Page 222 - CRC_One Report 2021_EN

Business Overview and Performance Corporate Governance Financial Statements Enclosure

3. Cash flows from financing activities of THB (149) million, decreased by THB 3,054 million from
the same period of last year. This was substantially due to cash proceeds from IPO of THB 22,457 million
last year while this year, dividend paid decreased by THB 10,142 million, loans (net) increased by
THB 9,982 million, and interest paid increased by THB 1,188 million.

Key Financial ratio

Profitability ratio

Gross profit margin was 25.3% and 25.0% for the years ended 31 December 2021 and 2020 respectively.
The primarily due to an increase of gross profit from sales for fashion due to an improvement of product assortment
that able to satisfy customer needs and the adjustment of discounts offered to customers. This resulted from
more sales of higher margin products. For hardline segment, the increase from that of the previous year
thanks to Thai Watsadu which came from the reduction of promotional campaigns, an increase sales mix of
private label products and higher steel prices as well as consolidation with COL since February this year.
For food segment, gross profit margin was slightly increased from the improvement of product assortment.
The gross profit from rental services and rendering of services decreased, which was mainly due to rent discount
provided to tenants who couldn’t operate their business as usual.

Operating margin was 1.5% and 1.3% for the years ended 31 December 2021 and 2020 respectively,
primarily due to an increase of gross profit margin while the decrease of selling expenses from effective cost
and expenses control under lockdown measure

Net profit margin was 0.1% and 0.2% for the years ended 31 December 2021 and 2020 respectively,
primarily due to tax income declined from the decrease of loss before tax expense and an increase of share of
profit of associates and joint ventures. However, financial cost slightly increased from adoption of TFRS#16 lease.

Return on equity (ROE) was 0.5% and 07% for the years ended 31 December 2021 and 2020 respectively,
primarily due to decline of net profit.

Efficiency ratio

Return on assets (ROA) was 0.1% and 0.2% while return on fixed assets was 13.2% and 16.1% for the year ended
31 December 2021 and 2020 respectively, primarily due to the decline of net profit and increase of total assets
from COL consolidation and investment in Porto Worldwide Limited.

Liquidity Ratio

Current Ratio was 0.6x and 0.8x and quick ratio was 0.3x and 0.4x for the year ended 31 December 2021 and 2020
respectively, primarily due to increase of current assets from the increase of bank overdrafts, short-term borrowings
from financial institution and current portion of long- term borrowings including an increase of trade payable.

Cash cycle was 23 and 22 days for the year ended 31 December 2021 and 2020 respectively.

Financial Policy ratio

(1)
Net interest-bearing debt to Equity was 1.0x and 0.9x for the year ended 31 December 2021 and 2020 respectively,
primarily due to the increase of bank overdrafts, short-term and long-term borrowings from financial institution.

(1) Net interest-bearing debts are excluding financial lease from TFRS 16 and deduct with cash and cash equivalents.

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