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:
- 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.
- 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.
- 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
- Cash and bank balances as at balance sheet dates include non-restricted term deposits with banks
- Includes asset classified as investment property of THB 35.2mn as at Jun’23 and THB 34.9mn as at Dec’22.
- Includes goodwill of THB 478.6mn as at Jun’23 and THB 465.9mn as at Dec’22.
- Net investment capex includes investment in property plant and equipments, business acquisitions and investment in joint ventures and associates.