Cash flow Thantawan Industry

Equities

THIP

TH0449010Z09

Non-Paper Containers & Packaging

End-of-day quote Thailand S.E. Other stock markets 2025-07-18			5-day change	1st Jan Change
24.90 ^THB	-0.40%		+0.81%	-11.86%

May. 14	Thantawan Industry Public Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2025	CI
Apr. 23	Thantawan Industry Says Somsakul Vinichbutr Appointed As CFO	RE

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Published financial data: THANTAWAN INDUSTRY

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	3.2B	3.76B	4.07B	3.41B	4.28B
Other Revenues, Total	-	-	-	-	9.01M
Total Revenues	3.2B	3.76B	4.07B	3.41B	4.28B
Cost of Goods Sold, Total	2.44B	2.96B	3.3B	2.73B	3.41B
Gross Profit	752M	797M	774M	683M	872M
Selling General & Admin Expenses, Total	360M	371M	409M	414M	510M
Other Operating Expenses	-	-	-	-	-
Other Operating Expenses, Total	360M	371M	409M	414M	510M
Operating Income	392M	426M	366M	269M	362M
Interest Expense, Total	-2.19M	-1.9M	-2.91M	-2.8M	-5.22M
Interest And Investment Income	5.34M	2.53M	3M	15.57M	28.03M
Net Interest Expenses	3.15M	630K	94.76K	12.77M	22.82M
Currency Exchange Gains (Loss)	3.25M	15M	16.84M	-	27.12M
Other Non Operating Income (Expenses)	5.01M	7.99M	10.4M	36.75M	-
EBT, Excl. Unusual Items	403M	449M	393M	318M	412M
Gain (Loss) On Sale Of Investments	-	10.82M	25.35M	17.72M	1.67M
Gain (Loss) On Sale Of Assets	-	-	196K	466K	767K
EBT, Incl. Unusual Items	403M	460M	419M	337M	414M
Income Tax Expense	55.11M	77.29M	55.59M	48.16M	85.09M
Earnings From Continuing Operations	348M	383M	363M	289M	329M
Net Income to Company	348M	383M	363M	289M	329M
Net Income - (IS)	348M	383M	363M	289M	329M
Net Income to Common Incl Extra Items	348M	383M	363M	289M	329M
Net Income to Common Excl. Extra Items	348M	383M	363M	289M	329M
Per Share Items
Net EPS - Basic	3.86	4.25	4.03	3.21	3.66
Basic EPS - Continuing Operations	3.86	4.25	4.03	3.21	3.66
Basic Weighted Average Shares Outstanding	90M	90M	90.09M	90M	90M
Net EPS - Diluted	3.86	4.25	4.03	3.21	3.66
Diluted EPS - Continuing Operations	3.86	4.25	4.03	3.21	3.66
Diluted Weighted Average Shares Outstanding	90M	90M	90.09M	90M	90M
Normalized Basic EPS	2.8	3.12	2.73	2.21	2.86
Normalized Diluted EPS	2.8	3.12	2.73	2.21	2.86
Dividend Per Share	1.4	1.75	1.75	1.65	1.65
Payout Ratio	39.48	22.46	40.88	58.48	62.91
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	495M	537M	486M	394M	494M
EBITA	393M	427M	367M	270M	362M
EBIT	392M	426M	366M	269M	362M
EBITDAR	496M	546M	499M	401M	497M
Total Revenues (As Reported)	3.21B	3.8B	4.13B	3.48B	4.34B
Effective Tax Rate - (Ratio)	13.68	16.8	13.28	14.3	20.55
Current Domestic Taxes	58.99M	73.23M	54.9M	51.56M	84.83M
Total Current Taxes	58.99M	73.23M	54.9M	51.56M	84.83M
Deferred Domestic Taxes	-3.88M	4.06M	692K	-3.41M	266K
Total Deferred Taxes	-3.88M	4.06M	692K	-3.41M	266K
Normalized Net Income	252M	281M	246M	199M	257M
Interest on Long-Term Debt	1.18M	966K	804K	780K	3.4M
Non-Cash Pension Expense	1.01M	937K	1.48M	2.02M	1.81M
Supplemental Operating Expense Items
Selling and Marketing Expenses	103M	101M	123M	128M	149M
General and Administrative Expenses	257M	270M	286M	286M	362M
Research And Development Expense From Footnotes	-	2.57M	5.04M	4.69M	-
Net Rental Expense, Total	979K	9.83M	12.9M	7.38M	2.67M
Imputed Operating Lease Interest Expense	561K	2.84M	6.78M	4.67M	698K
Imputed Operating Lease Depreciation	418K	6.99M	6.12M	2.7M	1.97M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	697M	240M	282M	965M	650M
Short Term Investments	-	-	-	268M	161M
Trading Asset Securities, Total	-	200M	105M	-	-
Total Cash And Short Term Investments	697M	440M	387M	1.23B	811M
Accounts Receivable, Total	314M	386M	351M	392M	744M
Other Receivables	10.78M	50.81M	20.62M	31.76M	54.64M
Total Receivables	325M	437M	372M	424M	798M
Inventory	438M	733M	625M	533M	852M
Prepaid Expenses	-	-	-	-	-
Other Current Assets, Total	100M	10.93M	8.79M	10.77M	37.24M
Total Current Assets	1.56B	1.62B	1.39B	2.2B	2.5B
Gross Property Plant And Equipment	1.6B	1.72B	1.8B	1.77B	2.13B
Accumulated Depreciation	-761M	-795M	-899M	-958M	-1.05B
Net Property Plant And Equipment	840M	921M	905M	810M	1.09B
Long-term Investments	27.83M	338M	652M	82.91M	103M
Other Intangibles, Total	22.03M	20.39M	19.43M	17.58M	14.35M
Deferred Tax Assets Long-Term	11.72M	7.03M	7.29M	11.43M	11.21M
Other Long-Term Assets, Total	49.88M	48.59M	48.73M	43.14M	51.19M
Total Assets	2.51B	2.96B	3.03B	3.17B	3.76B
Liabilities
Accounts Payable, Total	222M	341M	252M	283M	453M
Accrued Expenses, Total	83.9M	91.31M	88.95M	75.11M	99.68M
Current Portion of Leases	16.58M	19.03M	16.31M	16.51M	26.9M
Current Income Taxes Payable	37.73M	46.31M	15.53M	32.89M	38.93M
Other Current Liabilities	42.69M	55.73M	60.27M	44.51M	63.74M
Total Current Liabilities	403M	554M	433M	452M	683M
Long-Term Leases	37.04M	32.67M	20.48M	17.32M	259M
Pension & Other Post Retirement Benefits	57.49M	56.98M	55.95M	53.32M	58M
Other Non Current Liabilities	-	-	-	-	-
Total Liabilities	497M	643M	510M	522M	999M
Common Stock, Total	80M	90M	90M	90M	90M
Additional Paid In Capital	137M	137M	137M	137M	137M
Retained Earnings	1.8B	2.09B	2.29B	2.42B	2.54B
Comprehensive Income and Other	-	-	-	-3.73M	-1.64M
Total Common Equity	2.01B	2.31B	2.52B	2.64B	2.77B
Total Equity	2.01B	2.31B	2.52B	2.64B	2.77B
Total Liabilities And Equity	2.51B	2.96B	3.03B	3.17B	3.76B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	90M	90M	90M	90M	90M
ECS Total Common Shares Outstanding	90M	90M	90M	90M	90M
Book Value / Share	22.38	25.71	27.95	29.37	30.73
Tangible Book Value	1.99B	2.29B	2.5B	2.63B	2.75B
Tangible Book Value Per Share	22.13	25.48	27.73	29.17	30.57
Total Debt	53.61M	51.7M	36.79M	33.84M	286M
Net Debt	-643M	-389M	-350M	-1.2B	-526M
Debt Equivalent of Unfunded Proj. Benefit Obligation	57.49M	56.98M	55.96M	53.32M	58M
Debt Equivalent Oper. Leases	7.83M	78.65M	103M	59M	21.38M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	186M	312M	303M	272M	544M
Inventories - Work In Process, Total	18.53M	21.5M	24.66M	18.86M	38.59M
Inventories - Finished Goods, Total	231M	394M	289M	236M	267M
Inventories - Others	16.59M	18.22M	21.86M	20.03M	22.94M
Land - (BS)	101M	117M	137M	137M	137M
Buildings, Total	496M	509M	535M	525M	529M
Machinery, Total	896M	970M	1.08B	1.06B	1.18B
Accumulated Allowance for Doubtful Accounts (Supple)	25K	45K	12K	16K	59K

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	348M	383M	363M	289M	329M
Depreciation & Amortization - CF	119M	128M	140M	144M	151M
Amortization of Goodwill and Intangible Assets - (CF)	1.04M	1.27M	1.16M	1.04M	757K
Depreciation & Amortization, Total	120M	130M	141M	145M	152M
Amortization of Deferred Charges, Total - (CF)	2.53M	2.49M	2.65M	2.91M	3.02M
(Gain) Loss From Sale Of Asset	-296K	10.27M	-196K	184K	-268K
(Gain) Loss on Sale of Investments - (CF)	-	-10.59M	-25.12M	-17.61M	-5.88M
Asset Writedown & Restructuring Costs	9.22M	-12.22M	-	-	-
Provision and Write-off of Bad Debts	-41.29K	19.65K	-20.6K	4.25K	43.05K
Other Operating Activities, Total	139M	153M	158M	110M	171M
Change In Accounts Receivable	-126M	-255M	-137M	-165M	-555M
Change In Inventories	-46.97M	-294M	107M	91.87M	-326M
Change In Accounts Payable	2.65M	122M	-84.75M	37.73M	175M
Change in Other Net Operating Assets	27.75M	8.4M	-4.27M	-15.1M	-2.03M
Cash from Operations	476M	237M	519M	479M	-58.75M
Capital Expenditure	-77.39M	-188M	-121M	-33.12M	-147M
Sale of Property, Plant, and Equipment	458K	2.88M	461K	948K	3.32M
Sale (Purchase) of Real Estate properties	-2M	-	-	-	-
Sale (Purchase) of Intangible assets	-660K	-2.12M	-2.86M	-2.09M	-741K
Investment in Marketable and Equity Securities, Total	114M	-403M	-186M	415M	110M
Other Investing Activities, Total	5.6M	2.87M	2.47M	14.13M	3.21M
Cash from Investing	40.25M	-587M	-307M	394M	-30.97M
Short Term Debt Issued, Total	-	-	230M	-	-
Total Debt Issued	-	-	230M	-	-
Short Term Debt Repaid, Total	-	-	-230M	-	-
Long-Term Debt Repaid, Total	-17.24M	-19.72M	-21.41M	-21.27M	-20.61M
Total Debt Repaid	-17.24M	-19.72M	-251M	-21.27M	-20.61M
Common Dividends Paid	-137M	-85.99M	-148M	-169M	-207M
Common & Preferred Stock Dividends Paid	-137M	-85.99M	-148M	-169M	-207M
Other Financing Activities, Total	-	-	-618K	-	-
Cash from Financing	-155M	-106M	-170M	-190M	-228M
Foreign Exchange Rate Adjustments	-	-	-	-	2.29M
Net Change in Cash	362M	-457M	42.08M	683M	-315M
Supplemental Items
Cash Interest Paid	-	-	618K	-	-
Cash Income Tax Paid (Refund)	46.86M	64.51M	85.67M	34.21M	78.78M
Levered Free Cash Flow	205M	37.37M	304M	336M	-269M
Unlevered Free Cash Flow	206M	38.56M	305M	338M	-266M
Change In Net Working Capital	83.03M	169M	-57.15M	-56.9M	499M
Net Debt Issued / Repaid	-17.24M	-19.72M	-21.41M	-21.27M	-20.61M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	10.37	9.73	7.64	5.43	6.52
Return on Total Capital	12.6	12	9.3	6.43	7.89
Return On Equity %	18.2	17.69	15.04	11.19	12.16
Return on Common Equity	18.2	17.69	15.04	11.19	12.16
Margin Analysis
Gross Profit Margin %	23.52	21.18	19.02	20.02	20.35
SG&A Margin	11.28	9.87	10.04	12.14	11.91
EBITDA Margin %	15.47	14.27	11.93	11.55	11.52
EBITA Margin %	12.28	11.35	9.01	7.92	8.46
EBIT Margin %	12.25	11.32	8.98	7.89	8.44
Income From Continuing Operations Margin %	10.88	10.18	8.91	8.46	7.68
Net Income Margin %	10.88	10.18	8.91	8.46	7.68
Net Avail. For Common Margin %	10.88	10.18	8.91	8.46	7.68
Normalized Net Income Margin	7.88	7.47	6.03	5.84	6
Levered Free Cash Flow Margin	6.41	0.99	7.46	9.86	-6.27
Unlevered Free Cash Flow Margin	6.46	1.03	7.5	9.91	-6.2
Asset Turnover
Asset Turnover	1.36	1.38	1.36	1.1	1.24
Fixed Assets Turnover	3.86	4.27	4.46	3.98	4.52
Receivables Turnover (Average Receivables)	10.16	10.74	11.05	9.18	7.53
Inventory Turnover (Average Inventory)	5.85	5.06	4.85	4.71	4.93
Short Term Liquidity
Current Ratio	3.87	2.93	3.21	4.87	3.66
Quick Ratio	2.54	1.58	1.75	3.67	2.36
Operating Cash Flow to Current Liabilities	1.18	0.43	1.2	1.06	-0.09
Days Sales Outstanding (Average Receivables)	36.01	33.97	33.03	39.77	48.6
Days Outstanding Inventory (Average Inventory)	62.55	72.11	75.18	77.49	74.25
Average Days Payable Outstanding	33.02	31.54	33.97	37.06	36.1
Cash Conversion Cycle (Average Days)	65.54	74.54	74.25	80.2	86.75
Long Term Solvency
Total Debt/Equity	2.66	2.23	1.46	1.28	10.33
Total Debt / Total Capital	2.59	2.19	1.44	1.26	9.36
LT Debt/Equity	1.84	1.41	0.81	0.66	9.35
Long-Term Debt / Total Capital	1.79	1.38	0.8	0.65	8.48
Total Liabilities / Total Assets	19.8	21.76	16.86	16.5	26.54
EBIT / Interest Expense	178.78	223.7	125.85	96.14	69.35
EBITDA / Interest Expense	233.69	291.83	174.29	148.11	98.54
(EBITDA - Capex) / Interest Expense	198.35	192.91	132.71	136.27	70.44
Total Debt / EBITDA	0.1	0.09	0.07	0.08	0.56
Net Debt / EBITDA	-1.26	-0.7	-0.69	-2.89	-1.02
Total Debt / (EBITDA - Capex)	0.12	0.14	0.1	0.09	0.78
Net Debt / (EBITDA - Capex)	-1.48	-1.06	-0.91	-3.15	-1.43
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	5.65	17.64	8.3	-16.25	25.43
Gross Profit, 1 Yr. Growth %	25.06	5.95	-2.79	-11.82	26.74
EBITDA, 1 Yr. Growth %	42.15	8.46	-9.47	-18.91	20.82
EBITA, 1 Yr. Growth %	55.05	8.76	-14.06	-26.41	27.25
EBIT, 1 Yr. Growth %	55.33	8.73	-14.08	-26.46	27.45
Earnings From Cont. Operations, 1 Yr. Growth %	42.24	10.07	-5.16	-20.53	14.03
Net Income, 1 Yr. Growth %	42.24	10.07	-5.16	-20.53	14.03
Normalized Net Income, 1 Yr. Growth %	42.34	11.51	-12.25	-18.98	29.25
Diluted EPS Before Extra, 1 Yr. Growth %	42.24	10.07	-5.18	-20.53	14.03
Accounts Receivable, 1 Yr. Growth %	-0.12	22.75	-8.93	11.53	89.78
Inventory, 1 Yr. Growth %	10.02	67.54	-14.73	-14.78	59.82
Net Property, Plant and Equip., 1 Yr. Growth %	3.01	9.62	-1.8	-10.46	34.09
Total Assets, 1 Yr. Growth %	13.81	17.74	2.3	4.65	18.92
Tangible Book Value, 1 Yr. Growth %	11.71	15.11	8.84	5.21	4.78
Common Equity, 1 Yr. Growth %	11.38	14.86	8.72	5.09	4.62
Cash From Operations, 1 Yr. Growth %	32.99	-50.29	119.52	-7.81	-112.28
Capital Expenditures, 1 Yr. Growth %	-46.24	143.22	-35.79	-72.6	342.57
Levered Free Cash Flow, 1 Yr. Growth %	95.22	-81.77	712.46	10.77	-177.76
Unlevered Free Cash Flow, 1 Yr. Growth %	94.37	-81.32	692.11	10.68	-176.43
Dividend Per Share, 1 Yr. Growth %	26	25	0	-5.71	0
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.77	11.48	12.87	-4.76	2.57
Gross Profit, 2 Yr. CAGR %	10.33	15.11	1.48	-7.41	6.11
EBITDA, 2 Yr. CAGR %	15.49	24.17	-0.91	-14.32	0.83
EBITA, 2 Yr. CAGR %	15.14	29.86	-3.32	-20.48	-0.61
EBIT, 2 Yr. CAGR %	15.2	29.96	-3.35	-20.51	-0.56
Earnings From Cont. Operations, 2 Yr. CAGR %	16.02	25.12	2.17	-13.19	-4.81
Net Income, 2 Yr. CAGR %	16.02	25.12	2.17	-13.19	-4.81
Normalized Net Income, 2 Yr. CAGR %	17.16	25.98	-1.23	-15.68	2.33
Diluted EPS Before Extra, 2 Yr. CAGR %	16.02	25.12	2.12	-13.15	-4.81
Accounts Receivable, 2 Yr. CAGR %	7.07	10.73	5.73	0.78	45.48
Inventory, 2 Yr. CAGR %	-0.39	35.76	19.52	-14.75	16.71
Net Property, Plant and Equip., 2 Yr. CAGR %	3.53	6.26	3.75	-6.23	9.58
Total Assets, 2 Yr. CAGR %	10.3	15.76	9.75	3.47	11.56
Tangible Book Value, 2 Yr. CAGR %	10.27	13.4	11.93	7.01	4.99
Common Equity, 2 Yr. CAGR %	9.99	13.11	11.75	6.89	4.86
Cash From Operations, 2 Yr. CAGR %	42.7	-18.69	4.46	42.26	-66.37
Capital Expenditures, 2 Yr. CAGR %	-47.18	14.35	24.96	-58.06	10.12
Levered Free Cash Flow, 2 Yr. CAGR %	34.69	-40.35	21.69	199.99	-5.92
Unlevered Free Cash Flow, 2 Yr. CAGR %	35.7	-39.74	21.65	196.1	-6.77
Dividend Per Share, 2 Yr. CAGR %	12.25	25.5	11.8	-2.9	-2.9
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	2.77	6.81	10.41	2.19	4.45
Gross Profit, 3 Yr. CAGR %	6.44	8.85	8.8	-3.16	3.06
EBITDA, 3 Yr. CAGR %	8.27	13.1	11.76	-7.31	-2.73
EBITA, 3 Yr. CAGR %	5.94	12.98	13.16	-11.73	-5.31
EBIT, 3 Yr. CAGR %	6.02	13	13.21	-11.76	-5.28
Earnings From Cont. Operations, 3 Yr. CAGR %	7.89	14	14.08	-6.04	-4.93
Net Income, 3 Yr. CAGR %	7.89	14	14.08	-6.04	-4.93
Normalized Net Income, 3 Yr. CAGR %	7.05	15.25	11.57	-7.54	-2.78
Diluted EPS Before Extra, 3 Yr. CAGR %	7.91	14	14.05	-6.04	-4.9
Accounts Receivable, 3 Yr. CAGR %	7.15	12.06	3.74	7.63	24.45
Inventory, 3 Yr. CAGR %	1.19	18.46	16.27	6.78	5.11
Net Property, Plant and Equip., 3 Yr. CAGR %	14.2	5.52	3.5	-1.22	5.64
Total Assets, 3 Yr. CAGR %	8.59	12.73	11.09	8.02	8.38
Tangible Book Value, 3 Yr. CAGR %	10.06	11.86	11.86	9.64	6.26
Common Equity, 3 Yr. CAGR %	10.15	11.59	11.63	9.48	6.13
Cash From Operations, 3 Yr. CAGR %	15.39	0.41	13.22	0.2	-37.14
Capital Expenditures, 3 Yr. CAGR %	-24.1	-12.13	-5.66	-24.65	-8
Levered Free Cash Flow, 3 Yr. CAGR %	54.31	-30.85	42.46	17.94	93.02
Unlevered Free Cash Flow, 3 Yr. CAGR %	54.6	-29.93	42.22	17.88	90.24
Dividend Per Share, 3 Yr. CAGR %	8.01	16.35	16.35	5.63	-1.94
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	6.17	6.82	6.7	2.02	7.21
Gross Profit, 5 Yr. CAGR %	7.06	3.54	4.43	2.03	7.72
EBITDA, 5 Yr. CAGR %	7.94	3.38	4.5	1.21	7.25
EBITA, 5 Yr. CAGR %	5.69	1.02	2.14	-1.83	7.44
EBIT, 5 Yr. CAGR %	5.72	1.11	2.17	-1.83	7.49
Earnings From Cont. Operations, 5 Yr. CAGR %	7.57	3.39	5.56	2.23	6.11
Net Income, 5 Yr. CAGR %	7.57	3.39	5.56	2.23	6.11
Normalized Net Income, 5 Yr. CAGR %	5.91	2.22	3.66	1.65	7.78
Diluted EPS Before Extra, 5 Yr. CAGR %	7.57	3.39	5.55	2.23	6.11
Accounts Receivable, 5 Yr. CAGR %	9.06	12.98	6.58	7.41	18.77
Inventory, 5 Yr. CAGR %	8.06	10.66	8.16	3.85	16.44
Net Property, Plant and Equip., 5 Yr. CAGR %	14.8	15.62	9.9	0.66	5.89
Total Assets, 5 Yr. CAGR %	12.15	10.72	9.05	8.93	11.28
Tangible Book Value, 5 Yr. CAGR %	12.61	11.39	10.81	9.89	9.06
Common Equity, 5 Yr. CAGR %	12.67	11.47	10.79	9.69	8.87
Cash From Operations, 5 Yr. CAGR %	8.76	-6.78	10.89	15.42	-30.33
Capital Expenditures, 5 Yr. CAGR %	-5.77	19.81	-7.35	-34.63	0.36
Levered Free Cash Flow, 5 Yr. CAGR %	5.34	-28.36	40.33	24.37	20.67
Unlevered Free Cash Flow, 5 Yr. CAGR %	5.48	-27.92	40.46	24.71	20.11
Dividend Per Share, 5 Yr. CAGR %	8.45	6.78	9.51	8.23	8.23