Consolidated Financial Statements

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

  2019 2018
(Restated)
2017
Statement of Comprehensive Income
Revenue from sales of real estate 3,055.57 2,933.32 2,866.26
Revenue from F&B 45.06 29.35 -  
Total revenues 3,624.23 3,326.86 3,015.90
Cost of sales of real estate sold 2,220.04 2,193.18 1,934.26
Cost of sales of F&B 13.68 19.12 -  
Selling and administrative expenses 960.29 871.78 754.40
Total expenses 3,194.02 3,084.08 2,688.66
Profit (Loss) before finance costs and income tax expenses 430.21 242.78 327.24
Share of Loss from investment in JV 46.71 29.22 -  
Finance costs  203.50 149.04 77.06
income tax expenses 120.14 61.48 58.99
Net profit (Loss) 59.86 3.04 191.19
Profit (Loss) attributable to equity holders of the parent 79.31 17.67 192.92
Statement of Financial Position
Cash, cash equivalents and short-term investment 696.23 1,120.85 648.77
Total current assets 6,384.93 7,988.25 7,916.18
Other non-current assets 6,519.76 6,388.13 2,579.37
Total assets 12,904.69 14,376.38 10,495.55
Total current liabilities 5,862.70 6,369.52 3,608.44
Total non-current liabilities 1,312.23 2,238.35 1,782.81
Total borrowings from financial institutions, debentures and debt certificates 5,939.78 6,417.54 4,059.73
Total liabilities 7,174.93 8,607.87 5,391.25
Issued and fully paid-up share capital 4,172.48 4,172.48 3,575.48
Total equity 5,729.77 5,768.52 5,104.29
Liquidity Ratios (times)
Current ratio 1.09 1.25 2.19
Quick ratio 0.12 0.18 0.19
Profitability Ratios (%)
Gross profit margin from real estate 27.34% 25.23% 32.52%
Net profit margin 1.65% 0.09% 6.35%
Return on equity (1) 1.38% 0.31% 3.76%
Return on assets 0.58% 0.14% 1.90%
Efficiency Ratios (times)
Total assets turnover 0.27 0.27 0.30
Leverage Ratios (times)
Debt to equity ratio 1.25 1.49 1.06
Interest-bearing debt to equity ratio 1.04 1.14 0.80
Net interest-bearing debt to equity ratio (2) 0.92 0.97 0.67
Interest coverage ratio (3) 2.11 1.63 4.25
Growth (% per year)
Total asset growth -10.24% 37.47% 7.80%
Total liabilities growth -16.65% 59.66% 17.40%
Total shareholder’s equity growth -0.67% 13.85% -0.80%
Total revenues growth 8.94% 10.31% -42.10%
SG&A expenses growth 10.15% 15.56% -11.83%
Per Share Ratios (THB per share)
Weighted average number of ordinary shares (million shares) 4,172.48 3,608.20 3,575.48
Earning per share 0.019 0.005 0.050
Book value per share (4) 1.37 1.60 1.42
Cash Flow
Beginning cash 896.04 647.68 1,133.73
Net cash flows from operating activities 563.73 (848.30) (904.69)
Net cash flows from investing activities 163.36 (1,358.86) (458.26)
Net cash flows from financing activities (928.01) 2,455.52 877.08
Ending cash 695.12 896.04 647.68

(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