s&p syndicate pcl. (s&p) - listed...
TRANSCRIPT
Company Profile
&
2012 Directions
March 2012
S&P Syndicate Pcl. (S&P)
2012: Growing Excellence
2
Forward-Looking Statement
We caution you that the presentation contains facts and forward-looking
statements about S&P future operations, financial performance and
business conditions and prospects. These forward-looking statements are
based on currently available competitive, financial and economic data, as
well as management’s views and assumptions regarding future events.
Such statements are inherently uncertain, and investors must recognize
that actual results may differ from those expressed or implied in the
statements. Prospective investors should take their own assessment with
regard to any investment .
3
Agenda
o Key Highlight 2011
o Financial Review
o Business Update
o Strategic Direction 2012
4
Key Highlight 2011
• Achieve Bt. 5,879 M sales revenue with 12% growth and net profit of Bt. 454 M with 18% growth
• Strong cash position with Bt. 922 M. of net cash
Performance:
• Achieve 385 outlets, increased by 32 or 9%
• Introduced Japanese restaurant “Tokyo Shokudo”
• Introduced S&P on Wheel (Mobile Unit)
• Opened “SUDA” Thai Café Restaurant in London
• Opened Bangkok Jam in Taiwan
Expansion:
• Achieved Brand awareness of 99% for S&P Bakery & 93% for S&P Restaurant
• Introduced 64 new products with total sales more than Bt.300 M
Marketing:
• 73 outlets were closed from flood situation, but more than 80% were able to operate again within 2 weeks, only 1 outlets is still closing
• All of factories and warehouses were not damaged by flood and be able to operate as usual
• Company has insurance coverage both damage for all of the company's assets and business interruption
Flood Situation:
Revenue and Net Profit
6
4,014 4,378 4,700 5,282
5,879
2007 2008 2009 2010 2011
Revenue (MB)
182 225
293
383
454
2007 2008 2009 2010 2011
Net Profit (MB)
8% 9% 7%
12% 12%
2007 2008 2009 2010 2011
Revenue Growth (%)
-20%
24% 30% 30%
18%
2007 2008 2009 2010 2011
Net Profit Growth (%)
In 2011, Revenue contributes from domestic restaurant and bakery shops 77%,
followed by 13% of international restaurant and 9% of Packaged Food and
Bakery Trading.
Operating and Net Profit
7
4.5% 5.1%
6.2% 7.2%
7.7%
2007 2008 2009 2010 2011
Net Profit Margin (%)
13.0% 12.8% 14.0%
15.2% 16.1%
2007 2008 2009 2010 2011
EBITDA Margin (%)
42.3% 42.5%
43.8%
44.9% 44.8%
2007 2008 2009 2010 2011
Gross Profit Margin (%) Revenue growth and improving
margin resulted in better performance
over the last 5 years.
Domestic Restaurant and Bakery Operations
8
2,980 3,299
3,597
4,044
4,510
2007 2008 2009 2010 2011
Revenue (MB)
342 410
475
773
980
2007 2008 2009 2010 2011
EBIT (MB)
11%
11%
9%
12%
12%
2007 2008 2009 2010 2011
Revenue Growth (%)
11% 12% 13%
19% 22%
2007 2008 2009 2010 2011
EBIT Margin (%)
Domestic Restaurant and Bakery Operations
9
No. of Restaurant & Shop Growth (%)
5%
9%
13%
7%
9%
2007 2008 2009 2010 2011
158 154 166 174 176
110 139 164
179 209
2007 2008 2009 2010 2011
Bangkok Provincial
268
353
293 330
385
No. of domestic outlet grew at 8.5% CAGR during 2007-2011 to 385 outlets
which the growth potential is upcountry zones where new shops have been
located in modern trade/shopping malls .
Domestic Restaurant and Bakery Operations
10
No. of Customers & Average Spending Same Store Growth (%)
21.7 22.1 23.3 25.5 27.0
145 157 164 169
178
-40
10
60
110
160
210
0
5
10
15
20
25
30
35
40
2007 2008 2009 2010 2011
No. of Customers (Million)
Average Spending (Baht/Person)
2.2%
4.2%
1.7%
6.7%
7.7%
2007 2008 2009 2010 2011
No. of customer visits grew to 27 million along with the shop expansion. The average
spending per person rose to Bt178 per customer. The recent same store sale growth
was in the satisfaction level.
Packaged Food and Bakery Trading
11
324
395 421
496
561
2007 2008 2009 2010 2011
Revenue (MB)
15
30
41
48 52
2007 2008 2009 2010 2011
EBIT (MB)
-4%
22%
7%
18%
13%
2007 2008 2009 2010 2011
Revenue Growth (%)
5%
8%
10% 10% 9%
2007 2008 2009 2010 2011
EBIT Margin (%)
International Restaurant
12
693
744
661
700
757
2007 2008 2009 2010 2011
Revenue (MB) 75
44
32
5
-9
2007 2008 2009 2010 2011
EBIT (MB)
1%
7%
-11%
6%
8%
2007 2008 2009 2010 2011
Revenue Growth (%)
11%
6% 5% 1%
-1%
2007 2008 2009 2010 2011
EBIT Margin (%)
Cash Flow
13
Cash Flow from Operations (Btm) Dividend per share (Bt) and Payout Ratio(%)
473 490
584
808 742
2007 2008 2009 2010 2011
1.50
2.15 2.50
3.25
4.00
86%
100%
89% 83% 86%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0.00
1.00
2.00
3.00
4.00
5.00
6.00
2007 2008 2009 2010 2011
Dividend (Bt/Share) Payout Ratio (%)
Strong cash flow from operations reflect the well-managed and sustainable
business, resulting to consistently distributed dividend.
Balance Sheet
14
Net Cash Position (Btm) ROA (%) and ROE (%)
* Net Cash = Cash & Equivalent – Interest Bearing Debt
744
849
993
872 922
2007 2008 2009 2010 2011
7.4% 8.9%
11.1%
13.9% 15.6% 9.4%
12.0%
15.3%
21.0%
25.6%
2007 2008 2009 2010 2011
ROA ROE
S&P has a strong cash position and balance sheet. ROA and ROE have been
improving over the last 5 years.
16
S&P Vision
“The World’s Favorite Thai Restaurant,
Bakery, and Food Products”
17
S&P Key Milestones
Establishment
Listing in the SET
Expansion Outside Thailand
1973 1984 1989 1990 1994 1996 1999 2001 2002 2004 2008 2009 2010 2011 2012
Bakery Factory
UK
Singapore Swiss UK
Food Factory
Austria
China
Malaysia
Taiwan
Domestic Restaurant and Bakery Shop
Domestic Brands – S&P
S&P Restaurant S&P Bakery Shop
Domestic Brands - Specialty
Domestic Restaurant and Bakery Shop
Thailand's Urbanization
Region Restaurant Shop Total
Central 82 190 272
West 2 12 14
East 6 21 27
Northeast 3 23 26
North 8 13 21
South 4 21 25
Total 105 280 385
Domestic Restaurant and Bakery Shop
22
Beijing 1 Patara
12 in Asia
Taiwan 3 Bangkok Jam
Singapore 1 Patara
1 Bangkok Jam 6 Siam Kitchen
International Outlets
9 in Europe
Vienna 1 Patara
London
4 Patara 1SUDA
Geneva
1 Patara 2Thai
International Restaurant
23
Packaged Food and Bakery Trading
Frozen Cake
Delio Cookies
Moon Cake
Quick Meal
Premo
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Packaged Food and Bakery Trading
Bakery Manufacturing
Bakery Factory Cookies Production
Cake Production Quality Control
25
Packaged Food and Bakery Trading
Food Manufacturing
Food Factory Research & Development
Production Production
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Modern Trade Channels
Packaged Food and Bakery Trading
Food Service & OEM
– Restaurant
– Bakery
– Cafe
– Hotel
– Airline
– Convenience store
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Expansion Excellence
o Two Folds:
o Renovating existing
outlets to enhance same
store sales growth;
o Expanding new outlets
to untapped zones
o Target areas: Major
cities and Bangkok
suburbs
o Capital expenditures:
Bt200m
31
Expansion Excellence
o Domestic Restaurant:
o Upcountry Market:
15-20 new outlets
o Bangkok Metropolitan Market:
5-10 new outlets
o Renovates 40-50 outlets to
increase same store growth
o Open new 2-5 Specialty outlets
o International Restaurant:
o Aiming 1-2 outlets in Asia and Europe in the existing countries
32
People Excellence
To enhance professionalism of the food and
beverage industry for brand recognition
Training Center
o Regularly training of all levels
Organized competition
o Cake Master Competition
o Super Chef Competition
o Barista Competition
33
People Excellence
To develop operational skills and preparing workforce
for growth
S&P Student Program (since 2007 / 300+ students)
o S&P Learning Center นักเรยีนศนูยก์ารเรยีน: Vocational Certificate for Retail Business and Culinary
o DVT Dual Vocational Training
นักเรยีนระบบทวภิาค ี
34
Market & Product Excellence
Corporate Branding
o Promote activities with
business partner
o Introduce new
channels to easily
reach customers
Promote with AIS, TRUE, Credit Card
S&P on Wheels (Mobile Unit)
35
Market & Product Excellence
Product Branding
o Emphasize key product
brandings QuickMeal,
Premo, Jelio, UHT Drink
to be easily seen on
the shelves of
Modern Trades
37
Operational Excellence
o Production & Logistic Improvement
o Economy of scale through machine investment
o Operational Development
o Simplify Operational Process
o Menu & Product Rationalization
(decreased 148 SKU in 2011)
o CAPEX : Bt.350M.
38
Corporate Social Responsibility
“S&P Kitchen for Kids”
improved the kitchen for the
schools in the rural area
“S&P Care”
donated food and
necessities to people
in flood area
