CP ALL Public Company Limited
FY2011: Presentation Results
February 2012
Flooding impact in 4Q11
CPALL has been impacted by flooding since October 2011 in some provinces, Bangkok and its
vicinity. Implementation of contingency plans include increasing product delivery through
regional distribution centers, securing more and larger-sized truck fleets to ease logistics,
purchasing more products from various suppliers, and setting up temporary distribution sites.
Insurance coverage to the distribution centers, stores, and plants of subsidiaries are available to
reduce the loss incurred. The flooding impact will be included in 4Q2011 performance. Although
we strive to cope with such event, our key business operations plan will remain unchanged.
Bangbuathong distribution center had ceased operation for 1 month as flood water surrounded.
However, 7-Eleven stores in flooded areas are still open for local communities.
Financial Highlights
Units: MB
4Q10
4Q11
%Chg
2010
2011
%Chg
Total Revenue
37,365
39,751
+6.4%
138,092
159,226
+15.3%
Net Profit
1,372
1,413
+3.0%
6,143
7,274
+18.4%
Total Revenue
38,173
40,433
+5.9%
140,739
161,890
+15.0%
Net Profit
1,548
1,581
+2.1%
6,663
8,008
+20.2%
2006
2007
2008
2009
2010
2011
Total Revenue
69,498
81,807
98,108
115,285
138,092
159,226
Net Profit
2,216
2,504
3,740
4,597
6,143
7,274
Company Only
Consolidated
Company Only
Convenience Store Business
in Thailand:
7-Eleven
Anytime at your appetite.
Anytime at 7-Eleven
Share Capital Information
Major Shareholders (as of Dec 30, 11)
Price (Feb 13, 12)
: Bt 56.75
Hi/Low (12-month)
: Bt 60.50/32.00 per share
Avg. daily turnover
No. of shares
: 398.6 MB
: 4,493,148,024 (Par Bt 1)
Market capitalization : 254,986 MB
Dividend payment
Dividend payment
(Bt/share)
Payout ratio (%)
Based on financial
statement
- Charoen Pokphand Group
17.0%
- CPF (subsidiaries)
31.0%
4.6%
- AIA
- State Street Bank Europe Limited
4.0%
- Chase C.S. Central Nominees Limited
3.6%
- Albouys Nominees Limited
- HSBC
- GIC
Free float : 42.1%
First trade date : Oct 14, 03
2.5%
2.2%
2.1%
2005
2006
2007
2008
2009
2010
2011
Bt 0.30
Bt 0.25
Bt 0.35
Bt 0.60
Bt 0.80
Bt 1.40
Bt 2.25
88%
84%
63%
72%
78%
102%
139%
Consolidated
Consolidated
Company
only
Company
only
Company
only
Company
only
Company
only
102%
139%
*Effective
Effective payout
payoutratio calculation based on the assumption that dividend is paid out from Company Only statement.
ratio(%)
75%
50%
63%
72%
78%
Year 2010: interim dividend of Baht 0.40 / share was paid due to completion of divestment of supercenter business.
Year 2011: cash dividend of Baht 1.25 and stock dividend of Baht 1.00 / share will be distributed.
Store Types Breakdown
Continued store expansion
Corporate / Franchise / Sub-area
BKK & Suburban / Provincial
Stores
4,279
4,778
3,784
1,824
2,069
2,345
5,270
2,667
5,790
3,004
Stores
6,276
3,299
53%
3,784
216
1,449
1,960
2,210
2,433
2,603
2,786
2,977
2006
2007
2008
2009
2010
2011
BKK&Suburban
47%
4,279
255
1,562
4,778
294
5,270
346
6,276
466
5,790
415
2,130
2,541
2,884
46%
1,813
47%
2,462
2,671
2,794
2,834
2,926
2,119
2006
2007
2008
2009
2010
2011
Corporate
Provincial
7%
Franchise
Sub-area
Stand-alone /In PTT gas station
Stores
3,784
505
6,276
4,279
614
4,778
713
5,270
808
3,279
3,665
4,065
4,462
2006
2007
2008
2009
Stand-alone
5,790
870
4,920
2010
In PTT gas station
926
15%
Stores/Year
2006
2007
2008
2009
2010
2011
Expansion
+473
+495
+499
+492
+520
+486
5,350 85%
2011
Cold summer and massive flooding impacted to
same store sales growth
FY11
82,265 Baht
Average daily sales / store
2005 2006 2007 2008 2009 2010 2011
SSS Growth
Exclude T&E
4.7% 5.5% 5.9% 10.5% 9.7% 9.9% 4.8%
Spending per Ticket (Baht)
Exclude T&E
No. of Customers per Store per Day (Customers)
Exclude T&E
2010
2011
51
54
1,221
1,224
Note : - T&E stands for technology and entertainment e.g. mobile phone top-up card
- Round number has been shown
Spending per ticket increased at a CAGR of 4.5% from 2005-2010.
No. of customers per store per day increased at a CAGR of 2.9% from 2005-2010.
Margin enhancement
via gross margin and reduced SG&A
FY11 SG&A Expenses-to-Total Revenues
Product Sales Mix (excl. T&E)
%
(Unit: Million Baht)
28.1%
27.7%
27.6%
27.7%
71.9%
72.3%
72.4%
72.3%
2006
2007
2008
2009
Foods
27.1%
27.2%
72.9%
72.8%
2010
2011
Non-foods
21.4%
21.0%
28,253
30,185
34,032
2010
2011
2009
SG&A
Adjusted Gross Margin Mix (excl. T&E)
+12.7% YoY
24.0%
Restated
% of Total Revenues
FY11 SG&A Expenses Breakdown
28.2%
28.6%
29.2%
Rental, 10.3%
27.0% 27.3%
Utilities, 9.5%
28.4%
27.2% 27.6%
26.2% 26.4%
26.2%
24.2% 24.2% 24.4%
2006
2007
2008
24.9%
23.3%
2010
Others**,
14.3%
25.5% 25.5%
24.9%
2009
Advertising ,
7.8%
Foods
Total Products
25.1%
Non-foods
24.0%
2010 2011
Adjusted
Note : Gross margin reclassification has been started since 1Q11
Depre&Amor
7.70%
Store M gt
Fees, 21.7%
Personnel
Expenses,
28.6%
8
** Others are comprised of royalty fee, professional fee, R&D and etc.
Consolidated Financial Performance
Net profit growth resulting from both CVS and other business performance
Total Revenues
(Unit: Million Baht)
129,454
5,372
124,083
Total Costs
+15.0% YoY
117,761
2008
2009
150,895
131,581
125,455
31,101
134,954
2010
2011
Other Operating Income
82,718
2008
2009
(Unit: Million Baht)
3,301
2010
2010
Restated
116,863
2011
SG&A
+20.2% YoY
10,995
4,000
2009
101,396
Cost of Sales and Serv ices
6,790
2008
28,253
Net Profits
+20.1% YoY
9,157
34,032
30,185
94,354
Operating Profits
(Unit: Million Baht)
110,971
155,360
Restated
Rev enue from Sales and Serv ices
+14.7% YoY
161,890
6,530
140,739
5,785
5,384
112,377
(Unit: Million Baht)
2011
2008
4,992
2009
6,663
2010
8,008
2011
Note: Other operating income is comprising of interest income, net foreign exchange gain, sale promotion income, royalties fee and others.
Operating Profits (By Business Segment)
87% of OP generated by CVS and 13% of OP generated by others
FY10
FY11
(Unit: Million Baht)
9,926
7-Elev en
8,364
Others
1,503
1,245
9,609 MB
+18.9 %YoY
11,429 MB
Operating Profits (MB)
2006
2007
2008
2009
2010
2011
7-Eleven
2,863
3,133
4,686
6,133
8,364
9,926
Lotus
-3,320
-3,241
-1,112
569
819
1,111
1,245
1,503
461
4,393
7,244
9,609
11,429
Others
Total
720
263
Note : All data are before elimination.
: Other businesses mainly are comprised of Counter Service, Retailink, CPRAM and others.
: Operating profit is prior to minority interests adjustment.
10
Profitability Ratios Consolidated
Improved EBIT and net margins
Gross Margin (Sales & Services)
24.0%
26.4%
24.9%
EBIT Margin
24.8%
5.8%
6.5%
6.8%
2010
2011
3.1%
2008
2009
2010
Restated
2011
2008
Restated
Net Margin
EBITDA Margin
7.8%
8.7%
2009
8.8%
5.2%
4.2%
4.7%
4.9%
2010
2011
2.5%
2008
2009
2010
Restated
2011
2008
2009
Restated
11
Working Capital Consolidated
Negative cash cycle days
Inventory Days
Account Payable Days
(Unit: Days)
(Unit: Days)
82.2
25.4
25.0
2008
2009
22.3
23.6
2010
2011
2008
81.4
2009
71.7
2010
2011
Restated
Restated
Cash Cycle Days
Cash
(Unit: Million Baht)
(Unit: Days)
2008
73.3
Restated
2009
2010
2011
15,716
-51.0
-56.9
-56.4
11,897
12,682
2008
2009
14,202
-48.1
2010
2011
12
Key Performance Ratios
Enhanced profitability and efficiency ratios
Consolidated Statement
ROAA
ROAE
40.8%
36.5%
14.4%
15.5%
25.5%
2010
2011
2008
28.1%
11.8%
7.7%
2008
2009
2009
2010
2011
Company Only Statement
ROAA
ROAE
39.9%
11.7%
12.7%
2008
2009
15.6%
31.2%
32.7%
15.0%
2010
2011
2008
2009
2010
42.4%
2011
13
Note: ROAA and ROAE are annualized figures.
Future and CAPEX Plan
Continued store expansion and supporting infrastructure
7-Eleven Store Expansion
2012 Projected CAPEX
Thailand
Plan to open 500 stores a year
Milestone: 7,000 stores by 2013
500 stores expansion
Stores renovation
Investment in subsidiaries & DC
Fixed assets & IT system
Total
New Stores Opening
Stand alone 90%
BKK and suburban 35%
1,900 2,000
1,300 1,400
1,000 1,100
800 1,000
5,000 5,500
CAPEX Plan for Regional DCs
PTT 10%
Franchise 70%
MB
Corporate 30%
RDC: Lampoon (North)
- Serving 1,000 stores, opening in 2012
Provincial 65%
14
Group Structure of CPALL
As of Dec 31, 2011
99.99%
Counter
Service
99.99%
C.P. Retailing
& Marketing
99.99%
Retailink
(Thailand)
99.99%
Gosoft
(Thailand)
99.99%
99.99%
MAM Heart
Suksapiwat
99.99%
Dynamic
Management
72.64%
Thai
Smart Card
99.99%
Panyatara
Thailand
100%
Lotus Distribution
Investment Ltd.*
British Virgin Island
100%
Successor
Investments Ltd.**
Hong Kong
* As of October 31, 2008, the restructuring of supercenter business in the PRC was completed.
** LDI has invested 100% in Successor Investments Limited (SI) on September 9, 2010
15
Balance Sheet - Consolidated
Unit: (million Baht)
Restated
Balance Sheet
2007
2008
2009
2010
2011
Cash
12,082
11,897
12,682
15,716
14,202
18,381
14,821
14,857
14,202
Inventory
7,699
5,444
5,900
6,518
8,642
6,821
6,448
6,520
8,642
Other current
assets
3,438
3,566
4,542
8,480
13,560
7,032
6,672
9,749
13,560
Fixed assets
18,899
12,660
13,491
14,525
14,994
14,757
14,947
15,172
14,994
Other assets
3,102
6,592
7,825
2,666
3,943
3,003
3,778
3,851
3,943
45,220
40,159
44,441
47,904
55,341
49,993
46,666
50,148
55,341
Accounts
payable
24,888
17,733
19,189
21,613
24,393
21,310
20,316
21,643
24,393
Bank loan
7,859
168
10
Other current
liabilities
4,891
3,774
4,371
5,757
6,084
5,837
5,603
5,365
6,084
Other liabilities
1,951
1,583
1,935
2,577
3,163
2,779
2,941
3,098
3,163
39,589
23,259
25,505
29,946
33,642
29,929
28,859
30,106
33,642
9,164
16,739
18,740
17,756
21,491
19,859
17,599
19,833
21,491
Minority interest
(3,533)
161
196
203
208
205
207
209
208
Total equity
5,631
16,900
18,937
17,958
21,699
20,064
17,807
20,042
21,699
Total assets
Total liabilities
Total equity of
major S/H
1Q11
2Q11
3Q11
4Q11
16
Income Statement and Cash flow Statement - Consolidated
Unit: (million Baht)
Income
Statement
Net Sales
2007
Restated
2008
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
107,757
121,026
109,430
132,015
152,210
36,438
38,197
39,224
38,351
Service income
2,868
3,057
2,947
2,939
3,150
733
786
822
809
Other operating
income
4,334
4,856
5,087
5,446
5,863
1,611
1,590
1,596
1,066
399
516
297
339
667
120
167
174
206
115,358
129,454
117,761
140,739
161,890
38,901
40,740
41,816
40,433
85,215
93,285
81,618
100,128
115,529
27,679
28,988
29,573
29,290
942
1,069
1,100
1,268
1,333
280
329
361
363
29,099
31,101
28,253
30,185
34,032
8,000
8,423
8,916
8,694
101
4,000
6,790
9,157
10,995
2,943
3,000
2,966
2,086
1,460
3,301
4,992
6,663
8,008
2,084
2,170
2,173
1,581
2,831
6,689
9,229
12,250
14,297
3,726
3,809
3,796
2,965
2007
2008
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
6,027
9,410
9,005
12,340
12,590
3,704
5,845
9,581
12,590
CFI
(3,859)
(5,873)
(5,339)
(3,873)
(9,638)
(1,042)
(2,258)
(5,973)
(9,638)
CFF
(16)
(3,808)
(2,857)
(5,402)
(4,491)
(4,493)
(4,493)
(4,491)
Other income
Total revenue
Cost of sales
Cost of services
Total SG&A
EBIT
Net profit
EBITDA
Cash flow
Statement
CFO
17
Balance Sheet Company Only
Unit: (million Baht)
Balance Sheet
Restated
2007
2008
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
Cash
9,036
8,866
9,496
12,180
10,804
15,792
10,897
10,996
10,804
Inventory
4,273
4,940
5,470
6,019
7,901
6,277
5,878
5,909
7,901
Other current
assets
2,137
2,540
4,346
4,247
8,780
2,768
3,017
5,981
8,780
Fixed assets
8,672
9,317
10,269
11,428
11,743
11,644
11,790
11,952
11,743
Other assets
6,218
7,961
9,009
9,355
10,674
9,747
10,541
10,471
10,674
30,336
33,624
38,591
43,229
49,902
46,228
42,123
45,309
49,902
Accounts
payable
11,288
12,611
15,123
17,482
20,005
18,047
17,032
18,058
20,005
Bank loan
Other current
liabilities
7,220
6,487
6,681
7,606
8,461
8,014
7,023
7,273
8,461
Other liabilities
1,006
1,396
1,757
2,381
2,895
2,575
2,714
2,850
2,895
19,513
20,495
23,560
27,469
31,361
28,635
26,769
28,180
31,361
10,823
13,129
15,031
15,760
18,541
17,593
15,354
17,128
18,541
Total assets
Total liabilities
Total equity of
major S/H
Minority interest
18
Total equity
10,823
13,129
15,031
15,760
18,541
17,593
15,354
17,128
18,541
Income Statement and Cash flow Statement Company Only
Unit: (million Baht)
Restated
Income
Statement
2007
2008
Net Sales
76,117
91,565
107,740
130,231
150,637
36,062
37,844
38,717
38,013
Service income
1,341
1,394
1,365
1,425
1,436
351
353
357
375
Other operating
income
3,801
4,549
5,631
5,839
6,276
1,750
1,651
1,703
1,172
548
600
549
597
878
60
522
104
192
81,807
98,108
115,285
138,092
159,226
38,223
40,371
40,882
39,751
58,468
69,283
80,928
99,446
115,066
27,616
28,852
29,442
29,156
20,207
24,139
28,224
30,281
34,235
7,996
8,514
8,992
8,733
3,133
4,686
6,133
8,364
9,926
2,611
3,004
2,447
1,863
2,504
3,740
4,597
6,143
7,274
1,833
2,255
1,774
1,413
EBITDA
5,097
6,909
8,573
11,042
12,826
3,296
3,712
3,178
2,640
Cash flow
Statement
2007
2008
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
CFO
7,302
4,539
8,280
10,801
11,754
4,537
5,534
9,172
11,754
CFI
(3,298)
(3,234)
(4,954)
(2,726)
(8,636)
(924)
(2,323)
(5,863)
(8,636)
19
CFF
(1,046)
(1,474)
(2,696)
(5,392)
(4,493)
(4,493)
(4,493)
(4,493)
Other income
Total revenue
Cost of sales
Cost of service
Total SG&A
EBIT
Net profit
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
Key Performance Ratios - Consolidated
Restated
Financial Ratios
2007
2008
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
Gross margin (%)
(Sales and services)
22.1%
24.0%
26.4%
24.9%
24.8%
24.8%
24.8%
25.3%
24.3%
EBIT margin (%)
0.1%
3.1%
5.8%
6.5%
6.8%
7.6%
7.4%
7.1%
5.2%
EBITDA margin (%)
2.5%
5.2%
7.8%
8.7%
8.8%
9.6%
9.3%
9.1%
7.3%
Net margin (%)
1.3%
2.5%
4.2%
4.7%
4.9%
5.4%
5.3%
5.2%
3.9%
ROAA (%)
3.3%
7.7%
11.8%
14.4%
15.5%
17.4%
19.3%
18.3%
15.5%
16.3%
25.5%
28.1%
36.5%
40.8%
41.6%
49.7%
45.3%
40.8%
Inventory days
32.5
25.4
25.0
22.3
23.6
20.4
18.9
19.2
23.6
Accounts payable days
98.1
82.2
81.4
73.3
71.7
64.7
60.4
62.5
71.7
(65.6)
(56.9)
(56.4)
(51.0)
(48.1)
(44.3)
(41.5)
(43.3)
(48.1)
0.33
0.73
1.11
1.48
1.78
0.46
0.48
0.48
0.35
2.1
3.7
4.2
4.0
4.8
4.4
3.9
4.4
4.8
ROAE (%) (excl. MI)
Cash cycle days
Earnings per share (Bt.)
Book value per share (Bt.)
20
Key Performance Ratios Company Only
Restated
Financial Ratios
2007
2008
2009
2010
2011
1Q11
2Q11
3Q11
4Q11
Gross margin (%)
(Sales and services)
24.5%
25.5%
25.8%
24.5%
24.3%
24.2%
24.5%
24.7%
24.0%
EBIT margin (%)
3.8%
4.8%
5.3%
6.1%
6.2%
6.8%
7.4%
6.0%
4.7%
EBITDA margin (%)
6.2%
7.0%
7.4%
8.0%
8.1%
8.6%
9.2%
7.8%
6.6%
Net margin (%)
3.1%
3.8%
4.0%
4.4%
4.6%
4.8%
5.6%
4.3%
3.6%
ROAA (%)
9.1%
11.7%
12.7%
15.0%
15.6%
17.0%
20.6%
18.4%
15.6%
24.8%
31.2%
32.7%
39.9%
42.4%
43.0%
54.4%
46.9%
42.4%
Inventory days
24.9
23.9
23.2
20.8
21.8
18.8
17.4
17.6
21.8
Accounts payable days
64.2
62.1
61.7
59.0
58.6
54.5
50.3
52.2
58.6
(39.2)
(38.2)
(38.5)
(38.2)
(36.9)
(35.7)
(32.9)
(34.6)
(36.9)
0.56
0.83
1.02
1.37
1.62
0.41
0.50
0.39
0.31
2.4
2.9
3.3
3.5
4.1
3.9
3.4
3.8
4.1
ROAE (%) (excl. MI)
Cash cycle days
Earnings per share (Bt.)
Book value per share (Bt.)
21
