Home
Company Profile
Investor Relations
Corporate Social Responsibility
Member Benefit
Contact Us
 
Financial Results
Financial Highlights
Shareholdings
Annual Reports
Announcements
     Investor Relations >
 
  2015 Full Year Results     
 
2015 Full Year Results
 Download 2015 Full Year Results  
Top!
Balance Sheet
Top!
Review of Performance

 

Consolidated Statement of Comprehensive Income

For FY2015, the Group recorded a 8.7% or $12.73 million increase in revenue compared to FY2014, mainly due to the contribution of revenue from new cafeterias launched in second half of FY2015 and significant growth in revenue from the food court segment. Food catering, food retail and fast food segments also experienced organic growth in revenue during FY2015. Consequently, the increase in revenue resulted in an increase in gross profit and cost of sales.

The Group posted a Profit After Tax (PAT) from continuing operations of $7.15 million for FY2015 compared to $6.03 million for FY2014, mainly due to better operating margin contributions from food courts, Peach Garden restaurants and food catering.

As a result of business growth, Marketing and Distribution costs and Administrative expenses (inclusive of depreciation expenses) increased by 27.1% and 13.5% respectively in comparison to FY2014. The increase in Marketing and Distribution costs was mainly due to an increase in marketing budget for new cafeterias launched during FY2015 and other retail brands. The increase in Administrative expenses (inclusive of depreciation expenses) was mainly due to the increase in manpower costs caused by the labour crunch during FY2015. Finance costs increased due to increase in interest expenses as additional bank loans taken up to finance the new cafeterias and the new HQ building during FY2015.

Repair and Maintenance and Upkeep of Motor Vehicles decreased due to the replacement of some trucks in FY2015 which resulted in lower vehicle repair and upkeep costs, lower fuel costs incurred due to the lower energy price and lower repair and maintenance costs incurred for the old HQ building in view of the completion of new HQ building in early 2016.

Other credits increased mainly due to the increase of government grant eceived during FY2015. Impairment of plant & equipment of $0.52 million was provided for certain food retail outlets under commercial rental leases which will expire in FY2016 or FY2017 and not expected to be renewed.

The increase in income tax expenses was the result of increase in taxable income for FY2015.

Statements of Financial Position

The increase of $30.91 million in Property, Plant And Equipment was attributed to the capitalisation of the costs of investment related to the new HQ building in progress.

Other assets (Non-Current and Current) increased by $2.06 million during Y2015 mainly due to prepayments and deposits paid for new cafeterias launched during FY2015 and advance and tender deposits paid for outlets and food courts.

Other financial liabilities (Non-Current and Current) increased by $27.25 million in FY2015 mainly due to the increase in bank borrowings for new cafeterias lauched in FY2015 and new HQ building in progress.

Trade and other payables (Current) increased by $3.97 million mainly due to the increase in subcontractor payments for renovation works of cafeterias, food retail and fast food outlets and new HQ building in progress during FY2015.

Other Liabilities (Non-Current and Current) increased by $0.95 million in Y2015 due to increase in rental provision of rent-free periods for the new cafeterias launched in FY2015.

The group has a negative working capital (Total Current Assets less than Total Current Liabilities) for FY2015. Payments made for dividends and rental deposits during FY2015 reduced the current assets, while increases in rovision of renovation works and rental provision of rent-free periods for new afeterias, food retail and fast food outlets and progressive payment accrued for new HQ building in progress during FY2015 increased the
current liabilities.

Consolidated Statement of Cash flows

The Group’s operations in FY2015 generated a net cash flow of $20.86 million from operating activities compared to $14.85 million in FY2014. The increase was due mainly to the increase in revenue and better net profit margin for FY2015.

The increase of cash used in investing activities was mainly due to the nvestment in new HQ building during FY2015. The increase in net cash used in financing activities was mainly due to new bank loans obtained in FY2015 for new HQ building in progress.

The increase in cash balance compared to FY2014 was mainly the result of the above.

 
Top!