Business Performance

  2018 2019 2020
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Sales
772.11
98.68%
783.07
98.67%
714.88
98.71%
732.91
98.72%
388.24
98.15%
415.26
98.24%
Other income
10.34
1.32%
10.56
1.33%
9.33
1.29%
9.53
1.28%
7.33
1.85%
7.43
1.76%
Total revenues
782.45
100.00%
793.63
100.00%
724.21
100.00%
742.44
100.00%
395.57
100.00%
422.69
100.00%
Cost of sales
593.99
75.91%
594.47
74.91%
517.50
71.46%
524.19
70.60%
324.41
82.01%
356.80
84.41%
Selling expenses
25.67
3.28%
26.69
3.36%
29.70
4.10%
30.76
4.14%
15.27
3.86%
15.32
3.62%
Administrative
expenses
24.65
3.15%
26.23
3.30%
29.52
4.08%
32.35
4.36%
21.28
5.38%
22.92
5.42%
Executive's
remuneration
13.42
1.72%
14.45
1.82%
13.31
1.84%
14.01
1.89%
9.59
2.42%
9.59
2.27%
Other expenses
0.18
0.02%
0.18
0.02%
-
-
-
-
-
-
-
-
Total expenses
657.92
84.08%
662.01
83.40%
590.03
81.47%
601.31
80.99%%
370.55
93.67%
404.63
95.72%
Finance cost
4.32
0.55%
4.32
0.54%
3.51
0.48%
3.51
0.47%
1.87
0.47%
1.87
0.44%
Income tax
expense
24.32
3.11%
25.11
3.16%
26.12
3.61%
27.52
3.71%
5.15
1.30%
4.49
1.06%
Net profit
95.90
12.26%
102.19*
12.88%
104.55
14.44%
110.11
14.83%
18.00
4.55%
11.69
2.77%

Remark:
*Profit attributable to less Non-controlling interests of the subsidiary -0.0061 Million Baht in 2018,0.0156 Baht in 2019 and -0.0138 Baht in 2020.
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 2020, the group had total income of 422.69 million baht, a decrease of 43.07 percent from the year 2019, a decrease from the previous due to the overall economic situation where customers demand for products decreased and the liberalization of the free market in alcohol products making the market more competitive. In respect of other income, the group had other income in year 2020 equal to 7.43 million baht, a decrease of 22.09 percent from year 2019.

Cost of Goods Sold

Cost of goods sold in 2020 is 356.80 million baht, a decrease from year 2019 or 31.93 percent due to lower product sales due to the overall economic condition and increased competition in the alcohol market.

Selling and Administrative Expenses

Selling expenses in 2020 decreased by 50.21 percent from 30.76 million baht to 15.32 million baht, with the main expenses that decreased were domestic freight and sales personnel expenses, namely bonus money and incentive sales department, which corresponds to a decrease in sales.

Administrative expenses in 2020 decreased 29.88 percent from 46.36 million baht to 32.51 million baht, as a result of the reduction in main expenses, namely the reduction of management personnel and lower employee benefits provisioning expenses.

Corporate income tax in 2020 decreased 83.68 percent from 27.52 million baht to 4.49 million baht due to the decreased in net profit.

Net Profit and Profitability

In 2020, single operating profit accounts for 18.00 million Baht, comparing to 2019 at 104.55 million Bath decreased by 86.55 million baht or 82.78 percent and when considering the consolidated financial statements for the year 2020, the company and its subsidiaries recorded a net profit of 11.69 million baht, compared to the year 2019 with a net profit of 110.11 million baht, decreased 89.38 percent, This was mainly due to the lower sales revenue from the economic recession from the impact of COVID-19 and the free market of alcohol products resulting in more market competitors.

Key Financial Ratios

In 2020, the Company's gross profit margin was 14.08 percent, decreased from 28.48 percent in the year 2019 due to higher market competition among alcohol products.

Return on Total Assets (ROA) in 2020 is 2.17 percent, a decreased from 13.65 percent in 2019. It was the result of lower earnings before interest and taxes in a ratio greater than the average decrease in total assets.

Return on Equity (ROE) in 2020 is 1.67 percent, decreased from the year 2019, which is 14.05 percent. This was the result of a decrease in net profit in a ratio greater than the decrease in average shareholders equity.

Financial Status

  2018 2019 2020
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Cash and cash
equivalents
359.32
34.19%
393.33
37.24%
352.07
35.08%
386.83
38.25%
225.01
34.74%
254.50
39.11%
Trade account
receivable-net
203.29
19.35%
202.19
19.14%
174.98
17.43%
177.20
17.52%
64.95
10.03%
71.61
11.01%
Inventories
168.72
16.06%
178.93
16.94%
108.23
10.78%
114.64
11.34%
26.50
4.09%
27.02
4.15%
Other current assets
5.38
0.51%
6.35
0.60%
2.63
0.26%
3.92
0.39%
1.36
0.21%
2.51
0.39%
Other non-current
82.93
7.89%
82.93
7.85%
122.41
12.20%
122.41
12.11%
96.41
14.88%
96.41
14.82%
Investment in
subsidiary company
59.49
5.66%
-
-
59.80
5.96%
-
-
54.80
8.46%
-
-
Property, Plant and
Equipment
165.04
15.71%
182.67
17.30%
164.88
16.43%
184.74
18.27
157.17
24.26%
173.97
26.74%
Intangible assets
-
-
2.40
0.23%
-
-
1.97
0.19%
-
-
1.54
0.24%
Deferred Income Tax
6.42
0.61%
6.77
0.64%
9.39
0.94%
9.80
0.97%
7.25
1.12%
8.30
1.28%
Other non-current
assets
0.21
0.02%
0.62
0.06%
9.29
0.92%
9.70
0.96%
6.65
1.03%
7.01
1.08%
Total assets
1,050.80
100.00%
1,056.19
100.00%
1,003.68
100.00%
1,011.21
100.00%
647.77
100.00%
650.54
100.00%
Trust receipt payable
183.25
17.44%
183.25
17.35%
148.14
14.76%
148.14
14.65%
23.04
3.56%
23.04
3.55%
Trade and other
payables
76.18
7.25%
77.09
7.30%
43.07
4.29%
41.59
4.11%
14.47
2.23%
4.66
2.25%
Other liabilities
20.72
1.97%
21.97
2.08%
27.11
2.70%
27.64
2.73%
5.97
0.92%
6.20
0.95%
Total liabilities
280.15
26.66%
282.31
26.73%
218.32
21.75%
217.37
21.49%
43.48
6.71%
43.90
6.75%
Total shareholders'
equity
770.65
73.34%
773.88
73.27%
785.36
78.25%
793.84
78.51%
604.29
93.29%
606.64
93.25%
Total liabilities and
shareholders' equity
1,050.80
100.00%
1,056.19
100.00%
1,003.68
100.00%
1,011.21
100.00%
647.77
100.00%
650.54
100.00%

Total Assets

The group at the end of 2020 were 650.54 million baht, a decrease from 2019 by 360.65 million baht or 35.67 percent, with the Company's assets comprising current assets accounted for 54.67 percent, non-current assets, 45.33 percent. The decrease was mainly due to the decrease in inventories from the year 2019, accounting for 76.43% as the group planned to order enough products to sell without holding the products for longer than necessary. Coupled with a decrease in sales.

Total Liabilities

The Company’s total liabilities as of 2020 amounted to 43.90 Million Baht, decreased 173.47 Million Baht or 79.81 percent from 2019. The Company’s liabilities consist of current liabilities accounted for 93.21 percent and 6.79 percentof 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 shareholders' equity of the company at the end of the year 2020 was 606.64 million baht, an decreased from the year 2019 of 187.20 million baht or 23.58 percent mainly due to the blocking of accumulated earnings. For share rescure projects.

Cash Flow

  2018 (Consolidated)
Million Baht
2019 (Consolidated)
Million Baht
2020 (Consolidated)
Million Baht
Profit before tax
127.29
137.63
16.19
Net cash flows from (used in) operating
activities
103.58
167.48
179.07
Net cash flows from (used in) investing
activities
(10.26)
(56.58)
32.13
Net cash flows from (used in) financing
activities
1.74
(117.40)
(343.54)
Net cash flow Increase (Decrease)
95.05
(6.51)
(132.34)
Cash and Cash equivalents at end of year
393.33
386.83
(254.49)
 

Remark:Cash flow statements only show the summary

Cash Flow

Year 2020, the Company had operating cash flow of 179.07 million baht, an increase from 2019 by 8.13 million baht or 4.76 percent, mainly due to a decrease in trade accounts receivable and inventories from a decrease in sales.

Net cash acquired in investing activities in 2020 was 32.13 million baht, spending decreased from 2019 by 88.71 million baht or 156.79 percent. Invest in machinery in a subsidiary. Net cash used from financing activities was 343.54 million baht, an increase from 2019 by 222.68 million baht from the treasury stock project for financial management of 212.58 million baht and TR payable decreased by 124.94 million baht.