QUARTERLY UPDATE 1Q2018
Disclaimer This presentation contains certain forward looking statements. Such forward looking statements (the words "believe“, "anticipate“, "estimate“, "target“, or "hope", or that otherwise relate to objectives, strategies, plans, intentions, beliefs or expectations) are not guarantees of future performances or events and involve risks and uncertainties, and actual results may differ from those in the forward looking statements as a result of various factors and circumstances. The views, analyses and opinions expressed herein contain some information derived from publicly available sources and third party information providers. Mudman Public Company Limited and its affiliates (“ Mudman ”) undertakes no representation or warranty is made as to the accuracy, completeness, or reliability of such information and no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. Mudman makes no representation whatsoever about the opinion or statements of any analyst or other third party. Mudman does not monitor or control the content of third party opinions or statements and does not endorse or accept any responsibility for the content or the use of any such opinion or statement. Nothing in this presentation should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of securities in any jurisdiction. This presentation is not intended to be any type of investment advice and must not be relied upon as such. You must always seek the relevant professional advice before otherwise making any such financial, legal or commercial decisions. 2
TABLE OF CONTENTS 1) What’s New in 1Q/18 to Date 2) Group Performance Appendix: Company Profile
What’s New in 1Q/18 to Date
What’s New in 1Q/18 to Date Owned Brands Key Highlights DOMESTIC (17 stores*): • Upcoming store : Negotiating on potential sites in Bangkok and Major provinces • Kin Hey by Greyhound Café : new street food concept with a twist INTERNATIONAL (1 8 stores**): • New store : Hong Kong - Whampoa Garden (Dec- 17) ….. Franchised store London - Fitzrovia (1 st Flagship Store opened in Dec- 17) ….. Owned store • Upcoming store : Negotiating with potential partners in major countries / cities Promotions / Events: Kin + Hey Special Menu " E-SARN BAAN HOUND" 15% discount every Monday Note: : * New store includes not only new outlet, but also new location of closed store (relocation store) ** 17 franchised stores & 1 owned-flagship store 5
What’s New in 1Q/18 to Date (cont’d) Owned Brands Key Highlights • Total store: 11 stores (1Q/18) • New Business Concept: To leverage creativity & twist of Greyhound brands to create unique concepts & products Promotions / Events: Life is easy Collection C.U.B. House ** Smileyhound Collection Greyhound Original x A.P. Honda • Professional cafeteria business & IPD food service • Current operation at Ramkamheng Hospital since June 2015 Note: * New store includes not only new outlet, but also new location of closed store (relocation store) 6 ** Credit picture from 9CARTHAI.com
What’s New in 1Q/18 to Date (cont’d) Owned Brands Key Highlights • Total store: 1 stores (1Q/18) • A gastronomical restaurant in Paris (2-Michellin stars) with more than 200 years • New Business Concept: MM and chef Guy Martin are studying on potential locations and developing new concepts 7
What’s New in 1Q/18 to Date (cont’d) Master Franchises Key Highlights • Total store: 288 stores (1Q/18)* • Upcoming store: Ying Charoen Market (2Q/18) Sripong Park Mall (Utaradit) (2Q/18) Metro Mall Sukhumvit (2Q/18) Promotions / Events: Mango Donuts DD Card (Available @ Every Stores) (Available @ Every Stores) Note: * Exclude catering service 8 ** New store includes not only new outlet, but also new location of closed store (relocation store)
What’s New in 1Q/18 to Date (cont’d) Master Franchises Key Highlights • Total store: 75 stores (1Q/18)* • New store**: Summer Hill (March -18) • Upcoming store: The Mall Bangkapi (2Q / 18) Central Plaza - Rama 3 (2Q / 18) Promotions / Events: Au Bon Pain X Baskin Robbins Buy 1 Get 1 @ 12.00 – 4.00 p.m. (Available only @ Au bon pain some stores) Until 30 th April 2018 Note: * Exclude catering service 9 ** New store includes not only new outlet, but also new location of closed store (relocation store)
What’s New in 1Q/18 to Date (cont’d) Master Franchises Key Highlights • Total store: 34 stores (1Q/18)* • Upcoming store: Central World Plaza (2Q/18) Central Phuket Floresta (3Q/18) Negotiating on potential sites in Bangkok and Major provinces Promotions / Events: Buy 1 get 1 free_student only Flavor of the Month @ 69 Baht (Available @ every stores) (Available @ every stores with different flavor every months) Special menu: Charcoal Coconut (Available @ every stores) New York Shortcake Sunday Milkshake discount 15 % (Available @ every stores) (Available @ every stores every Thursday) Note: * Exclude catering service 10
Group Performance Mudman Group
Mudman Group - Key Financial Performance THB mm + 9.6% YoY 808 820 Key Takeaways + 3.9% QoQ Revenues 800 777 • 1Q/18 Revenues reported THB 808 mm or YoY 780 growth of +9.6%, mainly due to revenues from 760 738 735 740 new restaurants in London (Greyhound Café) and 720 720 Paris (Le Grand Vefour) 700 680 • EBITDA in 1Q/18 reported THB 61 mm (7.6% 660 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 margin) which is lower than 1Q/17 (8.6% margin), Stores * 433 438 427 433 436 primarily due to extra expenses (i.e. EBITDA media/advertising expenses to promote new 70 63 64 62 61 restaurants) and increasing labor costs 60 49 50 • Net margin in 1Q/18 recorded (1.0%), resulting 40 from the extra expenses, non-cash items 30 (Purchase Price Allocation), and intense industry 20 competition 10 0 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 • Going forward, MM is aiming not only to boost EBITDA margin 8.6% 6.8% 8.7% 7.9% 7.6% revenues (i.e. menu restructuring), but also %SG&A/Revenues 61.0% 63.0% 59.7% 60.1% 61.1% create competitive advantage on costs & expenses (i.e. lowering SG&A) - Net Profit (3) (5) 5% (8) (10) (12) (15) Revenues Food & Beverage (16) Breakdown (20) Fashion Lifestyle (3-mth) (20) 95% (25) Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Net margin (2.1%) (2.8%) (0.4%) (1.5%) (1.0%) Note: * Excluded international stores 12
Mudman Group - Key Financial Performance (cont’d) SSSG & TSSG Financial Position 6,500 2.0 1.1 8% 0.5 0.5 0.4 0.4 3.9% 1.0 5,500 4% 1.6% - 4,311 0.9% 4,236 4,500 3,872 3,855 3,762 -1.0 1.5% 0% 3,500 -2.0 (4.3%) 2,845 1,799 2,837 (5.3%) (2.6%) (2.4%) -3.0 -4% 2,845 2,855 2,500 -4.0 1,500 -8% 1,962 -5.0 1,466 1,399 1,028 1,000 (9.0%) 500 -6.0 (10.3%) -12% Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 -500 -7.0 SSSG - F&B TSSG - F&B Liabilities Equities D/E Net Debt / LTM EBITDA** • 1Q/18 SSSG* of F&B decreased by 2.4% YoY, attributable to lower 5.8 consumer spending and intense industry competition 4.7 • 4.8 TSSG of F&B reported +0.9% YoY, primarily from discipline of new opening stores 3.8 • Debt-to-Equity was 0.5x as of Mar-18, much lower from 1.10x as of Mar-16 (pre-IPO), mainly due to the debt repayment from IPO in Apr- 2.8 2.2 2.1 17. The slightly-increased assets was mainly from additional loan for 1.8 the acquisition (restaurant in Paris) in 4Q/17 0.9 0.9 • Net debt / LTM EBITDA in 1Q/18 reported 2.2x much lower from 4.7x 0.8 at Mar-17 (pre-IPO) with slightly increase from 4Q/17 (2.1x), primarily -0.2 due to the acquisition in 4Q/17, financed with debt of THB 338 mm Q1/17 Q2/17 Q3/17 Q4/17 Q1/18 Note: * SSSG is calculated based on operating stores in the same comparing period (i.e. exclude stores operating only two months in comparing quarter) ** Last-twelve-month EBITDA 13
Recommend
More recommend
