Annual Report

2023

Annual Report 2023

Contents

Vision / Mission Statement / Corporate Strategy

2

Basic Principles of Hinopak Code of Conduct

3

Company Information

5

Board of Directors

6

Board Committees

8

Functional Committees

9

Chairman's Review

10

Directors' Report

12

Financial Highlights

18

Statement of Compliance

22

Review Report on Statement of Compliance

25

Financial Statements

27

Pattern of Shareholding

79

Notice of Annual General Meeting

81

Proxy Form

85

Hinopak Motors Limited

Vision

The vision of Hinopak Motors Limited is to provide the society with safe, economical, comfortable and environment friendly means of transportation by manufacturing and supplying commercial vehicles and services.

Mission Statement /

Corporate Strategy

To Pursue Our Vision, We Commit Ourselves:

  • To our individual, institutional and international customers: to deliver high quality, safe, durable, reliable, comfortable, environment friendly and economical products and services to their total satisfaction;
  • To our employees: to foster corporate culture of mutual trust, respect for fundamental human rights at work, opportunities for professional growth and personal welfare so that they are proud of being a member of the "Hinopak Family";
  • To the community and our nation: to contribute to economic and social development by providing means of transportation and by progressive localization of the vehicles; and
  • To the shareholders: to act in compliance with the norms expected of a subsidiary of the Toyota Group of Companies and make a meaningful financial return to the shareholders.

2

Annual Report 2023

Basic Principles of Hinopak

Code of Conduct

1. Comply with laws, regulations, and standards

Safety, environment, and quality:

  • We will comply with all laws and regulations regarding safety and environment when providing products and services.
  • We will ensure the quality of our products in good faith by following applicable standards as well as humbly listening to our customers.
  • We will properly record and store related data in accordance with the rules set forth in the applicable laws, regulations, and standards.

Fair trade:

  • We will conduct our business in a fair and impartial manner without engaging in any cartel or collective bidding, based on free and fair competition.
  • We will Comply with all laws and procedures relating to imports and exports.
  • We will not engage in transactions with any organized criminal groups, or business partners related to organized criminal groups.
  • We will comply with applicable laws and regulations on anti-terrorism, money laundering, and other economic sanctions.
  • We will not trade in shares or other securities of Hinopak, Hino Group or other listed companies while knowing important non-public information.

Respecting human rights and diversity:

  • We will respect basic human rights, and will not tolerate any inhumane acts such as forced labor and child labor.
  • We will not engage in discrimination or harassment of any kind.
  • We will respect the individuality and diversity of each person and treat everyone with respect, and respect the local history, culture, religion, and customs.

Anti-bribery and corruption, and distinction between public and private interests:

  • We will comply with applicable laws concerning anti-corruption, and will not provide, offer, accept, or request bribes, inappropriate gifts, entertainment, or other benefits.
  • We will not engage in conduct that may invite suspicion that we have improper relationships with any public official.
  • We will not engage in any conduct that may lead to conflicts of interest with Hinopak or Hino Group, such as giving priority to our own interests or the interests of others over Hinopak's or Group's interests.

Management of assets and protection of intellectual property and personal data:

  • We will carefully handle and properly manage Hinopak's or Hino Group's assets and confidential information, and will use such assets and information within the purpose permitted.
  • We will protect the intellectual property held by Hinopak and Hino Group and respect the intellectual property of others.

3

Hinopak Motors Limited

  • We will recognize the importance of protecting personal information and appropriately obtain, use, provide, and destroy personal information.

Accurate and complete financial reporting:

We will disclose information that is needed by the public in a timely and appropriate manner in all aspects of our corporate management such as our financial condition, business results, and the content of our business activities.

2. Contribution to Our Customers and Society

Contribution to customers:

  • We will listen to customers' unvarnished opinions in the field, humbly accept their opinions, and act faithfully and in a timely manner.
  • We will think from the customer's point of view and continue to innovate and improve our operations to best serve them.
  • We will not be satisfied with the status quo and will make continuous efforts to achieve our goals.

Contributing to society and local communities:

  • We will proactively take actions to resolve social issues and assist with emergencies such as natural disasters.
  • We will promote road safety by observing traffic rules and manners and driving/ riding in an exemplary manner as members of the automotive industry.

Initiatives for the preservation of the global environment:

We will be constantly aware of the links between our work and the environment and strive to reduce environmental impacts resulting from our operations.

3. Creation of a Healthy Workplace

Safety and health:

  • We will conduct all of our operations by putting safety first.
  • We will ensure safety at our workplace and protect our mental and physical health.
  • We will create a safe and healthy workplace for all of our employees while complying with labor and employment laws and regulations in the country.

Mutual respect and human resources development:

  • We will always stand by each colleague, empathize with colleagues' concerns, and aim to solve the problems together.
  • We will accept and make use of diverse perspectives so that every person in our workplace can work enthusiastically.
  • We will learn from outside the company, compete healthily with our colleagues, and strive for self-improvement so that we can grow as outstanding businesspersons and members of society.

Dreams, goals, and driving forces for the future:

  • We will work together to achieve our own dreams and goals and those of our colleagues.
  • We will, from time to time, stop and take humble lessons from the past.

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Hinopak Motors Ltd. published this content on 04 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 July 2023 06:27:06 UTC.