Instructored

Dr. Sahanon Tungbenchasirikul

Financial Statement

SIAM MAKRO PCL.Team Member

BySocheat Soeun

Company background

Name of CompanyMAKRO (Siam Makro Public Company Limited)

Business Type

Operating a cash and carry wholesale business selling both food and non food product to registered members

Date of Establishment May 10, 1988

Listed on the Stock Exchange of Thailand (SET)

August, 1994

Registration Capital 2,400,000,000 (MB)

Website www.siammakro.co.th

Vision

To continue to be leading Cash & Carry operator. Distributing Food and Non Food products to our registered customers.

Providing the best buying conditions and solutions for professional customers through complete range, quality, price and services.

Makro realizes the importance of providing assistance and support to small retailers by forming a strong retailer network

Mission

To be the 1st choice supplier to our registered food professionals To be the one stop supplier for our professional customers as Horeca

and Service Providers. Fulfils and maintain our customers satisfaction, providing quality

products at competitive price. Collaborate with our business partners for the continuo’s improvement

efficiency and giving an increase in mutual benefits for all partners. Operate professional and committing to the principle of good corporate

governance.

Goals Growth To prolong business life-cycle Organization Excellence

Siam Makro Public Company Limited

Business Strategies

Vision: providing the best solution to Food Professional CustomersAttitude : A goods will start lead to a successful in time

Value: Growth + Creativity + Simple

Consumption GoodsConsumption Goods

Follows: Potato chips, Follows: Potato chips, wafers, crackers, biscuitswafers, crackers, biscuitsChocolate, sweets, Chocolate, sweets, chewing gum, gelatin, chewing gum, gelatin, dried fruitsdried fruitsRice, cooking oil, sugarRice, cooking oil, sugarInstant noodles, canned Instant noodles, canned foodsfoodsTea, coffeeTea, coffeeLocal and imported Local and imported wines, soda water soft wines, soda water soft drinks, fruit juice, drinks, fruit juice, Cleaning/washing Cleaning/washing productsproductsPersonal hygiene Personal hygiene products,products,First-aid medicinesFirst-aid medicines

Fresh & Frozen FoodFresh & Frozen Food

Fruits and vegetables - Fruits and vegetables - fresh fruits and fresh fruits and vegetablesvegetablesMeat products - beef, Meat products - beef, pork, poultry…pork, poultry…Fish – Unprocessed, Fish – Unprocessed, SeafoodSeafoodChilled - Eggs,Diary Chilled - Eggs,Diary product,Chilled Milk,Cold product,Chilled Milk,Cold CutsCutsFrozen food - Export-Frozen food - Export-quality-controlled, meat quality-controlled, meat Spices - Spices.Spices - Spices.

Consumer and electronic Consumer and electronic GoodsGoods

Microwaves, freezers, refrigerators.Furniture for offices , restaurants.Office equipment .Clothing for chefs waiters/waitressesBedding, towels, tablecloth and curtains for restaurants, resorts Men's wear, women's apparel, children's clothing, sportswear,Toys, sports equipment, camping equipment, bicyclesAir pumps, decorative garden items, Petrol, automotive equipment, light bulbs, maintenance tools, shelves,

MAKRO

EGAT 14,998.12 MW 48.51% IPP 8,751.29 MW 28.30%EGCO 3,931.40 MW 12.71%EGCO 3,931.40 MW 12.71%SPP 1,983.00 1,983.00 MW 6.41 % 6.41 % IMPORT 1,256.20 MW 4.06 % Total 30,920.01 MW 100 % Total 30,920.01 MW 100 %

DOMESTIC 3, 821.06 MW 88 % EXPORT 539.96MW 12 % TOTAL 4, 361.02 MW 100 % TOTAL 4, 361.02 MW 100 %

Positive(+) Negative (-)

Increasing demand growth (Domestic & Oversea)

Global economic crisis

Product quality Explicitly of company

Domestic political turmoil Natural disaster

Higher per capital income of the people

Increasing Revenues

Lacking plan of company Declining Expenses

Positive Negative

Reasons:

Standardized level of reliabilityDevelopment success of companyProduct quality

Financial Statement Analysis Financial Statement Analysis

2010 2011 2012 TREND

Current Ratio (Times)

0.76 0.720.69 Down

Quick Ratio (Times)

0.71 0.67 0.64 Down

Working Capital(MB)

14.59 18.6719.68 Up

2010 2011 2012 TREND

Gross Profit Margin (%)

9.6 9.7 10.61 Up

Net Profit Margin (%)

2.12 2.63 3.09 Up

EBITDA Margin(%) 6 6 4

Down

2010 2011 2012 TREND

INVDOH(Days)

107 107 104 Down

ARDOH (Days)

108 -392 -605 Down

APDOH(Days) 214 241 236

Down

Cash Cycle or Financial Needs (FN)

(Days)1 -527 -737 Down

2010 2011 2012 TREND

D/E Ratio(Times)

776 747 605 Down

DSCR (Times) Down

ICR (Times)

Down

TIE (Times) Down

2013 2014

Liability

Efficiency

Profitability

Leverage

FINANCAL MARKET

COMPANY

CAPITAL/FUND

CAPITAL/FUND

COMMONSTOCK

USE OF CAPITAL/FUNDS

Cash Short Term investment

Cash Long-term investment

Increment in Shareholder’s Equity 2010-2012

CASH/DEPOSIT AT

FINANCIAL INSTITUTIO

N

LONG-TERM LOANS/DEBENTURE

Local Bank

Foreign Bank

Financial Institution

Daily Operation

Company expansion

ST&LT Investment

FUND/CAPITAL ALLOCATION (2010-2012)

Summary of the Company Investment Plan 2010-2012

1. Company BusinessOn the basis of ratios and financial statements, company was in down situation but was also earning net profit to meet its obligations.

2. Financial SituationCompany was able to meet to its obligations during 2010-2012 in long run.On the basis of projected financial statements of 2013-2014, Company will continue on its growing path.

3. Growth in 2013-2014 On the basis of efficiency ratio and projected financial statements of 2013-2014, company’s growth will increase positively.