Thailand) PCL, 45% (Of Paid-Up Capital)
Total Page:16
File Type:pdf, Size:1020Kb
Annual Report 2018 2018 ANNUAL REPORT PP PRIME PUBLIC COMPANY LIMITED PP PRIME PUBLIC COMPANY LIMITED Head Office: 69/5 Moo 5 Rama 2 Road, Bang Khan Taek, EMPOWERING Muangsamut Songkhram, Samut Songkhram 75000 FOR SUSTAINABILITY PP Prime Public Company Limited 1 3 4 7 8 18 34 37 43 44 45 64 75 95 96 99 100 111 112 118 2 Annual Report 2018 PP Prime Public Company Limited 3 4 Annual Report 2018 PP Prime Public Company Limited 5 Board of Directors 6 Annual Report 2018 Board of Directors Financial Information 2018 2017 2016 Sales (Baht) 2,121,449,514 1,875,523,686 2,240,181,809 Net Profit (Loss) (Baht) (110,084,444) (252,406,913) 232,314,148 Earning (Loss)per Share (Baht) (0.20) (0.45) 0.41 Total Asset (Baht) 3,339,876,952 3,987,770,023 3,569,307,914 Total Liabilities (Baht) 2,526,867,363 2,610,754,228 1,749,962,003 Shareholders’ Equity (Baht) 813,009,589 1,377,015,795 1,819,345,911 Book Value (Baht) 1.44 2.45 3.23 Return on Asset (%) (3.00) (6.68) 6.51 Return on Equity (%) (10.05) (15.79) 12.77 Debt to Shareholders (times) 3.11 1.90 0.96 Dividend Yield (%) 0.00 0.00 0.00 P/E Ratio (times) 0.00 0.00 0.00 PP Prime Public Company Limited 7 Policy and Business Overview ภาพรวมธุรกิจ Future TLUXE Food Farm The company focuses on developing the tiger shrimp for sale. During the past 30 years or so, the business in line with the full-cycle strategy i.e. FOOD- company develops various products continuously and in FARM-FUTURE, operating the main business of manufac- 2015 signed an agreement to become a contract manu- turing and distributing aquatic animal feed and pet feed, facturer of pet food in order to fully utilize the existing divided into 2 main divisions i.e.: production capacity. Towards the end of 2015, the Board 1. Shrimp Feed. of Directors approved the investment in geothermal 2. Fish Feed and Pet Food. electricity generating business in Beppu, Japan which The company manages the farms as the center gradually generates revenues from commercial sales of for research and development in aquatic animal feed. electricity (COD) since the middle of 2016. In addition, the company operates new businesses with Originally, the company only had a factory to good returns that is sustainable for the future produce shrimp feed and fish feed at Samut Songkram Province. Later, in 1999, the company expanded by Thai Luxe Enterprises PCL was established on 11 opening a new factory in Petchaburi Province, closing June 1987 with registered capital of 20 million baht. The the shrimp feed production line at Samut Songkram company’s initial objective was to import aquatic animal and change the production base of shrimp feed to the feed for local distribution and raise black tiger shrimp new factory in Petchaburi. In 2004, production of fish for sale, later expanded to manufacture shrimp and fish feed was discontinued at the Samut Songkram factory feeds. At present, the company no longer raises black and production lines were added at the Petchaburi 8 Annual Report 2018 factory instead and the Samut Songkram factory ceased Towards the end of 2015, the company had the production. Thai Luxe Food Service Co., Ltd. (previously policy to invest in geothermal energy business in Japan SMP Food Products Co., Ltd.) which at the time was an by acquiring PPSN Co., Ltd., a juristic entity in Japan which associate company rented parts of the area to produce owns 4 geothermal electricity generating units. In 2016, and sell processed frozen food and finished frozen the company bought Sumo Power Co., Ltd. (SUMO), a seafood and later on changed its name to NPP Food Japanese juristic entity which operates 8 geothermal Service Co., Ltd. In 2015, the company established a electricity generating units. Subsequently, the company new aquatic animal feed factory in Song Khla Province restructured the internal organization resulting in PPSN to manufacture aquatic animal feed and pet food for Co., Ltd. owning 3 geothermal electricity generating units customers in the south and neighboring country. all of which started generating revenues whereas Sumo In 1999, the company opened a processed owns 9 geothermal electricity generating units of which frozen shrimp factory by investing 100% in Thai Luxe 1 has already generated revenues. Food Products Co., Ltd. or “Thai Luxe Food” (previous Moreover, the company jointly invested with name SMP Food Products Co., Ltd.) which changed its Setouchi Natural Energy Co., Ltd. (Setouchi) which is an name to NPP Food Service Co., Ltd. producing processed expert in geothermal electricity generation to establish frozen shrimp for export and frozen ready to eat food. a new juristic entity, namely, M-Luxe Energy Co. Ltd. or In 2014, the company increased the proportion “M-LUXE”, a Japanese juristic entity which is 25% owned of shareholding in SMP Food Products Co., Ltd. to 97.79% by PPSN Company Limited or “PPSN” and Setouchi and changed the name to Thai Luxe Food Products Co., Natural Energy Co., Ltd., owning the balance 75%, of Ltd. In 2015 has reduce shareholding proportion the registered capital of 10 million yen. M-LUXE was estab- company holds 55% in the company and Nippon Pack lished to develop land equipped with the utilities ready (Thailand) PCL, 45% (of paid-up capital). for sale to investors in geothermal electricity generating After that the company jointly invested with projects. At present, TLP acquired the shares in M-LUXE NPP Food Incorporation Co., Ltd. to manage the A &W from PPSN at the same ratio. restaurant. And NPP Food Service Co., Ltd. holds 45% Later, in March 2017, the company invested in in the company and Nippon Pack (Thailand) PCL, 55% geothermal electricity generating plants which is already (of paid-up capital). Later in July 2016, as the company operated and has been registered this plant under SNS deems that food business is highly competitive and that Power Co., Ltd. (SNS Power) it has no expertise in this area, the investment in NPP In August 2017 approved investment in the Food Service Co., Ltd. and. were sold to Nippon Pack company in Fino Binary Power Plant Limited Liability (Thailand) PCL to enable the company to focus on animal Company (FINO) (Japanese juristic entity) which operates feed business and electricity generation from renewable 2 geothermal electricity generating plants. And in energy. September 2017 the company enter into share purchase In 2009, the company invested in T Luxe Global agreement and control authority in 4 companies such Business Co., Ltd. (previously known as Thai D Meter as Beppu Tsurumi Onsen Geothermal Power Station No. Co ., Ltd. or “Thai D”) in the ratio of 100% to operate 1 Liaison Company (BEPPU) (Japanese juristic entity), trading business to supplement the group income by NIS Binary Power Plant Limited Liability Company (NIS) starting production of agricultural raw material used in (Japanese juristic entity), Dual Energy Binary – Power producing animal feed to small animal feed producers Plant No. 1 Limited Liability Company (DUAL) (Japanese and small farmers who do not have bargaining power juristic entity) and Lena Power Station No. 1 Limited against major raw material suppliers. Liability Company (LENA) (Japanese juristic entity) which operates total 8 geothermal electricity generating plants. PP Prime Public Company Limited 9 As of 31 December 2017, the company has 23 geothermal Luxe Enterprises (Thailand) Company Limited) to accept electricity generating units and revenue recognition 15 the transfer of aquatic animal feed and pet businesses units. By transferring part of business (Partial Business Transfer: However, in the year 2018 in January The PBT) which includes aquatic feed production, including Company has resolved to invest in wind power plant shrimp feed production line and fish food and pet food project in Aomori city. 20 projects in Japan, and on May production Engage in such business, license agreements 18, 2018, according to the resolution of the Board of and related investment promotion cards Including per- Directors Meeting No. 8/2561, the Company approved sonnel related to all such businesses, which has already Sell the geothermal energy project located at Oaxasu registered the establishment of Thai Luxe Enterprises Rumi Beppu, Oita Prefecture In japan with a purchase (Thailand) Co., Ltd. on 18 September 2018, amounting price of approximately 320 million yen per project or to 1 million baht (100,000 ordinary shares of 10 baht per approximately 91.71 million baht per project, repre- share). Shares or 99.99 percent of the registered capital senting a total value of not less than 4,800 million yen Note that during the period the company or 1,375.69 million baht (based on exchange rates at operates the aquatic animal feed business, it consistently 28.6602 baht per 100 yen from the Bank of Thailand and continuously develops the manufacturing process On May 17, 2018) to the Relocation Group, which is a applying new technology. At present, the company was company established under the laws of Japan (“Buyer”). awarded the following certification standards: The Company considers selling power plant projects in 1. Certification on management standards system the form of selling shares in the Company’s subsidiaries, ISO 9001:2015 from Euro Veritas Certification which is the owner of power plant projects Or by selling (Thailand) Co., Ltd. the assets of the power plant project 2. Certification on environmental management In addition, at the 8/2561 meeting, the Board standards system ISO 14001:2015 from Euro of Directors approved the Company (Or a subsidiary of Veritas Certification (Thailand) Co., Ltd.