According to the escalating competition and uncertainty in the business world, national and international companies have rapidly changed their business plans and/or strategies to handle the situation. Ananda also identifies several problem statements and looks for business opportunities in the real world. Blue Ocean is one of key strategies we continue to persist in being the leading developer in the sector which allows all workforces in the company to offer an innovation in every aspect of the business.

We endure to refine and align our business plan to maintain the company's stability in the long term as well as to reserve cash at a healthy level. We are closely monitoring market situation both domestically and internationally. We still emphasize a continuous growth as a leader in condominium close to mass transit with a strong financial discipline by maintaining a net interest-bearing debt to equity ratio at 1 time as our long-term target.

Ananda is also dynamic and continuously developing quality products. After we earlier launched a condominium project at Saphankhwai; however, we saw more opportunities in other groups of customers. As we would like to broaden those opportunity, we were re-assessed and prepared for the new brand of condominium projects in order to align with customer demands in the more sizable markets. We applied several construction technologies including BIM, and other leading technologies to enhance our cost efficiency with our all strategic partners.

With the efforts to continuously provide urban living solutions to customers, the company launched residential condominium projects next to mass transit stations with a total project value of 13 billion Baht in 2019. Ideo Chula-Samyan and Ideo Charan 70-Riverview achieved positive responses with the sales over 70% at launch in November 2019.

Ananda reaches its current position through the power of innovation in several aspects of its business and has a strong commitment to innovation and technology, and this includes not only committing to disrupting the traditional way of living but incorporating this into the workforce and business procedures.

The company in partnership with The Federation of Thai Industries (F.T.I.) organized the "Exponential Manufacturing Thailand 2019" summit, the best seminar to transform the industrial sector for the first time in Southeast Asia. Moreover, with the collaboration of Singularity University (SU), successful innovators from Silicon Valley joined the summit to share their knowledge and experience regarding the disruptive technology that has been a new trend and had an impact on every business sector in the Thai industry.

In addition, we partnered with Digital Economy Promotion Agency (depa) and xFold by ZM interactive to bring over drone flight demonstrations from Silicon Valley for the first-time in Thailand under the theme of "Reimagine the future of urban living solutions with drones" which showcased the Drone Delivery and Drone Search & Rescue at Digital Thailand Big Bang 2019.

We were very pleased to be able to deepen our relationship with our partner, Mitsui Fudosan, by announcing 3 additional condominium projects and a serviced apartment project in Pattaya, with a total gross development value of over 14 billion Baht, bringing the total to 34 projects with a total development value of over 142 billion Baht. Begin with 2020, two serviced apartment projects are expected to be completed in early 2020, with many more to come in the next several years, which become a part of our strategy of expanding Ananda's revenue sources and increasing the proportion of recurring income.

In the late of the year, we had a new business partner by signing MOU with U City in collaboration to develop smart city projects, as well as technology and innovation hub in the areas of Thana City, Bangna-Trad road. We aim to reinvent property development, serving the new lifestyle for every urban live and looking for business growth and opportunities in the long term.

As CEO, I would like to remain driving our innovation as well as financial discipline and our future business opportunities. We're one of the leading condominiums developers within 300 metres from mass transit stations (BTS and MRT stations). In the future, we would like to become one of the best in class companies in the industry in terms of operations, business processes and customers.

I would like to thank all of those involved, without whom this would not have been possible, including our customers, staff, suppliers and financial institutions. It's their support, skills, dedication, professionalism and creativity that make us the company driving Urban Living Solutions.

Chanond Ruangkritya
President and Chief Executive Officer
Ananda Development Public Company Limited