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MD & A

Analysis of Operating Result and Financial Position

• (1) Business Overview of the Company and Its Subsidiaries.
  1. The overall snack market continues to grow at a steady rate. In 2024, the overall market growth rate increased by 8.1 percent, while the fish snack market had a growth rate of 5.7 percent. In the pet food business, the market has shown consistent growth throughout 2024. In the coffee business, the priority is on producing high-quality organic coffee, alongside continuous improvement and development of coffee product formulas, as well as an expansion of the flagship stores on prime locations that align with the target customer group in order to achieve sales targets and reduce loss incurred. However, the Company and its subsidiaries have placed significant emphasis on efficient cost and expense management, resulting in higher profit margins.
• (2) Analysis of the Operating Results
  1.  The Company and its subsidiaries had profit for the year 2024 of 599.0 million baht, increasing from the same period of the previous year by 206.9 million baht. In the period, revenue from sales and services increased by 671.6 million baht, from an increase in production business of 585.0 million baht mainly from cat food production business and an increase in distribution business of 86.7 million baht. Gross profit amounted to 1,612.4 million baht, increasing from the previous year by 257.9 million baht. In the period, there was an unrealized loss of 5.9 million baht, from the measurement of the fair value of financial assets according to Financial Reporting Standard No. 9 on Financial Instruments, consisting of a loss from the fair value measurement of foreign exchange contracts of 6.2 million baht and a gain from the fair value measurement of equity investment units of 0.3 million baht, while there was shown as an unrealized gain of 8.1 million baht in the previous year.
     
     Operating profits amounted to 735.6 million baht, increasing by 237.2 million baht from the previous year. Significant changes were as follows:
     
     Net revenue from sales and services in the period amounted to 4,918.1 million bah, increasing from the same period of the previous year of 671.6 million baht, consisting of:
     
     • Domestic sales amounted to 2,881 million baht, increasing by 132 million baht from the previous year, from an increase in consumer goods distribution business of 89 million baht from the Company’s products and products that are distributed by the Company, and an increase in the food production business of 43 million baht, mainly from the coffee business.
     • Foreign sales amounted to 2,037 million baht, increasing by 540 million baht from the previous year, from an increase in cat food production business of 542 million baht and a decrease in consumer product distribution business of 2 million baht.
     
     Gross profit margin was 32.8 percent, an increase of 0.9 percent from the previous year.
     
     Sales and distribution expenses in the period amounted to 427.0 million baht, decreasing by 2.0 million baht from the previous year. Such decrease resulted from a decrease in advertising and promotion expenses of 32.6 million baht from the export distribution business group, while there were an increase in transportation expenses of 22.2 million baht from transportation expenses of new partners who was appointed as a distributor in 2024, an increase in salesperson expenses of 4.7 million baht from an increase in commission fees, and an increase in coffee shop expenses of 3.5 million baht from the opening of the Don Mueang International Airport coffee branch since November 2024.
     
     Administrative expenses in the period amounted to 478.0 million baht, increasing by 21.4 million baht from the same period of the previous year, due to the previous year's adjustment of the reversal of accrued remuneration that was higher than the actual payment amount of 22.1 million baht, an increase in employee expenses in the year of 9.6 million baht, an increase in management expenses an increase of 7.6 million baht, and an increase in other expenses of 3.1 million baht, while there was a loss from exchange rates of 20.6 million baht included in the previous year, resulting in a decrease in management expenses of 20.6 million baht.
     
     
• (3) Analysis of the Financial Position
  1. Assets
     Total assets of the Company and its subsidiaries as at 31 December 2024 amounted to 3,100.6 million baht, increasing by 510.8 million baht from the period at the end of 2023. Key significant changes were as follow:
     
     Cash and cash equivalents increased by 42.7 million baht, resulting from an increase in the Company's cash of 23.2 million baht and an increase in subsidiaries' cash of 19.5 million baht.
     
     Trade and other receivables increased by 91.0 million baht, from an increase in trade and other receivables of the export cat food business of 76.5 million baht. The Company's trade and other receivables increased by 24.1 million baht from high revenue in the fourth quarter and a decrease in trade and other receivables of other subsidiaries of 9.6 million baht.
     
     Inventories increased by 61.5 million baht, from an increase in raw materials and packaging materials for cat food production of 64.8 million baht, while there having a decrease in the coffee business of 35.5 million baht from sales of coffee beans. Goods in process and goods in transit increased by 26.7 million baht, mainly from the cat food production business. Such increase of 5.5 million baht was from an increase in finished goods and packaging materials of the Company and other subsidiaries.
     
     Other current financial assets increased by 138.8 million baht from an increase in the purchase of investment units - debt and equity funds of 156.2 million baht, while having a decrease in receivables from foreign exchange contract of the cat food production business of 17.4 million baht.
     
     Property, plant and equipment had net increase of 121.8 million baht from an investment of additional assets of 185.2 million baht, which were machinery and construction to expand the cat food factory of 116.0 million baht, machinery and Taro factory buildings of 61.2 million baht, expansion the coffee shop at Don Mueang International Airport of 2.6 million baht, and purchase of assets of the Company and other subsidiaries of 5.4 million baht. At the end of 2024, 3 subsidiaries reviewed the new land appraisal value at the end of the year, resulting an increase of 28.2 million baht. During the year, depreciation was recognized in the amount of 89.0 million baht.
     
     Right of use assets increased by 31.7 million baht, mainly from the lease contract of coffee shop (Don Mueang International Airport Branch) of MiVana by 40.9 million baht, and decreased from the recognition of depreciation during the year. The decrease in prepaid rent was the amortization according to the period of the Company's lease rights.
     
     Other non-current assets increased by 21.5 million baht from an increase in an investment in accounting software which was under development of the Company and subsidiaries of 12.8 million baht, an increase in deposit for coffee shop space at Don Mueang International Airport of 6.7 million baht, an increase in withholding tax of subsidiaries of 3.5 million baht, and a decrease in other non-current assets of the Company and subsidiaries of 1.5 million baht.
     
     Liabilities
     

     The liabilities of the Company and its subsidiaries amounted to 1,333.2 million baht, increasing by 239.2 million baht from the previous year due to the following significant changes:

     Overdraft and short-term loans from financial institutions decreased by 10.0 million baht due to the Company and its subsidiaries having very high excess liquidity. Therefore, a short-term loan from the financial institution could be repaid.
     
     Trade and other payables increased by 97.6 million baht, resulting from an increase in trade and other payables of the cat food production business of 69.6 million baht, an increase in trade and other payables of the Taro production business of 16.7 million baht, while having a decrease in trade and other payables of the Subsidiaries of 1.1 million baht.
     
     Long-term loans increased by 30.2 million baht (including the portion of long-term loans due within one year and accrued interest payable) During the year, long-term loans increased by 72.9 million baht from loans for plant expansion and purchase of machinery of 2 subsidiaries. And, during the year, long-term loans were repaid according to the contract of 42.7 million baht.
     
     Lease liabilities increased by 31.6 million baht, mainly from an increase in the lease contract for the coffee shop (Don Mueang International Airport Branch) of 43.9 million baht and a decrease in rental payments under the lease contract.
     
     Long-term employee benefit reserves increased by 26.8 million baht from the recognition of long-term employee benefit obligations during the year and the review of the calculation of new long-term employee benefits at the end of the year 2024 of the Company and its subsidiaries.
     
     Income tax payable increased by 47.6 million baht due to the calculation of corporate income tax for the year 2024.
     
     Shareholders’ Equity
     Shareholders' equity as of December 31, 2024 amounted to 1,767.4 million baht, increasing by 271.6 million baht from the previous year due to an increase of unappropriated retained earnings of the Company and the Subsidiaries of 251.7 million baht, an increase of other components of shareholders' equity of 21.3 million baht, resulting from a net increase in the land appraisal of the Subsidiary of 22.6 million baht, while the Subsidiary in the Republic of China had an exchange rate difference from the translation of financial statements in foreign currency of 1.3 million baht, and the loss of non-controlling interests of the subsidiary had increased of 1.4 million baht.
• (4) Analysis of the Cash Flow Statement
  1. The Company and its subsidiaries had cash flow and cash equivalents as of 31 December, 2024 in the amount of 91.4 million baht, increasing from the same period of the previous year by 42.7 million baht from the following significant changes:
     • Net cash from operating activities was 728.0 million baht, increasing by 110.4 million baht from the previous year, mainly from an increase in the operating results.
     • Net cash flow used in investing activities amounted to 342.2 million baht from purchase of investment units net of 153.4 million baht, additional investments in machinery, equipment and building improvements, net of 185.2 million baht, an increase in deposits pledged as collateral for coffee shop (Don Mueang International Airport Branch) of 5.9 million baht, cash received from sale of assets of 1.6 million baht, and cash received from interest income of 0.7 million baht.
     • Net cash flow used in financing activities was 341.8 million baht, from dividend payment in the amount of 334.9 million baht, long-term loans in the amount of 30.2 million baht, repayment of short-term loans from financial institutions in the amount of 10.0 million baht, repayment of debt according to the lease agreement in the amount of 20.7 million baht, and interest expenses in the amount of 6.4 million baht.
  4.2 Factors or Events that May Affect the Financial Position or Operations Significantly in the Future (Forward Looking)
  
  The growth trend of the snack market in 2025 is expected to experience slower growth compared to 2024. However, The Group of Companies emphasized on planning the management of raw materials, factors in production and other costs to be efficient and to maintain the quality of products and services to create satisfaction, the development of products and new distribution channels for consumers to access the Group’s products conveniently and comprehensively including plans to launch new products to meet consumer demand. In terms of pet food exports, the European and American markets have shown relatively good growth, driven by the increasing popularity of pet ownership and the importance of pet health and well-being. The subsidiary has expanded its production capacity to accommodate the continuously increasing demand for products. In the coffee business, it has plans to expand branches, develop new products, and create new blends of roasted coffee to align with market demand and increase brand awareness by working with new partners. The Group of Companies continues to focus on closely monitoring the impact of various situations, which are the main factors that will continuously affect the Company's business, consists of political factors of both domestic and overseas, social conditions, age factor of the local population which has a significant increase in proportion of elderly people, employment rate in the country, government policies in each country, the trend of changing technology, legal requirements and environmental factors are mostly factors that are uncontrollable by the Company but may affect it both in the short and long term, both directly and indirectly. Such factors must be appropriately applied to risk management in order to be able to solve problems that may occur with the Company and the Group in a timely manner
  2. Summary of Financial Data
     Summary of significant financial data of the Company and its subsidiaries for the past 3 years is shown in below table.
     

     	2024	2023	2022
     Financial Data
     Total Assets	3,100.61	2,589.79	2,731.45
     Total Liabilities	1,333.22	1,093.99	1,266.78
     Shareholders’ Equity	1,767.39	1,495.80	1,464.67
     Sales and Service Revenues	4,918.11	4,246.51	5,029.53
     Total Revenues	4,952.22	4,275.68	5,067.86
     Gross Profit	1,612.40	1,354.50	1,407.90
     Net Profit	599.01	392.15	275.43
     Financial Ratio
     Gross Profit Margin (%)	32.78	31.90	27.99
     Net Profit Margin (%)	12.11	9.17	5.43
     Return on Equity (%)	36.71	26.49	19.03
     Return on Assets (%)	21.05	14.74	10.36
     Earnings (Deficit) per Share (Baht)	1.08	0.71	0.51
     Dividend per Share (Baht)*	0.98	0.50	0.43

     *The Board of Directors No.1/2025 on 13 February, 2025, the Board of Directors resolved to propose the distribution of dividend for the year 2024 to the Annual General Meeting of Shareholders which would be held on 23 April, 2025 at the rate 0.53 baht per share, in which, when combined with the interim dividend payment of 0.45 baht per share on 5 September, 2024, the total dividend payment would be 0.98 baht per share.

  3. Key Financial Ratio
     Table of key financial ratios reflecting the financial position and operating results of the Company and its subsidiaries for the past 3 years.
     
     

     Remark: The key financial ratios were calculated according to “Manual for preparing Annual registration statement/ Annual report (Form 56-1 One Report) and Form 69-1 of the Securities and Exchange Commission..