Unit: million Baht 2012 2013 2014 2015 2016 2017 2018 2019(1) 2020(2) 2021 2022 2023
Total revenue 145,649 150,578 149,329 155,276 152,150 157,722 169,856 180,894 172,890 181,333 185,485 188,873
Total cost 88,050 88,936 83,548 84,819 82,992 92,259 103,456 139,640 135,179 143,154 148,525 125,387
EBITDA(3) 61,437 63,691 66,427 70,776 60,741 70,498 73,792 78,710 89,398 91,383 89,711 93,371
Operating profit     46,920 50,366 39,382 40,385 40,105 41,254 37,711 38,179 36,960 40,646
Net profit 34,884 36,274 36,033 39,152 30,667 30,077 29,682 31,190 27,434 26,922 26,011 29,086
Total asset 100,968 112,026 126,351 181,761 275,670 284,067 290,505 289,669 350,171 356,222 337,044 454,439
Total liabilities 57,426 66,133 79,486 133,268 232,962 233,641 232,836 220,275 274,481 274,397 251,227 363,761
Total equity 43,542 45,893 46,865 48,493 42,708 50,427 57,669 69,394 75,689 81,825 85,816 90,678
Operating cash flow 62,242 60,553 72,174 69,924 71,538 71,061 75,894 83,349 92,104 92,415 87,762 94,637
CAPEX 9,598 28,460 32,562 32,255 47,554 41,108 20,198 23,029 28,057 25,786 32,319 37,088
Effective tax rate
Earnings before Tax 45,613 46,237 46,082 49,154 35,864 35,921 35,637 37,402 32,526 32,894 32,182 35,998
Reported Taxes 10,714 10,007 10,079 9,999 5,175 5,843 5,923 6,209 5,089 5,970 6,168 6,909
Reported Tax Rate 24% 22% 22% 20% 14% 16% 17% 17% 15.6% 18.2% 19.2% 19.2%
Cash Taxes Paid 11,109 9,224 9,353 8,294 9,902 5,533 6,763 6,721 6,474 5,781 6,357 6,997
Cash Tax Rate 24% 20% 20% 17% 28% 15% 19% 18% 20% 18% 20% 19%
Growth of revenue and profit (YoY)  
Service revenue growth 14.8% 3.7% 1.2% 2.2% 1.60% 4.9% 3.8% 5.7% -4.5% 1.0% 0.8% 4.2%
Total revenue growth 15.2% 3.4% -0.8% 4.0% -2.00% 3.7% 7.7% 8.3% -4.4% 4.9% 2.3% 1.8%
EBITDA growth 9.0% 4.0% 4.0% 6.5% -14.00% 16% 4.7% 5.6% 13.6%(1) 2.2% -1.8% 4.1%
Net profit growth 57.0% 4.0% -1.0% 8.5% -22.00% -1.9% -1.3% 2.7% -12.0%(2) -1.9% -3.4% 12%
Financial ratios
EBITDA margin 42.0% 42.0% 44.0% 45.6% 39.90% 44.7% 43.4% 43.5% 51.7% 50.4% 48.4% 49.4%
Net profit margin 24.0% 24.0% 24.0% 25.2% 20.20% 19.1% 17.5% 17.2% 15.9% 14.8% 14.0% 15%
EPS (Baht/share) 11.73 12.20 12.12 13.17 10.31 10.12 9.98 10.49 9.23 9.05 8.75 9.78
DPS (Baht/share) 10.90 12.15 12.00 12.99 10.08 7.08 7.08 7.34 6.92 7.69 7.69 8.61
Current ratio (x) 1.05 0.77 0.88 0.66 0.46 0.5 0.5 0.45 0.45 0.39 0.36 0.31
Net debt to EBITDA (x) Net cash 0.2 0.3 0.7 1.4 1.4 1.3 0.9 0.9 0.8 0.8 1.1(4)
Net debt to equity 0.47 0.54 0.79 1.32 2.3 2.2 1.9 1.36 1.0 0.9 0.9 1.23
Interest coverage (x) 45 50 34 30 14 13 12 13.3 13.5 15.5 17.2 15.2
ROA 37% 34% 31% 25% 13% 10% 10% 11% 8.6% 7.6% 7.5% 7.3%
ROE 84% 82% 79% 82% 67% 65% 55% 49% 38% 34% 31% 33%
Breakdown revenue by country
Thailand     149,329 155,276 152,150 157,722 169,856 180,894 172,890 181,333 185,485 188,873
Other countries - - - - - - - - - - -
Total Revenue     149,329 155,276 152,150 157,722 169,856 180,894 172,890 181,333 185,485 188,873
% Breakdown revenue by country
Thailand     100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Other countries - - - - - - - - - 0% 0% 0%
Total     100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

(1) Post-TFRS 15

(2) Post-TFRS 16

(3) EBITDA restated since 2021

(4) EBITDA in ratio is annualized from 46 days of 3BB EBITDA

Glossary

Subscriber Number of registered SIM at ending period whose status is not defined as churn
Postpaid churn Subscribers whose payment status is overdue more than 60 days from due date
Prepaid churn Subscribers who do not refill to extend their validity within 45 days or subscribers who are inactive more than 90 days
Net additions Change of number of subscribers from beginning period to ending period
Churn rate Number of subscriber disconnections in the period divided by the sum of gross new subscribers in the period and the subscribers at the beginning period
ARPU Consolidated service revenue excluding inbound international roaming and interconnect revenues divided by average of subscriber at the beginning and ending period
MOU Number of billed outgoing minutes generated from voice call including international call usage divided by average subscriber
VOU Number of billed gigabyte generated from data usage divided by average data subscriber
EBITDA margin EBITDA / Total Revenues
Interest-Bearing Debt to Equity Interest Bearing Debt / Ending Equity
Net Debt to Equity (Interest Bearing Debt - Cash) / Ending Equity
Net Debt to EBITDA (Interest Bearing Debt - Cash) / EBITDA
Net Debt to EBITDA (Incl. lease liability and spectrum license payable) (Interest Bearing Debt + Lease Liability + Spectrum License Payable - Cash) / EBITDA
Interest Coverage Operating Profit / Interest Expense
DSCR EBITDA * (1 - Tax Rate) / (Debt Repayment in 1 Year + Interest expense annualized)
ROA Net Profit / Average Asset Between Beginning and Ending Period
ROE Net Profit / Average Equity Between Beginning and Ending Period
Free Cash Flow (FCF) Net Cash Flow From Operating Activities - CAPEX - Lease Liability Paid