Page 56 - Annual report eng 2020
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Tycoons Worldwide Group (Thailand) Plc.
b) Accounts receivable
As of December 31, 2020 accounts receivable amounted to 458MB, which could be broken
down into A/R of unrelated parties 351MB and A/R of related party 107MB. A/R amounted to
604MB in 2019 which could be broken down into A/R of unrelated parties 546MB and A/R
from related party 58MB. The normal credit term granted by the Company for related parties is
30-180 days while credit term for other parties varies from 10 - 105 days. New clients as well
as customers whose payments are overdue will be subject to make a payment equal to a certain
percentage of the purchase amount before shipment.
Further details regarding the aging of accounts receivable are as set out below:
Unit: MB
Dec 31, 2020 Dec 31, 2019
Inter- company A/R 107 58
A/R –unrelated parties 351 546
Total A/R 458 604
Aging of A/R-unrelated parties
Past due 126 173
Up to 3 months 170 330
3 months up to 6 months 0 11
6 months up to 12 months 4 0
Over 12 months 51 33
Sub-total 351 546
Less Allowance for doubtful A/C (49) (34)
Total A/R - net 409 570
Accounts Receivable turnover has been decreased from 12.91 times of year 2019 to 11.19
times of year 2020. It’s because the extent of sales increase less than average accounts
receivable increase, resulted in A/R collection period increasing 4.29 days which increasing
from 27.89 days of year 2019 to 32.18 days of year 2020.
(2) Liquidity
Cash flow
TYCN had a net decrease in cash and cash equivalents at year-end 2020 of
263MB. Cash and cash equivalents at the end of 2020 amounted 161MB the change
in cash flow amount was due to:
Net cash flow from operating 569 MB
Net cash flow from investing (205) MB
Net cash flow from financing (627) MB
Net decrease in cash (263) MB
Net cash flow from operating activities was positive 569MB, mainly due to an
increase in customer prepayment accounts.
Net cash flow from investing was negative (205)MB mainly because of the
purchasing new machinery and investing in associated companies.
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