of assets (14,063) - - - (14,063)
Property, plant and equipment 961,186 942,818

as at as at
out)
2019 31, 2019
Cost
Land and land improvements 94,314 - - - 94,314
Buildings and building improvements 675,848 125 - 60,728 736,701
Machinery and equipment 438,586 1,435 (3,112) 36,780 473,689
Furniture and office equipment 102,690 10,967 (1,746) 2,367 114,278
Vehicles 45,511 12 - - 45,523
Assets under installation and construction 120,474 59,896 (74) (99,875) 80,421
Total cost 1,477,423 72,435 (4,932) - 1,544,926
Land and land improvements (1,654) (223) - - (1,877)
Buildings and building improvements (117,341) (55,347) - - (172,688)
Machinery and equipment (242,258) (54,205) 3,098 - (293,365)
Furniture and office equipment (56,396) (15,850) 1,419 - (70,827)
Vehicles (23,547) (7,373) - - (30,920)
Total accumulated depreciation (441,196) (132,998) 4,517 - (569,677)
Less Allowance for impairment of assets (14,063) - - - (14,063)
Property, plant and equipment 1,022,164 961,186
Depreciation for the years ended December 31,

As at December 31, 2020, the carrying amount of had buildings and structures located on leased
land is Baht 56.2 million (2019: Baht 67.6 million). Under the land lease agreements, the Company
has to transfer the ownership of the buildings and structures to the lessors when the agreements
are terminated.

12. RIGHT-OF-USE ASSETS
Right-of-use assets as at December 31, 2020 consist of:

Balance as at Effects of initial Differences on Balanceasat

application of Additions Disposals translation of December
January 1, TFRS 16 financial 31,
2020 (see Note 2.5.2) statements 2020
Cost
Land and land improvements - 23,396 19,789 (866) - 42,319
Buildings and building - 98,455 18,637 (46,791) (159) 70,142
improvements
Vehicles - 5,101 1,331 - - 6,432
Total cost - 126,952 39,757 (47,657) (159) 118,893
Land and land improvements - - (5,635) 866 - (4,769)
Buildings and building - - (40,788) 15,515 32 (25,241)
improvements
Vehicles - - (1,199) - - (1,199)
Total accumulated depreciation - - (47,622) 16,381 32 (31,209)
Total right-of-use assets - 87,684
Depreciation for the year ended December 31, 2020 Thousand Baht 47,622

Balance as at Effects of initial

of Additions Disposals Balance as at
application
January 1, December 31,
TFRS 16
2020 2020
(see Note 2.5.2)
Cost
Land and land improvements - 23,396 19,789 (866) 42,319
Buildings and building - 1,479 19,598 - 21,077
improvements
Vehicles - 5,101 1,331 - 6,432
Total cost - 29,976 40,718 (866) 69,828
Land and land improvements - - (5,635) 866 (4,769)
Buildings and building - - (1,068) - (1,068)
improvements
Vehicles - - (1,199) - (1,199)
Total accumulated depreciation - - (7,902) 866 (7,036)
Total right-of-use assets - 62,792
Depreciation for the year ended December 31, 2020 Thousand Baht 7,902
During the year 2020, the lessors offered the reduction of lease charges to the Group and the Company
in the amounts of Baht 19,455,829 and Baht 87,372, respectively. In accordance with the temporary relief
measures for additional accounting alternatives to alleviate the impacts from the COVID-19 outbreak, the
Group and the Company adjusted the lease reduction by reducing depreciation of right-of-use assets in
the amounts of Baht 19,211,135 and Baht 81,225, and interest on lease liabilities in the amounts of Baht
550,810 and Baht 11,089, respectively, with differences recognized in profit or loss of Baht 306,116 and
Baht 4,943, respectively.
The Group leases several assets including land, buildings, plant and vehicles. The lease terms are between
2-15 years.
The maturity analysis of lease liabilities is presented in Note 19.
Amounts recognized in profit or loss for the year ended December 31, 2020, consist of:
FINANCIAL FINANCIAL
Depreciation of right-of-use assets - after adjusting lease reduction 28,411 7,821
Interest expense on lease liabilities 1,681 965
Expense relating to short-term leases 21,939 15,589
Expense relating to leases of low-value assets 1,278 874
Expense relating to variable lease payments not included in 1,645 1,307
the measurement of the lease liability
Income from sub-leasing right-of-use assets 241 -

At December 31, 2020, the Group and the Company have commitments under short-term leases
and low-value assets leases totaling Baht 12.16 million and Baht 8.02 million, respectively. Some of
the leases in which the Group is the lessee contain variable lease payment terms that are linked to
sales generated. Variable payment terms are used to link rental payments to store cash flows and
reduce fixed cost.
The breakdown of lease payments for these stores for the year ended December 31, 2020 is as follows:
FINANCIAL FINANCIAL
Fixed payments 23,217 16,463
Variable payments 1,645 1,307
Total payments 24,862 17,770
Overall the variable payments constitute up to 6.6% of the Group’s entire lease payments.
13. GOODWILL
Movements of the goodwill for the years ended December 31, are summarized as follows:
CONSOLIDATED
FINANCIAL STATEMENTS
2020 2019
Balance as at January 1, 11,513 12,389
Foreign exchange differences (45) (876)
Carrying amount as at December 31, 11,468 11,513
Goodwill from the business acquisition (acquisition of shares of TAOKAENOI USA, Inc. in 2017) mainly
consists of the business opportunities arising from the acquisition of a seaweed factory ready to operate
immediately from the acquisition date. The acquisition will help to expand the production capacity
and increase the revenue from sale of natural seaweed products, as well as enabling the Group to
increase marketing channels and expand its customer base in North America.
As at December 31, 2020, the management determined that there had been no impairment of goodwill.

14. OTHER INTANGIBLE ASSETS OTHER THAN GOODWILL
Other intangible assets other than goodwill as at December 31, consist of:
As at December 31, 2020 Unit : Thousand Baht
Transfer in Differences
Balance on Balance
as at translation of as at
January 1, Additions Disposals (Transfer financial December
2020 out) statements 31, 2020
Cost
Computer software 41,119 654 (1,343) 11,005 - 51,435
Computer software under 11,148 10,902
implementation
- (11,005) - 11,045
Others 26,203 1,223 - - (12) 27,414
Total cost 78,470 12,779 (1,343) - (12) 89,894
Accumulated amortization
Computer software (17,597) (4,251) 1,118 - - (20,730)
Others (9,904) (3,605) - - 17 (13,492)
Total accumulated amortization (27,501) (7,856) 1,118 - 17 (34,222)
Other intangible assets other 50,969
than goodwill
55,672

Transfer in Differences
Balance on Balance
as at translation of as at
January 1, Additions Disposals (Transfer financial December
2019 out) statements 31, 2019
Cost
Computer software 30,233 6,283 - 4,603 - 41,119
implementation
- (4,603) - 11,148
Others 14,097 12,351 - - (245) 26,203
Total cost 54,444 24,271 - - (245) 78,470
Computer software (14,755) (2,842) - - - (17,597)
Others (3,830) (6,239) - - 165 (9,904)
Total accumulated amortization (18,585) (9,081) - - 165 (27,501)
Other intangible assets other 35,859
than goodwill
50,969
Amortization for the years ended December 31,


as at as at
2020 out) 31, 2020
Cost
Computer software 31,757 654 - 11,005 43,416
implementation
- (11,005) 11,045
Others 12,939 700 - - 13,639
Total cost 55,844 12,256 - - 68,100
Computer software (15,325) (3,238) - - (18,563)
Others (6,297) (2,433) - - (8,730)
Total accumulated amortization (21,622) (5,671) - - (27,293)
Other intangible assets other than goodwill 34,222 40,807

as at as at
2019 out) 31, 2019
Cost
Computer software 26,230 924 - 4,603 31,757
implementation
- (4,603) 11,148
Others 9,251 3,688 - - 12,939
Total cost 45,595 10,249 - - 55,844
Computer software (12,315) (3,010) - - (15,325)
Others (2,080) (4,217) - - (6,297)
Total accumulated amortization (14,395) (7,227) - - (21,622)
Other intangible assets other than goodwill 31,200 34,222
Amortization for the years ended December 31,


15. SHORT-TERM BORROWINGS FROM FINANCIAL INSTITUTIONS
Short-term borrowings from financial institutions as at December 31, are as follows:
Interest rate (% p.a.) Consolidated Financial
Statements
2020 2019 2020 2019
Promissory notes 1.30 - 1.66 1.85 - 2.13 522,000 698,000
Trust receipts 1.25 - 1.50 1.90 - 2.20 168,217 156,672
690,217 854,672

Interest rate (% p.a.) Separate Financial
Statements
2020 2019 2020 2019
Promissory notes 1.30 - 1.48 1.85 - 2.13 512,000 690,000
Trust receipts 1.25 - 1.50 1.90 - 2.20 168,217 156,672
680,217 846,672
Such loans are unsecured and callable on demand. As at December 31, 2020 and 2019, the Company
had unused bank credit facilities of Baht 1,745 million and Baht 1,347 million, respectively.
16. TRADE AND OTHER CURRENT PAYABLES

Trade and other current payables as December 31, consist of:
2020 2019 2020 2019

Trade payables - related parties 4 83 12,919 31,748
Trade payables - other parties 169,668 303,056 149,725 235,211
Other payables - related parties - 18 175 1,333
Other payables - other parties 89,015 90,075 78,150 84,638
Payables for purchase of fixed and intangible
36,525 31,512 34,965 27,204
assets
Accrued expenses 273,122 179,034 270,821 175,815
568,334 603,778 546,755 555,949

17. SHORT-TERM BORROWINGS
Short-term borrowings as at December 31, are as follows:
Interest Repayment Consolidated
Borrower Credit Limit Rate Term Financial Statements
(% p.a.)
2020 2019
TAOKAENOI USA, Inc.
Borrowing from USD 0.4 4.6 At call 14,588 14,056
Samhae Commercial Co., Ltd. million
Taokaenoi Restaurant &
Franchise Company Limited
Borrowing from a director Baht 10 2.15 At call - 10,000
million
14,588 24,056
As at December 31, 2020 and 2019, such short-term borrowings are unsecured borrowings.
18. LONG-TERM BORROWING

Long-term borrowing as at December 31, is as follows:
Interest Repayment Consolidated
Borrower Credit Limit Rate Term Financial
(% p.a.) Statements
2020 2019
TAOKAENOI USA, Inc.
Other long-term USD 0.2 1.0 January 2022 - August 2025 4,507 -
borrowing million

19. LEASE LIABILITIES
Lease liabilities as at December 31, 2020 consist of (see Note 2.5.2):
FINANCIAL FINANCIAL
Maturity analysis:
Within 1 year 26,789 11,639
After 1 year but within 5 years 45,625 35,127
After 5 years 23,928 23,928
96,342 70,694
Less Deferred interest expense (8,002) (7,524)
Total 88,340 63,170
Classification:
Current portion of lease liabilities 25,155 10,427
Lease liabilities 63,185 52,743
Total 88,340 63,170

20. NON-CURRENT PROVISION FOR EMPLOYEE BENEFIT OBLIGATIONS
The Company and its subsidiaries recorded employee benefit obligations upon retirement which are
considered as unfunded defined benefit plans.
Non-current provisions for employee benefit obligations and amounts recognized as expenses in the
statements of profit or loss and other comprehensive income in respect of the defined benefit plans for the
years ended December 31, are as follows:
2020 2019 2020 2019

The Statement of Financial Position as at
December 31,
Obligations in statement of financial position
31,338 25,474 29,526 24,875
for post-employment benefits
The Statement of Comprehensive Income for the years ended December 31,
Recognized in profit or loss
Current service cost 4,212 3,794 3,730 3,704
Interest cost 510 460 499 448
Past service cost - 2,339 - 2,221
4,722 6,593 4,229 6,373
Recognized in other comprehensive income
Actuarial loss on defined employee benefit plan 2,604 2,029 1,527 1,953
Expenses recorded in the statements of
profit or loss 7,326 8,622 5,756 8,326
and other comprehensive income
Movements of the present values of the defined benefit obligations for the years ended December 31, are as
follows:
2020 2019 2020 2019

Balance of present value of defined benefit
obligations 25,474 17,320 24,875 17,017
as at January 1,
Current service cost 4,212 3,794 3,730 3,704
Interest cost 510 460 499 448
Past service cost - 2,339 - 2,221
Actuarial loss on defined employee benefit plan 2,604 2,029 1,527 1,953
Less Benefits paid during the year (1,462) (468) (1,105) (468)
Balance of present value of defined benefit
31,338 25,474 29,526 24,875
obligation as at December 31,

Employee benefit expenses are recognized in profit or loss as follows:
2020 2019 2020 2019

Cost of manufacturing 2,884 2,444 2,819 2,387
Administrative expenses 1,838 4,149 1,410 3,986
Total 4,722 6,593 4,229 6,373
For the year ended December 31, 2020, the Company recognized the actuarial loss in the consolidated and
separate statements of profit or loss in the amounts of Baht 2.60 million and Baht 1.53 million, respectively.
Such actuarial loss mainly resulted from the decrease in the discount rate and the salary increase rate
according to the actuarial assumption (2019 : Baht 2.03 million and Baht 1.95 million, respectively).
The key actuarial assumptions used to calculate the defined benefit obligations as at December 31, are
as follows:
2020 2019 2020 2019

Discount rate (% p.a.) 0.36 - 2.99% 1.43 - 3.92% 0.36 - 2.99% 1.43 - 3.92%
Mortality rate Thai Mortality Thai Mortality Thai Mortality Thai Mortality
Table 2017 Table 2017 Table 2017 Table 2017
Salary increase rate 2.0% - 6.5% 3.5% - 7.0% 2.0% - 6.5% 3.5% - 7.0%
Employee turnover rate 0% - 50% 0% - 50% 0% - 50% 0% - 50%

The changes of significant assumptions that affect the increase (decrease) in the present value of the long-term
employee benefit obligation as at December 31, are summarized as follows:

2020 2019 2020 2019

Discount rate
Decrease by 1 percent 3,676 1,924 3,387 1,858
Increase by 1 percent (3,240) (1,668) (2,995) (1,612)
Salary growth rate

Decrease by 1 percent (3,145) (1,986) (2,908) (1,926)
Increase by 1 percent 3,624 2,260 3,349 2,189
Employee turnover rate

Decrease by 20 percent of base
10,054 5,483 9,256 5,251
in each age
Increase by 20 percent of base
(6,493) (3,539) (5,971) (3,402)
in each age
The sensitivity analysis presented above might not be representative of the actual change in the defined employee
benefit obligations as it was unlikely that the change in assumptions would occur in isolation of one another as
some of the assumptions might be correlated.
Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation was
calculated using the Projected Unit Credit Method at the end of the report period, which was the same as that applied
in calculating the post-employment benefit obligation liability recognized in the statement of financial position.
21. LEGAL RESERVE

Pursuant to Section 116 of the Public Limited Companies Act B.E. 2535, the Company is required to set aside
a legal reserve of at least 5 percent of its annual net earnings after deducting accumulated deficit brought forward
(if any) until the reserve reaches 10 percent of the registered share capital and the reserve is not available for
distribution as dividends. At present, the statutory reserve has fully been set aside.
Pursuant to Section 1202 of the Thai Civil and Commercial Code, the subsidiaries are required to set aside a
legal reserve of at least 5 percent of net earnings each time the subsidiaries pay out a dividend until the reserve
reaches 10 percent of the registered share capital and the reserve is not available for distribution as dividends.

22. EXPENSE BY NATURE
Expenses by nature for the years ended December 31, are as follows:
2020 2019 2020 2019

Salaries, wages and other employee
879,725 1,047,650 802,700 943,730
benefits
Depreciation and amortization 182,917 163,338 145,001 140,225
Rental expenses under lease
59,132 136,693 48,386 71,995
agreements
Transportation expenses 83,284 98,669 79,162 89,776
Utility and energy expenses 93,884 83,437 89,457 77,743
Sales promotion and marketing
179,921 420,618 165,369 398,677
expenses
Raw materials and consumable goods 2,311,000 2,886,626 1,914,690 2,563,827
Changes in inventories of finished
(57,025) (9,420) (31,720) (3,465)
goods and work in process
23. INCOME TAX

Income tax expenses for the years ended December 31, are summarized as follows:
2020 2019 2020 2019

Current income tax
Corporate income tax for the year 39,871 35,855 39,982 35,402
Adjustment in respect of income tax of the
705 (6,847) 705 (4,444)
previous year
Other adjustments 55 - 55 -
Deferred tax
Deferred tax relating to origination and
(9,452) (17,966) (7,669) 15
reversal of temporary differences
Income tax expenses reported in the
31,179 11,042 33,073 30,973
statements of profit or loss

The amounts of income tax relating to each component of other comprehensive income for
the years ended December 31, are summarized as follows:
2020 2019 2020 2019

Deferred tax relating to unrealized gain on
(9) 8 (9) 8
revaluation of available-for-sale investments
Deferred tax relating to actuarial losses (521) (406) (305) (391)
(530) (398) (314) (383)
The reconciliation between accounting profit and tax expenses for the years ended Decem-
ber 31, is as follows:

2020 2019 2020 2019

Accounting profit before income tax 273,052 372,884 370,451 460,267
20% and 20% and
Applicable corporate income tax rates 20% 20%
28% 28%
Income tax using applicable tax rate 74,131 92,526 74,090 92,053
Adjustment in respect of income tax of the
705 (6,847) 705 (4,444)
previous year
Other adjustments 55 - 55 -
Effects on:
Gain from operations exempted from
corporate (36,720) (52,887) (36,720) (52,887)
income tax (Note 24)
Non-taxable expenses 5,714 16,274 3,357 13,583
Expenses that are deductible more than
(12,383) (37,470) (8,091) (16,924)
actual paid
Others (323) (554) (323) (408)
Total (43,712) (74,637) (41,777) (56,636)
Income tax expense 31,179 11,042 33,073 30,973

Deferred tax assets and liabilities for the years ended December 31, consist of:
2020 2019 2020 2019

Deferred tax assets 95,105 66,615 41,536 20,467
Deferred tax liabilities (19,300) (792) (13,843) (757)
Total 75,805 65,823 27,693 19,710
Movements of deferred tax assets and liabilities for the years ended December 31, are as follows:
As at December 31, 2020 Unit : Thousand Baht
Balances as at Recognized Recognized in other Balances as at
January 1, in profit comprehensive December 31,
2020 or loss income 2020
Deferred tax assets
Unrealized loss on revaluation of other
227 (18) - 209
current financial assets
Loss allowance 3,123 870 - 3,993
Allowance for diminution in value of
1,074 6,352 - 7,426
inventories
Allowance for loss on impairment of assets 4,772 (407) - 4,365
Lease liabilities - 18,090 - 18,090
Temporary differences of depreciation of
8,015 2,844 - 10,859
assets located on leased land
Fair value adjustment of assets from business
2,226 (2,226) - -
combination
Provision for long-term employee benefits 5,095 652 521 6,268
Unused tax loss 40,863 2,209 - 43,072
Others 1,220 (397) - 823
Total 66,615 27,969 521 95,105
Deferred tax liabilities
Unrealized gain on revaluation of investments
(9) - 9 -
in available-for-sale securities
Rights under the operating lease contract
(35) 35 - -
from business combination
Right-of-use assets - (17,954) - (17,954)
Temporary differences of leases (748) (536) - (1,284)
Others - (62) - (62)
Total (792) (18,517) 9 (19,300)
Deferred tax asset - net 65,823 9,452 530 75,805

Recognized in
Balances as at Recognized Balances as at
other
January 1, in profit December 31,
comprehensive
2019 or loss 2019
income
Deferred tax assets
Unrealized loss on revaluation of investments
170 57 - 227
in trading securities
Allowance for doubtful accounts 3,268 (145) - 3,123
5,259 (4,185) - 1,074
inventories
Allowance for loss on impairment of assets 3,904 868 - 4,772
4,182 3,833 - 8,015
Fair value adjustment of assets from business
2,599 (373) - 2,226
combination
Provision for long-term employee benefits 3,464 1,225 406 5,095
Unused tax loss 23,963 16,900 - 40,863
Others 1,232 (12) - 1,220
Total 48,041 18,168 406 66,615
Unrealized gain on revaluation of investments
(1) - (8) (9)
in available-for-sale securities
Rights under the operating lease contract
(484) 449 - (35)
from business combination
Temporary differences of finance lease
(97) (651) - (748)
agreements
Total (582) (202) (8) (792)

Recognized in
Balances as at Recognized Balances as at
other
January 1, in profit December 31,
comprehensive
2020 or loss 2020
income
Deferred tax assets
Loss allowance 2,664 292 - 2,956
780 5,531 - 6,311
inventories
Allowance for loss on impairment of
2,813 - - 2,813
assets
Lease liabilities - 12,634 - 12,634
Temporary differences of depreciation
8,015 2,844 - 10,859
of assets located on leased land
Provision for long-term employee
4,975 625 305 5,905
benefits
Others 1,220 (1,162) - 58
Total 20,467 20,764 305 41,536
investments in available-for-sale (9) - 9 -
securities
Right-of-use assets - (12,559) - (12,559)
Temporary differences of leases (748) (536) - (1,284)
Total (757) (13,095) 9 (13,843)

Recognized in Balances as at
Balances as at Recognized other
January 1, in profit comprehensive December 31,
2019 or loss 2019
income
Deferred tax assets
Allowance for doubtful accounts 2,756 (92) - 2,664
5,050 (4,270) - 780
inventories
Allowance for loss on impairment of assets 2,813 - - 2,813
4,182 3,833 - 8,015
Provision for long-term employee
3,403 1,181 391 4,975
benefits
Others 1,236 (16) - 1,220
Total 19,440 636 391 20,467
(1) - (8) (9)
investments in available-for-sale securities
Temporary differences of finance lease
(97) (651) - (748)
agreements
Total (98) (651) (8) (757)
Deferred tax asset - net 19,342 (15) 383 19,710
24. PROMOTIONAL PRIVILEGES

The Company has received promotional privileges from the Board of Investments for the manufac-
turing of seaweed products and snacks made from flour under certain significant conditions. Significant
privileges of the Company are as follows:
Certificate No.
Promotional privileges
1433/2553 2155(2)/2554 63-1161-00-1-0
1. Exemption from corporate income tax on - 7 years 6 years

net profit from the promoted operations from 1 October (To be
2017 announced)
2. Exemption from import duty on imported and Granted Granted Granted
essential raw materials used in manufacturing for
export sales for a period of 1 year commencing
from the first importation date. However, the
promotion period has been extended.
3. Exemption from import duty on items imported Granted Granted Granted
for re-export, for a period of 1 year commencing
from the first importation date. However, the
promotion period has been extended.

The Company’s revenues for the years ended December 31, divided between promoted and non-promoted
operations, are summarized as follows:
PROMOTED OPERATIONS NON-PROMOTED Total
OPERATIONS
2020 2019 2020 2019 2020 2019
Sales
Domestic sales 146,884 288,878 1,056,492 1,548,339 1,203,376 1,837,217
Export sales 1,172,060 1,564,023 1,468,404 1,528,652 2,640,464 3,092,675
Total sales 1,318,944 1,852,901 2,524,896 3,076,991 3,843,840 4,929,892
25. PROVIDENT FUND

The Group and its employees have jointly established a provident fund in accordance with the Provident
Fund Act B.E. 2530. The Group and its employees have made monthly contributions to the fund at the rate of
3% - 7% of the employees’ base salaries. The fund, which is managed by Krung Thai Asset Management Public
Company Limited, will be paid to employees upon termination in accordance with the fund’s rules. The Group
and its subsidiaries recognized the contributions for the year 2020 amounting to Baht 11.2 million and Baht 10.5
million as expenses, respectively (2019: Baht 11.8 million and Baht 10.9 million, respectively).
26. DIVIDENDS
On April 25, 2019, the Annual General Shareholders’ Meeting passed a resolution to distribute annual
dividends from the operations of the year 2018 for 1,380 million shares at Baht 0.34 per share, totaling Baht 469.2
million. The dividends consist of interim dividends at Baht 0.17 per share, totaling Baht 234.6 million, which were
paid on September 6, 2018, and additional dividends at Baht 0.17 per share, totaling Baht 234.6 million, which
were paid on May 8, 2019.
On August 14, 2019, the Board of Directors’ Meeting of the Company passed a resolution to distribute the
interim dividend from the operations of the six-month period of the year 2019 for 1,380 million shares at Baht
0.11 per share, totaling Baht 151.8 million, which were paid on September 11, 2019.
On February 24, 2020, the Board of Directors’ Meeting of the Company passed a resolution to distribute
annual dividends from the operations of the year 2019 for 1,380 million shares at Baht 0.26 per share, totaling
Baht 358.8 million. The dividends consist of interim dividends at Baht 0.11 per share, totalling Baht 151.8 million,
which were paid on September 11, 2019, and additional dividends at Baht 0.15 per share, totaling Baht 207.0
million, which were paid on April 24, 2020.
On August 10, 2020, the Board of Director’s Meeting of the Company passed a resolution to distribute the
interim dividend from the operations of the six-month of the year 2020 for 1,380 million shares at Baht 0.11 per
share, totaling Baht 151.8 million, which were paid on September 9, 2020.
27. TREASURY SHARES

On March 26, 2020, the Board of Directors’ Meeting of the Company approved the treasury share repurchase
for financial management which the period of repurchase is between April 10, 2020 and October 9, 2020 in the
amount not exceeding Baht 100,000,000 with the amount of shares to be repurchased of not exceeding 20,000,000
shares or equal to 1.45 percent of the total issued and paid up shares of the Company. The Company has not
repurchased any treasury shares within such period and has announced the end of such project.

28. TRANSACTIONS WITH RELATED PARTIES
The relationships between the Company and related parties are summarized as follows:
COMPANY NAME RELATIONSHIP
Taokaenoi Restaurant & Franchise Company Limited Subsidiary
Taokaenoi Care Company Limited Subsidiary
NCP Trading & Supply Company Limited Subsidiary
TAOKAENOI USA, Inc. Subsidiary
Peeradechapan Holding Company Limited Major shareholders
Dr. Tobi Company Limited Common shareholders/directors
Chubcheeva Company Limited Common shareholders/directors
Itthipat Peeradechapan Director
Orrapat Peeradechapan Director
Nutchatpong Peeradechapan Director
For the years ended December 31, 2020 and 2019, the Group had significant business transactions with related
parties. Such transactions, which are summarized below, arose in the ordinary course of business and were concluded
on commercial terms and bases agreed upon between the Group and those related parties.
ACCOUNT NAME FINANCIAL STATEMENTS FINANCIAL STATEMENTS
2020 2019 2020 2019
Subsidiaries
Revenue from sales - - 164,100 164,100
Revenue from rendering accounting and
- - 3,984 3,984
financing services
Interest income - - 1,031 1,031
Other income - - 13 13
Purchase of goods - - 171,474 171,474
Sales promotion expense - - 3,417 3,417
Rental expense - - 279 279
Related parties
Revenue from sales 7 - - -
Sales promotion income 11 - - -
Rental income 234 - - -
Other income 38 - - -
Purchase of goods 37 691 32 32
Rental expense 360 1,920 360 360
Interest expense 81 219 - -
Other expense - 40 - -

Pricing policies of each account can be described as follows:
ACCOUNT TRANSFER PRICING POLICY
Revenue from sales Cost plus margin at 15% - 45% depending on the purchase
volume and product types
Revenue from rendering accounting Actual cost plus margin
and financing services
Interest income Rate stipulated in the agreement
Rental income Rate stipulated in the agreement
Other income Rate stipulated in the agreement
Purchase of goods Cost plus margin at 5% - 15% and cost plus margin at 35%
- 70% depending on the purchase volume and product
types for subsidiaries and related parties, respectively
Sales promotion expense Rate stipulated in the agreement
Rental expense Rate stipulated in the agreement
Interest expense Rate stipulated in the agreement
Other expense Rate stipulated in the agreement
The balances of the accounts between the Group and those related parties as at December 31,
are as follows:
ACCOUNT NAME FINANCIAL STATEMENTS FINANCIAL STATEMENTS
2020 2019 2020 2019
Trade receivables
Subsidiaries - - 69,405 130,324
Related parties 4 - - -
Total 4 - 69,405 130,324
Other receivables
Subsidiaries - - 855 1,381
Related parties 17 14 - -
Total 17 14 855 1,381
Trade payables
Subsidiaries - - 12,919 31,748
Related parties 4 83 - -
Total 4 83 12,919 31,748
Other payables
Subsidiaries - - 175 1,333
Related parties - 18 - -
Total - 18 175 1,333

SHORT-TERM LOAN TO A SUBSIDIARY
Short-term loan to a subsidiary as at December 31, is as follows:
INTEREST RATE SEPARATE FINANCIAL
BORROWER (% PER ANNUM) STATEMENTS
2020 2019 2020 2019
Taokaenoi Restaurants & Franchise Co., Ltd. 1.96 - 2.20 - 99,500 -
BORROWING FROM A DIRECTOR

Borrowing from a director as at December 31, is as follows:
Unit :Unit : Thousand Baht
INTEREST RATE CONSOLIDATED
BORROWER (% PER ANNUM) FINANCIAL STATEMENTS
2020 2019 2020 2019
Taokaenoi Restaurants & Franchise Co., Ltd. - 2.15 - 10,000
DIRECTOR AND MANAGEMENT’S BENEFITS

During the years ended December 31, the Group had employee benefit expenses for its directors and
management as follows:
CONSOLIDATED AND SEPARATE
FINANCIAL STATEMENTS
2020 2019
Short-term benefits 33,997 37,104
Post-employment benefits 2,152 2,479
Total 36,149 39,583
29. BASIC EARNINGS PER SHARE

Basic earnings per share is calculated by dividing profit for the year attributable to equity
holders of the Company (excluding other comprehensive income) by the weighted average number
of ordinary shares issued during the year.
30. OPERATING SEGMENT

Operating segment information is reported in a manner consistent with the internal reports
of the Group that are regularly reviewed by the chief operating decision maker in order to make
decisions about the allocation of resources to the segment and assess its performance.
For management purposes, the Group is organized into business units based on its products
and has 3 reportable segments as follows:
1) Snacks segment represents a manufacturer and distributor of fried, grilled, and baked seaweed
and seaweed snacks in both domestic and overseas markets;
2) Retailer segment represents a retailer of snacks, food and beverages; and
3) Others.

The chief operating decision maker monitors the operating results of the business units separately for the
purposes of making decisions about resource allocation and assessing performance. Segment performance is mea-
sured by the Group based on the operating profit or loss, and total assets and total liabilities on a basis consistent
with that used to measure the operating profit or loss, total assets and total liabilities in the financial statements.
The basis of accounting for any transactions between reportable segments is consistent with that for third party
transactions
The Group is organized into business units based on its products. During the current year, there has been no
change in the structure of the operating segments as reported.
Operating segment by business in the consolidated financial statements for the years ended December 31, are
as follows:
Unit: Million Baht

Retailer
Elimination
Snack and Other
Total of inter- Total
segment restaurant segments
segment
segment
For the year ended December 31, 2020
Segment revenues from external sales 3,883.7 91.2 8.2 3,983.1 - 3,983.1
Charges between segments 164.1 1.1 171.2 336.4 (336.4) -
Total revenues 4,047.8 92.3 179.4 4,319.5 (336.4) 3,983.1
Segment profit (loss) 360.2 (80.5) (4.6) 275.1 (0.1) 275.0
Other income 16.2
Finance costs (18.1)
Profit before income tax expense 273.1
Income tax expense (31.2)
Profit for the year 241.9
Other comprehensive loss for the (1.7)
year - net of tax
Total comprehensive income for the 240.2
year

Total assets for reportable segments 3,630.4 108.2 63.6 3,802.2 (321.3) 3,480.9
Total liabilities for reportable 1,463.5 152.3 27.2 1,643.0 (184.6) 1,458.4
segments

Unit: Million Baht
Retailer
Elimination
Snack and Other
Total of inter- Total
segment restaurant segments
segment
segment
Segment revenues from external sales 4,891.2 355.3 20.3 5,266.8 - 5,266.8
Charges between segments 187.1 (2.0) 212.2 397.3 (397.3) -
Total revenues 5,078.3 353.3 232.5 5,664.1 (397.3) 5,266.8
Segment profit (loss) 397.7 (30.2) (2.7) 364.8 3.8 368.6
Other income 30.5
Finance costs (26.3)
Profit before income tax expense 372.8
Income tax expense (11.0)
Profit for the year 361.8
Other comprehensive loss for the (3.7)
year - net of tax
Total comprehensive income for the 358.1
year

Total assets for reportable segments 3,755.8 162.6 83.0 4,001.4 (294.8) 3,706.6
Total liabilities for reportable seg- 1,558.1 129.3 42.8 1,730.2 (164.8) 1,565.4
ments

Other segment information for the years ended December 31, are as follows:
Unit: Million Baht
Retailer and Elimination

Snack Other
restaurant Total of inter- Total
segment segments
segment segment
Depreciation and amortization 145.9 30.8 6.5 183.2 (0.3) 182.9
Additions to non-current assets 3,287.8 100.8 63.2 3,451.8 (321.3) 3,130.5
other than financial instruments
and deferred tax assets
Unit: Million Baht

Retailer and Elimination

Snack Other
restaurant Total of inter- Total
segment segments
segment segment
Depreciation and amortization 148.5 11.4 3.4 163.3 - 163.3
Additions to non-current assets 3,688.2 156.9 82.8 3,927.9 (294.8) 3,633.1
other than financial instruments
and deferred tax assets
For the years ended December 31, revenues from external sales based on customers’ locations are as follows:
Unit: Million Baht
CONSOLIDATED
Country FINANCIAL STATEMENTS
2020 2019
Thailand 1,275 2,120
People Republic’s of China 1,514 1,906
Others 1,194 1,241
Total 3,983 5,267
For the year ended December 31, 2020, revenue from sales included revenue arising from sales to the Group’s largest
customer in the People’s Republic of China of Baht 1,492.9 million (2019: Baht 492.7 million) which such company
is a subsidiary of one of the Company’s shareholders. Apart from the customer mentioned, there are two local
customers which the sales to both are above 10 percent of the Group’s total revenue for the years 2020 and 2019.

31. COMMITMENTS AND LETTERS OF GUARANTEE
31.1 Capital commitments
As at December 31, 2020, the Group had capital commitments of Baht 69.4 million, relating to the
purchase of machinery and equipment (2019: Baht 10.5 million, relating to the purchase of machinery and
equipment and factory building improvements).
31.2 Commitments under operating lease and service agreements
The Group entered into lease agreements in respect of the lease of land, building space and office,
and service agreements including marketing service agreements. The terms of the agreements are generally
between 1 and 3 years.
Future minimum payments required under these agreements are as follows:
Unit: Million Baht

PAYMENT PERIODS
2020 2019 2020 2019
Within 1 year 20.0 75.3 17.2 25.3
Over 1 year but not over 5 years 4.3 66.3 2.8 22.8
Over 5 years - 13.4 - 10.4
The office rental expense and service expense for the year ended December 31, 2020 and the land, building
space and office rental expense and service expense for the year ended December 31, 2019 were recorded as
expenses in the consolidated statements of profit or loss and other comprehensive income amounting to Baht
17.8 million and Baht 81.2 million, respectively, and the separate statements of profit or loss and other
comprehensive income amounting to Baht 11.1 million and Baht 24.9 million, respectively.
31.3 Commitments under raw material purchase agreements
The Company entered into agreements to purchase raw materials from overseas suppliers, for a period
of delivery within 1 year, in quantities and at prices stipulated in the agreements. As at December 31 2019, the
Company had commitments under the agreements of USD 1.7 million (2020: Nil).
31.4 Letters of guarantee
As at December 31, 2020 and 2019, there were outstanding letters of guarantee of Baht 3.7 million,
issued by banks on behalf of the Company in respect of certain performance bonds as required in the normal
course of business of the Company. These included letters of guarantee for electricity usage and others
32. LITIGATIONS
32.1 On February 9, 2016, a Japanese company filed a civil lawsuit against the Company with the Central
Intellectual Property and International Trade Court for a breach of a technical assistance agreement,
claiming damages amounting to USD 150,000 plus interest at a rate of 7.5% per annum from the date
the lawsuit was filed. Subsequently, on May 2, 2016, the Court disposed of the case since the Plaintiff
and the Company were bound by the rules of the arbitration clause stipulated in the agreement to settle
the dispute through an arbitration process at the Singapore International Arbitration Centre. However, on
October 10, 2016, the Plaintiff filed a motion requesting the Court to set aside a regular proceeding and
on September 15, 2016, the Court dismissed the motion. Subsequently, on November 3, 2016, the
Plaintiff filed an appeal against the Court’s order to dispose of the case. The Court received and forwarded
the appeal to the Supreme Court. Subsequently, on July 19, 2018, the Supreme Court dismissed the
judgment of the Central Intellectual Property and International Trade Court since additional issues raised
by the Plaintiff had not been considered by the Court.

Witnesses of Plaintiff and the Defendant appeared before the court as prescribed in August 2019 for a hearing.
Subsequently, on October 25, 2019, the Court rendered the judgment ordering the Company to pay the
Defendant for compensation of Baht 500,000 with interest at a rate of 7.5% per annum calculating from the
date of judgment rendered and costs for the Plaintiff. On November 6, 2019, the Company issued a cashier
cheque to the Intellectual Property and International Trade Court in the amount of Baht 641,219 following
the Court’s judgment. The Company recorded such amount as an expense in the statement of profit or loss
for the year ended December 31, 2019.
Subsequently, on January 22, 2020, the Plaintiff filed an appeal to the Court and the Company filed a cross-
appeal on March 20, 2020. The Court of Appeal for Specialized Cases rendered a judgement on August 17,
2020 ordering the Company to pay the Plaintiff in the amount of USD 50,000 plus interest at a rate of 7.5%
per annum. On August 31, 2020, the Company issued a cashier cheque to the Intellectual Property and
International Trade Court in the amount of Baht 1,672,372.78 following the Court’s judgment. The Company
recorded such amount as an expense in the statement of profit or loss for the year ended December 31,
2020.
Subsequently, on October 16, 2020 the Company filed an appeal to the Supreme Court requesting to amend
the judgment of the Court of Appeal for Specialized Cases and order as the judgment of the Court. Presently,
the case is being reviewed by the Supreme Court.
32.2 On February 18, 2019, the Company filed a claim against one of the Company’s distributors in China under
a civil lawsuit on the ground of breaching the distributorship agreement since the aforementioned distributor
sold products in the same category as the Company’s and used trademark imitated from the Company’s
trademark. The Company demanded for compensation on damages, product cost, and related expenses
including loss of benefit in the approximate amount of Chinese Yuan 119 million (approximately Baht 569
million). Due to the provision of the Agreement, this case must be brought to the arbitration proceedings.
Later, on August 30, 2019, The Company filed the claim to The Thai Arbitration Institute (TAI). The
Company claimed for damages, products and other related expenses including fee for loss of opportunity
in the amount of Baht 96 million. The Thai Arbitration Institute prescribed February 19, 2020 as a hearing
date. The distributor did not attend the hearing; therefore, the Arbitrators have proceeded the parte
trial. After the trial, the Company filed a closing statement on March 16, 2020. Subsequently, on April 21,
2020, the Arbitrators rendered the judgement directing the distributor to pay the Company in the approximate
amount of Baht 54 million plus interest at a rate of 7.5% per annum. Since the distributor has a domicile
and properties in the People’s Republic of China, the enforcement of the future order will be proceeded in
the People’s Republic of China.
32.3 On March 16, 2019 and May 6, 2019, the Chinese distributor filed two cases claiming against the Company
as joint defendant with another distributor in China to stop violating Chinese brand name immediately and
demanded the Company and the distributor to compensate for damages in the approximate amount of
Chinese Yuan 25 million (approximately Baht 120 million) for the first case and Chinese Yuan 25 million
(approximately Baht 120 million) for the second case, and to demand the Company to stop using two marks
and jointly or severally compensate for expenses resulting from this case which the court prescribed the
hearing in August 2019. Subsequently, on December 27, 2019, the Court’s decision ordered the Company
and the distributor to cease the trademark infringement from the date of decision onwards, including the
retailers to cease the distribution of goods with the Plaintiff’s trademark from the date of decision onwards,
and ordered the Company and the distributor to compensate the Plaintiff for the expenses of Chinese Yuan
150,000 (approximately Baht 0.65 million) for the first case within 10 days from the date the decision came
into effect, and compensate the Plaintiff for the expenses of Chinese Yuan 195,680.40 (approximately Baht
0.85 million) for the second case within 10 days from the date the decision came into effect. The Company
has recorded such amount (Chinese Yuan 345,680.40 or equal to Baht 1.51 million) as an expense in the
statement of profit or loss for the year ended December 31, 2019.
Subsequently, on February 5, 2020, the Company filed appeals for both cases to the Intellectual Property
Court of Shanghai. However, the judgments of the Intellectual Property Court of Shanghai have upheld and
followed the judgements of the court of first instance which were rendered on December 26, 2020. With
this respect, for the first case, such Court has ordered the Company to compensate the Plaintiff for the
additional expenses and court fee of Chinese Yuan 84,325 (approximately Baht 0.39 million), and, for the
second case, Chinese Yuan 89,476 (approximately Baht 0.42 million) within 10 days from the date on which
the decision judgments came into effect. Additionally, the Company shall be liable for the appeal Court fee
of Chinese Yuan 3,300. In this connection, the Company has recorded such amount (Chinese Yuan 173,801
or equal to Baht 0.81 million) as an expense in the statement of profit or loss for the year ended December
31, 2020.

33. FINANCIAL INSTRUMENTS
33.1 Financial risk management
Paying attention to risk management, the Group defines the risk assessment process in accordance with
the business objectives and goals by identifying and analyzing all types of risks, both present and future, formu-
late the corporate risk management policy, strategies and guidelines. These risks include market risk (including
currency risk and interest rate risk), credit risk and liquidity risk.
The Group seeks to minimize the effects of these risks by using financial instruments to hedge these risk
exposures. The Group does not enter into or trade financial instruments for speculative purposes.
Furthermore, the risk management committee has been set up to perform risk management in overall
as responsibility for all sector to manage and control risk to an acceptable level.
33.2 Market risk
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange
rates and interest rates. The Group enters into trade forward exchange contracts to manage its exposure to foreign
currency.
There has been no change to the Group’s exposure to market risks or the manner in which these risks
are managed and measured.
Foreign currency risk management
The Group’s exposed to the risk of exchange rate fluctuation because the Group orders seaweed raw
materials from overseas countries and sells to overseas countries. Foreign currency contracts are denominated
in US dollars and certain export contracts are denominated in US dollars as well.
The Company seeks to reduce this risk by entering into forward exchange contracts when it considers
appropriate. Generally, the forward contracts mature within one year.
As at December 31, the balances of financial assets and liabilities denominated in foreign currencies are
as follows:
FINANCIAL ASSETS FINANCIAL LIABILITIES AVERAGE EXCHANGE RATE
FOREIGN CURRENCY 2020 2019 2020 2019 2020 2019

(Million) (Million) (Million) (Million) (Baht per 1 foreign currency unit)
US Dollar 6.74 6.06 4.20 3.30 30.04 30.15

Singapore Dollar 0.44 0.46 0.06 0.03 22.66 22.32
Hongkong Dollar - - 0.03 0.03 3.87 3.87
Yuan 0.12 - 12.45 1.05 4.62 4.31
Euro - - - 0.07 - 33.73

FINANCIAL ASSETS FINANCIAL LIABILITIES AVERAGE EXCHANGE RATE
FOREIGN CURRENCY 2020 2019 2020 2019 2020 2019

(Million) (Million) (Million) (Million) (Baht per 1 foreign currency unit)
US Dollar 4.03 3.68 0.93 0.64 30.04 30.15

Singapore Dollar 0.44 0.46 0.06 0.03 22.66 22.32
Hongkong Dollar - - 0.03 0.03 3.87 3.87
Yuan 0.12 - 12.45 1.05 4.62 4.31
Euro - - - 0.07 - 33.73
The Company has outstanding forward exchange contracts as at December 31, as summarized below:
CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
Contractual exchange rate
Sold amount Contractual maturity date
(Baht per 1 foreign currency unit)
USD 1.8 million 29.97 - 31.31 March - June 2021
SGD 0.3 million 22.41 May - June 2021

CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS
Sold amount Contractual maturity date
USD 1.8 million 29.92 - 30.26 May - June 2020

Bought amount Contractual maturity date
USD 1.0 million 30.15 - 30.45 March - June 2020
Interest rate risk management

The Group is exposed to interest rate risk because of borrowings. The Group’s exposures to interest rates
on financial assets and financial liabilities are detailed in the liquidity risk management section of this note.

33.3 Credit risk management
The Group is exposed to credit risk primarily with respect to accounts receivable. The Group manages
the risk by adopting appropriate credit control policies and procedures and therefore does not expect to incur
material financial losses. In addition, the Group does not have high concentration of credit risk since it has a
large customer base. The maximum exposure to credit risk is limited to the carrying amounts of accounts re-
ceivable and loans as stated in the statement of financial position.
Furthermore, the Group reviews the recoverable amount of each trade receivables and other current
financial assets at the end of the reporting period to ensure that adequate loss allowance is made for irrecov-
erable amounts.
33.4 Liquidity risk management

The Group manages liquidity risk by maintaining adequate cash and cash equivalents for the operation
of the Group to reduce the impact of the fluctuation of cash flow.
The Group’s exposure to interest rate risk relates primarily to its cash at banks and interest-bearing
loans. Most of the Group’s financial assets and liabilities bear floating interest rates or fixed interest rates which
are close to the market rate.
Liquidity and interest risk tables

As at December 31, 2020 and 2019, significant financial assets and liabilities classified by type of inter-
est rate, with those financial assets and liabilities that carry fixed interest rates further classified based on the
maturity date, or the repricing date (if this occurs before the maturity date) are as follows.

Unit: Million Baht
Fixed interest rates Floating Non- Interest
Within More than interest interest Total rate
1 year 1-5 years rate bearing (% p.a.)
Financial assets
Cash and cash equivalents 199.1 - - 9.5 208.6 0.050 - 0.125
Other current financial
- - 274.6 - 274.6 -
assets
Trade and other receivables - - - 436.3 436.3 -
Financial liabilities
Short-term loan from
690.2 - - - 690.2 1.250 - 1.660
Trade and other payables - - - 568.3 568.3 -
Short-term loans - 14.6 - - 14.6 4.600

Unit: Million Baht
Financial assets
Temporary investments - - 7.6 - 7.6 -
854.7 - - - 854.7 1.800 - 2.130
Short-term loan from a
10.0 - - - 10.0 2.150
director
Short-term loans - 14.1 - - 14.1 4.600

Unit: Million Baht
Financial assets
Other current financial
- - 271.80 - 271.8 -
assets
Short-term loan to a
99.5 - - - 99.5 1.960 - 2.200
subsidiary
680.2 - - - 680.2 1.250 - 1.500

Unit: Million Baht
Financial assets
Temporary investments - - 4.9 - 4.9 -
Trade and other receivables - - - 1,026.5 1,026.5 -
Short-term loan from 846.7 - - - 846.7 1.800 - 2.130
33.5 Fair values of financial instruments

Since the majority of the Group’s financial instruments are short-term in nature and loan payable
bears interest rates which are close to the market rate, their fair values are not expected to be materially
different from the amounts presented in the statement of financial position.

34. FAIR VALUE MEASUREMENTS
Certain financial assets of the Company and the subsidiaries are measured at fair value in the statements of
financial position at the end of the reporting period. The following table gives information about how the fair values
of these financial assets are determined.
FINANCIAL FINANCIAL
STATEMENTS STATEMENTS Fair
Valuation technique
Financial assets value
Fair value Fair value and key input
hierarchy
(Thousand Baht) (Thousand Baht)
2020 2019 2020 2019
Investment in - 2,741 - - Level 1 Use of quoted market prices in an
securities held for active market for such assets or
trading liabilities
Investment in - 4,871 - 4,871 Level 2 Use of other observable inputs for
available-for-sale such assets or liabilities, whether
securities directly or indirectly
Financial assets at 2,830 - - - Level 1 Use of quoted market prices in an
fair value through active market for such assets or
profit or loss - liabilities
equity securities
Financial assets at 271,820 - 271,820 - Level 2 Use of other observable inputs for
fair value through such assets or liabilities, whether
profit or loss - directly or indirectly
open-ended fixed
income fund
Investment 42,240 42,162 42,240 42,162 Level 2 Use of other observable inputs for
property such assets or liabilities, whether
directly or indirectly
35. CAPITAL MANAGEMENT

The primary objective of the Company’s capital management is to ensure that it has appropriate capital structure
in order to support its business and maximize shareholder value. As at December 31, 2020, the Group’s debt-to-equity
ratio was 0.7:1 (2019: 0.7:1), and the Company’s was 0.6:1 (2019: 0.7:1).
36. EVENT AFTER THE REPORTING PERIOD

On March 1, 2021, the Board of Directors’ Meeting of the Company passed a resolution to distribute annual
dividends from the operations of the year 2020 for 1,380 million shares at Baht 0.21 per share, totaling Baht 289.8
million. The dividends consist of interim dividends at Baht 0.11 per share, totaling Baht 151.8 million, which were paid
on September 9, 2020, and additional dividends at Baht 0.10 per share, totaling Baht 138.0 million, which will be paid
on May 7, 2021.
37. APPROVAL OF THE FINANCIAL STATEMENTS

These financial statements were approved for issue by the Board of Directors of the Company on March 1,
2021.

194
Part 4
Certification of
Information Accuracy

11
Certification of
Information Accuracy
The Company has reviewed the information in this Annual Report Statement with prudence and
hereby certify that the said information is accurate, true, and does not mislead the audience or lack the
material information. In addition, the Company certify that
(1) the financial statements and financial information shown in the Annual Report Statement describe
the material content accurately regarding the financial status, operation result, and cash flow of
the Company and its subsidiaries.
(2) The Company has prepared a good information disclosure system to ensure that the essential
information and its subsidiaries are disclosed wholly and accurately. The Company also supervises
to ensure compliance with such a system.
(3) The Company has provided an excellent internal control system and oversees to ensure compliance
with the system. The Company has already informed the internal control assessment result as
of 31 March to the auditor and the Audit Committee of the Company, which cover the defect
and major change of the internal control, including the wrongful act that may infringe the
preparation of financial statements of the Company and its subsidiaries.
In this regard, to affirm that the whole documents are the same set of which the Company has verified
the accuracy, the Company has assigned Mr. Jirapong Suntipiromkul to sign his name affixing all pages. Any
pages without the signature of Mr. Jirapong Suntipiromkul are not counted as the statement verified accuracy
by the Company as mentioned above.
Taokaenoi Food and Marketing Public Company Limited
Name Position Signature
Director /
1. Mr. Jirapong Suntipiromkul
2. Miss Porntera Rongkasiripan Director
Authorised person
Name Position Signature
Director /
Mr. Jirapong Suntipiromkul

198
1. Information of Directors, Executives, Controlling Persons (if any), and Company Secretary
1.1. Details of the Directors, Executives, Controlling Persons, and the Company Secretary
Sharehold- Family relation Work experience in the past 5 years
Name and Current Education background and Training record with ing in the between directors
2020 Annual Report

Age
position the Thailand Institute of Directors (IOD) company and executive Duration Position Company
(1)
officers
1. Mr. Yuth 73 Master of Economics (English Program) : -0- - 2011 - present Chairman of the Taokaenoi Food &
Vorachattarn Thammasat University Board/Independent Marketing PCL.
Chairman of the Bachelor of Economics (Honor class - Good ) : Director
Attachment 1
Board/ Thammasat University /Audit Committee

Independent /Member of
Director/ Member Training record with the Thailand Institute of Nomination and
of Audit Directors (IOD) Renumeration
Committee/ Strategic Board Master Class (SBM) Class 5, year Committee
Member of 2018 2016 - present Chairman of the Sahathai Terminal PCL.
Nomination and Board / Audit
Renumeration Advance Audit Committee Program (AACP) Class 28, Committee
Committee year 2018 2016 - present Chairman of the Grand Prix International
Ethical Leadership Program (ELP) Class 2, year 2015 Board Co., Ltd.
Corporate Governance for Capital Market 2017 - present Director / Chairman Nutrix PCL.
Intermediaries (CGI) Class 0, year 2014 of the Audit
Committee
Financial Institutions Governance Program (FGP) 2015 - present Director B.S.Y. Construction Co., Ltd.
Class 6, year 2013 2015 - present Director / Chairman BSY Group PCL.
Monitoring of the Quality of Financial Reporting of the Audit
(MFR) Class 12 year 2010 Committee
2010 - 2020 Director/Chairman Sahathai Steel Pipe PCL.
Audit Committee Program (ACP) Class 33, year 2010 of the Audit
Chartered Director Class (R-CDC) Class 3, year 2008 Committee
About Directors, Executives, Controlling Persons, and the Company Secretary
Role of the Chairman Program (RCP) Class 8, year 2017 - 2019 Chairman of the Board SCB Protect Co., Ltd.
2003 2003 - 2019 Chairman of the Maybank Kim Eng
Board / Audit Securities (Thailand) PCL.
Directors Certification Program (DCP) Class 0, year Committee
2000 2004 - 2015 Chairman of the Board SCB Leasing PCL.
2004 - 2015 Chairman of the Board Preecha Group PCL.
Family relation Work experience in the past 5 years
Education background and Training record with Shareholding in between directors
Name and Current position Age the Thailand Institute of Directors (IOD) the company (1) and executive Duration Position Company
officers
2. Mrs. Wanee Thasanamontien 66 Master of Public Administration : -0- - 2014 - present Independent Taokaenoi Food & Marketing PCL.
Independent Director/ Chulalongkorn University Director/
Chairman of Audit Committee/ Chairman of Audit
Member of Nomination and Bachelor of Law : Committee /
Renumeration Committee Thammasat University Member of
Bachelor of Accounting : Nomination and
Thammasat University Renumeration
Committee
of Directors (IOD) 2010 - 2014 Taxation strategy The Revenue Department
Advanced Audit Committee Program (AACP) consultant
Class 18, year 2015
2010 - 2014 Representative Wastewater Management
Financial Institutions Governance Program Director of the Organization
(FGP) Class 4, year 2012 Ministry of Finance
Directors Certification Program (DCP) Class
138, year 2010 2014 - 2014 Representative Thailand Institute of Scientific and
Director of the Technological Research
Ministry of Finance

199
200
officers
3. Mr. Chaiyong Ratanacharoensiri 65 Master of Administration -0- - 2011 - present Independent Taokaenoi Food & Marketing PCL.
2020 Annual Report

Independent Director/ Scranton University, USA Director
Member of Audit Committee/ /Member of Audit
Bachelor of Engineering Committee
Chairman of the Nomination and Chulalongkorn University /Chairman of the
Renumeration Committee Training record with the Thailand Institute Nomination and
of Directors (IOD) Renumeration
Committee
Successful Formulation & Execution the
Strategy (SFE) Class 1, year 2008 2015 - present Chairman of Audit Quick Leasing Co., Ltd.
Directors Certification Program (DCP) Class Committee
58 year 2005
2018 - 2018 Executive Director P-Mart Superstore Co., Ltd.
Directors Accreditation Program (DAP) Class
34, year 2005 1998 - 2015 President Assistance Bangkok Bank PCL.
4. Mr. Somboon Prasitjutrakul 62 Master of Business Administration : -0- - 2020 - present Director Moong Pattana International PCL.
Director and Executive Committee/ Sasin Graduate Institute of Business 2020 - present Director Tia Ngee Hiang (Chaosua)
Member of Nomination and 2013 - present Director and Taokaenoi Food & Marketing PCL.
Administration Bachelor of Marketing : San Executive
Renumeration Committee Jose State University, USA Committee
Training record with the Thailand Institute /Member of
of Directors (IOD) Nomination and
Renumeration
Directors Certification Program (DCP) Class Committee
54, year 2005 2017 - present Director JWD Infologistics PCL.
2018 - present Director Devakam Apothecary Hall Co., Ltd.
2014 - 2020 Director River Pro Pulp and Pepper Co., Ltd.
2014 - 2020 Director Thanatharn Paper Co., Ltd.
2017 - 2019 Director We Foods Group Co., Ltd.
2015 - 2017 Director T.A.C Consumer Co., Ltd.
2014 - 2015 Director Ippudo (Thailand) Co., Ltd.
Name and Current position Age Education background and Training record with Shareholding in between
(1) directors
the Thailand Institute of Directors (IOD) the company Duration Position Company
and executive officers
5. Mr. Itthipat Peeradechapan (1) 37 Doctorate (Honorary) Entrepreneurship : 23.40 - Younger sister of 2019 - present Director Thonglor 24 Co., Ltd.
Director /Chief Executive Officers University of the Thai Chamber of Mr. Nutchatpong 2018 - present Director Henry’s Burger International Co., Ltd.
Commerce Peeradechapan 2018 - present Director Tob Capital 24 Co., Ltd.
2004 - present Director / Taokaenoi Food & Marketing PCL.
Bachelor of Entrepreneurship : University - Younger brother Chief Executive
of the Thai Chamber of Commerce of Ms. Orrapat Officers
Peeradechapan 2014 - present Director Peeradechapan Holding Co., Ltd.
Training record with the Thailand 2014 - present Director Chubcheeva Co., Ltd.
Institute of Directors (IOD) 2010 - present Director Dr.Tobi Co., Ltd.
2009 - present Director Taokaenoi Restaurant & Franchise
Directors Accreditation Program (DAP)Class Co.,Ltd.
86, year 2010 2008 - present Director Taokaenoi Care Co., Ltd.
2004 - present Director NCP Trading and Supply Co., Ltd.
2014 - 2020 Director Omise Co., Ltd.
2013 - 2019 Director Tokyo Runway Marketing Co., Ltd.
2009 - 2019 Director Twenty Four Projects Co., Ltd.
2018 - 2018 Director Taokaenoi Maruesu (Thailand) Co., Ltd.
2012 - 2015 Director Gen C Inspire Corporation Co., Ltd.

201
202
Education background and Training Shareholding in Family relation Work experience in the past 5 years
Name and Current position Age record with (1) between directors
the Thailand Institute of Directors (IOD) the company and executive officers Duration Position Company
2020 Annual Report

6. Miss Orrapat Peeradechapan 40 Master of Public Administration : 4.58 - Older sister 2020 - present Director Rainbow Project Co., Ltd.
Director/ Chairman of the Risk Ramkamhaeng University of Mr. Itthipat 2018 - present Director Jibvardee Co., Ltd.
Management Committee/ Peeradechapan 2004 - present Director/ Taokaenoi Food & Marketing PCL.
Managing Director (International Bachelor of Service Industry : - Younger sister of Managing Director
Rangsit University Mr. Nutchatpong (International
Trade and Management) Peeradechapan Trade and
Training record with the Thailand Management)
Instituteof Directors (IOD) 2014 - present Director Peeradechapan Holding Co., Ltd.
2010 - present Director Dr.Tobi Co., Ltd.
Directors Accreditation Program 2009 - present Director Taokaenoi Restaurant & Franchise Co., Ltd.
(DAP) Class 86, year 2010 2008 - present Director Taokaenoi Care Co., Ltd.
2004 - present Director NCP Trading and Supply Co., Ltd.
2009 - 2020 Director Twenty Four Projects Co., Ltd.
officers
7. Mr. Jirapong Suntipiromkul (1) 58 Master of Accounting : -0- - 2020 - present Director Taokaenoi Care Co., Ltd.
Director /Deputy Managing Director/ Chulalongkorn University 2013 - present Director /Deputy Taokaenoi Food & Marketing PCL.
member of Risk Management Managing Director
Bachelor of Accounting : JWK Engineering Co., Ltd.
Committee University of the Thai Chamber of Commerce 2013 - present Director
2018 - present Director Taokaenoi Restaurant & Franchise
Training record with the Thailand Institute Co., Ltd.
of Directors (IOD)
Company Secretary Program (CSP) Class 108,
year 2020
Directors Certification Program (DCP) Class
287, year 2019
Ethical Leadership Program (ELP) Class 8,
year 2017
8. Miss Porntera Rongkasiripan (1) 52 Bachelor of Accounting : -0- - 2012 - present Director Taokaenoi Food & Marketing PCL.
Director/ Member of Risk Assumption University 2020 - present Director Taokaenoi Care Co., Ltd.
Management Committee/ General 2018 - present Director/ General NCP Trading and Supply Co., Ltd.
Manager NCP Trading and Supply Training record with the Thailand Institute Manager
of Directors (IOD) 2008 - 2020 Director of Internal Taokaenoi Food & Marketing PCL.
Co., Ltd.
Audit
89, 2011

203
204
Education background and Training record with Shareholding between directors
Name and Current position Age in the
the Thailand Institute of Directors (IOD) and executive Duration Position Company
company (1)
officers
9. Mr. Nutchatpong Peeradechapan 41 Bachelor of Science in Industrial Education: 4.61 - Older sister of 2012 - present Managing Director Taokaenoi Food & Marketing PCL.
2020 Annual Report

Managing Director (Business King Mongkut’s Institute of Technology Mr. Itthipat 2014 - present Director Peeradechapan Holding Co., Ltd.
Support) / Company Secretary North Bangkok Peeradechapan 2010 - present Director Dr.Tobi Co., Ltd.
- Older brother 2009 - present Director Taokaenoi Restaurant & Franchise
Training record with the Thailand of Ms. Orrapat Co., Ltd.
Institute of Directors (IOD) Peeradecha- 2008 - present Director Taokaenoi Care Co., Ltd.
pan 2004 - present Director NCP Trading and Supply Co., Ltd.
Company Secretary Program (CSP) 2009 - 2019 Director Twenty Four Projects Co., Ltd.
Class 42, year 2011

86, year 2010
10. Mr. Prayut Apisitsareekul 44 Master of Business Administration (MBA) : -0- - 2019 - present Chief Strategy and Taokaenoi Food & Marketing PCL.
Chief Strategy and Commerce Institut Européen d’Administration des Commerce Officer
Officer Affaires (INSEAD) 2020 - present Directors Star Hunter Studio Co., Ltd.
2020 - present Directors Show No Limit Co., Ltd.
Bachelor of Electrical Engineering: 2017 - 2018 Finance Director, Schlumberger (North America –
King Mongkut’s Institute Ladkrabang New Business Vertical Integration)
Investment
Department
(to enhance
performance
in supply chain
and logistics
management for oil
drilling in the North
America,
2013 - 2017 Finance Director, Schlumberger (North Asia – Oilfield
North Asia Services)
Headquarters
officers
11. Mr. Woothi Kruanamkhum 48 Master of The Management : -0- - 2020 - present Chief Operating Taokaenoi Food & Marketing PCL.
Chief Operating Officer Ramkhamhaeng University Officer
2018 - 2020 Chief Executive Bluefalo Co., Ltd.
Bachelor of Mechanical Engineering : Officers
King Mongkut’s Institute of Technology 2017 - 2018 Factory Director Mary Anne Co., Ltd.
North Bangkok 2017 - 2017 Chief Operating Do Day Dream PCL.
Training record with the Thailand Officer
Institute of Directors (IOD) 2016 - 2016 Factory Director Mary Anne Co., Ltd.
2012 - 2016 Production Monsanto Thailand Co., Ltd.
160, year 2019 Director
Directors Certification Program (DCP)
Class 280, year 2019
12. Mr. Prin Pitchayavijit 51 Master of Human Resource Development : -0- - 2020 - present Chief People Officer Taokaenoi Food & Marketing PCL.
Chief People Officer National Institute of Development Adminis- 2007 - 2020 Director of Mitr Mitr Phol Sugar Corporation., Ltd.
tration Phol Development
Institute Mitr Phol
Bachelor of Political Sciences : Sugar Corporation.,
Ramkhamhaeng University Ltd.
13. Mr. Koosoon Rattanaporn 40 Bachelor of Accounting : -0- - 2012 – present Chief Financial Taokaenoi Food & Marketing PCL.
Chief Financial Officer Chiang Mai University Officer

of Directors (IOD)
Company Secretary Program (CSP) Class 113,

year 2020

205
206
officers
2020 Annual Report

14. Mr. Anajak Limphaisan (2) 36 Master of Advanced Studies in International -0- - 2020 - present Legal Director)/ Taokaenoi Food & Marketing PCL.
Company Secretary / Tax Law (LL.M.) Company Secretary
Legal Director Degree at the International Tax Center Independent
Leiden (ITC Leiden) : 2019 - present Director/ Member NSL Foods Public Co., Ltd.
Leiden University, the Netherlands of Audit Committee
2019 - 2020 Chief Administrative Polynet. Co., Ltd.
Bachelor of Statistics : Officer
Chulalongkorn University 2015 - 2019 Lawyer Kudun & Partners Co., Ltd.
Bachelor of Law :
Ramkhamhaeng University
15. Miss Kanjana Jiratanakorn 43 Bachelor of Accounting : -0- - 2013 - present Accounting Taokaenoi Food & Marketing PCL.
Accounting Manager Ramkhamhaeng University Manager
1
Mr. Itthipat Peeradechapan , Mr. Jirapong Suntipiromkul and Miss Porntera Rongkasiripan are authorized directors to bind the company certificate.
2
Mr. Anajak Limphaisan held position Company Secretary since January 26, 2021.
1.2. Company Secretary’s duties and responsibilities
1. Keep and maintain the following documents.
1.1 Directors’ register
1.2 Notice to the Board of Directors’ meeting, minutes of the Board of Directors’ meeting,
and annual report of the Company.
1.3 Invitation letter to the shareholders’ meeting and minutes of the shareholders’ meeting
2. Keep the securities ownership report prepared by the directors of executives and submit
the securities ownership report as per section 89/14 to the Board of Directors and the Audit
Committee Chairman within seven days from the date when the Company receives such
report.
3. Conduct any other tasks as notified by the Capital Market Advisory Board. Furthermore, the
Company Secretary is responsible for different tasks as assigned by the Company (or the
directors) as follows:
3.1 Oversee activities of the Board of Directors and supervise to ensure the Board of Direc-
tors and the Company’s compliance with relevant laws and regulations.
3.2 Arrange the Board of Directors’ meeting and shareholders’ meeting.
3.3 Contact the supervisory agency such as The Securities and Exchange Commission and
the Stock Exchange of Thailand. Oversee the information disclosure and report the
statement to the supervisory agency and the public to ensure accuracy and compli-
ance with the law.
3.4 Arrange the first orientation to the new directors.

208
2. Information on the position of Directors, Executives, Controlling Persons.
2020 Annual Report

Subsidiary Company Related Company
Name Company
TKNRF TKNC NCP 1 2 3 4 5 6 7 8 9
1. Mr. Yuth Vorachattarn X X
2. Mrs. Wanee Thasanamontien /
3. Mr. Chaiyong Ratanacharoensiri /
4. Mr. Somboon Prasitjutrakul //
5. Mr. Itthipat Peeradechapan /, /// / / / / / / / / /
6. Miss Orrapat Peeradechapan /, /// / / / / / / /
7. Mr. Jirapong Suntipiromkul /, /// / /
8. Miss Porntera Rongkasiripan / / /
9. Mr. Nutchatpong Peeradechapan /// / / / / /
10. Mr. Prayut Apisitsareekul ///
11. Mr. Woothi Kruanamkhum ///
12. Mr. Prin Pitchayavijit ///
13. Mr. Koosoon Rattanaporn ///
Notes: X = Chairman of the Board

/ = Director
// = Director and Executive Committee
/// = Executive
Related Company
Name Company
10 11 12 13 14 15 16 17 18 19 20 21
1. Mr. Yuth Vorachattarn X X / / /
2. Mrs. Wanee Thasanamontien /
3. Mr. Chaiyong Ratanacharoensiri / /
4. Mr. Somboon Prasitjutrakul // / / / / / /
5. Mr. Itthipat Peeradechapan /, ///
6. Miss Orrapat Peeradechapan /, ///
7. Mr. Jirapong Suntipiromkul /, /// /
8. Miss Porntera Rongkasiripan /
9. Mr. Nutchatpong Peeradechapan ///
10. Mr. Prayut Apisitsareekul ///
11. Mr. Woothi Kruanamkhum ///
12. Mr. Prin Pitchayavijit ///
13. Mr. Koosoon Rattanaporn ///
Related Company as follows;

1. Thonglor 24 Co., Ltd. 2. Henry’s Burger International Co., Ltd. 3. Tob Capital 24 Co., Ltd.
4. Peeradechapan Holding Co., Ltd. 5. Chubcheeva Co., Ltd. 6. Dr.Tobi Co., Ltd.
7. Rainbow Project Co., Ltd. 8. Jibvardee Co., Ltd. 9. Sahathai Terminal PCL.
10. Grand Prix International Co., Ltd. 11. Nutrix PCL. 12. B.S.Y. Construction Co., Ltd.
13. BSY Group PCL. 14. Quick Leasing Co., Ltd. 15. Moong Pattana International PCL.
16. Tia Ngee Hiang (Chaosua) Co., Ltd. 17. Devakam Apothecary Hall Co., Ltd. 18. JWD Infologistics PCL.

19. River Pro Pulp and Pepper Co., Ltd. 20. Thanatharn Paper Co., Ltd. 21. JWK Engineering Co., Ltd.
209
Attachment 2
Details of the Directors of the Subsidiaries
Subsidiaries
Name
TKNRF TKNC NCP
1. Mr. Itthipat Peeradechapan /, // /, // /, //
2. Ms. Orrapat Peeradechapan /, // /, // /, //
3. Mr. Nutchatpong Peeradechapan /, // /, // /, //
4. Mr. Jirapong Suntipiromkul / /
5. Mr. San Taweesak /, //
6. Ms. Porntera Rongkasiripan / /, //
7. Ms. Auntika Kumwong /, //
Notes: X = Chairman of the Board

/ = Director
// = Executive Director

Attachment 3
About the Chief of Internal Audit Supervisor and Chief Compliance Officer
The Company uses outsource service from P&L Internal Audit Company Limited as an internal auditor. The head
of the internal audit team’s qualifications, education, and work experience, are as follows:
Internal Audit Supervisor Education background / Responsibility

Training record
Ms. Wanwimol Jongsureeyapas - Master of 2020.12. (Executive - Prepare the annual audit plan to
MBA) : National Institute of consider, propose approval from the
Position : Vice President Development Administration Audit Committee
(NIDA) - Review the audit program for each
- Bachelor of Accounting (Bachelor matter that is audited according to
of Accountancy - Second the annual audit plan.
Class Honors) : Dhurakij Pundit - Planning and organizing the
University inspection team according to the
plan
Diploma - Evaluation of adequacy
- Internal Auditing Certificate dependability and timeliness Of the
Program – IACP Company’s internal control system
- Certified Professional Internal in accordance with COSO principles
Audit of Thailand : CPIAT - To review the audit report and
follow up the performance according
Training record to the recommendations.
- COSO 2014 -The Institute of - Prepare the audit report to the
Internal Auditors of thailand (IIAT) management And the Audit
- Fraud Audit and Caution for Committee
Auditor -The Institute of Internal
Auditors of thailand (IIAT)
- Data Analytics for Internal Auditor
Class 2, year 2017: Federation of
Accounting Professions (FAP)
- Internal Audit Program: Prepared
Course for Certified Internal
Auditor (Pre – CIA) : Chulalongkorn
University

Attachment 4
In 2020, General Valuation and Consultant Co., Lt., appraised the Company assets.
The appraised value was higher than the book value, and the Company did not recognise the increased part in the
statement of financial position.
However, every three years, the Company conducts the asset appraisal to support the consideration of asset
impairment in accordance with the accounting standard. The Company’s accounting policy to show the asset list
in capital cost less by depreciation.

Attachment 5
The complete version of policy and practices of corporate governance and code of business ethics
The Company disseminates essential policies related to good corporate governance via
its website. Readers can scan QR Code or visit:
http://investor-th.taokaenoi.co.th/cg_principle.html.

Attachment 6
Report of the Audit Committee

Dear Shareholders,
In 2020, the Audit Committee of Taokaenoi Food & Marketing Public Company Limited comprised three
independent directors who are fully qualified in accordance with the Audit Committee Charter. The Audit Committee
Charter is prepared in conformity with the Securities and Exchange Commission (SEC) and the Stock Exchange of
Thailand (SET) and approved by the Board of Directors. At present, the Audit Committee comprises of:
1. Mrs. Wanee Thasanamontien Chairman of Audit Committee
2. Mr. Yuth Vorachattarn Audit Committee
3 Mr. Chaiyong Ratanacharoensiri Audit Committee
The Audit Committee performs its duties independently to the extent as specified in the Audit Committee
Charter. The Audit Committee’s meeting is held at least every quarter. In 2020, the Audit Committee arranged four
meetings, and all members attended every session. The meetings were joined with the executives, auditors, and
internal auditors as deemed appropriate. The minutes of the meeting of every meeting are reported to the Board
of Directors.
The Audit Committee has performed its duties and responsibility as assigned. Principal duties in 2020 are
summarised below.
1. The financial audit: The Audit Committee has reviewed the materiality of the quarterly ad annual
financial statements upon inquiring and listening to the executives’ explanation and auditors regarding the accuracy
of the financial statements and the adequacy of the information disclosure, including to acknowledge the changes
of accounting standard (revision). Furthermore, the Audit Committee has arranged a meeting with auditors without
executive attendance in order to enable the independent discussion. The Audit Committee agrees with the auditors
that the financial statements are accurate in accordance with the materiality of the financial statement.
2. The audit and opinions on related transactions or the transaction may have a conflict of interest.
After reviewing the connected transactions and the transactions that may have a conflict of interest, the disclosure
of such information as per the requirement of the Stock Exchange of Thailand and the Securities and Exchange
Commission, Thailand, the auditors are of the opinion that the connected transactions with material content disclosed
and shown in the financial statement and notes to financial statements, the Audit Committee agrees with the auditors
that the said transactions are reasonable and returns the highest benefits to the Company’s business operation and
the information is fully disclosed.

3 Internal Audit After considering mission, the scope of work, duties, and responsibility, independence of
P&L Internal Audit Co., Ltd, the internal auditor of the Company, the Audit Committee has approved the annual
audit plan, which has been prepared based on the corporate risk level. The Audit Committee is of the opinion that
the Company’s internal audit system is adequate, appropriate, and effective in line with international standards.
4. The auditing of operation and internal control system After auditing the internal control system
assessment result to identify the adequacy, suitability, and effectiveness of the internal control to ensure the
compliance with the guidance of the Securities and Exchange Commission, which will accomplish successful operation
and the goal set forth. The Audit Committee considers the internal control system assessment results in coordination
with the auditors and internal auditors and mutually agrees that the Company’s and subsidiaries monitoring process
on its business operation is adequate, appropriate, and effective. There is no disadvantage or significant defect found.
The Company properly maintains its assets, discloses information correctly with full details and reliability.
5. Auditing the risk management system The Audit Committee has considered the risk policy, risk factor,
risk management, including the progress of risk management. The Risk Management Committee comprises of Managing
Director as a chairman of the board and high-rank executives as a member of the board. The Risk Management
Committee’s duties include determining objectives, events, and risk factors, assessing risks, managing risks, and
monitoring the progress. The board also determines the Key Risk Indicator (KRI) to meet the current situation where
risk will be identified and maintained at an acceptable level.
6. Auditing the Corruption The Company has developed the complaint and whistle-blowing channel for
a third party other than the internal personnel’s complaint channel. The third party can make a complaint or report
information verbally or in written form via our email or send a sealed envelope directly to our complaint receiver,
report via www.taokaenoi.co.th , via email: [email protected] to the Chief Executive Officer. There was
no complaint made via these channels in 2020.
7. The auditing on the compliance with securities and exchange law The Audit Committee audited the
Company’s performance regarding the Stock Exchange of Thailand’s regulations, laws relevant to the Company’s
business, articles of association, including the obligations made with the third party. As a result, no topic was contrary
to the laws, regulations, requirements, including the said obligation.
8. Appoint the auditor and set the auditor’s fee for 2021 to propose to shareholders’ meeting for 2021.
The criteria include work history, independence, and reasonableness of the compensation rate. The followings are
the list of auditors proposed to the meeting.

Report of the Nomination and Remuneration Committee
Dear Shareholders,
In 2020, the Nomination and Remuneration Committee (“Nomination and Remuneration”) comprises in-
dependent directors mainly. All members are fully qualified as specified in the Nomination and Remuneration
Committee Charter, which is prepared in accordance with the guidance and requirement of the Securities and Ex-
change Commission (SEC) and the Stock Exchange of Thailand (SET) and approved by the Board of Directors. At
present, the Nomination and Remuneration of the Company comprises of the following members:
1. Mr. Chaiyong Ratanacharoensiri Chairman of the Nomination and Remuneration Committee

2. Mr. Yuth Vorachattarn Member of Nomination and Remuneration Committee
3 Mrs. Wanee Thasanamontien Member of Nomination and Remuneration Committee
4. Mr. Somboon Prasitjutrakul Member of Nomination and Remuneration Committee
The Nomination and Remuneration Committee has performed its duties to the extent specified in the
charter with prudence, justice, and reasonableness. The board also considers and provides opinions on important
issues before proposing to the Board of Directors. The Nomination and Remuneration Committee held a meeting at
least twice a year. In 2020, there were two Nomination and Remuneration Committee meetings in which all mem-
bers attended every session. The members performed their duties and responsibility assigned. The significant per-
formance of the board in 2020 was summarised as follows:
• Considered the remuneration for the Board and sub-committees for the year 2020 based on the operation
result and business scale of the listed Company conducting the same business. The remuneration was proposed to
the Board of Directors for approval and bringing forward to the annual general meeting of shareholders for 2020.
• Consider the performance assessment and operation result according to the Company’s vision to assess
the Board of Directors and sub-committee’s performance in 2020. The assessment result was analysed and sum-
marised to determine measures for improving their performance and preparing a further development plan.
The compensation for the Board of Directors and the sub-committee, including the high-rank executives,
is disclosed in the annual report for transparent operation.


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Taokaenoi Food & Marketing Public Company Limited 1

01Structure and Operation

Part 2 Corporate Governance

Internal Control and Related

Part 3 Financial Statement

Part 4 Certification of Information Accuracy

1. Structure and Operation of the Group

TNK has four subsidiaries, namely:

1. Taokaenoi Restaurant and Franchise Company 2. Taokaenoi USA Inc. “TKNUS”

2 2020 Annual Report

Taokaenoi Food & Marketing Public Company Limited 3

4 2020 Annual Report

Taokaenoi Food & Marketing Public Company Limited 5

2004 2007 2009

Finished fund spending details

PURPOSES ESTIMATED AMOUNT AMOUNT SPENT

8 2020 Annual Report

Revenue structure categorised by countries

2020 2019 2018

Taokaenoi Food & Marketing Public Company Limited 9

a. Crispy Seaweed b. Grilled Seaweed

c. Roasted Seaweed d. Tempura Seaweed

10 2020 Annual Report

3. TKNRF’s businesses include stores and restaurants, namely below.

a. Taokaenoi Land b. Japanese curry on rice “Hinoya” c. Bomber Dog

Taokaenoi Food & Marketing Public Company Limited 11

Taokaenoi Food & Marketing Public Company Limited 13

2020 Annual Report

- Tempura - Box set Tempu-

Name Corn Soup 36g BBQ 36g

Taokaenoi Food & Marketing Public Company Limited

Launch of a new product from Korea “Kobuk”

Online marketing activities

16 2020 Annual Report

Back To School Promotion

Taokaenoi Food & Marketing Public Company Limited 17

Thaifex 2020 Booth Activity

18 2020 Annual Report

Taokaenoi Food & Marketing Public Company Limited 19

20 2020 Annual Report

Crispy seaweed corn soup flavored Korean roasted seaweed

Taokaenoi Food & Marketing Public Company Limited 21

Noppawong Factory (NPW) Rojana Factory (RJN)

Taokaenoi Food & Marketing Public Company Limited 23

24 2020 Annual Report

Certificate No. Dated Incentives and Conditions of the Project

Taokaenoi Food & Marketing Public Company Limited 25

26 2020 Annual Report

NCP Trading & Taokaenoi care

Taokaenoi Food & Marketing Public Company Limited 27

1. Taokaenoi Restaurant and Franchise Company Limited (TKNRF”)

Business 2020 2019 2018

TKNRF Retail Store Business

A Restaurant Type of Hinoya An Express Type of Hinoya

Bomber Dog Snack Shop is a food kiosk

Taokaenoi Food & Marketing Public Company Limited 29

3. NCP Trading and Supply Company Limited (“NCP”)

4. Tao Kae Noi Care Company Limited (“TKNC”) *

30 2020 Annual Report