Cash flow Ichitan Group

Stocks

ICHI

TH5048010000

Non-Alcoholic Beverages

End-of-day quote Thailand S.E. Other stock markets 08/06/2026			5-day change	1st Jan Change
12.80 ^THB	-1.54%		-0.78%	-4.48%

05-21	KGI Securities Downgrades Ichitan Group to Neutral from Outperform; Price Target is THB13.70	MT
05-15	Phillip Securities Upgrades Ichitan Group to Buy From Accumulate; Price Target is THB15.90	MT

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Published financial data: ICHITAN GROUP

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021	2022	2023	2024	2025
Revenues	4.57B	5.52B	7.07B	7.56B	7.11B
Other Revenues, Total	22.35M	18.31M	27.5M	58.81M	142M
Total Revenues	4.6B	5.54B	7.1B	7.62B	7.26B
Cost of Goods Sold, Total	3.57B	4.33B	5.19B	5.35B	5.15B
Gross Profit	1.03B	1.2B	1.91B	2.27B	2.1B
Selling General & Admin Expenses, Total	434M	465M	550M	588M	630M
Other Operating Expenses, Total	434M	465M	550M	588M	630M
Operating Income	596M	740M	1.36B	1.68B	1.47B
Interest Expense, Total	-2.63M	-1.75M	-1.83M	-1.52M	-1.39M
Interest And Investment Income	161K	929K	7.64M	17.94M	11.99M
Net Interest Expenses	-2.47M	-819K	5.81M	16.42M	10.6M
Income (Loss) On Equity Invest.	58.95M	82.25M	4.61M	9.27M	16.62M
Other Non Operating Income (Expenses)	-	-	-	-	-
EBT, Excl. Unusual Items	653M	821M	1.38B	1.71B	1.5B
Gain (Loss) On Sale Of Assets	-	-	-	-	-
Asset Writedown	-11.68M	-	-	-	-
EBT, Incl. Unusual Items	641M	821M	1.38B	1.71B	1.5B
Income Tax Expense	94.06M	179M	275M	402M	173M
Earnings From Continuing Operations	547M	642M	1.1B	1.31B	1.33B
Net Income to Company	547M	642M	1.1B	1.31B	1.33B
Net Income - (IS)	547M	642M	1.1B	1.31B	1.33B
Net Income to Common Incl Extra Items	547M	642M	1.1B	1.31B	1.33B
Net Income to Common Excl. Extra Items	547M	642M	1.1B	1.31B	1.33B
Per Share Items
Net EPS - Basic	0.42	0.49	0.85	1	1.02
Basic EPS - Continuing Operations	0.42	0.49	0.85	1	1.02
Basic Weighted Average Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Net EPS - Diluted	0.42	0.49	0.85	1	1.02
Diluted EPS - Continuing Operations	0.42	0.49	0.85	1	1.02
Diluted Weighted Average Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Normalized Basic EPS	0.31	0.39	0.66	0.82	0.72
Normalized Diluted EPS	0.31	0.39	0.66	0.82	0.72
Dividend Per Share	0.5	0.6	1	1.1	1.15
Payout Ratio	118.88	101.3	129.95	109.47	102.81
American Depositary Receipts Ratio (ADR)	1	1	1	1	1
Supplemental Items
EBITDA	1.17B	1.29B	1.92B	2.24B	2.06B
EBITA	596M	742M	1.37B	1.68B	1.48B
EBIT	596M	740M	1.36B	1.68B	1.47B
EBITDAR	1.17B	1.29B	-	-	-
Total Revenues (As Reported)	5.25B	6.36B	8.09B	8.67B	8.24B
Effective Tax Rate - (Ratio)	14.68	21.86	19.97	23.54	11.54
Total Current Taxes	40.08M	143M	271M	398M	173M
Total Deferred Taxes	53.98M	36.88M	3.52M	4.34M	90K
Normalized Net Income	408M	513M	859M	1.07B	938M
Interest Capitalized	-	-	-	-	-
Interest on Long-Term Debt	2.1M	1.75M	1.83M	1.52M	1.39M
Non-Cash Pension Expense	603K	659K	1.28M	1.46M	1.43M
Supplemental Operating Expense Items
Advertising Expense	257M	269M	351M	345M	321M
Selling and Marketing Expenses	277M	293M	381M	383M	365M
General and Administrative Expenses	157M	172M	168M	205M	265M
Net Rental Expense, Total	702K	730K	-	-	-
Imputed Operating Lease Interest Expense	71.68K	123K	-	-	-
Imputed Operating Lease Depreciation	630K	607K	-	-	-
Maintenance & Repair Expenses, Total	-	-	-	242M	235M

Fiscal Period: December	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	41.3M	162M	549M	421M	232M
Short Term Investments	-	-	46.3M	-	-
Trading Asset Securities, Total	296M	573M	365M	488M	366M
Total Cash And Short Term Investments	338M	735M	960M	908M	598M
Accounts Receivable, Total	944M	1.23B	1.47B	1.49B	2.09B
Other Receivables	6.98M	75.28M	6.91M	11.92M	9.77M
Total Receivables	951M	1.3B	1.47B	1.5B	2.1B
Inventory	531M	588M	511M	717M	727M
Prepaid Expenses	103M	-	58.81M	88.78M	108M
Other Current Assets, Total	100K	41.75K	239M	231M	42.22K
Total Current Assets	1.92B	2.63B	3.24B	3.45B	3.53B
Gross Property Plant And Equipment	9.35B	9.45B	9.02B	9.36B	9.65B
Accumulated Depreciation	-4.57B	-5.11B	-5.41B	-6B	-6.57B
Net Property Plant And Equipment	4.78B	4.34B	3.61B	3.36B	3.08B
Long-term Investments	254M	312M	225M	151M	155M
Other Intangibles, Total	11.95M	9.92M	7.97M	6.4M	4.7M
Deferred Tax Assets Long-Term	122M	83.02M	16.59M	12.25M	14.42M
Other Long-Term Assets, Total	18.16M	15.79M	97.78M	103M	3.79M
Total Assets	7.11B	7.39B	7.21B	7.08B	6.79B
Liabilities
Accounts Payable, Total	338M	504M	628M	564M	507M
Accrued Expenses, Total	132M	220M	256M	212M	229M
Short-term Borrowings	-	-	-	-	-
Current Portion of Long-Term Debt	-	-	-	-	-
Current Portion of Leases	14.68M	13.82M	16.64M	16.41M	17.44M
Current Income Taxes Payable	40.08M	86.1M	92.08M	158M	14.19M
Other Current Liabilities	271M	287M	269M	332M	240M
Total Current Liabilities	796M	1.11B	1.26B	1.28B	1.01B
Long-Term Debt	-	-	-	-	-
Long-Term Leases	72.52M	64.74M	55.47M	39.07M	70.12M
Pension & Other Post Retirement Benefits	46.76M	40.51M	46.36M	48.53M	61.34M
Total Liabilities	915M	1.22B	1.36B	1.37B	1.14B
Common Stock, Total	1.3B	1.3B	1.3B	1.3B	1.3B
Additional Paid In Capital	3.57B	3.57B	3.57B	3.57B	3.57B
Retained Earnings	1.36B	1.36B	1.03B	904M	858M
Comprehensive Income and Other	-39.84M	-58.9M	-57.83M	-64.45M	-76.43M
Total Common Equity	6.19B	6.17B	5.84B	5.71B	5.65B
Total Equity	6.19B	6.17B	5.84B	5.71B	5.65B
Total Liabilities And Equity	7.11B	7.39B	7.21B	7.08B	6.79B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	1.3B	1.3B	1.3B	1.3B	1.3B
ECS Total Common Shares Outstanding	1.3B	1.3B	1.3B	1.3B	1.3B
Book Value / Share	4.76	4.75	4.49	4.39	4.35
Tangible Book Value	6.18B	6.16B	5.83B	5.7B	5.65B
Tangible Book Value Per Share	4.75	4.74	4.49	4.39	4.34
Total Debt	87.2M	78.56M	72.11M	55.47M	87.55M
Net Debt	-250M	-656M	-888M	-853M	-511M
Debt Equivalent of Unfunded Proj. Benefit Obligation	46.76M	40.51M	46.36M	48.53M	61.34M
Debt Equivalent Oper. Leases	5.62M	5.84M	-	-	-
Equity Method Investments, Total	254M	220M	225M	151M	155M
Account Code - Inventory Valuation	6	6	6	6	6
Inventories - Raw Materials, Total	191M	256M	280M	381M	362M
Inventories - Finished Goods, Total	316M	303M	204M	296M	329M
Inventories - Others	39.23M	33.83M	35.86M	41.58M	40.96M
Land - (BS)	432M	432M	201M	201M	201M
Buildings, Total	2.65B	2.69B	2.7B	2.74B	2.76B
Machinery, Total	6.1B	6.17B	5.95B	6.05B	6.49B

Fiscal Period: December	2021	2022	2023	2024	2025
Net Income	547M	642M	1.1B	1.31B	1.33B
Depreciation & Amortization - CF	585M	568M	568M	571M	598M
Amortization of Goodwill and Intangible Assets - (CF)	222	2.03M	1.95M	1.95M	1.83M
Depreciation & Amortization, Total	585M	570M	570M	573M	600M
Amortization of Deferred Charges, Total - (CF)	1.99M	-	-	-	-
(Gain) Loss From Sale Of Asset	-	5.62M	1.63M	-32.86M	-120M
(Gain) Loss on Sale of Investments - (CF)	-378K	-2.07M	-212M	-12.78M	-8.93M
Asset Writedown & Restructuring Costs	11.69M	-45	-5.11M	-2.56M	-2.56M
(Income) Loss On Equity Investments - (CF)	-58.95M	-82.25M	-4.61M	-9.27M	-16.62M
Provision and Write-off of Bad Debts	-	845K	-	-	-
Other Operating Activities, Total	112M	114M	86.61M	70.81M	-136M
Change In Accounts Receivable	-117M	-286M	-238M	-24.54M	-596M
Change In Inventories	43.88M	-81.78M	64.26M	-210M	-16.18M
Change In Accounts Payable	24.78M	165M	125M	-64M	-57.94M
Change in Other Net Operating Assets	-92.91M	151M	71.02M	-50.56M	-56.97M
Cash from Operations	1.06B	1.2B	1.56B	1.54B	917M
Capital Expenditure	-23.27M	-137M	-195M	-280M	-200M
Sale of Property, Plant, and Equipment	-	171K	-	57.68K	21K
Sale (Purchase) of Intangible assets	-3.09M	-	-	-380K	-135K
Investment in Marketable and Equity Securities, Total	-111M	-261M	420M	13.64M	130M
Other Investing Activities, Total	161K	929K	7.64M	57.53M	353M
Cash from Investing	-137M	-397M	233M	-209M	283M
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-243M	-14.77M	-15.43M	-16.64M	-16.79M
Total Debt Repaid	-243M	-14.77M	-15.43M	-16.64M	-16.79M
Common Dividends Paid	-650M	-650M	-1.43B	-1.43B	-1.36B
Common & Preferred Stock Dividends Paid	-650M	-650M	-1.43B	-1.43B	-1.36B
Other Financing Activities, Total	-2.81M	-1.75M	44.47M	-1.52M	-1.39M
Cash from Financing	-896M	-667M	-1.4B	-1.45B	-1.38B
Foreign Exchange Rate Adjustments	-	-12.02M	-2.71M	-15.65M	-5.92M
Net Change in Cash	23.43M	121M	387M	-129M	-189M
Supplemental Items
Cash Interest Paid	2.81M	1.75M	1.83M	1.52M	1.39M
Cash Income Tax Paid (Refund)	84.29K	96.22M	202M	332M	316M
Levered Free Cash Flow	829M	903M	984M	1.11B	650M
Unlevered Free Cash Flow	831M	904M	985M	1.11B	651M
Change In Net Working Capital	102M	-8.65M	243M	237M	669M
Net Debt Issued / Repaid	-243M	-14.77M	-15.43M	-16.64M	-16.79M

Fiscal Period: December	2021	2022	2023	2024	2025
Profitability
Return on Assets	5.13	6.38	11.69	14.72	13.28
Return on Total Capital	5.78	7.38	14.02	18.01	16.01
Return On Equity %	8.77	10.38	18.32	22.61	23.37
Return on Common Equity	8.77	10.38	18.32	22.61	23.37
Margin Analysis
Gross Profit Margin %	22.4	21.76	26.96	29.82	28.99
SG&A Margin	9.44	8.4	7.74	7.72	8.68
EBITDA Margin %	25.38	23.37	27.01	29.41	28.34
EBITA Margin %	12.97	13.39	19.25	22.12	20.33
EBIT Margin %	12.97	13.36	19.22	22.1	20.31
Income From Continuing Operations Margin %	11.9	11.59	15.5	17.15	18.3
Net Income Margin %	11.9	11.59	15.5	17.15	18.3
Net Avail. For Common Margin %	11.9	11.59	15.5	17.15	18.3
Normalized Net Income Margin	8.87	9.27	12.11	14.02	12.93
Levered Free Cash Flow Margin	18.04	16.3	13.86	14.54	8.96
Unlevered Free Cash Flow Margin	18.08	16.32	13.88	14.56	8.97
Asset Turnover
Asset Turnover	0.63	0.76	0.97	1.07	1.05
Fixed Assets Turnover	0.91	1.21	1.79	2.18	2.25
Receivables Turnover (Average Receivables)	5.17	5.08	5.25	5.11	3.98
Inventory Turnover (Average Inventory)	6.36	7.74	9.44	8.7	7.14
Short Term Liquidity
Current Ratio	2.42	2.37	2.57	2.69	3.51
Quick Ratio	1.62	1.84	1.93	1.88	2.68
Operating Cash Flow to Current Liabilities	1.33	1.08	1.23	1.2	0.91
Days Sales Outstanding (Average Receivables)	70.65	71.83	69.57	71.65	91.81
Days Outstanding Inventory (Average Inventory)	57.37	47.13	38.67	42.04	51.16
Average Days Payable Outstanding	33.93	35.02	40.44	39.31	37.85
Cash Conversion Cycle (Average Days)	94.09	83.94	67.8	74.38	105.11
Long Term Solvency
Total Debt/Equity	1.41	1.27	1.23	0.97	1.55
Total Debt / Total Capital	1.39	1.26	1.22	0.96	1.53
LT Debt/Equity	1.17	1.05	0.95	0.68	1.24
Long-Term Debt / Total Capital	1.16	1.04	0.94	0.68	1.22
Total Liabilities / Total Assets	12.88	16.46	18.93	19.35	16.76
EBIT / Interest Expense	226.37	423.16	745.12	1.11K	1.06K
EBITDA / Interest Expense	448.59	749.34	1.06K	1.49K	1.49K
(EBITDA - Capex) / Interest Expense	439.75	670.74	949.76	1.3K	1.35K
Total Debt / EBITDA	0.07	0.06	0.04	0.02	0.04
Net Debt / EBITDA	-0.21	-0.5	-0.46	-0.38	-0.25
Total Debt / (EBITDA - Capex)	0.08	0.07	0.04	0.03	0.05
Net Debt / (EBITDA - Capex)	-0.22	-0.56	-0.51	-0.43	-0.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	1.74	20.48	28.2	7.28	-4.73
Gross Profit, 1 Yr. Growth %	1.54	17.01	58.87	18.64	-7.38
EBITDA, 1 Yr. Growth %	2.91	10.74	48.18	16.78	-8.18
EBITA, 1 Yr. Growth %	7.21	24.03	84.24	23.28	-12.42
EBIT, 1 Yr. Growth %	7.21	24.1	84.48	23.32	-12.43
Earnings From Cont. Operations, 1 Yr. Growth %	6.06	17.35	71.5	18.71	1.64
Net Income, 1 Yr. Growth %	6.06	17.35	71.5	18.71	1.64
Normalized Net Income, 1 Yr. Growth %	14.43	25.84	67.46	24.25	-12.15
Diluted EPS Before Extra, 1 Yr. Growth %	6.06	17.35	71.5	18.71	1.64
Accounts Receivable, 1 Yr. Growth %	14.09	30.21	19.41	1.67	39.94
Inventory, 1 Yr. Growth %	-10	10.67	-13.06	40.33	1.43
Net Property, Plant and Equip., 1 Yr. Growth %	-10.67	-9.21	-16.69	-7.02	-8.3
Total Assets, 1 Yr. Growth %	-4.03	3.93	-2.44	-1.72	-4.11
Tangible Book Value, 1 Yr. Growth %	-1.42	-0.31	-5.3	-2.21	-0.99
Common Equity, 1 Yr. Growth %	-1.4	-0.34	-5.32	-2.23	-1.02
Cash From Operations, 1 Yr. Growth %	-11.62	13.2	30.19	-0.9	-40.62
Capital Expenditures, 1 Yr. Growth %	-38.21	490.35	41.73	43.52	-28.51
Levered Free Cash Flow, 1 Yr. Growth %	-9.62	8.84	9	12.57	-41.28
Unlevered Free Cash Flow, 1 Yr. Growth %	-10.29	8.75	9	12.54	-41.25
Dividend Per Share, 1 Yr. Growth %	0	20	66.67	10	4.55
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-2.24	10.71	24.28	17.27	1.1
Gross Profit, 2 Yr. CAGR %	1.26	9	36.34	37.29	4.83
EBITDA, 2 Yr. CAGR %	7.47	6.84	28.1	31.55	3.55
EBITA, 2 Yr. CAGR %	16.71	15.51	51.17	50.71	3.91
EBIT, 2 Yr. CAGR %	16.71	15.35	51.31	50.83	3.92
Earnings From Cont. Operations, 2 Yr. CAGR %	15.84	11.56	41.87	42.68	9.84
Net Income, 2 Yr. CAGR %	15.84	11.56	41.87	42.68	9.84
Normalized Net Income, 2 Yr. CAGR %	32.52	20	45.17	44.24	4.48
Diluted EPS Before Extra, 2 Yr. CAGR %	15.84	11.56	41.87	42.68	9.84
Accounts Receivable, 2 Yr. CAGR %	10.94	21.88	24.69	10.18	19.28
Inventory, 2 Yr. CAGR %	-1.43	-0.2	-1.91	10.45	19.3
Net Property, Plant and Equip., 2 Yr. CAGR %	-9.19	-9.94	-13.03	-11.99	-7.66
Total Assets, 2 Yr. CAGR %	-3.85	-0.13	0.69	-2.08	-2.92
Tangible Book Value, 2 Yr. CAGR %	-0.25	-0.86	-2.84	-3.77	-1.6
Common Equity, 2 Yr. CAGR %	-0.24	-0.87	-2.86	-3.79	-1.63
Cash From Operations, 2 Yr. CAGR %	6.5	0.02	21.4	13.59	-23.29
Capital Expenditures, 2 Yr. CAGR %	-51.34	90.99	189.26	42.62	1.29
Levered Free Cash Flow, 2 Yr. CAGR %	14.55	-0.82	8.92	10.77	-18.7
Unlevered Free Cash Flow, 2 Yr. CAGR %	12.63	-1.23	8.87	10.75	-18.69
Dividend Per Share, 2 Yr. CAGR %	19.52	9.54	41.42	35.4	7.24
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-1.46	4.81	16.26	18.33	9.43
Gross Profit, 3 Yr. CAGR %	9.5	6.26	23.59	30.17	20.41
EBITDA, 3 Yr. CAGR %	18.42	8.61	19.15	24.21	16.69
EBITA, 3 Yr. CAGR %	64.21	19.23	34.96	41.23	25.76
EBIT, 3 Yr. CAGR %	64.21	19.12	34.89	41.34	25.83
Earnings From Cont. Operations, 3 Yr. CAGR %	131.9	16.34	28.76	33.68	27.43
Net Income, 3 Yr. CAGR %	131.9	16.34	28.76	33.68	27.43
Normalized Net Income, 3 Yr. CAGR %	167.65	30.26	34.1	37.83	22.27
Diluted EPS Before Extra, 3 Yr. CAGR %	131.91	16.34	28.76	33.68	27.43
Accounts Receivable, 3 Yr. CAGR %	8.06	17.03	21.05	16.49	19.32
Inventory, 3 Yr. CAGR %	-6.72	2.45	-4.68	10.52	7.36
Net Property, Plant and Equip., 3 Yr. CAGR %	-8.63	-9.2	-12.25	-11.07	-10.77
Total Assets, 3 Yr. CAGR %	-4.57	-1.32	-0.91	-0.12	-2.76
Tangible Book Value, 3 Yr. CAGR %	1.76	-0.27	-2.37	-2.63	-2.85
Common Equity, 3 Yr. CAGR %	1.7	-0.27	-2.38	-2.65	-2.88
Cash From Operations, 3 Yr. CAGR %	16.4	8.69	9.21	13.46	-8.5
Capital Expenditures, 3 Yr. CAGR %	-17.79	11.81	72.91	129	13.3
Levered Free Cash Flow, 3 Yr. CAGR %	17.05	12.61	2.35	10.12	-10.35
Unlevered Free Cash Flow, 3 Yr. CAGR %	14.45	11.32	2.07	10.08	-10.35
Dividend Per Share, 3 Yr. CAGR %	115.44	19.68	25.99	30.06	24.22
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-3.03	-0.18	8.12	9.63	9.94
Gross Profit, 5 Yr. CAGR %	-6.18	-2.73	19.54	17.73	15.71
EBITDA, 5 Yr. CAGR %	2.09	4.29	22.24	17.26	12.65
EBITA, 5 Yr. CAGR %	2.03	7.07	58.97	30.95	21.56
EBIT, 5 Yr. CAGR %	2.03	7.01	58.92	30.92	21.53
Earnings From Cont. Operations, 5 Yr. CAGR %	8.21	15.28	90.52	26.24	20.83
Net Income, 5 Yr. CAGR %	8.21	15.28	90.52	26.24	20.83
Normalized Net Income, 5 Yr. CAGR %	12.06	20.79	109.55	35.68	21.36
Diluted EPS Before Extra, 5 Yr. CAGR %	8.21	15.28	90.52	26.24	20.83
Accounts Receivable, 5 Yr. CAGR %	1.52	12.87	14.43	14.24	20.34
Inventory, 5 Yr. CAGR %	0.66	-4.42	-4.83	5.58	4.27
Net Property, Plant and Equip., 5 Yr. CAGR %	-5.97	-8.62	-10.42	-10.32	-10.44
Total Assets, 5 Yr. CAGR %	-3.8	-3.06	-2.5	-1.63	-1.72
Tangible Book Value, 5 Yr. CAGR %	1.61	0.43	-0.1	-1.68	-2.06
Common Equity, 5 Yr. CAGR %	1.48	0.37	-0.15	-1.69	-2.08
Cash From Operations, 5 Yr. CAGR %	-3.88	-0.88	18.37	10.62	-5.18
Capital Expenditures, 5 Yr. CAGR %	-49.78	-16.89	35.98	23.24	39.61
Levered Free Cash Flow, 5 Yr. CAGR %	24.49	4.15	13.73	11.87	-6.65
Unlevered Free Cash Flow, 5 Yr. CAGR %	20.72	3.09	12.19	11.09	-6.8
Dividend Per Share, 5 Yr. CAGR %	14.87	31.95	82.06	25.74	18.13