ANNUAL REPORT 2014 In 2014 the company recorded Baht 497million of net cash inflow from op-erations which surpassed the previous year’s level in line with lower trade receivables and outstanding inventory. Net cash from investment activities showed higher net cash outflow representing annual instalment on machin-ery investment by AURA mineral water factory and the ready-to-drink facto-ry’s investment to expand production capacity. In regard to cash flow from fund raising activities, borrowings from finan-cial institutions decreased in comparison with repayment of long term loans; Liquidity Position Current assets: current liabilities (times) Debt servicing capacity (times) Liabilties/equity ratio (times) Ability to Earn Profit Gross profit margin (%) Net profit margin (%) Return on equity (%) 0.8 3.6 1.3 32.0 4.1 10.0 0.7 2.7 1.4 27.9 2.0 4.9 0.7 0.8 1.2 30.5 1.4 3.3 Liquidity ratio Ratios 2012 2012 2013 2013 2014 2014 there was no dividend payment this year. Although this year’s current assets/current liabilities ratio remained un-changed from 2013, both current assets and current liabilities declined pro-portionately in line with the decrease in trade receivables and outstanding inventory, resulting in lower requirement for operating funds and short-term borrowings. Debt servicing capacity: In 2014, the company’s debt servicing capacity deteriorated substantially compared to the previous year, reflecting in sharp decline of net profit before interest and tax. Debt/equity ratio decreased in 2014 as proportionate decrease in liabilities exceeded proportionate decrease in shareholders’ equity. The decrease in shareholders’ equity was due partly to Baht 74.7million decrease of joint ven-ture company’s stakeholdings in a subsidiary company. Gross Profit Margin In 2014 gross profit margin was higher than the previous year, reflecting bet-ter operating results from the Ready-to-drink, Agro-industry and Extract Business while gross margin of Canned Pineapple Export Business declined.
EN_Tipco_Annual Report 2014
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