In 2018, the company and its subsidiary reported total revenues of 2,287.60 million Baht which increased by 43.35% compared to last year. It increased from the income from special design products and maintenance services. While the annual profit was 45.47 million Baht which rose to 333.16% compared to last year, as the result of increasing the sales of special design products for assembling of large buses for public transportation and food loading truck for the airline business as well as an increase of the income from hi-loading truck and large buses maintenance services. In addition, the earnings before interest tax depreciation and amortization (EBITDA) was at 234.68 million baht, which an increase of 178.51% from the previous year, due to a rise proportionate to the revenue margin increase.
| Items (unit:million) | 2016 | 2017 | % of change | 2018 | % of change |
| Million Baht | Million Baht | Y-o-Y | Million Baht | Y-o-Y | |
| Total Revenues | 1,070.52 | 1,595.82 | 49.07% | 2,287.60 | 43.35% |
| Profit for the period | (91.29) | (19.50) | -78.64% | 45.47 | 331.15% |
| EBITDA | (35.09) | 84.26 | 340.11% | 234.68 | 178.51% |
| Earnings per Share (Baht) | (0.0875) | (0.0165) | 81.14% | 0.0379 | 329.40% |
Remark: EBTDA refers to benefits before deduct financial Expenses, income tax, depreciation and amortization profit for the period refers to the profit for the period of major shareholders
Total revenues of the company and its subsidiary of in 2018 was 2,052.69 million Baht, which increased 47.58% of last year at the same period, from the operation expanding both domestic and overseas. The revenues of special design products for producing and assembling of Catering truck and large buses come from sales and services were 214.15 million Baht. The revenues from sales and maintenance services for truck and large buses follow the detail in the table below.
| Type of revenues | 2016 | 2017 | % change | 2018 | % change | |||
| Million | % | Million | % | Y-o-Y | Million | % | Y-o-Y | |
| Revenues from contract | 926.16 | 87.52% | 1,390.94 | 87.71% | 50.18% | 2,052.69 | 90.55% | 47.58% |
| Revenues from sales & Services | 132.08 | 12.48% | 194.96 | 12.29% | -47.61% | 214.15 | 9.45% | 9.84% |
| Total | 1,058.24 | 100.00% | 1,585.90 | 100.00% | 49.86% | 2,266.85 | 100.00 | 42.94% |
| Other revenues | 12.28 | 1.15% | 9.91 | 0.62% | -19.30% | 20.75 | 0.91% | 109.38% |
| Grand total revenues | 1,070.52 | 100.00% | 1,585.82 | 100.00% | 49.07% | 2,287.60 | 100.00 | 43.35% |
| Product group type | 2016 | 2017 | 2018 | |||
| Million | % | Million | % | Million | % | |
| 1) Standard group | 258.72 | 24.45% | 572.80 | 36.12% | 131.62 | 5.81% |
| 2) Special group | 667.44 | 63.07% | 818.14 | 51.59% | 1,921.08 | 84.75% |
| 3) Project management and services group | 132.08 | 12.48% | 194.96 | 12.29% | 214.15 | 9.45% |
| Total | 1,058.24 | 100.00% | 1,585.90 | 100.00% | 2,266.85 | 100.00 |
| Country | 2016 | 2017 | 2018 | |||
| Million | % | Million | % | Million | % | |
| Thailand | 620.18 | 58.60% | 1,358.63 | 85.67% | 1,986.66 | 87.64% |
| Singapore | 11.40 | 1.08% | 21.81 | 1.37% | 77.64 | 3.42% |
| Korea | 42.01 | 3.97% | 10.98 | 0.69% | 32.04 | 1.41% |
| Japan | 33.28 | 3.14% | 28.75 | 1.81% | 55.75 | 2.46% |
| Hong Kong | 36.64 | 3.46% | 58.53 | 3.69% | 27.94 | 1.23% |
| Malaysia | - | 0.00% | 50.27 | 3.17% | - | 0.00% |
| Other countries | 314.73 | 29.74% | 56.94 | 3.59% | 86.83 | 3.83% |
| Total | 1,058.24 | 100.00% | 1,585.90 | 100.00% | 2,266.85 | 100.00 |
In 2018, the total cost of the company and its subsidiary was 1,877.43 million Baht, which was an increase of 34.60% from the previous year, a rise proportionate to the revenue increase.
In 2018, the gross profit of the company and its subsidiary was 389.41 million Baht, which was an increase of 103.83% from the previous year, an escalation proportionate to the revenues increase of special products and project management and services.
In 2018, the expense of sales of the company and its subsidiary was 39.85 million Baht, which was a decrease of 8.37% from previous year. It was related of the remuneration set up for the sales that receives remuneration.
In 2018, the expense of management of the company and its subsidiary was 178.71 million Baht, which was an increase of 37.29% from previous year, a rise of setting up for account reserve, deteriorated product reserve, and overdue receivable reserve according to account policy.
In 2018, the financial cost of the company and its subsidiary was 141.45 million Baht, which was an increase of 179.36% from previous year, a rise from interests and expenses for financing loans as the consequences from the central administrative court’s ordered to slow down the project of selling 489 buses to Bangkok mass transit authority, BMTA which delayed from due date about 8 months. As the result, the company had an additional cost burden from delayed payment for the buses which occurred only the impacted period (non- recurring item). When the administrative court ordered to strike the case out of the case-list in November 2018, the project was able to move for ward and completely delivered the buses as per contract on March 12, 2019 and the payment of selling buses will be received within May 2019. The company will repay the loan and all creditors of goods in related to the selling buses project. This will reduce the financial cost within the second quarter of 2019.
In 2018, the corporate income of income tax of the company and its subsidiary was 4.87 million Baht, which was a decrease of 743.57% from the previous year as per the calculation of the accumulated loss deducted with the yearly profits.
In 2018, the profit of the major companies of the company and its subsidiary was 4.87 million Baht, which was an increase of 333.16 %. The net profit margin was 1.99 % which was an escalation of 3.20% from last year, a rise proportionate of income from increased in high margin products.
The company and its subsidiary have stable financial structure. The report of the total assets as of December 31, 2018 was 3,640.80 million Baht which was an increase of 56.37% from previous year, the major assets of the company and its subsidiary consist of land, Building and equipments which accounted for 30.15 % and current assets was 58.11% of the total assets.
The current asset as at December 31, 2018 was 2,115.77 million baht which was a crease of 79.65% from previous year. It consisted of trade receivables 35.38% and inventory 21.02% which had set up overdue receivable reserve and deteriorated product reserve regarding to account policy of the company.
The total liability as at December 31, 2018 of the company and its subsidiary was 2,752.06 million Baht which was an escalation of 65.19% from last year. As the result of the company have invest in the projects of production, assembly, selling 489 NGV buses for BMTA which managed working capital from loans from individuals and other businesses to be used in the projects. Additionally, there was a rise of trade account payable due to an import of parts for assembly the buses according to the delivery contract. This increasing particularly occurred during the period from produce to delivery process which will complete within May 2019, as a result the financial cost increased only the period of project operation. During the year, new debentures were issued 198.53 million baht and there were 299.40 million Baht of the original debentures that have due date of redemption.
Net debt status, the interest bearing debt, as of December 31, 2018 was 2,263.67 million Baht, which was an increase of 71.44 % from previous year, an interest-bearing debt ratio per shareholder’s equity to 1.68 times.
Shareholder’s equity as of December 31, 2018 of the company and its subsidiary was 888.74 million Baht, which a rise of 34.19% from previous year. It was a result of increase additional common stocks 26,000,000 shares for Macquarie Bank Limited and 69,944,744 shares for limited individuals with share premium and increased from net profit for the period by 45.47 million baht.
As of December 31, 2018 of the company and its subsidiary had a liquidity ratio at 0.85 times, which was a rise of 0.12 times from previous year; debt to shareholders equity ratio at 3.10 times; interest bearing debt as deducted debt which used for selling and maintenance NGV buses, per shareholders’ equity at 1.68 times; and debt service coverage ratio (DSCR) at 1.31 times (decreased 0.19 times).
The company and its subsidiary received a credit line from the bank which required maintaining the debt to equity ratio (D/E Ratio) by not more than 3 times and retaining the debt service coverage ratio (DSCR) by not less than 1.2 times of consolidate financial statement. In regard to during the year the company was in the process of investing in the bidding project for an assembly production, selling 489 NGV buses; as the result, a list of liabilities from borrowing to invest in the project and trade creditors in related to the project were rose in this particularly period. The company has made an official letter which requests to grant an exemption of financial ratio conditions with the bank in this particular project operation period. Besides, the company had issued new debenture with the condition of the interest bearing debt as deducted debt which used for selling and maintenance NGV buses per shareholders’ equity to maintain the ratio which is more than 3 times. As of December 31, 2018, the company and its subsidiary stood at 1.68 times.