Annual Report 2019 Amarin Printing and Publishing Public Company Limited Amarin Printing and Publishing Public Company
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Cover EN copy.pdf 1 26/3/2563 BE 11:32 AMARIN PRINTING AND PUBLISHING PUBLIC COMPANY LIMITED AMARIN PRINTING AND PUBLISHING PUBLIC COMPANY BEYOND BOUNDARIES ANNUAL REPORT 2019 Amarin Printing and Publishing Public Company Limited ANNUAL REPORT 2019 378 Chaiyaphruk Road, Taling Chan, Bangkok 10170 Thailand AMARIN PRINTING AND PUBLISHING PUBLIC COMPANY LIMITED Tel. (66) 2422-9999 Fax (66) 2434-3555, (66) 2434-3777 BEYOND BOUNDARIES ANNUAL REPORT 2019 AMARIN PRINTING AND PUBLISHING PUBLIC COMPANY LIMITED CONTENTS 5 Financial Overview 8 Ratio Analysis 10 Biography of the Company’s Founder 12 Company Profile 14 Message from the Chairperson 18 Message from the Chairman of the Executive Committee 20 Report of the Audit Committee 24 Report of the Sustainability and Risk Management Committee 26 Report from the Corporate Governance Committee 28 Report on Board of Directors’ Responsibility for Financial Statements 30 The Board of Directors 32 The Executive Committee 34 Management Team 36 Corporate Social Responsibility 42 Key Events BUSINESS OVERVIEW 58 Shareholding Structure NATURE OF BUSINESS 62 Business Outlook and Competition 76 Revenue Structure 77 Summary of Financial Statements & Analysis of AMARIN’s Financial Position and Operating Results 81 Analysis and Explanation by the Management 84 Risk Factors AMARIN CORPORATE PROFILE 89 General Information and Other Significant Information 91 Shareholders 93 Policy on Dividend Payment MANAGEMENT STRUCTURE 96 Organizational Structure 97 Board of Directors 100 Details of the Board of Directors 119 Details of the Executive Director 120 Details of the Executive Director and Chief Financial Officer 121 Details of the Company Secretary 122 Table List of Amarin’s Board / Committee Members and Executives 123 Directors with Signing Authority 125 Shareholding of Board Members and Executives 126 Self-Assessment 128 Attendance in the Company’s Board / Committee Meetings 129 Remuneration for Board Members and Top Executives 133 Human Resources 141 Development of Board Members / Executives CORPORATE GOVERNANCE 144 Corporate Governance Policy 173 Intercompany Transactions 175 Independent Auditor’s Report 182 Statement of Financial Position 184 Statement of Comprehensive Income 185 Statement of Changes in Equity 189 Statements of Cash Flows NOTES TO THE FINANCIAL STATEMENTS 196 Notes to the Financial Statements Amarin Printing and Publishing Public Company Limited 5 Financial Overview Consolidated Financial Statements Separate Financial Statements % increase % increase (Unit: Million baht) 2018 2019 (decrease) 2018 2019 (decrease) Statements of Financial Position Current Assets 2,127.46 1,441.22 (32.26%) 1,803.12 1,048.70 (41.84%) Total Assets 6,167.45 5,284.16 (14.32%) 6,800.77 6,761.74 (0.57%) Total Liabilities 2,092.49 1,111.36 (46.89%) 523.79 430.49 (17.81%) Shareholder’s Equity 4,074.96 4,172.80 2.40% 6,276.98 6,331.26 0.86% Paid-up Registered Capital 998.28 998.28 0.00% 998.28 998.28 0.00% No. of Shares (Million) 998.28 998.28 0.00% 998.28 998.28 0.00% Statements of Comprehensive Income Income from Sales and 2,798.96 3,103.94 10.90% 1,689.42 1,639.02 (2.98%) Services Other Income 199.28 164.52 (17.44%) 58.88 54.29 (7.80%) Total Income 2,998.24 3,268.46 9.01% 1,748.30 1,693.31 (3.15%) Cost of Goods Sold 1,985.91 1,975.77 (0.51%) 1,181.69 1,173.24 (0.71%) Net Profit before Operating 1,012.33 1,292.70 27.69% 566.61 520.07 (8.21%) Expense Operating Expenses 765.87 1,087.49 41.99% 349.62 365.69 4.60% Net Profit from Operating 246.46 205.21 (16.74%) 216.99 154.38 (28.85%) Interest Paid 32.38 8.90 (72.50%) 7.90 1.90 (75.90%) Share of Loss of Associates (0.38) 0.92 345.35% - - 0% Corporate Income Tax 41.03 29.51 (28.07%) 40.01 28.32 (29.23%) Profit 172.68 167.72 (2.87%) 169.08 124.16 (26.57%) Net Profit 173.90 167.72 (3.56%) 169.08 124.16 (26.57%) Earnings per Share (baht) 0.17 0.17 (2.87%) 0.17 0.12 (26.57%) 6 Total Assets Total Total Income Total Consolidated FinancialStatements Annual Report2019 2015 2016 2017 2018 2015 2016 2017 2018 2,003,859 5,100,132 1,940,727 4,740,565 2,237,189 5,579,138 (Thousand baht) (Thousand baht) 2,998,242 6,167,449 2019 2019 3,268,464 5,284,162 Total Liabilities Total Net Profit 2015 2016 2017 2018 2015 2016 2017 2018 (416,405) 3,705,533 (624,692) 3,970,659 (163,937) 1,678,079 (Thousand baht) (Thousand baht) 173,902 2,092,489 2019 2019 167,717 1,111,364 Shareholder’s Equity Earnings perShare 2015 2016 2017 2018 2015 2016 2017 2018 (1.89) 1,394,598 (2.86) 769,906 Beyond Boundaries (0.30) 3,901,058 (Thousand baht) 0.17 4,074,960 2019 2019 0.17 (baht) 4,172,798 Separate FinancialStatements Total Income Total Total Assets Total 2015 2016 2017 2018 2015 2016 2017 2018 1,922,876 3,155,037 1,760,606 3,667,233 1,823,022 6,824,336 (Thousand baht) (Thousand baht) 1,748,303 6,800,773 2019 2019 1,693,309 6,761,742 Total Liabilities Total Net Profit 2015 2016 2017 2018 2015 2016 2017 2018 237,990 760,582 223,040 1,049,738 195,316 716,436 (Thousand baht) (Thousand baht) Amarin PrintingandPublishingPublicCompanyLimited 169,078 523,794 2019 2019 124,157 430,486 Shareholder’s Equity Earnings perShare 2015 2016 2017 2018 2015 2016 2017 2018 1.08 2,394,455 1.00 2,617,495 0.35 6,107,900 (Thousand baht) 0.17 6,276,978 2019 2019 0.12 (baht) 6,331,256 7 8 Annual Report 2019 Beyond Boundaries Ratio Analysis Consolidated Financial Statements 2017 2018 2019 Liquidity Current Ratio Time 2.48 2.25 1.62 Quick Ratio Time 2.20 1.77 1.16 Liquidity Ratio (cash basis) Time 0.30 0.71 0.65 Receivable Turnover Time 4.59 5.30 5.35 Average Collection Period Day 78 68 67 Inventory Turnover Time 7.15 5.91 4.81 Inventory Turnover Period Day 50 61 75 Account Payable Turnover Time 13.33 6.70 4.47 Payment Period Day 27 54 81 Cash Cycle Day 102 75 62 Profitability Ratio Gross Profit Margin % 17.51 29.05 36.35 Operating Profit Margin % (0.90) 8.84 6.64 Other Income Ratio % 1.82 6.65 5.03 Cash per Profitability Ratio % (2,037.34) 255.59 289.53 Net Profit Margin % (7.33) 5.80 5.13 Return on Equity % (7.02) 4.36 4.07 Efficiency Policy Ratio Return on Total Assets % (3.18) 2.96 2.93 Return on Fixed Assets % 5.95 16.54 14.66 Assets Turnover Time 0.43 0.51 0.57 Financial Policy Ratio Debt to Equity Time 0.43 0.51 0.27 Interest Coverage Time 6.45 54.70 171.44 Dividend Payout % - 40.18 71.43 Amarin Printing and Publishing Public Company Limited 9 Separate Financial Statements 2017 2018 2019 Liquidity Current Ratio Time 4.14 4.97 3.66 Quick Ratio Time 3.71 3.50 2.84 Liquidity Ratio (cash basis) Time 0.64 0.68 0.80 Receivable Turnover Time 4.66 4.72 4.52 Average Collection Period Day 77 76 80 Inventory Turnover Time 4.74 4.79 4.89 Inventory Turnover Period Day 76 75 74 Account Payable Turnover Time 8.22 9.23 9.87 Payment Period Day 44 39 36 Cash Cycle Day 109 112 117 Profitability Ratio Gross Profit Margin % 33.82 30.05 28.42 Operating Profit Margin % 14.49 12.84 9.42 Other Income Ratio % 2.22 3.37 3.21 Cash per Profitability Ratio % 150.37 143.30 168.12 Net Profit Margin % 10.71 9.67 7.33 Return on Equity % 4.48 2.73 1.97 Efficiency Policy Ratio Return on Total Assets % 3.72 2.48 1.83 Return on Fixed Assets % 8.83 6.29 4.63 Assets Turnover Time 0.35 0.26 0.25 Financial Policy Ratio Debt to Equity Time 0.12 0.08 0.07 Interest Coverage Time 21.96 38.78 136.26 Dividend Payout1/ % - 41.33 96.49 Note : 1/ Dividends pay from net profit according to the financial statements proposed by the Board of Directors which is still awaiting approval from the Annual General Meeting of shareholders for the year 2020 on April 29, 2020. 10 Annual Report 2019 Beyond Boundaries Biography of the Company’s Founder Chukiat Utakapan was born to Khun Rat and Khun “The Amarin business has been growing consistently. Rarieb Utakapan on 10 May 1942 in Amphoe People thought I was visionary. That’s not true. Rueso, Changwat Narathiwat, in a family of six I believe I have more mindfulness. I had average children. Following his Matthayom 8 graduation from intelligence. This was indicated since my secondary Mahavajiravudh Songkhla School, he continued his education when every year the report book was tertiary education at the Faculty of Arts, Chulalongkorn returned with the teacher’s remark stating ‘average University. He began his working life at the Tourism intelligence’. In business, mindfulness is more Promotion Organization of Thailand before moving on important than intelligence. If you let intelligence lead, to take up the post of a proofreader at Thai Wattana you could get out of control.