Financial Highlights

Consolidated Financial Statements

(Unit: THB mn, except share / per share data and ratios)

  2018 2017 2016
Statement of Comprehensive Income
Revenue from sales of real estate 2,933.32 2,866.26 5,073.58
Revenue from F&B 29.35 - -
Total revenues 3,326.86 3,015.90 5,206.43
Cost of sales of real estate sold 2,193.18 1,934.26 3,181.42
Cost of sales of F&B 19.12 - -
Selling and administrative expenses 883.12 754.40 855.63
Total expenses 3,095.42 2,688.66 4,037.05
Gross profit from real estate business 740.14 932.00 1,892.17
Profit (Loss) before finance costs and income tax expenses 231.44 327.24 1,169.38
Share of profit (Loss) from investment in JV (29.22) - -
Finance costs and income tax expenses 208.25 136.05 318.78
Net profit (Loss) (6.03) 191.19 850.60
Profit (Loss) attributable to equity holders of the parent 8.60 192.92 850.63
Statement of Financial Position
Cash, cash equivalents and short-term investment 1,120.85 648.77 1,134.81
Total current assets 7,956.51 7,912.75 7,572.91
Other non-current assets 6,373.23 2,545.22 2,127.22
Total assets 14,329.74 10,457.97 9,700.13
Total current liabilities 6,369.52 3,608.44 2,513.47
Total non-current liabilities 2,238.35 1,782.81 2,078.77
Total borrowings from financial institutions, debentures and debt certificates 6,561.35 4,059.73 2,937.57
Total liabilities 8,607.87 5,391.25 4,592.24
Issued and fully paid-up share capital 4,172.48 3,575.48 3,575.48
Total equity 5,721.87 5,066.72 5,107.89
Liquidity Ratios (times)
Current ratio 1.25 2.19 3.01
Quick ratio 0.18 0.19 0.52
Profitability Ratios (%)
Gross profit margin from real estate 25.23% 32.52% 37.29%
Net profit margin 0.26% 6.35% 16.34%
Return on equity (1) 0.16% 3.76% 17.80%
Return on assets -0.05% 1.90% 8.66%
Efficiency Ratios (times)
Total assets turnover 0.27 0.30 0.52
Leverage Ratios (times)
Debt to equity ratio 1.50 1.06 0.90
Interest-bearing debt to equity ratio 1.15 0.80 0.58
Net interest-bearing debt to equity ratio (2) 0.95 0.67 0.35
Interest coverage ratio   (3) 3.91 4.25 12.42
Growth (% per year)
Total asset growth 37.0% 7.8% -2%
Total liabilities growth 59.7% 17.4% -16.4%
Total shareholder’s equity growth 12.9% -0.8% 14.8%
Total revenues growth 10.3% -42.1% 1.2%
SG&A expenses growth 17.1% -11.8% 3.1%
Per Share Ratios (THB per share)
Earning per share 0.002 0.05 0.24
Book value per share (4) 1.37 1.42 1.43
Cash Flow
Beginning cash 647.68 1,133.73 505.20
Net cash flows from operating activities -849.78 -904.69 1,592.63
Net cash flows from investing activities -1,358.86 -458.26 -814.06
Net cash flows from financing activities 2,455.52 877.08 -148.99
Ending cash 896.04 647.68 1,133.73

(1) Return on equity = Profit (loss) - Equity holders of the Company / the average of total shareholders' equity of this year and last year

(2)Net debt to equity = Total debt less cash and cash equivalent / total shareholders' equity

(3) Interest coverage ratio = Profit (loss) before finance cost and income tax / finance cost, finance cost means interest and other charges associated with financing e.g. front end fee, etc.

(4)  Book value include non-controlling interests of the subsidiaries