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Message from the Board of Directors

Following the heavy loss reported for 2014, last year the Company managed to achieve a much improved financial result. This was in line with expectations.

Competition in the construction market continued to be intense throughout the year, and this depressed tender margins. Due to the on-going political uncertainty, new infrastructure and other public sector construction works were, effectively, in suspension. Private sector and foreign investment in the construction market continued to be slow, particularly major industrial/petrochemical projects. The Government has announced recently that we are about to see the start of tendering for several mega projects in the coming months This should help to restore confidence in the private sector and foreign investors, but a positive impact on the overall construction market is unlikely to occur before late 2016 / early 2017.

This year will again be particularly challenging for most, if not all, construction companies, with major contractors and medium-sized contractors continuing to tender for smaller value contracts. There will continue to be intense competition on every tender, with a consequential adverse effect on tender margins.

The Company is in the process of undergoing a steered organizational evolution by separating the operational organization into clearly defined business units under the managerial control of designated business heads. The incentivized business heads will be responsible and accountable for securing new contracts (in conjunction with the central business development department) and to manage the operations to achieve the desired level of profit margin.

The target this year is to secure sufficient new contracts for this year and to provide a healthy backlog of secured work for next year and beyond.

I thank the shareholders and our clients for their confidence and support and, on behalf of the Board of Directors, I express sincere thanks also to the management, staff and all employees of the Company for their hard work, loyalty and determination throughout the past year.

Santi Grachangnetara

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