Cp All Public Company Limited · SET:CPALL
Cp All Public — Q1 2020 Earnings Presentation
26 slides from Cp All Public's earnings presentation, May 2020
Slide 1: CP ALL 1Q20 Performance Highlights
CP ALL Public Company Limited 1Q20 Performance Highlights May 2020
Slide 2: Financial Highlights
Financial Highlights Unit : Million Baht 2017 2018 2019 1Q19 1Q20 %Chg Company Only Total Revenue 302,584 335,187 361,034 85,515 88,052 +3.0% Net Profit 16,618 19,944 20,180 4,026 3,845 -4.5% Unit : Million Baht 2017 2018 2019 1Q19 1Q20 %Chg Consolidated Total Revenue 489,403 527,174 571,110 138,667
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) 525,204 569,349 617,066 155,878 28,764 32,560 33,651 7,468 3 Note: In 1Q18, the Company booked gain on sale
Slide 4: Store Types Breakdown
Store Types Breakdown Store expansion on track BKK & Suburban / Provincial Corporate / Store Business Partner & Sub-area (Unit: Stores) (Unit: Stores) 56% 55% 44% 45% Stand-alone / In PTT gas station (Unit: Stores) 15% Store / Year 2016 2017 2018 2019 1Q20 Expansion +710 +726 +720 +724 +271 85% 4
Slide 5: Same Store Sales Growth
Same Store Sales Growth COVID-19 impacted SSSG 1Q20 Average daily sales / store 78,872 Baht 2016 2017 2018 2019 1Q20 SSS Growth +2.4% +1.6% +3.2% +1.7% -4.0% 2016 2017 2018 2019 1Q20 Spending per ticket (Baht) 65 67 69 70 70 No. of customer per store per day (Customers) 1,216 1,184 1,185 1,187 1,122
Slide 6: Product Sales Mix and Gross Margin
Product Sales Mix and Gross Margin Product margin continues in uptrend 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 Higher SG&A due to store expansion 1Q20 SG&A Expenses-to-Total Revenue 1Q20 SG&A Expenses Breakdown (Unit: Million Baht) Consolidated SG&A Expense +6.3 YoY Company Only SG&A Expense +6.8% YoY ** Others are comprised of royalty fee, professional fee, R&D and acquisition cost of Makro No
Slide 8: Profitability Ratios – Consolidated
Profitability Ratios – Consolidated Decrease in profitability was impacted by COVID-19 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 financia
Slide 9: Profitability Ratios – Company Only
Profitability Ratios – Company Only Slightly increased gross profit margin 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 recorded an incr
Slide 10: Leverage Ratios – Consolidated
Leverage Ratios – Consolidated Comfortable level below bond covenants Net Debt to Equity Bond Covenants 2.08x 1.44x 1.04x 0.94x 0.92x Remark: Equity as per bond covenants shall be adjusted with deferred taxes. Adjusted net debt to equity are marked in red above. • As of 31 March 2020, the company ha
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 0.5 day in 1Q20. 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 Lower ROAA & ROAE impacted from TFRS16 Consolidated Statement ROAA ROAE Company Only Statement ROAA ROAE Note: ROAA and ROAE are annualized figures. 13 ROAE = Net Income / Equity Holders of the Company
Slide 14: Appendix
Appendix
Slide 15: Share Capital Information
Share Capital Information Major Shareholders (as of Dec 31, 2019) Price (May 8, 2020) : Bt 72.00 - CPF (subsidiaries) 33.9% Hi/Low (12-month) : Bt 88.25 / 56.25 per share - Charoen Pokphand Group 1.9% - Thai NVDR 10.0% Avg. daily turnover : 3,630 MB - South East Asia UK 7.3% No. of shares : 8,983,10
Slide 16: 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 17: Balance Sheet – Consolidated
Balance Sheet – Consolidated Balance Sheet 2016 2017 2018 2019 1Q19 1Q20 Unit : Million Baht Cash 33,443 28,879 34,023 29,861 35,815 29,317 Inventory 26,705 27,376 29,570 31,538 29,407 31,761 Fixed asset s 99,460 106,761 111,655 116,415 113,330 117,835 Right of use assets - - - - - 51,584 Ot her ass
Slide 18: Balance Sheet – Company Only
Balance Sheet – Company Only Balance Sheet 2016 2017 2018 2019 1Q19 1Q20 Unit : Million Baht Cash 23,735 17,651 22,612 17,895 25,737 15,913 Inventory 11,769 12,724 13,459 14,684 13,488 14,989 Fixed asset s 25,639 28,294 30,984 35,096 31,965 36,094 Right of use assets - - - - - 39,341 Ot her assets 2
Slide 19: Income Statement and Cash flow Statement – Consolidated
Income Statement and Cash flow Statement – Consolidated Income Statement % YOY 2016 2017 2018 2019 1Q19 1Q20 Unit : Million Baht Growth Revenue from Sales & Services 434,712 471,069 508,212 550,901 134,089 140,971 5.1% Ot her Income 17,227 18,334 18,962 20,209 4,578 4,885 6.7% Total revenue 451,939
Slide 20: Income Statement and Cash flow Statement – Company Only
Income Statement and Cash flow Statement – Company Only Income Statement % YOY 2016 2017 2018 2019 1Q19 1Q20 Unit : Million Baht Growth Revenue from Sales & Services 256,401 278,751 308,843 334,061 80,743 82,855 2.6% Ot her Income 21,845 23,833 26,344 26,973 4,773 5,197 8.9% Total revenue 278,246 30
Slide 21: Key Performance Ratios – Consolidated
Key Performance Ratios – Consolidated Financial Ratios 2016 2017 2018 2019 1Q19 1Q20 Gross margin (sales & service) (%) 21.9% 22.3% 22.3% 22.7% 22.3% 22.1% Operating margin (%) 6.3% 6.4% 6.1% 5.9% 6.4% 6.0% EBITDA margin (%) 8.2% 8.4% 8.1% 7.8% 8.3% 9.4% EBITDAR margin (%) 9.7% 10.0% 9.8% 9.5% 10.0%
Slide 22: Key Performance Ratios – Company Only
Key Performance Ratios – Company Only Financial Ratios 2016 2017 2018 2019 1Q19 1Q20 Gross margin (sales & service) (%) 28.3% 28.1% 27.9% 28.1% 27.9% 28.0% Operating margin (%) 8.6% 8.5% 8.6% 7.8% 7.4% 6.9% EBITDA margin (%) 10.4% 10.4% 10.4% 9.6% 9.2% 10.9% Net margin (%) 5.1% 5.5% 6.0% 5.6% 4.7% 4
Slide 23: Balance Sheet – Makro
Balance Sheet – Makro Balance Sheet 2016 2017 2018 2019 1Q19 1Q20 Unit : Million Baht Cash 2,550 4,364 5,096 4,843 4,424 7,170 Inventory 13,485 13,043 14,361 14,774 14,402 14,773 Fixed asset s 30,319 31,305 31,553 31,579 31,292 31,113 Ot her assets 6,505 10,265 11,056 11,445 10,674 18,461 Total asse
Slide 24: Income Statement and Cash flow Statement – Makro
Income Statement and Cash flow Statement – Makro Income Statement % YOY 2016 2017 2018 2019 1Q19 1Q20 Unit : Million Baht Growth Revenue from Sales & Services 172,092 185,804 191,997 209,772 51,605 56,148 8.8% Ot her Income 698 950 933 855 194 159 (17.9%) Total revenue 172,790 186,754 192,930 210,62
Slide 25: Key Performance Ratios – Makro
Key Performance Ratios – Makro Financial Ratios 2016 2017 2018 2019 1Q19 1Q20 Gross margin (Sales) (%) 9.6% 10.1% 10.0% 10.3% 9.9% 10.1% Gross margin (Total revenue) (%) 11.5% 12.0% 12.1% 12.2% 11.8% 11.9% Operating margin (%) 4.5% 4.3% 4.0% 3.9% 3.8% 4.1% EBITDA margin (%) 5.7% 5.6% 5.4% 5.2% 5.1%
Slide 26: 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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