CONTENTS
Financial Highlights 001
2024 Message from the Board of Directors 002
1. Organizational Structure and Operation 009 of the Company
2. Risk Management 035
3. Business Sustainability Management 037
4. Management Discussion and Analysis (MD&A) 056
5. General Information and Other Material Facts 061
6. Corporate Governance Policy 065
7. Corporate Governance Structure and important 070 information concerning the board, subcommittees, executives, employees and others
8. Internal Control 081
9. Related Party Transactions 082
Attachment 1 : Details of Management team 198 and controlling person of the Company
Attachment 2 : Details of the Directors of subsidiaries 217
Attachment 3 : Details of the Heads of the Internal Audit 219 and Compliance Units
Attachment 4 : Assets for business undertaking 219 and details of asset appraisal
Attachment 5 : The Audit Committee Report 220
Part 1 : Business Operation and Performance
Part 2 : Corporate Governance
Part 3 : Financial Statements 098
Attachments
FINANCIAL HIGHLIGHTS
BALANCE SHEET SUMMARY | 2024 | 2023 2022 |
Cash and cash equivalents | 5,830,826,970 | 10,085,293,230 7,004,346,617 |
Trade and other receivables | 32,784,005,315 | 30,983,522,216 35,969,693,554 |
Inventories | 15,589,933,718 | 15,290,283,476 22,117,526,068 |
Total current assets | 62,702,625,747 | 64,308,423,147 74,245,271,007 |
Investment | 2,277,096,222 | 2,126,105,948 1,998,284,016 |
Property, plant and equipment | 16,477,753,018 | 17,638,114,895 18,650,030,995 |
Total assets | 83,011,641,245 | 85,837,771,536 96,543,206,615 |
Short-term loan from financial institutions | 5,898,933,931 | 12,566,484,533 24,188,802,485 |
Trade and other payables | 36,122,118,905 | 30,292,760,634 34,962,899,379 |
Total current liabilities | 43,371,426,473 | 44,393,929,234 61,871,779,680 |
Non-current liabilities | 13,566,297,474 | 15,217,531,106 16,006,527,904 |
Total liabilities | 56,937,723,947 | 59,611,460,340 77,878,307,584 |
Registered capital | 10,450,002,831 | 10,450,002,831 5,625,920,928 |
Paid-up capital | 10,450,002,831 | 10,450,002,831 5,386,344,480 |
Retained earnings | 12,646,458,178 | 11,562,119,280 11,041,858,773 |
Total shareholders' equity | 26,073,917,298 | 26,226,311,196 18,664,899,031 |
PROFIT & LOSS STATEMENT SUMMARY | 2024 | 2023 2022 |
Sales | 147,110,751,754 | 150,207,115,563 171,491,773,771 |
Total revenues | 147,732,993,500 | 150,812,724,912 172,364,585,434 |
Cost of sales | 139,323,528,264 | 142,564,649,952 163,724,749,092 |
Selling and administrative expenses | 4,140,184,462 | 4,468,198,214 5,249,323,303 |
Total expense | 144,359,505,814 | 147,629,648,416 169,959,944,433 |
Net profit | 2,562,800,772 | 1,107,209,543 785,454,474 |
KEY FINANCIAL RATIOS | 2024 | 2023 2022 |
Liquidity Ratios Current Ratio (times) | 1.45 | 1.45 1.20 |
Quick ratio (times) | 1.08 | 1.09 0.81 |
Collection period (days) | 79 | 81 61 |
Inventory turnover (days) | 40 | 48 54 |
Payment period (days) | 87 | 84 74 |
Cash cycle (days) | 33 | 46 41 |
Profitability Ratios Gross profit margin (%) | 5.29 | 5.09 4.53 |
Operating profit margin (%) | 2.48 | 2.11 1.47 |
Net profit margin (%) | 1.74 | 0.74 0.46 |
Return on equity (%) | 9.80 | 4.93 4.28 |
Efficiency Ratios Return on total assets (%) | 3.04 | 1.21 0.89 |
Return on fixed assets (%) | 30.72 | 22.13 19.97 |
Total assets turnover (times) | 1.74 | 1.65 1.93 |
Leverage Ratios Total liabilities / Total equity | 2.18 | 2.27 4.17 |
Interest coverage Ratio (times) | 5.54 | 1.77 1.87 |
Information on Shares (Baht) Book value per share | 2.50 | 2.51 3.47 |
Earnings per share | 0.25 | 0.17 0.14 |
Dividend per share | 0.20* | 0.12 0.11 |
*subject to shareholder meeting approval
FORM 56-1 ONE REPORT 2024
CAL-COMP ELECTRONICS (THAILAND) PUBLIC COMPANY LIMITED (CCET)
001
Looking back at the year 2024, which has finally come to the end, the situation of geopolitics is indeed more tensed than in previous years! The conflicts between Russia and Ukraine, as well as Israel against Palestine in the Middle East are becoming increasingly intense, and it seems that they may expand into nuclear wars at any time. At the same time, the two major countries, the United States and China, are still competing with each other and the technological cold war is still showing no ease sign.
Year 2024 is also a year filled with global political changes! Around 76 countries were being through election year including United States, India, Mexico, Russia, the United Kingdom, and even Taiwan; all have held elections one after another! In particular, Trump's re-election as the U.S. president shall likely bring unpredictable changes to the global political situation during his president term in the upcoming years. All in all, the global economic performance would not be expecting to show any better satisfactory subsequently, especially the pressure of global inflation. However, due to the global simultaneous and substantial tightening of monetary policy, the crisis of global recession was finally avoided.
According to IMF's forecast, the economic growth in 2024 will slow down slightly from 3.3% in 2023 to 3.2% in year 2024. The leading country, United States, will be 2.8%, slightly lower than previous year's 2.9%; the weak Euro zone will be 0.8% with rebound by 0.4%, while Japan was 0.3% with a decline of 1.4%. As for China, it was 4.8% also with a decline of 0.4%, and the Global economic growth was unable to achieved 5% after all. In viewing Thailand, the recovery of the tourism industry and the continuous increase in foreign investments has been showing a positive recovery sign, therefore, it is expected to reach 2.8% with an increase of 0.9% as compared to previous year.
Upon through series of transformations over the past years, the Company has achieved the sales revenue of USD 4.2 Billion in year 2024 which slightly reduced by 2.9% as compared to previous year! Regardless the current environment of slow global economic recovery, the Company has believed to steadily perform well in year 2024!
Look through year 2024, the Company not only continuing the effort in upgrading the product mixtures with more high-profit products into the product portfolio, but also further boosting the Productivity 4.0 concept onto the manufacturing and production operations by implementing more robotic arms to replace the manpower, developing AI technology in manufacturing and equipment management, as well as adopting RPA technology to boost the automated office management which therefore to reduce the overall labor costs and improve the operation efficiency. Moreover, the lead-in AI & RPA technologies has successfully support the Company to complete the last mile of efforts to propel the first unmanned factory in Thailand during the year. On top of all, the Company also been strengthened the procurement and financial managements in order to constantly lower the overall operation cost which in result for the significant improvement for the overall profit return during the year.
002
FORM 56-1 ONE REPORT 2024
CAL-COMP ELECTRONICS (THAILAND) PUBLIC COMPANY LIMITED (CCET)
In view of 2025, the global economic situation is believed yet to be volatile throughout the new coming years. Although the Trump 2.0, the entangled geopolitics situation and the shifted world factory habitat outside of China remained concerned, the Company which has been deeply root in Southeast Asia and worldwide regions for more than 36 years has believed itself in a favorable situation after all. In fact, the Company believes that opportunities come to those who are prepared, so, the new factories in Thailand are expecting to start the productions by 1H/2025 after intensively setup the new facilities over the past years while the whole world was suffering from the pandemic situation and global monetary crisis. At the same time, the Company has resolved to setup a new factory in Sao Paulo Brazil which also be expected to launch the production by end of 1H/2025 to explore more business opportunities in the near future. All the new facilities shall be able to generate more outcomes for the Company in 2025 and onwards!
Aside from aforementioned, "AI-lead, Manufacturing Excellence" will continue be the Company's core operation strategy in the new coming year! The Company shall continuously extend the successful experiences in Thailand to all of our factories worldwide as the next milestone so all the manufacturing bases can be upgrading their AI-manufacturing and digital management capabilities independently in the near future to maximize the outcomes. Furthermore, the Company has been cultivating in automation and industrial 4.0+ technologies for more than a decade, and shall further has strategy to expand R&D in Thailand and Philippines in year 2025 and to alliance with industry-well-known companies, both domestically and internationally, in aiming to explore smarter and greener manufacturing solutions as well as to generate more profit outcomes in the said market in the foreseen future.
The Board has firm believes that the Company has continuously positioned a solid ground in the business and has been acting as an pioneer to integrate the operation with AI-lead manufacture technologies over the years which are progressively yield with positive results in recent years. Furthermore, the Company has confident that the efforts put through the restructurings in terms of investments, finance managements, product lines and internal organizations will continue to robust the Company's overall performance in year 2025 and onward. On behalf of the Board, we would like to address our deepest gratitude to the management team and all of our staffs for their hard works to achieve each assignment even through the critical times. The Board would also like to extend our highest appreciation to our valuable customers, suppliers, partners, banks, government authorities and shareholders for their continue support and confidence to the Company all these years, and that we are honored to serve as the Board of the Company together with our continual firm commitments to bring the Company towards the next era!
FORM 56-1 ONE REPORT 2024
CAL-COMP ELECTRONICS (THAILAND) PUBLIC COMPANY LIMITED (CCET)
003