2019年年度報告 - 泰國中央銀行（英文版）（108頁）.pdf

1、ANNUAL REPORT 2019 Central Retail Corporation Public Company Limited Head Office Phone Company Website Registration No. Year of Establishment Type of Bussiness Stock Information Registered Capital Paid-up Capital As of 31 December 2019 As of 14 Febuary 2020 Asking for Information 22 Soi Somkid, Ploe

2、nchit Road, Lumpini Sub-district, Pathumwan District, Bangkok 10330 +66 (0) 2650 3600 0107562000386 1990 Holding Company The ordinary shares of Central Retail Corporation Public Company Limited were listed and traded on the Stock Exchange of Thailand in 2020 by using the abbreviation of stock “CRC”.

3、 THB 6,320,000,000 THB 4,700,000,000 (par value of THB 1 per share) THB 6,031,000,000 (par value of THB 1 per share) Company Secretary Phone +66 (0) 2650 3600 ext. 1702, 1777, 1544 Email: crc_companysecretarycentral.co.th Investor Relations Phone +66 (0) 2650 3600 ext. 1703, 1563 Email: ircentral.co

4、.th Investors can additionally study the companys information from the annual registration statement (Form 56-1) of the company showed in www.sec.or.th or CONTENTS Board of Directors 020 Business Overview 027 Management Discussion and Analysis 079 Vision and Mission Principles 002 Corporate Governan

5、ce 106 Message from the Board of Directors 014 Related Party Transactions 147 Managements 022 Nature of Business 040 Securities and Shareholder Information 083 Financial Hightlights 004 The Report of the Development of Social Responsibility for Sustainability 133 Audit Committees Report 016 Director

6、s and Managements Profile Glossary of Terms and Glossary of Retailing Terms 169182 Awards and Recognitions 024 Risk Factors 052 Management Structure 090 NEW CENTRAL NEW RETAIL 008 Internal Control and Risk Management 143 The Risk Policy Committees Report 019 Vision and Mission To be the best, sustai

7、nable and most admired customer-centric omnichannel retailer wherever we operate. Principles Honesty, Diligence, and Commitment to Customers. 002 l Annual Report 2019 VISION AND MISSION PRINCIPLES 7.8% FINANCIAL HIGHLIGHTS Total revenue (THB mn) 7.8% 201720182019 187,998 206,620 222,737 Revenue from

8、 sale of goods by geographyRevenue from sale of goods by segment ThailandVietnamItaly 74% 18% 8% 2019 THB 195,355 mn Food segmentFashion segmentHardline segment 2019 THB 195,355 mn 41% 33% 26% Gross profit (THB mn) 201720182019 52,635 56,574 59,473 5.1%5.1%1.8%1.8% Normalized EBITDA (THB mn) 20,630

9、22,052 22,455 Note: Gross profit from sale of goods, rental services, and rendering of services. 201720182019 004 l Annual Report 2019 4.3% 201720182019 8,548 4.3% 8,648 9,016 Normalized net profit (THB mn) Financial position 1.5X 0.5X 1.2X 177,357 110,030 67,327 187,022 146,063 40,959 260,989 194,3

10、50 66,638 Net interest-bearing debt/Equity (times) Total liabilities (THB mn)Total assets (THB mn)Total equity (THB mn) Return on total assets (ROA) (%)Return on equity (ROE) (%) 3.1 5.1 6.8 12.0 16.6 22.8 Note: ROA = Net profit from continuing operations/Average total assets.Note: ROE = Net profit

11、from continuing operations/Average total equity. 201720182019 201720182019201720182019 Central Retail Corporation Public Company Limited l 005 As of 31 December201720182019 Operational performance Total number of stores (1)2,2052,2242,083 Total number of retail plazas535961 Total net selling space (

12、2) (sqm)2,873,7332,978,4283,006,181 Total net leasable space (3) (sqm)444,945512,790544,538 Total occupancy rate (%)95.793.093.6 Statement of comprehensive income (THB mn) Total revenue187,998206,620222,737 Total cost of sales of goods (4)123,110131,868144,536 Gross profit (5)52,63556,57459,473 Sell

13、ing and administrative expenses55,75860,16062,652 EBITDA from continuing operations19,36325,12325,814 Normalized EBITDA (6)20,63022,05222,455 Share of profit of associates and joint ventures461287391 Net profit from continuing operations7,53411,10512,359 Normalized net profit (6)8,5488,6489,016 Stat

14、ement of financial position (THB mn) Total assets260,989177,357187,022 Total liabilities194,350110,030146,063 Total equity66,63867,32740,959 FINANCIAL HIGHLIGHTS 006 l Annual Report 2019 As of 31 December201720182019 Financial ratios Gross profit margin (5) (%)29.930.029.2 Normalized EBITDA margin (

15、%)11.010.710.1 Net profit margin from continuing operations (%)4.05.45.5 Normalized net profit margin (%)4.54.24.0 Return on total assets (ROA) (7) (%)3.15.16.8 Return on equity (ROE) (8) (%)12.016.622.8 Net interest-bearing debt/Equity (times)1.50.51.2 Earnings per share (THB/share)2.193.782.26 Not

16、es: (1) Figures do not include sales counters. (2) Total net selling space is attributable only to our store locations. (3) Total net leasable space is attributable only to our retail plaza locations. (4) Cost of sales of goods and cost of rental and rendering of services. (5) Gross profit and gross

17、 profit margin from sale of goods, rental services, and rendering of services. (6) Adjustment to earnings are net gain (loss) on foreign exchange, impairment gain (loss), gain (loss) on disposal of assets, gain (loss) on disposal of entities under common control, gain on disposal of investment, empl

18、oyee benefits, and insurance compensation. (7) ROA = Net profit margin from continuing operations/Average total assets. (8) ROE = Net profit margin from continuing operations/Average total equity. Central Retail Corporation Public Company Limited l 007 NEW CENTRAL NEW RETAIL The New Era of Central R

19、etail Meets All Lifestyles Delivers Higher Satisfaction and Outstanding Experience The Top Global Retailer in the Era of Borderless Retail MULTI-CATEGORY FASHIONHARDLINE FOOD Central Retail Corporation Public Company Limited l 009 HARDLINE MULTI-CATEGORY MULTI-MARKET E-ORDERING CHAT meanwhile our al

20、liances and expansion abroad have made us into Vietnams largest international retailer as well as Italys leading operator of world-class luxury department stores. In 2019, Central Retail generated a total revenue of 222,737 million baht, an increase of 16,117 million baht or an 8 percent growth year

21、-on-year, with a net profit from continuing operation of 12,359 million baht. In order to further maximize revenues, Central Retail has developed a strategy to expand its business and to heighten its capabilities, including plans for the launch of new locations for each business group and the contin

22、ued modernization of existing ones. This is the time for Central Retail to move forward into its next era of success as a company listed on the Stock Exchange of Thailand.Not only do we have favorable economic factors with the consumers ever-increasing-purchasing power, there is also healthy growth

23、to Thailands tourism sector - as evidenced by the number of visitors, and by our countrys standing among the top twenty most popular destinations in the world. With our proven record in the retail industry under the governance of our professional team of Thai and international managers who work unde

24、r sound corporate governance, we have created value, job opportunities, and a more sustainable environment. On behalf of the Board of Directors, I would like to express my sincere gratitude to all stakeholders, shareholders, partners, suppliers and customers for your constant trust in, and support o

25、f, our company; and we further express our appreciation to our employees for their dedicated contribution. Central Retail is determined in our principles of business through good governance and social responsibility for the greatest benefit for all stakeholders and the companys sustainable growth. P

26、rasarn Trairatvorakul (Dr. Prasarn Trairatvorakul) Chairman Yol Phokasub (Mr. Yol Phokasub) Director in addition, the multi-format retail business has been expanded to Vietnam with the emphasis on customers-centric as indicated by 132 stores across multiple format in 40 provinces, which make Central

27、 Retail as Vietnams largest retailer of foreign origin; similarly, Central Retail has established 9 department stores in Italy. Central Retail operates under a diverse slate of retail banners, including (1) fashion banners, (2) hardline banners, and (3) food banners. In addition to being the busines

28、s alliance with endorsements from world-leading brands, Central Retail also aims to provide a differentiated offering across global import and domestic merchandise, aligning with preference and demand of customers in local areas; as a result, Central Retail is believed to be the first choice of cust

29、omers in each consumer expenditure category where Central Retail operates. Moreover, Central Retails omni-channel platforms seek to provide the next generation of customers with a personalized, holistic shopping experience while driving our continued growth in Thailand and abroad. Competitive Streng

30、ths and Business Strategies of Central Retail Competitive Strengths The Leading Multi-Format Retail Platform with Retail Banners and Omni-channel Offerings across Multiple Retail Categories Central Retail is the leading multi-format retail platform in Thailand, offering a portfolio of powerful retai

31、l banners which consisted of 1,934 stores, including 73 department stores, 262 specialty stores, 413 brand shops, 218 supermarkets, and 968 convenience stores with a total net selling space of approximately 2,636,920 sqm. and Central Retail also operated 1,750 sales counters. All stores are covering

32、 51 provinces. In addition, Central Retail leverages diverse and comprehensive portfolio of store formats to optimize extensive real estate platform, which includes areas where Central retail locates stores as a stable tenant under long-term lease agreements, and areas for retail plazas, which locat

33、es on space that Central Retail owns, and where Robinson Lifestyle Center is a leader retail leasing in Thailand with over 365,295 sqm. of net leasable area across 23 stores. Therefore, multi-format model makes Central Retail as a leading direct retailer and a large lessor of leasable area in Thaila

34、nd. Central Retail has established leadership positions in multiple retail categories in Vietnam. In addition, Vietnam market is the important strategic growth of the Company in the future by taking into consideration of macro economy, target population and few retail players in the market. In addit

35、ion, Central Retails is the second largest retail plaza operator in Vietnam in terms of gross floor area, according to internal data. BUSINESS OVERVIEW 028 l Annual Report 2019 Furthermore, Central Retail is the largest department store operator in Italy. The flagship Rinascente store in Milan is on

36、e of the premier “must visit” shopping destinations in Europe. Central Retail started to lay the foundation of omni-channel platforms as early as 2012 as the largest store-based consumer retailer in Thailand online and the pioneer who has introduced omni-channel platforms to communicate with custome

37、rs as well as being known for high-quality and trustworthy products and services. Central Retail also has an e-commerce infrastructure, a logistics and distribution network for stores merchandise as the base of omni-channel platform services which can deliver products from stores to designated desti

38、nation as requested by customers. Focus on Customers Centric to Drives Continuous Innovation and Customer Engagement Central Retail has always been the pioneer of innovation for consumers in retail business in Thailand, as well as being the leader to develop department stores as shopping destination

39、, lifestyle centers, and some types of specialty stores. In addition, Central Retail is a leading innovator in grocery, for example, Tops Daily, a store with a mini-supermarket concept selling ready-made meals and coffee as well as having co-working space, and Central Food Hall, premier grocery form

40、at and food destination where customers can dine-in and carry-out a wide selection of premium groceries. Central Retail also presents diverse purchasing experience, for example, Super Sports in Central World offers a “Run Lab” service which help customers find the most appropriate running shoes, Top

41、s supermarket has electronic self-checkout kiosks, and Thai Watsadu has introduced AUTO1 providing full service car maintenance by professionally trained in-store technicians and offered a vFIX service which connects between the certified building contractors and customers who have a home improvemen

42、t projects. Central Retail can maintain the diverse and ever-changing customer base to engage with the retail ecosystem through innovative technologies, including omni-channel and online strategies. Currently, Central Retail has a selling channel through 8 webstores of retail banners while implement

43、ing the concept of cashless society by deploying digital payment platforms. Digital technologies also make data collection and analysis possible on an unprecedented scale, for example, loyalty programs which allow us to extract valuable customer insights for deeper understanding. Central Retail also

44、 believes this technology can predict customers needs in advance. Diverse Ecosystem Attracts Prestige Brands and Drives Synergies and Customer Engagement Central Retail believes diverse retail banners, broad retail networks, large scale of the business, customer loyalty, long-term customer retention

45、, efficient operations, and professional reliability make Central Retail a trustworthy business ally in the eyes of global luxury and premium brands and mainstream merchandise brands who seek for distribution channels in Thailand. The comprehensive multi-format retail ecosystem of Central Retail is

46、beneficial to allied brands and suppliers. Synergy and efficiency in Central Retails operations also attract many world-leading brands, executives and employees with experience and expertise on the retail industry, major suppliers, and other partners into Central Retails networks. In addition, being

47、 a part of the Central Groups ecosystem as well as building strong connection and unity with other companies, Central Retail can enhance own competitive capability in retail industry and offer benefits to customers, business alliances, and overall business of Central Retail. Central Retail Corporati

48、on Public Company Limited l 029 Customer Relationships Central Retail has engaged in Central Groups The1 loyalty program in Thailand. The membership has grown from 8.2 million members in 2014 to 16.9 million members as of 31 December 2019 which amount to 24% of total population in Thailand while 3.9

49、 million members are “Active Monthly Users”. Acquisition of new members is carried out in-store, through our omni-channel platforms, webstores and the The1 mobile application, and the ability to earn points through purchases with other external partners. Real Estate Collaboration with CPN, a subsidiary of Central Group, Central retail is at times provided with the early-stage opportunities to evaluate the commercial feasibility for establishing a store at a particular site of CPN. As a result, Central Retail can easily secure prime locat