SCI Annual Report 2015

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SCI Electric Public Company Limited on efficiency of collection the debts by asking for the payment of debts when it’s due date and give short term credit for the new customers. In summarized, year 2015 the Average Collection Period equals to 129 days increased when compared to year 2014 as 65 days. The reason of increased was mainly came from the major customer as previous mentioned. Other receivable decreased Baht 31.54 million or decreased 66.44% compared to the year 2014. Other receivable comprised with advance payment for inventory, prepaid expense such as prepaid insurance, prepaid bank guarantee fee. Other receivable decreased from recognized prepaid expenses as cost of sale and service in the year 2015. Inventory Inventories of the year 2015 were Baht 212.93 million, increased Baht 36.15 million or increased 1.36% compared to the year 2014. The balance was represented as 7.32% of total asset. The detail of inventories is shown in table 8 below Table 8 : Inventories Unit : Million Baht Consolidation Inventories As 31/12/2015 As 31/12/2014 Increased (Decreased) Amount % Amount % Amount % Raw materials 114.56 53.80 100.08 47.64 14.48 14.47 Work in process 67.20 31.56 69.26 32.97 (2.06) (2.98) Finished goods 31.17 14.64 40.73 19.39 (9.55) (23.46) Inventories 212.93 100.00 210.06 100.00 2.87 1.36 Inventories comprised with raw material, work in process and finished goods. Major raw materials are steel, zinc, nut (big size), electrical equipment as part of switch board and semi-product of electrical board. Major inventory were steel for manufacture steel structure for high voltage electric tower and telecom tower and the electrical equipment as part of switch board. Both of them were reserved for the continuous project In consider of the Average Sale Period of the year 2015 and the year 2014 equal to 31 days and 27 days, respectively. Both of the Average Sale Period was complied with the inventory turnover policy. The Company has the policies to review the slow moving of inventories, defective inventories and diminishing of inventories by review the inventory aging report. The defective inventories is identify by determine the quality of inventory. The value of inventories is compared between the historical cost and the net realizable cost to determine the diminishing value. However, the major inventories were steel which it is difficult to defect. Moreover, the Company has considered the purchase amount to maintain the appropriate inventory balance. For switch board and cable tray product (made-to-order), the Company purchases inventories when received the customer orders. CASH FLOW ANALYSIS Items Unit: Million Baht FY 2015 FY2014 Increased (Decreased) Net cash provided by operating activities 65.78 100.36 (34.58) Net cash used in investing activities (1,056.02) (57.65) 998.37 Net cash generated from financing activities 843.67 50.96 792.71 Currency translation differences 0.45 0.71 (0.25) Net (decreased) increased in cash and cash equivalents (146.11) 94.38 (240.49) Cash and cash equivalents, beginning of year 269.08 174.69 94.38 Cash and cash equivalents, end of year 122.97 269.08 (146.11) 248
Overview liquidity: Net cash provided by operating activities were Baht 65.78 million. It was less balance from a fewer profit from the operation and increased in trade receivable and inventories. Additional, the borrowings were repayment after IPO resulted to decrease in cash and cash equivalent, end of year. Net cash used in investing activities – The Company spend more cash to invest into short-term investment, high liquidity and high return. To avoid the risk, the Company investment into low to middle risk on investment. Additional on investing activities, there was an investment in machinery to expand the production capacity for manufacture steel structure. Net cash generated from financing activities – The Company paid dividend of Baht 441.61 million in March and April 2558. There was cash received from increased share capital by the previous shareholders of Baht 397.50 million and the new issue share to public of 187.50 million shares at Baht 5.90 per share, amounting to Baht 1,106.3 million and received the consideration of increased share capital on 8 October 2015. All direct expenses related to the share offering amounting to approximately Baht 39.71 million was net with share premium. Some cash from IPO was spending for repayment borrowing to reduce the financial costs. FINANCIAL RATIO For the year ended 31 December 2013 to 2015 Financial Ratio Consolidation FY2015 FY2014 FY2013 Liquidity Ratio Current Ratio (time) 2.38 1.12 0.90 Quick Ratio (time) 2.00 0.81 0.30 Accounts Receivable Turnover (time) 2.84 5.60 5.71 Average Collection Period (day) 129 65 64 Inventory Turnover (time) 11.69 13.38 10.82 Average Sale Period (day) 31 27 34 Account Payable Turnover (time) 3.41 3.74 3.00 Average Payment Period (day) 107 98 122 Profitability Ratio Gross Margin Profit (%) 17.21% 20.69% 14.99% Net Profit Margin (%) 8.84% 11.56% 7.83% Return on Equity (%) 15.05%* 70.25% 88.92% Efficiency Ratio Return on Asset (%) 7.74% 16.90% 10.86% Return on Fixed Asset (%) 24.42% 44.29% 25.26% Total Asset Turnover (time) 0.66 1.46 1.39 Leverage Ratio D/E Ratio (time) 0.56 2.08 5.39 249 Annual Report 2015
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SCI Annual Report 2015

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