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MODERN: Modernform Group Public Company Limited | Annual Report

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MODERN: Modernform Group Public Company Limited | Annual Report We strive to create innovative ideas that inspire the art of living and quality work life Aim for Excellence 01. Vision & Mission Focus on customer satisfaction 02. Message from the Chairman Uphold integrity 03. Financial Highlights for the Year 2013 Promote creativity and innovation 04. Board of Directorsû Strive for continuous learning Report Summary of Performances in 2013 and Future Plans Succeed through collaboration 10. General Information of Company Share high entrepreneurial spirit 14. Policy and Business Operations 16. Business Operations ot the Company 19. Risk Factors 21. Major Shareholders 001 21. Dividend Policy 22. Management Structure 37. Good Corporate Governance 42. Insider Information Controls 43. Corporate Social Responsibilities 48. Internal Control 51. Related Transactions 55. Financial Ratios 57. Management Discussion & Analysis (MD&A) 59. Audit Committee Report 61. Summary Report of Directorsû Responsibilities to Financial Statements 62. Independent Auditorûs Report 63. Financial Statements Message from the Chairman Modernform Public Company Limited reported quite a strong financial performance in 2013 although the business had been affected by several problems notably labor shortage in the industrial sector especially in the real estate business that delayed our product delivery as well as Thailandûs political havoc towards the year end which not only slowed down business activities but will definitely make an impact into 2014. However, purchasing orders that we have accumulated so far should help lessen the impact at least for a short while. For 2014, we have already put in place risk management plans to handle crisis at various levels. Simultaneously, we plan to expand our markets, manage production costs and expenses by expanding into regional markets with potential growth especially those under the Asean Economic Community (AEC) and constantly launch new products. Our business expansion strategy includes our quest for new business partners here and abroad. We wish to affirm that we are ready to respond to consumers with eclectic needs and increasing demands in various different environments. We are confident that 2014 will be another year of our growth and we commit to enhancing our management and developing new innovative products. Here at Modernform Public Company Limited, we constantly highlight the importance of social and environmental development 002 starting from stage one of design to choosing raw materials, manufacturing, delivering and servicing until our products reach consumers where environmental impacts and social wellbeing is taken into consideration. In addition, our employees are encouraged to engage in social activities regularly held by us in education, healthcare and community safety areas to increase their social awareness. On behalf of the Board of Directors and the Management, we wish to extend my sincere appreciation to our colleagues, customers, suppliers, shareholders and all relevant parties for your unwavering trust and support in us. Mr. Chareon Usanachitt Mr. Thaksa Busayapoka Chairman Chief Executive Director Financial Highlights for the Year 2013 2013 2012 2011 TOTAL REVENUES (Baht) 3,555,696,216 3,162,311,062 2,991,778,761 REVENUES FROM SALES RENTAL AND SERVICES (Baht) 3,494,234,296 3,093,928,171 2,871,584,773 COST OF SALES AND SERVICES (Baht) 2,041,042,589 1,820,560,497 1,714,615,176 GROSS PROFIT (Baht) 1,453,191,707 1,273,367,674 1,156,969,597 EARNING BEFORE MINORITY INTEREST(Baht) 426,096,229 422,858,274 384,199,347 NET PROFIT (Baht) 420,490,560 409,230,452 373,541,355 TOTAL ASSETS(Baht) 4,234,117,846 3,577,104,232 3,174,852,589 TOTAL LIABILITIES(Baht) 1,407,138,883 1,029,505,603 822,494,704 MINORITY INTEREST (Baht) 38,240,539 35,137,670 24,443,892 NET WORTH (Baht) 2,788,738,424 2,512,460,959 2,327,913,993 PROFITABILITY: Gross profit margin (%) 41.6 41.2 40.3 Net profit margin (%) 12.0 13.2 13.0 RETURN ON INVESTMENT : Return on total assets (%) 10.8 12.1 12.1 Return on total net worth (%) 15.6 16.7 16.0 LIQUIDITY &STABILITY 003 Current ratio (Times) 2.0 2.1 2.4 Debt / Equity ratio (Times) 0.5 0.4 0.4 PER SHARE DATA Number of shares(Registered) 809,646,280 859,647,000 892,000,000 (2012 : 859,647,000 ordinary shares of Baht 1 each) Number of shares (Fully paid) 750,000,000 800,000,720 832,353,720 (2012 : 800,000,720 ordinary shares of Baht 1 each) Par value (Baht/Share) 1 1 1 Book value (Baht/Share) 3.77 3.18 2.83 Net profit(EPS) (Baht/Share) 0.57 0.57 0.52 Dividends (Baht/Share) * 0.55 0.50 0.45 * Note: The Meeting of the Board of Directors of the Company No.1/2014 held on February 25, 2014 passed to pay dividends for the 2013 operating year to shareholders of the company at a rate of 0.55 Baht per share. Hence the interim dividend has been paid at a rate of Baht 0.25 the remaining value of Baht 0.30 per share will be paid to a shareholders as dividend. The matter will be proposed for approval at the Annual Ordinary General Shareholders Meeting No.1/2014 on April 18, 2014. Report of Board of Directors - Summary of the 2013 Performance The Thai economy in 2013 was slowing down in almost all sectors starting from Q1 when compared to its growth a year earlier. While itûs true that the economy continued to expand in Q1, exports, consumptions and private sector investments however were dwindling. Productions in industrial and agricultural businesses also went down. The fall was somewhat delayed by spending in the public sector. Yet, there were other negative factors affecting the Thai economy which included the much-vulnerable global economy, slow recovery of major economies such as the US and the EU and the strengthening of Thai Baht. Only Thailandûs tourism sectors recorded better performance compared to the same period a year ago. Worrying that stronger Thai Baht would diminish the growth of Thai economy during the second half of the year as exports could fall, Bank of Thailandûs Monetary Policy Committee decided to cut policy interest rate by 0.25 per cent from 2.75 per cent to 2.50 per cent per annum. In response to half-year economic figures which were much lower than anticipated, the National Economic and Social Development Board (NESDB) also cut its Gross Domestic Product (GDP) forecast to 3.8-4.3 per cent. Risk factors restricting the Thai economy during the latter half of the year were slow recovery of the global economic engines, weakening Chinese economy and losing stream of impacts from the public sectorûs economic stimulus measures. Besides, there were risk factors from delayed public sector investments both under the Baht 3.5 billion water management project and the Baht 2 trillion investment plan in mega infrastructure projects. During the second half of 2013, the Thai economy continued to slump compared to a year earlier although the worldûs economic power such as the US, the Euro Zone and China started to pick up. Thai exports failed to fully benefit from the worldûs better economic prospect and the weakening Thai Baht as foreign investments especially those in the stock markets started to move their money back as the US tapered its QE. Meanwhile, household spending fell due to concerns of higher costs of living. Together with higher household 004 debts, delayed disbursements of government payment, these negatively affected attempts to restore domestic purchasing power. Towards the year end, a hope to see the Thai economy recover after its staggering condition since earlier of the year was entirely shattered when political situation intensified in October. The governmentûs attempt to pass the amnesty bill led to massive protests from the opposition that eventually resulted in the government dissolving the Parliament and calling for the general election on February 2, 2014. The Thai Chamber of Commerce announced that its Consumer Confidence Index (CCI) in late 2013 continued to slide for the ninth consecutive month and was the lowest during the past 24 months. The sharp fall was due to concerns over political unrest and Bangkok shutdown. Thai politics remained highly unstable although the Parliament was dissolved and a new general election was called. The NESDB expected the Thai GDP to grow by 3 per cent in 2013 with an average all-year inflation of 2.4 per cent. As for economic forecast in 2014, Thailandûs central bank has already slashed its anticipated GDP growth to 3 per cent as it foresees that the private sector spending will still not recover or may recover but at a slower pace than expected. Besides, the most worrying factor is the much-delayed public sector investment as it will take some time for the new government to settle before public investment could kick start. The Bank of Thailand expects the Thai economy to remain much in doldrums during the first half of 2014 while exports will have a better chance thanks to brighter global economic conditions which could help sustaining the Thai economy. During the latter half of the year, the Thai economy should recover after political instability and conflict comes to an end with the new government in place and the public sector starting investment to a certain degree. Overall speaking, the local real estate sector continued to expand in 2013 in tandem with the growing economy, increasing number of population and the governmentûs infrastructure projects worth hundreds of billion Baht. This is the cases especially of property projects in major provinces such as Chiangmai, Nakhon Ratchasima, Khon Kaen, Songkhla and Phuket which are considered hot spots for major real estate developers who have developed a large number of residential projects there during the past few years, prompting residential condominiums in these provinces to grow exponentially.
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