Archive : Management's Discussion and Analysis.
Key summary of 1Q19
Note: Adoption of TFRS 15 mainly results in booking of gross profit instead of sales and COGS for products sold under consignment terms. However, there is no impact on the net profit from such accounting change. Details of which are disclosed in Note 3 of the Company’s financial statement in 1Q19.
Summary of income statement for the 3-month period ended 31 March 2019 and 31 March 2018 (Consolidated)
|Unit : Million Baht|
|Consolidated financial statement||
|Revenue from sales of goods||2,982||2,823||159||5.6%|
|Cost of sales of goods||1,386||1,210||176||14.5%|
|Share of profit of associates||103||131||(28)||(21.5%)|
|Profit before income tax expense||959||964||(5)||(0.5%)|
|Income tax expense||161||155||6||3.7%|
Financial performance in 1Q19
Summary of statement of financial position as of 31 March 2019 and 31 December 2018 (Consolidated)
|Unit: Million Baht|
|Cash and cash equivalents||1,544||1,894||(350)||(18.5%)|
|Trade accounts receivable||563||541||22||4.1%|
|Other current assets||679||864||(185)||(21.4%)|
|Other non-current assets||4,992||4,933||59||1.2%|
|Trade accounts payable||4,520||5,229||(709)||(13.6%)|
|Short-term loans & current portion of long-term loans||364||565||(201)||(35.5%)|
|Other current liabilities||1,794||2,249||(455)||(20.2%)|
|Other non-current liabilities||1,431||1,411||21||1.5%|
|Total liabilities and equity||27,825||28,386||(561)||(2.0%)|
1 Fixed assets include investment properties, property, plant and equipment, and leasehold rights
2 Reclassification of some accounts as disclosed in Note 17 of the Company’s financial statement in 1Q19
As of 31 March 2019, total assets amounted to Baht 27,825 million, decreased by Baht 561 million or 2.0% from the end of 2018 mainly from decrease in cash, other receivable and fixed assets. Total liabilities amounted to Baht 8,207 million, decreased by Baht 1,356 million or 14.2% from the end of 2018, mainly from payment of trade and other payable as well as loan repayment. Total equity was Baht 19,618 million, increased by Baht 796 million or 4.2%.
As of 31 March 2019, the Company's capital structure comprised of total liabilities of Baht 8,207 million, which included interest-bearing debt Baht 462 million, and total shareholders' equity totaled Baht 19,618 million. Total liabilities to equity ratio of 0.4 times, while interest-bearing debt to equity ratio was at 0.02 times.