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MD & A

Archive : Management's Discussion and Analysis.

Management’s Discussion and Analysis for three months and full year ended 31 December 2017

Key highlights in 4Q17

Comparison consolidated financial statement for 3 months ended 31 Dec 2017 and 31 Dec 2016

Unit : Million Baht
Consolidated financial statement
4Q17
4Q16
Increase
(Decrease)
% Change
Revenue from sale of goods 7,303 7,353 (50) (0.7%)
Investment income 875 761 115 15.0%
Other income 312 481 (169) (35.1%)
Total income 8,491 8,595 (104) (1.2%)
Cost of sale of goods 5,464 5,506 (42) (0.8%)
Selling expenses 1,721 1,690 31 1.8%
Administrative expenses 398 367 31 8.4%
Financial costs 15 21 (6) (27.6%)
Total expenses 7,598 7,584 14 0.2%
Share of profit of associates 133 208 (75) (36.0%)
Profit before income tax expense 1,026 1,219 (193) (15.8%)
Income tax expenses 158 162 (4) (2.4%)
Net profit 820 1,010 (189) (18.8%)
Net profit excluding one-off items 796 694 101 14.6%

Note: In 4Q16 and 4Q17, the Company recorded one-off items amount of Baht 316 million and Baht 25 million respectively

Financial performance in 4Q17

Comparison consolidated financial statement for full year ended 31 Dec 2017 and 31 Dec 2016

Unit : Million Baht
Consolidated financial statement
FY2017
FY2016
Increase
(Decrease)
% Change
Revenue from sale of goods 25,989 26,078 (89) (0.3%)
Investment income 3,355 2,948 407 13.8%
Other income 1,009 1,162 (153) (13.1%)
Total income 30,353 30,187 166 0.5%
Cost of sale of goods 19,530 19,574 (44) (0.2%)
Selling expenses 6,398 6,248 150 2.4%
Administrative expenses 1,429 1,309 120 9.2%
Financial costs 71 84 (13) (15.2%)
Total expenses 27,429 27,215 214 0.8%
Share of profit of associates 507 580 (73) (12.6%)
Profit before income tax expense 3,431 3,552 (121) (3.4%)
Income tax expenses 534 556 (22) (3.9%)
Net profit 2,742 2,815 (74) (2.6%)
Net profit excluding one-off items 2,717 2,499 217 8.7%

Note: In 4Q16 and 4Q17, the Company recorded one-off items amount of Baht 316 million and Baht 25 million respectively

Financial performance in 2017

Comparison financial position for full year ended 30 Dec 2017 and 31 Dec 2016

Unit : Million Baht
Financial position
FY2017
FY2016
Increase
(Decrease)
% Change
Cash and cash equivalents 1,805 2,219 (414) (18.7%)
Current investments 4 35 (31) (88.5%)
Other current assets 3,574 3,470 105 3.0%
Other non-current assets 22,171 21,277 894 4.2%
Total assets 27,554 27,001 553 2.0%
Total current liabilities 8,130 7,400 730 9.9%
Total non-current liabilities 1,902 3,404 (1,502) (44.1%)
Total liabilities 10,032 10,804 (772) (7.1%)
Total equity 17,522 16,197 1,325 8.2%
Total liabilities and equity 27,554 27,001 553 2.0%

As of 31 December 2017, total assets amounted to Baht 27,554 million, increased by Baht 553 million or 2.0% compared to the end of 2016, mainly from investment of new stores and increased in net book value of investments in associates. Total liabilities amounted to Baht 10,032 million, decreased by Baht 772 million or 7.1% compared to the end of 2016 mainly from repayment of long term loans. Total equity totaled Baht 17,522 million, increased by Baht 1,325 million or 8.2%.

Capital Structure

As of 31 December 2017, total interest bearing debt was Baht 1,768 million. Total interest bearing debt to equity ratio was at 0.1 times.




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