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ROBINS: Robinson Department Store Public Company Limited | Annual Report 2013

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ROBINS: Robinson Department Store Public Company Limited | Annual Report 2013 VISION ROBINSON is the most preferred department store with the widest market coverage in Thailand, offering merchandises to best fit our customer lifestyle with excellent services. CONTENT 5 Message from the Chairman 7 Message from the Management 10 Operating Results and Financial Status 2013 14 Financial Highlights 16 Market & Retail Business 18 Policy and Business Structure 22 Structure of the Company and its subsidiaries 25 Nature of Business 34 Risk Factors 39 Shareholder and Dividend Policy 41 Management 53 Board of Directors and the Management 68 Company Secretary and Head of Internal Audit 69 Corporate Governance 90 Corporate Social Responsibility 95 Internal Control and Risk Management 98 Report of the Audit Committee 101 Connected Transactions 106 General Information 112 Financial Statement 1 2 3 4 5 6 7 8 9 10 11 12 1 Mr. Sudhisak Chirathivat 2 Mr. Somchai Apiwattanaporn 3 Mr. Sudhitham Chirathivat Chairman Chairman of the Audit Committee/ Vice Chairman Independent Director 4 Mr. Vithaya Chavananand 5 Mr. Charan Mongkolchan 6 Mr. Yodhin Anavil Audit Committee/ Audit Committee/ Audit Committee/ Independent Director Independent Director Independent Director 7 Mr. Kanchit Bunajinda 8 Mr. Tos Chirathivat 9 Mr. Prin Chirathivat Director Director Director 10 Mr. Piya Nguiakaramahawongse 11 Mr. Preecha Ekkunagul 12 Mr. Pandit Mongkolkul Director Director/ Director : Annual Report 2013 President 4 Message from the Chairman To the Shareholders of Robinson Department Store Public Company Limited For two consecutively years, Robinson Department Store has fruitfully implemented its business plan which is targeted for a leap growth in store expansion. As a result, not only more new stores are inaugurated at strategic locations nationwide, but they have also been well received and enjoyed a splendid success in every region. Additionally, following regional lifestyle pattern which has shifted towards becoming more urbanized, consumers tend to pays more attention to both their appearance and dresses. Consequently, not only people’s demands for premium-quality products with safety standard have significantly increased, but their preferences for trendy goods have also soared. These aforementioned factors, therefore, immensely benefit the Company’s business operation and pave way for a more promising opportunity in expanding new stores to various regional areas. In doing so, Robinson Department Store firmly believes that it can timely respond to rising demands for lifestyle and fashion products via an introduction of fashionable and popular brands. To this end, it will enable the Company to fulfill its targeted goal in becoming the most preferred department store with the widest market coverage in Thailand. The year 2013 is indeed another auspicious year for Indeed, the Company’s Board of Directors firmly believe that Robinson Department Store as the Company is, for the Mr. Alan Thomson will be able to bring his 26 years of second time, ranked among the Forbes Asia Best Under experience and expertise in local and overseas retail market a Billion (BUB) list which honours 200 leading public management into pushing forwards the Comapny’s the companies in the Asia Pacific region with growing targeted goal. performance and consolidated financial status. Aside from its strong commitment towards business excellence, Finally, may I, on behalf of the Board of Directors, members Robinson Department Store has also placed a key of executives as well as every staff, extend my warm thanks emphasis on the principles of good governance, integrity for Mr. Preecha Ekkunagul in having laid, for the Company, and transparency. As a result, the Company has triumphantly a solid foundation and state-of-the-art operating system. achieved the corporate governance scoring at an excellent Unquestionably, his contribution has tremendously helped level - the highest level of the good governance assessment the current work team and executives to efficiently manage - for the fourth year running. Despite an unpromising already-operating stores and continues the local expansion backdrop of economic recession throughout the year 2013, plan in a more efficient and systematic manner. As for next Robinson department store has nevertheless managed year’s business plan, Robinson Department Store, under to attain a satisfactory growth in its sales volume. This, the management of Mr. Alan Thomson, is aimed to expand coupled with a confidence in business implementation more stores to cover every region nationwide, in parallel strategies given by the Company’s Board of Directors as with equipping the business with readiness for the AEC well as an efficient management by highly-talented team (Asean Economic Community) arrival in 2015. Furthermore, of executives, has generated a constant growth in the the Company is committed to generate a healthy business Company’s business operation. growth on par with maintaining uncompromising standards Robinson Department Store Public Company Limited : of good governance. By leading a fair business operation The year 2014 also marked another milestone achievement as per good governance policy with regards to the utmost for Robinson Department Store as Mr. Alan Thomson has benefits of all stakeholders, Robinson Department Store, assumed a position of the new president of the Company, together with the society and environment, will be able to succeeding Mr. Preecha Ekkunagul who resigned. As the thrive towards future sustainable growth. Company’s President, Mr. Alan Thomson will take the role of gearing the Store forwards towards stellar success and further consolidated growth. In keeping with that, Mr. Alan Thomson is also entrusted with the responsibility Mr. Sudhisak Chirathivat of increasing the Company’s higher profitability by means of Chairman expanding business operation into overseas market. Robinson Department Store Public Company Limited 5 Mr. Preecha Ekkunagul President Mr. Gerard Mcgurk Senior Vice President Merchandising Mr. Clive Frederick Coombes Mrs. Ratana Anoontakaroon Mrs. Orawan Tipsuwanporn Vice President Vice President Vice President Merchandising Menswear & Differentiation Merchandising Merchandising Mr. Anan Tantipanyakun Mr. Sukitti Kittipassorn Miss Nujjaree Sunthadvanich Vice President Vice President General Manager Operation Business Analysis and Development - Financial Controller : Annual Report 2013 6 Message from the Management “A forefront company with a leap growth, Robinson Department Store flaunts a strong expertise in business model development, together with fast and constant ROBINSON LIFESTYLE CENTER KANCHANABURI store expansion strategy” The year 2013 saw a number of unpromising challenges, ranging from persisting economic recession to a plummet in domestic consumption. However, thanks to a solid experience in department store management, Robinson Department Store strongly believes in its highly-efficient business operation which follows 5 key strategies - new store experience, fashion and differentiation, localized marketing and CRM, service excellence and sustainable corporate social responsibility. To this end, Robinson Department Store has geared towards fulfilling its 2012 business plan through continuously expanding its stores and, in doing so, has enabled the Company to boast the highest number of operating outlets covering strategic areas in 25 provinces nationwide. Indeed, all of the Company’s regional stores are located at leading cities and relatively smaller towns with a potential for promising economic growth. That is, not only locals possess a high purchasing power, but they also have urbanised lifestyles and preferences for trendy brand names of current popularity. Continuously expanding new stores to cover strategic areas Robinson Department Store has implemented two formats of store expansion plan - expanding stores in conjunction with grand-scale shopping malls and developing its own Lifestyle Centre. Despite an economic fluctuation throughout 2013, Robinson Department Store has managed to launch new stores as per its scheduled plans and, thereby, has achieved a total of 34 stores - 10 in Bangkok and 24 in provincial areas. Featuring over 400,000-sq.m.-area department store and over 220,000-sq.m.-area plaza zone, the recently-operated outlets embrace a full spectrum of well-known stores, namely ROBINSON Supersport, B2S, Power Buy, Tops Supermarket, along with UBONRATCHATHANI 2 numerous banks and upscale restaurants. Having the store’s floor Robinson Department Store Public Company Limited : plan clearly divided into various zones such as service zone, entertainment zone and technology zone, it is believed that these new stylish outlets will be able to best meet diverse demands of discerning customers. The recently-inaugurated stores in 2013 include four Lifestyle Centres in Kanchanaburi, Sakonnakorn, Saraburi and Surin, while the other one store - Ubonratchathani 2 (the second store in Ubonratchathani province) is located within a grand-scale shopping mall. Every outlet ROBINSON LIFESTYLE CENTER is not only blessed with a strategic location in the city centre of each SAKONNAKORN 7 Message from the Management ROBINSON LIFESTYLE CENTER ROBINSON LIFESTYLE CENTER SARABURI ROBINSON BANGRAK SURIN New store experience Fashion and differentiation Strategies towards a sustainable growth Localized marketing and CRM Service excellence Sustainable corporate social responsibility province, but can also be easily accessed via Returning over 25 years of consistent convenient transportation. Furthermore,
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