Page 219 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

Year ended Year ended
Increase
(Decrease)
31 December 2020 31 December 2021

THB millions THB millions %

Operation information

EBITDA 18,965 20,059 5.8

Normalized EBITDA 18,149 20,110 10.8

Normalized Profit (loss) (614) 407 166.2

Normalized Profit (loss) to owner (910) 189 120.8

Financial position

Total assets 239,180 263,228 10.1
Total liabilities 183,465 204,147 11.3

Total equity 55,715 59,081 6.0

The Analysis of Operating Results for the year 2021

1. Revenue from sales of goods was THB 175,975 million, increased by 1.6% from the same period of last year.
Revenue from sales can be categorized as follows:

I Revenue from sales from fashion segment was THB 42,810 million, decreased by 7.4% from the same period
of last year. Mainly because of the impact from the periodic situation of COVID-19. The waves of disease
in Thailand started in late December to January. The situation was severe to an extent that lockdown measures
were implemented in July-August. Some stores located in high-risk areas were thus temporarily closed,
leading to impacts of a decrease in the number of tourists. Some stores that mainly cater to foreign tourists,
such as the Patong, Jungceylon in Phuket, etc. had to temporarily shut down their operations. However,
the COVID-19 situation in Italy started to ease in the beginning of the second quarter, enabling all stores to
reopen in mid of April. Sales were rapidly and fully recovered especially during the last quarter. The Company
has continuously developed and driven sales through omnichannel platforms to ensure easy, convenient,
and safe accessibility for all customers. The omnichannel sales grew by 82% from the same period of last year.

II Revenue from sales from hardline segment was THB 63,565 million, increased by 21.7% from the same
period of last year. This is mainly due to the consolidation of the COL business since February and
the continuous growth of the Thai Watsadu business, as well as rising steel prices. In addition, the demand
for housing repairs and decorations has increased, as customers spend more time at home during
the pandemic. The Company launched 5 new stores of Thai Watsadu this year such as Suksawad
(Samutprakarn), Bo Win (Chon Buri), Ayutthaya, Songkhla and Srisamarn. There were new specialty stores
and new format stores opening this year, which were 8 of go! WOW under Thai Watsadu and 3 of go! Power
under Power buy. In addition, the omnichannel platforms have been improved to be effective with wide
assortments of products being added while also offering convenient and prompt services. Due to the strengths,
omnichannel sales increased by 142% compared to the same period last year.

Annual Report 2021 (Form 56-1 One-Report) 219