Business Performance

  2016

2017

2018
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Sales
752.35
95.91%
752.47
95.91%
747.85
97.80%
747.91
97.79%
772.11
98.68%
783.07
98.67%
Other income
32.07
4.09%
32.09
4.09%
16.83
2.20%
16.91
2.21%
10.34
1.32%
10.56
1.33%
Total revenues
784.42
100.00%
784.56
100.00%
764.68
100.00%
764.82
100.00%
782.45
100.00%
793.63
100.00%
Cost of sales
582.99
74.32%
581.82
74.16%
568.28
74.32%
560.55
73.29%
593.99
75.91%
594.47
74.91%
Selling expenses
26.58
3.39%
26.68
3.40%
24.52
3.21%
24.94
3.26%
25.67
3.28%
26.69
3.36%
Administrative
expenses
23.12
2.95%
25.41
3.24%
24.22
3.16%
26.93
3.52%
24.65
3.15%
26.23
3.30%
Executive's
remuneration
10.80
1.38%
11.51
1.47%
16.42
2.15%
17.20
2.25%
13.42
1.72%
14.45
1.82%
Other expenses
2.06
0.26%
2.06
0.26%
0.01
0.00%
0.01
0.00%
0.18
0.02%
0.18
0.02%
Total expenses
645.55
82.30%
647.48
82.53%
633.45
82.84%
629.63
82.32%
657.92
84.08%
662.01
83.40%
Finance cost
4.43
0.56%
4.43
0.56%
3.95
0.51%
3.95
0.52%
4.32
0.55%
4.32
0.54%
Income tax
expense
27.12
3.46%
27.12
3.46%
25.58
3.35%
25.58
3.34%
24.32
3.11%
25.11
3.16%
Net profit
107.32
13.68%
105.74*
13.47%
101.70
13.30%
105.66*
13.82%
95.90
12.26%
102.19*
12.88%

Remark:
*Profit attributable to less Non-controlling interests of the subsidiary 0.2176 Million Baht in 2016, 0.0002 Million Baht in 2017and 0.0061 Baht in 2018
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 2018, the company had total revenue of 793.63 million baht increase of 3.77 percent from 2017, which increased slightly from the last year.

Cost of Goods Sold

Cost of sales for the year 2018 was 594.47 million baht increase of 6.05% from 2017, due to the increase in product costs in accordance with the overall market conditions.

Selling and Administrative Expenses

Total of expenses relating sales activities in 2018 is more than the amount in 2017 at 7.04%, to show 26.69 million Baht from 24.94 miliion Baht. This is because of marketing and advertising expenses for marketing for finished products

Management expenses in 2018 decreases 7.83% from 44.13 million Baht to 40.68 million Baht as a result of the decrease in main expenses such as executive compensation in 2018, equal to 14.45 million baht, decreased from the previous year. 2017 accounted for 16.00% due to changes in management personnel.

Corporate income tax in 2018 was 25.11 million baht, a decrease of 1.83 percent from 2017.

Net Profit and Profitability

In 2018, single operating profit accounts for 95.90 million Baht, comparing to 2017 at 101.70 million Bath. This is 5.71% or 5.80 million Baht less. Company's corporate financial budget has net profits 102.19 million Baht, decreasing 3.48 million Baht or 3.29% from previous year. This is because the higher cost of sales due to higher product prices in accordance with the overall market conditions.

Key Financial Ratios

In 2018, the company had a gross profit margin of 24.08 percent, decreased from the year 2017 with a gross profit margin of 25.05 percent, since in 2018, the cost of sales has increased from product prices according to the overall market conditions.

Return on Asset in 2018amounted to 13.19%, reduced from 2017 by 12.94%

Return on Equity in 2018 amounted to 14.07%, reduced from 2017 by 17.54%

Both returns decreased from 2017 because the increase in shareholders by 13.87% which resulted from the increase of paid capital from the use of conversion right of (GIFT-W1).

Financial Status

  2016 2017 2018
Separate Consolidated Separate Consolidated Separate Consolidated
Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
% Million
Baht
%
Cash and cash
equivalents
289.57
33.93%
299.44
35.43%
272.67
28.92%
298.28
31.76%
359.32
34.19%
393.33
37.24%
Trade account
receivable-net
179.05
20.98%
179.06
21.19%
225.77
23.95%
226.07
24.07%
203.29
19.35%
202.19
19.14%
Inventories
128.68
15.08%
128.48
15.20%
127.20
13.49%
129.07
13.74%
168.72
16.06%
178.93
16.94%
Other current assets
5.28
0.62%
6.41
0.76%
2.56
0.27%
3.89
0.41%
5.38
0.51%
6.35
0.60%
Available-for-sale
investments
113.90
13.35%
113.90
13.48%
87.11
9.24%
87.11
9.28%
82.93
7.89%
82.93
7.85%
Investment in
subsidiary company
37.80
4.43%
-
-
55.73
5.91%
-
-
59.49
5.66%
-
-
Property, Plant and
Equipment
98.94
11.59%
114.22
13.52%
168.57
17.88%
188.41
20.06%
165.04
15.71%
182.67
17.30%
Intangible assets
-
-
3.25
0.38%
-
-
2.83
0.30%
-
-
2.40
0.23%
Deferred Income Tax
-
-
-
-
2.96
0.32%
2.96
0.33%
6.42
0.61%
6.77
0.64%
Other non-current
assets
0.24
0.02%
0.32
0.04%
0.21
0.02%
0.43
0.05%
0.21
0.02%
0.62
0.06%
Total assets
853.46
100.00%
845.08
100.00%
942.78
100.00%
939.05
100.00%
1,050.80
100.00%
1,056.19
100.00%
Short-term loans from
financial institution
194.06
22.74%
194.06
22.96%
185.29
19.65%
185.29
19.73%
183.25
17.44%
183.25
17.35%
Trade and other
payables
58.37
6.84%
57.17
6.77%
55.30
5.87%
54.56
5.81%
76.18
7.25%
77.09
7.30%
Other liabilities
34.00
3.98%
34.15
4.04%
19.27
2.04%
19.58
2.09%
20.72
1.97%
21.97
2.08%
Total liabilities
286.43
33.56%
285.38
33.77%
259.86
27.56%
259.43
27.63%
280.15
26.66%
282.31
26.73%
Total shareholders'
equity
567.03
66.44%
559.70
66.23%
682.92
72.44%
679.62
72.37%
770.65
73.34%
773.88
73.27%
Total liabilities and
shareholders' equity
853.46
100.00%
845.08
100.00%
942.78
100.00%
939.05
100.00%
1,050.80
100.00%
1,056.19
100.00%

Total Assets

The Company's total assets as of 2018 amounted to 1,056.19 Million Baht, which increased 117.14 Million Baht (12.47%) from year to year. The Company's total assets comprised of 73.93% of current assets and 26.07% of non-current assets. The increase in total assets was mainly due to increased cash and bank deposits from the exercise of warrants (GIFTW1) in the amount of 142 million baht and inventories that increased from 2017, representing 38.63%. Because the product has a reserve for alcohol products for sufficient distribution.

Total Liabilities

The Company's total liabilities as of 2018 amounted to 282.31 Million Baht, increased by 22.88 Million Baht or (8.82%) from previous year. The Company's liabilities consist of current liabilities accounted for 97.63% and 2.37% 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 2018 amounted to 773.88 Million Baht, increased from 2017 by 94.26 Million Baht, or increased by 13.87%. 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

  2016 (Consolidated)
Million Baht
2017 (Consolidated)
Million Baht
2018 (Consolidated)
Million Baht
Profit before tax
132.64
131.24
127.29
Net cash flows from (used in) operating
activities
103.09
47.83
103.58
Net cash flows from (used in) investing
activities
(0.04)
(76.73)
(10.26)
Net cash flows from (used in) financing
activities
(16.08)
27.74
1.74
Net cash flow Increase (Decrease)
86.97
(1.16)
95.05
Cash and Cash equivalents at end of year
299.44
298.28
393.33
 

Remark:Cash flow statements only show the summary

Cash Flow

Year 2018, the company had cash flow from operations of 103.58 million baht, increased from 2017, equal to 55.75 million baht, equivalent to 116.56 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

The Company's net cash flows from investing activities in 2018 accounted for 10.26 Million Baht,decrease of 66.47 million baht from the year 2017, mainly due to the decrease in cash received from selling investment in available-for-sale securities and last year. (2017) The Company has invested in land worth 74.54 million baht. Net cash from financing activities was 1.74 million baht, a decrease of 26.00 million baht from 2017, mainly due to the repurchasing the company's own shares is for financial management purposes 53.11 million baht and 84.99 million baht dividend amount

The aforementioned net cash flows of the Company result in the balance of cash and bank's deposit of 393.33 Million Baht.