BTG 3Q2017 Presentation Slides (After BODdddd)breadtalk.listedcompany.com/newsroom/20171106_070139_5DA...2017/11/06 · S$ Million 3Q 2017 3Q 2016 9M 2017 9M 2016 Operating cash flow

Financial Results

Third Quarter 2017

6 November 2017

BreadTalk Group Limited

Bakery Food Atrium Restaurant 4orth

2

BREADTALK GROUP LIMITEDDivisions - Brands

Note: Din Tai Fung and Song Fa are franchised brands

BAKERY

4ORTH

RESTAURANTFOOD ATRIUM

OTHERS

3Q 2017 FINANCIAL HIGHLIGHTSIncome Statement Highlights

3

S$ Million 3Q 2017 3Q 2016 Y/Y 9M 2017 9M 2016 Y/Y

Revenue 154.3 157.3 -2.0% 449.5 461.7 -2.6%

Bakery 77.2 78.6 -1.7% 223.1 229.2 -2.7%

Food Atrium 38.8 40.6 -4.5% 112.4 120.8 -6.9%

Restaurant 35.3 35.0 0.9% 104.8 102.2 2.5%

4orth 1.8 2.0 -9.8% 5.7 5.9 -4.1%

Others 1.1 1.2 -2.5% 3.4 3.5 -1.6%

EBITDA 20.1 21.1 -4.6% 64.9 59.4 9.1%

Bakery 7.4 9.6 -22.3% 18.7 21.6 -13.3%

Food Atrium 5.9 3.8 52.7% 17.7 7.8 127.0%

Restaurant 8.3 7.6 9.3% 22.3 20.8 7.0%

4orth 0.3 0.1 202.5% 0.3 0.1 71.6%

Others (1.7) (0.0) N.M 6.0 9.1 -34.6%

EBITDA Margin 13.0% 13.4% -0.4 ppt 14.4% 12.9% +1.5 ppt

Bakery 9.6% 12.2% -2.5 ppt 8.4% 9.4% -1.0 ppt

Food Atrium 15.1% 9.5% +5.7 ppt 15.7% 6.4% +9.3 ppt

Restaurant 23.5% 21.7% +1.8 ppt 21.2% 20.4% +0.8 ppt

4orth 13.9% 4.1% +9.8 ppt 4.5% 2.5% +2.0 ppt

Others -152.2% -1.2% -151.0 ppt 174.3% -6.5% +180.8 ppt

Net Profit 4.0 3.3 22.2% 16.8 7.0 139.5%

Net Margin 2.6% 2.1% +0.5 ppt 3.7% 1.5% +2.2 ppt

Core F&B Net Profit 6.2 4.8 30.0% 12.1 2.4 395.9%

Core F&B Net Margin 4.0% 3.0% +1.0 ppt 2.7% 0.5% +2.2 ppt

EPS (cents) 1.41 1.16 21.6% 5.96 2.49 139.4%

DPS (cents) 1.00 0.00 N.M 4.00 1.85 116.2%

4

GROUP KEY FINANCIAL HIGHLIGHTS

9M 2017 REVENUE: S$449.5M 9M 2017 REVENUE BY GEOGRAPHY 9M 2017 EBITDA: S$64.9M

EBITDA MIX BY BUSINESSREVENUE MIX BY GEOGRAPHYREVENUE MIX BY BUSINESS

55%

28%

11%

6%

Singapore$254.5m 57%

China$123.6m 27%

Hong Kong$40.6m 9%

Others$30.8m 7%

9M 2017

9M 201650%

27%

22%

1%

Bakery$223.1m 50%

Food Atrium$112.4m 25%

Restaurant$104.8m 24%

4orth$5.7m 1%

9M 2016

9M 2017

36%

13%

35%

0%Bakery$18.7m 29%

Food Atrium$17.7m 27%

Restaurant$22.3m 34%

4orth$0.3m 0%

9M 2017

9M 2016

STRONG PRESENCE ACROSS ASIAStrong foothold across 17 territories in Asia and Middle East

5

OUTLET DISTRIBUTION BY GEOGRAPHY OUTLET DISTRIBUTION BY BUSINESS SEGMENT

Singapore164

China390

Thailand48

Others340

FY 2016

Net Increase/

(Decrease) 9M 2017

Bakery 862 (3) 859

Direct Operating 260 (5) 255

Franchise 602 2 604

Food Atrium 57 (3) 54

Restaurant 24 0 24

Din Tai Fung 24 0 24

4orth 6 (1) 5

Ramen Play 6 (6) 0

Sō 0 5 5

3Q 2017 FINANCIAL HIGHLIGHTSBalance Sheet Highlights

6

CASH & CASH EQUIVALENT VS NET DEBT

CURRENT ASSET VS CURRENT LIABILITIES

94 83

4 4 9 22

207

229

FY 2014 FY 2015 FY 2016 1Q 2017 2Q 2017 3Q 2017

Net current liabilities (S$ Million) Current assets (S$ Million)

Current liabilities (S$ Million)

125

34

0

20

40

60

80

100

120

140

FY 2014 FY 2015 FY 2016 1Q 2017 2Q 2017 3Q 2017

Cash and cash equivalents (S$ Million) Net debt (S$ Million)

S$ Million 3Q 2017 3Q 2016 FY 2016

Total assets 516 528 534

Cash and cash equivalents 125 112 121

Accounts receivables 54 56 57

Inventories 10 10 10

Investment securities 0 0 17

Other current assets 18 6 6

Current assets 207 183 212

Property, plant and equipment 163 186 181

Investment securities 73 90 73

Non-current assets 309 344 322

Total liabilities 357 382 382

Accounts payables 83 82 86

Current liabilities 229 206 216

Non-current liabilities 127 176 166

Borrowings and debt securities 159 192 181

Short term 45 30 31

Long term 114 162 150

Net debt 34 79 61

3Q 2017 FINANCIAL HIGHLIGHTSCash Flow Highlights

7

S$ Million 3Q 2017 3Q 2016 9M 2017 9M 2016

Operating cash flow before working capital changes 20 26 58 64

Net cash flow from operating activities 17 34 49 62

Less:

Capital ex penditure (7) (13) (23) (31)

Inv estment in associate & joint v enture (1) (1) (4) (3)

Net cash flow used in investing activities (15) (14) (4) (18)

Free cash flow 10 21 26 32

Net decrease in bank borrow ings (2) (10) (22) (10)

Net cash flow used in financing activities (6) (19) (40) (25)

Net cash flow (3) - 6 19

S$ Million 3Q 2017 3Q 2016 9M 2017 9M 2016

Operating cash flow before working capital changes 20 26 58 64

Net cash flow from operating activities 17 34 49 62

Less:

Capital ex penditure (7) (13) (23) (31)

Inv estment in associate & joint v enture (1) (1) (3) (3)

Net cash flow used in investing activities (15) (14) (4) (18)

Free cash flow 10 21 26 32

Net decrease in bank borrow ings (2) (10) (22) (10)

Net cash flow used in financing activities (6) (19) (40) (25)

Net cash flow (3) - 6 19

8

3Q 2017 FINANCIAL HIGHLIGHTSFinancial Ratios

9M 2017 9M 2016 FY 2016

Trade Receiv ables Turnov er (day s) - Franchisee 92 89 84

Trade Receiv ables Turnov er (day s) - Non franchisee 2 2 2

Total Receivables Turnover (days) 8 7 7

Inventory Turnover (days) 24 28 26

Trade Payables Turnover (days) 29 28 29

Cash Conversion Cycle (days) 3 9 4

Net Debt/Shareholder's Equity 0.26x 0.62x 0.46x

Net Debt/EBITDA 0.71x 1.74x 0.69x

EBITDA/Interest ex pense 17.84x 13.23x 14.76x

Rest of the world: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Myanmarr, Cambodia,Taiwan, Kuwait, Sri Lanka, Bahrain, Oman, Saudi Arabia & Qatar

BAKERY DIVISION

9

REVENUE 9M 2017 REVENUE BY GEOGRAPHY

EBITDA VS EBITDA MARGIN

Singapore 44%

China 41%

Hong Kong 11%

Rest of the world4%

50

100

150

200

250

300

350

FY10 FY11 FY12 FY13 FY14 FY15 FY16 9M16 9M17

Revenue (S$ Million)

-2.7%

11.0%

9.3%8.6% 8.8%

7.8%7.3%

9.9%9.4%

8.4%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

12.0%

0

5

10

15

20

25

30

35


EBITDA (S$ Million) EBITDA Margin (%)

BAKERY DIVISION

10

SEA: Malaysia, Thailand, Philippines, Indonesia, Vietnam, Myanmar & CambodiaInternational: Taiwan. Kuwait, Sri Lanka, Bahrain, Oman, Saudi Arabia & Qatar

NUMBER OF BAKERY OUTLETS 9M 2017 OUTLET DISTRIBUTION BY GEOGRAPHY

129

862 859

0

200

400

600

800

1000

FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 9M17

Number of outlets

China 363

Hong Kong 23

Singapore 123

SEA*314

International36

FOOD ATRIUM DIVISION

11



SEA: Malaysia & Thailand

0

50

100

150

200



-6.9%

Singapore 44%

China31%

Hong Kong 14%

SEA*5%

Taiwan6%

16.8%16.1%

13.3%

15.1% 14.7%

10.3%

7.7%6.4%

15.7%

0.0%

5.0%

10.0%

15.0%

20.0%

0

5

10

15

20

25



FOOD ATRIUM DIVISION

12

NUMBER OF FOOD ATRIUM OUTLETS 9M 2017 OUTLET DISTRIBUTION BY GEOGRAPHY

SEA: Malaysia & Thailand

China27

Singapore 15

Hong Kong 4

Taiwan 3

SEA*5

19

57

54

0

20

40

60

80


Number of outlets

RESTAURANT DIVISION

13



Singapore 93%

Thailand7%

0

25

50

75

100

125

150



+2.5%

9.5%11.3%

14.6% 15.4%16.5%

25.3%

21.4%20.4%

21.2%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

0

5

10

15

20

25

30

35



RESTAURANT DIVISION

14

NUMBER OF RESTAURANT OUTLETS 9M 2017 OUTLET DISTRIBUTION BY GEOGRAPHY

Singapore 21

Thailand3

5

24 24

0

10

20

30


Number of outlets

0

2

4

6

8

10

12

14

16

18


4ORTH DIVISION

15

REVENUE


-14.0%

-6.8%-5.3%

-6.8%

-13.4%

-4.3%

-0.9%

2.5%

4.5%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

-2.5

-2.0

-1.5

-1.0

-0.5

0.0

0.5



NUMBER OF 4ORTH OUTLETS

-4.1%

8

6

5

0

2

4

6

8

10

12

14

FY10 FY11 FY12 FY13 FY14 FY15 FY16 9M17

CONTACT US

16

Mr. Chan Ying JianGroup Chief Financial Officer

Mr. Benjamin TayInvestor Relations

Tel - (65) 6285 6116Email - [email protected]

BTG 3Q2017 Presentation Slides (After BODdddd)breadtalk.listedcompany.com/newsroom/20171106_070139_5DA...2017/11/06 · S$ Million 3Q 2017 3Q 2016 9M 2017 9M 2016 Operating cash flow

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