Bangkok Airways Public Company Limited

Financial Health of Bangkok Airways Public Company Limited

Comparing to competitors in the Airlines industry

Industry Rankings

Richest
#46 / 92

Total Sales
#78 / 92

Making Money
#53 / 92

Working Efficiently
#90 / 92

Bangkok Airways Public Company Limited
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Let's analyse Bangkok Airways Public Company Limited

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Company's Financial Health
A deep dive into the books. How are the numbers doing? Is Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited. The closing price on 2022-11-25 was ฿12.90 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.

Bangkok Airways 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 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 Bangkok Airways Public Company Limited.

1.1. Profitability

1.1.1. Net Profit Margin

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

Above 10% is considered healthy but always compare Bangkok Airways Public Company Limited to the Airlines industry mean.
A Net Profit Margin of -11.4% means that ฿-0.11 for each ฿1 in revenue is generated as profit.

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

The MRQ is -11.4%. The company is making a huge loss. -2
The TTM is -33.2%. The company is making a huge loss. -2

Trends

Current period		Compared to		+/-
MRQ	-11.4%	TTM	-33.2%	+21.9%
TTM	-33.2%	YOY	-502.3%	+469.0%
TTM	-33.2%	5Y	-169.6%	+136.3%
5Y	-169.6%	10Y	-89.7%	-79.9%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-11.4%	-9.5%	-1.9%
TTM	-33.2%	-11.9%	-21.3%
YOY	-502.3%	-58.9%	-443.4%
5Y	-169.6%	-20.7%	-148.9%
10Y	-89.7%	-11.5%	-78.2%

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

Revenue is the amount of profit Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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, Bangkok Airways Public Company Limited makes more profit. This shows the investor how efficiently Bangkok Airways Public Company Limited is operating in general and compared to other companies in the same industry. Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is -0.11. This means that Bangkok Airways Public Company Limited earned ฿-0.11 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited with other companies in the same industry (Airlines).
Net profit margin should rise over the years.
Can be influenced when Bangkok Airways Public Company Limited sells assets (profit will increase while costs remain the same).
It won’t show what part of Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited = -392,867
Total revenue MRQ Bangkok Airways Public Company Limited = 3,453,737
฿-392,867 / ฿3,453,737 = -0.11 or -11.4%

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 Bangkok Airways Public Company Limited is using its assets to generate profit.

Above 5% is considered healthy but always compare Bangkok Airways Public Company Limited to the Airlines industry mean.
-0.6% Return on Assets means that Bangkok Airways Public Company Limited generated ฿-0.01 profit for each $1 in assets.

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

The MRQ is -0.6%. Using its assets, the company is very inefficient in making profit. -2
The TTM is -1.2%. Using its assets, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-0.6%	TTM	-1.2%	+0.5%
TTM	-1.2%	YOY	-4.6%	+3.4%
TTM	-1.2%	5Y	-1.5%	+0.3%
5Y	-1.5%	10Y	-0.6%	-0.9%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-0.6%	-1.3%	+0.7%
TTM	-1.2%	-1.1%	-0.1%
YOY	-4.6%	-2.4%	-2.2%
5Y	-1.5%	-0.6%	-0.9%
10Y	-0.6%	-0.3%	-0.3%

Shows how efficient Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is using its resources to generate profit. If the return on assets (-0.6%) from Bangkok Airways Public Company Limited are higher than the Airlines mean (-1.3%) that means Bangkok Airways 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 Bangkok Airways Public Company Limited is -0.6%. This means the company generated ฿-0.01 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited

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

Income statement
Balance sheet

Net income MRQ (income statement) from Bangkok Airways Public Company Limited = -392,867
Total assets MRQ (balance sheet) from Bangkok Airways Public Company Limited = 62,179,466
-392,867 / 62,179,466 = -0.01 or -0.6%

ROA is an important ratio as it will tell you how effectively Bangkok Airways 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 Bangkok Airways Public Company Limited is using its investors money to generate profit.

Above 15%-20% is considered healthy but always compare Bangkok Airways Public Company Limited to the Airlines industry mean.
-2.3% Return on Equity means Bangkok Airways Public Company Limited generated ฿-0.02 for each ฿1 the owners (shareholders) invested.

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

The MRQ is -2.3%. Using its investors money, the company is very inefficient in making profit. -2
The TTM is -4.2%. Using its investors money, the company is very inefficient in making profit. -2

Trends

Current period		Compared to		+/-
MRQ	-2.3%	TTM	-4.2%	+1.9%
TTM	-4.2%	YOY	-15.6%	+11.4%
TTM	-4.2%	5Y	-4.8%	+0.6%
5Y	-4.8%	10Y	-1.9%	-3.0%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-2.3%	-2.7%	+0.4%
TTM	-4.2%	-4.3%	+0.1%
YOY	-15.6%	-6.8%	-8.8%
5Y	-4.8%	-3.0%	-1.8%
10Y	-1.9%	-1.9%	+0.0%

Shows how efficient Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is -2.3%. This means Bangkok Airways Public Company Limited generated ฿-0.02 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways Public Company Limited up to 10 years back (depending if Bangkok Airways 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 Bangkok Airways Public Company Limited

You need the following data to determine ROE:

Income statement
Balance sheet
Net profit MRQ (income statement) Bangkok Airways Public Company Limited = -392,867
Shareholders equity (balance sheet) MRQ Bangkok Airways Public Company Limited = 16,855,410
-392,867 / 16,855,410 = -0.02 or -2.3%

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 Bangkok Airways Public Company Limited.

1.2. Operating Efficiency

1.2.1. Operating Margin

Measures how efficient Bangkok Airways Public Company Limited is operating .

Measures how much profit Bangkok Airways 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 Bangkok Airways Public Company Limited to the Airlines industry mean.
An Operating Margin of -6.8% means the company generated ฿-0.07 for each ฿1 in revenue (before taxes).

Let's take a look of the Operating Margin trends of Bangkok Airways Public Company Limited:

The MRQ is -6.8%. The company is operating very inefficient. -2
The TTM is -44.9%. The company is operating very inefficient. -2

Trends

Current period		Compared to		+/-
MRQ	-6.8%	TTM	-44.9%	+38.1%
TTM	-44.9%	YOY	-140.0%	+95.1%
TTM	-44.9%	5Y	-80.0%	+35.1%
5Y	-80.0%	10Y	-43.3%	-36.7%

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-6.8%	-3.3%	-3.5%
TTM	-44.9%	-8.7%	-36.2%
YOY	-140.0%	-40.5%	-99.5%
5Y	-80.0%	-16.0%	-64.0%
10Y	-43.3%	-9.1%	-34.2%

Measures how efficient Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is -6.8%. This means that Bangkok Airways Public Company Limited earned ฿-0.07 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited

You need the following data to determine operating margin:

Income statement
Operating earnings MRQ Bangkok Airways Public Company Limited = -234,928
Total revenue MRQ Bangkok Airways Public Company Limited = 3,453,737
฿-234,928 / ฿3,453,737 = -0.07 or -6.8%

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 Bangkok Airways Public Company Limited is keeping operating costs low.

Below 1 is considered healthy (always compare to Airlines industry mean).
An Operation Ratio of 2.03 means that the operating costs are ฿2.03 for each ฿1 in net sales.

Let's take a look of the Operating Ratio trends of Bangkok Airways Public Company Limited:

The MRQ is 2.025. The company is inefficient in keeping operating costs low. -1
The TTM is 2.555. The company is inefficient in keeping operating costs low. -1

Trends

Current period		Compared to		+/-
MRQ	2.025	TTM	2.555	-0.530
TTM	2.555	YOY	5.206	-2.651
TTM	2.555	5Y	3.580	-1.024
5Y	3.580	10Y	2.385	+1.194

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	2.025	1.796	+0.229
TTM	2.555	1.901	+0.654
YOY	5.206	2.126	+3.080
5Y	3.580	1.832	+1.748
10Y	2.385	1.462	+0.923

Measures how efficient Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is 202.5%. This means that Bangkok Airways Public Company Limited earned ฿2.03 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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
(3,306,707 +3,688,665) \ 3,453,737 = 2.03

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 Bangkok Airways Public Company Limited.

1.3. Liquidity

1.3.1. Current Ratio

Measures if Bangkok Airways 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 0.96 means the company has ฿0.96 in assets for each ฿1 in short-term debts.

Let's take a look of the Current Ratio trends of Bangkok Airways Public Company Limited:

The MRQ is 0.958. The company is just not able to pay all its short-term debts. -1
The TTM is 0.453. The company is unable to pay all its short-term debts. -2

Trends

Current period		Compared to		+/-
MRQ	0.958	TTM	0.453	+0.504
TTM	0.453	YOY	0.239	+0.215
TTM	0.453	5Y	0.916	-0.463
5Y	0.916	10Y	0.695	+0.221

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	0.958	0.787	+0.171
TTM	0.453	0.749	-0.296
YOY	0.239	0.621	-0.382
5Y	0.916	0.751	+0.165
10Y	0.695	0.647	+0.048

Measures if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is 0.96. This means Bangkok Airways Public Company Limited has ฿0.96 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited

You need the following data to determine operating ratio:

Balance sheet
Current ratio = current assets \ current liabilities
7,354,162 \ 7,679,818) = 0.96

The current ratio measures if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited to the Airlines industry mean.
A Quick Ratio of 0.50 means the company can pay off ฿0.50 for each ฿1 in debt (using most liquid assets).

Let's take a look of the Quick Ratio trends of Bangkok Airways Public Company Limited:

The MRQ is 0.501. The company is just not able to pay all its short-term debts with the most liquid assets. -1
The TTM is 0.163. 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	0.501	TTM	0.163	+0.338
TTM	0.163	YOY	0.030	+0.134
TTM	0.163	5Y	0.421	-0.258
5Y	0.421	10Y	0.425	-0.004

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	0.501	0.320	+0.181
TTM	0.163	0.286	-0.123
YOY	0.030	0.218	-0.188
5Y	0.421	0.297	+0.124
10Y	0.425	0.289	+0.136

Measures if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited can pay off its short term debts. This shows if Bangkok Airways 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 Bangkok Airways Public Company Limited is 0.50. This means that Bangkok Airways Public Company Limited can pay off ฿0.50 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited: ( + 3,055,350 +794,499) / 7,679,818 = 0.50

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 Bangkok Airways Public Company Limited.

1.3. Liquidity

1.4.1. Debt to Asset Ratio

Measures how much % of Bangkok Airways Public Company Limited assets are financed with debt.

Below 1 (100%) is considered healthy but always compare Bangkok Airways Public Company Limited to Airlines industry mean.
A Debt to Asset Ratio of 0.73 means that Bangkok Airways Public Company Limited assets are financed with 73.0% credit (debt) and the remaining percentage (100% - 73.0%) is financed by its owners/shareholders.

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

The MRQ is 0.730. The company is able to pay all its debts by selling its assets. +1
The TTM is 0.727. The company is able to pay all its debts by selling its assets. +1

Trends

Current period		Compared to		+/-
MRQ	0.730	TTM	0.727	+0.003
TTM	0.727	YOY	0.637	+0.090
TTM	0.727	5Y	0.589	+0.138
5Y	0.589	10Y	0.544	+0.045

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	0.730	0.866	-0.136
TTM	0.727	0.853	-0.126
YOY	0.637	0.813	-0.176
5Y	0.589	0.787	-0.198
10Y	0.544	0.765	-0.221

Measures how much % of Bangkok Airways Public Company Limited assets are financed with debt.

When there are more debts than assets, that means creditors have a larger stake Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is 0.73. This means means that Bangkok Airways Public Company Limited is financed with 73.0% 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited

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

Balance sheet
Debt to asset ratio = total debt \ total assets
45,374,509 \ 62,179,466 = 73.0% or 0.73.

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 Bangkok Airways Public Company Limited is able to pay off its debts by using shareholders equity.

Below 2 is considered healthy but always compare Bangkok Airways Public Company Limited to the Airlines industry mean.
A Debt to Equity ratio of 269.2% means that company has ฿2.69 debt for each ฿1 in shareholders equity.

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

The MRQ is 2.692. The company is unable to pay all its debts with equity. -1
The TTM is 2.659. The company is unable to pay all its debts with equity. -1

Trends

Current period		Compared to		+/-
MRQ	2.692	TTM	2.659	+0.033
TTM	2.659	YOY	1.824	+0.835
TTM	2.659	5Y	1.585	+1.074
5Y	1.585	10Y	1.394	+0.192

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	2.692	4.295	-1.603
TTM	2.659	4.579	-1.920
YOY	1.824	3.561	-1.737
5Y	1.585	3.819	-2.234
10Y	1.394	3.737	-2.343

Measures if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is 2.69. This means that Bangkok Airways Public Company Limited can pay off ฿2.69 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited

You need the following data to determine equity ratio:

Balance sheet
Debt to equity ratio = total debt \ shareholders equity
45,374,509 \ 16,855,410 = 2.69 or 269.2%

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 Bangkok Airways 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 Bangkok Airways Public Company Limited generates.

Above 15 is considered overpriced but always compare Bangkok Airways Public Company Limited to the Airlines industry mean.
A PE ratio of -64.68 means the investor is paying ฿-64.68 for every ฿1 in earnings.

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

The EOD is -68.955. Company is losing money. -2
The MRQ is -64.678. Company is losing money. -2
The TTM is -64.371. Company is losing money. -2

Trends

Current period		Compared to		+/-
EOD	-68.955	MRQ	-64.678	-4.276
MRQ	-64.678	TTM	-64.371	-0.307
TTM	-64.371	YOY	-23.326	-41.045
TTM	-64.371	5Y	24.037	-88.408
5Y	24.037	10Y	50.003	-25.966

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
EOD	-68.955	-2.229	-66.726
MRQ	-64.678	-2.595	-62.083
TTM	-64.371	-6.597	-57.774
YOY	-23.326	-6.845	-16.481
5Y	24.037	0.470	+23.567
10Y	50.003	0.705	+49.298

Measures how much money you pay for each share for every ฿1 in earnings Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways Public Company Limited is -64.68. This means the investor is paying ฿-64.68 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 Bangkok Airways Public Company Limited is performing over time. The most recent quarter might be important if Bangkok Airways 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 Bangkok Airways 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 Bangkok Airways 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
-392,867 \ 2,100,000 = EPS
PE ratio MRQ = -64.68

* 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 Bangkok Airways 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 Bangkok Airways Public Company Limited:

The MRQ is -55.890. Very Bad. -2
The TTM is -41.805. Very Bad. -2

Trends

Current period		Compared to		+/-
MRQ	-55.890	TTM	-41.805	-14.086
TTM	-41.805	YOY	-82.356	+40.551
TTM	-41.805	5Y	-8.361	-33.444
5Y	-8.361	10Y	5.199	-13.560

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
MRQ	-55.890	0.065	-55.955
TTM	-41.805	0.055	-41.860
YOY	-82.356	-0.012	-82.344
5Y	-8.361	0.042	-8.403
10Y	5.199	0.046	+5.153

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 Bangkok Airways 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 1.51 means the investor is paying ฿1.51 for each ฿1 in book value.

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

The EOD is 1.612. Good. +1
The MRQ is 1.512. Good. +1
The TTM is 1.568. Good. +1

Trends

Current period		Compared to		+/-
EOD	1.612	MRQ	1.512	+0.100
MRQ	1.512	TTM	1.568	-0.056
TTM	1.568	YOY	1.123	+0.445
TTM	1.568	5Y	0.981	+0.587
5Y	0.981	10Y	1.024	-0.043

Compared to industry (Airlines)

Period	Company	Industry (mean)	+/-
EOD	1.612	1.633	-0.021
MRQ	1.512	1.821	-0.309
TTM	1.568	1.849	-0.281
YOY	1.123	1.331	-0.208
5Y	0.981	1.477	-0.496
10Y	1.024	1.338	-0.314

2. Total Gains per Share

3. Summary

3.1. Key Performance Indicators

The key performance indicators of Bangkok Airways 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	-	-	1.556	0.446	+249%	-0.688	+144%	-0.232	+115%	0.216	+619%
Book Value Growth	-	-	0.977	0.974	+0%	0.969	+1%	0.971	+1%	0.973	+0%
Book Value Per Share	-	-	8.002	6.866	+17%	8.649	-7%	11.226	-29%	11.190	-28%
Book Value Per Share Growth	-	-	0.194	0.057	+243%	-0.120	+162%	-0.034	+117%	0.038	+409%
Current Ratio	-	-	0.958	0.453	+111%	0.239	+301%	0.916	+5%	0.695	+38%
Debt To Asset Ratio	-	-	0.730	0.727	+0%	0.637	+15%	0.589	+24%	0.544	+34%
Debt To Equity Ratio	-	-	2.692	2.659	+1%	1.824	+48%	1.585	+70%	1.394	+93%
Dividend Per Share	-	-	0.000	0.000	-53%	0.000	-28%	0.076	-100%	0.203	-100%
Dividend Per Share Growth	-	-	-1.500	-0.275	-82%	-5.377	+258%	-245.470	+16265%	-154.441	+10196%
Eps	-	-	-0.187	-0.286	+53%	-1.049	+461%	-0.347	+85%	-0.123	-34%
Eps Growth	-	-	1.157	12.210	-91%	0.410	+182%	2.774	-58%	1.266	-9%
Gross Profit Margin	-	-	1.000	1.000	0%	1.000	0%	1.000	0%	0.892	+12%
Net Profit Margin	-	-	-0.114	-0.332	+192%	-5.023	+4316%	-1.696	+1391%	-0.897	+688%
Operating Margin	-	-	-0.068	-0.449	+561%	-1.400	+1958%	-0.800	+1076%	-0.433	+536%
Operating Ratio	-	-	2.025	2.555	-21%	5.206	-61%	3.580	-43%	2.385	-15%
Pb Ratio	1.612	+6%	1.512	1.568	-4%	1.123	+35%	0.981	+54%	1.024	+48%
Pe Ratio	-68.955	-7%	-64.678	-64.371	0%	-23.326	-64%	24.037	-369%	50.003	-229%
Peg Ratio	-	-	-55.890	-41.805	-25%	-82.356	+47%	-8.361	-85%	5.199	-1175%
Price Per Share	12.900	+6%	12.100	10.738	+13%	9.175	+32%	10.109	+20%	12.429	-3%
Price To Total Gains Ratio	8.291	+6%	7.777	46.140	-83%	56.574	-86%	42.036	-81%	266.141	-97%
Profit Growth	-	-	-93.960	-63.012	-33%	-96.053	+2%	-31.113	-67%	-2.568	-97%
Quick Ratio	-	-	0.501	0.163	+207%	0.030	+1579%	0.421	+19%	0.425	+18%
Return On Assets	-	-	-0.006	-0.012	+84%	-0.046	+622%	-0.015	+131%	-0.006	-11%
Return On Equity	-	-	-0.023	-0.042	+80%	-0.156	+571%	-0.048	+108%	-0.019	-19%
Revenue Growth	-	-	0.983	0.983	0%	0.966	+2%	0.947	+4%	0.958	+3%
Total Gains Per Share	-	-	1.556	0.446	+249%	-0.688	+144%	-0.156	+110%	0.419	+271%
Total Gains Per Share Growth	-	-	1.193	17.049	-93%	-0.096	+108%	4.247	-72%	-15.400	+1391%
Usd Book Value	-	-	470538796.000	403703383.839	+17%	508559395.183	-7%	660074474.710	-29%	659792762.697	-29%
Usd Book Value Change Per Share	-	-	0.044	0.012	+249%	-0.019	+144%	-0.007	+115%	0.006	+619%
Usd Book Value Per Share	-	-	0.224	0.192	+17%	0.242	-7%	0.314	-29%	0.313	-28%
Usd Dividend Per Share	-	-	0.000	0.000	-53%	0.000	-28%	0.002	-100%	0.006	-100%
Usd Eps	-	-	-0.005	-0.008	+53%	-0.029	+461%	-0.010	+85%	-0.003	-34%
Usd Price Per Share	0.361	+6%	0.339	0.301	+13%	0.257	+32%	0.283	+20%	0.348	-3%
Usd Profit	-	-	-11000276.000	-16812329.016	+53%	-61664062.565	+461%	-20388012.385	+85%	-7254204.490	-34%
Usd Revenue	-	-	96704636.000	57096092.277	+69%	18903601.458	+412%	104682273.707	-8%	134099327.636	-28%
Usd Total Gains Per Share	-	-	0.044	0.012	+249%	-0.019	+144%	-0.004	+110%	0.012	+271%
	EOD	+3 -2	MRQ	TTM	+24 -11	YOY	+24 -11	5Y	+21 -14	10Y	+18 -18

3.2. Fundamental Score

Let's check the fundamental score of Bangkok Airways 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	-68.955
Price to Book Ratio (EOD)	Between	0-1	1.612
Net Profit Margin (MRQ)	Greater than	0	-0.114
Operating Margin (MRQ)	Greater than	0	-0.068
Quick Ratio (MRQ)	Greater than	1	0.501
Current Ratio (MRQ)	Greater than	1	0.958
Debt to Asset Ratio (MRQ)	Less than	1	0.730
Debt to Equity Ratio (MRQ)	Less than	1	2.692
Return on Equity (MRQ)	Greater than	0.15	-0.023
Return on Assets (MRQ)	Greater than	0.05	-0.006
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 Bangkok Airways Public Company Limited based on Penke's default Symbol scanner.

Penke's Symbol Scanner

Indicator	Condition		Value
Rsi	Greater than	50	48.597
Ma 20	Greater than	Ma 50	13.335
Ma 50	Greater than	Ma 100	12.572
Ma 100	Greater than	Ma 200	11.453
Open	Greater than	Close	12.900
Total			3/5 (60.0%)

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

Reversals in quarterly reports

I have detected a reversal (positive to negative, negative to positive) in the following values of the quarterly reports.

		2021-09-30		2021-12-31		2022-03-31		2022-06-30		2022-09-30
Gross Profit		-999,246	338,022	-661,224	97,396	-563,828	246,331	-317,497	464,527	147,030

Latest Balance Sheet

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

Summary

Total Assets	62,179,466
Total Liabilities	45,374,509
Total Stockholder Equity	16,855,410

	As reported
Total Liabilities	45,374,509
Total Stockholder Equity	+ 16,855,410
Total Assets	= 62,179,466

Assets

Total Assets	62,179,466
Total Current Assets	7,354,162
Long-term Assets	7,354,162

Total Current Assets

Total Current Assets (as reported)	7,354,162
Cash And Cash Equivalents	2,879,077
Short-term Investments	3,055,350
Net Receivables	794,499
Inventory	441,910
Total Current Assets (calculated)	7,170,836
+/-	183,326

Long-term Assets

Long-term Assets (as reported)	54,825,304
Property Plant Equipment	14,177,622
Long Term Investments	37,684,302
Other Assets	2,290,422
Long-term Assets (calculated)	54,152,346
+/-	672,958

Liabilities & Shareholders' Equity

Total Current Liabilities	7,679,818
Long-term Liabilities	37,694,691
Total Stockholder Equity	16,855,410

Total Current Liabilities

Total Current Liabilities (as reported)	7,679,818
Short Long Term Debt	1,046,434
Accounts payable	1,319,035
Other Current Liabilities	3,501,047
Total Current Liabilities (calculated)	5,866,516
+/-	1,813,302

Long-term Liabilities

Long-term Liabilities (as reported)	37,694,691
Long term Debt	28,378,380
Capital Lease Obligations Min Short Term Debt	4,460,222
Other Liabilities	6,645,529
Long-term Liabilities Other	12,770
Long-term Liabilities (calculated)	39,496,901
+/-	1,802,210

Total Stockholder Equity

Total Stockholder Equity (as reported)	16,855,410
Common Stock	2,100,000
Other Stockholders Equity	21,719,226
Total Stockholder Equity (calculated)	23,819,226
+/-	6,963,816

Other

Capital Stock	2,100,000
Common Stock Shares Outstanding	2,100,000
Net Debt	26,545,737
Net Invested Capital	46,280,224
Net Tangible Assets	16,541,607
Net Working Capital	-325,656

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

2015-09-30

2015-06-30

2015-03-31

2014-12-31

2014-09-30

2014-06-30

2014-03-31

2013-12-31

2013-03-31

2012-12-31

2011-12-31

> Total Assets

27,509,642
32,160,475
0
30,393,050
31,283,059
34,178,211
37,236,901
48,578,889
52,576,922
51,832,341
51,787,708
57,012,558
60,484,716
60,592,722
58,134,300
60,288,677
57,992,945
55,182,682
57,353,076
57,941,586
61,107,587
61,310,353
61,922,251
62,067,015
61,948,913
62,836,667
60,928,654
61,907,728
57,355,956
56,763,303
52,029,856
50,601,576
50,252,731
50,987,814
47,681,214
48,939,099
50,231,318
50,144,217
62,179,466

62,179,466

50,144,217

50,231,318

48,939,099

47,681,214

50,987,814

50,252,731

50,601,576

52,029,856

56,763,303

57,355,956

61,907,728

60,928,654

62,836,667

61,948,913

62,067,015

61,922,251

61,310,353

61,107,587

57,941,586

57,353,076

55,182,682

57,992,945

60,288,677

58,134,300

60,592,722

60,484,716

57,012,558

51,787,708

51,832,341

52,576,922

48,578,889

37,236,901

34,178,211

31,283,059

30,393,050

32,160,475

27,509,642

> Total Current Assets

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
14,192,155
13,630,439
11,848,119
12,228,709
14,380,578
14,771,382
11,376,024
11,367,357
11,429,834
10,877,382
10,688,549
10,757,959
12,589,464
10,400,245
5,034,662
4,267,900
3,256,784
2,434,421
2,177,121
2,140,195
3,105,720
2,925,441
3,011,375
7,354,162

7,354,162

3,011,375

2,925,441

3,105,720

2,140,195

2,177,121

2,434,421

3,256,784

4,267,900

5,034,662

10,400,245

12,589,464

10,757,959

10,688,549

10,877,382

11,429,834

11,367,357

11,376,024

14,771,382

14,380,578

12,228,709

11,848,119

13,630,439

14,192,155

Cash And Cash Equivalents

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,051,364
4,401,823
3,948,213
3,796,198
3,544,885
4,699,950
3,953,384
4,496,545
4,347,738
4,793,012
4,609,527
5,362,245
5,273,124
4,545,083
2,897,251
3,070,850
2,181,117
1,520,696
1,253,153
1,105,003
2,125,935
1,866,378
1,745,348
2,879,077

2,879,077

1,745,348

1,866,378

2,125,935

1,105,003

1,253,153

1,520,696

2,181,117

3,070,850

2,897,251

4,545,083

5,273,124

5,362,245

4,609,527

4,793,012

4,347,738

4,496,545

3,953,384

4,699,950

3,544,885

3,796,198

3,948,213

4,401,823

3,051,364

Short-term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
7,618,489
6,200,000
5,000,000
5,000,000
6,451,000
6,404,000
4,200,000
3,390,000
3,300,000
2,851,000
3,297,000
2,440,000
4,046,142
2,936,159
200,000
0
0
0
0
0
0
0
0
3,055,350

3,055,350

200,000

2,936,159

4,046,142

2,440,000

3,297,000

2,851,000

3,300,000

3,390,000

4,200,000

6,404,000

6,451,000

5,000,000

6,200,000

7,618,489

Net Receivables

1,810,929
3,278,825
0
1,677,029
1,586,960
1,139,353
1,412,979
1,705,461
1,631,662
1,559,417
1,559,134
1,847,144
1,720,196
1,455,400
1,631,860
2,637,517
1,575,671
1,402,729
1,466,630
3,406,148
2,621,380
2,016,115
2,362,443
2,763,795
1,634,082
1,243,823
1,275,258
2,393,179
2,142,102
1,135,261
463,375
416,264
295,659
253,170
316,431
386,889
498,466
619,958
794,499

794,499

619,958

498,466

386,889

316,431

253,170

295,659

416,264

463,375

1,135,261

2,142,102

2,393,179

1,275,258

1,243,823

1,634,082

2,763,795

2,362,443

2,016,115

2,621,380

3,406,148

1,466,630

1,402,729

1,575,671

2,637,517

1,631,860

1,455,400

1,720,196

1,847,144

1,559,134

1,559,417

1,631,662

1,705,461

1,412,979

1,139,353

1,586,960

1,677,029

3,278,825

1,810,929

Inventory

187,018
230,641
0
228,418
233,056
242,107
243,069
271,886
255,165
257,625
265,464
306,328
314,272
320,448
332,478
368,691
400,173
434,222
459,891
478,822
501,313
531,695
526,796
541,645
517,544
511,121
492,540
509,699
502,898
498,344
479,283
476,618
455,355
450,440
439,127
438,485
428,421
435,207
441,910

441,910

435,207

428,421

438,485

439,127

450,440

455,355

476,618

479,283

498,344

502,898

509,699

492,540

511,121

517,544

541,645

526,796

531,695

501,313

478,822

459,891

434,222

400,173

368,691

332,478

320,448

314,272

306,328

265,464

257,625

255,165

271,886

243,069

242,107

233,056

228,418

230,641

187,018

> 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
51,071,531
52,148,118
50,170,695
49,318,265
46,955,711
51,728,641
47,761,956
47,344,792
47,818,310
48,810,693
45,541,019
45,833,379
47,305,877
47,132,842
54,825,304

54,825,304

47,132,842

47,305,877

45,833,379

45,541,019

48,810,693

47,818,310

47,344,792

47,761,956

51,728,641

46,955,711

49,318,265

50,170,695

52,148,118

51,071,531

Property Plant Equipment

7,148,147
6,379,412
0
6,338,847
6,409,408
6,385,623
6,482,498
7,033,543
7,647,352
7,626,240
8,372,841
9,559,003
10,354,637
11,188,864
11,745,370
12,793,449
12,817,877
14,386,538
14,496,376
14,502,886
14,350,618
14,263,101
14,254,025
15,520,191
15,790,497
15,891,666
15,690,407
15,608,165
20,550,262
20,011,638
19,353,252
17,539,367
16,928,620
16,380,681
15,866,182
15,893,643
15,256,273
14,741,207
14,177,622

14,177,622

14,741,207

15,256,273

15,893,643

15,866,182

16,380,681

16,928,620

17,539,367

19,353,252

20,011,638

20,550,262

15,608,165

15,690,407

15,891,666

15,790,497

15,520,191

14,254,025

14,263,101

14,350,618

14,502,886

14,496,376

14,386,538

12,817,877

12,793,449

11,745,370

11,188,864

10,354,637

9,559,003

8,372,841

7,626,240

7,647,352

7,033,543

6,482,498

6,385,623

6,409,408

6,338,847

6,379,412

7,148,147

Goodwill

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
26,248
26,248
26,248
26,248
26,248
26,248
26,248
0
0
0
0
0
0
0
0
0

26,248

Long Term Investments

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
25,089,447
23,769,878
21,848,898
23,155,117
21,500,727
23,731,633
26,794,235
33,362,187
32,283,117
33,413,277
34,488,976
32,699,429
31,970,775
24,682,737
29,274,039
26,813,534
28,301,775
29,388,775
30,949,063
28,003,156
28,175,379
30,243,399
30,494,925
37,684,302

37,684,302

30,494,925

30,243,399

28,175,379

28,003,156

30,949,063

29,388,775

28,301,775

26,813,534

29,274,039

24,682,737

31,970,775

32,699,429

34,488,976

33,413,277

32,283,117

33,362,187

26,794,235

23,731,633

21,500,727

23,155,117

21,848,898

23,769,878

25,089,447

Intangible Assets

760,129
760,548
0
775,737
823,076
825,600
815,566
829,060
845,249
783,406
776,912
758,633
742,718
725,499
719,671
708,350
696,712
679,224
680,182
662,763
645,085
625,800
610,016
596,975
574,767
524,455
529,962
557,709
539,293
527,299
501,657
482,761
0
0
0
382,497
0
0
0

382,497

482,761

501,657

527,299

539,293

557,709

529,962

524,455

574,767

596,975

610,016

625,800

645,085

662,763

680,182

679,224

696,712

708,350

719,671

725,499

742,718

758,633

776,912

783,406

845,249

829,060

815,566

825,600

823,076

775,737

760,548

760,129

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
195,559
194,629
222,172
5,965
177,665
1,017,799
218,502
-142,504
230,629
238,653
515,561
24,297
494,464
503,698
1,377,522

1,377,522

503,698

494,464

24,297

515,561

238,653

230,629

-142,504

218,502

1,017,799

177,665

5,965

222,172

194,629

195,559

> Total Liabilities

19,428,110
19,013,709
0
23,201,338
22,108,641
22,072,340
23,333,024
23,146,911
23,691,473
23,361,347
24,318,257
25,916,896
26,745,623
27,423,493
26,886,651
28,300,127
27,187,137
27,888,920
28,939,339
29,555,996
29,667,780
29,627,583
29,831,371
31,288,868
30,588,347
31,496,995
31,026,018
31,903,236
35,013,526
33,763,974
33,197,662
30,995,983
30,544,172
30,705,829
34,626,009
35,777,164
36,063,966
36,606,549
45,374,509

45,374,509

36,606,549

36,063,966

35,777,164

34,626,009

30,705,829

30,544,172

30,995,983

33,197,662

33,763,974

35,013,526

31,903,236

31,026,018

31,496,995

30,588,347

31,288,868

29,831,371

29,627,583

29,667,780

29,555,996

28,939,339

27,888,920

27,187,137

28,300,127

26,886,651

27,423,493

26,745,623

25,916,896

24,318,257

23,361,347

23,691,473

23,146,911

23,333,024

22,072,340

22,108,641

23,201,338

19,013,709

19,428,110

> Total Current Liabilities

6,535,918
7,693,085
0
7,594,079
6,546,737
5,968,597
6,931,686
6,734,461
6,092,121
5,850,224
6,499,065
6,525,060
6,681,055
6,770,675
6,316,340
7,327,626
6,719,942
6,669,980
7,388,811
8,315,429
7,973,953
7,496,279
7,751,223
8,340,204
7,816,207
7,738,716
7,849,927
9,256,552
10,241,484
8,748,779
8,254,095
10,677,430
8,653,052
8,296,396
20,121,372
23,803,474
7,738,578
8,676,846
7,679,818

7,679,818

8,676,846

7,738,578

23,803,474

20,121,372

8,296,396

8,653,052

10,677,430

8,254,095

8,748,779

10,241,484

9,256,552

7,849,927

7,738,716

7,816,207

8,340,204

7,751,223

7,496,279

7,973,953

8,315,429

7,388,811

6,669,980

6,719,942

7,327,626

6,316,340

6,770,675

6,681,055

6,525,060

6,499,065

5,850,224

6,092,121

6,734,461

6,931,686

5,968,597

6,546,737

7,594,079

7,693,085

6,535,918

Short-term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,524,912
15,491,205
16,595,808
144,500
82,300
174,900
134,044
141,104
248,608
285,865
368,194
393,396
632,931
0
0
0
0
0
0
0
0
0
0
0

632,931

393,396

368,194

285,865

248,608

141,104

134,044

174,900

82,300

144,500

16,595,808

15,491,205

15,524,912

Short Long Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
15,524,912
15,491,205
16,595,808
144,500
82,300
174,900
134,044
141,104
248,608
285,865
368,194
393,396
632,931
663,448
1,192,501
1,579,597
2,021,856
2,906,326
3,069,726
15,709,778
17,533,970
2,589,178
2,763,625
1,046,434

1,046,434

2,763,625

2,589,178

17,533,970

15,709,778

3,069,726

2,906,326

2,021,856

1,579,597

1,192,501

663,448

632,931

393,396

368,194

285,865

248,608

141,104

134,044

174,900

82,300

144,500

16,595,808

15,491,205

15,524,912

Accounts payable

1,276,515
1,289,709
0
1,575,829
1,560,648
1,443,552
1,778,309
1,685,840
1,618,467
1,687,287
1,622,869
1,636,928
1,967,652
1,437,155
1,560,910
2,093,504
1,817,345
1,641,330
1,972,436
2,113,149
2,097,183
1,808,413
1,998,307
2,129,920
2,072,181
1,664,568
1,923,511
2,021,804
1,190,547
799,888
522,749
627,658
464,170
522,148
473,890
595,661
884,526
1,074,345
1,319,035

1,319,035

1,074,345

884,526

595,661

473,890

522,148

464,170

627,658

522,749

799,888

1,190,547

2,021,804

1,923,511

1,664,568

2,072,181

2,129,920

1,998,307

1,808,413

2,097,183

2,113,149

1,972,436

1,641,330

1,817,345

2,093,504

1,560,910

1,437,155

1,967,652

1,636,928

1,622,869

1,687,287

1,618,467

1,685,840

1,778,309

1,443,552

1,560,648

1,575,829

1,289,709

1,276,515

Other Current Liabilities

2,830,495
3,275,841
0
3,910,378
3,426,481
3,225,432
3,358,225
3,929,633
3,544,137
3,507,791
4,208,267
4,388,096
4,168,746
4,811,561
4,175,433
4,768,853
4,356,436
4,521,234
4,812,914
5,619,174
5,171,160
3,647,848
3,634,014
3,940,090
1,460,022
1,523,305
1,657,366
4,636,121
4,897,646
3,221,844
2,999,615
2,654,567
2,044,583
1,685,375
1,065,493
1,151,005
2,302,835
2,951,413
3,501,047

3,501,047

2,951,413

2,302,835

1,151,005

1,065,493

1,685,375

2,044,583

2,654,567

2,999,615

3,221,844

4,897,646

4,636,121

1,657,366

1,523,305

1,460,022

3,940,090

3,634,014

3,647,848

5,171,160

5,619,174

4,812,914

4,521,234

4,356,436

4,768,853

4,175,433

4,811,561

4,168,746

4,388,096

4,208,267

3,507,791

3,544,137

3,929,633

3,358,225

3,225,432

3,426,481

3,910,378

3,275,841

2,830,495

> 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
22,772,140
23,758,279
23,176,091
22,646,684
24,772,042
25,015,195
24,943,567
20,318,553
21,891,120
22,409,433
14,504,637
11,973,690
28,325,388
27,929,703
37,694,691

37,694,691

27,929,703

28,325,388

11,973,690

14,504,637

22,409,433

21,891,120

20,318,553

24,943,567

25,015,195

24,772,042

22,646,684

23,176,091

23,758,279

22,772,140

Capital Lease Obligations Min Short Term Debt

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
-15,524,912
-15,491,205
-16,595,808
-144,500
-82,300
-174,900
-134,044
-141,104
-248,608
14,829,891
14,535,194
14,393,446
14,024,407
19,924,316
19,036,241
18,730,944
17,270,349
16,146,037
15,965,868
5,957,709
5,358,151
4,824,624
4,612,490
4,460,222

4,460,222

4,612,490

4,824,624

5,358,151

5,957,709

15,965,868

16,146,037

17,270,349

18,730,944

19,036,241

19,924,316

14,024,407

14,393,446

14,535,194

14,829,891

-248,608

-141,104

-134,044

-174,900

-82,300

-144,500

-16,595,808

-15,491,205

-15,524,912

Long-term Liabilities 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
59,615
57,676
57,121
62,318
23,269
19,215
18,220
13,633
12,614
12,563
12,478
140,418
78,534
76,417
12,770

12,770

76,417

78,534

140,418

12,478

12,563

12,614

13,633

18,220

19,215

23,269

62,318

57,121

57,676

59,615

> Total Stockholder Equity

7,955,479
12,946,710
7,719,505
7,080,221
9,050,579
11,977,480
13,770,160
25,308,918
28,745,666
28,320,485
27,306,768
30,956,482
33,578,239
32,992,668
31,132,745
31,912,648
30,713,247
27,189,541
28,294,424
28,313,039
31,358,415
31,610,024
32,023,977
30,710,805
31,288,602
31,283,621
29,839,460
29,947,945
22,285,597
22,961,830
18,810,649
19,591,308
19,704,821
20,290,217
13,073,754
13,198,323
14,209,692
13,585,003
16,855,410

16,855,410

13,585,003

14,209,692

13,198,323

13,073,754

20,290,217

19,704,821

19,591,308

18,810,649

22,961,830

22,285,597

29,947,945

29,839,460

31,283,621

31,288,602

30,710,805

32,023,977

31,610,024

31,358,415

28,313,039

28,294,424

27,189,541

30,713,247

31,912,648

31,132,745

32,992,668

33,578,239

30,956,482

27,306,768

28,320,485

28,745,666

25,308,918

13,770,160

11,977,480

9,050,579

7,080,221

7,719,505

12,946,710

7,955,479

Common Stock

1,200,000
1,212,500
0
1,580,000
1,580,000
1,580,000
1,580,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000
2,100,000

2,100,000

1,580,000

1,212,500

1,200,000

Retained Earnings Total Equity

Accumulated Other Comprehensive Income

Capital Surplus

Treasury Stock

-58,262

Other Stockholders Equity

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19,829,508
18,081,738
16,141,644
17,403,810
16,445,361
18,780,279
19,744,811
20,180,727
19,625,486
19,824,860
20,678,583
19,176,377
18,723,764
11,695,427
15,346,479
12,764,411
14,053,247
14,912,341
16,183,706
15,944,152
16,165,901
17,833,134
18,055,952
21,719,226

21,719,226

18,055,952

17,833,134

16,165,901

15,944,152

16,183,706

14,912,341

14,053,247

12,764,411

15,346,479

11,695,427

18,723,764

19,176,377

20,678,583

19,824,860

19,625,486

20,180,727

19,744,811

18,780,279

16,445,361

17,403,810

16,141,644

18,081,738

19,829,508

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
Accounts Payable	595,661	627,658	2,021,804	2,129,920	2,113,149	2,093,504	1,636,928	1,685,840	1,575,829	1,289,709	1,276,515
Capital Lease Obligations	5,358,151	17,270,349	14,657,338	15,342,009	15,794,764	15,404,752	-	-	-	-	-
Capital Stock	2,100,000	2,100,000	2,100,000	2,100,000	-	-	-	-	-	-	-
Cash	2,125,935	2,181,117	5,273,124	4,347,738	3,544,885	10,669,853	4,627,981	2,175,125	2,552,859	3,665,652	-
Common Stock	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	1,580,000	1,212,500	1,200,000
Common Stock Shares Outstanding	2,062,166	2,060,000	2,060,000	2,070,300	2,100,000	-	-	-	-	-	-
Good Will	-	0	26,248	26,248	-	-	-	-	-	-	-
Intangible Assets	382,497	482,761	557,709	596,975	662,763	708,349	758,633	829,060	775,737	760,548	760,129
Inventory	438,485	476,618	509,699	541,645	478,821	368,691	306,328	271,886	228,418	230,641	187,017
Long Term Debt	4,540,079	2,046,396	2,400,692	1,968,795	691,928	37,640	229,160	12,298,822	12,770,405	11,154,495	12,760,891
Long Term Investments	28,175,379	28,301,775	31,970,775	33,172,117	27,268,727	31,368,447	15,280,510	11,624,833	3,987,653	-	-
Net Debt	19,948,114	1,887,135	-	-	-	-	-	-	-	-	-
Net Invested Capital	35,272,373	23,659,560	32,981,568	32,963,354	29,117,267	-	-	-	-	-	-
Net Receivables	386,889	416,264	2,393,179	2,763,795	3,406,148	2,637,517	1,847,144	1,705,461	1,677,029	3,278,825	1,810,929
Net Tangible Assets	12,815,826	19,108,547	29,331,996	30,087,583	27,650,276	31,204,299	30,197,849	24,479,858	6,304,484	-	-
Net Working Capital	-20,697,754	-7,420,646	3,332,912	3,089,630	6,065,149	-	-	-	-	-	-
Non Current Assets Total	45,833,379	47,344,792	49,318,265	50,637,181	43,561,008	46,096,522	-	-	-	-	-
Non Current Liabilities Other	140,418	13,633	62,318	61,939	54,709	57,024	-	-	-	-	-
Non Current Liabilities Total	11,973,690	20,318,553	22,646,684	22,948,664	21,240,566	20,972,502	-	-	-	-	-
Non Currrent Assets Other	24,297	-142,504	5,965	5,907	6,597	6,985	-	-	-	-	-
Other Assets	16,918,973	4,441,333	2,050,377	2,210,650	6,894,632	7,505,276	15,568,124	1,357,656	1,070,950	808,007	3,378,760
Other Current Assets	89,609	87,051	181,057	215,365	281,451	178,009	256,272	883,404	745,199	796,223	720,035
Other Current Liab	1,151,005	2,654,567	4,636,121	3,940,090	4,184,236	4,768,853	4,380,773	3,929,633	3,910,378	3,275,840	2,830,496
Other Liab	5,176,706	4,767,708	6,078,953	6,114,781	5,224,681	5,912,858	5,533,859	402,024	350,788	166,130	131,302
Other Stockholder Equity	16,165,901	14,053,247	18,723,764	19,625,486	16,445,361	19,829,508	19,106,098	14,252,109	9,168,253	-	-
Property Plant Equipment	15,893,643	17,539,367	15,608,165	15,520,191	14,502,886	12,793,449	9,559,003	7,033,543	6,338,847	6,379,412	7,148,147
Retained Earnings	-13,922,297	-5,389,865	296,255	32,621	448,196	663,658	430,902	-362,673	-3,938,032	791,963	-
Short Long Term Debt	17,533,970	2,021,856	632,931	283,753	112,300	82,520	242,020	626,073	14,878,277	-	-
Short Term Debt	-	-	632,931	283,753	112,300	82,520	242,020	626,073	14,878,277	-	-
Short Term Investments	-	0	4,046,142	3,300,000	6,451,000	0	8,600,000	11,525,142	511,040	59,728	-
Total Assets	48,939,099	50,601,576	61,907,728	62,067,015	57,941,586	60,288,677	57,012,558	48,578,889	30,393,050	32,160,475	27,509,642
Total Current Assets	3,105,720	3,256,784	12,589,464	11,429,834	14,380,578	14,192,155	15,846,289	16,561,017	5,714,545	-	-
Total Current Liabilities	23,803,474	10,677,430	9,256,552	8,340,204	8,315,429	7,327,626	6,525,060	6,734,461	7,594,079	7,693,085	6,535,918
Total Liab	35,777,164	30,995,983	31,903,236	31,288,868	29,555,996	28,300,127	25,916,896	23,146,911	23,201,338	19,013,709	19,428,110
Total Stockholder Equity	13,198,323	19,591,308	29,947,945	30,710,805	28,313,039	31,912,648	30,956,482	25,308,918	7,080,221	12,946,710	7,955,479

	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	2013-03-31	2012-12-31	2011-12-31
Accounts Payable	1,319,035	1,074,345	884,526	595,661	473,890	522,148	464,170	627,658	522,749	799,888	1,190,547	2,021,804	1,923,511	1,664,568	2,072,181	2,129,920	1,998,307	1,808,413	2,097,183	2,113,149	1,972,436	1,641,330	1,817,345	2,093,504	1,560,910	1,437,155	1,967,652	1,636,928	1,622,869	1,687,287	1,618,467	1,685,840	1,778,309	1,443,552	1,560,648	1,575,829	-	1,289,709	1,276,515
Capital Lease Obligations	4,460,222	4,612,490	4,824,624	5,358,151	5,957,709	15,965,868	16,146,037	17,270,349	18,730,944	19,036,241	19,924,316	14,657,338	14,786,842	14,903,388	15,115,756	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Stock	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash	2,879,077	1,745,348	1,866,378	2,125,935	1,105,003	1,253,153	1,520,696	2,181,117	3,070,850	2,897,251	4,545,083	5,273,124	5,362,245	4,609,527	4,793,012	4,347,738	4,496,545	3,953,384	4,699,950	3,544,885	3,796,198	3,948,213	4,401,823	3,051,364	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Common Stock	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	2,100,000	1,580,000	1,580,000	1,580,000	1,580,000	-	1,212,500	1,200,000
Common Stock Shares Outstanding	2,100,000	2,100,000	2,062,166	2,062,166	2,060,000	2,060,000	2,060,000	2,060,000	2,060,000	2,060,000	2,060,000	2,060,000	2,058,333	2,060,285	2,062,687	2,070,784	2,098,208	2,099,317	2,089,582	2,099,838	2,246,900	2,134,448	2,109,112	2,100,653	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Good Will	-	-	-	-	-	-	-	0	0	26,248	26,248	26,248	26,248	26,248	26,248	26,248	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Intangible Assets	-	-	-	382,497	-	-	-	482,761	501,657	527,299	539,293	557,709	529,962	524,455	574,767	596,975	610,016	625,800	645,085	662,763	680,182	679,224	696,712	708,350	719,671	725,499	742,718	758,633	776,912	783,406	845,249	829,060	815,566	825,600	823,076	775,737	-	760,548	760,129
Inventory	441,910	435,207	428,421	438,485	439,127	450,440	455,355	476,618	479,283	498,344	502,898	509,699	492,540	511,121	517,544	541,645	526,796	531,695	501,313	478,822	459,891	434,222	400,173	368,691	332,478	320,448	314,272	306,328	265,464	257,625	255,165	271,886	243,069	242,107	233,056	228,418	-	230,641	187,018
Long Term Debt	28,378,380	19,421,786	19,604,407	4,540,079	4,932,263	2,803,930	2,607,022	2,046,396	3,510,395	2,423,781	2,438,903	2,400,692	2,707,773	2,762,811	1,950,893	1,968,795	900,146	889,946	15,804,882	16,015,886	16,146,853	16,088,392	14,945,044	15,059,643	15,015,452	14,671,596	14,243,117	13,857,977	13,318,571	12,729,041	12,742,006	12,298,822	11,946,686	12,106,984	12,409,380	12,770,405	-	11,154,495	12,760,891
Long Term Investments	37,684,302	30,494,925	30,243,399	28,175,379	28,003,156	30,949,063	29,388,775	28,301,775	26,813,534	29,274,039	24,682,737	31,970,775	32,699,429	34,488,976	33,413,277	32,283,117	33,362,187	26,794,235	23,731,633	21,500,727	23,155,117	21,848,898	23,769,878	25,089,447	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt	26,545,737	20,440,063	20,327,207	19,948,114	19,537,038	4,620,503	3,992,652	1,887,135	2,019,142	719,031	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Invested Capital	46,280,224	35,770,414	36,403,277	35,272,373	33,715,795	26,163,873	25,218,169	23,659,560	23,900,641	26,578,112	25,387,948	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Receivables	794,499	619,958	498,466	386,889	316,431	253,170	295,659	416,264	463,375	1,135,261	2,142,102	2,393,179	1,275,258	1,243,823	1,634,082	2,763,795	2,362,443	2,016,115	2,621,380	3,406,148	1,466,630	1,402,729	1,575,671	2,637,517	1,631,860	1,455,400	1,720,196	1,847,144	1,559,134	1,559,417	1,631,662	1,705,461	1,412,979	1,139,353	1,586,960	1,677,029	-	3,278,825	1,810,929
Net Tangible Assets	16,541,607	13,249,741	13,849,246	12,815,826	12,667,305	19,860,195	19,246,996	19,108,547	18,308,992	22,408,283	21,720,056	29,331,996	29,250,965	30,697,661	30,687,587	30,087,583	31,413,961	30,984,224	30,713,330	27,650,276	27,614,242	26,510,317	30,016,535	31,204,299	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Working Capital	-325,656	-5,665,471	-4,813,137	-20,697,754	-17,981,177	-6,119,275	-6,218,631	-7,420,646	-3,986,195	-3,714,117	158,761	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Assets Total	54,825,304	47,132,842	47,305,877	45,833,379	45,541,019	48,810,693	47,818,310	47,344,792	47,761,956	51,728,641	46,955,711	49,318,265	50,170,695	52,148,118	51,071,531	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Other	12,770	76,417	78,534	140,418	12,478	12,563	12,614	13,633	18,220	19,215	23,269	62,318	57,121	57,676	59,615	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Current Liabilities Total	37,694,691	27,929,703	28,325,388	11,973,690	14,504,637	22,409,433	21,891,120	20,318,553	24,943,567	25,015,195	24,772,042	22,646,684	23,176,091	23,758,279	22,772,140	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Non Currrent Assets Other	1,377,522	503,698	494,464	24,297	515,561	238,653	230,629	-142,504	218,502	1,017,799	177,665	5,965	222,172	194,629	195,559	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other Assets	2,290,422	18,391,134	18,347,132	16,918,973	14,026,232	7,546,727	4,909,090	4,441,329	4,322,513	1,889,417	1,829,880	2,050,377	2,063,364	2,108,516	2,159,742	2,210,650	2,328,666	8,251,193	31,985,587	29,058,122	30,627,991	28,948,025	31,544,629	33,303,073	31,585,745	33,921,598	33,277,361	31,607,266	27,028,099	28,027,294	28,010,508	24,984,329	26,580,582	24,447,538	20,323,416	18,339,658	-	17,749,994	16,258,152
Other Current Assets	3,144,442	80,992	82,252	89,609	106,684	93,180	85,863	87,051	88,675	93,834	144,345	181,057	156,700	673,420	788,652	215,365	290,501	313,205	544,739	499,723	1,505,990	1,062,955	1,052,772	516,094	1,088,254	1,036,462	937,776	449,345	724,135	929,782	959,974	883,404	898,344	512,731	658,836	745,200	-	796,223	720,035
Other Current Liab	3,501,047	2,951,413	2,302,835	1,151,005	1,065,493	1,685,375	2,044,583	2,654,567	2,999,615	3,221,844	4,897,646	4,636,121	1,657,366	1,523,305	1,460,022	3,940,090	3,634,014	3,647,848	5,171,160	5,619,174	4,812,914	4,521,234	4,356,436	4,768,853	4,175,433	4,811,561	4,168,746	4,388,096	4,208,267	3,507,791	3,544,137	3,929,633	3,358,225	3,225,432	3,426,481	3,910,378	-	3,275,841	2,830,495
Other Liab	6,645,529	5,770,448	5,725,761	5,176,706	5,107,141	5,214,437	4,920,247	4,767,708	4,352,518	5,025,269	4,177,392	6,078,953	6,172,545	6,566,705	6,182,403	6,114,781	6,260,361	6,110,946	686,968	648,730	691,489	662,326	642,302	617,404	519,113	500,175	489,819	493,580	492,631	476,997	465,408	402,024	386,869	368,878	363,348	350,788	-	166,130	131,302
Other Stockholder Equity	21,719,226	18,055,952	17,833,134	16,165,901	15,944,152	16,183,706	14,912,341	14,053,247	12,764,411	15,346,479	11,695,427	18,723,764	19,176,377	20,678,583	19,824,860	19,625,486	20,180,727	19,744,811	18,780,279	16,445,361	17,403,810	16,141,644	18,081,738	19,829,508	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Plant Equipment	14,177,622	14,741,207	15,256,273	15,893,643	15,866,182	16,380,681	16,928,620	17,539,367	19,353,252	20,011,638	20,550,262	15,608,165	15,690,407	15,891,666	15,790,497	15,520,191	14,254,025	14,263,101	14,350,618	14,502,886	14,496,376	14,386,538	12,817,877	12,793,449	11,745,370	11,188,864	10,354,637	9,559,003	8,372,841	7,626,240	7,647,352	7,033,543	6,482,498	6,385,623	6,409,408	6,338,847	-	6,379,412	7,148,147
Retained Earnings	-16,182,655	-15,789,788	-14,942,281	-13,922,297	-13,798,324	-6,821,415	-6,135,446	-5,389,865	-4,881,688	-3,312,575	-337,756	296,255	-966,399	-1,024,444	-165,740	32,621	482,030	445,731	1,158,654	448,196	-528,868	-371,585	1,212,027	663,658	1,048,609	911,168	1,983,785	430,902	373,423	318,970	647,387	-	-	-	-	-	-	791,963	-
Short Long Term Debt	1,046,434	2,763,625	2,589,178	17,533,970	15,709,778	3,069,726	2,906,326	2,021,856	1,579,597	1,192,501	663,448	632,931	393,396	368,194	285,865	248,608	141,104	134,044	174,900	82,300	144,500	16,595,808	15,491,205	15,524,912	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Term Debt	-	-	-	-	-	-	-	-	-	-	-	632,931	393,396	368,194	285,865	248,608	141,104	134,044	174,900	82,300	144,500	16,595,808	15,491,205	15,524,912	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Short Term Investments	3,055,350	-	-	-	-	-	-	0	0	200,000	2,936,159	4,046,142	2,440,000	3,297,000	2,851,000	3,300,000	3,390,000	4,200,000	6,404,000	6,451,000	5,000,000	5,000,000	6,200,000	7,618,489	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Assets	62,179,466	50,144,217	50,231,318	48,939,099	47,681,214	50,987,814	50,252,731	50,601,576	52,029,856	56,763,303	57,355,956	61,907,728	60,928,654	62,836,667	61,948,913	62,067,015	61,922,251	61,310,353	61,107,587	57,941,586	57,353,076	55,182,682	57,992,945	60,288,677	58,134,300	60,592,722	60,484,716	57,012,558	51,787,708	51,832,341	52,576,922	48,578,889	37,236,901	34,178,211	31,283,059	30,393,050	-	32,160,475	27,509,642
Total Current Assets	7,354,162	3,011,375	2,925,441	3,105,720	2,140,195	2,177,121	2,434,421	3,256,784	4,267,900	5,034,662	10,400,245	12,589,464	10,757,959	10,688,549	10,877,382	11,429,834	11,367,357	11,376,024	14,771,382	14,380,578	12,228,709	11,848,119	13,630,439	14,192,155	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Current Liabilities	7,679,818	8,676,846	7,738,578	23,803,474	20,121,372	8,296,396	8,653,052	10,677,430	8,254,095	8,748,779	10,241,484	9,256,552	7,849,927	7,738,716	7,816,207	8,340,204	7,751,223	7,496,279	7,973,953	8,315,429	7,388,811	6,669,980	6,719,942	7,327,626	6,316,340	6,770,675	6,681,055	6,525,060	6,499,065	5,850,224	6,092,121	6,734,461	6,931,686	5,968,597	6,546,737	7,594,079	-	7,693,085	6,535,918
Total Liab	45,374,509	36,606,549	36,063,966	35,777,164	34,626,009	30,705,829	30,544,172	30,995,983	33,197,662	33,763,974	35,013,526	31,903,236	31,026,018	31,496,995	30,588,347	31,288,868	29,831,371	29,627,583	29,667,780	29,555,996	28,939,339	27,888,920	27,187,137	28,300,127	26,886,651	27,423,493	26,745,623	25,916,896	24,318,257	23,361,347	23,691,473	23,146,911	23,333,024	22,072,340	22,108,641	23,201,338	-	19,013,709	19,428,110
Total Stockholder Equity	16,855,410	13,585,003	14,209,692	13,198,323	13,073,754	20,290,217	19,704,821	19,591,308	18,810,649	22,961,830	22,285,597	29,947,945	29,839,460	31,283,621	31,288,602	30,710,805	32,023,977	31,610,024	31,358,415	28,313,039	28,294,424	27,189,541	30,713,247	31,912,648	31,132,745	32,992,668	33,578,239	30,956,482	27,306,768	28,320,485	28,745,666	25,308,918	13,770,160	11,977,480	9,050,579	7,080,221	7,719,505	12,946,710	7,955,479
Treasury Stock	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-58,262	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

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
Begin Period Cash Flow	2,181,117	5,273,124	4,347,738	3,544,885	3,051,364	-	-	-	-	-	-
Capital Expenditures	79,724	634,407	2,011,741	2,435,563	1,348,405	1,936,225	1,104,809	715,906	528,950	437,096	686,773
Change In Cash	-55,182	-3,092,007	925,386	802,853	493,521	-1,576,617	2,452,856	-377,734	-1,112,793	-	-
Change In Working Capital	-201,436	-1,863,166	823,905	509,193	-365,661	-	-	-	-	-	-
Change To Account Receivables	18,051	1,121,808	173,431	70,788	95,527	-221,835	-150,524	198,678	-32,454	-	-
Change To Inventory	36,384	32,708	32,657	-45,718	-109,692	-63,560	-32,496	-44,657	1,096	-	-
Change To Liabilities	-161,009	-1,884,905	340,194	59,083	65,668	402,051	-184,539	124,848	294,340	-	-
Change To Netincome	4,253,721	173,077	-1,392,860	-191,695	-903,250	781,489	911,078	-701,922	-7,916	-	-
Change To Operating Activities	-113,394	-1,270,553	250,055	379,912	-440,700	-240,197	726,321	-793,456	138,524	-	-
Depreciation	2,342,281	2,842,553	1,421,529	1,380,228	1,266,618	1,068,261	834,030	644,735	572,892	-	-
Dividends Paid	-8	-203,399	-164,800	-630,000	1,050,000	1,470,000	945,000	945,000	2,424,154	654,750	900,000
End Period Cash Flow	2,125,935	2,181,117	5,273,124	4,347,738	3,544,885	3,051,364	-	-	-	-	-
Free Cash Flow	-2,254,049	-4,932,453	-929,121	-569,160	-623,315	-	-	-	-	-	-
Investments	2,687,470	2,021,751	1,336,906	1,669,820	2,692,648	-675,253	2,047,078	-11,014,293	-463,925	-	-
Issuance Of Capital Stock	26,794	-	-	-	-	-	-	-	-	-	-
Net Borrowings	-2,866,723	184,700	361,737	971,588	-47,269	-1,126,098	-1,180,649	-1,711,255	-2,036,334	-	-
Net Income	-8,549,862	-5,283,182	350,835	249,263	787,912	1,768,408	1,796,863	351,105	932,462	-	-
Other Cashflows From Financing Activities	-1,067,339	-1,224,023	-1,817,745	-1,890,996	-1,861,548	-1,799,884	-1,547,494	0	-5,164	-	-
Other Cashflows From Investing Activities	3,405,425	1,045,951	1,468,906	1,402,168	1,377,675	1,374,366	1,334,451	812,356	843,419	-	19,842
Other Non Cash Items	6,674,401	1,155,684	1,637,531	1,714,940	1,699,229	-	-	-	-	-	-
Sale Purchase Of Stock	-	0	-124,772	-366,784	-	-	-	12,586,436	637,500	-	-
Total Cash From Financing Activities	-3,907,276	-1,242,722	-1,745,581	-1,916,192	-2,958,817	-4,395,981	-3,673,143	10,875,181	-3,828,152	-	-
Total Cash From Operating Activities	-2,173,829	-4,268,495	1,175,842	1,901,861	762,083	3,494,617	3,900,733	-220,669	1,898,943	3,226,289	2,645,133
Total Cashflows From Investing Activities	6,025,922	2,419,210	1,495,125	817,183	2,690,255	-675,253	2,225,266	-11,032,246	816,634	-	-

	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	2011-12-31
Begin Period Cash Flow	1,745,348	1,866,378	2,125,935	1,105,003	1,253,153	1,520,696	2,181,117	3,070,850	2,897,251	4,545,083	5,273,124	5,362,245	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital Expenditures	58,363	63,385	16,598	20,019	37,977	12,152	9,576	78,260	41,723	143,506	370,918	299,585	139,163	825,231	840,984	1,783,960	240,378	208,988	202,237	1,348,405	1,024,172	707,793	314,669	1,912,370	653,608	543,192	212,579	1,104,810	294,864	184,245	75,278	715,906	495,446	289,661	113,229	528,950	345,018	170,117	114,974	437,096	686,773
Change In Cash	1,133,729	-121,030	-259,557	1,020,932	-148,150	-267,543	-660,421	-889,733	173,599	-1,647,832	-728,041	-89,121	752,718	-183,485	445,274	-148,807	543,161	-746,566	1,155,065	-251,313	-152,015	-453,610	1,350,459	-1,051,029	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change In Working Capital	415,401	522,520	75,666	244,356	15,131	-116,544	-344,379	141,882	-68,156	-539,368	-1,397,524	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Account Receivables	-169,000	-101,544	-122,498	-124,822	11,249	29,008	102,616	-34,019	-18,765	512,848	661,744	-201,596	-51,251	368,494	57,784	-182,286	-85,500	338,521	53	95,527	410,184	553,853	310,636	-246,189	24,354	231,183	67,385	-	6,911	123,147	18,508	198,678	386,853	547,451	74,180	-	67,022	137,841	88,873	-	-
Change To Inventory	-7,152	-5,818	10,064	-1,108	11,313	4,915	21,264	2,249	19,092	4,553	6,814	-8,343	12,283	4,596	24,121	-15,799	4,902	-12,329	-22,492	-18,930	-25,666	-34,048	-31,048	-36,065	-	-	-	-	8,324	9,377	16,688	-	-	-	-	1,096	12,198	22,107	21,501	-	-
Change To Liabilities	224,361	171,458	-68,069	111,617	-29,870	58,470	-301,226	128,749	-370,404	-765,206	-878,044	646,289	13,223	-162,948	-156,370	47,367	364,562	-218,084	-134,762	189,334	372,093	-165,594	-330,165	630,804	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Netincome	-565,388	204,493	191,947	-797,873	5,468,135	-445,316	28,775	-749,944	158,453	-172,858	937,426	-1,383,487	-170,298	-96,698	257,623	-307,515	-2,124	-241,447	359,391	-1,144,970	63,706	-66,292	244,306	342,711	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change To Operating Activities	366,307	454,688	254,852	241,545	42,909	-224,661	-173,187	-4,197	279,561	-335,935	-1,209,982	134,137	-31,715	80,072	67,561	446,858	-300,751	122,568	111,237	-113,146	-295,199	297,924	-330,279	395,003	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation	606,938	621,622	627,714	571,352	566,959	591,256	612,714	656,576	722,851	732,842	730,284	356,917	362,761	353,371	348,480	352,219	350,639	342,241	335,129	345,088	322,556	309,286	289,688	283,183	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2	-5	-5	-5	-3	4	2	2	49	203,348	203,348	0	0	164,800	0	164,800	164,800	630,000	630,000	1,050,000	1,050,000	1,050,000	1,050,000	1,470,000	1,470,000	945,000	-	945,000	945,000	420,000	-	-	-	-	-	2,424,154	2,029,154	1,649,954	850,000	654,750	900,000
End Period Cash Flow	2,879,077	1,745,348	1,866,378	2,125,935	1,105,003	1,253,153	1,520,696	2,181,117	3,070,850	2,897,251	4,545,083	5,273,124	5,362,245	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow	1,872	434,007	-144,031	-160,724	-944,291	-684,524	-464,510	-486,569	-820,693	-3,156,327	-468,864	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investments	-5,639,640	-5,639,640	-5,639,640	1	5,283,583	5,283,583	3,560	-1	200,610	1,217,409	603,733	456,408	1,204,632	-261,331	95,416	745,869	810,840	-62,917	176,028	406,189	-587	1,200,000	1,087,046	-365,388	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance Of Capital Stock	0	0	364,119	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Borrowings	6,624,448	-524,256	-230,672	1,039,566	-3,745,248	-109,373	-51,668	-322,760	1,006,010	99,323	-597,873	-144,540	-161,924	823,809	-155,608	1,106,467	-154,871	-79,019	99,011	-91,921	183,710	-254,112	115,054	-224,664	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income	-392,867	-847,507	-1,019,984	-141,403	-6,976,909	-685,969	-745,581	-400,693	-1,569,113	-2,974,819	-338,557	482,367	58,045	-693,904	504,327	-414,571	36,299	-82,923	710,458	930,438	-157,283	-533,612	548,369	-319,299	662,441	-	1,552,883	56,793	578,647	91,484	1,069,939	215,025	-	-	513,813	-	380,757	143,290	697,753	-	-
Other Cashflows From Financing Activities	-227,425	-282,975	-357,550	-265,568	-334,866	-235,139	-231,765	-262,428	-315,416	-199,533	-446,646	-427,273	-483,038	-434,146	-473,288	-429,514	-481,351	-498,947	-481,184	-468,762	-482,340	-467,881	-442,565	-445,003	-	-	-	-	-	-	-	-	-	-	-	-	164	-	-	-	-
Other Cashflows From Investing Activities	259,417	251,339	104,882	371,287	-407,938	761,415	80,987	180,634	102,955	593,293	169,069	273,515	486,225	478,767	230,399	360,958	305,924	522,241	1,690	388	395	455,815	7	22,239	22,230	-	-	164,963	164,951	164,988	1,461	-	-	1,983	1,716	-	-	-	2,212	-	19,842
Other Non Cash Items	366,344	293,648	283,034	246,543	5,752,617	346,916	328,325	450,990	144,890	187,535	372,269	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale Purchase Of Stock	-	-	-	-	-	-	-	0	-	-	0	0	0	0	-124,772	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Cash From Financing Activities	6,397,021	-807,236	-224,103	800,792	-4,080,117	-344,516	-283,435	-585,190	690,545	-303,558	-1,044,519	-571,814	-644,962	224,863	-753,668	368,431	-694,484	-1,207,966	-382,173	-560,683	-298,630	-1,771,993	-327,511	-669,666	-	-	-	-	-	-	-	10,875,181	-	-	-	-	-	-	-	-	-
Total Cash From Operating Activities	63,199	497,392	-125,974	-140,693	-906,214	-672,297	-454,625	-401,280	-778,325	-2,998,575	-90,315	26,285	193,048	-147,017	1,103,526	-73,727	368,027	248,547	1,359,014	762,083	888,926	752,388	701,507	3,494,617	2,444,469	2,211,177	1,758,255	1,791,664	1,362,158	396,433	475,889	-	-	-	-	1,898,943	1,325,622	700,291	826,288	3,226,289	2,645,133
Total Cashflows From Investing Activities	-5,326,491	188,814	90,520	360,832	4,838,181	749,270	77,639	96,737	261,379	1,654,301	406,793	456,408	1,204,632	-261,331	95,416	-443,512	869,618	212,853	178,224	2,690,255	2,254,042	2,243,965	976,463	-1,431,511	756,258	-	-	2,225,266	6,888,075	3,114,115	547,606	-	434,506	521,688	24,991	816,635	440,433	51,152	-	-	-

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
Cost Of Revenue	6,115,336	10,857,352	22,324,445	22,339,482	22,092,119	19,082,943	18,228,330	16,918,377	14,461,162	12,532,022	10,134,165
Ebit	-4,088,145	-2,476,260	-989,172	348,162	49,049	5,598,201	2,350,932	1,200,566	2,307,939	-	-
Ebitda	-5,185,231	-1,339,226	3,911,474	3,611,107	4,424,579	-	-	-	-	-	-
Gross Profit	-3,398,442	-3,191,246	1,637,106	2,816,397	2,839,386	5,608,995	5,815,337	4,167,612	5,423,105	-	-
Income Before Tax	-8,716,368	-5,227,427	720,448	356,777	1,318,374	2,776,363	2,099,067	386,196	1,129,925	2,710,114	1,141,772
Income Tax Expense	-116,521	100,395	363,776	93,066	472,014	939,354	250,000	522	139,906	176,408	8,774
Interest Expense	1,188,856	1,045,648	1,769,496	1,874,102	0	0	0	0	0	0	0
Interest Income	2,747	28,461	104,398	114,035	116,822	171,075	-	-	-	-	-
Minority Interest	49,985	14,285	56,548	67,342	72,551	75,901	139,181	34,569	57,558	69,486	43,730
Net Income	-8,549,862	-5,283,182	350,835	249,263	787,912	1,768,408	1,796,863	351,105	932,462	-	-
Net Income Applicable To Common Shares	-8,549,862	-5,283,182	350,835	249,263	787,912	1,768,408	1,796,863	351,105	932,462	-	-
Net Income From Continuing Ops	-8,599,847	-5,327,822	356,672	263,711	846,360	1,837,009	1,849,067	385,674	990,019	-	-
Net Interest Income	-1,258,256	-1,084,102	-1,665,098	-1,760,068	-1,722,766	-1,582,501	-	-	-	-	-
Operating Income	-3,359,310	-3,629,148	-989,172	346,213	41,784	3,050,149	2,350,932	1,345,856	2,307,939	2,695,733	2,247,663
Other Operating Expenses	5,336	1,756	3,879	3,879	3,879	140,039	-	-	-	-	-
Reconciled Depreciation	2,342,281	2,842,553	1,421,529	1,380,228	1,266,618	-	-	-	-	-	-
Selling General Administrative	1,550,948	2,384,258	4,597,566	4,173,846	4,051,855	3,836,426	3,464,405	2,967,046	3,115,166	2,518,489	2,100,331
Tax Provision	-116,521	100,395	363,776	93,066	472,014	939,354	-	-	-	-	-
Total Operating Expenses	6,076,203	11,295,254	24,950,724	24,809,666	24,889,721	21,641,789	21,692,735	20,530,157	18,149,220	-	-
Total Other Income Expense Net	-4,098,802	-514,177	3,374,718	1,770,631	2,999,356	1,308,715	-251,865	-814,370	-1,178,013	-	-
Total Revenue	2,716,894	7,666,106	23,961,552	25,155,879	24,931,505	24,691,938	24,043,667	21,032,800	19,876,364	17,672,328	14,098,846

	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
Cost Of Revenue	3,306,707	2,470,466	2,041,362	1,733,569	1,400,148	1,463,465	1,518,154	1,921,370	1,743,490	2,204,848	4,987,644	5,466,331	5,496,972	5,472,228	5,888,914	5,964,555	5,612,621	5,120,854	5,306,323	5,245,778	5,310,540	4,982,135	5,287,048	4,933,711	4,432,624	4,110,979	4,537,368	4,447,929	4,461,107	4,191,378	4,293,886	4,335,706	4,142,092	4,143,565	4,297,014	4,136,133	3,597,056	3,242,555	3,485,418
Ebit	-234,928	-646,626	-826,616	-932,301	-1,243,862	-1,155,153	-756,829	682,983	-1,251,443	-2,157,770	600,053	1,642,166	852,739	515	1,416,054	-733,278	251,332	-407,718	1,237,826	-230,070	-40,144	-588,706	907,969	-141,273	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Ebitda	550,535	67,161	-57,085	672,315	-6,199,985	253,113	89,326	500,525	-685,049	-1,754,755	600,053	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gross Profit	147,030	-317,497	-563,828	-661,224	-999,246	-890,731	-847,241	-865,405	-1,046,921	-1,917,925	639,005	168,151	290,723	-274,181	1,452,413	451,282	1,262,409	646,253	2,497,193	1,236,992	1,376,334	641,385	2,112,811	1,229,211	2,066,181	1,525,173	3,136,288	1,723,814	1,657,699	909,582	2,358,272	1,526,995	1,108,839	494,414	1,787,805	1,142,823	1,604,895	1,144,907	2,103,372
Income Before Tax	-428,946	-853,705	-969,914	-89,791	-7,064,881	-703,135	-858,561	-338,942	-1,615,317	-2,725,559	-547,609	845,323	41,862	-782,430	615,693	-528,907	74,156	-88,086	899,614	1,261,621	-186,528	-481,456	724,737	-335,622	803,918	491,670	1,816,397	230,476	593,466	69,759	1,205,366	208,452	-	-	581,710	-	417,725	174,641	836,574
Income Tax Expense	-32,962	-672	55,601	68,353	-77,568	-5,199	-102,107	70,901	-30,186	268,476	-208,796	367,328	-24,058	-84,363	104,869	-115,675	34,512	-6,086	180,315	317,459	-44,337	39,183	159,709	-29,072	123,005	603,580	241,841	161,138	2,645	-	118,704	-	-	-	55,549	-	26,466	22,567	106,704
Interest Expense	372,543	299,244	285,115	190,754	297,937	364,992	335,173	182,891	207,417	237,962	417,378	439,925	448,116	429,574	451,881	466,580	475,461	460,840	471,221	472,983	473,803	442,963	449,838	440,327	449,392	420,191	443,667	415,787	409,353	399,875	381,433	410,139	403,052	407,024	418,181	436,835	448,295	436,546	443,936
Interest Income	197	1,860	764	766	467	2,352	694	3,678	2,919	6,055	23,165	26,648	28,496	27,155	22,099	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Minority Interest	3,117	5,526	5,531	16,741	10,404	-8,232	3,738	14,285	21,545	37,499	56,833	56,548	63,176	56,051	71,964	67,342	66,903	72,746	8,841	13,724	15,092	12,973	16,659	12,749	18,472	15,707	21,673	12,545	12,174	10,762	16,723	12,343	5,326	4,552	12,348	6,155	10,502	8,784	32,117
Net Income	-392,867	-847,507	-1,019,984	-141,403	-6,976,909	-685,969	-745,581	-400,693	-1,569,113	-2,974,819	-338,557	482,367	58,045	-693,904	504,327	-414,571	36,299	-82,923	710,458	930,438	-157,283	-533,612	548,369	-319,299	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income Applicable To Common Shares	-392,867	-847,507	-1,019,984	-141,403	-6,976,909	-685,969	-745,581	-400,693	-1,569,113	-2,974,819	-338,557	482,367	58,045	-693,904	504,327	-414,571	36,299	-82,923	710,458	930,438	-157,283	-533,612	548,369	-319,299	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Income From Continuing Ops	-395,984	-853,033	-1,025,515	-158,144	-6,987,313	-697,936	-756,454	-409,843	-1,585,131	-2,994,035	-338,813	477,995	65,920	-698,067	510,824	-413,232	39,644	-82,000	719,299	944,162	-142,191	-520,639	565,028	-306,550	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Interest Income	-372,346	-297,384	-284,351	-263,667	-297,470	-362,640	-334,479	-253,484	-204,498	-231,907	-394,213	-413,277	-419,620	-402,419	-429,782	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Income	-234,928	-646,626	-826,616	-203,466	-1,243,862	-1,155,153	-756,829	-469,905	-1,251,443	-2,157,770	249,969	-933,421	-104,627	-797,025	421,820	-733,278	251,332	-407,718	1,237,826	-230,070	-40,144	-588,706	907,969	-141,273	869,439	335,262	1,988,738	444,247	612,960	-	1,395,184	512,479	201,718	-	929,605	91,370	761,470	292,108	1,162,991
Other Operating Expenses	499	229	252	1,174	75	3,621	466	26,118	27,139	482	253	0	140,039	140,039	812	140,039	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Reconciled Depreciation	606,938	621,622	627,714	571,352	566,959	591,256	612,714	656,576	722,851	732,842	730,284	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling General Administrative	559,039	488,194	445,818	406,383	423,144	373,640	347,781	399,679	380,860	753,058	850,661	1,517,226	958,498	1,091,249	1,030,593	1,184,560	1,011,077	1,053,971	924,238	1,121,974	1,093,922	920,805	915,154	1,087,301	922,746	926,228	900,151	1,050,346	832,963	811,140	769,956	839,899	742,892	671,924	712,331	900,261	699,206	715,409	800,290
Tax Provision	-32,962	-672	55,601	68,353	-77,568	-5,199	-102,107	70,901	-30,186	268,476	-208,796	367,328	-24,058	-84,363	104,869	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Operating Expenses	3,688,665	2,799,595	2,304,150	1,275,810	1,644,764	1,727,887	1,427,742	1,525,870	1,948,012	2,444,693	5,376,680	6,567,904	5,892,322	5,995,072	6,919,507	7,149,116	6,623,698	6,174,825	6,565,690	6,712,840	6,727,018	6,212,226	6,491,890	6,304,195	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Other Income Expense Net	178,328	90,305	141,053	377,342	-5,523,549	814,658	232,747	384,447	-159,376	-335,882	-403,365	2,192,021	566,109	417,014	623,655	204,371	-177,176	319,632	-338,212	1,491,691	-146,384	107,250	-183,232	-194,349	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total Revenue	3,453,737	2,152,969	1,477,534	1,072,345	400,902	572,734	670,913	1,055,965	696,569	286,923	5,626,649	5,634,483	5,787,695	5,198,047	7,341,327	6,415,838	6,875,030	5,767,107	7,803,516	6,482,770	6,686,874	5,623,520	7,399,859	6,162,922	6,498,805	5,636,152	7,673,656	6,171,743	6,118,806	5,100,960	6,652,158	5,862,701	5,250,931	4,637,979	6,084,819	5,278,956	5,201,951	4,387,462	5,588,790

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

Gross Profit (+$)
totalRevenue	2,716,894
Cost of Revenue	-6,115,336
Gross Profit	-3,398,442	-3,398,442

Operating Income (+$)
Gross Profit	-3,398,442
Operating Expense	-6,076,203
Operating Income	-3,359,310	-9,474,646

Operating Expense (+$)
Research Development	-
Selling General Administrative	1,550,948
Selling And Marketing Expenses	-
Operating Expense	6,076,203	1,550,948

Net Interest Income (+$)
Interest Income	2,747
Interest Expense	-1,188,856
Net Interest Income	-1,258,256	-1,186,109

Pretax Income (+$)
Operating Income	-3,359,310
Net Interest Income	-1,258,256
Other Non-Operating Income Expenses	-
Income Before Tax (EBT)	-8,716,368	739,492 EBIT - interestExpense = -5,277,001 -8,666,383 -7,361,006
Interest Expense	1,188,856
Earnings Before Interest and Taxes (ebit)	-4,088,145	-7,527,512
Earnings Before Interest and Taxes (ebitda)	-5,185,231

After tax Income (+$)
Income Before Tax	-8,716,368
Tax Provision	--116,521
Net Income From Continuing Ops	-8,599,847	-8,599,847
Net Income	-8,549,862
Net Income Applicable To Common Shares	-8,549,862

Non-recurring Events
Discontinued Operations	-
Extraordinary Items	-
Effect of Accounting Charges	-
Other Items	-
Non Recurring	-
Other Operating Expenses	5,336
Total Other Income/Expenses Net	-4,098,802	1,258,256