|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
THAI UNION FROZEN PRODUCTS PCL |
|
|
|
|
Registered Office : |
S.M. Tower, FL M, 979/12 Phaholyothin Rd., Samsennai, Phaya Thai
Bangkok, 74000 |
|
|
|
|
Country : |
Thailand |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.03.1988 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture and export of frozen and canned seafood |
|
|
|
|
No. of Employees : |
1,344 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Thailand |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
THAILAND - ECONOMIC OVERVIEW
With a well-developed infrastructure, a free-enterprise
economy, generally pro-investment policies, and strong export industries,
Thailand achieved steady growth due largely to industrial and agriculture
exports - mostly electronics, agricultural commodities, automobiles and parts,
and processed foods. Thailand is trying to maintain growth by encouraging
domestic consumption and public investment to offset weak exports in 2012.
Unemployment, at less than 1% of the labor force, stands as one of the lowest levels
in the world, which puts upward pressure on wages in some industries. Thailand
also attracts nearly 2.5 million migrant workers from neighboring countries.
The Thai government is implementing a nation-wide 300 baht ($10) per day
minimum wage policy and deploying new tax reforms designed to lower rates on
middle-income earners. The Thai economy has weathered internal and external
economic shocks in recent years. The global economic severely cut Thailand's
exports, with most sectors experiencing double-digit drops. In 2009, the
economy contracted 2.3%. However, in 2010, Thailand's economy expanded 7.8%,
its fastest pace since 1995, as exports rebounded. In late 2011 growth was
interrupted by historic flooding in the industrial areas in Bangkok and its five
surrounding provinces, crippling the manufacturing sector. Industry recovered
from the second quarter of 2012 onward with GDP growth at 5.5% in 2012. The
government has approved flood mitigation projects worth $11.7 billion, which
were started in 2012, to prevent similar economic damage, and an additional $75
billion for infrastructure over the next seven years with a plan to start in
2013.
Source
: CIA
Thai Union Frozen
Products PCL
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business
Description
|
Thai Union Frozen Products Public Company Limited is a Thailand-based
company engaged in the manufacture and export of frozen and canned seafood.
It serves both local and international markets. The Company's operations are
divided into five groups: production and export of frozen and canned food
products, production and distribution of packaging products, production and
distribution of animal feeds and agriculture products, food business in
domestic market, and overseas investment. Its exported products include
canned, pouched and seal-contained tuna, sardine, mackerel and seafood,
frozen shrimp, frozen tuna loin, and others. Domestically, the Company offers
fish and squid-based snacks, canned tuna and pet food under the brands:
Fisho, Sealect and Bellotta respectively. It has invested in more than 10
subsidiaries, including Thai Union Manufacturing Co., Ltd, Songkla Canning
Pcl, Thai Union Seafood Co., Ltd, Asian-Pacific Can Co., Ltd, among others.
For the three months ended 31 March 2013, Thai Union Frozen Products PCL
revenues decreased 3% to BAH24.44B. Net income decreased 54% to BAH674.4M.
Revenues reflect a decrease in demand for the Company's products and services
due to unfavorable market conditions. Net income also reflects Selling
Expenses increase of 2% to BAH1.08B (expense), Tax coupon decrease of 35% to
BAH23.5M (income). |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
UK SIC 2007: |
1020 - Processing and preserving of fish,
crustaceans and molluscs |
|
US SIC 1987: |
Key Executives
|
Significant Developments
|
Financial Summary
|
|
Stock Snapshot
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = THB 31.0808
2 - Balance Sheet Item Exchange Rate: USD 1 = THB 30.59
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Thai Union
Frozen Products PCL The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic projects
and investments. More
about Strategic Initiatives
|
|
Sales and Distribution |
|
|
The debentures, collectively worth Bt6,750 million, are of 3-year, 5-year
and 10-year maturity with corresponding coupon rates of 4.51%, 4.70% and
5.02%. The funds raised were used for prepaying some of our existing loans,
which in turn helped reduce our total funding costs. Continuous sales growth,
on the back of a solid financial position, made us confident that that TUF
should be able to bring its Debt-to-Equity (DIE) ratio down to 1:1 within
2013 while our current DIE ratio is standing at 1.47 times as a direct
consequence of the acquisition of Europe-based MW Brands in 2010. In line
with our core corporate strategy with a strong emphasis on continual growth,
we have been expanding through new promising investments, greater presence in
new markets and a larger product range to meet dynamic needs of customers and
consumers across the globe. In addition to corporate growth, we have also
been very keen on giving back to the society. Source: GlobalData, March 14, 2013 |
|
|
The funds raised were used for prepaying some of our existing loans,
which in turn helped reduce our total funding costs. Continuous sales growth,
on the back of a solid financial position, made us confident that that TUF
should be able to bring its Debt-to-Equity (DIE) ratio down to 1:1 within
2013 while our current DIE ratio is standing at 1.47 times as a direct
consequence of the acquisition of Europe-based MW Brands in 2010. In line
with our core corporate strategy with a strong emphasis on continual growth,
we have been expanding through new promising investments, greater presence in
new markets and a larger product range to meet dynamic needs of customers and
consumers across the globe. In addition to corporate growth, we have also
been very keen on giving back to the society. During the past year, many of
our ongoing CSR activities did contribute to the well-being of the society
and the environment. Source: GlobalData, March 14, 2013 |
|
|
Thai Union
Frozen Products PCL |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Bangkok |
Thailand |
Food Processing |
3,432.9 |
1,344 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
209.4 |
5,300 |
|
|
Subsidiary |
Yan Nawa, Bangkok |
Thailand |
Food Processing |
|
3,100 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
4,500 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
500 |
|
|
Subsidiary |
Samut Sakhon |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
300 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
100 |
|
|
Subsidiary |
San Diego, CA |
United States |
Food Processing |
|
95 |
|
|
Subsidiary |
Peachtree City, GA |
United States |
Food Processing |
2.9 |
10 |
|
|
Branch |
El Segundo, CA |
United States |
Food Processing |
2.8 |
10 |
|
|
Branch |
Lyons, GA |
United States |
Food Processing |
1.9 |
5 |
|
|
Branch |
Mashpee, MA |
United States |
Food Processing |
0.2 |
1 |
|
|
Branch |
Bellevue, WA |
United States |
Restaurants |
0.1 |
1 |
|
|
Subsidiary |
Paris |
France |
Food Processing |
14.4 |
34 |
|
|
Subsidiary |
Peniche, Peniche |
Portugal |
Food Processing |
81.9 |
680 |
|
|
Subsidiary |
Milano, Milano |
Italy |
Food Processing |
85.7 |
24 |
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
|
|
|
|
Subsidiary |
Liverpool |
United Kingdom |
Retail (Grocery) |
283.2 |
71 |
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok, Samutsakorn |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Printing and Publishing |
|
|
|
|
Subsidiary |
Bangkok |
Thailand |
Food Processing |
|
|
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Sales |
3,432.9 |
3,236.7 |
2,254.0 |
2,009.6 |
2,069.3 |
|
Revenue |
3,432.9 |
3,236.7 |
2,254.0 |
2,009.6 |
2,069.3 |
|
Total Revenue |
3,432.9 |
3,236.7 |
2,254.0 |
2,009.6 |
2,069.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,906.5 |
2,698.2 |
1,953.6 |
1,705.4 |
1,806.8 |
|
Cost of Revenue, Total |
2,906.5 |
2,698.2 |
1,953.6 |
1,705.4 |
1,806.8 |
|
Gross Profit |
526.4 |
538.5 |
300.4 |
304.2 |
262.4 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
305.4 |
291.4 |
192.7 |
181.8 |
175.7 |
|
Labor & Related Expense |
- |
- |
- |
1.9 |
1.8 |
|
Total Selling/General/Administrative Expenses |
305.4 |
291.4 |
192.7 |
183.7 |
177.5 |
|
Interest Income - Operating |
-0.4 |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
|
Investment Income -
Operating |
-18.2 |
-12.8 |
-26.2 |
-11.7 |
-3.0 |
|
Interest/Investment Income - Operating |
-18.6 |
-13.1 |
-26.4 |
-11.9 |
-3.4 |
|
Interest Expense (Income) - Net Operating Total |
-18.6 |
-13.1 |
-26.4 |
-11.9 |
-3.4 |
|
Other Operating Expense |
- |
- |
- |
0.1 |
0.4 |
|
Other, Net |
-15.2 |
-19.8 |
-15.4 |
-10.0 |
-11.2 |
|
Other Operating Expenses, Total |
-15.2 |
-19.8 |
-15.4 |
-9.9 |
-10.8 |
|
Total Operating Expense |
3,178.1 |
2,956.7 |
2,104.5 |
1,867.4 |
1,970.1 |
|
|
|
|
|
|
|
|
Operating Income |
254.8 |
280.0 |
149.6 |
142.3 |
99.2 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-74.9 |
-74.5 |
-24.1 |
-17.5 |
-19.0 |
|
Interest Expense, Net Non-Operating |
-74.9 |
-74.5 |
-24.1 |
-17.5 |
-19.0 |
|
Interest Income (Expense) - Net Non-Operating Total |
-74.9 |
-74.5 |
-24.1 |
-17.5 |
-19.0 |
|
Income Before Tax |
179.9 |
205.5 |
125.5 |
124.7 |
80.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
3.9 |
6.3 |
19.8 |
12.6 |
3.2 |
|
Income After Tax |
176.0 |
199.2 |
105.7 |
112.2 |
77.0 |
|
|
|
|
|
|
|
|
Minority Interest |
-25.0 |
-31.3 |
-15.1 |
-14.8 |
-11.0 |
|
Net Income Before Extraord Items |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
Net Income |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
1,070.3 |
1,016.0 |
953.4 |
937.4 |
937.4 |
|
Basic EPS Excl Extraord Items |
0.14 |
0.17 |
0.10 |
0.10 |
0.07 |
|
Basic/Primary EPS Incl Extraord Items |
0.14 |
0.17 |
0.10 |
0.10 |
0.07 |
|
Dilution Adjustment |
3.0 |
3.0 |
0.7 |
0.0 |
0.0 |
|
Diluted Net Income |
154.0 |
170.8 |
91.3 |
97.4 |
65.9 |
|
Diluted Weighted Average Shares |
1,115.6 |
1,061.6 |
961.7 |
937.4 |
937.4 |
|
Diluted EPS Excl Extraord Items |
0.14 |
0.16 |
0.09 |
0.10 |
0.07 |
|
Diluted EPS Incl Extraord Items |
0.14 |
0.16 |
0.09 |
0.10 |
0.07 |
|
Dividends per Share - Common Stock Primary Issue |
0.06 |
0.04 |
0.07 |
0.04 |
0.03 |
|
Gross Dividends - Common Stock |
60.6 |
39.2 |
62.9 |
49.2 |
33.1 |
|
Interest Expense, Supplemental |
74.9 |
74.5 |
24.1 |
17.5 |
19.0 |
|
Depreciation, Supplemental |
56.2 |
50.9 |
37.5 |
30.6 |
29.2 |
|
Normalized Income Before Tax |
179.9 |
205.5 |
125.5 |
124.7 |
80.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.9 |
6.3 |
19.8 |
12.6 |
3.2 |
|
Normalized Income After Tax |
176.0 |
199.2 |
105.7 |
112.2 |
77.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.14 |
0.17 |
0.10 |
0.10 |
0.07 |
|
Diluted Normalized EPS |
0.14 |
0.16 |
0.09 |
0.10 |
0.07 |
|
Amort of Intangibles, Supplemental |
4.6 |
2.0 |
1.0 |
0.7 |
0.0 |
|
Rental Expenses |
38.1 |
24.2 |
18.4 |
15.1 |
12.1 |
|
Normalized EBIT |
236.2 |
267.0 |
123.2 |
130.4 |
95.8 |
|
Normalized EBITDA |
297.0 |
319.9 |
161.6 |
161.7 |
125.1 |
|
Current Tax - Domestic |
11.3 |
19.2 |
9.2 |
9.5 |
11.1 |
|
Current Tax - Total |
11.3 |
19.2 |
9.2 |
9.5 |
11.1 |
|
Deferred Tax - Domestic |
-7.4 |
-13.3 |
10.2 |
2.6 |
-7.4 |
|
Deferred Tax - Total |
-7.4 |
-13.3 |
10.2 |
2.6 |
-7.4 |
|
Other Tax |
0.0 |
0.4 |
0.4 |
0.4 |
-0.5 |
|
Income Tax - Total |
3.9 |
6.3 |
19.8 |
12.6 |
3.2 |
|
Interest Cost - Domestic |
1.8 |
1.8 |
- |
- |
- |
|
Service Cost - Domestic |
2.6 |
2.8 |
- |
- |
- |
|
Domestic Pension Plan Expense |
4.4 |
4.6 |
- |
- |
- |
|
Defined Contribution Expense - Domestic |
1.7 |
1.5 |
- |
1.1 |
1.2 |
|
Total Pension Expense |
6.1 |
6.1 |
- |
1.1 |
1.2 |
|
Discount Rate - Domestic |
2.80% |
4.20% |
- |
- |
- |
|
Compensation Rate - Domestic |
15.00% |
10.00% |
- |
- |
- |
|
Pension Payment Rate - Domestic |
- |
- |
- |
- |
2.00% |
|
Total Plan Interest Cost |
1.8 |
1.8 |
- |
- |
- |
|
Total Plan Service Cost |
2.6 |
2.8 |
- |
- |
- |
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.59 |
31.55 |
30.145 |
33.34 |
34.78 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Cash |
45.5 |
28.6 |
- |
- |
- |
|
Cash & Equivalents |
0.3 |
0.0 |
34.4 |
21.8 |
44.8 |
|
Cash and Short Term Investments |
45.8 |
28.6 |
34.4 |
21.8 |
44.8 |
|
Accounts Receivable -
Trade, Gross |
391.4 |
359.6 |
- |
199.7 |
208.6 |
|
Provision for Doubtful
Accounts |
-8.2 |
-7.9 |
- |
-4.7 |
-4.4 |
|
Trade Accounts Receivable - Net |
383.2 |
351.7 |
307.2 |
195.0 |
204.3 |
|
Notes Receivable - Short Term |
0.6 |
0.1 |
0.0 |
0.0 |
0.5 |
|
Other Receivables |
27.8 |
26.4 |
42.7 |
8.1 |
8.9 |
|
Total Receivables, Net |
411.6 |
378.2 |
350.0 |
203.2 |
213.7 |
|
Inventories - Finished Goods |
542.0 |
450.6 |
- |
322.5 |
379.9 |
|
Inventories - Work In Progress |
4.5 |
2.1 |
- |
3.3 |
4.8 |
|
Inventories - Raw Materials |
541.8 |
377.1 |
- |
162.7 |
180.3 |
|
Inventories - Other |
- |
- |
- |
-8.3 |
-9.4 |
|
Total Inventory |
1,088.3 |
829.8 |
708.1 |
480.2 |
555.7 |
|
Prepaid Expenses |
5.7 |
4.6 |
9.5 |
12.1 |
10.2 |
|
Other Current Assets |
28.8 |
25.9 |
24.5 |
3.0 |
4.2 |
|
Other Current Assets, Total |
28.8 |
25.9 |
24.5 |
3.0 |
4.2 |
|
Total Current Assets |
1,580.1 |
1,267.1 |
1,126.5 |
720.3 |
828.5 |
|
|
|
|
|
|
|
|
Buildings |
253.2 |
228.1 |
221.1 |
131.2 |
109.8 |
|
Land/Improvements |
91.3 |
53.0 |
53.6 |
36.8 |
35.0 |
|
Machinery/Equipment |
636.7 |
569.2 |
531.3 |
311.4 |
266.6 |
|
Construction in
Progress |
67.7 |
60.7 |
53.0 |
33.1 |
28.2 |
|
Other
Property/Plant/Equipment |
- |
- |
- |
1.7 |
1.7 |
|
Property/Plant/Equipment - Gross |
1,049.0 |
911.0 |
859.0 |
514.2 |
441.4 |
|
Accumulated Depreciation |
-463.0 |
-414.8 |
-388.3 |
-234.5 |
-194.9 |
|
Property/Plant/Equipment - Net |
585.9 |
496.2 |
470.7 |
279.7 |
246.5 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
0.0 |
- |
|
Goodwill, Net |
377.1 |
370.0 |
378.0 |
8.7 |
8.7 |
|
Intangibles - Gross |
471.0 |
454.0 |
456.5 |
36.7 |
33.7 |
|
Accumulated Intangible Amortization |
-30.3 |
-25.3 |
-23.7 |
-14.7 |
-11.4 |
|
Intangibles, Net |
440.7 |
428.7 |
432.8 |
22.0 |
22.3 |
|
LT Investment - Affiliate Companies |
59.0 |
29.3 |
27.8 |
12.1 |
7.6 |
|
LT Investments - Other |
1.1 |
2.2 |
2.4 |
2.6 |
2.9 |
|
Long Term Investments |
60.1 |
31.5 |
30.2 |
14.7 |
10.5 |
|
Note Receivable - Long Term |
9.1 |
9.1 |
22.0 |
6.8 |
3.2 |
|
Deferred Income Tax - Long Term Asset |
38.0 |
33.7 |
16.5 |
15.7 |
18.7 |
|
Restricted Cash - Long Term |
0.4 |
0.4 |
0.4 |
0.0 |
0.0 |
|
Other Long Term Assets |
6.0 |
2.8 |
3.3 |
8.0 |
5.3 |
|
Other Long Term Assets, Total |
44.5 |
36.9 |
20.2 |
23.7 |
24.1 |
|
Total Assets |
3,097.7 |
2,639.5 |
2,480.6 |
1,075.9 |
1,143.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
295.1 |
205.1 |
238.7 |
78.9 |
99.1 |
|
Accrued Expenses |
43.5 |
42.8 |
- |
19.6 |
17.4 |
|
Notes Payable/Short Term Debt |
735.9 |
458.9 |
277.5 |
168.0 |
309.7 |
|
Current Portion - Long Term Debt/Capital Leases |
29.4 |
31.2 |
123.3 |
50.5 |
6.5 |
|
Income Taxes Payable |
3.8 |
6.4 |
6.2 |
4.5 |
4.0 |
|
Other Payables |
6.2 |
3.0 |
- |
5.1 |
1.9 |
|
Other Current Liabilities |
48.3 |
49.4 |
49.1 |
34.5 |
27.7 |
|
Other Current liabilities, Total |
58.3 |
58.9 |
55.3 |
44.2 |
33.6 |
|
Total Current Liabilities |
1,162.1 |
796.9 |
694.7 |
361.1 |
466.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
379.2 |
770.4 |
842.3 |
148.9 |
190.2 |
|
Total Long Term Debt |
379.2 |
770.4 |
842.3 |
148.9 |
190.2 |
|
Total Debt |
1,144.4 |
1,260.4 |
1,243.0 |
367.4 |
506.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
161.0 |
155.9 |
154.0 |
8.2 |
8.4 |
|
Deferred Income Tax |
161.0 |
155.9 |
154.0 |
8.2 |
8.4 |
|
Minority Interest |
102.3 |
84.3 |
73.3 |
62.4 |
53.7 |
|
Pension Benefits - Underfunded |
48.3 |
31.9 |
19.4 |
- |
- |
|
Other Long Term Liabilities |
28.3 |
25.0 |
18.4 |
5.4 |
12.1 |
|
Other Liabilities, Total |
76.6 |
56.9 |
37.8 |
5.4 |
12.1 |
|
Total Liabilities |
1,881.1 |
1,864.3 |
1,802.1 |
586.0 |
730.9 |
|
|
|
|
|
|
|
|
Common Stock |
37.5 |
30.3 |
31.7 |
26.5 |
25.4 |
|
Common Stock |
37.5 |
30.3 |
31.7 |
26.5 |
25.4 |
|
Additional Paid-In Capital |
572.1 |
258.6 |
270.7 |
135.5 |
129.9 |
|
Retained Earnings (Accumulated Deficit) |
582.5 |
486.4 |
379.0 |
331.8 |
262.0 |
|
Unrealized Gain (Loss) |
- |
- |
- |
-1.0 |
-3.0 |
|
Translation Adjustment |
- |
- |
- |
-3.0 |
-1.4 |
|
Other Equity |
24.4 |
-0.1 |
-2.9 |
- |
- |
|
Other Equity, Total |
24.4 |
-0.1 |
-2.9 |
-3.0 |
-1.4 |
|
Total Equity |
1,216.6 |
775.2 |
678.5 |
489.8 |
412.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,097.7 |
2,639.5 |
2,480.6 |
1,075.9 |
1,143.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
1,147.6 |
1,016.1 |
1,016.1 |
944.9 |
944.9 |
|
Total Common Shares Outstanding |
1,147.6 |
1,016.1 |
1,016.1 |
944.9 |
944.9 |
|
Employees |
- |
1,344 |
1,241 |
- |
981 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
0.0 |
- |
|
Accumulated Intangible Amort, Suppl. |
30.3 |
25.3 |
23.7 |
14.7 |
11.4 |
|
Total Operating Leases, Supplemental |
24.6 |
12.8 |
- |
- |
9.0 |
|
Operating Lease Payments Due in Year 1 |
20.7 |
7.9 |
- |
- |
3.2 |
|
Operating Lease Payments Due in Year 2 |
0.9 |
1.1 |
- |
- |
1.3 |
|
Operating Lease Payments Due in Year 3 |
0.9 |
1.1 |
- |
- |
1.3 |
|
Operating Lease Payments Due in Year 4 |
0.9 |
1.1 |
- |
- |
1.3 |
|
Operating Lease Payments Due in Year 5 |
0.9 |
1.1 |
- |
- |
1.3 |
|
Operating Lease Pymts. Due in 2-3 Years |
1.8 |
2.3 |
- |
- |
2.6 |
|
Operating Lease Pymts. Due in 4-5 Years |
1.8 |
2.3 |
- |
- |
2.6 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.3 |
0.4 |
- |
- |
0.5 |
|
Discount Rate - Domestic |
2.80% |
4.20% |
- |
- |
- |
|
Compensation Rate - Domestic |
15.00% |
10.00% |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-48.3 |
-31.9 |
-19.4 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-48.3 |
-31.9 |
-19.4 |
- |
- |
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
179.9 |
205.5 |
125.5 |
124.7 |
80.2 |
|
Depreciation |
61.2 |
53.0 |
38.4 |
31.3 |
30.0 |
|
Depreciation/Depletion |
61.2 |
53.0 |
38.4 |
31.3 |
30.0 |
|
Unusual Items |
3.1 |
2.2 |
-0.1 |
7.2 |
-0.2 |
|
Equity in Net Earnings (Loss) |
-2.2 |
-2.7 |
-0.7 |
-1.4 |
-0.5 |
|
Other Non-Cash Items |
106.7 |
109.5 |
18.0 |
13.3 |
29.3 |
|
Non-Cash Items |
107.6 |
109.0 |
17.2 |
19.1 |
28.5 |
|
Accounts Receivable |
-29.9 |
-53.1 |
-17.2 |
13.5 |
-15.0 |
|
Inventories |
-251.1 |
-142.7 |
-19.0 |
86.3 |
-91.0 |
|
Other Assets |
-1.2 |
-7.0 |
3.6 |
-1.9 |
-5.6 |
|
Accounts Payable |
84.4 |
21.4 |
-4.6 |
-19.9 |
12.5 |
|
Other Liabilities |
5.4 |
3.7 |
-16.0 |
9.2 |
10.0 |
|
Other Operating Cash Flow |
-13.0 |
-10.8 |
-19.5 |
-12.5 |
-8.5 |
|
Changes in Working Capital |
-205.5 |
-188.4 |
-72.8 |
74.8 |
-97.6 |
|
Cash from Operating Activities |
143.2 |
179.1 |
108.3 |
249.9 |
41.1 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-116.3 |
-110.4 |
-86.0 |
-57.7 |
-51.7 |
|
Purchase/Acquisition of Intangibles |
-1.0 |
-1.3 |
-0.5 |
-0.7 |
-1.4 |
|
Capital Expenditures |
-117.3 |
-111.7 |
-86.5 |
-58.4 |
-53.0 |
|
Acquisition of Business |
- |
- |
- |
- |
0.0 |
|
Sale of Fixed Assets |
2.6 |
7.3 |
11.6 |
0.9 |
0.4 |
|
Sale/Maturity of Investment |
0.2 |
0.1 |
0.7 |
0.1 |
0.4 |
|
Purchase of Investments |
-24.9 |
-1.5 |
-895.4 |
-2.6 |
-2.7 |
|
Other Investing Cash Flow |
1.7 |
1.5 |
-0.1 |
0.6 |
0.3 |
|
Other Investing Cash Flow Items, Total |
-20.5 |
7.4 |
-883.1 |
-1.0 |
-1.5 |
|
Cash from Investing Activities |
-137.8 |
-104.2 |
-969.6 |
-59.4 |
-54.6 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-84.5 |
-85.1 |
-60.4 |
-24.5 |
-20.2 |
|
Financing Cash Flow Items |
-84.5 |
-85.1 |
-60.4 |
-24.5 |
-20.2 |
|
Cash Dividends Paid - Common |
-60.6 |
-39.2 |
-62.9 |
-41.7 |
-29.6 |
|
Total Cash Dividends Paid |
-60.6 |
-39.2 |
-62.9 |
-41.7 |
-29.6 |
|
Sale/Issuance of
Common |
306.7 |
0.0 |
117.0 |
0.0 |
1.2 |
|
Common Stock, Net |
306.7 |
0.0 |
117.0 |
0.0 |
1.2 |
|
Issuance (Retirement) of Stock, Net |
306.7 |
0.0 |
117.0 |
0.0 |
1.2 |
|
Short Term Debt Issued |
265.4 |
191.5 |
176.5 |
0.0 |
45.3 |
|
Short Term Debt
Reduction |
- |
- |
- |
-145.7 |
-1.5 |
|
Short Term Debt, Net |
265.4 |
191.5 |
176.5 |
-145.7 |
43.8 |
|
Long Term Debt Issued |
0.0 |
116.5 |
724.7 |
0.0 |
59.9 |
|
Long Term Debt
Reduction |
-432.4 |
-261.3 |
-47.3 |
-5.5 |
-10.0 |
|
Long Term Debt, Net |
-432.4 |
-144.8 |
677.4 |
-5.5 |
49.9 |
|
Issuance (Retirement) of Debt, Net |
-167.0 |
46.7 |
853.8 |
-151.2 |
93.7 |
|
Cash from Financing Activities |
-5.4 |
-77.6 |
847.6 |
-217.3 |
45.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
16.0 |
-1.7 |
23.4 |
2.7 |
0.5 |
|
Net Change in Cash |
16.0 |
-4.4 |
9.7 |
-24.1 |
32.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
29.0 |
34.0 |
23.0 |
45.3 |
14.5 |
|
Net Cash - Ending Balance |
45.0 |
29.6 |
32.7 |
21.2 |
46.7 |
|
Cash Interest Paid |
72.6 |
67.6 |
18.6 |
17.0 |
17.4 |
|
Cash Taxes Paid |
13.0 |
10.8 |
19.5 |
12.5 |
8.5 |
ANNUAL INCOME STATEMENT
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Reclassified
Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Sales |
3,432.9 |
3,236.7 |
2,254.0 |
2,009.6 |
2,069.3 |
|
Total Revenue |
3,432.9 |
3,236.7 |
2,254.0 |
2,009.6 |
2,069.3 |
|
|
|
|
|
|
|
|
Share of profit from investments in asso |
-2.2 |
-2.7 |
-0.7 |
-1.4 |
-0.5 |
|
Interest Income |
-0.4 |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
|
Dividend Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Acct. Payable Refund |
- |
- |
- |
-0.7 |
-1.8 |
|
Tax Coupon Received |
- |
- |
- |
-3.0 |
-2.6 |
|
Exchange Gain/Loss |
-16.0 |
-10.0 |
-25.4 |
-10.2 |
-2.5 |
|
Others |
-15.2 |
-19.8 |
-15.4 |
-6.3 |
-6.7 |
|
Cost of sales |
2,906.5 |
2,698.2 |
1,953.6 |
1,705.4 |
1,806.8 |
|
Selling Expenses |
155.3 |
162.2 |
122.6 |
106.9 |
110.9 |
|
Administrative expenses |
150.1 |
129.2 |
70.1 |
74.9 |
64.7 |
|
Directors' Remun. |
- |
- |
- |
1.9 |
1.8 |
|
Other Expenses |
- |
- |
- |
0.1 |
0.4 |
|
Total Operating Expense |
3,178.1 |
2,956.7 |
2,104.5 |
1,867.4 |
1,970.1 |
|
|
|
|
|
|
|
|
Interest Expense |
-74.9 |
-74.5 |
-24.1 |
-17.5 |
-19.0 |
|
Net Income Before Taxes |
179.9 |
205.5 |
125.5 |
124.7 |
80.2 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
3.9 |
6.3 |
19.8 |
12.6 |
3.2 |
|
Net Income After Taxes |
176.0 |
199.2 |
105.7 |
112.2 |
77.0 |
|
|
|
|
|
|
|
|
Minority Interests |
-25.0 |
-31.3 |
-15.1 |
-14.8 |
-11.0 |
|
Net Income Before Extra. Items |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
Net Income |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
1,070.3 |
1,016.0 |
953.4 |
937.4 |
937.4 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.14 |
0.17 |
0.10 |
0.10 |
0.07 |
|
Basic EPS Including ExtraOrdinary Items |
0.14 |
0.17 |
0.10 |
0.10 |
0.07 |
|
Dilution Adjustment |
3.0 |
3.0 |
0.7 |
0.0 |
0.0 |
|
Diluted Net Income |
154.0 |
170.8 |
91.3 |
97.4 |
65.9 |
|
Diluted Weighted Average Shares |
1,115.6 |
1,061.6 |
961.7 |
937.4 |
937.4 |
|
Diluted EPS Excluding ExtraOrd Items |
0.14 |
0.16 |
0.09 |
0.10 |
0.07 |
|
Diluted EPS Including ExtraOrd Items |
0.14 |
0.16 |
0.09 |
0.10 |
0.07 |
|
DPS-Common Shares |
0.06 |
0.04 |
0.07 |
0.04 |
0.03 |
|
Gross Dividends - Common Stock |
60.6 |
39.2 |
62.9 |
49.2 |
33.1 |
|
Normalized Income Before Taxes |
179.9 |
205.5 |
125.5 |
124.7 |
80.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
3.9 |
6.3 |
19.8 |
12.6 |
3.2 |
|
Normalized Income After Taxes |
176.0 |
199.2 |
105.7 |
112.2 |
77.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
151.0 |
167.9 |
90.6 |
97.4 |
65.9 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.14 |
0.17 |
0.10 |
0.10 |
0.07 |
|
Diluted Normalized EPS |
0.14 |
0.16 |
0.09 |
0.10 |
0.07 |
|
Interest Expense |
74.9 |
74.5 |
24.1 |
17.5 |
19.0 |
|
Amort of Intangibles |
4.6 |
2.0 |
1.0 |
0.7 |
0.0 |
|
Depreciation |
56.2 |
50.9 |
37.5 |
30.6 |
29.2 |
|
Rental Expense |
38.1 |
24.2 |
18.4 |
15.1 |
12.1 |
|
Current Tax |
11.3 |
19.2 |
9.2 |
9.5 |
11.1 |
|
Current Tax - Total |
11.3 |
19.2 |
9.2 |
9.5 |
11.1 |
|
Deferred Tax |
-7.4 |
-13.3 |
10.2 |
2.6 |
-7.4 |
|
Deferred Tax - Total |
-7.4 |
-13.3 |
10.2 |
2.6 |
-7.4 |
|
Currency Translation |
0.0 |
0.4 |
0.4 |
0.4 |
-0.5 |
|
Income Tax - Total |
3.9 |
6.3 |
19.8 |
12.6 |
3.2 |
|
Service Cost - Domestic |
2.6 |
2.8 |
- |
- |
- |
|
Interest Cost - Domestic |
1.8 |
1.8 |
- |
- |
- |
|
Domestic Pension Plan Expense |
4.4 |
4.6 |
- |
- |
- |
|
Defined Contribution Expense-Domestic |
1.7 |
1.5 |
- |
1.1 |
1.2 |
|
Total Pension Expense |
6.1 |
6.1 |
- |
1.1 |
1.2 |
|
Discount Rate - Domestic |
2.80% |
4.20% |
- |
- |
- |
|
Compensation Rate - Domestic |
15.00% |
10.00% |
- |
- |
- |
|
Provident Fund Payment Rate-Domestic |
- |
- |
- |
- |
2.00% |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Restated Normal |
Reclassified
Normal |
Restated Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate |
30.59 |
31.55 |
30.145 |
33.34 |
34.78 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Trade and other receivables |
- |
- |
307.2 |
- |
- |
|
cash/ bank dep. |
45.5 |
28.6 |
- |
- |
- |
|
Bill of Exchange |
0.3 |
0.0 |
- |
- |
28.8 |
|
cash and cash equip. |
- |
- |
34.4 |
21.8 |
16.0 |
|
Trade receivables - related parties |
1.8 |
1.9 |
- |
1.7 |
0.9 |
|
trade receivables - unrelated |
389.6 |
357.7 |
- |
198.0 |
207.7 |
|
All/Dbtfl. Debts |
-8.2 |
-7.9 |
- |
-4.7 |
-4.4 |
|
Short-term loans to other companies |
0.4 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Current portion of LT loans to sub. |
- |
0.0 |
0.0 |
0.0 |
- |
|
Inventories |
- |
- |
708.1 |
- |
- |
|
Current portion of long-term loans to ot |
0.2 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total other receivables |
4.9 |
0.9 |
- |
- |
- |
|
Advance payment |
1.5 |
1.2 |
- |
- |
- |
|
Short Term Loans to other Companies |
- |
- |
- |
- |
0.4 |
|
Finished Goods |
522.3 |
433.6 |
- |
268.2 |
322.7 |
|
Work in Progress |
4.5 |
2.1 |
- |
3.3 |
4.8 |
|
Raw Materials |
345.9 |
221.3 |
- |
133.2 |
145.3 |
|
Ingr./Packing |
50.6 |
44.6 |
- |
26.0 |
32.2 |
|
Goods in Transit |
19.8 |
16.9 |
- |
54.3 |
57.2 |
|
Spare parts |
145.3 |
111.2 |
- |
3.5 |
2.8 |
|
Obsol. Provision |
- |
- |
- |
-8.3 |
-9.4 |
|
Prepaid Expense |
- |
- |
- |
4.0 |
4.4 |
|
Prepaid Tax |
4.2 |
3.4 |
9.5 |
4.4 |
2.5 |
|
Interest Receivables |
- |
- |
- |
0.0 |
0.2 |
|
Advance payments |
- |
- |
- |
3.7 |
3.3 |
|
Forward Contract Rcvbl. |
7.8 |
4.5 |
24.8 |
3.5 |
3.7 |
|
VAT Refundable |
15.1 |
21.0 |
17.9 |
4.6 |
5.0 |
|
Others |
28.8 |
25.9 |
24.5 |
3.0 |
4.2 |
|
Total Current Assets |
1,580.1 |
1,267.1 |
1,126.5 |
720.3 |
828.5 |
|
|
|
|
|
|
|
|
Investments in subsidiaries - net |
- |
- |
- |
0.0 |
- |
|
Restricted deposits |
0.4 |
0.4 |
0.4 |
0.0 |
0.0 |
|
Investments in associates - net |
59.0 |
29.3 |
27.8 |
12.1 |
7.6 |
|
Other Long-Term Investments |
1.1 |
2.2 |
2.4 |
2.6 |
2.9 |
|
LT Loans-Other |
0.8 |
0.8 |
0.9 |
0.3 |
0.5 |
|
Long-term loans to subsidiaries - net of |
- |
- |
- |
0.0 |
- |
|
Land/land impro |
91.3 |
53.0 |
53.6 |
36.8 |
35.0 |
|
Buildings and build. imp. |
253.2 |
228.1 |
221.1 |
131.2 |
109.8 |
|
Machinery and equi. |
587.9 |
523.5 |
487.6 |
288.1 |
243.1 |
|
Furn/Fixt/Equip. |
25.4 |
23.0 |
21.7 |
11.0 |
12.9 |
|
Motor vehicles |
23.4 |
22.7 |
22.0 |
12.4 |
10.7 |
|
Assets under ins. and under con. |
67.7 |
60.7 |
53.0 |
33.1 |
28.2 |
|
Depreciation |
-461.7 |
-412.5 |
-386.6 |
-228.5 |
-194.9 |
|
Impairment |
-1.3 |
-2.2 |
-1.7 |
-6.0 |
- |
|
Advance payment for purchase PPE |
1.2 |
0.3 |
1.2 |
6.0 |
- |
|
Leasehold Right |
6.7 |
5.6 |
0.7 |
0.6 |
0.6 |
|
Licences |
8.7 |
8.4 |
8.4 |
1.4 |
0.4 |
|
Trademark |
426.6 |
418.8 |
425.8 |
26.2 |
27.1 |
|
Patent |
0.0 |
0.0 |
1.2 |
1.1 |
1.0 |
|
Customer Relationships |
4.2 |
4.2 |
4.2 |
4.2 |
4.2 |
|
Covenant not to Compete |
0.4 |
0.4 |
0.4 |
0.4 |
0.4 |
|
Computer software |
16.8 |
9.2 |
8.3 |
2.8 |
- |
|
Distributor relationships |
7.5 |
7.4 |
7.5 |
0.0 |
- |
|
Others |
0.1 |
0.1 |
0.1 |
0.0 |
- |
|
Accumulated Intangibles |
-24.5 |
-19.7 |
-17.9 |
-14.7 |
-11.4 |
|
Impairment of Intangible |
-5.8 |
-5.7 |
-5.8 |
0.0 |
- |
|
Forward Exchange Contracts Rec. |
3.2 |
2.4 |
12.8 |
6.3 |
2.7 |
|
Unamortized discount fr. forward exchang |
5.2 |
5.9 |
8.2 |
0.1 |
- |
|
Goodwill, Net |
377.1 |
370.0 |
378.0 |
8.7 |
8.7 |
|
Accumulated Goodwill Amortization |
- |
- |
- |
0.0 |
- |
|
Deferred Tax assets |
38.0 |
33.7 |
16.5 |
15.7 |
18.7 |
|
Properties Foreclosed |
- |
- |
- |
1.7 |
1.7 |
|
Others |
4.8 |
2.6 |
2.1 |
2.0 |
5.3 |
|
Rounding Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
3,097.7 |
2,639.5 |
2,480.6 |
1,075.9 |
1,143.8 |
|
|
|
|
|
|
|
|
Overdrafts/Loans fr FI |
735.9 |
458.9 |
277.5 |
168.0 |
306.5 |
|
Trade payables - related parties |
2.8 |
0.9 |
- |
1.0 |
0.7 |
|
Trade payables - unrelated parties |
292.3 |
204.3 |
- |
77.9 |
98.4 |
|
Short-term loans from subsidiaries |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Current portion of long-term loans |
13.0 |
31.2 |
17.1 |
5.5 |
6.5 |
|
Current portion of debentures |
16.3 |
0.0 |
106.2 |
45.0 |
0.0 |
|
Income Tax pay. |
3.8 |
6.4 |
6.2 |
4.5 |
4.0 |
|
Accrued Expenses |
43.5 |
42.8 |
- |
19.6 |
17.4 |
|
Other payables-construction & asset purc |
6.2 |
3.0 |
- |
5.1 |
1.9 |
|
Billback |
- |
- |
- |
10.7 |
4.2 |
|
Other current liabilities |
48.3 |
49.4 |
49.1 |
23.8 |
23.5 |
|
Trade and other payables |
- |
- |
238.7 |
- |
- |
|
ST Loans fr. Shareholders of Subs. |
- |
- |
- |
- |
3.2 |
|
Loan from Affiliated and Other Company |
- |
- |
- |
- |
0.0 |
|
Total Current Liabilities |
1,162.1 |
796.9 |
694.7 |
361.1 |
466.4 |
|
|
|
|
|
|
|
|
Long-Term Loans of Subsidiary |
- |
- |
- |
- |
0.0 |
|
Long-term loans - net of current portion |
79.3 |
463.2 |
746.4 |
37.9 |
40.7 |
|
Debentures - net of current portion |
220.1 |
229.1 |
16.6 |
111.0 |
149.5 |
|
Convertible bond |
79.8 |
78.0 |
79.3 |
0.0 |
- |
|
Total Long Term Debt |
379.2 |
770.4 |
842.3 |
148.9 |
190.2 |
|
|
|
|
|
|
|
|
Deferred Tax lia. |
161.0 |
155.9 |
154.0 |
8.2 |
8.4 |
|
Provision for long-term employee benefit |
48.3 |
31.9 |
19.4 |
- |
- |
|
Forward exchange contracts payable - net |
11.1 |
13.0 |
2.9 |
0.0 |
2.8 |
|
Other Non-Cur. lia. |
17.2 |
12.0 |
15.4 |
5.4 |
9.3 |
|
Non-controlling interests of the subsidi |
102.3 |
84.3 |
73.3 |
62.4 |
53.7 |
|
Total Liabilities |
1,881.1 |
1,864.3 |
1,802.1 |
586.0 |
730.9 |
|
|
|
|
|
|
|
|
Issued and paid-up |
37.5 |
30.3 |
31.7 |
26.5 |
25.4 |
|
Share Premium |
572.1 |
258.6 |
270.7 |
135.5 |
129.9 |
|
Unrlsd. Loss/Inv |
- |
- |
- |
-0.6 |
-0.5 |
|
Pension Fund |
- |
- |
- |
-0.4 |
-2.5 |
|
Others reserve |
- |
- |
- |
0.0 |
- |
|
Translation Adj. |
- |
- |
- |
-3.0 |
-1.4 |
|
Legal Reserve |
3.9 |
3.2 |
3.0 |
2.7 |
2.6 |
|
Retained Erngs.- Unappropriated |
578.6 |
483.3 |
376.1 |
329.1 |
259.4 |
|
Other components of shareholders' equity |
24.4 |
-0.1 |
-2.9 |
- |
- |
|
Total Equity |
1,216.6 |
775.2 |
678.5 |
489.8 |
412.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
3,097.7 |
2,639.5 |
2,480.6 |
1,075.9 |
1,143.8 |
|
|
|
|
|
|
|
|
S/O-Common Shares |
1,147.6 |
1,016.1 |
1,016.1 |
944.9 |
944.9 |
|
Total Common Shares Outstanding |
1,147.6 |
1,016.1 |
1,016.1 |
944.9 |
944.9 |
|
Accumulated Amort. of Intangibles |
24.5 |
19.7 |
17.9 |
14.7 |
11.4 |
|
Impairment of Intangible |
5.8 |
5.7 |
5.8 |
0.0 |
- |
|
Accumulated Goodwill Amortization |
- |
- |
- |
0.0 |
- |
|
Full-Time Employees |
- |
1,344 |
1,241 |
- |
981 |
|
Operating Lease due within 1 Year |
20.7 |
7.9 |
- |
- |
3.2 |
|
Operating Lease due in 2-5 Year |
3.6 |
4.5 |
- |
- |
5.3 |
|
Operating Lease due after 5 Year |
0.3 |
0.4 |
- |
- |
0.5 |
|
Total Operating Leases, Supplemental |
24.6 |
12.8 |
- |
- |
9.0 |
|
Discount Rate - Domestic |
2.80% |
4.20% |
- |
- |
- |
|
Compensation Rate - Domestic |
15.00% |
10.00% |
- |
- |
- |
|
Accrued Liabilities - Domestic |
-48.3 |
-31.9 |
-19.4 |
- |
- |
|
Net Assets Recognized on Balance Sheet |
-48.3 |
-31.9 |
-19.4 |
- |
- |
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
THB |
THB |
THB |
THB |
THB |
|
Exchange Rate
(Period Average) |
31.080794 |
30.484713 |
31.724617 |
34.331774 |
33.367913 |
|
Auditor |
Ernst &
Young Office Ltd |
Ernst &
Young Office Ltd |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
Unqualified with
Explanation |
|
|
|
|
|
|
|
|
Net Earnings |
179.9 |
205.5 |
125.5 |
124.7 |
80.2 |
|
Depreciation |
61.2 |
53.0 |
38.4 |
31.3 |
30.0 |
|
Amort.-Forward Contr |
2.3 |
2.1 |
-0.6 |
2.9 |
0.3 |
|
Amort. of issue cost of bond/LT loan |
21.8 |
5.4 |
0.8 |
0.0 |
- |
|
Allowance for doubtful accounts |
0.1 |
0.5 |
0.9 |
0.2 |
-0.5 |
|
Decrease of inventory to net realisable |
9.9 |
2.8 |
1.9 |
-1.3 |
7.5 |
|
Allowance for loss on impairment of asse |
-0.9 |
0.6 |
0.0 |
6.0 |
-0.1 |
|
Loss on Disposal of Prop. Foreclosed |
- |
- |
- |
0.0 |
0.1 |
|
Allowance for loss on impairment of goo |
0.0 |
0.5 |
0.0 |
1.0 |
0.0 |
|
Allow for Impairment Loss of LT Invest |
- |
- |
-0.3 |
0.3 |
- |
|
Share of profit from investments in ass |
-2.2 |
-2.7 |
-0.7 |
-1.4 |
-0.5 |
|
Gain on dissolution of subsidiaries |
0.0 |
0.0 |
0.0 |
- |
- |
|
Provision for long-term employee benefit |
6.1 |
4.8 |
0.0 |
- |
- |
|
Loss on sale of investments |
0.0 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Loss on write-off of unclaimed prepaid i |
0.3 |
0.0 |
- |
0.0 |
0.0 |
|
L/G on sale / write-off of PPE & Intan. |
5.4 |
1.0 |
0.1 |
-0.2 |
-0.1 |
|
Write-Off of Leasehold Right |
0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unrealised exchange loss (gain) |
-5.4 |
26.7 |
-6.1 |
-4.9 |
4.1 |
|
Dividends Rcvd. |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Income |
-0.4 |
-0.3 |
-0.2 |
-0.2 |
-0.4 |
|
Interest Expenses |
72.3 |
67.7 |
21.3 |
16.6 |
17.7 |
|
Trade and other receivables |
-29.9 |
-53.1 |
-17.2 |
13.5 |
-15.0 |
|
Inventory |
-251.1 |
-142.7 |
-19.0 |
86.3 |
-91.0 |
|
Other Current Assets |
1.9 |
-7.4 |
6.1 |
-1.9 |
-2.7 |
|
Other non-current assets |
-3.1 |
0.4 |
-2.5 |
0.0 |
-2.9 |
|
Trade and other payables |
84.4 |
21.4 |
-4.6 |
-19.9 |
12.5 |
|
Other Current Liabs. |
2.4 |
-0.1 |
-14.6 |
12.9 |
1.0 |
|
Other non-current liabilities |
3.0 |
3.8 |
-1.4 |
-3.7 |
9.0 |
|
Cash paid for corporate income tax |
-13.0 |
-10.8 |
-19.5 |
-12.5 |
-8.5 |
|
Write-Off of Withholding Tax |
- |
- |
- |
- |
0.6 |
|
Gain on share swap of investments in ass |
-1.8 |
0.0 |
- |
- |
- |
|
Return Capital of Investment |
- |
- |
- |
- |
-0.2 |
|
Exchange Gain from Repayment of Loans |
- |
- |
- |
- |
0.0 |
|
Cash from Operating Activities |
143.2 |
179.1 |
108.3 |
249.9 |
41.1 |
|
|
|
|
|
|
|
|
Increase in restricted deposits with fin |
-0.1 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Capital Expenditure |
-116.3 |
-110.4 |
-86.0 |
-57.7 |
-51.7 |
|
Acquisitions of Intangible Assets |
-0.7 |
-1.2 |
-0.3 |
-0.7 |
-1.3 |
|
Acquisitions of Leasehold Rights |
-0.3 |
-0.1 |
-0.2 |
0.0 |
0.0 |
|
Decrease (increase) in other long-term i |
0.0 |
0.0 |
- |
- |
- |
|
Increase in short-term loans to other co |
-0.4 |
0.0 |
0.0 |
0.4 |
-0.3 |
|
LT Loans-Others |
-0.1 |
0.0 |
-0.6 |
-0.2 |
0.0 |
|
Cash paid to purchase of inv. in sub. |
- |
- |
-894.3 |
0.0 |
- |
|
Invest./Associated |
-24.9 |
-1.5 |
-1.1 |
-2.6 |
-1.6 |
|
Dissolution of subsidiaries |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Received |
0.4 |
0.3 |
0.1 |
0.3 |
0.2 |
|
Sales of Invest. |
0.2 |
0.1 |
0.7 |
0.1 |
0.4 |
|
sales of property, plant and equ./int. |
2.6 |
7.3 |
11.6 |
0.9 |
0.4 |
|
Dividend |
1.8 |
1.2 |
0.4 |
0.0 |
0.0 |
|
Cash Received from Sale of Inv. in Sub. |
- |
- |
- |
- |
0.0 |
|
Investment in Subsidiary Company |
- |
- |
- |
- |
0.0 |
|
Proceeds from Sales of Prop. Foreclosed |
- |
- |
- |
- |
0.0 |
|
Decrease (inc.) in ST loans to sub. |
- |
- |
- |
0.0 |
0.0 |
|
Increase in LT loans to sub. |
- |
- |
- |
0.0 |
- |
|
Increase in inv. in subsidiaries |
- |
- |
- |
0.0 |
- |
|
Decrease in other investments |
- |
- |
- |
0.0 |
- |
|
Common Stock/Subs. |
- |
- |
- |
- |
-1.0 |
|
Transfer from Associate to Sub. |
- |
- |
- |
- |
0.0 |
|
Return of Capital of Associate |
- |
- |
- |
- |
0.4 |
|
Cash from Investing Activities |
-137.8 |
-104.2 |
-969.6 |
-59.4 |
-54.6 |
|
|
|
|
|
|
|
|
bank overdrafts/ ST loans fr FI |
265.4 |
191.5 |
97.6 |
- |
45.3 |
|
Dec. ST Loans from Associated Co. |
- |
- |
- |
-0.1 |
-0.2 |
|
Decrease in Loan/Director |
- |
- |
- |
-3.1 |
-1.4 |
|
n long-term loans from financial institu |
-432.4 |
-261.3 |
- |
-5.5 |
-8.3 |
|
Increase in LT Loans |
- |
- |
724.7 |
- |
- |
|
Cash paid for interest expense |
-72.6 |
-67.6 |
-18.6 |
-17.0 |
-17.4 |
|
Cash paid for unamortized front end fee |
0.0 |
-0.8 |
-28.0 |
0.0 |
- |
|
Decrease in debentures |
- |
- |
-47.3 |
- |
- |
|
Increase in debentures |
0.0 |
116.5 |
- |
- |
- |
|
Increase in convertible bond |
- |
- |
78.9 |
0.0 |
- |
|
Proceed from issued additional share cap |
306.7 |
0.0 |
117.0 |
0.0 |
- |
|
non-controlling interests of the subsidi |
-11.9 |
-16.8 |
-13.8 |
-7.5 |
-2.8 |
|
Dividends Paid |
-60.6 |
-39.2 |
-62.9 |
-41.7 |
-29.6 |
|
Increase (decr.) in ST loans fr. sub |
- |
- |
- |
0.0 |
- |
|
Decrease in Loans from Bank |
- |
- |
- |
-142.5 |
- |
|
ST Loans from Shareholders of Subs. |
- |
- |
- |
- |
0.0 |
|
Decrease Loan |
- |
- |
- |
- |
-0.8 |
|
Cash Received from Share Capital |
- |
- |
- |
- |
1.2 |
|
Conv. Debenture |
- |
- |
- |
0.0 |
59.9 |
|
Decrease in Finance Lease Payable |
- |
- |
- |
- |
-0.9 |
|
Cash from Financing Activities |
-5.4 |
-77.6 |
847.6 |
-217.3 |
45.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
16.0 |
-1.7 |
23.4 |
2.7 |
0.5 |
|
Net Change in Cash |
16.0 |
-4.4 |
9.7 |
-24.1 |
32.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
29.0 |
34.0 |
23.0 |
45.3 |
14.5 |
|
Net Cash - Ending Balance |
45.0 |
29.6 |
32.7 |
21.2 |
46.7 |
|
Cash Interest Paid |
72.6 |
67.6 |
18.6 |
17.0 |
17.4 |
|
Cash Taxes Paid |
13.0 |
10.8 |
19.5 |
12.5 |
8.5 |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ANNUAL RATIOS
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)