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President Chain Store Corporation Stock Code:2912 PRESIDENT CHAIN STORE CORPORATION Published on March 15, 2020 Taiwan Stock Exchange Market Observation Post System http://mops.twse.com.tw Company Website http://www.7-11.com.tw CONTENT 12 01 Letter to shareholders 64 06 Financial Information 14 02 Corporate Overview 1. Five Year Condensed Balance Sheet and Comprehensive Income Statement 16 03 Corporate Governance 2. Five Year Financial Analysis 1. Organization Chart 3. The Audit Committee Report Regarding the most Recent 2. Information on Directors and Management of the Annual Financial Report Company and Various Departments and Branches 4. The Audited Consolidated Financial Report for the most 3. Implementation of Corporate governance Recent Fiscal Year 4. Information on Independent Auditors 5. The Audited Parent Company only Financial Report for the 5. Net Change in Shareholdings and in Shares Pledged most Recent Fiscal Year by Directors, Management and Shareholders 6. Any Cash Flow Difficulties with the Company and its Holding more than a 10% Share in the Company Affiliates During the most Recent Year and as of the Date of 6. Relationships between the Company's Top 10 Publication of the Annual Report Largest Shareholders and Their Shareholding 71 07 Financial Status, Financial Performance and Percentages 7. PCSC, Company directors, management, and Risk Management directly/indirectly owned subsidiaries' ownership of 1. Financial Position Analysis shares in affiliated enterprises 2. Financial Performance Analysis 3. Cash Flow Analysis 48 04 Fund Raising 4. Major Capital Expenditures in Recent Years and Impact on 1. Capital and Shares Financial and Business 2. Status of Corporate Bonds, Preferred Stock, GDR, 5. Analysis of Investments in Affiliates in Recent Years Employee Stock Option Plan, Employee Restricted 6. Risk Management Policies and Organizational Structure and Stock Plans, Mergers, Acquisitions, and Spin-Offs Risk Assessment 3. Status of Capital Utilization Plan 7. Other Important Items 05 Operating Highlights 52 78 08 Specific Notes 1. Business Activities 1. Information About Affiliated Companies 2. Market Analysis and Merchandising 2. Private Placement of Securities 3. Human Resources 3. PCSC Securities Acquired, Disposed of, or Held by 4. Environmental Protection Expenditures Subsidiaries 5. Labor-Management Relations 4. Other Supplementary Information 6. Important Contracts 5. Situations Described in Article 36, Paragraph 3, ltem 2 of the Securities and Exchange Act 2020≠^§�≠�≠�1.pdf 1 2020/5/14 上午11:43 ibon Voice System C M Y Intelligent Coffee Machine CM MY Intelligent Technology CY 「X-STORE 2」Future Convenience Store CMY K Convenient Life Self-checkout counter 「X-STORE 3」Future Convenience Store Intelligent Vending Machine 2020≠^§�≠�≠�1.pdf 1 2020/5/14 上午11:43 ibon Voice System C M Y Intelligent Coffee Machine CM MY Intelligent Technology CY 「X-STORE 2」Future Convenience Store CMY K Convenient Life Self-checkout counter 「X-STORE 3」Future Convenience Store Intelligent Vending Machine 2020≠^§�≠�≠�2.pdf 1 2020/5/14 下午2:14 7-ELEVEN Wei Ke Store, Taipei C M Thematic Lifestyle Y CM Stores MY CY 7-ELEVEN Tai Chang Store, Taipei 7-ELEVEN Geneva Store, Taipei CMY K Enjoyable Atmosphere 7-ELEVEN Da He Yi Store, New Taipei City 7-ELEVEN Yang Guang Cheng Store, Tainan 7-ELEVEN Ai He Store, Kaohsiung 2020≠^§�≠�≠�2.pdf 1 2020/5/14 下午2:14 7-ELEVEN Wei Ke Store, Taipei C M Thematic Lifestyle Y CM Stores MY CY 7-ELEVEN Tai Chang Store, Taipei 7-ELEVEN Geneva Store, Taipei CMY K Enjoyable Atmosphere 7-ELEVEN Da He Yi Store, New Taipei City 7-ELEVEN Yang Guang Cheng Store, Tainan 7-ELEVEN Ai He Store, Kaohsiung 2020≠^§�≠�≠�3.pdf 1 2020/5/14 下午2:43 C M Coffee Master Y OPEN Wallet 7-ELEVEN Lifestyle Store Element-BUCKSKIN CM MY CY Diversified Services CMY K Unique Experiences Dessert Chiller Myship-Delivery Service Little Store Manager Activity 2020≠^§�≠�≠�3.pdf 1 2020/5/14 下午2:43 C M Coffee Master Y OPEN Wallet 7-ELEVEN Lifestyle Store Element-BUCKSKIN CM MY CY Diversified Services CMY K Unique Experiences Dessert Chiller Myship-Delivery Service Little Store Manager Activity 2020≠^§�≠�≠�4.pdf 1 2020/5/14 下午2:10 C Cooperation with well-known M restaurant and chef Y 7-ELEVEN X COCO Curry House CITY CAFE & Mister Donut CM MY CY Safe and Tasty Food CMY K Healthy and Quality Caesar Chicken Cheese Burger Pizza Sandwich with Egg Salad International Imported Goods Health Fresh Food 2020≠^§�≠�≠�4.pdf 1 2020/5/14 下午2:10 C Cooperation with well-known M restaurant and chef Y 7-ELEVEN X COCO Curry House CITY CAFE & Mister Donut CM MY CY Safe and Tasty Food CMY K Healthy and Quality Caesar Chicken Cheese Burger Pizza Sandwich with Egg Salad International Imported Goods Health Fresh Food Overall Performance (alone) Item / Year (NT$1,000) 2019 2018 YoY Revenue 158,031,567 154,074,731 2.57% Gross Profit 54,177,435 53,012,367 2.20% Operating Profit 7,046,067 7,654,581 -7.95% Pre-tax Profit 12,220,466 12,433,790 -1.72% Net Profit 10,542,860 10,206,388 3.30% EPS(NT$) 10.14 9.82 — Weighted Average Outstanding Shares 1,039,622,255 1,039,622,255 — Financial Ratios 2019 2018 Gross Margin 34.28% 34.41% Operating Expense Ratio 29.82% 29.44% Operating Margin 4.46% 4.97% Net Margin 6.67% 6.62% ROA 9.79% 10.78% ROE 29.50% 23.77% Inventory Turnover 12.94 times 13.28 times Fixed Asset Turnover 16.13 times 17.06 times Total No. of Stores & Revenue NT$ billion 180 6000 Store Number 150 5000 120 4000 90 3000 60 2000 30 1000 No. of Stores 0 0 Revenue 2015 2016 2017 2018 2019 10 2019 ANNUAL REPORT Gross Profit & Operating Profit NT$ billion 60 8 NT$ billion 50 7 6 40 5 30 4 3 20 2 10 1 Gross Profit 0 0 Operating Profit 2015 2016 2017 2018 2019 Net Income & EPS NT$ 50 40 NT$ billion 40 30 30 20 20 10 10 EPS 0 0 Net income 2015 2016 2017 2018 2019 Return on Equity & Return on Asset (%) 100 80 60 40 20 ROE 0 ROA 2015 2016 2017 2018 2019 *Performance of FY 2017 includes Starbucks Transactions. 2019 ANNUAL REPORT 11 1 Letter to Shareholders Chairman: President: Lo, Chih-Hsien Huang, Jui-Tien Dear Shareholders, In 2019, the global economy was turbulent, the minimum wage in Taiwan continued to increase, and businesses continued to face significant challenges. Despite an unstable external operating environment, President Chain Store Corporation (PCSC) continued to serve as a creative, convenient, safe, welcoming community center, offering customers innovative and convenient products and services. PCSC worked with all the subsidiaries to achieve consolidated revenue of NT$256.06 billion and net profits of NT$12.11 billion in 2019. PCSC was selected as Don Jones Sustainability World Index and Don Jones Sustainability Emerging Markets Index this year, underscoring the fact that PCSC's outstanding economic, environmental, and social performance meet the standards of world-class corporations around the globe. Operating Performance 7-ELEVEN Taiwan aims to provide customers with an even more comfortable and friendly place to shop. In addition to providing larger, more featured stores, PCSC integrated resources, including beauty, fitness, bakery, fast foods, etc., further launched lifestyle stores to satisfy the needs of the business area and provide customers with a diversified shopping experience. This year for the first time, PCSC worked with such leaders in business as Maserati,and Disney, etc. to set up co-brand stores to create unique enjoyable settings for shoppers. PCSC also introduced a new customers model and unveiled the future of convenience stores with its X-STORE and Big7 lifestyle store, employing state-of- the-art technology to serve customers. To ensure food safety, PCSC set up an internal monitoring mechanism and a product quality testing lab. Together, these initiatives enable PCSC to control the supply chain and create a rigorous food safety net to protect customers. PCSC has worked together in strategic partnerships with well-known restaurants and chefs to launch a diverse selection of delicious food products and specialty restaurant cuisine to meet customer needs. PCSC has continued to improve the quality and flavor of CITY CAFE and has introduced more CITY PRIMA products to satisfy different target customers, continuing to drive future growth. PCSC selects the best products around the world, including Japan and Korea etc., and is a member of strategic partnerships with notable brands. By offering premium, differentiated, and exclusive products, we attract customers seeking products that reflect their personal style. In addition to physical products, PCSC has leveraged the intensive store network and comprehensive logistics system and equipment to enhance digital platform and application services. In 2019, PCSC introduced "My Ship", a digital supporting platform integrating three major services, cash, material (logistics), and information flow, to provide C2C vendors a sound, secure transaction platform. We handled pickup and delivery of more than 200 million packages, providing customers with reliable, convenient delivery services. In response to recent trends and to increase customer loyalty, PCSC offers a variety of payment options by which OPENPOINT can be collected through diversified channels. With more than 6.5 million members, PCSC continues to build a convenient and comprehensive digital platform for customers. In addition to 7-ELEVEN Taiwan, PCSC has also expanded into other retail businesses. As of the end of 2019, PCSC operated a total of 9,900 stores, including 2,850 7-ELEVEN stores in the Philippines. In addition to enhancing in-store product offerings, it is actively strengthening digital services. Uni-Wonder Corp. (Starbucks Taiwan) continues to enhance 12 2019 ANNUAL REPORT Letter to Shareholders VIP membership program and brand experience, infusing new life into the coffee market with innovative services and diversified stores.
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