Fj Benjamin Holdings Ltd. · SGX:F10
Fj Benjamin — FY2014 Earnings Presentation
16 slides from Fj Benjamin's earnings presentation, Aug 22, 2014
Slide 1: FY 2014 Financial Results
NASH BENJAMIN Chief Executive Officer F J Benjamin Holdings Ltd FY 2014 FINANCIAL RESULTS 22 August 2014
Slide 2: Highlights
Highlights ASD 1. Turnover down 1% to $368.2 million 2. Net loss of $22.1 million 3. Gross margin declines to 39% 4. Directors recommend dividend of 0.25 cents per share 2
Slide 3: Financial Highlights
Financial Highlights S$'000 FY 14 FY 13 Variance % Turnover 368,200 373,403 (5,203) -1 Gross margin 39% 43% Operating expenses 166,956 163,628 3,328 2 Operating (loss)/profit (12,616) 7,538 (20,154) nm Underlying net loss (14,284) (1,093) (13,191) nm Net (loss)/profit after tax (22,096) 4,039 (26,13
Slide 4: The business was hard hit by a slowdown in luxury spending in North Asia
The business was hard hit by a slowdown in luxury spending in North Asia, protracted discounting among Southeast Asia retailers and rising costs in Singapore 4
Slide 5: Turnover
Turnover Turnover & Gross Margin S$ ‘000 North Asia declines, continued growth in 42.7% 42.8% 42.7% SE Asia 41.2% 39.1% •Group turnover down 1% to $368.2 million •Fashion business rises 5%, timepiece falls 16% Gross Margins •5% and 2% increases in fashion business and Turnover timepiece sales in Sou
Slide 6: Turnover By Business Segment
Turnover ($’000) FY 2013 FY 2014 692 900 0.2% 92,083 0.2% 109,850 29.4% 25% 262,861 70.4% 275,217 74.8% Fashion Timepiece Others By Business Segment 6
Slide 7: Turnover By Geography
Turnover ($’000) FY 2013 FY 2014 8,327 10,532 39,858 2% 3% 61,644 11% 17% 317,810 303,432 86% 81% Southeast Asia North Asia Italy/UK/USA By Geography 7
Slide 8: Expenses
Expenses Higher expenses • Group operating expenses rise 2% to $167.0 million due to higher staff costs, rental and depreciation charge • Cost-to-revenue ratio higher at 45.3% 8
Slide 9: Aggressive markdowns by retailers in Singapore and Malaysia
ASD Aggressive markdowns by retailers in the key markets of Singapore and Malaysia eroded profitability for the Group’s lifestyle brands 9
Slide 10: Profit
Profit Net Profit/(Loss) After Tax S$ ‘000 Net loss for the year compounded by non-cash items 13,541 12,770 • Net loss at $22.1 million against profit of $4.0 8,260 million in the previous year; 4Q14 operating loss of $12.9 million 4,039 • Non-cash items totalling $7.8 million comprised: a) Fair val
Slide 11: Dividends/EPS
Dividends/EPS Dividend Per Share Earnings Per Share cents cents 2 2 2.28 2.44 1.45 0.78 1 2010 2011 2012 2013 2014 0.5 0.25 2010 2011 2012 2013 2014 -3.89 11
Slide 12: Retail Footprint
Retail Footprint TOTAL SQUARE FOOTAGE NUMBER OF STORES 250 200 150 441 445 100 416 50 0 FY 12 FY13 FY14 FY15* FY 12 FY13 FY14 FY15* Australia 0 0 0 0 Hong Kong 5 4 1 0 Indonesia 95 106 112 128 Malaysia 65 67 73 74 Singapore 28 35 40 35 FY13 Total 193 212 226 237 FY14 FY15* 12 * Projected figures
Slide 13: Outlook
@ F BENJAMIN Outlook 13
Slide 14: Outlook
Outlook Consumer spending and sentiment to remain muted in the near to medium term • Measures taken to cut costs and improve productivity • Steps taken to reduce inventory, downsize and close underperforming stores; number of stores in Singapore to fall to 35 by end FY2015 from 40 currently • Streng
Slide 15: Outlook
Outlook • Expansion to focus on the larger and growing markets of Indonesia and Malaysia; total number of stores there will rise to 202 by end FY2015 from the current 185 • The Group recently forged an alliance with Indonesian investment firm Saratoga to enhance growth in its Indonesian business • T
Slide 16: Contact
Contact Cheryl Li Catherine Ong F J Benjamin Holdings Ltd Catherine Ong Associates Pte Ltd Tel: (65) 6508 7708 Tel: (65) 6327 6088 Cheryl.li@fjbenjamin.com cath@catherineong.com