Cp All Public Company Limited · SET:CPALL

Cp All Public — FY2019 Earnings Presentation

27 slides from Cp All Public's earnings presentation, February 2020

  1. Slide 1: FY19 Performance Highlights

    CP ALL Public Company Limited FY19 Performance Highlights February 2020

  2. Slide 2: Financial Highlights

    Financial Highlights Unit : Million Baht 2015 2016 2017 2018 2019 %Chg Company Only Total Revenue 249,758 278,246 302,584 335,187 361,034 +7.7% Net Profit 11,376 14,099 16,618 19,944 20,180 +1.2% Unit : Million Baht 2015 2016 2017 2018 2019 %Chg Consolidated Total Revenue 405,893 451,939 489,403 527

  3. 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) 483,739 525,204 569,349 617,066 24,791 28,764 32,560 33,651 25% 25% 22% 22% 36% 36% 34% 34% 75% 75% 78% 78%

  4. Slide 4: Store Types Breakdown

    Store Types Breakdown Store expansion on track BKK & Suburban / Provincial Corporate / Store Business Partner & Sub-area (Unit: Stores) 11,712 (Unit: Stores) 11,712 10,988 10,988 10,268 10,268 9,542 9,542 8,832 8,832 55% 56% 6,605 6,497 6,154 6,094 5,712 5,738 5,297 5,337 4,910 4,924 4,834 5,107 44%

  5. Slide 5: Same Store Sales Growth

    Same Store Sales Growth Maintain positive SSSG FY19 Average daily sales / store 82,928 Baht 2015 2016 2017 2018 2019 SSS Growth +0.9% +2.4% +1.6% +3.2% +1.7% 2015 2016 2017 2018 2019 Spending per ticket (Baht) 62 65 67 69 70 No. of customer per store per day (Customers) 1,230 1,216 1,184 1,185 1,187

  6. Slide 6: Product Sales Mix and Gross Margin

    Product Sales Mix and Gross Margin Product margin returns to upward trend Product Sales Mix (excl. T&E) Personal Care 28.5% 29.4% 29.4% 29.9% 28.8% Household & Others Cigarette 71.5% 70.6% 70.6% 70.1% 71.2% Food Services i.e. RTE Processed Food Beverage 2015 2016 2017 2018 2019 Foods Non Foods Gross

  7. Slide 7: SG&A Expenses

    SG&A Expenses Increased SG&A YoY mainly came from store expansion 250,000 FY19 FY19 SG&A Expenses- Expenses-to to--Total Revenue FY19 FY19 SG&A Expenses Breakdown (Unit: Million Baht) Consolidated SG&A Expense 200,000 24.0% Personnel +11.3% YoY 28.3% 150,000 19.5% 18.5% 18.8% 19.0% 18.2% Others ** 1

  8. Slide 8: Profitability Ratios – Consolidated

    Profitability Ratios – Consolidated Gross margin posted enhancement YoY Gross Margin (Sales & Services) EBIT Margin 21.8% 21.9% 22.3% 22.3% 22.7% 6.3% 6.3% 6.4% 6.1% 5.9% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 EBITDA Margin Net Margin 8.1% 8.2% 8.4% 8.1% 7.8% 3.7% 4.1% 4.0% 3.9% 3.4% 2015

  9. Slide 9: Profitability Ratios – Company Only

    Profitability Ratios – Company Only Gross margin posted enhancement YoY Gross Margin (Sales & Services) EBIT Margin 28.0% 28.3% 28.1% 27.9% 28.1% 8.4% 8.6% 8.5% 8.6% 7.8% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 EBITDA Margin Net Margin 5.5% 6.0% 5.6% 10.2% 10.4% 10.4% 10.4% 9.6% 4.6% 5.1%

  10. Slide 10: Leverage Ratios – Consolidated

    Leverage Ratios – Consolidated Comfortable level below bond covenants Net Debt to Equity Bond Covenants 2.95x 2.08x 1.44x 4.0x 1.04x 0.94x 2.6x 1.7x 1.2x 1.1x 2015 2016 2017 2018 2019 Remark: Equity as per bond covenants shall be adjusted with deferred taxes. Adjusted net debt to equity are marked i

  11. Slide 11: Working Capital – Consolidated

    Working Capital – Consolidated Negative cash cycle days Inventory Days Account Payable Days (Unit: Days) (Unit: Days) 28.0 27.7 26.8 26.2 26.0 72.2 69.3 70.2 70.7 67.0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Cash Cycle Days Cash (Unit: Days) (Unit: Million Baht) 2015 2016 2017 2018 2019 -4

  12. Slide 12: Working Capital – Company Only

    Working Capital – Company Only Negative cash cycle days Inventory Days Account Payable Days (Unit: Days) (Unit: Days) 69.2 65.0 64.6 64.5 62.0 22.6 21.9 22.0 21.2 21.1 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Cash Cycle Days Cash (Unit: Days) (Unit: Million Baht) 2015 2016 2017 2018 2019 -4

  13. Slide 13: Key Performance Ratios

    Key Performance Ratios Maintain robust ROAA & ROAE Consolidated Statement ROAA ROAE 40.2% 36.0% 5.6% 5.7% 6.0% 30.5% 26.1% 4.2% 4.9% 25.0% 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Company Only Statement ROAA ROAE 7.1% 7.2% 40.6% 37.1% 5.2% 5.9% 30.5% 29.5% 26.5% 4.3% 2015 2016 2017 2018 201

  14. 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 in new pro

  15. Slide 15: Appendix

    Appendix

  16. Slide 16: Share Capital Information

    Share Capital Information Major Shareholders (as of Dec 31, 2019) Price (February 12, 2020) : Bt 72.00 - CPF (subsidiaries) 33.9% Hi/Low (12-month) : Bt 88.25 / 68.00 per share - Charoen Pokphand Group 1.9% - Thai NVDR 10.0% Avg. daily turnover : 2,104 MB - South East Asia UK 7.3% No. of shares : 8,

  17. 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

  18. Slide 18: Balance Sheet – Consolidated

    Balance Sheet – Consolidated Balance Sheet 2015 2016 2017 2018 2019 Unit : Million Baht Cash 21,518 33,443 28,879 34,023 29,861 Inventory 25,072 26,705 27,376 29,570 31,538 Fixed assets 89,781 99,460 106,761 111,655 116,415 Other assets 192,712 192,660 197,282 198,493 197,804 Total assets 329,083 35

  19. Slide 19: Balance Sheet – Company Only

    Balance Sheet – Company Only Balance Sheet 2015 2016 2017 2018 2019 Unit : Million Baht Cash 15,330 23,735 17,651 22,612 17,895 Inventory 10,622 11,769 12,724 13,459 14,684 Fixed assets 22,441 25,639 28,294 30,984 35,096 Other assets 216,228 219,730 221,041 213,314 216,242 Total assets 264,620 280,8

  20. Slide 20: Income Statement and Cash flow Statement – Consolidated

    Income Statement and Cash flow Statement – Consolidated Income Statement 2015 2016 2017 2018 2019 Unit : Million Baht Revenue from Sales & Services 391,817 434,712 471,069 508,212 550,901 Other Income 14,076 17,227 18,334 18,962 20,209 Total revenue 405,893 451,939 489,403 527,174 571,110 Cost of Sa

  21. Slide 21: Income Statement and Cash flow Statement – Company Only

    Income Statement and Cash flow Statement – Company Only Income Statement 2015 2016 2017 2018 2019 Unit : Million Baht Revenue from Sales & Services 231,149 256,401 278,751 308,843 334,061 Other Income 18,609 21,845 23,833 26,344 26,973 Total revenue 249,758 278,246 302,584 335,187 361,034 Cost of Sa

  22. Slide 22: Key Performance Ratios – Consolidated

    Key Performance Ratios – Consolidated Financial Ratios 2015 2016 2017 2018 2019 Gross margin (sales & service) (%) 21.8% 21.9% 22.3% 22.3% 22.7% Operating margin (%) 6.3% 6.3% 6.4% 6.1% 5.9% EBITDA margin (%) 8.1% 8.2% 8.4% 8.1% 7.8% Net margin (%) 3.4% 3.7% 4.1% 4.0% 3.9% ROAA (%) 4.2% 4.9% 5.6% 5.

  23. Slide 23: Key Performance Ratios – Company Only

    Key Performance Ratios – Company Only Financial Ratios 2015 2016 2017 2018 2019 Gross margin (sales & service) (%) 28.0% 28.3% 28.1% 27.9% 28.1% Operating margin (%) 8.4% 8.6% 8.5% 8.6% 7.8% EBITDA margin (%) 10.2% 10.4% 10.4% 10.4% 9.6% Net margin (%) 4.6% 5.1% 5.5% 6.0% 5.6% ROAA (%) 4.3% 5.2% 5.9

  24. Slide 24: Balance Sheet – Makro

    Balance Sheet – Makro Balance Sheet 2015 2016 2017 2018 2019 Unit : Million Baht Cash 2,230 2,550 4,364 5,096 4,843 Inventory 12,954 13,485 13,043 14,361 14,774 Fixed assets 27,039 30,319 31,305 31,553 31,579 Other assets 5,688 6,505 10,265 11,056 11,445 Total assets 47,910 52,859 58,976 62,065 62,6

  25. Slide 25: Income Statement and Cash flow Statement – Makro

    Income Statement and Cash flow Statement – Makro Income Statement 2015 2016 2017 2018 2019 Unit : Million Baht Revenue from Sales & Services 155,217 172,092 185,804 191,997 209,772 Other Income 700 698 950 933 855 Total revenue 155,917 172,790 186,754 192,930 210,627 Cost of Sales & Services 137,937

  26. Slide 26: Key Performance Ratios – Makro

    Key Performance Ratios – Makro Financial Ratios 2015 2016 2017 2018 2019 Gross margin (Sales) (%) 9.6% 9.6% 10.1% 10.0% 10.3% Gross margin (Total revenue) (%) 11.5% 11.5% 12.0% 12.1% 12.2% Operating margin (%) 4.5% 4.5% 4.3% 4.0% 3.9% EBITDA margin (%) 5.7% 5.7% 5.6% 5.4% 5.2% Net profit margin (%)

  27. 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

CP ALL Public Company — FY2019 Earnings Presentation on 6ix