Message from Chairman

I would like to thank our shareholders, employees, the press, and all stakeholders who have supported the Company on this journey.

2023 posed another challenging year for Rabbit Holdings Public Company Limited (“Rabbit Holdings”) both operationally and economically. The Company faced significant challenges with negative operating results, with an approximate net loss of THB 4,000mn, primarily attributed to its investments in its associate company, Singer Public Company Limited (“Singer”). Unforeseen circumstances within Singer led to the recognition of a substantial impairment on assets and investments in our financial statements, which has inevitably affected our shareholders. Despite Singer’s historically positive performances and operating results, the Company was unable to predict these unexpected events. The Company duly addressed the situation, collaboratively with the Board of Directors assessing all aspects with care, prudence, and thoroughness. The Board took proactive measures to manage the impacts by recognising the impairment losses and devising management plans to mitigate potential long-term negative effects that could arise in the long-run. This approach aims to benefit our shareholders, enabling the Company to progress steadily and sustainably towards its financial services business.

In addition, as part of the Company’s commitment to expanding its business opportunities in alignment with its long-term strategic plan to becoming a leading financial services provider, the Company has made strategic investments. These include investments in Prime Zone Asset Management Company (“Prime Zone”), which specialises in the management of non-performing loans and non-performing assets. Furthermore, Rabbit Holdings invested in Metha Asset Management Company (“Metha”), which is a private fund management business. For its organic business development, the Company has also refreshed the image and adapted the marketing channels of Rabbit Life, its life insurance business, emphasising its diverse product offerings and direct consumer outreach.

Shifting towards our real estate portfolio, amidst the ongoing economic stagnation in Europe, Rabbit Holdings continued the disposal of its real estate assets as planned. Since 2021, the Company has divested real estate assets with the goal of completing the sale within the near future. The capital proceeds from these transactions will be re-directed to growth opportunities within its financial services business.

Moving to sustainability development at Rabbit Holdings; the Company has consistently and continuously integrated ESG (environmental, social and governance) practices across its business operations. In 2023, the Unicorn project (mixed-use building) was completed and is expected to receive a LEED Gold certification, highlighting the highest world-class environmental standards of the building. Rabbit Holdings also remains committed to growing its businesses along with community development through various CSR programmes over the years, which are highlighted throughout the annual reports. Lastly, in governance, the Company has been certified as a member of the “Thai Private Sector Anti-Corruption Coalition” for the second consecutive time, demonstrating its commitment in conducting business practices in an ethical manner and an intolerance of corruption in all forms.

Lastly, I would like to thank our shareholders, employees, the press, and all stakeholders who have supported the Company on this journey. I hope to continue to receive your trust and support, in creating a journey towards strong and sustainable growth together.