Asia Aviation Public Company Limited

Financial Health of Asia Aviation Public Company Limited

Comparing to competitors in the Airlines industry

Industry Rankings

Asia Aviation Public Company Limited
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Let's analyse Asia Aviation Public Company Limited

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Company's Financial Health
A deep dive into the books. How are the numbers doing? Is Asia Aviation Public Company Limited even making a profit? Is the company skyrocketing? Or is it sinking like the Titanic. The trend is your friend.
Market Valuation
Finally, you now have an insight of how Asia Aviation Public Company Limited is doing in the market. If the company is worth buying. The latest step is to find out how other investors value Asia Aviation Public Company Limited. The closing price on 2022-12-02 was ฿3.12 per share. Is the company over- or underpriced?
Key Performance Indicators
A total overlook on how the company is doing. Based on the (trends in) the key performance indicators.

Asia Aviation Public Company Limited Daily Candlestick Chart

Summary

Financial Health

Profitability Details

	Compared to previous year	Compared to industry
The company is making a huge loss.
Using its assets, the company is very inefficient in making profit.
Using its investors money, the company is very inefficient in making profit.

Operating Efficiency Details

	Compared to previous year	Compared to industry
The company is operating very inefficient.
The company is inefficient in keeping operating costs low.

Liquidity Details

	Compared to previous year	Compared to industry
The company is unable to pay all its short-term debts.
The company is just not able to pay all its short-term debts with the most liquid assets.

Solvency Details

	Compared to previous year	Compared to industry
The company is just able to pay all its debts by selling its assets.
The company is unable to pay all its debts with equity.

1.1. Profitability of Asia Aviation Public Company Limited.

1.1. Profitability

1.1.1. Net Profit Margin

Measures how much net profit Asia Aviation Public Company Limited earns for each ฿1 of revenue.

Above 10% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
A Net Profit Margin of -84.2% means that ฿-0.84 for each ฿1 in revenue is generated as profit.

Let's take a look of the Net Profit Margin trends of Asia Aviation Public Company Limited:

The MRQ is -84.2%. The company is making a huge loss. -2
The TTM is -114.3%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-84.2%	TTM	-114.3%	+30.1%
TTM	-114.3%	YOY	-400.6%	+286.3%
TTM	-114.3%	5Y	-129.2%	+14.9%
5Y	-129.2%	10Y	-62.6%	-66.6%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-84.2%	-9.5%	-74.7%
TTM	-114.3%	-11.9%	-102.4%
YOY	-400.6%	-58.9%	-341.7%
5Y	-129.2%	-20.7%	-108.5%
10Y	-62.6%	-11.5%	-51.1%

Measures how much net profit Asia Aviation Public Company Limited earns for each ฿1 of revenue.

Revenue is the amount of profit Asia Aviation Public Company Limited generates before taxes and all other costs. For example, when you buy a cup of coffee it will cost you ฿3. The company does not earn ฿3 in profit but also has to pay various costs and taxes to create that cup of coffee. Let's assume the cost of creating a cup of coffee is ฿1.5.

The ฿3 you pay for a cup of coffee is called revenue.
The ฿1.5 that’s left over when all costs to create that cup of coffee (including taxes) are deduced from the revenue is called net profit.

The net profit margin looks at how much net profit Asia Aviation Public Company Limited earns for each ฿1 in revenue.

How to use net profit margin

Higher profit margin is better (more profit).
Above 10% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be used to compare companies within the Airlines industry.

You typically want a high profit margin. This means that for each ฿1 in sales, Asia Aviation Public Company Limited makes more profit. This shows the investor how efficiently Asia Aviation Public Company Limited is operating in general and compared to other companies in the same industry. Asia Aviation Public Company Limited operates in the Airlines industry.

Why do investors use net profit margin in their analysis

It helps investors to determine the efficiency of Asia Aviation Public Company Limited. If profit margins remain low (compared to the Airlines industry mean) and there are no improvements to make in production costs or other areas that might be a warning sign. If profit margins are high that means the company has low overhead costs and is efficiently using its resources to generate profit.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Net Profit Margin of Asia Aviation Public Company Limited is -0.84. This means that Asia Aviation Public Company Limited earned ฿-0.84 for each ฿1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Net Profit Margin of the Airlines industry is -9.5%.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare Asia Aviation Public Company Limited with other companies in the same industry (Airlines).
Net profit margin should rise over the years.
Can be influenced when Asia Aviation Public Company Limited sells assets (profit will increase while costs remain the same).
It won’t show what part of Asia Aviation Public Company Limited is doing great or needs improvement (it only looks at total revenue and total net income).

How to calculate net profit margin

Net profit margin = net income / total revenue * 100%

Real example of Asia Aviation Public Company Limited

You need the following data to determine net profit margin:

Income statement from the period you want to calculate (for example, MRQ or TTM).

Net income MRQ Asia Aviation Public Company Limited = -4,050,233
Total revenue MRQ Asia Aviation Public Company Limited = 4,811,189
฿-4,050,233 / ฿4,811,189 = -0.84 or -84.2%

Higher is better

The higher the net profit margin, the more efficient the company is generating income. This helps investors to determine how the company is managing money. The net profit margin is an important indicator when diving into the financial health of a company. Overall, you want to see the net profit margin rising over the years. That means the company improved their production and made it more efficient (if possible).

You can use the net profit margin to compare companies within the same industry. If there are two companies where one is much bigger but the smaller one has a higher net profit margin, that means the smaller company is more efficiently using operational costs.

Important: Profit margins can be very different between industries. Companies with assembly lines or transports are much more prone to see shifting in prices for fuel, ingredients and maintenance compared to companies that only provide services. You should never compare net profit margin between different industries.

1.1.2. Return on Assets

Shows how efficient Asia Aviation Public Company Limited is using its assets to generate profit.

Above 5% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
-6.1% Return on Assets means that Asia Aviation Public Company Limited generated ฿-0.06 profit for each $1 in assets.

Let's take a look of the Return on Assets trends of Asia Aviation Public Company Limited:

The MRQ is -6.1%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -4.5%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-6.1%	TTM	-4.5%	-1.5%
TTM	-4.5%	YOY	-2.6%	-2.0%
TTM	-4.5%	5Y	-1.7%	-2.9%
5Y	-1.7%	10Y	-0.5%	-1.1%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-6.1%	-1.3%	-4.8%
TTM	-4.5%	-1.1%	-3.4%
YOY	-2.6%	-2.4%	-0.2%
5Y	-1.7%	-0.6%	-1.1%
10Y	-0.5%	-0.3%	-0.2%

Shows how efficient Asia Aviation Public Company Limited is using its assets to generate profit.

For a farm, a tractor is considered an asset. The tractor helps ploughing the land making it possible to plant and harvest crops. But the tractor might be old and needing maintenance all the time reducing its efficiency. Return on assets indicates how effectively the farm is using the tractor (and other assets that help the core business) to plough the land.

How to use return on assets

Higher is better.
Above 5% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on assets in their analysis

Shows the investor how effectively Asia Aviation Public Company Limited is using its resources to generate profit. If the return on assets (-6.1%) from Asia Aviation Public Company Limited are higher than the Airlines mean (-1.3%) that means Asia Aviation Public Company Limited is using its resources better than their competitors. If not, that means their competitors are more efficient in using their resources to generate profit.

An investor should always look at:

What is the current return on assets?
The current most recent quarter (MRQ) Return on Assets of Asia Aviation Public Company Limited is -6.1%. This means the company generated ฿-0.06 for each ฿1 in assets.
How does it compare to the industry?
The mean MRQ Return on Assets of the Airlines industry is -1.3%.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
If a company has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

How to calculate return on assets

Return on assets = net income / total assets * 100%

Real example Asia Aviation Public Company Limited

You need the following data to determine return on assets (ROA):

Income statement
Balance sheet

Net income MRQ (income statement) from Asia Aviation Public Company Limited = -4,050,233
Total assets MRQ (balance sheet) from Asia Aviation Public Company Limited = 66,670,806
-4,050,233 / 66,670,806 = -0.06 or -6.1%

ROA is an important ratio as it will tell you how effectively Asia Aviation Public Company Limited is using its resources to generate profits. Example:

Bob and Kristin both sell ice cream in the summer. They both have an ice cream truck. The truck Bob owes cost him $20.000 and the truck Kristin owes cost her $1500. Over the summer, Bob earned $2000 and Kristin earned $200. To calculate the return on assets:

Bob: $2000 / $20.000 * 100% = 10%
Kristin: $200 / $1500 * 100% = 13.3%

This tells you Bob’s company is more valuable but Kristin's company is more efficient. Be aware that total assets can change over time. A transportation business will buy and sell trucks or planes all the time. Before using return on assets as a guideline, you have to know what the exact assets are. For a company that has many assets changing over time, it’s better to calculate the average assets instead of the total assets.

1.1.3. Return on Equity

Shows how efficient Asia Aviation Public Company Limited is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
-85.9% Return on Equity means Asia Aviation Public Company Limited generated ฿-0.86 for each ฿1 the owners (shareholders) invested.

Let's take a look of the Return on Equity trends of Asia Aviation Public Company Limited:

The MRQ is -85.9%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -40.6%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-85.9%	TTM	-40.6%	-45.3%
TTM	-40.6%	YOY	-15.6%	-25.0%
TTM	-40.6%	5Y	-12.4%	-28.2%
5Y	-12.4%	10Y	-5.5%	-6.9%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-85.9%	-2.7%	-83.2%
TTM	-40.6%	-4.3%	-36.3%
YOY	-15.6%	-6.8%	-8.8%
5Y	-12.4%	-3.0%	-9.4%
10Y	-5.5%	-1.9%	-3.6%

Shows how efficient Asia Aviation Public Company Limited is using its investors money to generate profit.

A publicly traded company (any company that issues shares to the public) is owned by its shareholders. Return on equity calculates the amount of profit for every $1 the shareholders invested.

How to use return on equity

Higher is better.
Above 15%-20% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use return on equity in their analysis

To find out the owners/management's attitude toward their company. You typically want the owners/management to invest in the company and focus on generating profit. If not enough profit is generated (compared to the Airlines industry mean), the company might not be investing their money efficiently.

The three steps every investor should look at:

What is the current return on equity?
The current most recent quarter (MRQ) Return on Equity of Asia Aviation Public Company Limited is -85.9%. This means Asia Aviation Public Company Limited generated ฿-0.86 for each ฿1 the owners (shareholders) invested.
How does it compare to the industry?
The mean MRQ Return on Equity of the Airlines industry is -2.7%.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if Asia Aviation Public Company Limited existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Does not include intangible assets (non physical assets like licences, computer software, etc.).
Stockholders equity and shareholders equity refer to the same thing.
Liabilities should not be more than three times return on equity.

How to calculate return on equity

Return on equity = net profit / shareholders equity * 100%

Real example of Asia Aviation Public Company Limited

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Asia Aviation Public Company Limited = -4,050,233
Shareholders equity (balance sheet) MRQ Asia Aviation Public Company Limited = 4,714,787
-4,050,233 / 4,714,787 = -0.86 or -85.9%

A negative shareholder equity is a warning sign. It means the company has more liabilities than assets. It might also mean that the owners did not invest enough money or they are taking money out of the business.

1.2. Operating Efficiency of Asia Aviation Public Company Limited.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Asia Aviation Public Company Limited is operating .

Measures how much profit Asia Aviation Public Company Limited makes for each ฿1 of sales after paying variable costs (production costs, wages, etc) but before taxes.
Above 15% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
An Operating Margin of -44.5% means the company generated ฿-0.45 for each ฿1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Asia Aviation Public Company Limited:

The MRQ is -44.5%. The company is operating very inefficient. -2
The TTM is -119.1%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	-44.5%	TTM	-119.1%	+74.6%
TTM	-119.1%	YOY	-373.1%	+254.0%
TTM	-119.1%	5Y	-174.1%	+55.0%
5Y	-174.1%	10Y	-86.7%	-87.5%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-44.5%	-3.3%	-41.2%
TTM	-119.1%	-8.7%	-110.4%
YOY	-373.1%	-40.5%	-332.6%
5Y	-174.1%	-16.0%	-158.1%
10Y	-86.7%	-9.1%	-77.6%

Measures how efficient Asia Aviation Public Company Limited is operating .

The more effecient a company creates products or provides services, the more profit it generates.

How to use operating margin

Higher is better
Above 15% is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be very different between industries
Can be used to compare companies

Why do investors use operating margin in their analysis

To determine how much profit Asia Aviation Public Company Limited is making from it’s core business.

The three steps every investor should look at:

What is the current net profit margin?
The current most recent quarter (MRQ) Operating Margin of Asia Aviation Public Company Limited is -44.5%. This means that Asia Aviation Public Company Limited earned ฿-0.45 for each ฿1 in revenue in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Margin of the Airlines industry is -3.3%.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Can be calculated in different ways

How to calculate operating margin

Operating margin = operating earnings / total revenue

Real example of Asia Aviation Public Company Limited

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Asia Aviation Public Company Limited = -2,219,738
Total revenue MRQ Asia Aviation Public Company Limited = 4,811,189
฿-2,219,738 / ฿4,811,189 = -0.45 or -44.5%

Operating margin is used to calculate how much profit a company makes after variable costs of production but before paying interest and taxes. Some variable costs examples are wages, raw materials, packaging, and transaction fees. The amount of variable costs is different for each company and industry. In general, a higher operating margin is better as this implicates that a company is running efficiently.

For investors, a higher operating margin is a good sign. Although you should always look at operating margin in the long term. If operating margin is fluctuating over the years this might be a sign that things are not running efficiently enough. It’s a way to check how much profit a company is making from its core business.

Operation earnings can be calculated in multiple ways:

Operation earnings = EBIT - non operating income + non operating expense
Operation earnings = Gross profit - operating expense - depreciation and amortisation
Operation earnings = Total revenue - COGS (costs of goods sold) - indirect costs

1.2.2. Operating Ratio

Measures how efficient Asia Aviation Public Company Limited is keeping operating costs low.

Below 1 is considered healthy (always compare to Airlines industry mean).
An Operation Ratio of 2.84 means that the operating costs are ฿2.84 for each ฿1 in net sales.

Let's take a look of the Operating Ratio trends of Asia Aviation Public Company Limited:

The MRQ is 2.837. The company is inefficient in keeping operating costs low. -1
The TTM is 4.267. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	2.837	TTM	4.267	-1.430
TTM	4.267	YOY	9.275	-5.007
TTM	4.267	5Y	5.283	-1.015
5Y	5.283	10Y	3.155	+2.128

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	2.837	1.796	+1.041
TTM	4.267	1.901	+2.366
YOY	9.275	2.126	+7.149
5Y	5.283	1.832	+3.451
10Y	3.155	1.462	+1.693

Measures how efficient Asia Aviation Public Company Limited is keeping operating costs low.

If the operating ratio is below 1 that means the company is making money. The lower the operating ratio, the more efficient the company.

How to use operating ratio

Lower is better.
Below 1 is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use operating ratio in their analysis

Shows if costs of creating products and or services is increasing or decreasing. The lower the operating ratio, the more efficient the company is creating products and services.

The three steps every investor should look at:

What is the current Operatin ratio?
The current most recent quarter (MRQ) Operating Ratio of Asia Aviation Public Company Limited is 283.7%. This means that Asia Aviation Public Company Limited earned ฿2.84 for each ฿1 in net sales in the most recent quarter.
How does it compare to the industry?
The mean MRQ Operating Ratio of the Airlines industry is 1.80.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
You need COGS to calculate operating ratio which is not always shown in the income statement.
Does not consider debt.

How to calculate operating ratio

Operating ratio = Operating expenses + COGS \ Net sales

Real life example Asia Aviation Public Company Limited

You need the following data to determine operating ratio:

Income statement

COGS is not always specified on the income statement. If so you can use the following calculation:

(cost of revenue + total operating expenses) \ total revenue
(6,618,493 +7,030,927) \ 4,811,189 = 2.84

The operating ratio measures the efficiency of a company at keeping low costs while generating profits from sales. It compares the total operating expenses to the net amount of sales. The total operating expenses exists of:

COGS (materials, labour, rent of facility, repairs)
Operating expenses (legal fees, marketing, wages, rent, maintenance/repairs)

Operating expenses are all the costs the company makes that are not directly tied to the production of the service or product. Where COGS are costs that are directly tied to the production of a product or service.

Do note that COGS is not always available in the income statement. Some companies include COGS in the operating expenses while others list COGS separately. To make it even more confusing, COGS is also known as “costs of sales” and costs of sales is the same as costs of revenue.

The operating ratio tells you how efficient the company is creating its products or services while keeping prices low. In this case, a lower ratio is better. Higher or rising operating ratios might tell you that costs are rising while sales are not improving or staying the same.

1.3. Liquidity of Asia Aviation Public Company Limited.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Asia Aviation Public Company Limited is able to pay off Short-term Debt.

Above 1.5 is considered healthy (always compare to Airlines industry mean).
A Current Ratio of 0.23 means the company has ฿0.23 in assets for each ฿1 in short-term debts.

Let's take a look of the Current Ratio trends of Asia Aviation Public Company Limited:

The MRQ is 0.226. The company is unable to pay all its short-term debts. -2
The TTM is 0.308. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.226	TTM	0.308	-0.082
TTM	0.308	YOY	0.111	+0.197
TTM	0.308	5Y	0.433	-0.125
5Y	0.433	10Y	0.315	+0.119

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	0.226	0.787	-0.561
TTM	0.308	0.749	-0.441
YOY	0.111	0.621	-0.510
5Y	0.433	0.751	-0.318
10Y	0.315	0.647	-0.332

Measures if Asia Aviation Public Company Limited is able to pay off Short-term Debt.

How to use current ratio

Higher is better
Above 1.5 is considered healthy (always compare to Airlines industry mean).
Can be very different between industries
Can be used to compare companies

Why do investors use current ratio in their analysis

Shows if the company can pay of short term debts if needed. A company that can't pay off it's short term debts might get in trouble if they have to pay off their short term debts for whatever reason. For example, markets can change due to global events like covid-19 or the war in Ukraine versus Russia. Because debts are always taken based on future income, it might become troublesome for Asia Aviation Public Company Limited if something happens in the market that will cause sales to plummet.

The three steps every investor should look at:

What is the current current Ratio?
The current most recent quarter (MRQ) Current Ratio of Asia Aviation Public Company Limited is 0.23. This means Asia Aviation Public Company Limited has ฿0.23 in assets for each ฿1 in short-term debts.
How does it compare to the industry?
The mean MRQ Current Ratio of the Airlines industry is 0.79.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Might be deluded.
Not all assets can always be quickly sold.
Can be manipulated by increasing or decreasing the assets and/or liabilities.

How to calculate current ratio

Current ratio = current assets \ current liabilities

Real life example Asia Aviation Public Company Limited

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
5,184,696 \ 22,898,946) = 0.23

The current ratio measures if Asia Aviation Public Company Limited is able to pay short-term debts (obligations). Short term in this context means all debt obligations that are about to expire within one year. The current ratio incorporates current liabilities and current assets. Current assets are all the assets a company has that are expected to be consumed or sold within standard business operations. You can find the current assets in the balance sheet. They consist of:

Inventory
Accounts receivable
Marketable securities
Prepaid expenses
Cash
Cash equivalents
liquid assets

The current liabilities are short term obligations that are due within one year. These consist of:

Short term debts
Dividends
Income taxes
Short-term debts
Accounts payable
Interest payments

The result shows an investor if Asia Aviation Public Company Limited is able to pay all its short-term debts if they were due all at once. When the result of the above formula is below 1, then Asia Aviation Public Company Limited does not have enough capital after selling all its assets to pay all short-term debts. If the ratio drops far below 1 that might indicate Asia Aviation Public Company Limited is or will be in financial trouble anytime soon.

Although this gives an investor some clues, the current ratio may also be deluded. Because owning assets does not mean the company can easily sell them. Also, Accounts receivable may be quite old (they will probably never pay) which deludes the current ratio. As with all ratios, you should only compare them between the same industries and companies.

1.3.2. Quick Ratio

Measures if Asia Aviation Public Company Limited is able to pay off Short-term Debt but only using the most liquid assets.

Above 1 is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
A Quick Ratio of 0.13 means the company can pay off ฿0.13 for each ฿1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Asia Aviation Public Company Limited:

The MRQ is 0.134. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.131. The company is just not able to pay all its short-term debts with the most liquid assets. -1

Trends

Current period		Compared to		+/-
MRQ	0.134	TTM	0.131	+0.002
TTM	0.131	YOY	0.058	+0.073
TTM	0.131	5Y	0.122	+0.009
5Y	0.122	10Y	0.151	-0.028

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	0.134	0.320	-0.186
TTM	0.131	0.286	-0.155
YOY	0.058	0.218	-0.160
5Y	0.122	0.297	-0.175
10Y	0.151	0.289	-0.138

Measures if Asia Aviation Public Company Limited is able to pay off Short-term Debt but only using the most liquid assets.

How to use quick ratio

Higher is better.
Above 1 is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use quick ratio in their analysis

Shows how fast Asia Aviation Public Company Limited can pay off its short term debts. This shows if Asia Aviation Public Company Limited can survive emergencies due to market changes or other reasons.

The three steps every investor should look at:

What is the current Quick Ratio?
The current most recent quarter (MRQ) quickRatio of Asia Aviation Public Company Limited is 0.13. This means that Asia Aviation Public Company Limited can pay off ฿0.13 for each ฿1 in debt (using most liquid assets).
How does it compare to the industry?
The mean MRQ Quick Ratio of the Airlines industry is 0.32.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Incorporates only most liquid assets.

How to calculate quick ratio

Quick ratio = cash and equivalents + marketable securities + accounts receivable / current liabilities

Real life example Asia Aviation Public Company Limited

You need the following data to determine operating ratio:

Balance sheet
Quick ratio = cash and short-term investments + short-term investments + netReceivables / total current liabilities
MRQ quick ratio Asia Aviation Public Company Limited: ( + 280,492 +2,777,672) / 22,898,946 = 0.13

The quick ratio measures the same thing as the current ratio, only it uses the most liquid assets a company has. Meaning, the assets that can be sold for cash the easiest and fastest.

As the quick ratio only incorporates the most liquid assets, you should also check the current ratio which also includes less liquid assets. But they may be harder to sell.

1.4. Solvency of Asia Aviation Public Company Limited.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Asia Aviation Public Company Limited assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Asia Aviation Public Company Limited to Airlines industry mean.
A Debt to Asset Ratio of 0.93 means that Asia Aviation Public Company Limited assets are financed with 92.9% credit (debt) and the remaining percentage (100% - 92.9%) is financed by its owners/shareholders.

Let's take a look of the Debt to Asset Ratio trends of Asia Aviation Public Company Limited:

The MRQ is 0.929. The company is just able to pay all its debts by selling its assets.
The TTM is 0.840. The company is just able to pay all its debts by selling its assets.

Trends

Current period		Compared to		+/-
MRQ	0.929	TTM	0.840	+0.089
TTM	0.840	YOY	0.812	+0.028
TTM	0.840	5Y	0.674	+0.166
5Y	0.674	10Y	0.546	+0.127

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	0.929	0.866	+0.063
TTM	0.840	0.853	-0.013
YOY	0.812	0.813	-0.001
5Y	0.674	0.787	-0.113
10Y	0.546	0.765	-0.219

Measures how much % of Asia Aviation Public Company Limited assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Asia Aviation Public Company Limited than its shareholders.

How to use debt to asset ratio

Lower is better.
below 1 (100%) is considered healthy but always compare Asia Aviation Public Company Limited to Airlines industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to asset ratio in their analysis

It shows how much debt the company used to finance its assets. If a company is almost entirely financed with debt that means the company might get into serious trouble when emergencies arise like a raise in interest.

The three steps every investor should look at:

What is the current debt to asset ratio?
The current most recent quarter (MRQ) Debt to Asset Ratio of Asia Aviation Public Company Limited is 0.93. This means means that Asia Aviation Public Company Limited is financed with 92.9% credit and the remaining percentage is financed by it's owners (shareholders).
How does it compare to the industry?
The mean MRQ Current Ratio of the Airlines industry is 78.7%.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry
Some companies can have higher debt to assets ratio's (for example, banks).
Debt to asset ratio should improve over the years.
If the debt to asset ratio is above 1, look at the industry mean and find out why Asia Aviation Public Company Limited has so much debt.

How to calculate debt to asset ratio

Debt to asset ratio = total debt \ total assets

Real life example Asia Aviation Public Company Limited

You need the following data to determine debt to asset ratio:

Balance sheet
Debt to asset ratio = total debt \ total assets
61,956,019 \ 66,670,806 = 92.9% or 0.93.

The debt to total assets ratio shows if the company is owned by creditors or shareholders. Or in other words, the total debt in relation to the total amount of assets. It shows how much debt the company used to finance its assets.

1.4.2. Debt to Equity Ratio

Measures if Asia Aviation Public Company Limited is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
A Debt to Equity ratio of 1,314.1% means that company has ฿13.14 debt for each ฿1 in shareholders equity.

Let's take a look of the Debt to Equity Ratio trends of Asia Aviation Public Company Limited:

The MRQ is 13.141. The company is unable to pay all its debts with equity. -1
The TTM is 6.588. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	13.141	TTM	6.588	+6.552
TTM	6.588	YOY	4.815	+1.774
TTM	6.588	5Y	3.471	+3.117
5Y	3.471	10Y	2.255	+1.217

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	13.141	4.295	+8.846
TTM	6.588	4.579	+2.009
YOY	4.815	3.561	+1.254
5Y	3.471	3.819	-0.348
10Y	2.255	3.737	-1.482

Measures if Asia Aviation Public Company Limited is able to pay off its debts by using shareholders equity.

How to use debt to equity ratio

Lower is better.
Below 2 is considered healthy (always use industry average).
Can be very different between industries.
Can be used to compare companies.

Why do investors use the debt to shareholders equity ratio in their analysis

It shows how much debt the company uses to finance their operations. Shareholders equity is whats left over when you subtract total liabilities from total assets. It's another way to meassure how much of Asia Aviation Public Company Limited is financed with debt or own resources.

The three steps every investor should look at:

What is the current debt to equity ratio?
The current most recent quarter (MRQ) quickRatio of Asia Aviation Public Company Limited is 13.14. This means that Asia Aviation Public Company Limited can pay off ฿13.14 for each ฿1 in debt.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Airlines industry is 4.30.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Not all debt is equally risky (for example, short term risk is less risky).

How to calculate debt to equity ratio

Debt to equity ratio = total debt \ shareholders equity.

Real life example Asia Aviation Public Company Limited

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
61,956,019 \ 4,714,787 = 13.14 or 1,314.1%

Debt to equity measures the total debt versus the total shareholders equity. While the total debts to total assets ratio uses total assets, the debt to equity ratio looks at the total equity of shareholders. Where equity of shareholders are:

Common shares.
Preferred shares.
Retained earnings.

You can find the shareholders' equity in the balance sheet. A ratio between 0,5 and 1,5 is preferred. If the ratio is above 1.5, that would indicate creditors have significantly more stake (debt) in the company than the shareholders. In other words, the company is using a lot of debt to finance their operations.

Not all debt is equally risky. Meaning you can adjust the ratio by including or excluding certain amounts of debt. Short term debts are less risky because they have to be paid back within one year anyway. It’s much easier to plan one year ahead versus five or ten years.

2. Market Valuation of Asia Aviation Public Company Limited

2. Earnings Per Share

2.1. Price to Earnings Ratio

Measures how much money you pay for each share for every ฿1 in earnings Asia Aviation Public Company Limited generates.

Above 15 is considered overpriced but always compare Asia Aviation Public Company Limited to the Airlines industry mean.
A PE ratio of -8.34 means the investor is paying ฿-8.34 for every ฿1 in earnings.

Let's take a look of the Price to Earnings Ratio trends of Asia Aviation Public Company Limited:

The EOD is -9.040. Company is losing money. -2
The MRQ is -8.345. Company is losing money. -2
The TTM is -14.575. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-9.040	MRQ	-8.345	-0.695
MRQ	-8.345	TTM	-14.575	+6.230
TTM	-14.575	YOY	-19.316	+4.741
TTM	-14.575	5Y	-47.022	+32.447
5Y	-47.022	10Y	121.794	-168.816

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
EOD	-9.040	-2.229	-6.811
MRQ	-8.345	-2.595	-5.750
TTM	-14.575	-6.597	-7.978
YOY	-19.316	-6.845	-12.471
5Y	-47.022	0.470	-47.492
10Y	121.794	0.705	+121.089

Measures how much money you pay for each share for every ฿1 in earnings Asia Aviation Public Company Limited generates.

Indicates if the company’s shares are under or overvalued.

How to use PE ratio

Above 15 is considered overpriced but is hard to determine. Always compare Asia Aviation Public Company Limited to the Airlines industry mean.
Can be very different between industries.
Can be used to compare companies.

Why do investors use PE ratio in their analysis

The PE ratio tells investors the current sentiment in the market for that company. As with every stock, the stock price never shows the real valuation of a company but rather how the market thinks how much the stock is worth.

In other words, the current stock price also incorporates any future earnings or business opportunities in the future. The best example is the stock market crash in 2000. The PE ratio for any internet based company was going through the roof. Only based on the general assumption the internet and all associated businesses would thrive in the future. But this was based on nothing. A business still needs a good product or service to be able to survive. Instead, every investor bought any stock which did something related to the internet. Result: huge market crash.

Many investors were willing to pay premium prices and that was causing the PE ratio to rise. A high PE ratio is a warning sign that investors might be overvaluing a stock based on future earnings.

The three steps every investor should look at:

What is the current PE Ratio?
The current most recent quarter (MRQ) PE Ratio of Asia Aviation Public Company Limited is -8.34. This means the investor is paying ฿-8.34 for every ฿1 in earnings.
How does it compare to the industry?
The mean MRQ Quick Ratio of the Airlines industry is -2.60.
What is the trend?
The trend is important because it shows you how Asia Aviation Public Company Limited is performing over time. The most recent quarter might be important if Asia Aviation Public Company Limited released a new product or service. And you can use MRQ to see if they performed better vs last year. You can find all the trends for Asia Aviation Public Company Limited up to 10 years back (depending if the company existed 10 years ago) when you exit this learning section.

Things to be aware of

Only compare with other companies in the same industry.
Some industries might have very high or very low PE ratios in general.
PE ratios can be high for several years, it does not mean a sudden collapse is imminent.
Earnings growth is not included in the PE ratio.

How to calculate PE ratio

PE ratio = market value per share \ earnings per share

Real life example Asia Aviation Public Company Limited

You need the following data to determine the PE ratio:

Balance sheet
Income statement

The PE ratio is a very commonly used ratio to determine the value of a company by comparing the current stock price relative to its earnings per share (EPS). Before we can calculate the PE ratio we need to know the EPS. EPS is calculated as follows:

EPS = (net profit - preferred dividends) \ end of period outstanding shares*
Net profit = revenue - expenses
-4,050,233 \ 11,735,714 = EPS
PE ratio MRQ = -8.34

* The net profit minus preferred dividends can be found in the incomestatement as netIncomeApplicableToCommonShares.

The PE value helps investors to determine if the current stock price is under or overvalued. It also projects future growth.

In general, a higher PE ratio means that investors predict higher future growth. If the PE ratio is too high, then investors expect way too much future growth the company can never fulfil. This is most likely to happen in faster moving companies like tech companies or automobile companies like Tesla. These are hot and booming markets where investors expect much future growth driven by new technology (electric cars). When looking at the current MRQ (most recent quarter) PE ratio of Tesla ( jan. 2021) it's about 247 while the average in the industry is only 6. That might be a clue that Tesla is trading for way too high prices compared to their current assets and is more based on future growth.

2.2. Price Earnings to Growth Ratio

Measures the predicted future growth of Asia Aviation Public Company Limited.

Lower is better.
A PEG ratio of 1 means the market price of the stock and the expected future earnings are on par.

Let's take a look of the Price Earnings to Growth Ratio trends of Asia Aviation Public Company Limited:

The MRQ is -50.197. Very Bad. -2
The TTM is -10.205. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	-50.197	TTM	-10.205	-39.992
TTM	-10.205	YOY	-26.969	+16.764
TTM	-10.205	5Y	17.362	-27.567
5Y	17.362	10Y	-274.896	+292.258

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-50.197	0.065	-50.262
TTM	-10.205	0.055	-10.260
YOY	-26.969	-0.012	-26.957
5Y	17.362	0.042	+17.320
10Y	-274.896	0.046	-274.942

PEG Ratio	Meaning
0.5	You can buy the stock cheap based on future growth
1	You pay a fair price based on future growth
2	The stock is overpriced based on future growth

2. Book Value per Share

2.3. Price to Book Ratio

Measures if the stock price of Asia Aviation Public Company Limited is to cheap or to expensive compared to its book value.

At or below 1 is considered healthy (always compare to Airlines industry mean).
A PB ratio of 7.17 means the investor is paying ฿7.17 for each ฿1 in book value.

Let's take a look of the Price to Book Ratio trends of Asia Aviation Public Company Limited:

The EOD is 7.766. Seems overpriced? -1
The MRQ is 7.169. Seems overpriced? -1
The TTM is 3.760. Neutral. Compare to industry.

Trends

Current period		Compared to		+/-
EOD	7.766	MRQ	7.169	+0.597
MRQ	7.169	TTM	3.760	+3.408
TTM	3.760	YOY	2.822	+0.938
TTM	3.760	5Y	2.204	+1.556
5Y	2.204	10Y	2.209	-0.004

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
EOD	7.766	1.633	+6.133
MRQ	7.169	1.821	+5.348
TTM	3.760	1.849	+1.911
YOY	2.822	1.331	+1.491
5Y	2.204	1.477	+0.727
10Y	2.209	1.338	+0.871

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Asia Aviation Public Company Limited compared to the Most Recent Quarter (MRQ).

	End of day	+/-	Most Recent Quarter	Trailing 12 Months	+/-	Year-Over-Year	+/-	5 Year	+/-	10 Year	+/-
Book Value Change Per Share	-	-	-0.345	-0.055	-84%	-0.246	-29%	-0.116	-66%	-0.044	-87%
Book Value Growth	-	-	0.946	0.963	-2%	0.963	-2%	0.967	-2%	0.969	-2%
Book Value Per Share	-	-	0.402	0.933	-57%	1.060	-62%	1.803	-78%	2.107	-81%
Book Value Per Share Growth	-	-	-0.859	-0.270	-69%	-0.275	-68%	-0.137	-84%	-0.063	-93%
Current Ratio	-	-	0.226	0.308	-27%	0.111	+103%	0.433	-48%	0.315	-28%
Debt To Asset Ratio	-	-	0.929	0.840	+11%	0.812	+14%	0.674	+38%	0.546	+70%
Debt To Equity Ratio	-	-	13.141	6.588	+99%	4.815	+173%	3.471	+279%	2.255	+483%
Dividend Per Share	-	-	-	-	0%	-	0%	0.021	-100%	0.018	-100%
Eps	-	-	-0.345	-0.259	-25%	-0.144	-58%	-0.096	-72%	-0.035	-90%
Eps Growth	-	-	0.166	0.050	+232%	0.039	+331%	0.000	+628018%	-0.318	+291%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	0.950	+5%
Net Profit Margin	-	-	-0.842	-1.143	+36%	-4.006	+376%	-1.292	+54%	-0.626	-26%
Operating Margin	-	-	-0.445	-1.191	+168%	-3.731	+738%	-1.741	+291%	-0.867	+95%
Operating Ratio	-	-	2.837	4.267	-34%	9.275	-69%	5.283	-46%	3.155	-10%
Pb Ratio	7.766	+8%	7.169	3.760	+91%	2.822	+154%	2.204	+225%	2.209	+225%
Pe Ratio	-9.040	-8%	-8.345	-14.575	+75%	-19.316	+131%	-47.022	+463%	121.794	-107%
Peg Ratio	-	-	-50.197	-10.205	-80%	-26.969	-46%	17.362	-389%	-274.896	+448%
Price Per Share	3.120	+8%	2.880	2.720	+6%	2.675	+8%	3.232	-11%	4.291	-33%
Price To Total Gains Ratio	-9.040	-8%	-8.345	-5.358	-36%	-11.988	+44%	-22.998	+176%	6.819	-222%
Profit Growth	-	-	-96.641	-96.976	+0%	-97.009	+0%	-67.984	-30%	9.308	-1138%
Quick Ratio	-	-	0.134	0.131	+2%	0.058	+130%	0.122	+9%	0.151	-11%
Return On Assets	-	-	-0.061	-0.045	-25%	-0.026	-58%	-0.017	-73%	-0.005	-91%
Return On Equity	-	-	-0.859	-0.406	-53%	-0.156	-82%	-0.124	-86%	-0.055	-94%
Revenue Growth	-	-	0.984	0.984	0%	0.924	+6%	0.925	+6%	0.948	+4%
Total Gains Per Share	-	-	-0.345	-0.055	-84%	-0.246	-29%	-0.095	-72%	-0.026	-93%
Total Gains Per Share Growth	-	-	0.166	-0.648	+490%	0.010	+1531%	0.003	+5598%	-0.137	+183%
Usd Book Value	-	-	135785865.600	315339705.094	-57%	358407211.082	-62%	609327126.776	-78%	712082104.660	-81%
Usd Book Value Change Per Share	-	-	-0.010	-0.002	-84%	-0.007	-29%	-0.003	-66%	-0.001	-87%
Usd Book Value Per Share	-	-	0.012	0.027	-57%	0.031	-62%	0.052	-78%	0.061	-81%
Usd Dividend Per Share	-	-	-	-	0%	-	0%	0.001	-100%	0.001	-100%
Usd Eps	-	-	-0.010	-0.007	-25%	-0.004	-58%	-0.003	-72%	-0.001	-90%
Usd Price Per Share	0.090	+8%	0.083	0.078	+6%	0.077	+8%	0.093	-11%	0.124	-33%
Usd Profit	-	-	-116646710.400	-87387350.969	-25%	-48738170.218	-58%	-32377546.835	-72%	-11891048.136	-90%
Usd Revenue	-	-	138562243.200	77892086.707	+78%	41273315.482	+236%	167446660.152	-17%	186388426.860	-26%
Usd Total Gains Per Share	-	-	-0.010	-0.002	-84%	-0.007	-29%	-0.003	-72%	-0.001	-93%
	EOD	+2 -3	MRQ	TTM	+10 -22	YOY	+13 -19	5Y	+10 -24	10Y	+8 -27

3.2. Fundamental Score

Let's check the fundamental score of Asia Aviation Public Company Limited based on Penke's default stock scanner.

Penke's Stock Scanner

Indicator	Condition		Value
Price to Earnings Ratio (EOD)	Between	0-15	-9.040
Price to Book Ratio (EOD)	Between	0-1	7.766
Net Profit Margin (MRQ)	Greater than	0	-0.842
Operating Margin (MRQ)	Greater than	0	-0.445
Quick Ratio (MRQ)	Greater than	1	0.134
Current Ratio (MRQ)	Greater than	1	0.226
Debt to Asset Ratio (MRQ)	Less than	1	0.929
Debt to Equity Ratio (MRQ)	Less than	1	13.141
Return on Equity (MRQ)	Greater than	0.15	-0.859
Return on Assets (MRQ)	Greater than	0.05	-0.061
Total			1/10 (10.0%)

Create your own Stock Scanner

Investing is personal. The best investors buy stocks based on their own analysis. Create your personal Stock Scanner with the key performance indicators that are important to you.
Create your own Stock Scanner

3.3. Technical Score

Let's check the technical score of Asia Aviation Public Company Limited based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	56.030
Ma 20	Greater than	Ma 50	3.076
Ma 50	Greater than	Ma 100	3.030
Ma 100	Greater than	Ma 200	2.888
Open	Greater than	Close	3.100
Total			4/5 (80.0%)

Create your own Symbol Scanner

Trading is personal. The best traders buy and sell based on their own technical analysis. Create your personal Symbol Scanner with the technical indicators that are important to you.
Create your own Symbol Scanner

Latest Balance Sheet

Balance Sheet of 2022-09-30. Currency in THB. All numbers in thousands.

Summary

Total Assets	66,670,806
Total Liabilities	61,956,019
Total Stockholder Equity	4,714,787

	As reported
Total Liabilities	61,956,019
Total Stockholder Equity	+ 4,714,787
Total Assets	= 66,670,806

Assets

Total Assets	66,670,806
Total Current Assets	5,184,696
Long-term Assets	5,184,696

Total Current Assets

Total Current Assets (as reported)	5,184,696
Cash And Cash Equivalents	1,456,344
Short-term Investments	280,492
Net Receivables	2,777,672
Inventory	281,024
Other Current Assets	289,860
Total Current Assets (calculated)	5,085,392
+/-	99,304

Long-term Assets

Long-term Assets (as reported)	61,486,110
Property Plant Equipment	30,327,205
Goodwill	8,824,826
Long Term Investments	1,015,083
Intangible Assets	14,860,126
Other Assets	7,473,953
Long-term Assets (calculated)	62,501,193
+/-	1,015,083

Liabilities & Shareholders' Equity

Total Current Liabilities	22,898,946
Long-term Liabilities	39,057,073
Total Stockholder Equity	4,714,787

Total Current Liabilities

Total Current Liabilities (as reported)	22,898,946
Short Long Term Debt	3,482,577
Accounts payable	1,113,126
Other Current Liabilities	5,044,123
Total Current Liabilities (calculated)	9,639,826
+/-	13,259,120

Long-term Liabilities

Long-term Liabilities (as reported)	39,057,073
Capital Lease Obligations Min Short Term Debt	41,878,121
Long-term Liabilities (calculated)	41,878,121
+/-	2,821,048

Total Stockholder Equity

Total Stockholder Equity (as reported)	4,714,787
Common Stock	1,173,571
Retained Earnings	-4,969,554
Total Stockholder Equity (calculated)	-3,795,983
+/-	8,510,770

Other

Capital Stock	1,173,571
Common Stock Shares Outstanding	11,735,714
Net Debt	5,960,962
Net Invested Capital	12,132,093
Net Tangible Assets	-18,970,165
Net Working Capital	-17,714,250

Balance Sheet

Currency in THB. All numbers in thousands.

Trend

2022-09-30

2022-06-30

2022-03-31

2021-12-31

2021-09-30

2021-06-30

2021-03-31

2020-12-31

2020-09-30

2020-06-30

2020-03-31

2019-12-31

2019-09-30

2019-06-30

2019-03-31

2018-12-31

2018-09-30

2018-06-30

2018-03-31

2017-12-31

2017-09-30

2017-06-30

2017-03-31

2016-12-31

2016-09-30

2016-06-30

2016-03-31

2015-12-31

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2015-03-31

2014-12-31

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2013-06-30

2013-03-31

2012-12-31

2012-09-30

2012-06-30

2012-03-31

2011-12-31

2010-12-31

> Total Assets

2,725,811
2,223,516
2,576,309
29,399,127
30,814,753
33,024,034
37,131,638
38,738,154
40,843,121
44,935,279
45,680,131
44,703,602
48,288,505
49,501,801
52,187,286
51,797,565
51,723,400
52,826,525
54,475,658
54,465,057
54,625,531
56,599,426
58,567,848
59,488,260
59,985,064
62,773,565
63,441,473
62,374,730
62,375,562
61,746,719
62,178,836
60,996,470
61,066,251
62,902,564
76,321,357
73,491,796
71,841,578
67,977,672
66,885,431
64,450,331
64,589,503
71,208,330
67,589,493
65,827,305
66,670,806

66,670,806

65,827,305

67,589,493

71,208,330

64,589,503

64,450,331

66,885,431

67,977,672

71,841,578

73,491,796

76,321,357

62,902,564

61,066,251

60,996,470

62,178,836

61,746,719

62,375,562

62,374,730

63,441,473

62,773,565

59,985,064

59,488,260

58,567,848

56,599,426

54,625,531

54,465,057

54,475,658

52,826,525

51,723,400

51,797,565

52,187,286

49,501,801

48,288,505

44,703,602

45,680,131

44,935,279

40,843,121

38,738,154

37,131,638

33,024,034

30,814,753

29,399,127

2,576,309

2,223,516

2,725,811

> Total Current Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
8,759,616
9,388,837
8,497,320
9,122,444
9,048,969
9,841,120
8,749,556
6,855,460
6,365,483
7,094,423
5,797,232
6,202,299
7,426,880
6,758,365
4,387,596
3,925,891
2,760,167
2,823,103
1,714,909
1,592,840
7,672,942
5,642,599
4,475,963
5,184,696

5,184,696

4,475,963

5,642,599

7,672,942

1,592,840

1,714,909

2,823,103

2,760,167

3,925,891

4,387,596

6,758,365

7,426,880

6,202,299

5,797,232

7,094,423

6,365,483

6,855,460

8,749,556

9,841,120

9,048,969

9,122,444

8,497,320

9,388,837

8,759,616

Cash And Cash Equivalents

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
4,661,352
5,133,797
5,208,704
5,540,083
5,337,960
6,037,672
5,032,360
4,217,582
4,122,623
3,842,549
2,514,462
2,566,055
3,982,232
4,850,418
2,833,391
2,351,746
993,405
1,219,784
233,531
23,082
5,359,583
2,807,407
1,325,604
1,456,344

1,456,344

1,325,604

2,807,407

5,359,583

23,082

233,531

1,219,784

993,405

2,351,746

2,833,391

4,850,418

3,982,232

2,566,055

2,514,462

3,842,549

4,122,623

4,217,582

5,032,360

6,037,672

5,337,960

5,540,083

5,208,704

5,133,797

4,661,352

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,069,764
2,028,571
1,514,435
1,509,864
1,489,009
1,444,850
1,500,178
500,000
0
0
0
0
0
0
0
0
0
0
0
118,707
316,500
514,322
545,221
280,492

280,492

545,221

514,322

316,500

118,707

500,000

1,500,178

1,444,850

1,489,009

1,509,864

1,514,435

2,028,571

2,069,764

Net Receivables

1,609,347
590,049
297,139
598,663
552,636
688,839
749,476
839,411
1,027,910
889,432
1,308,678
1,245,504
1,401,905
786,000
955,739
988,627
930,098
765,400
792,707
1,196,456
1,037,519
1,250,792
1,691,190
1,107,471
1,415,332
1,400,699
1,646,586
1,328,048
1,315,793
1,365,090
578,164
543,303
633,311
2,541,787
1,310,852
1,047,586
1,111,897
1,120,841
1,216,916
1,149,346
1,140,671
1,670,316
1,925,365
2,017,456
2,777,672

2,777,672

2,017,456

1,925,365

1,670,316

1,140,671

1,149,346

1,216,916

1,120,841

1,111,897

1,047,586

1,310,852

2,541,787

633,311

543,303

578,164

1,365,090

1,315,793

1,328,048

1,646,586

1,400,699

1,415,332

1,107,471

1,691,190

1,250,792

1,037,519

1,196,456

792,707

765,400

930,098

988,627

955,739

786,000

1,401,905

1,245,504

1,308,678

889,432

1,027,910

839,411

749,476

688,839

552,636

598,663

297,139

590,049

1,609,347

Inventory

3,195
26,129
24,388
50,075
55,744
58,345
75,412
79,291
81,089
90,211
92,109
92,332
84,674
96,846
105,944
120,261
133,157
94,033
111,191
134,727
128,650
118,176
101,202
104,463
120,202
148,801
151,297
137,741
142,453
188,318
210,217
286,590
280,350
294,641
300,464
238,514
185,109
240,242
218,825
214,469
222,667
230,274
217,202
265,320
281,024

281,024

265,320

217,202

230,274

222,667

214,469

218,825

240,242

185,109

238,514

300,464

294,641

280,350

286,590

210,217

188,318

142,453

137,741

151,297

148,801

120,202

104,463

101,202

118,176

128,650

134,727

111,191

94,033

133,157

120,261

105,944

96,846

84,674

92,332

92,109

90,211

81,089

79,291

75,412

58,345

55,744

50,075

24,388

26,129

3,195

> Long-term Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
55,084,413
55,199,238
54,863,953
55,475,685
69,562,992
69,104,200
67,915,687
65,217,506
64,062,328
62,735,422
62,996,663
63,535,388
61,946,895
61,351,342
61,486,110

61,486,110

61,351,342

61,946,895

63,535,388

62,996,663

62,735,422

64,062,328

65,217,506

67,915,687

69,104,200

69,562,992

55,475,685

54,863,953

55,199,238

55,084,413

Property Plant Equipment

137,328
154,498
176,657
372,831
1,656,478
2,923,551
4,318,477
5,506,981
6,792,875
10,956,024
12,209,828
12,027,447
15,948,758
16,033,305
18,586,252
18,368,659
18,421,838
18,216,069
17,933,694
17,727,745
17,492,634
20,425,357
21,765,083
23,068,453
22,737,526
25,472,748
25,196,180
24,862,244
26,545,179
26,185,182
25,875,229
25,506,108
25,160,337
24,877,261
38,947,327
38,382,857
37,214,425
34,757,769
33,721,377
32,523,466
32,505,463
33,561,969
32,164,394
31,316,428
30,327,205

30,327,205

31,316,428

32,164,394

33,561,969

32,505,463

32,523,466

33,721,377

34,757,769

37,214,425

38,382,857

38,947,327

24,877,261

25,160,337

25,506,108

25,875,229

26,185,182

26,545,179

24,862,244

25,196,180

25,472,748

22,737,526

23,068,453

21,765,083

20,425,357

17,492,634

17,727,745

17,933,694

18,216,069

18,421,838

18,368,659

18,586,252

16,033,305

15,948,758

12,027,447

12,209,828

10,956,024

6,792,875

5,506,981

4,318,477

2,923,551

1,656,478

372,831

176,657

154,498

137,328

Goodwill

286,184
286,184
286,184
7,415,116
7,415,116
7,415,116
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826
8,824,826

8,824,826

7,415,116

286,184

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
11,849
11,849
11,849
11,884
11,884
11,884
11,884
12,594
12,594
12,594
12,594
13,191
13,191
1,093,941
1,030,901
1,068,386
0
848,452
886,448
782,094
0
867,086
915,264
1,015,083

1,015,083

915,264

867,086

782,094

886,448

848,452

1,068,386

1,030,901

1,093,941

13,191

12,594

11,884

11,849

Intangible Assets

296,748
293,458
293,063
22,282,610
22,283,580
22,282,927
23,693,683
23,693,134
23,694,020
23,693,563
23,695,896
23,695,401
23,693,851
23,692,809
23,692,901
23,694,424
23,693,580
23,693,319
23,695,637
23,694,527
23,694,757
23,696,362
23,717,423
23,715,656
23,714,344
23,713,903
23,711,501
14,886,863
14,886,310
14,882,990
14,880,517
14,878,655
14,877,526
14,878,770
14,876,631
14,875,460
14,873,491
14,871,200
14,869,039
14,866,898
14,864,774
14,862,686
14,861,621
14,860,846
14,860,126

14,860,126

14,860,846

14,861,621

14,862,686

14,864,774

14,866,898

14,869,039

14,871,200

14,873,491

14,875,460

14,876,631

14,878,770

14,877,526

14,878,655

14,880,517

14,882,990

14,886,310

14,886,863

23,711,501

23,713,903

23,714,344

23,715,656

23,717,423

23,696,362

23,694,757

23,694,527

23,695,637

23,693,319

23,693,580

23,694,424

23,692,901

23,692,809

23,693,851

23,695,401

23,695,896

23,693,563

23,694,020

23,693,134

23,693,683

22,282,927

22,283,580

22,282,610

293,063

293,458

296,748

Long-term Assets Other

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
958,506
929,494
5,988,072
5,963,213
5,792,362
5,984,499
5,920,304
5,856,110
5,791,915
5,623,660
5,510,329
4,958,624
4,320,454
3,686,880
3,135,619

3,135,619

3,686,880

4,320,454

4,958,624

5,510,329

5,623,660

5,791,915

5,856,110

5,920,304

5,984,499

5,792,362

5,963,213

5,988,072

929,494

958,506

> Total Liabilities

3,685,214
2,215,866
2,252,167
4,205,358
5,401,802
6,857,412
11,666,015
12,771,449
14,586,589
18,260,001
18,757,909
18,102,754
22,070,077
22,485,901
24,251,300
23,489,495
24,161,484
24,743,365
24,559,551
23,782,745
23,220,127
26,479,181
27,412,820
28,023,596
28,047,028
31,320,463
30,158,686
31,427,020
33,272,832
33,123,925
32,786,061
32,481,787
33,310,493
35,214,091
53,737,537
52,118,563
52,991,565
50,617,357
52,722,800
53,509,575
57,274,426
54,379,532
54,100,917
57,062,285
61,956,019

61,956,019

57,062,285

54,100,917

54,379,532

57,274,426

53,509,575

52,722,800

50,617,357

52,991,565

52,118,563

53,737,537

35,214,091

33,310,493

32,481,787

32,786,061

33,123,925

33,272,832

31,427,020

30,158,686

31,320,463

28,047,028

28,023,596

27,412,820

26,479,181

23,220,127

23,782,745

24,559,551

24,743,365

24,161,484

23,489,495

24,251,300

22,485,901

22,070,077

18,102,754

18,757,909

18,260,001

14,586,589

12,771,449

11,666,015

6,857,412

5,401,802

4,205,358

2,252,167

2,215,866

3,685,214

> Total Current Liabilities

3,684,525
2,162,229
2,202,597
4,096,957
4,292,543
4,962,453
5,763,547
5,908,966
6,790,802
7,271,569
6,888,374
6,490,231
7,503,803
7,864,752
7,742,050
7,045,704
7,354,474
8,296,486
8,479,655
8,123,454
8,196,570
9,270,101
9,411,877
8,620,928
9,212,771
10,910,136
10,270,732
9,200,659
10,744,069
11,022,162
10,502,888
11,714,656
12,856,357
13,959,030
16,815,450
18,115,701
19,338,807
17,823,281
19,904,363
21,680,054
22,770,061
17,560,271
16,599,199
19,478,941
22,898,946

22,898,946

19,478,941

16,599,199

17,560,271

22,770,061

21,680,054

19,904,363

17,823,281

19,338,807

18,115,701

16,815,450

13,959,030

12,856,357

11,714,656

10,502,888

11,022,162

10,744,069

9,200,659

10,270,732

10,910,136

9,212,771

8,620,928

9,411,877

9,270,101

8,196,570

8,123,454

8,479,655

8,296,486

7,354,474

7,045,704

7,742,050

7,864,752

7,503,803

6,490,231

6,888,374

7,271,569

6,790,802

5,908,966

5,763,547

4,962,453

4,292,543

4,096,957

2,202,597

2,162,229

3,684,525

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,455,218
16,175,482
17,428,923
266,877
1,348,080
1,235,392
252,616
863,572
213,772
713,818
2,013,724
2,963,988
3,103,474
0
0
0
0
0
0
0
0
0
0
0

3,103,474

2,963,988

2,013,724

713,818

213,772

863,572

252,616

1,235,392

1,348,080

266,877

17,428,923

16,175,482

15,455,218

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,455,218
16,175,482
17,428,923
266,877
1,348,080
1,235,392
252,616
863,572
213,772
713,818
2,013,724
2,963,988
3,103,474
2,474,409
2,932,959
3,572,684
3,286,285
2,796,052
2,259,666
3,944,236
3,570,871
3,632,770
2,763,588
3,482,577

3,482,577

2,763,588

3,632,770

3,570,871

3,944,236

2,259,666

2,796,052

3,286,285

3,572,684

2,932,959

2,474,409

3,103,474

2,963,988

2,013,724

713,818

213,772

863,572

252,616

1,235,392

1,348,080

266,877

17,428,923

16,175,482

15,455,218

Accounts payable

87,507
238,182
50,507
72,756
497,147
498,714
461,201
334,000
523,962
659,782
692,550
612,958
330,652
647,880
1,094,853
573,880
661,883
1,253,686
1,480,313
1,063,966
772,418
919,742
896,782
595,333
630,621
480,758
657,134
545,350
894,016
858,872
293,717
554,650
886,951
1,288,928
1,401,986
2,588,197
3,593,573
3,816,688
838,064
813,482
960,907
989,232
805,835
956,313
1,113,126

1,113,126

956,313

805,835

989,232

960,907

813,482

838,064

3,816,688

3,593,573

2,588,197

1,401,986

1,288,928

886,951

554,650

293,717

858,872

894,016

545,350

657,134

480,758

630,621

595,333

896,782

919,742

772,418

1,063,966

1,480,313

1,253,686

661,883

573,880

1,094,853

647,880

330,652

612,958

692,550

659,782

523,962

334,000

461,201

498,714

497,147

72,756

50,507

238,182

87,507

Other Current Liabilities

1,415,330
1,673,756
1,959,251
3,647,767
3,726,985
4,326,596
5,102,950
5,297,912
5,927,688
5,996,721
5,523,382
5,181,946
6,268,621
6,257,865
5,527,133
5,338,404
5,425,119
5,781,357
5,741,320
5,789,260
5,933,936
6,558,852
6,749,409
6,447,251
6,999,309
7,781,962
7,113,832
4,850,221
5,459,985
5,437,801
58,808
56,591
71,159
5,527,360
5,341,940
4,599,409
3,773,158
2,975,771
7,245,017
7,447,551
2,823,341
4,606,293
2,768,697
3,331,558
5,044,123

5,044,123

3,331,558

2,768,697

4,606,293

2,823,341

7,447,551

7,245,017

2,975,771

3,773,158

4,599,409

5,341,940

5,527,360

71,159

56,591

58,808

5,437,801

5,459,985

4,850,221

7,113,832

7,781,962

6,999,309

6,447,251

6,749,409

6,558,852

5,933,936

5,789,260

5,741,320

5,781,357

5,425,119

5,338,404

5,527,133

6,257,865

6,268,621

5,181,946

5,523,382

5,996,721

5,927,688

5,297,912

5,102,950

4,326,596

3,726,985

3,647,767

1,959,251

1,673,756

1,415,330

> Long-term Liabilities

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22,283,173
20,767,131
20,454,136
21,255,060
36,922,088
34,002,862
33,652,759
32,794,076
32,818,437
31,829,521
34,504,365
36,819,261
37,501,718
37,583,344
39,057,073

39,057,073

37,583,344

37,501,718

36,819,261

34,504,365

31,829,521

32,818,437

32,794,076

33,652,759

34,002,862

36,922,088

21,255,060

20,454,136

20,767,131

22,283,173

Other Liabilities

0
42,204
45,061
100,707
106,917
111,846
127,700
135,225
142,750
132,998
142,056
151,115
160,174
157,548
168,093
178,637
189,182
168,946
178,478
189,611
200,744
254,951
264,742
280,958
297,174
346,675
368,046
3,588,032
3,542,867
3,463,233
3,503,497
3,560,349
3,668,893
3,713,444
3,033,389
3,283,617
3,273,448
3,447,831
3,062,294
2,856,912
2,323,014
1,182,245
844,456
856,237
884,294

884,294

856,237

844,456

1,182,245

2,323,014

2,856,912

3,062,294

3,447,831

3,273,448

3,283,617

3,033,389

3,713,444

3,668,893

3,560,349

3,503,497

3,463,233

3,542,867

3,588,032

368,046

346,675

297,174

280,958

264,742

254,951

200,744

189,611

178,478

168,946

189,182

178,637

168,093

157,548

160,174

151,115

142,056

132,998

142,750

135,225

127,700

111,846

106,917

100,707

45,061

42,204

> Total Stockholder Equity

0
7,650
324,142
17,760,284
17,889,891
18,310,505
18,678,156
18,958,027
19,116,382
19,345,888
19,484,858
19,308,526
19,099,475
19,534,211
20,040,624
20,246,552
19,855,015
20,142,386
21,151,465
21,573,969
21,970,603
21,270,520
21,840,842
22,011,493
22,272,417
22,005,885
23,009,996
21,733,904
20,721,034
20,455,364
20,879,122
20,396,645
19,980,012
19,943,878
17,136,953
16,471,258
15,084,141
14,266,109
12,507,613
10,819,596
8,744,102
20,201,098
13,488,576
8,765,020
4,714,787

4,714,787

8,765,020

13,488,576

20,201,098

8,744,102

10,819,596

12,507,613

14,266,109

15,084,141

16,471,258

17,136,953

19,943,878

19,980,012

20,396,645

20,879,122

20,455,364

20,721,034

21,733,904

23,009,996

22,005,885

22,272,417

22,011,493

21,840,842

21,270,520

21,970,603

21,573,969

21,151,465

20,142,386

19,855,015

20,246,552

20,040,624

19,534,211

19,099,475

19,308,526

19,484,858

19,345,888

19,116,382

18,958,027

18,678,156

18,310,505

17,889,891

17,760,284

324,142

7,650

Retained Earnings

0
0
0
14,746,156
14,853,850
15,259,409
15,608,593
15,873,218
16,031,574
16,261,079
16,400,050
16,223,717
16,014,667
16,449,403
16,955,816
17,161,744
16,770,207
17,057,577
18,066,657
18,489,160
18,885,794
18,185,711
18,756,033
18,926,684
19,187,609
18,921,077
19,925,187
18,649,095
17,636,226
17,370,556
17,745,814
17,263,337
16,846,703
16,859,069
15,503,428
14,362,105
12,525,270
11,385,658
9,521,074
7,829,197
5,730,917
6,174,834
3,804,235
-919,321
-4,969,554

-4,969,554

-919,321

3,804,235

6,174,834

5,730,917

7,829,197

9,521,074

11,385,658

12,525,270

14,362,105

15,503,428

16,859,069

16,846,703

17,263,337

17,745,814

17,370,556

17,636,226

18,649,095

19,925,187

18,921,077

19,187,609

18,926,684

18,756,033

18,185,711

18,885,794

18,489,160

18,066,657

17,057,577

16,770,207

17,161,744

16,955,816

16,449,403

16,014,667

16,223,717

16,400,050

16,261,079

16,031,574

15,873,218

15,608,593

15,259,409

14,853,850

14,746,156

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

Balance Sheet

Currency in THB. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Accounts Payable	989,232	3,816,688	1,288,928	858,872	480,758	919,742	1,253,686	647,880	659,782	498,714	54,025	87,507
Capital Lease Obligations	37,475,179	30,700,584	11,493,614	13,219,322	14,530,956	13,622,465	-	-	-	-	-	-
Capital Stock	987,857	485,000	485,000	485,000	-	-	-	-	-	-	-	-
Cash	5,359,583	993,405	3,982,232	3,511,623	5,337,960	4,661,352	6,122,815	4,789,065	1,958,637	3,852,839	694,426	260,383
Common Stock	987,857	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	410,000	410,000
Common Stock Shares Outstanding	9,878,571	4,850,000	4,850,000	4,850,000	4,850,000	-	-	-	-	-	-	-
Good Will	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	7,415,116	286,184	286,184
Intangible Assets	14,862,686	14,871,200	14,878,770	14,882,990	14,889,078	14,871,537	14,868,493	23,692,809	23,693,563	22,282,927	293,458	296,748
Inventory	230,274	240,242	294,641	188,318	148,801	118,176	94,033	96,846	90,211	58,345	26,129	3,195
Long Term Debt	4,093,448	4,671,635	7,382,739	6,719,282	3,582,342	1,273,007	12,775,395	11,117,962	7,545,773	1,783,112	11,433	689
Long Term Investments	-	0	13,191	12,594	11,884	11,849	13,291	1,299,268	1,312,008	-	-	-
Net Debt	2,304,736	6,847,551	6,503,981	3,460,432	-	-	-	-	-	-	-	-
Net Invested Capital	27,865,417	22,224,029	30,430,090	28,038,419	26,936,307	-	-	-	-	-	-	-
Net Receivables	1,670,316	1,120,841	2,541,787	1,389,843	1,400,699	1,250,792	765,400	786,000	889,433	688,839	590,049	1,609,348
Net Tangible Assets	-3,486,413	-9,429,917	-3,759,718	-3,252,451	-1,708,019	-2,425,843	-3,550,933	-4,158,598	-4,347,675	-	-	-
Net Working Capital	-9,887,329	-15,063,114	-6,532,150	-4,656,679	-1,861,168	-	-	-	-	-	-	-
Non Current Assets Total	63,535,388	65,217,506	55,475,685	55,381,236	53,724,596	47,839,809	-	-	-	-	-	-
Non Current Liabilities Total	36,819,261	32,794,076	21,255,060	22,101,762	20,410,327	17,209,080	-	-	-	-	-	-
Non Currrent Assets Other	4,958,624	5,856,110	5,963,213	4,532,741	3,652,264	2,665,544	-	-	-	-	-	-
Other Assets	6,285,907	6,763,711	6,881,637	5,475,644	4,526,061	3,706,242	2,074,643	812,678	817,648	673,281	292,419	240,112
Other Current Assets	316,500	-	251,412	240,794	302,163	336,451	422,026	311,329	384,031	214,484	128,418	132,976
Other Current Liab	4,606,293	2,975,771	5,527,360	5,437,801	5,405,917	4,668,606	4,264,771	6,257,866	5,996,721	4,326,596	1,673,756	1,415,330
Other Liab	1,182,245	3,447,831	3,713,444	3,463,233	3,596,364	3,545,369	3,671,483	157,548	132,997	111,846	42,204	-
Other Stockholder Equity	2,141,456	-204,357	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	33,561,969	34,757,769	24,877,261	26,185,182	25,472,748	20,425,357	18,216,069	16,033,305	10,956,024	2,923,551	154,498	137,328
Retained Earnings	6,174,834	11,385,658	16,859,069	17,370,556	18,921,076	18,185,711	17,057,577	16,449,403	16,261,079	15,259,409	-	-
Short Long Term Debt	3,570,871	3,286,285	3,103,474	863,772	1,348,080	559,746	14,036,839	12,076,968	8,160,839	-	-	-
Short Term Debt	-	-	3,103,474	863,772	1,348,080	559,746	14,036,839	12,076,968	8,160,839	-	-	-
Short Term Investments	316,500	-	-	0	1,489,009	2,069,764	1,109,230	1,509,308	3,448,628	2,313,284	12,025	29,489
Total Assets	71,208,330	67,977,672	62,902,564	61,746,719	62,773,565	56,599,426	52,826,525	49,501,801	44,935,279	33,024,034	2,223,516	2,725,810
Total Current Assets	7,672,942	2,760,167	7,426,880	6,365,483	9,048,969	8,759,616	8,829,203	7,492,548	7,816,848	-	-	-
Total Current Liabilities	17,560,271	17,823,281	13,959,030	11,022,162	10,910,136	9,270,101	8,296,486	7,864,752	7,271,569	4,962,453	2,162,229	3,684,525
Total Liab	54,379,532	50,617,357	35,214,091	33,123,925	31,320,463	26,479,181	24,743,365	22,485,901	18,260,001	6,857,412	2,215,866	3,685,214
Total Stockholder Equity	20,201,098	14,266,109	19,943,878	20,455,364	22,005,885	21,270,519	20,142,385	19,534,211	19,345,888	18,310,505	7,650	-

	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2010-12-31
Accounts Payable	1,113,126	956,313	805,835	989,232	960,907	813,482	838,064	3,816,688	3,593,573	2,588,197	1,401,986	1,288,928	886,951	554,650	293,717	858,872	894,016	545,350	657,134	480,758	630,621	595,333	896,782	919,742	772,418	1,063,966	1,480,313	1,253,686	661,883	573,880	1,094,853	647,880	330,652	612,958	692,550	659,782	523,962	334,000	461,201	498,714	497,147	72,756	50,507	238,182	87,507
Capital Lease Obligations	41,878,121	40,043,796	38,047,496	37,475,179	35,514,150	3,599,117	31,843,298	30,700,584	32,677,325	32,389,306	33,874,613	11,493,614	11,900,045	12,252,368	12,774,837	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	1,173,571	1,173,571	1,159,286	987,857	485,000	485,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	1,456,344	1,325,604	2,807,407	5,359,583	23,082	233,531	1,219,784	993,405	2,351,746	2,833,391	4,850,418	3,982,232	2,566,055	2,514,462	3,842,549	4,122,623	4,217,582	5,032,360	6,037,672	5,337,960	5,540,083	5,208,704	5,133,797	4,661,352	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	1,173,571	1,173,571	1,159,286	987,857	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	485,000	410,000	410,000	410,000
Common Stock Shares Outstanding	11,735,714	11,735,714	11,592,857	9,878,571	4,850,000	4,850,000	4,850,000	4,850,000	4,850,000	4,850,000	4,850,000	4,850,000	4,850,218	4,849,017	4,850,767	4,854,293	4,852,839	6,122,148	5,284,794	5,944,888	5,218,497	4,266,276	6,336,912	1,031,148	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Good Will	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	8,824,826	7,415,116	7,415,116	7,415,116	286,184	286,184	286,184
Intangible Assets	14,860,126	14,860,846	14,861,621	14,862,686	14,864,774	14,866,898	14,869,039	14,871,200	14,873,491	14,875,460	14,876,631	14,878,770	14,877,526	14,878,655	14,880,517	14,882,990	14,886,310	14,886,863	23,711,501	23,713,903	23,714,344	23,715,656	23,717,423	23,696,362	23,694,757	23,694,527	23,695,637	23,693,319	23,693,580	23,694,424	23,692,901	23,692,809	23,693,851	23,695,401	23,695,896	23,693,563	23,694,020	23,693,134	23,693,683	22,282,927	22,283,580	22,282,610	293,063	293,458	296,748
Inventory	281,024	265,320	217,202	230,274	222,667	214,469	218,825	240,242	185,109	238,514	300,464	294,641	280,350	286,590	210,217	188,318	142,453	137,741	151,297	148,801	120,202	104,463	101,202	118,176	128,650	134,727	111,191	94,033	133,157	120,261	105,944	96,846	84,674	92,332	92,109	90,211	81,089	79,291	75,412	58,345	55,744	50,075	24,388	26,129	3,195
Long Term Debt	3,934,729	4,094,576	3,888,689	4,093,448	4,308,786	999,007	5,140,358	4,671,635	4,073,879	4,448,164	5,455,231	7,382,739	6,208,678	6,261,909	7,314,763	6,719,282	6,772,468	5,951,709	16,172,717	16,813,962	15,274,151	15,850,579	14,409,795	13,663,711	11,456,904	11,965,095	12,308,594	12,775,395	13,131,158	12,799,913	12,809,235	11,117,962	11,082,804	8,155,122	8,361,593	7,545,773	4,518,152	3,647,996	2,724,415	1,783,112	1,002,343	7,695	4,509	11,433	689
Long Term Investments	1,015,083	915,264	867,086	-	782,094	886,448	848,452	0	1,068,386	1,030,901	1,093,941	13,191	13,191	12,594	12,594	12,594	12,594	11,884	11,884	11,884	11,884	11,849	11,849	11,849	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	5,960,962	5,532,560	4,714,053	2,304,736	8,229,940	3,025,142	6,716,626	6,847,551	5,294,817	4,547,732	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	12,132,093	15,623,184	21,010,036	27,865,417	16,997,124	3,258,673	20,444,023	22,224,029	22,730,704	23,852,381	25,066,593	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	2,777,672	2,017,456	1,925,365	1,670,316	1,140,671	1,149,346	1,216,916	1,120,841	1,111,897	1,047,586	1,310,852	2,541,787	633,311	543,303	578,164	1,365,090	1,315,793	1,328,048	1,646,586	1,400,699	1,415,332	1,107,471	1,691,190	1,250,792	1,037,519	1,196,456	792,707	765,400	930,098	988,627	955,739	786,000	1,401,905	1,245,504	1,308,678	889,432	1,027,910	839,411	749,476	688,839	552,636	598,663	297,139	590,049	1,609,347
Net Tangible Assets	-18,970,165	-14,920,652	-10,197,870	-3,486,413	-14,945,498	-12,872,129	-11,186,252	-9,429,917	-8,614,175	-7,229,028	-6,564,504	-3,759,718	-3,722,340	-3,306,835	-2,826,221	-3,252,451	-2,990,102	-1,977,786	-701,505	-1,708,019	-1,441,927	-1,704,163	-1,876,582	-2,425,843	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	-17,714,250	-15,002,978	-10,956,600	-9,887,329	-21,177,221	-19,965,145	-17,081,260	-15,063,114	-15,412,916	-13,728,105	-10,057,084	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	61,486,110	61,351,342	61,946,895	63,535,388	62,996,663	62,735,422	64,062,328	65,217,506	67,915,687	69,104,200	69,562,992	55,475,685	54,863,953	55,199,238	55,084,413	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	-	-	-	-	-	24,374,485	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	39,057,073	37,583,344	37,501,718	36,819,261	34,504,365	31,829,521	32,818,437	32,794,076	33,652,759	34,002,862	36,922,088	21,255,060	20,454,136	20,767,131	22,283,173	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	3,135,619	3,686,880	4,320,454	4,958,624	5,510,329	5,623,660	5,791,915	5,856,110	5,920,304	5,984,499	5,792,362	5,963,213	5,988,072	929,494	958,506	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Assets	7,473,953	6,349,242	6,096,054	6,285,907	6,801,600	6,671,232	6,647,085	6,763,711	5,934,560	5,990,156	5,820,267	6,881,637	5,988,072	5,977,055	5,491,247	5,475,644	5,251,193	5,039,358	28,404,173	28,251,848	28,125,093	27,922,487	27,413,928	27,414,453	27,280,281	26,877,310	26,505,949	25,781,253	25,134,904	25,038,020	24,993,785	25,975,948	25,967,791	25,949,627	26,124,311	26,162,407	24,431,280	24,420,543	24,377,781	22,972,691	22,965,671	22,924,593	601,634	617,972	553,092
Other Current Assets	289,860	545,377	517,230	316,500	118,707	6,641	9,632	-	-	-	-	251,412	56,542	124,348	236,043	265,547	316,183	254,128	560,715	672,500	536,963	562,248	434,078	657,896	555,181	386,595	442,683	378,984	327,136	527,059	584,465	311,329	465,982	397,506	476,680	384,032	424,068	298,548	344,551	214,484	473,686	277,790	136,089	128,418	132,977
Other Current Liab	5,044,123	3,331,558	2,768,697	4,606,293	2,823,341	7,447,551	7,245,017	2,975,771	3,773,158	4,599,409	5,341,940	5,527,360	71,159	56,591	58,808	5,437,801	5,459,985	4,850,221	7,113,832	7,781,962	6,999,309	6,447,251	6,749,409	6,558,852	5,933,936	5,789,260	5,741,320	5,781,357	5,425,119	5,338,404	5,527,133	6,257,865	6,268,621	5,181,946	5,523,382	5,996,721	5,927,688	5,297,912	5,102,950	4,326,596	3,726,985	3,647,767	1,959,251	1,673,756	1,415,330
Other Liab	884,294	856,237	844,456	1,182,245	2,323,014	2,856,912	3,062,294	3,447,831	3,273,448	3,283,617	3,033,389	3,713,444	3,668,893	3,560,349	3,503,497	3,463,233	3,542,867	3,588,032	368,046	346,675	297,174	280,958	264,742	254,951	200,744	189,611	178,478	168,946	189,182	178,637	168,093	157,548	160,174	151,115	142,056	132,998	142,750	135,225	127,700	111,846	106,917	100,707	45,061	42,204	-
Other Stockholder Equity	-5,450,467	-5,450,467	-5,200,467	2,141,456	-71,623	-94,409	-98,269	-204,357	-525,937	-975,656	-1,451,283	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	30,327,205	31,316,428	32,164,394	33,561,969	32,505,463	32,523,466	33,721,377	34,757,769	37,214,425	38,382,857	38,947,327	24,877,261	25,160,337	25,506,108	25,875,229	26,185,182	26,545,179	24,862,244	25,196,180	25,472,748	22,737,526	23,068,453	21,765,083	20,425,357	17,492,634	17,727,745	17,933,694	18,216,069	18,421,838	18,368,659	18,586,252	16,033,305	15,948,758	12,027,447	12,209,828	10,956,024	6,792,875	5,506,981	4,318,477	2,923,551	1,656,478	372,831	176,657	154,498	137,328
Retained Earnings	-4,969,554	-919,321	3,804,235	6,174,834	5,730,917	7,829,197	9,521,074	11,385,658	12,525,270	14,362,105	15,503,428	16,859,069	16,846,703	17,263,337	17,745,814	17,370,556	17,636,226	18,649,095	19,925,187	18,921,077	19,187,609	18,926,684	18,756,033	18,185,711	18,885,794	18,489,160	18,066,657	17,057,577	16,770,207	17,161,744	16,955,816	16,449,403	16,014,667	16,223,717	16,400,050	16,261,079	16,031,574	15,873,218	15,608,593	15,259,409	14,853,850	14,746,156	-	-	-
Short Long Term Debt	3,482,577	2,763,588	3,632,770	3,570,871	3,944,236	2,259,666	2,796,052	3,286,285	3,572,684	2,932,959	2,474,409	3,103,474	2,963,988	2,013,724	713,818	213,772	863,572	252,616	1,235,392	1,348,080	266,877	17,428,923	16,175,482	15,455,218	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Term Debt	-	-	-	-	-	-	-	-	-	-	-	3,103,474	2,963,988	2,013,724	713,818	213,772	863,572	252,616	1,235,392	1,348,080	266,877	17,428,923	16,175,482	15,455,218	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Term Investments	280,492	545,221	514,322	316,500	118,707	-	-	-	-	-	-	-	-	-	-	-	500,000	1,500,178	1,444,850	1,489,009	1,509,864	1,514,435	2,028,571	2,069,764	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Assets	66,670,806	65,827,305	67,589,493	71,208,330	64,589,503	64,450,331	66,885,431	67,977,672	71,841,578	73,491,796	76,321,357	62,902,564	61,066,251	60,996,470	62,178,836	61,746,719	62,375,562	62,374,730	63,441,473	62,773,565	59,985,064	59,488,260	58,567,848	56,599,426	54,625,531	54,465,057	54,475,658	52,826,525	51,723,400	51,797,565	52,187,286	49,501,801	48,288,505	44,703,602	45,680,131	44,935,279	40,843,121	38,738,154	37,131,638	33,024,034	30,814,753	29,399,127	2,576,309	2,223,516	2,725,811
Total Current Assets	5,184,696	4,475,963	5,642,599	7,672,942	1,592,840	1,714,909	2,823,103	2,760,167	3,925,891	4,387,596	6,758,365	7,426,880	6,202,299	5,797,232	7,094,423	6,365,483	6,855,460	8,749,556	9,841,120	9,048,969	9,122,444	8,497,320	9,388,837	8,759,616	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Current Liabilities	22,898,946	19,478,941	16,599,199	17,560,271	22,770,061	21,680,054	19,904,363	17,823,281	19,338,807	18,115,701	16,815,450	13,959,030	12,856,357	11,714,656	10,502,888	11,022,162	10,744,069	9,200,659	10,270,732	10,910,136	9,212,771	8,620,928	9,411,877	9,270,101	8,196,570	8,123,454	8,479,655	8,296,486	7,354,474	7,045,704	7,742,050	7,864,752	7,503,803	6,490,231	6,888,374	7,271,569	6,790,802	5,908,966	5,763,547	4,962,453	4,292,543	4,096,957	2,202,597	2,162,229	3,684,525
Total Liab	61,956,019	57,062,285	54,100,917	54,379,532	57,274,426	53,509,575	52,722,800	50,617,357	52,991,565	52,118,563	53,737,537	35,214,091	33,310,493	32,481,787	32,786,061	33,123,925	33,272,832	31,427,020	30,158,686	31,320,463	28,047,028	28,023,596	27,412,820	26,479,181	23,220,127	23,782,745	24,559,551	24,743,365	24,161,484	23,489,495	24,251,300	22,485,901	22,070,077	18,102,754	18,757,909	18,260,001	14,586,589	12,771,449	11,666,015	6,857,412	5,401,802	4,205,358	2,252,167	2,215,866	3,685,214
Total Stockholder Equity	4,714,787	8,765,020	13,488,576	20,201,098	8,744,102	10,819,596	12,507,613	14,266,109	15,084,141	16,471,258	17,136,953	19,943,878	19,980,012	20,396,645	20,879,122	20,455,364	20,721,034	21,733,904	23,009,996	22,005,885	22,272,417	22,011,493	21,840,842	21,270,520	21,970,603	21,573,969	21,151,465	20,142,386	19,855,015	20,246,552	20,040,624	19,534,211	19,099,475	19,308,526	19,484,858	19,345,888	19,116,382	18,958,027	18,678,156	18,310,505	17,889,891	17,760,284	324,142	7,650	-

Cash Flow

Currency in THB. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Begin Period Cash Flow	1,110,370	3,982,232	4,122,623	5,337,960	4,661,352	-	-	-	-	-	-	-
Capital Expenditures	99,601	820,757	379,854	2,406,628	2,425,061	774,801	814,872	1,266,088	1,903,710	739,289	41,425	54,293
Change In Cash	4,249,213	-2,871,862	-140,391	-1,215,337	676,607	-1,502,157	1,333,750	2,830,428	-1,894,202	-	-	-
Change In Working Capital	-2,050,831	82,094	-695,755	520,270	771,686	-	-	-	-	-	-	-
Change To Account Receivables	-288,824	532,601	-103,890	-47,515	-11,324	-7,524	98,791	91,388	-328,872	-	-	29,474
Change To Inventory	9,968	54,399	-106,323	-39,518	-30,624	-24,143	-16,993	-6,635	-10,623	-	-	-
Change To Liabilities	-8,655	-2,435,855	274,232	14,963	404,549	361,070	-438,362	352,283	798,966	-	-	-
Change To Netincome	-1,065,281	-2,551,456	428,193	612,297	1,411,111	1,743,418	2,138,475	275,072	1,383,058	-	-	-
Change To Operating Activities	-1,781,058	1,911,480	-769,275	592,340	402,660	-743,101	-315,173	7,184	613,996	-	-	-
Depreciation	4,157,474	5,729,436	1,707,157	1,656,500	1,441,198	1,182,376	1,122,269	817,882	401,631	-	-	-
Dividends Paid	0	0	0	-1,624,714	727,478	722,376	483,139	483,139	483,139	-	-	-
End Period Cash Flow	5,359,583	1,110,370	3,982,232	4,122,623	5,337,960	4,661,352	-	-	-	-	-	-
Free Cash Flow	-4,446,623	-1,720,642	580,460	458,492	2,680,737	-	-	-	-	-	-	-
Investments	1,283,664	12,064,357	-597	1,492,538	486,308	-2,785,586	1,718,625	2,989,625	-3,454,507	-	-	-
Issuance Of Capital Stock	8,800,000	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-926,078	-13,721,404	1,591,440	1,362,830	379,823	-1,239,695	-1,059,103	-704,485	-269,439	-	-	-
Net Income	-6,647,486	-4,764,092	-473,999	69,965	1,477,489	1,869,463	1,078,477	183,182	1,042,761	15,648,572	-	-
Other Cashflows From Financing Activities	-560,291	-309,991	-762,685	-2,026,402	-1,215,718	-1,136,060	-986,811	-326,277	-166,777	-	-	-
Other Cashflows From Investing Activities	-320,442	-485,310	-1,409,168	-816,469	-935,457	-1,221,886	-1,084,108	175,244	-209,524	-	50,000	43,500
Other Non Cash Items	1,806,145	2,372,727	733,836	684,999	590,769	-	-	-	-	-	-	-
Total Cash From Financing Activities	7,313,631	-14,031,395	828,755	-2,288,286	-1,563,374	-3,098,131	-2,529,053	-1,030,762	-436,216	2,296,022	126,508	99,260
Total Cash From Operating Activities	-4,347,022	-897,898	965,683	2,869,286	5,104,850	4,381,560	4,073,654	1,848,958	3,692,435	2,642,999	262,429	-
Total Cashflows From Investing Activities	1,283,664	12,064,357	-1,793,865	-1,733,322	-2,818,581	-2,785,586	-183,597	2,025,372	-5,565,195	-	23,753	-

	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31
Begin Period Cash Flow	1,325,604	2,807,407	5,359,583	23,082	233,531	1,219,784	1,110,370	2,351,746	2,833,391	4,850,418	3,982,232	2,566,055	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditures	16,589	64,498	26,135	18,185	21,006	36,102	66,320	198,874	300,192	158,064	163,627	124,188	88,394	55,104	117,538	115,659	2,106,258	74,710	110,002	2,425,061	747,633	629,965	317,484	766,710	211,461	137,511	60,138	814,872	794,741	738,059	689,020	1,266,088	1,169,295	372,438	347,408	1,903,710	790,190	469,653	210,600	739,289	291,233	47,041	19,501	41,425	20,614	12,711	7,892	54,293
Change In Cash	130,740	-1,481,803	-2,552,176	5,336,501	-210,449	-986,253	109,415	-1,241,376	-481,645	-2,017,027	868,187	1,431,597	-338,415	-1,215,304	122,695	-94,959	-814,778	-1,005,313	699,713	-202,123	331,379	74,907	472,444	-1,623,825	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change In Working Capital	1,526,573	749,716	-1,301,519	-2,431,267	-714,167	-361,475	1,456,077	-675,863	1,078,008	1,549,079	-1,869,129	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-424,461	191,763	-102,880	-318,316	16,908	29,929	-17,344	119,293	86,878	491,582	-165,152	87,337	-80,889	22,116	-132,454	27,954	3,719	-16,808	-62,380	70,598	-136,746	54,824	19,022	5,484	-	44,037	-	98,791	139,380	29,191	-	91,388	-	22,808	-	-	-	-	-	-	-	-	-	-	-	-	-	29,474
Change To Inventory	-15,704	-48,118	13,072	-7,607	-8,199	4,356	21,417	-55,133	53,405	61,951	-5,823	-14,291	6,240	-76,373	-21,899	-45,865	-4,712	13,557	-2,497	-28,598	-15,739	13,714	16,974	10,474	-	-	-	-	-	-	-	-	5,537	-	-	-	-	297	4,176	-	-	262	1,741	-	-	-	-	-
Change To Liabilities	1,827,348	482,506	-207,681	233,972	-354,351	-545,521	657,245	-325,728	-257,342	351,165	-2,203,951	303,707	541,177	-178,862	-391,791	421,343	36,163	-93,715	-348,828	174,591	368,622	-73,291	-65,374	208,985	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	2,168,353	2,385,000	-422,368	-2,131,235	1,417,137	-286,686	-64,497	-235,854	-211,363	-2,064,857	512,456	206,566	-42,444	-282,724	546,794	-107,400	-232,369	-95,686	1,047,752	474,170	295,648	120,269	549,305	177,249	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	139,390	123,565	-1,004,030	-2,357,053	-368,525	155,293	789,227	-428,462	1,189,764	644,381	505,797	769,181	-1,097,160	210,899	-652,196	468,651	302,623	56,517	-235,451	466,453	76,677	-136,901	-3,568	195,692	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation	985,966	962,730	936,553	961,455	1,060,425	1,057,616	1,077,978	1,411,508	1,411,770	1,444,998	1,461,160	423,359	436,234	426,791	430,362	430,155	422,324	404,393	399,629	381,449	374,661	357,475	327,613	311,624	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-	537,040	1,773,585	1,773,585	727,478	727,478	727,478	727,478	722,376	-	-	-	483,140	483,140	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
End Period Cash Flow	1,456,344	1,325,604	2,807,407	5,359,583	23,082	233,531	1,219,784	1,110,370	2,351,746	2,833,391	4,850,418	3,982,232	2,566,055	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	1,168,857	-163,635	-2,544,835	-3,705,081	-198,424	-1,142,595	599,477	-761,214	138,055	-368,996	-728,486	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments	-13,787	89,984	-316,862	1,320,797	27,080	-27,292	-36,922	-196,987	-296,726	-405,423	12,963,492	-1,032,223	-86,950	-561,215	-113,476	495,960	992,841	3,737	3,737	3,737	-13,692	500,000	500,000	-500,003	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	0	0	3,000,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-972,793	-1,505,283	-2,615,766	-885,639	-16,729	416,214	-439,924	-397,338	-444,294	-1,248,499	-11,631,273	984,107	568,406	-83,206	122,133	-382,616	1,103,593	1,132,117	-490,264	1,291,492	-408,036	-44,771	-457,062	-412,273	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-4,050,233	-4,723,555	-2,370,599	-992,745	-2,098,280	-1,691,877	-1,864,584	-1,114,450	-1,836,836	-1,141,322	-671,484	-72,092	-416,634	-482,477	497,204	-269,899	-358,139	-306,107	1,004,111	475,591	260,925	170,651	570,322	41,246	396,634	422,504	1,009,080	274,533	91,603	205,928	506,413	429,595	-	-	138,970	222,497	158,356	264,625	397,284	407,899	107,694	14,816,487	316,492	309,043	95,577	163,914	445,588	-
Other Cashflows From Financing Activities	-75,243	-83,461	-99,355	-210,124	5,240	-260,062	-95,345	-160,235	-57,534	32,565	-124,787	-224,054	-166,397	-210,253	-161,981	-853,619	-151,291	-177,558	-158,023	-771,960	-161,411	-147,273	-136,873	-738,665	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Cashflows From Investing Activities	253	-111,269	334	-364,516	5,952	8,723	29,399	1,917	3,463	-246,055	-244,635	-908,065	1,678	-506,265	3,484	-190,817	-211,014	-273,976	-140,662	-233,753	-202,727	-528,895	1,636	164,440	-	-	-	-	-	-	-	175,244	175,364	161,793	-	-	-	-	-	-	-	-	-	50,000	50,000	-	-	43,500
Other Non Cash Items	617,657	543,922	552,254	523,289	470,506	421,634	390,715	495,232	465,792	444,938	966,764	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	-1,048,036	-1,588,745	284,880	7,704,237	-11,489	156,152	-535,269	-557,573	-501,829	-1,215,933	-11,756,060	760,053	402,009	-293,459	-39,848	-1,236,234	415,262	-819,026	-648,286	-207,946	-569,447	-192,045	-593,936	-1,873,314	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,296,022	2,353,305	2,375,687	-	126,508	254,604	355,514	-	99,260
Total Cash From Operating Activities	1,185,446	13,840	-2,518,700	-3,686,897	-219,430	-1,106,493	665,798	-562,311	438,618	-209,629	-564,576	1,703,768	-653,474	-360,630	276,020	927,590	172,242	-35,355	1,804,808	5,133,131	3,197,295	1,948,398	1,459,550	4,381,560	3,400,859	2,573,728	2,361,182	3,007,274	1,993,338	732,061	642,652	1,848,958	-	-	-	3,692,435	2,809,225	1,819,399	1,326,955	2,642,999	970,682	783,676	816,172	262,429	63,900	-	97,223	-
Total Cashflows From Investing Activities	-13,787	89,984	-316,862	1,320,797	27,080	-27,292	-36,922	-196,987	-296,726	-405,423	12,963,492	-1,032,223	-86,950	-561,215	-113,476	190,890	-1,326,397	-347,285	-250,530	-1,926,926	-324,323	-256,524	-339,089	-817,433	-	-	-	882,783	-	-	-	2,025,372	1,530,728	1,575,738	401,614	-	-	-	-	-	-	-	-	23,754	36,082	-	-	-

Income Statement

Currency in THB. All numbers in thousands.

	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31
Cost Of Revenue	11,223,276	20,484,163	38,358,527	36,423,956	31,028,717	26,687,758	25,315,075	22,884,031	19,522,032	13,897,033	6,881,751	4,923,208
Ebit	-8,543,943	-8,012,177	-1,472,481	409,739	2,981,826	4,909,336	1,814,873	-277,037	1,801,020	-	-	-
Ebitda	-6,478,039	-1,984,906	1,616,713	2,326,894	4,754,864	-	-	-	-	-	-	-
Gross Profit	-7,394,807	-6,850,295	1,822,124	2,480,892	4,902,844	5,712,810	4,192,230	1,647,861	3,556,688	-	-	-
Income Before Tax	-13,699,015	-9,326,907	-865,562	-83,568	2,650,692	3,206,104	2,109,323	329,993	2,558,849	16,376,133	1,014,122	1,004,942
Income Tax Expense	-1,741,067	-659,978	600	-210,927	-34,072	-191,496	151,062	-1,280	651,177	320,304	-	-
Interest Expense	1,786,662	1,603,008	765,529	743,709	0	0	0	0	0	0	0	0
Interest Income	50,397	23,619	-	-	-	-	-	-	-	-	-	-
Minority Interest	5,310,463	3,094,206	7,744,596	8,167,430	9,447,217	8,849,726	7,940,775	148,091	864,911	407,256	-	-
Net Income	-6,647,486	-4,764,092	-473,999	69,965	1,477,489	1,869,463	1,078,477	183,182	1,042,761	15,648,572	-	-
Net Income Applicable To Common Shares	-6,647,486	-4,764,092	-473,999	69,965	1,477,489	1,869,463	1,078,477	183,182	1,042,761	15,648,572	-	-
Net Income From Continuing Ops	-11,957,948	-8,666,929	-866,161	127,359	2,684,764	3,397,601	1,958,260	331,273	1,907,672	-	-	-
Net Interest Income	-1,848,417	-1,776,163	-765,529	-743,709	-653,184	-520,856	-	-	-	-	-	-
Operating Income	-8,832,518	-8,701,062	-1,472,481	-635,218	2,981,826	3,806,465	1,814,873	-277,037	1,801,021	1,250,465	802,094	766,562
Other Operating Expenses	202,144	222,595	222,595	222,595	37,191	-	-	-	-	-	-	-
Reconciled Depreciation	5,434,314	5,738,993	1,716,746	1,666,753	1,450,989	-	-	-	-	-	-	-
Selling General Administrative	1,235,567	1,850,767	3,294,605	3,116,110	2,949,726	2,636,081	2,377,358	1,924,897	1,755,668	860,865	405,812	300,215
Tax Provision	-1,741,067	-659,978	600	-210,927	-34,072	-191,496	-	-	-	-	-	-
Total Operating Expenses	12,660,986	22,334,930	41,653,132	39,540,066	32,949,735	28,594,103	27,692,433	25,632,552	21,684,022	-	-	-
Total Other Income Expense Net	-3,018,080	1,150,318	1,372,448	1,295,359	322,049	-79,506	294,450	607,029	757,829	-	-	-
Total Revenue	3,828,468	13,633,868	40,180,651	38,904,848	35,931,561	32,400,569	29,507,305	25,355,515	23,485,043	16,102,951	8,123,185	6,049,363

	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-06-30	2011-03-31
Cost Of Revenue	6,618,493	4,987,358	4,335,754	3,799,121	1,818,207	2,789,700	2,816,248	4,543,294	4,370,152	3,520,086	8,050,631	9,401,767	9,350,257	9,987,474	9,619,029	9,527,090	9,137,768	8,999,758	8,339,549	7,872,305	7,360,334	7,105,724	7,239,366	6,407,596	6,648,657	6,267,436	6,181,693	6,470,898	6,076,066	5,759,866	5,881,345	6,392,118	5,400,603	5,399,639	5,691,671	5,500,756	4,811,331	4,539,248	4,670,697	4,475,315	3,973,109	3,401,962	2,046,647	1,852,557	1,724,974	1,705,498	1,598,722
Ebit	-2,141,867	-2,649,136	-2,893,974	-2,621,500	-1,785,635	-2,145,994	-2,023,625	-1,591,272	-2,663,850	-3,754,846	102,765	465,570	-46,214	-362,262	1,559,619	-491,482	-635,718	-483,700	1,709,628	663,423	283,169	172,668	833,857	124,593	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ebitda	-3,462,454	-3,410,503	-1,142,719	-333,713	-2,591,229	-1,520,417	-2,032,659	-45,654	-1,699,413	-342,605	102,765	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	-1,807,304	-2,295,585	-2,549,282	-2,270,209	-1,648,353	-1,806,504	-1,669,741	-1,110,446	-2,248,293	-3,253,538	-238,018	595,817	68,833	-378,810	1,536,284	352,120	64,919	302,839	2,914,751	1,838,883	1,374,166	1,229,917	1,910,866	1,139,145	1,496,826	1,488,415	2,770,801	1,163,080	1,178,132	1,125,087	1,852,831	1,483,994	157,991	61,295	768,204	1,000,472	783,737	820,541	1,358,261	1,146,293	453,329	170,208	436,088	379,960	169,200	210,871	481,402
Income Before Tax	-5,628,315	-5,564,916	-3,277,011	-2,679,534	-4,187,401	-3,229,441	-3,602,639	-1,709,818	-3,523,886	-2,181,097	-1,912,105	-153,515	-680,625	-968,869	937,448	-581,371	-719,316	-710,067	1,927,186	860,167	465,393	254,361	1,070,771	8,480	584,416	689,975	1,923,233	507,936	189,614	305,403	1,106,370	808,130	-	-	309,354	611,573	389,716	636,879	920,681	953,834	258,254	14,847,552	316,492	309,043	95,577	163,914	445,588
Income Tax Expense	-1,578,082	-841,361	-722,046	-1,008,159	-369,291	-151,551	-212,066	318,820	-182,995	-105,734	-690,069	-20,853	78,299	-90,776	33,930	-93,747	-66,105	-148,576	97,501	-6,806	-7,979	-55,275	35,988	-66,878	-	-	90,287	10,032	21,428	-	186,283	20,006	17,011	-	62,411	205,570	99,890	151,042	194,676	210,963	60,985	48,356	-	-	-	-	-
Interest Expense	625,108	551,733	558,506	459,733	476,459	424,845	425,646	250,336	410,362	391,020	551,289	195,726	198,177	179,816	191,810	207,666	187,895	177,202	170,946	174,230	148,712	171,772	158,471	124,674	160,198	109,207	126,777	117,428	88,206	143,301	108,134	107,082	87,137	64,569	53,971	57,358	50,046	36,182	27,387	14,086	149	135	3,051	5,083	9,029	40,247	37,569
Interest Income	7,451	7,811	6,252	6,323	5,932	8,743	29,399	1,906	3,463	10,276	7,973	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	0	0	184,366	678,631	1,719,830	272,162	1,655,017	3,094,206	3,765,872	4,901,975	5,446,867	7,744,596	7,775,746	8,118,037	8,513,652	8,167,430	8,381,696	9,213,807	825,574	391,382	212,447	138,985	464,461	34,112	326,457	343,702	823,866	223,370	76,584	166,156	413,674	358,529	-	-	107,973	183,507	131,471	221,212	328,722	334,972	89,575	-	-	-	-	-	-
Net Income	-4,050,233	-4,723,555	-2,370,599	-992,745	-2,098,280	-1,691,877	-1,864,584	-1,114,450	-1,836,836	-1,141,322	-671,484	-72,092	-416,634	-482,477	497,204	-269,899	-358,139	-306,107	1,004,111	475,591	260,925	170,651	570,322	41,246	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Applicable To Common Shares	-4,050,233	-4,723,555	-2,370,599	-992,745	-2,098,280	-1,691,877	-1,864,584	-1,114,450	-1,836,836	-1,141,322	-671,484	-72,092	-416,634	-482,477	497,204	-269,899	-358,139	-306,107	1,004,111	475,591	260,925	170,651	570,322	41,246	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	-4,050,233	-4,723,555	-2,554,965	-1,671,376	-3,818,110	-3,077,890	-3,390,573	-2,028,639	-3,340,891	-2,075,364	-1,222,035	-132,662	-758,924	-878,093	903,518	-487,624	-653,211	-561,491	1,829,685	866,973	473,372	309,636	1,034,783	75,358	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	-617,657	-543,922	-552,254	-565,561	-470,526	-416,102	-396,247	-445,204	-406,900	-380,744	-543,315	-195,726	-198,177	-179,816	-191,810	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-2,219,738	-2,671,105	-2,929,504	-2,806,611	-1,932,484	-2,119,770	-2,004,495	-1,702,003	-2,555,414	-3,585,229	-858,417	-294,028	-644,697	-1,195,675	661,919	-491,482	-635,718	-483,700	1,709,628	663,423	283,170	172,668	833,857	124,593	542,706	587,487	1,821,944	161,232	308,448	343,609	1,001,582	683,623	-	-	206,272	292,628	257,809	398,366	852,218	832,463	134,657	14,607	268,737	244,470	55,241	116,427	385,956
Other Operating Expenses	13,015	33,090	71,629	89,254	5,391	57,527	19,130	110,731	108,436	169,617	169,617	169,617	169,617	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reconciled Depreciation	1,540,753	1,602,680	1,575,786	1,886,088	1,119,713	1,284,178	1,144,334	1,413,828	1,414,111	1,447,472	1,463,582	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling General Administrative	412,434	375,520	367,592	334,258	284,130	313,266	334,755	591,557	307,121	331,691	620,398	889,845	713,530	816,865	874,365	843,602	700,636	786,539	803,021	791,468	713,824	697,269	747,164	701,302	658,780	612,507	663,491	709,084	591,642	499,990	576,641	554,998	497,101	484,853	387,945	567,881	422,722	329,111	435,953	264,523	298,833	139,191	158,319	128,794	105,396	85,374	86,248
Tax Provision	-1,578,082	-841,361	-722,046	-1,008,159	-369,291	-151,551	-212,066	318,820	-182,995	-105,734	-690,069	-20,853	78,299	-90,776	33,930	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	7,030,927	5,362,878	4,715,975	4,335,523	2,102,337	3,102,966	3,151,003	5,134,851	4,677,273	3,851,777	8,671,029	10,291,612	10,063,787	10,804,339	10,493,394	10,370,692	9,838,405	9,786,297	9,544,672	9,047,765	8,451,330	8,162,973	8,316,375	7,422,148	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Other Income Expense Net	-2,790,920	-2,349,889	204,747	692,638	-1,784,391	-693,568	-1,201,896	437,389	-561,572	1,784,875	-510,373	336,239	162,248	406,622	467,338	-89,889	-83,598	-226,367	217,558	196,744	182,223	81,693	236,914	-116,113	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Revenue	4,811,189	2,691,773	1,786,471	1,528,912	169,853	983,196	1,146,507	3,432,848	2,121,859	266,548	7,812,613	9,997,584	9,419,090	9,608,664	11,155,313	9,879,210	9,202,687	9,302,597	11,254,300	9,711,188	8,734,500	8,335,641	9,150,232	7,546,741	8,145,483	7,755,851	8,952,494	7,633,978	7,254,198	6,884,953	7,734,176	7,876,112	5,558,594	5,460,935	6,459,874	6,501,228	5,595,068	5,359,789	6,028,958	5,621,608	4,426,438	3,572,170	2,482,735	2,232,517	1,894,174	1,916,369	2,080,124

Latest Income Statement (annual, 2021-12-31)

Gross Profit (+$)
totalRevenue	3,828,468
Cost of Revenue	-11,223,276
Gross Profit	-7,394,807	-7,394,807

Operating Income (+$)
Gross Profit	-7,394,807
Operating Expense	-12,660,986
Operating Income	-8,832,518	-20,055,793

Operating Expense (+$)
Research Development	-
Selling General Administrative	1,235,567
Selling And Marketing Expenses	-
Operating Expense	12,660,986	1,235,567

Net Interest Income (+$)
Interest Income	50,397
Interest Expense	-1,786,662
Net Interest Income	-1,848,417	-1,736,266

Pretax Income (+$)
Operating Income	-8,832,518
Net Interest Income	-1,848,417
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-13,699,015	-5,814,438 EBIT - interestExpense = -10,330,605 -8,388,552 -4,860,823
Interest Expense	1,786,662
Earnings Before Interest and Taxes (ebit)	-8,543,943	-11,912,353
Earnings Before Interest and Taxes (ebitda)	-6,478,039

After tax Income (+$)
Income Before Tax	-13,699,015
Tax Provision	--1,741,067
Net Income From Continuing Ops	-11,957,948	-11,957,948
Net Income	-6,647,486
Net Income Applicable To Common Shares	-6,647,486

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	202,144
Total Other Income/Expenses Net	-3,018,080	1,848,417