Financial Performance - Total revenue for the fiscal year ended December 31, 2022, decreased by approximately 20.1% or 67.9 million Thai Baht to about 269.6 million Thai Baht compared to 337.5 million Thai Baht in the previous year[15]. - The gross loss for the fiscal year 2022 was approximately (35.2) million Thai Baht, representing a gross margin of (13.1)%, compared to a gross profit of 37.3 million Thai Baht or 11.0% in the previous year[16]. - The company reported a loss attributable to shareholders of (84.0) million Thai Baht for the fiscal year 2022, compared to a loss of (29.3) million Thai Baht in 2021[2]. - The net loss for the fiscal year 2022 was approximately 84.0 million THB, compared to a net loss of about 29.3 million THB in fiscal year 2021[22]. - Other income for the fiscal year 2022 was approximately 42.1 million THB, a decrease of about 14.5 million THB compared to the previous year, primarily due to a reduction in finance lease interest income of approximately 8.2 million THB[17]. - The company experienced a decrease in revenue from the cash deposit machine project by approximately 48.1 million Thai Baht due to contract reductions[15]. Assets and Liabilities - The total assets as of December 31, 2022, were 1,680.3 million Thai Baht, a decrease from 1,930.9 million Thai Baht in 2021[3]. - The total liabilities as of December 31, 2022, were 1,294.1 million Thai Baht, down from 1,460.7 million Thai Baht in 2021[3]. - As of December 31, 2022, current assets were approximately 154.1 million THB, a decrease from approximately 379.7 million THB as of December 31, 2021, primarily due to reclassification of contract assets and other receivables[23]. - Current liabilities as of December 31, 2022, were approximately 679.3 million THB, a slight decrease from approximately 682.7 million THB as of December 31, 2021[26]. - Non-current assets as of December 31, 2022, were approximately 846.9 million THB, down from approximately 868.5 million THB as of December 31, 2021, mainly due to reductions in non-current trade receivables[27]. - The debt-to-equity ratio as of December 31, 2022, was approximately 101.9%, compared to 54.6% as of December 31, 2021[29]. - Shareholders' equity decreased from approximately 470.2 million THB as of December 31, 2021, to approximately 386.2 million THB as of December 31, 2022, due to the net loss incurred during the fiscal year[30]. Management and Governance - The company has over 26 years of experience in the IT industry, founded in October 2004 by Mr. Prapan Asvaplungprohm[40]. - The management team is composed of individuals with extensive backgrounds in engineering, finance, and IT, ensuring a well-rounded leadership[40][41][47][49][50]. - The company emphasizes the importance of independent judgment in significant transactions, as highlighted by the roles of its independent directors[42][45][46]. - The board consists of two executive directors and three independent non-executive directors, maintaining a balance of skills and experience necessary for effective leadership and independent decision-making[67]. - The company has established a mechanism for regular review of its corporate governance structure and practices to ensure they meet stakeholder expectations and regulatory requirements[60]. - The board will continue to assess the effectiveness of its governance structure to determine if the roles of Chairman and CEO should be separated in the future[70]. Corporate Governance - The company has adopted the principles and code provisions of the Corporate Governance Code as set out in Appendix 14 of the Listing Rules, ensuring compliance with all applicable provisions during the year[59]. - The board believes that the current arrangement of having the same individual serve as both Chairman and CEO is in the best interest of the company and its shareholders, despite deviating from the Corporate Governance Code[70]. - All independent non-executive directors have submitted written confirmations of their independence, and the company believes they all meet the independence criteria[73]. - The board is responsible for overseeing the company's business, strategic decisions, and performance, ensuring effective internal controls and risk management systems are in place[76]. - The company has established three committees: Audit Committee, Remuneration Committee, and Nomination Committee, all comprising a majority of independent non-executive directors[88]. Shareholder Relations and Dividends - The company aims to maximize shareholder returns through dividend payments when financially reasonable[143]. - The board will consider various factors, including the group's financial status and market conditions, when deciding on dividend payments[118]. - The board does not recommend declaring a dividend for the year ended December 31, 2022 (2021: zero)[121]. - The company emphasizes effective communication with shareholders to strengthen investor relations and understanding of its business performance and strategies[131]. Risks and Financial Health - The company is subject to significant financial risks due to its current liabilities exceeding cash reserves[198]. - The financial statements reflect a substantial uncertainty regarding the group's ability to continue as a going concern[198]. - The audit opinion did not include any modifications regarding the going concern uncertainty[198]. - The report highlights the need for stakeholders to be aware of the financial challenges faced by the group[198]. Projects and Future Outlook - The company completed several significant projects in 2022, including the Passbook project and CCTV project, despite facing delays in the cash deposit machine project[10]. - The company remains cautiously optimistic about its prospects for 2023, considering global inflation pressures and high interest rates[13]. - The government sector, a major source of new projects for the company, did not show significant recovery in 2022, which may impact the company into 2023[10]. - The company is focused on securing new projects and delivering existing ones, maintaining confidence in its long-term outlook[14].
PLATT NERA(01949) - 2022 - 年度财报