Comparative Financial Ratios
| Ratios | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|---|
| Liquidity Ratios | ||||||
| Current Ratio (Times) | 1.34 | 1.66 | 1.37 | 1.56 | 2.38 | 1.70 |
| Quick Ratio (Times) | 0.39 | 0.55 | 0.45 | 0.54 | 0.83 | 0.64 |
| Leverage Ratios | ||||||
| Total Debt to Equity Ratio (Times) | 2.10 | 1.74 | 1.59 | 1.68 | 1.07 | 1.51 |
| Debt to Equity (Times)* | 1.44 | 1.16 | 1.05 | 1.14 | 0.68 | 1.03 |
| Net Debt to Equity (Times)* | 1.40 | 1.07 | 0.94 | 0.99 | 0.54 | 0.78 |
| Time Interest Earned (Times) | 3.96 | 4.06 | 5.22 | 6.21 | 4.29 | 3.00**** |
| Efficiency Activity Ratios | ||||||
| Total Assets Turnover (Times) | 0.92 | 0.89 | 0.92 | 0.91 | 0.89 | 0.78 |
| Inventory Turnover (Times) | 2.81 | 2.82 | 2.89 | 2.71 | 2.59 | 2.19 |
| Accounts Receivable Turnover (Times) | 9.56 | 9.56 | 11.11 | 11.81 | 11.50 | 9.77 |
| Accounts Payable Turnover (Times) | 8.54 | 8.49 | 9.64 | 10.03 | 9.90 | 9.23 |
| Inventory Days (Days) | 128 | 128 | 125 | 133 | 139 | 164 |
| Account Receivable Days (Days) | 38 | 38 | 32 | 30 | 31 | 37 |
| Account Payable Days (Days) | 42 | 42 | 37 | 36 | 36 | 39 |
| Profitability Ratios | ||||||
| Gross Profit Margin (%) | 14.2 | 15.9 | 17.7 | 18.2 | 17.5 | 17.1 |
| EBITDA margin (%) | 8.3 | 9.5 | 9.8 | 10.6 | 8.3 | 8.2**** |
| Net Profit Margin (%) | 3.9 | 4.1 | 4.7 | 5.7 | 4.6 | 3.3**** |
| Return on Average Equity (%) | 11.9 | 9.0 | 14.1 | 16.1 | 11.1 | 7.1**** |
| Return on Assets (%)** | 5.6 | 4.6 | 6.3 | 6.9 | 4.9 | 4.0**** |
| Return on Capital Employed (%) | 7.7 | 6.5 | 9.2 | 10.4 | 6.8 | 5.6**** |
| Per Share Data | ||||||
| Earnings per Share (Thai Baht) | 1.09 | 0.80 | 1.26 | 1.66 | 1.47 | 0.93**** |
| Dividend per Share (Thai Baht) | 0.40 | 0.47 | 0.72 | 0.95 | 0.84 | 0.54 |
| Book Value per Share (Thai Baht)*** | 8.95 | 8.90 | 9.69 | 11.18 | 15.65 | 13.16 |
| * | Debt = Interest bearing debt only |
| ** | Pre-tax ROA = EBIT/Average total assets |
| *** | BV = Total shareholders’ equity / (outstanding shares - share repurchase) |
| **** | Profitability ratios are calculated on normalized number, excluding one-time non-cash impairment of Red Lobster (THB 18.4 billion) in the fourth quarter of 2023 and before IFRS 5 reclassification. |