Business Performance

 

2017

2018 2019
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Sales
747.85
97.80%
747.91
97.79%
772.11
98.68%
783.07
98.67%
714.88
98.71%
732.91
98.72%
Other income
16.83
2.20%
16.91
2.21%
10.34
1.32%
10.56
1.33%
9.33
1.29%
9.53
1.28%
Total revenues
764.68
100.00%
764.82
100.00%
782.45
100.00%
793.63
100.00%
724.21
100.00%
742.44
100.00%
Cost of sales
568.28
74.32%
560.55
73.29%
593.99
75.91%
594.47
74.91%
517.50
71.46%
524.19
70.60%
Selling expenses
24.52
3.21%
24.94
3.26%
25.67
3.28%
26.69
3.36%
29.70
4.10%
30.76
4.14%
Administrative
expenses
24.22
3.16%
26.93
3.52%
24.65
3.15%
26.23
3.30%
29.52
4.08%
32.35
4.36%
Executive's
remuneration
16.42
2.15%
17.20
2.25%
13.42
1.72%
14.45
1.82%
13.31
1.84%
14.01
1.89%
Other expenses
0.01
0.00%
0.01
0.00%
0.18
0.02%
0.18
0.02%
-
-
-
-
Total expenses
633.45
82.84%
629.63
82.32%
657.92
84.08%
662.01
83.40%
590.03
81.47%
601.31
80.99%%
Finance cost
3.95
0.51%
3.95
0.52%
4.32
0.55%
4.32
0.54%
3.51
0.48%
3.51
0.47%
Income tax
expense
25.58
3.35%
25.58
3.34%
24.32
3.11%
25.11
3.16%
26.12
3.61%
27.52
3.71%
Net profit
101.70
13.30%
105.66*
13.82%
95.90
12.26%
102.19*
12.88%
104.55
14.44%
110.11
14.83%

Remark:
*Profit attributable to less Non-controlling interests of the subsidiary -0.0002 Million Baht in 2017, -0.0061 Baht in 2018 and 0.0156 Baht in 2019
Other income from Gains on exchange, Gains from sales of current and available-for-sale investments dividends and interest
Other expenses from Loss on exchange, Changes in inventories of raw material and finished goods

Revenue

In the year 2019, the company's total revenue was 742.45 million baht, decreased from the year 2018 by 6.45 percent, which decreased from the previous due to the economic recession.

As for other incomes, the company had other incomes in 2019 was 9.53 million baht, a decrease of 9.73 percent from 2018

Cost of Goods Sold

The cost of goods sold in the year 2019 was 524.19 million baht, decreased from the year 2018 by 11.82% due to the majority of the company's products were imported from abroad using US dollars. In the year 2019, the baht strengthened. Continuously compared with the US dollar as a result, the cost of imported goods decreased from the previous year when compared to Thai baht.

Selling and Administrative Expenses

Selling expenses in the year 2019 increased by 15.24 percent from 26.69 million baht to 30.76 million baht. The main expenses increased were marketing and sales promotion in order to encourage customers to buy products such as continuous.

Administrative expenses in the year 2019 increased by 13.98 percent from 40.68 million baht to 46.36 million baht due to the increase of the main expenses such as provision for employee benefits set up by adjusting according to the Protection Act. Labor (Version 7) B.E. 2562

Corporate income tax in the year 2019 equals to 27.52 million baht, an increase of 9.60 percent from the year 2018 due to the increase in net profit

Net Profit and Profitability

In 2019, single operating profit accounts for 104.55 million Baht, comparing to 2018 at 95.90 million Bath Increased by 8.65 million baht or 9.02% and when considering the consolidated financial statements for the year 2019, the company and its subsidiaries recorded a net profit of 110.16 million baht, compared to the year 2018 with a net profit of 102.19 million baht, an increase of 7.97 million baht, representing a percentage of 7.80 Mainly due to the reduced cost of sales.

Key Financial Ratios

In 2019, the company had a gross profit margin of 28.48 percent, decreased from the year 2018 with a gross profit margin of 24.08 percent, since in 2019, Because in the year 2019, the cost of sales has decreased.

Return on Asset in 2019 (ROA) amounted to 13.65%, increase from 2018 by 13.19%. It is a result of higher preinterest income and tax that is higher than the average total assets.

Return on Equity in 2019 (ROE) amounted to 14.05%, decrease slightly from 2018 by 14.07%

Financial Status

  2017 2018 2019
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Cash and cash
equivalents
272.67
28.92%
298.28
31.76%
359.32
34.19%
393.33
37.24%
352.07
35.08%
386.83
38.25%
Trade account
receivable-net
225.77
23.95%
226.07
24.07%
203.29
19.35%
202.19
19.14%
174.98
17.43%
177.20
17.52%
Inventories
127.20
13.49%
129.07
13.74%
168.72
16.06%
178.93
16.94%
108.23
10.78%
114.64
11.34%
Other current assets
2.56
0.27%
3.89
0.41%
5.38
0.51%
6.35
0.60%
2.63
0.26%
3.92
0.39%
Available-for-sale
investments
87.11
9.24%
87.11
9.28%
82.93
7.89%
82.93
7.85%
122.41
12.20%
122.41
12.11%
Investment in
subsidiary company
55.73
5.91%
-
-
59.49
5.66%
-
-
59.80
5.96%
-
-
Property, Plant and
Equipment
168.57
17.88%
188.41
20.06%
165.04
15.71%
182.67
17.30%
164.88
16.43%
184.74
18.27
Intangible assets
-
-
2.83
0.30%
-
-
2.40
0.23%
-
-
1.97
0.19%
Deferred Income Tax
2.96
0.32%
2.96
0.33%
6.42
0.61%
6.77
0.64%
9.39
0.94%
9.80
0.97%
Other non-current
assets
0.21
0.02%
0.43
0.05%
0.21
0.02%
0.62
0.06%
9.29
0.92%
9.70
0.96%
Total assets
942.78
100.00%
939.05
100.00%
1,050.80
100.00%
1,056.19
100.00%
1,003.68
100.00%
1,011.21
100.00%
Short-term loans from
financial institution
185.29
19.65%
185.29
19.73%
183.25
17.44%
183.25
17.35%
148.14
14.76%
148.14
14.65%
Trade and other
payables
55.30
5.87%
54.56
5.81%
76.18
7.25%
77.09
7.30%
43.07
4.29%
41.59
4.11%
Other liabilities
19.27
2.04%
19.58
2.09%
20.72
1.97%
21.97
2.08%
27.11
2.70%
27.64
2.73%
Total liabilities
259.86
27.56%
259.43
27.63%
280.15
26.66%
282.31
26.73%
218.32
21.75%
217.37
21.49%
Total shareholders'
equity
682.92
72.44%
679.62
72.37%
770.65
73.34%
773.88
73.27%
785.36
78.25%
793.84
78.51%
Total liabilities and
shareholders' equity
942.78
100.00%
939.05
100.00%
1,050.80
100.00%
1,056.19
100.00%
1,003.68
100.00%
1,011.21
100.00%

Total Assets

The Company's total assets as of 2019 amounted to 1,011.20 Million Baht, which decreased 44.99 Million Baht (4.26%) from 2019. The Company’s total assets comprised of 67.50% of current assets and 32.50% of non-current assets. Noncurrent assets accounted for 32.50 percent and inventories decreased from 35.93% from 2018.

Total Liabilities

The Company's total liabilities as of 2019 amounted to 217.36 Million Baht, decreased 65.00 Million Baht (23.03%) from 2019. The Company’s liabilities consist of current liabilities accounted for 95.19% and 4.81% of non-current liabilities. Current liabilities of the Company are short-term loans from financial institutions, trade payables and other payables. Noncurrent liabilities of the Company are installment contracts, long-term employees’ benefits and deferred income tax.

The Shareholders' Equity

The shareholders' equity of the company at the end of the year 2019 was 793.84 million baht, an increase from the year 2018 of 19.96 million baht or 2.58 percent mainly due to the company's operating results with continuous net profits.

Cash Flow

  2017 (Consolidated)
Million Baht
2018 (Consolidated)
Million Baht
2019 (Consolidated)
Million Baht
Profit before tax
131.24
127.29
137.63
Net cash flows from (used in) operating
activities
47.83
103.58
167.48
Net cash flows from (used in) investing
activities
(76.73)
(10.26)
(56.58)
Net cash flows from (used in) financing
activities
27.74
1.74
(117.40)
Net cash flow Increase (Decrease)
(1.16)
95.05
(6.51)
Cash and Cash equivalents at end of year
298.28
393.33
386.83
 

Remark:Cash flow statements only show the summary

Cash Flow

Year 2019, the company had cash flow from operations of 167.48 million baht, increased from 2018, equal to 63.90 million baht, equivalent to 61.69 percent, mainly due to the decrease in trade accounts receivable and inventories which increased both in quantity from reserve products for sale and in terms of price from higher product costs according to overall market conditions

Net cash used in investment activities in the year 2019 was 56.58 million baht, an increase of 46.32 million baht from 2018, representing 451.40 percent. Investment in available-for-sale securities increased by 50.58 million baht, while net cash used from financing activities was 117.40 million baht, increased from 119.14 million in 2018, because in 2018 there was net cash from financing activities from exercising According to the warrants in the amount of 142.16 million baht. In the year 2019, there was no such transaction

Cash flow used, all of the above items resulted in the year 2019. The company has cash balances and bank deposits of 386.83 million baht.