Annual Report 2016

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CONTENT MESSAGE FROM CHAIRMAN AND MANAGING DIRECTOR 2 FINANCIAL INFORMATION HIGHLIGHTS 4DIRECTORS AND EXECUTIVES 5 CORPORATE PROFILE 14 POLICY AND OVERALL BUSINESS OPERATIONS 15 NATURE OF BUSINESS OPERATION 18 RISK FACTORS 35 SHAREHOLDING STRUCTURE AND MANAGEMENT 39 CORPORATE GOVERNANCE 52 CORPORATE SOCIAL RESPONSIBILITIES (CSR) 61 INTERNAL CONTROL AND RISK MANAGEMENT 67 RELATED PARTY TRANSACTIONS 69 MANAGEMENT DISCUSSION AND ANALYSIS 79 REPORT OF THE BOARD OF DIRECTORS’ 89 RESPONSIBILITIES FOR FINANCIAL STATEMENTS REPORT OF THE AUDIT COMMITTEE FOR THE YEAR 2016 90 INDEPENDENT AUDITOR’S REPORT 932AFTER YOU PUBLIC COMPANY LIMITEDMESSAGE FROM CHAIRMAN AND MANAGING DIRECTORMr. Premon Pinskul Chairman of the Board Year 2016 has been such a challenging and exciting year for After You Public Company Limited, as everyone recognized, the Company’s has registered in the Stock Exchange of Thailand which the event was held at the end of December 2016. We received very positive responses and feedbacks beyond our expectation and we sincerely feel very thankful to our customers, investors and all supportive parties, who have jointly contributed to both our moral and business success along the way. In 2016, The Company has opened totally 5 branches throughout the year in both Bangkok and its vicinity, consisting of 3 branches for After You which located at Terminal 21, Seacon Square and Central Plaza Pinklao. We have also opened 2 branches for our sub brand Maygori, with the Japanese style shaved-ice products located at The Commons - Thonglor and Siam Square. The Company has achieved its 2016 sales of Baht 606 million, which is more than the estimated amount of Baht 600 million or 46 percent increased from last year, with the net profit of Baht 99 million or 72 percent increased from last year. Although we have successfully attained the sales target, yet such performance of the company was a huge challenge, especially in the third and fourth quarters of 2016 where there the situation at the time was not helpful as the market was very sluggish, mainly due to the unusual weather in the rainy season. Also in the period around New Year’s Eve celebration and holidays the market was slow down, due to the lower Thai and foreign customer’s spending activities. However, the company has managed to adjust and renew strategies to keep the sales performance moving forward. One of the practices we have been promoting all along is to always create new products with special taste and look for our consumers. For example, recently we have introduced a brand latest menu, the ‘mango sticky rice kakigori’, this menu immediately attained high popularity and results a rapid growth in sales. The menu is now considered as one of our special products similar to the previous famous or signature menus such as ‘marian plum frappe’ which has been our recommended menu by season for several years. Another important part of our strategy is the branch expansion which we have always emphasized on many significant factors such as the aiming for the high potential locations or high demand area, as well as the cost-effective utilities which is usually the main factor of operating cost. Additionally, the style of decoration in every branch has always been designed to express our feeling of warmth, welcoming, and easy to access. These practices have been implemented as a part of the Company’s standard in parallel with the impressive services, all of which shall be carried on toward the future operation whenever we plan to open a new branch.ANNUAL REPORT 20163Mr. Maetup T.Suwan Managing Director Continuing in year 2017, despite a persistence in economy slowdown, the company still have many more exciting plans to come while maintaining the initial plan of 2017 which is to open 7 more branches. The Company has also established a better relationship with each of the property owners and landlords, for the purpose of obtaining long-term contracts which would mutually agree on the fair and reasonable prices. The first branch of the year is now officially opened at The Portal, Impact Arena, and the rest are on their way. However, the highlight of our works for this year would be to open the first branch in another provinces which will take place around the end of the second quarter, this will open a new door for our branch expansion and a start of many more to come. To accommodate the expansion, the Company is in the process of expanding the production factory in which the area and facilities will be larger by 40%. Additionally, more machines will be purchased and modified to increase productivity as well as quality. Another important practice that the company has been supporting is the effective system in staff training. With our new headquarter that will be operated at the end of May 2017, all the training staff as well as our new employees will be able to utilize the large and modernized training center for the services and work training courses provided by the Company. Nevertheless, The Company and its executives have considered the overall operation in 2017 to be the beginning of our big step and the foundation must be concreted for the strength to move forward, starts from branches expansion to staff training to maintain product quality. Our main policy is to serve the customers, and investors who trust in the Company, by creating quality products in parallel with excellent services. We wish to continue to be the best dessert cafĂŠ to live up with the expectation and support we have received from all parties. Again, the Company wishes to express our gratitude to all of the supportive customers, shareholders, investors, business partners, including all staffs and employees. We sincerely feel pleased and proud to be able to serve and co-ordinate with every party. In turn, the Company will work with dedication, perfection, and integrity, so that After You will continuing be loved by all.4AFTER YOU PUBLIC COMPANY LIMITEDInformation Highlights FINANCIAL Financial INFORMATION HIGHLIGHTS Financial Performance201620152014Total assetsBaht981,933,022363,793,202201,179,977Total liabilitiesBaht173,099,297246,826,96294,962,888Total shareholders’ equityBaht808,833,725116,966,240106,217,089SalesBaht606,377,892414,273,599311,144,800Total revenuesBaht608,387,550414,856,463311,603,461Total comprehensive income for the yearBaht98,621,66557,509,15145,755,006Earnings per shareBaht0.180.110.31Gross profit margin%64.0862.3063.46Operating profit margin%20.7618.7419.54Net profit margin%16.2313.8614.68Return on equity%21.3451.5475.21Return on assets%14.6820.3622.67Return on fixed assets%48.8241.0550.79Debt to equity ratioTimes0.212.110.89Interest coverage ratioTimes18.8134.8116.73Dividend payout ratio%93.7599.99110.74Liquidity ratioTimes6.421.011.22Average collection periodDays1.371.541.70Average inventory periodDays7.296.355.39Average payable periodDays29.1629.6324.84Financial RatioANNUAL REPORT 20165กรรมก การและผูxecutiv ้ บริหาร ves  rectors s and Ex DIRECTORS ANDDir EXECUTIVESDirrectorss and Exxecutivves                                     Mr. Wiwat Kanokwatannawan Mr. Phiched Bhimaayothin Dr.. Thamnoon Annanthothai Mr. Mr. Pr Pr remon Pinskul Mr. Wiwวฒ ayothin Dr.ดร . Thamnoon nanthothai นายป ปรีremon ย์มน ปิPinskul ่ นสกุล นายวิ ัat น์Kanokwatan กนกวัฒนาnawan วรรณ Mr.นPhiched ายพิเชษฐBhima ภีมะโ โยธิน ร. ธรรมนูญ Anอา นันโทไทย Mr. Pr remon Pinskul Mr. Wiw at Kanokwatan nawan Mr. Phiched Bhima ayothin Dr. . Thamnoon An nanthothai the Inde Vice Chairma an of the Boar rd, e Chairman of ependent Direc ctor and Ind dependent Dir rector and Indeependent Vice Chairma an of the Boarrd, Chairman of the Direc าร กรรมการอิDirสrector ระะ และand ประะธานกรรมการ รองeงประธานกรรมก กรรมการอิ ก สระctor และ แ and Inddependent Indeependent Vicee Chairman Chairma an ofDirector the Boarand Direc and Au Ind dependent Direerector and Independ dent aard, Chairman CChairman of udit udit Committee Member Board Independ dent Cธานกรรมการตร of AActor udit Committee Member Board of the กรรมมการอิ สDirector ระ และ and ประธ รวจสอบ Auudit กรรมการตรว จสอบ Independ dent Director aber and Chairman C Committee of Audit Auudit Committeee Member Board Audit Co ommittee Memb Audit Co ommittee Membber Committee กรรม มการตรวจสอบ Committee   Audit Coommittee Membber       Mr. Mr. Ma Maaetup aetup T.Suwan T.Suwan นายแ แม่ ท พ ั ต.สุ วรรณ ณ Mr. Ma aetup Directo Managin Directoor or and andT.Suwan Managinng ng กร รรมการ และ DirectoorDirector and Managinng Director กรรรมการผู Director   จ้ ดั การ                                              Ms. pat Kanokwata Kanokwataanawan Ms. Gula Gulapat anawan Mr Mrr.r. Mill Mill Kanokwa Kanokwaatanawan atanawan นางสาวก กุ ล พั ช ร์ กนกวั ฒ ฒนาวรรณ นา ายมิ ล ล์ กนกวั ฒนาวรรณ ฒ Ms. Gula anawan Mr r. Mill Kanokwa pat Kanokwata Dir Director DDirector and ssistant Dirrector rector and and Dep Depputy puty D and AAatanawan ssistant กรรมการ และ กรรมการ และ แssistant Dir andDirec Depputy Director DManaging andDi Ma anaging tor Marector anaging Direc Managing DiArector rector tor ช้ ่วยกรรมการผู รอง จ้ ดั กการ ผูผManaging ผูจ้ ดั การ Maงกรรมการผู anaging Direc Director tor     M Mr. TTasnasathienkij jj M Mr. Songpon Songpon Tasnasathienkij T น นายทรงพล ทั ศ นาเสถี น ย รกิ จ MMr. Songpon Tasnasathienkij Tperations Director of Director of Op Op perations j ผูDirector อ้ ํานวยการฝ่ ยปฏิ บตั ิ การ of Opาย perationsMs. Ms. Ms. Uraiw Uraiwwan wan Samanwo Samanwong ng Mrs. Mrs. Po Pornsirin an Ms. Ms. Cha Chamaiporn maiporn Tung Tungkittisuwan kittisuwan M M Ms. Chantanee Chantaneeee Tantasuralerk Tantasuralerkkk rnsirin Thongta Thongtaan นางสาวอ อุrrwan ไof สมานวงศ์ ทร์Huma ทองงตั นางส ตังกิ ้ance ตติส&&วุ รรณ์ MMs. นนางสาวจั นทนี นั ตสุรฤกษ์ k rnsirinรินof Ms. Uraiw Samanwo ng Mrs.นาง Po anน Ms. Cha maipornof kittisuwan Chantanee eตัTantasuralerk Director Manufactur ring Di rector Director DDirector Fina Company Se Director ofรวรรณ Manufactur ring Diงพรสิ rector ofThongta Huma an Dสาวชไมพร ofTung Fina ance Company Seecretary ecretary Director r of Manufactur Diผูrector of Huma Director Dผูอ้ ําAccounting of Finaาย ance Company ecretary ผูอ้ ํานนวยการฝ่ ายผลิ ตring อ้ ําResource นวยการฝ่ ายยan นวยการฝ่ เลขานุกSe ารบ บริ ษัท ggยบัญ&ชี Resource Accounting Accounting ทรั ท พResource ยากรมนุษย์ และการเงิgน     Date appointed : 5 November 2015 Independent director and audit committee member 8 April 2016 Chairman of the Board1. Mr. Premon PinskulEducation60 - Master of Arts (Economics), University of Detroit, USA - Master of Business Administration, University of Detroit, USA - Bachelor of Accounting, Thammasat University - IOD Program, Thai Institute of Directors • Directors Certification Program (DCP) • Audit Committee Program (ACP) • Monitoring Fraud Management (MFM) • Monitoring of the Quality of Financial Reporting (MFR) • Monitoring the Internal Audit Function (MIA) • Monitoring the System of Internal Control & Risk Management (MIR)Name-Surname / Position / Age Date appointed (yrs)Shareholding/1 (%) 0.07 -None-Family relationship between managementDirector Independent Director and Chairman of Audit Committee Chief Financial Officer Director DirectorDirector Director Director2016 - Present 2013 - Present2015 20152015 2015 20152011 - 2015Chief Financial OfficerChairman of the Board, Independent Director, and Audit Committee MemberPositionOthers 2016 - Present2015 - PresentPeriodWork experienceImpact Electrons Siam Co.,Ltd. (Energy business) Impact Solar Co.,Ltd. (Alternative Energy business) JAS Asset PCL. (Real Estate business) GMM Grammy PCL. (Media business) GDC Co.,Ltd. (Media business) GMM CJ O Shopping Co.,Ltd. (Media business) Co.,Ltd. (Media business) GMM Z Co.,Ltd. (Media business) GMM TV Co.,Ltd. (Media business) GMM B Co.,Ltd. (Media business)After You PCL.CompanyDETAIL OF DIRECTORS, MANAGEMENT, CONTROLLING ANDCompany COMPANY SECRETARY Detail of Directors, Management, Controlling PARTIES Parties and Secretary6AFTER YOU PUBLIC COMPANY LIMITEDName-Surname / Position / Age Date appointed (yrs)EducationShareholding/1 (%) Family relationship between management Director Director Director Director Director Director Director Director Director Director Director Director Director2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015 2015PeriodPositionWork experienceTeen Talk Co.,Ltd. (Media business) Radio Concept Co.,Ltd. (Media business) Image Publishing Co.,Ltd. (Media business)GMM One TV Co.,Ltd. (Media business) GMM HD Digital TV Trading Co.,Ltd. (Media business) GMM Channel Co.,Ltd. (Media business) GMM SD Digital TV Trading Co.,Ltd. (Media business) G S-ONE Co.,Ltd. (Media business) Z Trading Co.,Ltd. (Media business) Digital Gen Co.,Ltd. (Media business) Digi Stream Co.,Ltd. (Media business) The News TV Co.,Ltd. (Media business) 3-RD Co.,Ltd. (Media business)CompanyANNUAL REPORT 2016 77. Mr. Mill Kanokwatanawan /2 Director and Assistant Managing Director Date appointed : 5 November 2015 DirectorDate appointed : 19 July 20056. Ms. Gulapat Kanokwatanawan /2 Director and Deputy Managing DirectorDate appointed : 19 July 20055. Mr. Maetup T.Suwan /2 Director and Managing DirectorEducation- Master Degree in Industrial Design, Pratt Institute, USA - Bachelor Degree in Interior Design, School of Visual Arts, USA - Bachelor Degree in Business Administration, St. Thomas Aquinas College, USA - IOD Program, Thai Institute of Directors • Directors Accreditation Program (DAP) 34 - Bachelor Degree in Business Administration (International Program, Marketing, Thammasat University - IOD Program, Thai Institute of Directors • Directors Accreditation Program (DAP) 29 - Bachelor of Arts in Economics (International Program), Chulalongkorn University42Name-Surname / Position / Age Date appointed (yrs)1.7535.00Shareholding/1 (%) 29.40- Son of Mr. Wiwat Kanonwatanawan - Younger brother of Ms. Gulapat Kanokwatanawan- Daughter of Mr. Wiwat Kanonwatanawan - Older sister of Mr. Mill Kanokwatanawan- Nephew of Mr. Wiwat KanokwatanawanFamily relationship between management2015 - Present 2016 - Present Others 2012 - 2016After You PCL. After You PCL. Siam Commercial Bank PCL. (Financing business)Director Assistant Managing Director Relationship ManagerM & M 2007 Co., Ltd. Looklarn Charoen Co.,Ltd. (Food business)Director Director2015 - Present Others2005 - Present 2004 - 2011201520152015 - Present Others 2015 - Present 2010 2004 - Present 20152010 - Present PresentCompanyAfter PCL. AgentYou Event Agency Co.,Ltd. (Media business) Aurum Aurum Co.,Ltd. A-Timeand Media Co.,Ltd. (Media business) ST&GMM Co.,Ltd. (Media Director M M 2007 Co., Ltd. business) Director Prima Publishing (Publishing Director GMM Channel Co.,Ltd. (Media business) business) Director GMM Channel Trading Co.,Ltd. (Media business) Director GMM One TV Trading Co.,Ltd. (MediaYoubusiness) Director and Deputy Managing After PCL. Deputy Chief Financial Officer Total Access Communication Director PCL. (Telecommunication Director Aurum and Aurum Co.,Ltd. business)Director and Managing Director DirectorPosition2005 2015 - PresentPeriodWork experience8AFTER YOU PUBLIC COMPANY LIMITEDDate appointed : 5 November 2015 Independent director and audit committee member 12 May 2016 Chairman of Audit Committee3. Mr. Phiched BhimayothinEducation- Bachelor of Engineering, University of Kentucky, USAEducation57 - Bachelor of Science, Kasetsart University - IOD Program, Thai Institute of Directors • Directors Accreditation Program (DAP)Name-Surname / Position / Age Date appointed (yrs)Date appointed : 5 November 2015 Director 12 May 2016 Vice Chairman of the Board/22. Mr. Wiwat Kanokwatanawan 62Name-Surname / Position / Age Date appointed (yrs)Shareholding/1 (%) 0.07Shareholding/1 (%) 0.41-None-Family relationship between management- Father of Ms. Gulapat Kanonwatanawan and Mr. Mill Kanonwatanawan - Uncle of Mr. Maetup T.SuwanFamily relationship between management1993 – 2014Position After You PCL.CompanyFactory ManagerPakfood PCL. (Seafood and frozen food business) Pakfood PCL. (Seafood and frozen food business)Pakfood PCL. (Seafood and frozen food business) Okeanos Co.,Ltd. (Seafood and frozen food business) Director Chao Phraya Coldstorage Co.,Ltd. (Rental property business) Director Takzin Samut Co.,Ltd. (Rental property business) Director Looklarn Charoen Co.,Ltd. Work experience (Food business) Director Kanokthorn Foods Industry Position Company Co.,Ltd. (Food business) Independent Director and After You PCL. Chairman of Audit CommitteeDirector and Chief Executive Officer DirectorVice Chairman of the BoardOthers 2014 – Present Advisor2015 - PresentPresent PeriodPresentPresentPresentPresent2015 - Present Others 1979 - PresentPeriodWork experienceANNUAL REPORT 2016 9Date appointed : 5 November 2015 Independent director and audit committee member4. Dr. Thamnoon Ananthothai 59 Independent Director and Audit Committee MemberName-Surname / Position / Age Date appointed (yrs)- Ph.D. in International Management, Walden University Naples, Florida, USA - Master of Business Administration, The University of Sarasota, Sarasota City, Florida, USA - Bachelor Degree in Accountancy & Management, Eckerd College-St. Petersburg, Florida, USA - IOD Program, Thai Institute of Directors • Directors Certification Program (DCP)  Director Accreditation Program (DAP)  Audit Committee Program (ACP)  The Role of Chairman Program (RCP)  Understanding the Fundamental of Financial Statement (UFS)EducationShareholding/1 (%) 0.07 -None-Family relationship between managementExecutive Committee Vice Chairman of the Board and Chairman of Audit Committee Vice Chairman of the Board and Chairman of Audit Committee Executive Committee Independent Director, Audit Committee Member, and Chairman of the Nomination and Remuneration Committee Subcommittee of the Executive Board and Subcommittee of Clearing House Executive Committee of Investment and Debt2014 - Present 2007 - Present2004 - Present1997 - Present2001 - 20152004 - Present2007 - PresentExecutive CommitteeIndependent Director, and Audit Committee MemberPositionOthers 2014 - Present2015 - PresentPeriodWork experienceThe Federation of Thai IndustriesThe Agricultural Futures Exchange of ThailandMerchant Partners Securities PCL. (Financing business) Thai Union Group PCL. (Seafood and frozen food business)IFS Capital (Thailand) PCL. (Financing business)Merchant Partners Asset Management Co.,Ltd. (Financing business) Merchant Partners Co.,Ltd. (Financing business) Better World Green PLC. (Services business)After You PCL.Company10 AFTER YOU PUBLIC COMPANY LIMITEDEducation5. Mr. Maetup T.Suwan /2 42 - Master Degree in Industrial Design, Director and Managing Pratt Institute, USA Director - Bachelor Degree in Interior Design, Name-Surname / Position / Age School of Visual Arts, USA Education Date appointed (yrs) Date appointed : - Bachelor Degree in Business /2 2005T.Suwan Thomas Aquinas 5. 19 Mr.July Maetup 42 - Administration, Master Degree St. in Industrial Design, College, USA Director and Managing Pratt Institute, USA Director -- IOD Program, ThaiinInstitute Bachelor Degree InteriorofDesign, Directors School of Visual Arts, USA • Directors Accreditation - Bachelor Degree in BusinessProgram (DAP) Administration, St. Thomas Aquinas College, USA 6. Ms. Gulapat 34 - Bachelor Degree in Business /2 Kanokwatanawan (International - Administration IOD Program, Thai Institute of Director and Deputy Directors Marketing, Thammasat Program, Managing Director University • Directors Accreditation Program - IOD (DAP) Program, Thai Institute of appointed : 6. Date Ms. Gulapat 34 - Directors Bachelor Degree in Business /2 19 July 2005 Kanokwatanawan • Directors Accreditation Administration (InternationalProgram Director and Deputy (DAP)Marketing, Thammasat Program, /2 Managing Director 7. Mr. Mill Kanokwatanawan 29 - University Bachelor of Arts in Economics Director and Assistant - IOD Program,Program), Thai I
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