Shareholders’ Equity As of December 31, 2021, shareholders’ equity amounted to Baht 87,712 million, which sharply increased from what was stated as of December 31, 2020 by Baht 12,046 million or 16%. This was mainly from a rise in the net profit amounting to Baht 14,505 million versus a decline in the dividend paid by Baht 2,857 million. Statement of Cash Flow Jan.-Dec. 2021 Jan.-Dec. 2020 1. EBITDA 26,961 4,692 2. Change in operating assets and liabilities (15,619) 6,457 3. Net cash flows from (used in) operating activities 11,342 11,149 4. Net cash flows from (used in) investing activities (2,853) (3,871) 5. Net cash flows from (used in) financing activities (6,104) (1,463) 6. Net increase (decrease) 2,385 5,815 7. Cash at beginning 8,851 3,036 8. Cash at ending 11,236 8,851 As of December 31, 2021, the ending cash was Baht 11,236 million. Net cash flow increased by Baht 2,385 million, which was mainly contributed from the following items: • Net cash inflow from operating activities: of Baht 11,342 million. The cash inflow was mainly from EBITDA of Baht 26,961 million, an increase in trade payables of Baht 4,689 million and an increase in advance receipts for goods of Baht 1,071 million. Nevertheless, the cash outflow was mainly from an increase in inventory of Baht 12,767 million, an increase in trade receivables of Baht 4,161 million, an increase in amounts due from related parties of Baht 2,768 million and an increase in refundable value-added tax by Baht 1,943 million. • Net cash outflow from investing activities: of Baht 2,853 million, mainly from disbursement for the completion of the expansion and efficiency improvement projects of Baht 2,932 million. Nevertheless, the cash inflow was from dividend received from joint ventures and associates of Baht 117 million. • Net cash outflow from financing activities: of Baht 6,104 million. The cash outflow mainly comprised of the repayment for long-term loans and bond of Baht 13,340 million, dividend payment of Baht 2,857 million and interest payment of Baht 1,769 million. Still, there was net cash inflow that was mainly from the issuance of debentures amounting to Baht 11,983 million. Liquidity and Capital Structure In 2021, current ratio was 1.41 times increasing by 0.43 times compared with that in 2020 of 0.98 times. This was mainly owing to a rise in inventory and trade receivables. Thus, the Company has sufficient liquidity for its operations. At the end of 2021, net interest bearing debt to equity ratio was 0.57 times decreasing by 0.13 times from that in 2020 of 0.70 times. This was mainly due to an increase in shareholders’ equity from retained earning. The Company could complete all payments on due date and comply with all of the Financial Covenants. (Unit: Million Baht) 180 IRPC PUBLIC COMPANY LIMITED 56-1 ONE REPORT 2021
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