Cp All Public Company Limited · SET:CPALL
Cp All Public — Q1 2021 Earnings Presentation
24 slides from Cp All Public's earnings presentation, May 2021
Slide 1: CP ALL Public Company Limited 1Q21 Performance Highlights
CP ALL Public Company Limited 1Q21 Performance Highlights May 2021
Slide 2: Financial Highlights
Financial Highlights Unit : Million Baht 2018 2019 2020 1Q20 1Q21 %Chg Company Only Total Revenue 335,187 361,034 328,530 88,052 76,212 -13.4% Net Profit 19,944 20,180 14,298 3,845 947 -75.4% Unit : Million Baht 2018 2019 2020 1Q20 1Q21 %Chg Consolidated Total Revenue 527,174 571,110 546,590 145,856
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) 569,349 617,066 593,642 144,142 32,560 33,651 27,187 3,593 3 Note: In 1Q18, the Company booked gain on sale
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) 54% 56% 44% 46% Stand-alone / In PTT gas station (Unit: Stores) 15% Store / Year 2017 2018 2019 2020 1Q
Slide 5: Same Store Sales Growth
Same Store Sales Growth SSSG was impacted by COVID-19 1Q21 Average daily sales / store 65,024 Baht 2017 2018 2019 2020 1Q21 SSS Growth +1.6% +3.2% +1.7% -14.5% -17.1% 2017 2018 2019 2020 1Q21 Spending per ticket (Baht) 67 69 70 75 77 No. of customer per store per day (Customers) 1,184 1,185 1,187 94
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 Improvement in operational efficiency and cost control 1Q21 SG&A Expenses-to-Total Revenue 1Q21 SG&A Expenses Breakdown (Unit: Million Baht) Consolidated SG&A Expense -4.0% YoY Company Only SG&A Expense -3.3% YoY 7 Note: As of 30 June 2019, the company recorded an increase of the provi
Slide 8: Profitability Ratios – Consolidated
Profitability Ratios – Consolidated Decrease in profitability from sales fall through Gross Margin (Sales & Services) EBIT Margin EBITDA Margin Net Margin Note: As of 30 June 2019, the company recorded an increase of the provision of retirement benefit in the consolidated and separated financial sta
Slide 9: Profitability Ratios – Company Only
Profitability Ratios – Company Only Decrease in profitability from sales 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 recor
Slide 10: Leverage Ratios – Consolidated
Leverage Ratios – Consolidated Higher net debt to equity from an investment in associate Net Debt to Equity Bond Covenants 1.44x 1.62x 1.64x 1.04x 0.94x 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 2
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 1.1 day in 1Q21. 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 impacted from soften performance & an investment in associate 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: 7-Eleven Future and CAPEX plan
7 – Eleven Future and CAPEX plan Continuity of store expansion and supporting infrastructure 7-Eleven Stores Expansion 2021 Projected CAPEX MB Continue to expand around 700 stores in 2021 Stores expansion 3,800 – 4,000 Stores renovation 2,400 – 2,500 Investment in new projects, subsidiaries
Slide 15: Appendix
Appendix
Slide 16: Share Capital Information
Share Capital Information Major Shareholders (as of Mar 31, 2021) Price (May 11, 2021) : Bt 61.75 - CPF (subsidiaries) 35.4% Hi/Low (12-month) : Bt 74.00/ 53.75 per share - Charoen Pokphand Group 0.04% - Thai NVDR 8.8% Avg. daily turnover : 1,926 MB - South East Asia UK 7.9% No. of shares : 8,983,10
Slide 17: Group Structure of CPALL
Group Structure of CPALL As of 31 March 2021 17
Slide 18: Balance Sheet – Consolidated
Balance Sheet – Consolidated Balance Sheet 2017 2018 2019 2020 1Q20 1Q21 Unit : Million Baht Cash 28,879 34,023 29,861 40,589 29,317 36,539 Inventory 27,376 29,570 31,538 31,749 31,761 30,804 Fixed assets 106,761 111,655 116,415 120,531 117,835 120,898 Right of use assets - - - 52,899 51,584 52,041
Slide 19: Balance Sheet – Company Only
Balance Sheet – Company Only Balance Sheet 2017 2018 2019 2020 1Q20 1Q21 Unit : Million Baht Cash 17,651 22,612 17,895 21,578 15,913 15,998 Inventory 12,724 13,459 14,684 15,107 14,989 14,744 Fixed assets 28,294 30,984 35,096 39,069 36,094 39,081 Right of use assets - - - 41,011 39,341 39,780 Other
Slide 20: Income Statement and Cash flow Statement – Consolidated
Income Statement and Cash flow Statement – Consolidated Income Statement 2017 2018 2019 2020 1Q20 1Q21 Unit : Million Baht Revenue from Sales & Services 471,069 508,212 550,901 525,884 140,971 128,549 Other Income 18,334 18,962 20,209 20,706 4,885 4,883 Total revenue 489,403 527,174 571,110 546,590
Slide 21: Income Statement and Cash flow Statement – Company Only
Income Statement and Cash flow Statement – Company Only Income Statement 2017 2018 2019 2020 1Q20 1Q21 Unit : Million Baht Revenue from Sales & Services 278,751 308,843 334,061 300,705 82,855 70,450 Other Income 23,833 26,344 26,973 27,825 5,197 5,762 Total revenue 302,584 335,187 361,034 328,530 88
Slide 22: Key Performance Ratios – Consolidated
Key Performance Ratios – Consolidated Financial Ratios 2017 2018 2019 2020 1Q20 1Q21 Gross margin (sales & service) (%) 22.3% 22.3% 22.7% 21.9% 22.1% 21.2% Operating margin (%) 6.4% 6.1% 5.9% 5.1% 6.0% 4.5% EBITDA margin (%) 8.4% 8.1% 7.8% 8.9% 9.4% 8.5% Net margin (%) 4.1% 4.0% 3.9% 2.9% 3.9% 1.9%
Slide 23: Key Performance Ratios – Company Only
Key Performance Ratios – Company Only Financial Ratios 2017 2018 2019 2020 1Q20 1Q21 Gross margin (sales & service) (%) 28.1% 27.9% 28.1% 27.8% 28.0% 27.4% Operating margin (%) 8.5% 8.6% 7.8% 6.8% 6.9% 4.5% EBITDA margin (%) 10.4% 10.4% 9.6% 11.3% 10.9% 9.8% Net margin (%) 5.5% 6.0% 5.6% 4.4% 4.4% 1
Slide 24: 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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