Thai Power Generation Public Company Limited (The Company) is a key player of Thailand's electricity industry. The Company currently operates 5 combine-cycle power plants and 15 renewable power plants across Thailand with the total capacity of 10,000 megawatt or 15% of Thailand's electricity demand. The Company has signed the electricity selling contracts with Electricity Generating Authority of Thailand (EGAT) for 30 years (2011-2040) and signed the gas buying contracts with Thai petroleum producers for 30 years (2011-2040) as well as having insurance policies to cover several operational risks. In June 2021, the Board of Directors has a meeting and approves the high-level framework of 10 Year Corporate Plan (2022-2031) with Corporate Direction as follows:

Vision: "Leadership in the AEC Electricity Market"

Mission:

• Reliable electricity generating services for our customers;
• Good working environment for our employees;
• Corporate social responsibility;
• Satisfactory performances for our shareholders and;
• Sustained competitiveness for our future growth.

Goals:

• Increase electricity generating capacity to 15,000 megawatt in 2031;
• Better human resource management practices;
• Minimized environmental problems for local community;
• Revenue growth 8-10% per year and;
• Revenue proportion from the AEC market is at least 50% in 2031.

Strategies:

• Maintain stronghold business in Thailand;
• Business expansion towards AEC member states including Cambodia, Lao PDR, Myanmar, Philippines, and Indonesia;
• Close co-operations with local governments and communities.
• Re-organization and streamline BU/SU to improve efficiency and;
• Reshaping human resource management practices.

In September 2021, John has been appointed to be Chief Financial Officer (CFO) of the Company. CEO has requested John to summarize the Company's financial performances before proposing 10 Year Corporate Plan (2022-2031). In so doing, CFO assigns you to perform financial statement analysis using the Company's financial statements from 2018-2020 displayed in Tables 1 and 2 (35 Marks):

(i) Liquidity ratios (i.e., Current Ratio, Quick Ratio and Working Capital).

(ii) Profitability ratios (i.e., Gross Profit Margin and Net Profit Margin).

(iii) Efficiency ratios (i.e., INVDOH, ARDOH, APDOH, FN, ROA and ROE).

(iv) Leverage ratios (i.e., Debt Ratio and D/E Ratio).

(v) Future outlooks of the Company's financial performances.

Table 1 Profit/Loss Statement (Unit: MB)

Profit/Loss Profile	2018	2019	2020
1. Total Revenue	55,000	60,000	70,000
2. Cost of Goods Sold (-)	(39,000)	(42,000)	(48,000)
3. Gross Profit	16,000	18,000	22,000
4. Selling & Admin Costs (-)	(10,000)	(10,200)	(10,900)
5. Earning before Interest and Tax (EBIT)	6,000	7,800	11,100
6. Interest Payment (-)	(1,500)	(1,600)	(1,700)
7. Profit before Tax	4,500	6,200	9,400
8. Tax: 10% of Profit before Tax (-)	(450)	(620)	(940)
9. Net Profit	4,050	5,580	8,460

Table 2 Balance Sheet: Assets (Unit: MB)

Asset Profile	2018	2019	2020
1. Cash	3,000	3,500	4,500
2. Account Receivable	7,500	8,000	10,000
3. Inventory	14,000	14,500	16,000
4. Other Current Assets	2,000	2,700	3,200
(1) Total Current Assets	26,500	28,700	33,700
5. Equipment and Machines	17,500	18,600	19,800
6. Buildings and Premises	34,000	34,000	34,000
7. Accumulated Depreciation	(10,000)	(12,000)	(14,000)
(2) Total Fixed Assets	41,500	40,600	39,800
Total Assets = (1) + (2)	68,000	69,300	73,500

Table 2 Balance Sheet: Liabilities and Equity (Unit: MB)

Liability Profile	2018	2019	2020
Note Payable (Short-term Debt)	4,000	4,500	5,500
Account Payable	8,500	8,700	10,500
Accruals (e.g. Tax, Expense)	700	900	1,100
(3) Total Current Liabilities	13,200	14,100	17,100
Corporate Bond	7,000	7,000	7,000
Long-term Loan	16,300	15,600	14,900
(4) Total Long-term Liabilities	23,300	22,600	21,900
Common Stock	5,000	5,000	5,000
Preferred Stock	5,000	5,000	5,000
Retained Earning (Loss)	21,500	22,600	24,500
(5) Total Equity	31,500	32,600	34,500
Liabilities + Equity = (3) + (4) + (5)	68,000	69,300	73,500

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