Performance Highlights

FINANCIAL PERFORMANCE IN 1H23

Overall operating revenue
THB mn
(down by 0.4% YoY)
Gross profit
THB mn
representing 44.7% of operating revenue
SG&A expenses
THB mn
representing 26.8% of operating revenue
Adjusted net profit
THB mn
(down by 0.9% YoY)
Reported net profit
THB mn
(down by 16.8% YoY)

FINANCIAL HIGHLIGHTS

TOTAL OPERATING REVENUE
(Unit: THB mn)
TOTAL ASSETS
(Unit: THB mn)
TOTAL PROFITS
(Unit: THB mn)
Figures in THB mn
Consolidated Income Statement
2020 2021 2022 1H23
Operating Revenue 12,589 14,136 15,686 7,720
Gross profit 4,986 5,911 7,040 3,451
Selling and Admin. exp (SGA) 3,299 3,769 4,359 2,066
SGA (% to revenue) 26.2% 26.7% 27.8% 26.8%
Net Profit (Adjusted) of core business1 1,462 1,882 2,290 1,180
(% to revenue) 11.6% 13.3% 14.6% 15.3%
Long term employee benefit - - - -
Net foreign exchange gain/(loss)2&3 18 119 2 (225)
Net losses from new businesses (91) (60) (52) (19)
Normalizing tax expense - - - 48
Net profits 1,388 1,941 2,240 984
Operating cash inflow 1,629 2,727 1,997 864
% to net profits 117.4% 140.5% 89.1% 87.8%
Cash cycle (days) 126 124 119 126
Revenue by segments
Mega We Care  business 5,848 6,909 8,053 3,972
Maxxcare business 6,502 6,906 7,320 3,592
OEM 239 320 314 156
Figures in THB mn
Consolidated Balance Sheet
2020 2021 2022 1H23
Cash and bank balances4 1,218 2,531 2,789 2,751
Trade accounts receivable 2,507 2,557 3,107 3,304
Inventories 3,489 3,823 4,109 3,889
Property, plant and equipment5 1,985 1,874 1,936 1,978
Intangible assets6 1,312 1,353 1,329 1,340
Other assets 1,046 1,134 1,376 1,435
Total Assets 11,557 13,272 14,646 14,697
Debt 499 168 229 275
Trade Payables 2,048 2,527 2,793 2,670
Other Liabilities 2,031 2,552 2,847 2,657
Total Outside Liabilities 4,578 5,247 5,870 5,602
Shareholder Equity 6,979 8,025 8,777 9,095
Total Liabilities and Equity 11,557 13,272 14,646 14,697
Key Balance Sheet elements
Net cash/(debt) 718 2,363 2,560 2,476
Net investment capex7 646 142 279 106
Net debt/Equity (times) (0.10) (0.32) (0.30) (0.28)

Remark:

  1. Adjusted net profits are net profit adjusted for losses from newly started businesses including startups, net foreign exchange gains or losses and non-recurring material income or expenses or taxes, based on best estimates, to reflect normal business performance.
  2. Dual currency rate effect in Myanmar impact, based on best estimates, is due to difference between bank rate of exchange by Central bank of Myanmar adopted for financial reporting per International Financial Reporting Standards vs Actual transacted market rates, resulting in inflated sales, gross margins and SG&A, not materially impacting the overall profitability.
  3. The Forex losses arising from delay in remitting funds from Myanmar, when recovered from principals, based on best estimates, have the impact of inflating gross margins while the corresponding loss gets accounted under forex losses as per International Financial Reporting Standards, thereby reflecting higher gross margins, even though there is no impact on overall profitability
  4. Cash and bank balances as at balance sheet dates include non-restricted term deposits with banks
  5. Includes asset classified as investment property of THB 35.2mn as at Jun’23 and THB 34.9mn as at Dec’22.
  6. Includes goodwill of THB 478.6mn as at Jun’23 and THB 465.9mn as at Dec’22.
  7. Net investment capex includes investment in property plant and equipments, business acquisitions and investment in joint ventures and associates.