Soup Restaurant Group Investor News
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Continuing operations
Group revenue for the financial year ended 31 December 2013 ("FY2013") was S$38.0 million, an increase of S$2.8 million or 7.8% as compared to S$35.3 million for last year ("FY2012"). This was largely attributed by the additional contributions from four new outlets which commenced operations during the first half of the year as well as improved revenue from the existing outlets. The increase in revenue was partially offset by the loss of revenue from the closure of two outlets when their leases expired during the year.
Purchases and other consumables were higher by 0.6 percentage point at 23.0, % of revenue attributable by the higher food costs for the new brands. As a percentage of revenue, employee benefits expenses rose to 34.7% of revenue in FY2013 as a result of wage revision, increase in casual workers, higher CPF contributions and foreign worker levies. Depreciation and amortisation expenses also recorded an increase of S$0.2 million to S$1.7 million in FY2013, owing to additional fixed assets acquired during the renovation of new and existing outlets. Other operating expenses increased to S$14.0 million as compared to S$13.8 million in FY2012, mainly due to increased costs associated with the relocation and closure of outlets, pre-operating expenses for new outlets as well as higher rental but these increases were offset by lower advertising expenses and professional fees.
As a result, the profit before income tax increased by S$0.2 million or 26.3% as compared to FY2012. Earnings per share also increased from 0.10 cent in FY2012 to 0.16 cent in FY2013.
Commentary
The business environment for food and beverage (F&B) companies is expected to remain challenging with continuing manpower shortages and rising operating costs such as rental, utilities and food costs.
The Group's revenue for the past year had increased by 7.8%, coupled with profits before income tax for continuing operations improving by 26.3%.
The Group will continue to aggressively reduce overheads and costs by vertical integration of the supply chain.
Moving forward, the Group expects expansion of outlets both locally and regionally and expansion of our FMCG business by retailing sauces, produced by our food processing facility, both locally and overseas.
The Group expects to work closely with international supply and distribution institutions to reduce food costs and leverage on their distribution networks.
We have also teamed up with the Agency for Integrated Care and the Health Promotion Board as part of a Chef Consultancy initiative to enhance the quality and nutritional value of home-delivered meals for the "Meals-on-Wheels" programme under Thye Hua Kwan Moral Charities (West) and Sunshine Welfare Action Mission. The Group will plan enhanced menus and provide ready-to-use sauces to these homes to create variety and standardise the tastes of dishes.