Page 49 - One Report Thai Final_ENG_2021

Tycoons Worldwide Group (Thailand) Plc.

Operating profit

Operating profit in 2021 was 719MB, the rate increased from (0.46)% of 2019 to 7.94%
of 2021, resulted from the increase in gross profit rate.

Net income

Net profit in 2021 was 377MB, net income rate increased from (5.36)% of 2020 to 4.16%
of 2021. The net profit 377MB of 2021 mainly due to operating income gain were 478MB,
none-operating gain were 33MB, Share of loss from investment in associate of 88M.
Income tax expense 8MB, Finance cost of 38MB.

4.3 Financial status

(1) Assets

Composition

As of December 31 2021, TYCN’s had total assets 7,102MB, increased by 12.20% with
amount 772MB compared to 2020. The increase in total assets was mainly due to the
increase in cash and inventories.

Current assets of 2021 were 3,707MB increased by 27.86%with amount 808MB compared
to 2020 mainly increase due to increase of inventory.

Non-current assets of 2021 was 3,395MB, decrease by 1.02% with amount 35MB
compared to 2020, the reason was the provision of depreciation and the recognition of
losses from investment-related companies

Quality of assets

Assets

At each reporting date, the Company performs impairment reviews in respect of the long-
term investment, properly, plant and equipment and other intangible assets whenever
events or changes in circumstances indicate that an asset may be impaired. An impairment
loss is recognized when the recoverable amount of an asset, which is the higher of the
asset’s fair value less costs to sell and its value in use, is less than the carrying amount.

Accounts receivable

As of December 31, 2021 accounts receivable amounted to 444MB, which could be
broken down into A/R of unrelated parties 342MB and A/R of related party 102MB. A/R

amounted to 458MB in 2020 which could be broken down into A/R of unrelated parties
351MB and A/R from related party 107MB. The normal credit term granted by the

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