Cp All Public Company Limited · SET:CPALL
Cp All Public — Q3 2020 Earnings Presentation
27 slides from Cp All Public's earnings presentation, November 2020
Slide 1: 3Q20 Performance Highlights
CP ALL Public Company Limited 3Q20 Performance Highlights November 2020
Slide 2: Financial Highlights
Financial Highlights Unit : Million Baht 3Q19 3Q20 %Chg 9M19 9M20 %Chg Company Only Total Revenue 90,558 81,968 -9.5% 269,937 249,641 -7.5% Net Profit 5,615 3,842 -31.6% 16,952 13,172 -22.3% Unit : Million Baht 3Q19 3Q20 %Chg 9M19 9M20 %Chg Consolidated Total Revenue 140,902 135,500 -3.8% 422,721 40
Slide 3: Business Segment Performance
Business Segment Performance CVS & Others and Cash & Carry Revenue Contribution Earnings Before Tax Contribution Before Elimination Before Elimination (Unit: Million Baht) (Unit: Million Baht) 525,204 569,349 617,066 445,468 28,764 32,560 33,651 22,397 3 Note: In 1Q18, the Company booked gain on sal
Slide 4: Store Types Breakdown
Store Types Breakdown Ongoing store expansion to best cover and reach the customers’ demands BKK & Suburban / Provincial Corporate / Store Business Partner & Sub-area (Unit: Stores) (Unit: Stores) 55% 56% 44% 45% Stand-alone / In PTT gas station (Unit: Stores) 15% Store / Year 2017 2018 2019 9M20 Ex
Slide 5: Same Store Sales Growth
Same Store Sales Growth SSSG was impacted by weak consumer purchasing power 3Q20 Average daily sales / store 69,068 Baht 2017 2018 2019 1Q20 2Q20 3Q20 SSS Growth +1.6% +3.2% +1.7% -4.0% -20.2% -14.3% 2017 2018 2019 1Q20 2Q20 3Q20 Spending per ticket (Baht) 67 69 70 70 79 75 No. of customer per store
Slide 6: Product Sales Mix and Gross Margin
Product Sales Mix and Gross Margin Product margin slightly declined YoY Product Sales Mix (excl. T&E) Personal Care Household & Others Cigarette Food Services i.e. RTE Processed Food Beverage Gross Margin (excl. T&E) Foods Total Products Non-foods 6
Slide 7: SG&A Expenses
SG&A Expenses SG&A expense dropped YoY 3Q20 SG&A Expenses-to-Total Revenue 3Q20 SG&A Expenses Breakdown (Unit: Million Baht) Consolidated -2.1% YoY Company Only -2.0% YoY ** Others are comprised of royalty fee, professional fee, R&D and acquisition cost of Makro Note: (1) As of 30 June 2019, the com
Slide 8: Profitability Ratios – Consolidated
Profitability Ratios – Consolidated Decrease in profitability from sale fall through Gross Margin (Sales & Services) EBIT Margin EBITDA Margin Net Margin Note: (1) As of 30 June 2019, the company recorded an increase of the provision of retirement benefit in the consolidated and separated financial
Slide 9: Profitability Ratios – Company Only
Profitability Ratios – Company Only Decrease in profitability from sale fall through Gross Margin (Sales & Services) EBIT Margin EBITDA Margin Net Margin Note: (1) In 1Q18, the Company booked gain on sale of investment in Siam Makro amount Baht 907 million. (2) As of 30 June 2019, the company record
Slide 10: Leverage Ratios – Consolidated
Leverage Ratios – Consolidated Comfortable level below bond covenants Net Debt to Equity Bond Covenants 1.44x 1.87x 1.04x 0.94x 1.06x 1.07x Including Debt facility for Tesco Deal *Including investment in Tesco Asia based on potential debt facility of $3.0bn (exchange rate Bt32.0/$). Remark: Equity a
Slide 11: Working Capital – Consolidated
Working Capital – Consolidated Negative cash cycle days Inventory Days Account Payable Days (Unit: Days) (Unit: Days) Cash Cycle Days Cash (Unit: Days) (Unit: Million Baht) Note: AR turnover day was at 1.0 day in 3Q20. 11
Slide 12: Working Capital – Company Only
Working Capital – Company Only Negative cash cycle days Inventory Days Account Payable Days (Unit: Days) (Unit: Days) Cash Cycle Days Cash (Unit: Days) (Unit: Million Baht) 12
Slide 13: Key Performance Ratios
Key Performance Ratios ROAA & ROAE impacted from lower net profit Consolidated ROAA ROAE Company Only ROAA ROAE Note: ROAA and ROAE are annualized figures. 13 ROAE = Net Income / Equity Holders of the Company
Slide 14: 7-Eleven Future and CAPEX plan
7 – Eleven Future and CAPEX plan Continue store expansion and supporting infrastructure 7-Eleven Stores Expansion 2020 Projected CAPEX MB Continue to expand around 700 stores in 2020 Milestone: 13,000 stores by 2021 Stores expansion 3,800 – 4,000 Stores renovation 2,400 – 2,500 Investment
Slide 15: Appendix
Appendix
Slide 16: Share Capital Information
Share Capital Information Major Shareholders (as of Dec 31, 2019) Price (Nov 6, 2020) : Bt 59.25 - CPF (subsidiaries) 33.9% Hi/Low (12-month) : Bt 81.00/ 53.50 per share - Charoen Pokphand Group 1.9% - Thai NVDR 10.0% Avg. daily turnover : 1,202 MB - South East Asia UK 7.3% No. of shares : 8,983,101
Slide 17: Group Structure of CPALL
Group Structure of CPALL As of 31 December 2019 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 99.99% 93.08% Suksapiwat CPRAM Counter All Corporation 24 Shopping CP Retailink Gosoft (Thailand) All Now ALL MAM Heart Panyatara ALL Wellness Thai Smartcard Siam Makro
Slide 18: Balance Sheet – Consolidated
Balance Sheet – Consolidated Balance Sheet 2016 2017 2018 2019 3Q19 3Q20 Unit : Million Baht Cash 33,443 28,879 34,023 29,861 25,607 48,614 Inventory 26,705 27,376 29,570 31,538 28,178 29,684 Fixed assets 99,460 106,761 111,655 116,415 114,534 119,946 Right of use assets - - - - - 52,664 Other asset
Slide 19: Balance Sheet – Company Only
Balance Sheet – Company Only Balance Sheet 2016 2017 2018 2019 3Q19 3Q20 Unit : Million Baht Cash 23,735 17,651 22,612 17,895 16,171 35,699 Inventory 11,769 12,724 13,459 14,684 13,134 14,444 Fixed assets 25,639 28,294 30,984 35,096 33,718 38,099 Right of use assets - - - - - 40,820 Other assets 219
Slide 20: Income Statement and Cash flow Statement – Consolidated
Income Statement and Cash flow Statement – Consolidated Income Statement % YOY % YOY 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20 Unit : Million Baht Growth Growth Revenue from Sales & Services 434,712 471,069 508,212 550,901 135,593 129,990 (4.1%) 407,927 394,062 (3.4%) Other Income 17,227 18,334 18,962
Slide 21: Income Statement and Cash flow Statement – Company Only
Income Statement and Cash flow Statement – Company Only Income Statement % YOY % YOY 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20 Unit : Million Baht Growth Growth Revenue from Sales & Services 256,401 278,751 308,843 334,061 83,059 74,307 (10.5%) 248,553 227,521 (8.5%) Other Income 21,845 23,833 26,344
Slide 22: Key Performance Ratios – Consolidated
Key Performance Ratios – Consolidated Financial Ratios 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20 Gross margin (sales & service) (%) 21.9% 22.3% 22.3% 22.7% 22.9% 22.0% 22.6% 21.9% Operating margin (%) 6.3% 6.4% 6.1% 5.9% 6.0% 5.0% 5.8% 5.1% EBITDA margin (%) 8.2% 8.4% 8.1% 7.8% 8.0% 8.8% 7.8% 8.8% Net
Slide 23: Key Performance Ratios – Company Only
Key Performance Ratios – Company Only Financial Ratios 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20 Gross margin (sales & service) (%) 28.3% 28.1% 27.9% 28.1% 27.9% 27.7% 28.0% 27.8% Operating margin (%) 8.6% 8.5% 8.6% 7.8% 8.5% 6.9% 8.6% 7.6% EBITDA margin (%) 10.4% 10.4% 10.4% 9.6% 10.3% 11.7% 10.4% 12
Slide 24: Balance Sheet – Makro
Balance Sheet – Makro Balance Sheet 2016 2017 2018 2019 3Q19 3Q20 Unit : Million Baht Cash 2,550 4,364 5,096 4,843 2,541 6,022 Inventory 13,485 13,043 14,361 14,774 13,206 13,131 Fixed assets 30,319 31,305 31,553 31,579 31,378 30,876 Other assets 6,505 10,265 11,056 11,445 10,727 17,920 Total assets
Slide 25: Income Statement and Cash flow Statement – Makro
Income Statement and Cash flow Statement – Makro Income Statement % YOY % YOY 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20 Unit : Million Baht Growth Growth Revenue from Sales & Services 172,092 185,804 191,997 209,772 50,785 53,871 6.1% 154,196 161,098 4.5% Other Income 698 950 933 855 201 204 1.5% 598
Slide 26: Key Performance Ratios – Makro
Key Performance Ratios – Makro Financial Ratios 2016 2017 2018 2019 3Q19 3Q20 9M19 9M20 Gross margin (Sales) (%) 9.6% 10.1% 10.0% 10.3% 10.6% 10.7% 10.0% 10.1% Gross margin (Total revenue) (%) 11.5% 12.0% 12.1% 12.2% 12.6% 12.6% 11.9% 12.0% Operating margin (%) 4.5% 4.3% 4.0% 3.9% 3.9% 4.0% 3.6% 3.8
Slide 27: Disclaimer
Disclaimer Items published on this presentation as IR information are intended to provide financial information or business information or etc. of CPALL. Some content may contain forward-looking statements, that based on management’s view upon the information currently available to us. These informa
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