Financial Highlights | i-Tail Corporation

Financial Highlights

1Q23 sales bottomed at THB 3.6bn, mainly due to inventory destocking of customers in the U.S. and Europe and negative product mix which resulted in lower selling prices.

1Q23 Sales

YoY
-17%
+3,587 Million Baht
*Compared to Financial Statements in 2020-2022
YoY
-53%
+425 Million Baht

1Q23 Net Profit

*Compared to Financial Statements in 2020-2022
1Q23 Revenue by Region (Unit: Million Baht)

* Others comprises of Australia, Japan, Taiwan, Thailand, and other countries

Financial Performance 1Q23

(Unit: Million Baht)

1Q23 2022 2021 2020
Financial Performance
Total Revenue 3,587 21,420 14,649 12,356
Gross profit 625 5,349 3,356 3,176
Operating profit 324 4,110 2,374 2,477
EBIT 458 4,532 2,781 2,612
Net Profit 425 4,401 2,721 2,548
Financial Position
Total Assets 24,457 28,178 11,509 10,753
Total Liabilities 2,489 3,133 4,691 5,170
Total Shareholders' equity 22,967 25,045 6,818 5,583

Remark:

*as of end 1Q23

**2022 basic EPS is calculated based on average weighted number of shares of 1,772.7mn shares of par value at 1 THB per share.

Key Financial Ratios

1Q23 2022 2021 2020
PROFITABILITY RATIOS
Gross profit margin (%) (1) 17.4 25.0 23.1 26.0
EBITDA margin (%) (2) 9.0 23.5 22.6 25.0
Operating margin (%) (3) 16.0 19.2 16.3 20.3
Net profit margin (%) (4) 11.5 20.3 18.6 20.6
ROE (%) (5) 7.5 27.6 43.9 54.0
LIQUIDITY RATIOS
Current Ratio (6) 10.1 9.0 1.7 2.8
Quick Ratio (7) 5.6 6.7 0.7 1.8
Days sales outstanding (8) 78.4 48.3 53.0 54.0
Days of inventory outstanding (9) 144.7 93 96 78
Days payable outstanding (10) 37.9 30.6 34.0 29.0
EFFICIENCY RATIOS
ROA (%) (11) 6.7 22.2 24.4 26.3
Asset turnover (times) (12) 0.58 1.1 1.3 1.3
LEVERAGE RATIOS
Debt to equity (times) (13) 0.1 0.1 0.7 0.9
IBD to Equity (times) (14) 0.0 0.0 0.3 0.6
Interest coverage ratio (times) (15) 99.8 61.9 104.4 84.3

(1) Gross profit margin is calculated as gross profit (loss) divided by sales, multiplied by 100.
(2) EBITDA margin is calculated as EBITDA divided by total sales, multiplied by 100.
(3) Operating margin is calculated as operating profit exclude other income and other gain (loss) divided by sales, multiplied by 100. (4) Net profit margin is calculated as profit (loss) for the period divided by total sales, multiplied by 100.
(5) Return on equity is calculated as profit (loss) for the period attributable to owners of the parent divided by average total shareholders’ equity attributable to owners of the parent, multiplied by 100.
(6) Current ratio is calculated as total current assets divided by total current liabilities.
(7) Quick ratio is calculated as the combined total of cash and cash equivalents, short-term investments and trade and other receivables, net divided by total current liabilities.
(8) Days sales outstanding is calculated as 365 divided by account receivable turnover.
(9) Days of inventory outstanding is calculated as 365 divided by inventory turnover. Inventory turnover is calculated as cost of sales divided by average inventories.
(10) Days payable outstanding is calculated as 365 divided by account payable turnover. Account payable turnover is calculated as cost of sales divided by average trade payable.
(11) Return on assets is calculated as profit (loss) for the period divided by average total assets, multiplied by 100.
(12) Assets turnover is calculated as total sales divided by average total assets.
(13) Debt to equity ratio is calculated as total liabilities divided by total shareholders’equity.
(14) Interest-bearing debt to equity is calculated as total interest-bearing debt divided by total shareholders’ equity.
(15) Interest coverage ratio is calculated as EBITDA divided by finance costs.
(16) Total sales is calculated as the sum of sales and other income.