GRAMMY Reports a Net Loss of ฿175Mn in 2020 as Total Operating Revenue Drops 25%

GMM Grammy Public Company Limit (GRAMMY) has reported its yearly consolidated financial statement of 2020 through the Stock Exchange of Thailand as follows;

GRAMMY reported a net loss of 175.4 million baht for the year 2020, decreased by 151.3% YoY. Mainly resulted from accounting transactions associated with changes in investment of the company’s joint venture and effects of the lockdown and social-distancing measures. Gross profit was 1,837.2 million baht. Gross profit margin decreased from 39.0% in 2019 to 37.0%.

 

Total operating revenue was 4,791.6 million baht, decreased by 1,630.7 million baht or 24.7% YoY. Total revenue was 5,032.1 million baht, decreased by 1,602.0 million baht or 24.1% YoY. Revenue from copyrights was 1,360.5 million baht, decreased by 240.3 million baht or 15.0% YoY. 

 

At the end of 2020, GRAMMY’s interest-bearing debt was 1,135.9 million baht, increased from 317.1 million baht at the end of 2019, mainly due to the adoption of TFRS 16 Leases standard, which increases lease liabilities of 369.5 million baht and the increase of bank loan amounted to 449.3 million baht from the restructuring of our joint venture. Total liabilities increased by 945.6 million baht from the end of previous year to 3,284.0 million baht.

 

Cash flow from operating activities amounted to 175.4 million baht, cash flow from investing activities amounted to 1,305.3 million baht, and cash flow used in financing activities amounted to 1,205.0 million baht. Net cash increased from all activities equals to 275.8 million baht. At the end of 2020, cash and equivalents amounted to 727.7 million baht.

 

In addition, the Board of Directors Meeting had a resolution to propose the 2021 Annual General Meeting of Shareholders to consider and approve the omission of dividend payment for the 2020 operational performance.