Business Performance

  2015

2016

2017
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Sales
721.40
95.78%
721.40
95.77%
752.35
95.91%
752.47
95.91%
747.85
97.80%
747.91
97.79%
Other income
31.77
4.22%
31.85
4.23%
32.07
4.09%
32.09
4.09%
16.83
2.20%
16.91
2.21%
Total revenues
753.17
100.00%
753.25
100.00%
784.42
100.00%
784.56
100.00%
764.68
100.00%
764.82
100.00%
Cost of sales
576.22
76.51%
577.65
76.69%
582.99
74.32%
581.82
74.16%
568.28
74.32%
560.55
73.29%
Selling expenses
22.17
2.94%
22.74
3.02%
26.58
3.39%
26.68
3.40%
24.52
3.21%
24.94
3.26%
Administrative
expenses
23.14
3.07%
24.71
3.28%
23.12
2.95%
25.41
3.24%
24.22
3.16%
26.93
3.52%
Executive's
remuneration
9.96
1.32%
10.71
1.42%
10.80
1.38%
11.51
1.47%
16.42
2.15%
17.20
2.25%
Other expenses
-
-
-
-
2.06
0.26%
2.06
0.26%
0.01
0.00%
0.01
0.00%
Total expenses
631.49
83.84%
635.81
84.41%
645.55
82.30%
647.48
82.53%
633.45
82.84%
629.63
82.32%
Finance cost
4.48
0.59%
4.48
0.59%
4.43
0.56%
4.43
0.56%
3.95
0.51%
3.95
0.52%
Income tax
expense
23.65
3.14%
23.65
3.14%
27.12
3.46%
27.12
3.46%
25.58
3.35%
25.58
3.34%
Net profit
93.55
12.42%
90.15*
11.97%
107.32
13.68%
105.74*
13.47%
101.70
13.30%
105.66*
13.82%

Remark:
*Profit attributable to less Non-controlling interests of the subsidiary 0.8499 Million Baht in 2015, 0.2176 Million Baht in 2016 and 0.0002 Baht in 2017
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

Total income of the company is 764.82 million Baht in 2017, which is reduced from 2016 around 2.52 %. This is small reduction as a result from the slow pace of economy.

Total other income in 2017 is 16.91 million Baht, which is reduced from 2016 for other income around 47.30 %.

Cost of Goods Sold

Cost of goods sold in 2017, at 560.55 million Baht which is less than in 2016 at 3.66%

Selling and Administrative Expenses

Total of expenses relating sales activities in 2017 is less than the amount in 2016 at 6.55%, to show 24.94 million Baht from 26.68 miliion Baht. This is because of having better management from sales.

Management expenses in 2017 increases 19.51% from 36.92 million Baht to 44.13 million Baht. This results mainly from HR aspect with detail below:

Company has employed more officers with new salary scheme setup, hence more salaries and staff benefits increases 12.73% to show 7.70 million Baht in 2017. It is to support expansion and development of the company.

Compensation for management level-officers increases 49% in 2017 to reflect at 17.20 million Baht. Number of management officers rises, especially in the marketing team to encourage greater performance of subsidiaries for finished products.

Expense on accounting area in 2017 is at 3.95 million Baht which is lessen from 2016 at 10.86%. Due to cash flow management is perform well and better support from banks for financial cost..

Corporate Income Tax in 2017 reduces 5.70% to show 25.58 million Baht

Net Profit and Profitability

In 2017, single operating profit accounts for 101.70 million Baht, comparing to 2016 at 107.32 million Bath. This is 5.24% or 5.62 million Baht less. Company's corporate financial budget has net profits 105.66 million Baht, increasing 0.14 million Baht or 0.13% from previous year. This is because the performance of selling cost and expenses management is in good pace. Thus, profitability is well maintained while facing slow development of economy and the reduction of sales.

Key Financial Ratios

In 2017, the Company's gross profit margin is 25.05%, increased by 9.97% due to the ability to drive down the cost of goods sold from finding new suppliers that could deliver high quality of goods with reasonable prices. Moreover, the Company is able to retain good relationship with the current power which gives bargaining power in lowering price of raw materials. Furthermore, as the sales and finance team, has been closely monitored on the exchange rates, the sales team could estimate the cost in advance and was able to set up the selling price in order for maintaining the gross profit margin efficiently.

Return on Asset in 2017 amounted to 15.15%, reduced from 2016 by 12.98%.

Return on Equity in 2017 amounted to 17.05%, reduced from 2016 by 17.31%

Both returns decreased from 2016 because the increase in shareholders by 21.42% which resulted from the increase of paid capital from the use of conversion right of (GIFT-W1).

Financial Status

  2015 2016 2017
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Cash and cash
equivalents
210.33
28.85%
212.47
29.13%
289.57
33.93%
299.44
35.43%
272.67
28.92%
298.28
31.76%
Trade account
receivable-net
193.03
26.48%
193.03
26.46%
179.05
20.98%
179.06
21.19%
225.77
23.95%
226.07
24.07%
Inventories
125.46
17.21%
125.86
17.25%
128.68
15.08%
128.48
15.20%
127.20
13.49%
129.07
13.74%
Other current assets
0.51
0.07%
1.68
0.23%
5.28
0.62%
6.41
0.76%
2.56
0.27%
3.89
0.41%
Available-for-sale
investments
73.26
10.05%
73.26
10.04%
113.90
13.35%
113.90
13.48%
87.11
9.24%
87.11
9.28%
Investment in
subsidiary company
24.00
3.29%
-
-
37.80
4.43%
-
-
55.73
5.91%
-
-
Property, Plant and
Equipment
102.14
14.01%
119.07
16.32%
98.94
11.59%
114.22
13.52%
168.57
17.88%
188.41
20.06%
Intangible assets
-
-
3.68
0.50%
-
-
3.25
0.38%
-
-
2.83
0.30%
Deferred Income Tax
-
-
-
-
-
-
-
-
2.96
0.32%
2.96
0.33%
Other non-current
assets
0.37
0.04%
0.46
0.07%
0.24
0.02%
0.32
0.04%
0.21
0.02%
0.43
0.05%
Total assets
729.10
100.00%
729.51
100.00%
853.46
100.00%
845.08
100.00%
942.78
100.00%
939.05
100.00%
Short-term loans from
financial institution
182.65
25.05%
182.65
25.04%
194.06
22.74%
194.06
22.96%
185.29
19.65%
185.29
19.73%
Trade and other
payables
55.99
7.68%
56.12
7.69%
58.37
6.84%
57.17
6.77%
55.30
5.87%
54.56
5.81%
Other liabilities
19.90
2.73%
19.91
2.73%
34.00
3.98%
34.15
4.04%
19.27
2.04%
19.58
2.09%
Total liabilities
258.54
35.46%
258.68
35.46%
286.43
33.56%
285.38
33.77%
259.86
27.56%
259.43
27.63%
Total shareholders'
equity
470.57
64.54%
470.83
64.54%
567.03
66.44%
559.70
66.23%
682.92
72.44%
679.62
72.37%
Total liabilities and
shareholders' equity
729.11
100.00%
729.51
100.00%
853.46
100.00%
845.08
100.00%
942.78
100.00%
939.05
100.00%

Total Assets

The Company's total assets as of 2017 amounted to 939.05 Million Baht, which increased 93.97 Million Baht (11.12%) from year to year. The Company's total assets comprised of 70% of current assets and 30% of non-current assets. The increase in total assets is from the acquisition of land, estates and equipment in 2016 to setup new warehouse, factory and office at Bangpli, Samuthprakarn. The total asset has accumulated higher at 64.96% of previous year.

Total Liabilities

The Company's total liabilities as of 2017 amounted to 259.43 Million Baht, decreased by 25.95 Million Baht or (- 9.09%) from previous year. The Company's liabilities consist of current liabilities accounted for 97.61% and 2.39% of noncurrent liabilities. Current liabilities of the Company are short-term loans from financial institutions, trade payables and other payables. Non-current liabilities of the Company are installment contracts, long-term employees' benefits and deferred income tax.

The Shareholders' Equity

The Company's equity as of 2017 amounted to 679.62 Million Baht, increased from 2016 by 119.92 Million Baht, or increased by 21.42%. The main reason is from the continuous growth of company operating net profit, and the increase in paid capital from the use of conversion right of (GIfT-W1)

Cash Flow

  2015 (Consolidated)
Million Baht
2016 (Consolidated)
Million Baht
2017 (Consolidated)
Million Baht
Profit before tax
112.95
132.64
131.24
Net cash flows from (used in) operating
activities
95.28
103.09
47.83
Net cash flows from (used in) investing
activities
(14.90)
(0.04)
(76.73)
Net cash flows from (used in) financing
activities
(29.93)
(16.08)
27.74
Net cash flow Increase (Decrease)
50.45
86.97
(1.16)
Cash and Cash equivalents at end of year
212.47
299.44
298.28
 

Remark:Cash flow statements only show the summary

Cash Flow

In 2017, the Company has net cash flows from operating activities of 47.83 Million Baht, reduced from 2016 by 55.26 Million Baht (+53.60%) due to the increase in the amount of account receivables as the Company has adjusted to allow more flexible credit term for the customers.

The Company's net cash flows from investing activities in 2017 accounted for 76.73 Million Baht. This is higher than previous year which was 76.69 million Baht due to the increasing expenses of land and facility setup in Samuthprakarn. For net cash flows from financing activities is of 27.74 Million Baht which is larger than previous year which was 43.82 million Baht. And the main reason is from the increase in paid capital from the use of conversion right of (GIFT-W1).

The aforementioned net cash flows of the Company result in the balance of cash and bank's deposit of 298.28 Million Baht.