BreadTalk Group Limited

Transcription

1 BreadTalk Group Limited Financial Results Full Year & Fourth Quarter February 217 Bakery Food Atrium Restaurant 4orth

2 FY 217 BUSINESS UPDATES Jan 26, 217 Jul 1, 217 Jul 3, 217 Divestment of TripleOne Somerset The Group recorded a gain of S$9.3 million for the Divestment Appointment of Group Chief Executive Officer Mr. Chu joined BreadTalk Group as Managing Director on 17 Oct 216 and was appointed as Group Chief Executive Officer on 1 July 217. As Group CEO, he oversees the Group s global operations, focusing on the strategic planning of core F & B businesses, investments, business development and expansion into key markets. He was instrumental in leading the team to develop the new division with its key objective to identify new F & B concepts and potential partnership opportunities with renowned brands. Partnership with Song Fa Holdings BTG-Song Fa, owned by Together Inc. Pte Ltd (9%) and Song Fa (1%) entered into a master franchise to develop and operate the highly popular Teochew Bak Kut Teh brand in Thailand, as well as four major cities in China, comprising Beijing, Shanghai, Shenzhen and Guangzhou. BreadTalk Group s Portfolio of 1 Directly Managed Brands Bakery Restaurant 4orth Sep 26, 217 Purchase of 22/22A Lorong Mambong The Property is a corner freehold shop house located amidst Holland Village. The total land area is approximately 2,35 square feet. The purchase consideration for the Property is S$16.2 million Food Atrium Others Dec 22, 217 Partnership with 115-Year-Old Japanese Trader Shinmei BTG-Shinmei oversees the sourcing, procurement and supply of key raw materials and ingredients, including but not limited to flour, rice, sugar, dairy, seafood, and product packaging to support the F&B operations of BreadTalk s group of companies globally. Jan 17, 218 Issue of S$1,, Medium Term Note at 4.% Jan 18, 218 Award of BreadTalk franchise rights to Som Datt Group for Delhi, India Note: Din Tai Fung and Song Fa are franchised brands Jan 26, 218 Opening of 1 st Song Fa Outlet in Shanghai Jin An Kerry Centre 2

3 FY 217 FINANCIAL HIGHLIGHTS Income Statement Highlights S$ Million 4Q 217 4Q 216 Y/Y FY 217 FY 216 Y/Y Revenue % % Bakery % % Food Atrium % % Restaurant % % 4orth % % Others % % EBITDA % % Bakery % % Food Atrium % % Restaurant % % 4orth % % Others (.5) % % EBITDA Margin 13.% 18.3% -5.4 ppt 14.1% 14.2% -.1 ppt Bakery 6.1% 9.8% -3.8 ppt 7.8% 9.5% -1.7 ppt Food Atrium 2.1% 23.6% -3.6 ppt 16.8% 1.3% +6.5 ppt Restaurant 21.9% 24.6% -2.7 ppt 21.4% 21.4% +. ppt 4orth 13.% 6.9% +6.1 ppt 6.8% 5.7% +1.1 ppt Others -41.8% 228.4% ppt 118.1% -8.5% ppt Net Profit % % Net Margin 3.4% 2.9% +.4 ppt 3.6% 1.9% +1.7 ppt Core F&B Net Profit % % Core F&B Net Margin 3.7% 3.% +.8 ppt 2.9% 1.1% +1.8 ppt EPS (cents) % % DPS (cents) N.M % 3

4 GROUP KEY FINANCIAL HIGHLIGHTS REVENUE BY BUSINESS REVENUE BY GEOGRAPHY EBITDA BY BUSINESS Restaurant $14.7m 24% Restaurant 23% 4orth $7.9m 1% FY 217 4orth 1% Bakery $297.2m 5% Others $37.6m Hong Kong $66.4m China $174.5m Others $41.3m Hong Kong $53.9m China $163.9m Restaurant $3.1m 38% Restaurant 39% 4orth $.5m 1% FY 217 4orth % Bakery $23.2m 29% Bakery 39% FY 216 Bakery 5% FY 216 Food Atrium 26% Singapore $336.5m Singapore $34.6m Food Atrium $149.3m 25% Food Atrium 22% FY216 FY217 Food Atrium $25.1m 32% FY 217 REVENUE: S$599.7M FY 217 EBITDA: S$84.4M 4

5 STRONG PRESENCE ACROSS ASIA Strong foothold across 17 territories in Asia and Middle East OUTLET DISTRIBUTION BY GEOGRAPHY OUTLET DISTRIBUTION BY BUSINESS SEGMENT FY 216 FY 217 Net Increase/ (Decrease) Bakery Direct Operating (2) Franchise CH ID PH TH Others Franchise by Region Food Atrium (4) Restaurant Din Tai Fung orth 6 5 (1) Ramen Play 6 (6) 871 Bakery Food Atrium Restaurant 4orth Sō 5 5 Total

6 FY 217 FINANCIAL HIGHLIGHTS Balance Sheet Highlights S$ Million FY 217 FY 216 Total assets Cash and cash equivalents Accounts receivables Inventories 1 1 Investment securities Other current assets 8 6 Current assets Property, plant and equipment Investment securities Non-current assets Total liabilities Accounts payables Current liabilities Non-current liabilities Borrowings and debt securities Short term Long term Net debt CASH & CASH EQUIVALENT VS NET DEBT FY 214 FY 215 FY 216 FY 217 Net debt (S$ Million) (L) Cash and cash equivalents (S$ Million) (R) Borrowings and debt securities (S$ Million) (R) 6

7 FY 217 FINANCIAL HIGHLIGHTS Cash Flow Highlights S$ Million 4Q 217 4Q 216 FY 217 FY 216 Operating cash flow before w orking capital changes Net cash flow from operating activities Less: Capital ex penditure (14) (1) (37) (32) Inv estment in associate & joint v enture - - (3) (3) Net cash flow used in investing activities (34) (2) (38) (2) Free cash flow Net increase/(decrease) in bank borrow ings 23 (11) 1 (21) Net cash flow used in financing activities 15 (13) (24) (38) Net cash flow

8 FY 217 FINANCIAL HIGHLIGHTS Financial Ratios Turnover Ratios FY 217 FY 216 Trade Receiv ables Turnov er (day s) - Franchisee Trade Receiv ables Turnov er (day s) - Non Franchisee Total Receivables Turnover (days) Inventory Turnover (days) Trade Payables Turnover (days) Liquidity Ratios Current Ratio.9x.98x Quick Ratio.86x.93x Cash Conversion Cycle (days) Debt Ratios Net Debt/Shareholder's Equity.31x.46x Net Debt/EBITDA.49x.69x EBITDA/Interest expense 15.58x 14.76x 8

9 BAKERY DIVISION 35 3 REVENUE -3.2% FY 217 REVENUE BY GEOGRAPHY Rest of the world 9% 1 5 Hong Kong 11% FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Revenue (S$ Million) EBITDA VS EBITDA MARGIN REVENUE S$297 MILLION Singapore 48% % 12.% % 8.6% 8.8% 7.8% 7.3% 9.5% 7.8% 1.% 8.% China 32% % 1 4.% 5 2.% FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17.% Rest of the world: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Myanmarr, Cambodia,Taiwan, Kuwait, Sri Lanka, Bahrain, Oman, Saudi Arabia & Qatar EBITDA (S$ Million) EBITDA Margin (%) 9

10 BAKERY DIVISION 1 8 NUMBER OF BAKERY OUTLETS FY 217 OUTLET DISTRIBUTION BY GEOGRAPHY 6 International FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Number of outlets SEA* 332 OUTLETS 871 China 361 DOS VS FRANCHISE Direct Franchise China 31% Indonesia 21% Singapore 12 Hong Kong 23 Others 8% Thailand 5% Philippines 7% SEA: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Myanmar & Cambodia International: Taiwan. Kuwait, Sri Lanka, Bahrain, Oman, Saudi Arabia & Qatar 1

11 FOOD ATRIUM DIVISION REVENUE -.5.4% FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Revenue (S$ Million) EBITDA VS EBITDA MARGIN FY 217 REVENUE BY GEOGRAPHY Hong Kong 14% SEA* 5% Taiwan 6% REVENUE S$149 MILLION Singapore 44% % 16.1% 13.3% 15.1% 14.7% 1.3% 1.3% 16.8% 2% 15% China 31% 15 1% 1 5% 5 FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 EBITDA (S$ Million) EBITDA Margin (%) % SEA: Malaysia & Thailand 11

12 FOOD ATRIUM DIVISION 8 NUMBER OF FOOD ATRIUM OUTLETS FY 217 OUTLET DISTRIBUTION BY GEOGRAPHY SEA* Taiwan Hong Kong 4 OUTLETS 53 China 27 2 Singapore 14 FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Number of outlets SEA: Malaysia & Thailand 12

13 RESTAURANT DIVISION REVENUE +2.2% FY 217 REVENUE BY GEOGRAPHY Thailand 8% FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Revenue (S$ Million) EBITDA VS EBITDA MARGIN REVENUE S$141 MILLION % 11.3% 14.6% 15.4% 16.5% 25.3% 21.4% 21.4% 3.% 25.% 2.% 15.% 1.% 5.% Singapore 92% FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17.% EBITDA (S$ Million) EBITDA Margin (%) 13

14 RESTAURANT DIVISION 3 NUMBER OF RESTAURANT OUTLETS FY 217 OUTLET DISTRIBUTION BY GEOGRAPHY Thailand OUTLETS 25 Singapore 21 FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 Number of outlets 14

15 4ORTH DIVISION REVENUE NUMBER OF 4ORTH OUTLETS % FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY EBITDA VS EBITDA MARGIN % 1.% % 5.% 4..% % -5.3% -6.8% -4.3% -5.% -1.% % -13.4% -15.% FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY FY1 FY11 FY12 FY13 FY14 FY15 FY16 FY17 EBITDA (S$ Million) EBITDA Margin (%) -2.% 15

16 CONTACT US Mr. Chan Ying Jian Group Chief Financial Officer Mr. Benjamin Tay Investor Relations Tel - (65) ir@breadtalk.com 16