4 0d btg 2q2017 presentation slides v3 (adjusted sizing...
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Financial Results
Second Quarter 2017
2 August 2017
Bakery Food Atrium Restaurant
BreadTalk Group Limited
2Q 2017 FINANCIAL HIGHLIGHTSIncome Statement Highlights
2
S$ Million 2Q 2017 2Q 2016 Y/Y 1H 2017 1H 2016 Y/Y
Revenue 147.6 149.8 -1.5% 295.2 304.3 -3.0%
Bakery 72.3 74.8 -3.3% 145.9 150.7 -3.2%
Food Atrium 37.4 38.4 -2.7% 73.7 80.2 -8.1%
Restaurant 37.9 36.6 3.7% 75.7 73.5 3.0%
EBITDA 18.3 18.4 -0.4% 44.6 38.4 16.1%
Bakery 6.2 7.1 -12.7% 12.1 13.9 -12.6%
Food Atrium 5.9 1.4 326.0% 10.8 2.3 363.1%
Restaurant 7.3 7.4 -1.6% 14.7 13.9 5.7%
Others (1.0) 2.5 140.7% 6.9 8.2 -15.8%
EBITDA Margin 12.4% 12.3% +0.1 ppt 15.1% 12.6% +2.5 ppt
Bakery 8.6% 9.5% -0.9 ppt 8.3% 9.2% -0.9 ppt
Food Atrium 15.7% 3.6% +12.1 ppt 14.6% 2.9% +11.7 ppt
Restaurant 19.2% 20.2% -1.0 ppt 19.4% 18.9% +0.5 ppt
Net Profit 2.1 1.3 61.9% 12.8 3.8 241.4%
Net Margin 1.4% 0.9% +0.5 ppt 4.3% 1.2% +3.1 ppt
Core F&B Net Profit 4.0 3.0 35.1% 7.1 (2.4) 395.8%
Core F&B Net Margin 2.7% 2.0% +0.7 ppt 2.4% -0.8% +3.2 ppt
EPS (cents) 0.75 0.46 63.0% 4.55 1.33 242.1%
DPS (cents) 1.00 0.50 100.0% 3.00 1.85 62.2%
3
GROUP KEY FINANCIAL HIGHLIGHTS
1H 2017 REVENUE: S$295.2M 1H 2017 REVENUE BY GEOGRAPHY 1H 2017 EBITDA: S$44.6M
EBITDA MIX BY BUSINESSREVENUE MIX BY GEOGRAPHYREVENUE MIX BY BUSINESS
50%
26%
24%
Bakery$145.9m
49%
Food Atrium$73.7m
25%
Restaurant$75.7m
26%
1H 2016
1H 2017
54%
29%
11%
6%
Singapore$163.6m
55%China$81.0m
28%
Hong Kong$27.0m
9%
Others$23.5m
8%
1H 2016
1H 2017
36%
6%36%
22%
Bakery$12.1m
27%
Food Atrium$10.8m
24%
Restaurant$14.7m
33%
Others$6.9m16%
1H 2016
1H 2017
2Q 2017 FINANCIAL HIGHLIGHTSBalance Sheet Highlights
4
CASH & CASH EQUIVALENT VS NET DEBT
CURRENT ASSET VS CURRENT LIABILITIES
128
33
0
20
40
60
80
100
120
140
FY14 FY15 FY16 1Q17 2Q17
Cash and cash equivalents (S$ Million) Net debt (S$ Million)
83
4 4 9
197
206
0
50
100
150
200
250
300
FY15 FY16 1Q17 2Q17
Net current liabilities (S$ Million) Current assets (S$ Million)
Current liabilities (S$ Million)
S$ Million 2Q 2017 FY 2016
Total assets 510 534
Cash and cash equivalents 128 121
Accounts receivables 52 57
Inventories 9 10
Investment securities - 17
Other current assets 8 6
Current assets 197 212
Property, plant and equipment 167 181
Investment securities 73 73
Non-current assets 313 322
Total liabilities 354 382
Accounts payables 81 86
Current liabilities 206 216
Non-current liabilities 148 166
Borrowings and debt securities 161 182
Short term 27 32
Long term 134 150
Net debt 33 61
2Q 2017 FINANCIAL HIGHLIGHTSCash Flow Highlights
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S$ Million 2Q 2017 2Q 2016
Operating cash flow before working capital changes 19 23
Net cash flow from operating activities 16 17
Less:
Capital expenditure (4) (6)
Investment in associate & joint venture (1) -
Net cash flow from / (used in) investing activities 21 (5)
Free cash flow 12 1
Net decrease in bank borrowings (5) (70)
Net cash flow used in financing activities (17) N.M.
Net cash flow 19 12
6
2Q 2017 FINANCIAL HIGHLIGHTSFinancial Ratios
2Q 2017 FY 2016
Trade Receivables Turnover (days) - Franchisee 82 90
Trade Receivables Turnover (days) - Non franchisee 2 2
Total Receivables Turnover (days) 7 8
Inventory Turnover (days) 25 26
Trade Payables Turnover (days) 29 29
Cash Conversion Cycle (days) 3 5
Net Debt/Shareholder's Equity 0.25x 0.46x
Net Debt/EBITDA 0.36x 0.69x
EBITDA/Interest expense 17.72x 14.76x
STRONG PRESENCE ACROSS ASIAStrong foothold across 17 territories in Asia and Middle East
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OUTLET DISTRIBUTION BY GEOGRAPHY OUTLET DISTRIBUTION BY BUSINESS SEGMENT
Bakery 862 (6) 856
Direct Operating 260 (1) 259
Franchise 602 (5) 597
Food Atrium 57 (1) 56
Restaurant 32 (2) 30
Din Tai Fung 24 0 24
Ramen Play 6 (3) 3
San Pou Tei 2 0 2
Sō 0 1 1
FY 2016
Net
Increase/ 1H 2017
China400
Others369
Singapore 167
Thailand6
SEA: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Myanmar & CambodiaInternational: Taiwan, Kuwait, Sri Lanka, Bahrain, Oman, Saudi Arabia & Qatar
BAKERY DIVISION
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REVENUE 1H 2017 REVENUE BY GEOGRAPHY
EBITDA
Singapore 44%
China 41%
Hong Kong 11%
SEA*3%
International1%
0
50
100
150
200
250
300
350
FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H16 1H17
Revenue (S$ Million)
-3.2%
11.0%
9.3%8.6% 8.8%
7.8%7.3%
9.9%9.2%
8.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
5
10
15
20
25
30
35
FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H16 1H17
EBITDA (S$ Million) Margin (%)
BAKERY DIVISION
9
SEA: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Myanmar & CambodiaInternational: Taiwan. Kuwait, Sri Lanka, Bahrain, Oman, Saudi Arabia & Qatar
NUMBER OF BAKERY OUTLETS 1H 2017 OUTLET DISTRIBUTION BY GEOGRAPHY
129
862 856
0
200
400
600
800
1000
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H17
Number of outlets
China 372
Hong Kong 24
Singapore 125
SEA*298
International37
FOOD ATRIUM DIVISION
10
REVENUE 1H 2017 REVENUE BY GEOGRAPHY
EBITDA
SEA: Malaysia & Thailand
Singapore 44%
China30%
Hong Kong 15%
SEA*5%
Taiwan6%
0
50
100
150
200
FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H16 1H17
Revenue (S$ Million)
-8.1%
16.8%16.1%
13.3%
15.1% 14.7%
10.3%
7.7%
2.9%
14.6%
0.0%
4.0%
8.0%
12.0%
16.0%
20.0%
0
5
10
15
20
25
FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H16 1H17
EBITDA (S$ Million) Margin (%)
FOOD ATRIUM DIVISION
11
NUMBER OF FOOD ATRIUM OUTLETS 1H 2017 OUTLET DISTRIBUTION BY GEOGRAPHY
SEA: Malaysia & Thailand
China28
Singapore 15
Hong Kong 5
Taiwan 3
SEA*5
19
57 56
0
20
40
60
80
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H17
Number of outlets
RESTAURANT DIVISION
12
REVENUE 1H 2017 REVENUE BY GEOGRAPHY
EBITDA
Singapore 93%
Thailand7%
0
25
50
75
100
125
150
175
FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H16 1H17
Revenue (S$ Million)
+3.0%
10.1% 10.6%
13.5%14.2%
16.1%
23.7%
20.3%18.9% 19.4%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0
5
10
15
20
25
30
35
FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H16 1H17
EBITDA (S$ Million) Margin (%)
RESTAURANT DIVISION
13
NUMBER OF RESTAURANT OUTLETS 1H 2017 OUTLET DISTRIBUTION BY GEOGRAPHY
5
32
30
0
10
20
30
40
50
FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 1H17
Number of outlets
Singapore 27
Thailand3
CONTACT US
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Mr. Chan Ying JianGroup Chief Financial Officer
Mr. Benjamin TayInvestor Relations
Tel - (65) 6285 6116Email - [email protected]