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Cpall-AR2015.Pdf CONTENTS 2 56 118 Summary of Financial Information General Information Related Transactions and Other Information 12 121 Messages from the Chairman 68 Management Discussion and Chairman of Executive Securities Details and Analysis (MD&A) Committee and Shareholding Structure 126 18 74 Audit Committee’s Report Directors and Management Dividend Policy Biography 129 75 Board of Directors’ Statement 32 Management Structure of Responsibility Business Overview for Financial Reports 87 34 Corporate Governance 131 Company History in Brief Annual Financial Statements 108 and Auditor Report of Certified 40 Corporate Social Responsibility Public Accountant Nature of Business 115 51 Internal Control Risk Factors and Risk Management Corporate Philosophy Vision Through happy employees, We serve convenience to we desire to see smiles from customers. all communities. Mission To create customer engagement with innovative products and services and to enhance good relations with community and society. CP ALL Public Company Limited SUMMARY OF FINANCIAL INFORMATION For Fiscal Years Ending December 31, 2015 /1 CP ALL Public Company Limited and its Subsidiaries 2013 2014 2015 (Restated) (Restated) Consolidated Financial Information (Million Baht) Net Sales and Services Income 272,285 357,766 391,817 Total Revenues 284,670 371,301 405,893 Net Profit 10,503 10,200 13,682 Net Cash Provided by Operating Activities 21,624 26,371 31,419 Total Assets 304,008 326,410 329,083 Total Liabilities 271,037 291,352 287,407 Total Equity 32,970 35,058 41,676 Share Information (Baht) Book Value per Share 3.67 3.90 4.64 Earnings per Share 1.17 1.14 1.52 Dividend per Share 0.90 0.80 0.90 Financial Ratios (%) Gross Margin (Sales and Services) 22.6 21.3 21.8 EBIT Margin 5.3 5.7 6.3 Net Profit Margin 3.7 2.7 3.4 Net Debt to EBITDA (times) 8.12 6.04 5.10 Return on Total Assets 5.6 3.2 4.2 Return on Total Shareholders’ Equity 37.6 34.3 40.2 /1 The Company acquired the business of Makro during 2013. Therefore, Makro’s performance has been recorded from July - December 2013. 2 Annual Report 2015 CP ALL Public Company Limited REVENUE AND EARNINGS BEFORE TAX BASED ON BUSINESS SEGMENTS* Revenue Earnings Before Contribution Tax Contribution 36% 30% Cash and Carry Cash and Carry 64% 70% CVS and Others CVS and Others * Before Elimination Total Revenue (Million Baht) 450,000 405,893 400,000 371,301 350,000 The Company has plans to 300,000 284,670 further open approximately 600 new stores annually, 250,000 197,816 with the milestone of 200,000 10,000 stores 150,000 50,000 by 2018. 0 2012 2013 2014 2015 Net Profit (Million Baht) 14,000 13,682 12,000 11,049 10,503 10,200 10,000 8,000 6,000 4,000 2,000 0 2012 2013 2014 2015 Annual Report 2015 3 we care for every trust We care for every trust given by stakeholders Striving to grow the business stably and sustainably with fair practices Ready to expand to 10,000 stores, located in every community across the country by 2018 To provide convenience for every community, making every day a good day for everyone Prepared to combine business strength with Makro to increase competitive advantage And proudly become Thailand and Asia’s leader in the retail business we care for every trust We care for every trust given by stakeholders Striving to grow the business stably and sustainably with fair practices Ready to expand to 10,000 stores, located in every community across the country by 2018 To provide convenience for every community, making every day a good day for everyone Prepared to combine business strength with Makro to increase competitive advantage And proudly become Thailand and Asia’s leader in the retail business FORBESFORBES TOP INNOVATIVEINNOVATIVE CORPORATE COMPANIESCOMPANIES BRANDS 20152015 2015 The key to successful business starts with happy teams Thus we are committed to developing employees to be capable, good and innovative persons 2015 Consequently CP All has been recognized by Forbes as “The World’s Most Innovative Companies” for the 2nd year Developing the potential of franchisees and business partners to grow and succeed together Ready to give back and merge strengths for the CP All Group to be 2014 “Thailand’s Top Corporate Brands” for 5 consecutive years 2013 we share success 2012 through giving back FORBESFORBES TOP INNOVATIVEINNOVATIVE CORPORATE COMPANIESCOMPANIES BRANDS 20152015 2015 The key to successful business starts with happy teams Thus we are committed to developing employees to be capable, good and innovative persons 2015 Consequently CP All has been recognized by Forbes as “The World’s Most Innovative Companies” for the 2nd year Developing the potential of franchisees and business partners to grow and succeed together Ready to give back and merge strengths for the CP All Group to be 2014 “Thailand’s Top Corporate Brands” for 5 consecutive years 2013 we share success 2012 through giving back We wish to provide convenience food for customers 24 hours With varied delicious, fresh, clean, safe, and nutritious menus Because every bite is “quality” that is carefully cherished until reaching you Giving fun experience through different promotions To fulfill customer satisfaction Whenever you’re hungry… 7-Eleven… a close friend near you we cherish the quality of convenience food We wish to provide convenience food for customers 24 hours With varied delicious, fresh, clean, safe, and nutritious menus Because every bite is “quality” that is carefully cherished until reaching you Giving fun experience through different promotions To fulfill customer satisfaction Whenever you’re hungry… 7-Eleven… a close friend near you we cherish the quality of convenience food We have had a long engagement with Thai society for over 2 decades Nurturing education to create quality workforce for the nation Dedicated to developing youth to be capable and good people for society We care for society, communities and the environment with commitment To earnestly conserve energy and the environment through the 7 Go Green Project To bring smiles to society and communities, making this world a nice place to live, making every day a good day for everyone we have engagement with Thai society We have had a long engagement with Thai society for over 2 decades Nurturing education to create quality workforce for the nation Dedicated to developing youth to be capable and good people for society We care for society, communities and the environment with commitment To earnestly conserve energy and the environment through the 7 Go Green Project To bring smiles to society and communities, making this world a nice place to live, making every day a good day for everyone we have engagement with Thai society CP ALL Public Company Limited MESSAGES FROM THE CHAIRMAN AND CHAIRMAN OF EXECUTIVE COMMITTEE Mr. Korsak Chairasmisak Mr. Dhanin Chearavanont Chairman of Chairman Executive Committee In 2015, the Thai economy grew slightly. Likewise, the overall retail industry also posted low growth mainly due to careful household spending. However, the Company was able to maintain growth amid slow economic recovery. The Company’s total revenue was Baht 405,893 million, rising 9.3 percent, as a result of robust sales growth from 7-Eleven business and strong support from the business of Siam Makro Public Company Limited. In addition, the Company strived to increase effectiveness in controlling costs and reducing interest burden. Consequently, the Company posted net profit of Baht 13,682 million, growing 34.1 percent from the previous year. In driving the convenience store business, the Company continues to manage its business following the vision “We serve convenience to all communities”, with the strategy of being “the convenience food store of Thais”. The Company has experienced continuous development including expansion of another 705 stores to high potential areas throughout the country. At the end of 2015, the Company had a 7-Eleven network of 8,832 stores serving over 10 million customers per day. In addition, the Company was able to grow same-store sales. The growth rate of sales from existing stores was 0.9 percent, attributable to continuous introduction of new products to the market such as fresh fruit, fresh coffee and etc., with the aim of satisfying the needs of customers for every meal any time of the day. Meantime, investment in the cash and carry wholesale business has also experienced continued growth. At the end of 2015, Siam Makro Public Company Limited had a total of 91 stores, an increase of 14 stores, located across the country. In addition, Makro opened 2 new “Siam Frozen” shops which sell mainly frozen food, adding up to a total of 7 Siam Frozen shops. 12 Annual Report 2015 CP ALL Public Company Limited With regard to preparedness for the online business which is on a rising trend, the Company has prepared systems and basic infrastructure to develop its competitive potential and expand channels for customers to conveniently access its products and services anywhere anytime. With regard to supporting operations, the Company opened a new regional distribution center for consumer products and temperature-controlled products in Chonburi Province and a new distribution center for frozen products in Chiang Mai Province in order to support distribution of ready-to-eat food products. All of the abovementioned will prepare the Company for the 10,000 stores target within 2018. The Company continues to place importance on quality management throughout the organization with the aim of achieving organizational excellence as in the past years, with focus on maximum efficiency and effectiveness in business operations. The Company also gives importance to continuously creating innovation, both in the form of innovation inside the Company and cooperation with business partners in the area of innovation.
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