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Bangladesh Limited Investor BANGLADESH LIMITED INVESTOR PRESENTATION March 2019 Today’s Presenters Gavin Walker MHM Fairoz Chairman Chief Executive Officer Singer Bangladesh Limited Singer Bangladesh Limited President & CEO Singer Asia Limited 2 Company Profile Industry Retail and consumer finance Household consumer durables Revenue1 US$ 164m / BDT 13,7bn Shareholder structure2 1 EBITDA US$ 20.0m / BDT 1,7bn (Listed on DSE since 1983 & CSE since 2001) EBITDA margin1 12.4% Net income1 US$ 11.0m / BDT 921m Number of retail stores2 385 2 Number of employees 1,507 3 Number of shareholders2 9,273 Note: 1. For 12 months ended 31 Dec 2018 2. As at 31 Dec 2018 3. Held via Retail Holdings Bhold B.V. Details of the group structure are provided in Appendix 1 3 Key Growth Drivers 4 Key Growth Driver 1 - Robust economic fundamentals Great environment for long-term growth Note: 1. Middle & affluent class 2. World Bank 3. Product penetration rates amongst Bangladesh households remains very low in certain product categories (for example; air conditioners 3%, washing machines 2%, personal computers 5%, refrigerators 20%) – company estimates 5 Key Growth Driver 2 - Strong brand and reputation is one of the most recognised brands in Bangladesh Notes: 1. Company history is set-out in Appendix 2 2. Awarded - No 1 Refrigerator Brand in Bangladesh by Bangladesh Brand Forum/ AC Nielson 3. Awarded super brand status in consumer durable industry 6 Key Growth Driver 2 - Strong brand and reputation is one of the most recognised brands in Bangladesh Notes: 1. Awarded annually by ICSB 2. Emerging Credit Rating Agency 7 Key Growth Driver 3 – Extensive product portfolio A leading position in multiple product categories Home appliances 68%1 Consumer electronics 25%1 Refrigerators & Washing Air Televisions Laptops freezers machines conditioners Furniture 2%1 Sewing machines 4%1 Others 1%1 Sitting Bedroom Dining Zig-Zag Straight Instant power Voltage room sets sets room sets model stitch model supply stabilizer House brands – 90%1 Third-party (including) - 10%1 Own TRUSTED INTERNATIONAL BRAND Note: 8 1. Based on sale of goods for 12 months ended 31 December 2018 Key Growth Driver 3 – Extensive product portfolio Margin growth through local manufacturing / Significant capacity increases planned Notes: 1. Current maximum capacity assuming a double shift 2. Of products sold during the 12 months ended 31 December 2018, 50% were manufactured or assembled in house to save duties and transport costs. This is likely to exceed 60% in 2019 9 3. Technical partners for factory and materials Key Growth Driver 4 - Extensive distribution Largest retail distribution network in Bangladesh Note: 1. As at 31 December 2018 10 Key Growth Driver 4 - Extensive distribution Multiple store formats – Focus on increasing store sizes Total: 24 stores1 Larger flagship store format (ave. store size 291 sqm1) Total: 361 stores1 Products Wider premium range of HCDs and furniture Main retail format (ave. store size 159 sqm1) Products HCDs, house brands , third-party brands and furniture Total: 721 stores1 Wholesale dealers (ave. store size 100sqm1) Products House brand HCDs Notes: 1. As at 31 December 2018 2. The retail stores comprise 80%, whilst the wholesale dealers 20% of total revenue (for 12 months ended 31 December 2018) 11 Key Growth Driver 5 - Multiple financial services offerings Drives significant footfall to stores Consumer credit products1 Financial services (over 66,500 transactions per month2) Hire purchase Consumer protection plans • 66% of retail sales2 Utilities payments (Bill Pay) • 136,421 accounts3 Initial Monthly Payment Payments • Over 100 years experience Remittances (Western Union) • Unique Singer processes1 Mobile phone re-loads (Grameen Phone) • Low credit default rates1 • 94%+ of receivables in advance1 Mobile Money (Bkash) Note: 1. Details of credit granting, monitoring and collection processes are provided in Appendix 3, with details of receivables performance in Appendix 4 2. For the 12 months ended 31 December 2018 3. As at 31 December 2018 12 Financials - Revenue growth Revenue (BDT Billion / US$ Million)1 BDT Billion USD million 18 180 15 150 % = 16 S$ / U 12 19% 120 T = BD AGR E C ENU 9 REV 90 EAR 14 Y 6 60 3 30 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Revenue BDT billion Revenue USD million Note: 1. Revenue for 12 months ended 31 December 2018 2. General election instability impacted 2009 and 2013, whilst 2015 was affected by civil unrest 13 Financials – Revenue analysis 2018 Revenue % Retail - Singer Interest earned Mega and other 9% Interest & other Retail credit - 2% Wholesale long term Wholesale 2% 19% 10% 19% Retail Cash 27% Retail - Singer Retail credit - Plus short term 70% 42% Notes: 1. For 12 months ended 31 December 2018 14 Financials - Profitability ratios Gross profit and total overheads Gross profit Operating expenses 4,500 36% 4,500 36% 4,000 28.5% 32% 4,000 32% 28.8% 28.2% 26.7% 3,500 28% 3,500 28% 3,000 24% 3,000 24% 18.6% 18.4% 17.7% 2,500 20% 2,500 16.6% 20% 2,000 16% 2,000 16% 1,500 12% 1,500 12% 1,000 8% 1,000 8% 500 4% 500 4% - 0% - 0% 2015 2016 2017 2018 2015 2016 2017 2018 Operating expenses BDT million % of revenue Gross Profit BDT million % of revenue Notes: 1. For 12 months ended 31 December 2018 15 Financials – Focus on cost control Components of total operating expenses as a % of revenue 20.0% 18.6% 18.4% 17.7% 18.0% 16.6% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2015 2016 2017 2018 Employee benefits 5.8% 5.8% 5.4% 5.0% Advertising & promotion 3.6% 5.1% 5.0% 4.7% Rent and occupancy 2.9% 2.5% 2.4% 2.3% Royalty 1.5% 1.1% 1.1% 1.3% Depreciation & amortization 0.8% 0.6% 0.6% 0.5% 2 Others 4.0% 3.3% 3.3% 2.7% Notes: 1. For 12 months ended 31 December 2018 2. Others comprises items such as product guarantee costs, travel and vehicle costs, bad debts and other sundry expenses 16 Financials - Profitability ratios EBITDA and net profit EBITDA Net profit 1,800 18% 1,500 15% 1,500 15% 1,200 12% 12.4% 1,200 12% 10.8% 9.9% 900 9% 11.6% 6.8% 900 9% 600 6% 6.9% 600 6% 5.5% 6.2% 300 3% 300 3% - 0% - 0% 2015 2016 2017 2018 2015 2016 2017 2018 EBITDA BDT million EBITDA margin % Net profit BDT million Net profit margin % Notes: 1. For 12 months ended 31 December 2018 17 Financials - Summary BDT in million (unless otherwise indicated) 2018 2017 2016 2015 2014 2013 Income statement Revenue 13,701 11,059 9,007 6,911 7,262 6,605 Revenue growth (%) 23.9% 22.8% 30.3% 9.9% -1.5% EBITDA1 1,674 1,256 944 663 637 636 EBITDA growth (%) 33.3% 33.1% 42.4% 0.2% -21.0% Net profit 921 746 546 369 362 382 Net profit margin (%) 6.7% 6.7% 6.1% 5.3% 5.0% 5.8% Net profit growth (%) 23.5% 36.6% 48.0% -5.2% -22.1% Balance sheet as at end December Inventories 3,897 2,968 2,160 1,127 1,522 1,254 Trade receivable 2,225 1,856 1,538 1,042 881 946 Trade payable 1,646 1,508 1,158 804 735 719 Net working capital 4,476 3,316 2,540 1,365 1,668 1,481 Cash and cash equivalent 195 203 152 104 153 168 Total interest bearing borrowings 2,775 1,587 1,131 19 218 26 Shareholder's equity 2,299 2,160 1,947 1,417 1,527 2,633 Debt to equity ratio (times) 1.2 0.7 0.6 0.0 0.14 0.01 Notes: 1. EBITDA calculated as net operating profit plus depreciation and amortization 2. Information for the 12 months ended / or as at 31 December 2018 18 Appendices 19 Appendix 1 – Group structure UCL Asia Retail Gavin Walker Partners LLP Holdings NV (Sewko CEO) 41.1% 54.1% 4.8% 100% 57.0%1 Singer Bangladesh Limited 83.8%2 International Appliances Limited (IAL) Note: 1. Singer Asia Limited shares in Singer Bangladesh Limited are held via wholly owned intermediate holding companies, with the immediate shareholder being Retail Holdings Bhold B.V. 2. Singer Bangladesh purchased the minority shareholder interests in IAL in early 2019 20 Appendix 2 – Growing and evolving during 114 years in Bangladesh Single product / single brand – 52 years Multi-product / single brand – 48 years Multi-product / multi-brand – 13 years 1851 1905 1988 2005 2008 2012 2014 . Isaac Merritt . Singer . Singer . Singer . Singer launches . Singer . Singer Singer founds commences commences introduces an new financial commences commences I.M. Singer & operations in television improved credit services air conditioner furniture Company Bangladesh assembly in system and products, assembling in manufacturing (“Singer”) and Bangladesh commences including inward Bangladesh in Bangladesh commences expansion of its remittance, in- production of distribution store bill payment sewing network and mobile machines in the phone reload . Introduces third United States services party brands 1856 1957 2004 2007 2010 2013 2016 . First Singer . Singer . Singer . Singer . Singer . Singer introduces . Singer forms implements becomes commences introduces sale of home Singer Asia to hold Mega store new distributor for refrigerator installment appliances to Asia interests opens in additional third- manufacturing in payment plan complement Bangladesh Information . UCL Asia acquires party brands Bangladesh sewing machine systems (SIS) stake of Singer sales in the Asian Asia markets 21 Appendix 3 - Proven credit approval, monitoring & collections process Unique features of Singer credit model: 1.
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