STATEMENT OF COMPREHENSIVE INCOME

In 2017, the Company’s performance improved with overall revenue increasing by 507.0 million baht or 78 percent from 650.3 million baht in 2016 to 1,157.3 million baht. As a result, the Company’s net profit recovered to over 30.4 million baht, a 111-percent increase from 2016, in which the Company experienced a net loss of 277.8 million baht. Meanwhile, nearly 65 percent of increased revenue resulted from the pile-driving contractor business, the new business in which the Company only fully began to operate this year. The business focuses on accepting bridge support pile-driving jobs and only accepting jobs for wages. Although the Company only recently started this business, the good relationships and work achievements in the Company’s heavy machinery rental business have made the Company well-trusted with the confidence of large contractor customers who can bid for government projects in line with the basic transportation and shipping infrastructure development projects such as the Bang Pa In-Nakhon Ratchasima motorway, double-track railway at Jira-Khon Kaen section, the Bang Yai-Kanchanaburi motorway project, etc. Furthermore, the Company perceives increased income from the machinery dealer business and machinery rental business. The Company’s ratio of revenue from sales: revenue from services: revenue from contract foundation construction (pile-driving) businesses is 23:48:29. In addition, the Company effectively managed sale and administrative expenses. Sales and administrative expenses have not increased, even though the business is new.

STATEMENT OF FINANCIAL STATUS

ASSETS

The Company’s total assets in 2016 amounted to 2,935.74 million baht. When compared with the 2,885.20 million baht of the previous year, the Company’s total assets increased by 50.54 million baht, or 1.75 percent. Most of the Company’s assets (70 percent) are machinery and equipment in which the Company invests in order to support the rental and contract foundation construction (pile-driving) businesses. As for the Company’s inventory, it is continuously decreasing due to rapid sales. On the other hand, trade receivables are increasing in line with increased revenue.

LIABILITIES

The Company’s total liabilities as of 31 December 2017 amounted to a total of 1,701.3 million baht, a decrease of 103.0 million baht or 5.71 percent when compared to 1,804.3 million baht in 2016. Bank and financial institute debts decreased by 223.7 million baht. Hence, the Company’s total liabilities of 1,234.9 million baht in 2016 decreased to 1,011.2 million baht in 2017. Meanwhile, short-term loans (B/E) decreased by 20.0 million baht, from 200.0 million baht in 2016 to 180.0 million baht in 2017. At the same time, the Company increased its use of credit terms granted by XCMG for 12 months. Hence, trade payables increased by 120.2 million baht from 225.1 million baht in 2016 to 345.3 million baht in 2017.

SHAREHOLDERS’ EQUITY

The Company’s shareholders’ equity as of 31 December 2017 is 1,234.47 million baht. This is an increase from 1,080.84 million baht in 2016 by 153.63 million baht or 14.21 percent due to 60.6 million baht of capital increase at two baht par value for a total of 121.2 million baht and the Company’s net profit in 2017.

LIQUIDITY

The Company’s revenue increased, especially in the contract foundation construction (pile-driving) business. In addition, the credit terms granted by XCMG and reduction in principle repayment conditions with some financial institutes caused the Company’s financial liquidity to improve. The Company’s cash flow from operations amounted to 283.76 million baht, while the Company’s cash flow spent in investment activities was 86.05 million baht and cash flow spent in financing activities was 181.63 million baht. Thus, at the end of the accounting period, the Company’s remaining cash flow and cash-equivalent transactions circulating in businesses was 21.40 million baht with the debt per equity ratio decreased from 1.67 times in 2016 to 1.38 times in 2017.

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