Page 55 - Annual report eng 2020

Tycoons Worldwide Group (Thailand) Plc.

(3) Profit

Gross profit

In 2020, gross margin was 227MB. The rate increased from (0.84)% of 2019 to 3.80%
of 2020, mainly due to the year 2020, mainly due to the gross profit of wire rod and
deformed bar increased due to the increasing of trend steel price.

Operating profit

Operating loss in 2020 was 27MB, the rate decreased from (4.37)% of 2019 to
(0.46)% of 2020, resulted from the increase in gross profit rate.

Net income

Net loss in 2020 was (321)MB, net income rate decreased from (10.43)% of 2019 to
(5.36)% of 2020. The net loss (321)MB of 2020 mainly resulted from share of loss from
investment in associate of 258M.

14.3 Financial status

(1) Assets

Composition

As of December 31 2020, TYCN’s had total assets 6,330MB, decreased by 2.82%
with amount 184MB compared to 2019. List of major assets that caused a decrease in
assets. Mainly due to recognize loss from impairment of investments in associates.

Current assets of 2020 were 2,899MB increased by 5.47% with amount 150MB
compared to 2019 mainly increase due to increased of inventory.

Non-current assets of 2020 was 3,430MB, decrease by 8.90% with amount 335MB
compared to 2019, the reason was the depreciation expense of fixed assets and loss from
the impairment of investments in associates.

Quality of assets

a) Assets

At each reporting date, the Company performs impairment reviews in respect of the long-
term investment, properly, plant and equipment and other intangible assets whenever events
or changes in circumstances indicate that an asset may be impaired. An impairment loss is
recognized when the recoverable amount of an asset, which is the higher of the asset’s fair
value less costs to sell and its value in use, is less than the carrying amount

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