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Annual Report 2016 Pico Far East Holdings Limited

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Annual Report 2016 Pico Far East Holdings Limited Annual Report 2016 Pico Far East Holdings Limited Stock Code 752 (Incorporated in the Cayman Islands with Limited Liability) Pico is a global Total Brand Activation company with a track record nearly half a century long. Innovative, insightful and inspired, Pico has gained a worldwide reputation for bringing brands to life through powerful and engaging experiences – from strategy to execution. Technological revolutions are profoundly changing the world and our industry on a near-daily basis. In this environment, to effectively address our clients’ real needs and seize on emerging opportunities, Pico continuously transforms its business model in ways big and small to stay ahead – to be a leader to drive change. This is also true of Total Brand Activation itself. Fundamentally an insightful, response-driven approach that creates immersive audience experiences, ignites the right emotions, conveys precise messages, and stimulates desired responses, it continues to evolve as we recognise the potential of new skills and technologies to help us deliver these results more effectively. We also continue to broaden our service offerings with novel brand strategies and engagement design solutions. One aspect of this is the integration of digital, live engagement and other technological solutions with our proven expertise in designing brand experiences – a development that led to the creation of dual “Pico” and “Pico+” branding. “Pico+” provides innovative responses and data-driven solutions that seamlessly blend digital, gaming, social media and other technology-based modes of engagement with the cutting-edge real space and real-time experiences created alongside the “Pico” banner. Our global strength is inspired by the diversity of our professionals working in nearly 40 cities worldwide. Their keen understanding of different cultures and industry practices is underpinned by some 70,000 square metres of modern production facilities. Together, they give us the capability to achieve our clients’ missions across multiple activation platforms – from exhibitions, events and world expositions to retail and branded environments, museums and themed environments, to visual identity solutions, sports marketing and overlays, and venue management and consultation. For every consecutive year from 2014 to 2016, CEI Asia magazine has voted Pico into the top two on its Best Event Agency in Asia Pacific list. Pico was a Bronze award winner in the B2B Agency category at Marketing magazine’s 2016 Agency of the Year Awards in Hong Kong. In North America, Pico was listed as one of Special Events magazine’s 50 Top Event Companies from 2012 to 2016. Cover and inside cover: SG Heart Map in Singapore (Photograph courtesy of the Housing & Development Board of Singapore) CORE BUSINESS TOTAL BRAND ACTIVATION Pico is a global group of agencies engaging people, experience and brands EXPERIENCE DESIGN ENGAGEMENT DESIGN Exhibitions Events Below-the-line Above-the-line Digital and (BTL) (ATL) Technology Interior & Retail Conference & Exhibition Management Engagement Engagement Solutions Themed Marketing Marketing (DTS) Environments World Expo Brand Strategy Experiential Event and Sports and Planning Digital and Visual Identity Experiential Technology Marketing Digital Marketing Sustainability Venue Management Products and Strategy Public Relations Solutions Content CONTENT Results in Brief 2 Consolidated Income Statement 41 Group Facts 3 Consolidated Statement of 42 Comprehensive Income Chairman’s Statement 4 Consolidated Statement of 43 Corporate Social Responsibility 14 Financial Position Profile of Directors and 18 Consolidated Statement of 45 Senior Management Changes in Equity Five Year Financial Summary 20 Consolidated Statement of 47 Cash Flows Corporate Governance Report 22 Notes to the Consolidated 49 Directors’ Report 28 Financial Statements Independent Auditor’s Report 40 Summary of Principal Properties 119 Corporate Information 120 RESULTS IN BRIEF EBITDA: HK$431.5m +6.7% (2015: HK$404.4m) Profit for the year: HK$304.2m +8.3% (2015: HK$280.8m) Profit attributable to owners of the Company: HK$300.5m +9.4% (2015: HK$274.7m) Turnover: HK$4,143m -1.7% (2015: HK$4,216m) Equity attributable to owners of the Company: HK$1,780m +5.9% (2015: HK$1,681m) Earnings per share – basic: HK24.57 cents +9.0% (2015: HK22.54 cents) Earnings per share – diluted: HK24.54 cents +9.1% (2015: HK22.50 cents) Dividends per share: HK17.0 cents +21.4% (2015: HK14.0 cents) Return on average equity attributable to owners of the Company: 17.36% +0.68% (2015: 16.68%) Current ratio: 1.56 times +6.8% (2015: 1.46 times) Pico Far East Holdings Limited 2 GROUP FACTS Global Network Asia Pacific • Astana • Manila • Bangkok • Melbourne • Beijing • Mumbai • Chenzhou • Perth • Chongqing • Seoul • Colombo • Shanghai • Dongguan • Shenyang • Gold Coast • Shenzhen • Guangzhou • Singapore 800+ • Hanoi • Sydney • Ho Chi Minh City • Taipei trade shows • Hong Kong • Tokyo activated • Jakarta • Xi’an • Kuala Lumpur • Yangon worldwide sq. m. • Macau • Zhengzhou 70,000+ EMEA (Europe, of production the Middle East facilities and Africa) and North America • Abu Dhabi • Cairo • Doha • Dubai • London • Los Angeles • Manama • Riyadh • Wrocław Annual Report 2016 3 CHAIRMAN’S STATEMENT I am pleased to present our shareholders with the DIVIDEND annual report of the Company and its subsidiaries (“the Group”) for the year ended October 31, 2016. The Directors now recommend the payment of a final dividend of HK7.5 cents and a special dividend of HK5.0 cents (2015: a final dividend of HK6.5 cents and a special dividend of HK3.0 cents) per ordinary share. Together with the interim dividend of HK4.5 cents (2015: HK4.5 cents) RESULTS per ordinary share, total dividend for the year amounted to HK17.0 cents I am pleased to report that the Group has performed well (2015: HK14.0 cents) per ordinary share. The final and special dividends will to deliver a set of higher profits to our shareholders. be payable on Thursday, April 13, 2017 to shareholders on the register of members of the Company on Monday, April 3, 2017. This is notwithstanding that 2016 was another challenging year for us. Many industries continued to be confronted by a weak global GDP growth rate and REVIEW OF OPERATIONS the adverse impact of low commodities and oil prices on many sectors of the economy. The international As of October 31, 2016, the Group operates 45 permanent offices in meetings, incentives, conventions and exhibitions (MICE) 39 cities. With the addition of our new 11,350 square metre facility industry was affected as customers and clients were in Dongguan, China, the Group also now maintains a total of some more cautious with their marketing budgets. 70,000 square metres of production facilities, with other sites located in China, South East Asia and the Middle East. They provide top-of-the-line Profit for the year attributable to owners of the Company production and delivery services in major cities, supplemented by a group of improved by 9.39% to HK$300.5 million (2015: specialist subcontractors. HK$274.7 million). Our operating margin improved Our global network of offices increases the operational reach of each office to 9.00% (2015: 8.05%) and earnings per share was beyond the country where it is situated. While each office has its own HK24.57 cents (2015: HK22.54 cents). resources to support its local business, every office can rely on the Pico Total revenue in Hong Kong dollar term declined network of offices to support their international operations. Clients can very slightly by about 1.73% to HK$4,143 million also expect the same level of dedicated and reliable services throughout our (2015: HK$4,216 million). This can be attributed, to global network. a large extent, to the lower exchange rates of many This global network comprises offices and operations with a graduated range currencies into our stronger reporting currency, of scales and capabilities. Fully-functioning sales, operations and production the Hong Kong dollars. complexes are complemented by medium-size sales offices and more compact representative and satellite offices, the latter efficiently operated with manpower and management from nearby principal offices. Pico Far East Holdings Limited 4 REVIEW OF BUSINESS Geographical Review Turnover by region Geographically, Greater China (including Hong Kong, Macau, Taiwan and the PRC) accounted for 63.0% (2015: 59.6%) of the 63.0% Greater China | 2015: 59.6% Group’s total turnover of HK$4,143 million (2015: HK$4,216 million). 23.7% South and Southeast Asia | 2015: 25.6% South and Southeast Asia (including India, 4.9% Middle East | 2015: 5.3% Malaysia, the Philippines, Singapore and Vietnam) accounted for 23.7% (2015: 4.2% Italy, UK and US | 2015: 4.2% 25.6%); the Middle East (including Bahrain, Qatar and United Arab Emirates) accounted 4.2% Others | 2015: 5.3% for 4.9% (2015: 5.3%); Italy, the United Kingdom and the United States accounted for 4.2% (2015: 4.2%). Other regions accounted for 4.2% (2015: 5.3%). Business Segment Review Exhibition and Event Marketing Services During the period under review, turnover in the Exhibition and Event Marketing Services segment accounted for HK$3,001 million (2015: HK$2,970 million) or 72.4% (2015: 70.5%) of the total turnover. Profit in this segment was HK$294.2 million (2015: HK$308.1 million). Profit Turnover At many of these events, some exhibitors also engage us to design and fabricate their $million $million individual customised booths. Additional services in the areas of event management, digital media and multimedia 2015 2016 2015 2016 arrangement were frequently integrated HK$308.1 HK$2,970 HK$294.2 HK$3,001 with the above services. Falling under the Total Brand Activation (“TBA”) umbrella, these additional services have been under During the year, we delivered services to entailed acting as official service provider, continuous development by our TBA business exhibitors and organisers in more than 800 which included complete entire exhibition unit and after some years of development, trade shows besides numerous events.
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