Fact Sheet Q2/2020

Total Page:16

File Type:pdf, Size:1020Kb

Fact Sheet Q2/2020 Milestone Central Plaza Hotel Public Company Limited 2019 Cosi Pattaya Wong Amat Beach Developed owned brands: Aroi Dee, Suki House, Soft Air ,and Kowlune New investment brands: Salad Factory and Café Amazon Central Plaza Hotel 2017 Public Company Limited Cosi Samui (1st COSI brand) Obtained leasehold right to operate Centra Chaeng Wattana 2014 Received a Royal Warrant of appointment Fact Sheet Q2/2020 (1st hotel in Thailand) 2013 Introduced Katsuya Centara Maldives (2nd hotel in the Maldives) Introduced Tenya 2011 Acquired Ootoya 2010 Introduced Yoshinoya The Terrace, Chabuton, Cold Stone, Centara Grand Phuket 2009 Centara Grand Mirage, Pattaya 2008 Centara Grand Maldives (1st overseas property) Set up Leasehold Property Fund (CTARAF) Hotel Business 2007 To be the leading global hospitality group of Thai origin Rebranded to Centara Hotels & Resorts Centara Grand @ Central World Centara Hotels and Resorts is a leading Thailand-based hotel chain. 1998 Intoduced Pepper Lunch Currently, it has hotels in operations and under constructions in a total Franchisee of Auntie Anne's of more than 70 hotels, with over 16,000 rooms both owned and 1990 managed hotels in 14 countries under 6 owned brands, “Centara”, Listed in the SET Thailand range from Upper Upscale to affordable lifestyle. 1986 Centara Grand Hua Hin 1983 1984 Centara Grand at Central Ladprao Authorized franchisee of KFC (1st Hotel) 1978 Introduced Mister Donut Food Business The performance represented is historical and that past performance is not a reliable indicator of future results. Forward-looking statements in this document are not guarantees of future performance and involve risks and Being a leading QSR operator in Thailand 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 with presence in regional markets from publicly available sources and third party information providers. No representation or warranty is made as to the accuracy, completeness, or reliability of such information. This document should not be relied upon as any Central Restaurant Group Co.,Ltd. (CRG) is one of the leaders in Thailand’s recommendation, view, opinion, representation or forecast of “Central Plaza Hotel Plc.” Nothing in this document should be construed as either an offer to sell, a solicitation of an offer to buy or sell shares or any type of chain restaurant industry. Currently, it has 10 franchises, 4 own brands and securities in any jurisdiction. This presentation is not intended to be any type of investment advice and must not be 2 joint venture brands with more than 1,000 outlets nationwide. relied upon as such. You must always seek the relevant professional advice before otherwise making any such financial, legal or commercial decisions. Total Revenue Total EBITDA Our Business Unit : THB mn Unit : THB mn Number of Hotels Thailand Number of Rooms Thailand Hotel Business Grand Total 80 Hotels Overseas Grand Total 16,984 Rooms Overseas CAGR 3.0% -38% yoy Owned Managed Owned Managed 34 7,758 23 4,457 1,884 4,966 11 4,702 21,768 4,456 4,398 4,299 20,346 21,190 19,906 18 6,938 3,190 19,216 3,673 18,283 Luxury Upper Upscale Upscale Upper Upscale / Upscale 1,492 19 4,205 16 1,579 2,404 5 23 147 5,874 2014 2015 2016 2017 2018 2019 Q2/20 2014 2015 2016 2017 2018 2019 Q2/20 1 1,432 4 786 2 4 252 In operation Pipeline In operation Pipeline In operation Pipeline In operation Pipeline Total Core Net Profit Financial Position & Midscale Affordable life style Unit : THB mn Gearing Ratio In operation by rooms Total portfolio by rooms Unit : THB mn -146% yoy * Including owned hotel JV and property fund As of June 2020 * Including owned hotel JV and property fund As of June 2020 1.2 0.9 0.8 Hotel Revenue Breakdown Hotel Performance 0.7 0.6 0.5 0.5 Unit: THB mn 6M/19 6M/20 Total Revenue 37,434 32.9% EBITDA before extra items Hotel revenue 86% 58% 51% 36% breakdown by region Thailand Owned Thailand Owned 27,590 26,447 25,037 24.4% of hotel revenue 24,770 24,443 24,397 59% 2,182 from Thailand 2,056 80.0% 1,851 1,722 1,766 4,756 1,719 20.1% 19.6% 66% 1,155 65% 59% 54% 17.6% 78% 52% 49% 49% 15.9% -475 1,936 13.7% 12.7% Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Jun-20 371 10.0% 36% 7.4% 2014 2015 2016 2017 2018 2019 Q2/20 6.2% 7.1% Hotel Business Pipeline Total Liabilities Total Equity Interest Bearing 5.1% 2.7% 2.4% 2.2% Debt/Equit (Times) EBIDA Margin 19% Summary of Pipeline 2020E - 2024E As of June 2020 Bangkok Maldives Phuket Pattaya Huahin Samui Krabi Others 6M/19 6M/20 Bali 210 Cambodia 240 Stock information As of 30 June 2020 Food Business China 596 Asia Dubai 607 Bali Maldives Last Price 52-Week High/Low Market Cap (THB mn) Market Cap (USD mn) Free Float (%) Japan 515 Central Restaurant Group Cambodia Myanmar 23.0 36.75/13.00 34,087.50 1,092.55 74.35% Food Performance Laos 626 China Turkey Unit: THB mn Maldives 541 6 Brands Japan Thailand Total Revenue Myanmar 432 Laos Vietnam EBITDA Oman 71 Qatar 761 Turkey 449 Middle East Thailand 2,031 Dubai Qatar 18% Vietnam 2,258 Oman 6,112 Total 5,002 9,337 Rooms 64% Total 39 Hotels Jul ‘19 May ‘19 Jun ‘19 Jul ‘19 Sep ‘19 Jan ‘20 Feb ‘20 Mar ‘20 Apr ‘20 May ‘20 Jun ‘20 1,121 686 22% Upcountry EBIDA Margin Food Revenue Breakdown Food outlet portfolio Dividend Shareholding Structure Joint 11% Ventures As of June 2020 Bangkok As of June 2020 6M/19 6M/20 Number of outlets Revenue Contribution by location by Location KFC 60.3% Food business TSS & SSS Mister Donut 14.9% 49% 67% SSS Bangkok Same store sale (SSS) Same store sale (SSS): Non-Bangkok Non-Bangkok 1.35 billion and Total system sale (TSS) TSS Bangkok vs Upcountry Upcountry 6M/20 OOTOYA 5.8% Share issued and paid - up 5.7% 4.6% Auntie Anne's 6.6% 1.8% 1.4% Grand total 1,067 outlets + 60 outlets yoy Others 12.4% Outlets Change yoy Outlets Change yoy -1.8% -1.0% -1.7% -2.7% -3.0% -2.8% -1.8% -3.2% -2.9% -6.0% -6.3% -6.5% KFC 282 10 Tenya 14 3 -8.4% -7.9% -9.5% -9.4% 2014 2015 2016 2017 2018 2019 -11.5% Mister Donut 373 9 Katsuya 38 10 -18.3% KFC / (-13% yoy) Auntie Anne's / (-24% yoy) Auntie Anne's 183 10 Cold Stone 17 -1 EPS 0.88 1.23 1.37 1.48 1.61 1.28 Chirathivat Family 61.9% -23.0% Ootoya 48 2 Aroi Dee 17 13 -29.5% Mister Donut / (-14% yoy) Others / (-30% yoy) DPS 0.40 0.50 0.55 0.60 0.65 - -30.7% Retails 21.3% -32.0% Pepper Lunch 46 5 Suki House 3 2 -35.4% OOTOYA / (-37% yoy) %Payout The Terrace 9 - Kowlune 2 2 (Seperate F/S) 82% 62% 77% 86% 74% - Foreign Institution 8.2% -46.7% Chabuton 17 -2 Dividend Yield Total 1,067 60 1.3% 1.1% 1.4% 1.0% 1.6% - Local Institution 8.6% Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 6M/19 6M/20 Q2/19 Q3/19 Q4/19 Q1/20 Q2/20 6M/19 6M/20 Yoshinoya 18 -3.
Recommended publications
  • Hotel Restaurant Institutional Philippines
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: GAIN Report Number: 1725 Philippines Food Service - Hotel Restaurant Institutional 2017 HRI Food Service Approved By: Ralph Bean Prepared By: Joycelyn Claridades-Rubio Report Highlights: Increased spending and growing dining habits of the emerging middle class in the Philippines has contributed to the growth of the HRI sector by 6.7% from 2015 with sales of US$12 billion. This growth in the foodservice industry provides greater opportunities for exports of U.S. food and beverage products to the Philippines. Post: Manila General Information: Table 1 – Philippine Market Profile I. Overview of the Philippine Market Population: The Philippines is the largest market in Southeast Asia for U.S. consumer-oriented food and beverage 104.2 Million (July 2017 est.), (f&b) products and one of the fastest growing annual growth rate of 1.6% markets in the world, importing $923.4 billion in 19.17% below 24 years old U.S. f&b products in 2016. 52% living in urban areas A mature market with growing demand for Land Area: 298,170 sq.km. consumer-oriented products, the United States remains the Philippines’ largest supplier for food, beverage and ingredient products. 2016 GDP Growth: 6.8% Ranked as the 11th largest export market for U.S. GDP Per Capita: $7,700 (2016 est.) high-value, consumer-oriented products, the Philippines imported $716.1 million from January Source: CIA World Fact Book through September 2017.
    [Show full text]
  • 'R's to Good Eating – Restaurants, Reviews & Recipes 12-Page Pullout
    A Taste of Japan The 3 ‘R’s to good eating – Restaurants, Reviews & Recipes 12-page pullout STRIPES JAPAN ASTE OF JAPA MARCH 22 − MARCH 28, 2019 A T 2 N A taste of Yokosuka you’ll never forget We ensure that in every dish we prepare, we add the best herbs and spices specially handpicked from Nepal and India. With our belief deeply rooted in the Eastern philosophy, we regard every customer as a god, and make sure in every way that we treat them as one. Our 5-star experienced cooks and chefs ensure the food looks as good as it is healthy. Once you come and visit us, we are confident that you will make plans to come again. We eagerly await the opportunity to serve you our delicacies!! American craft beer is our specialty! Antenna America is just what you need to quench your thirst! Our Kannai, Yokohama and Shinagawa branches serve up American craft beer from top U.S. craft brewer- ies. Please go to : http://www.naganotrading.com/ for more details. Our tasting rooms have rotating taps and a huge selection of bottles, all fresh from breweries thanks to our cold-chain delivery system. Chicken wings, burg- ers and other American food items all made to order at our Kannai and Yokohama branches. We have private space available upon request at our Kannai branch. An- tenna America is family friendly, so come check us out! MARCH 22 − MARCH 28, 2019 E OF STRIPES JAPAN TAST JAPA A 3 N It tastes as good as it sounds Beginning with an Eric Clapton guitar, Hard Rock Cafe owns the world’s greatest collection of music memora- bilia, which is displayed at its locations around the globe.
    [Show full text]
  • CHAPTER I INTRODUCTION 1.1 Background Dunkin' Donuts Started
    CHAPTER I INTRODUCTION 1.1 Background Dunkin' Donuts started its business in Indonesia with its first store built in 1985 at Jalan Hayam Wuruk, Jakarta. Followed by the arrival of new competitors of other national and multinational donut companies that enter Indonesian market, there are Country Style Donuts from Canada, Donuts Xpress from Australia, Krispy Kreme from United States, Mister Donut from Japan, J.Co Donuts and many more. Dunkin' Donuts successfully expand its market network in Indonesia and open more than 200 stores which spread in various major cities of Indonesia, such as Jakarta, Tangerang, Bogor, Bekasi, Depok, Surabaya, Bandung, Bali, Medan, Yogyakarta, Makassar, etc (Dunkin’ Donuts Indonesia, 2014). Meeting the challenges from multinational and local competitor who dominate donut market in Indonesia such as J.Co Donuts and evolving coffee shop business sector is not easy. According to coffee consultant, Adi Taroepratjeka, the increasing standard of coffee drinking in the community is one of the causes of the increasing number of coffee shops in Indonesia. Starting from just hanging out and looking for a free internet network in the coffee shop, but now the coffee itself is also favored by teenagers to adulthood (Kharina Trianand, 2014). Data from the International Coffee Organization (ICO) two years ago noted that the average growth of coffee consumption in Indonesia was two percent 1 higher than the growth in the world. If the world grows four percent in 2012, it turns out that growth in Indonesia reaches six percent (Kharina Trianand, 2014). Table 1.1 Table of Growth of Coffee Consumption in Indonesia and All Exporting Countries Survey of Growth in Growth in Growth in 2012 2013 2014-2018 Domestic consumption by 6.35 % 6.84 % 8.47 % Indonesia Domestic consumption by all 3.11 % 1.47 % 6.85 % exporting countries Source: International Coffee Organization, 2011.
    [Show full text]
  • Philippines: Food Service
    THIS REPORT CONTAINS ASSESSMENTS OF COMMODITY AND TRADE ISSUES MADE BY USDA STAFF AND NOT NECESSARILY STATEMENTS OF OFFICIAL U.S. GOVERNMENT POLICY Required Report - public distribution Date: 12-13-2016 GAIN Report Number: 1625 Philippines Food Service - Hotel Restaurant Institutional HRI Sectoral Report Approved By: Ralph Bean Prepared By: Joycelyn Claridades Report Highlights: The food service industry in the Philippines continuous to expand as more and more shopping malls and new hotels are being opened throughout the country. The influx of foreign-branded restaurants coupled with the growing affluence of Filipino consumers has also contributed to the growth of the HRI sector. This growth in the foodservice industry provides greater opportunities for exports of U.S. food and beverage products to the Philippines. Post: Manila I. Overview of the Philippine Market The Philippines is still the largest market in Southeast Asia for U.S. consumer-oriented food and beverage (F&B) products and one of the fastest growing markets in the world, importing $898.4 million in U.S. F&B products in 2015. A mature market with growing demand for U.S. consumer-oriented products, the United States remains the Philippines’ largest supplier for food, beverage and ingredient products. Ranked as the 13th largest export market for U.S. high-value, consumer-oriented products, the Philippines imported $569.8 million from January through August 2016. Based on the chart below, the United States remains the largest supplier with seventeen percent (16%) market share, followed by China (10%), and Indonesia, Singapore, and New Zealand (9%). Total imports of consumer-oriented food grew annually by an average of 15%.
    [Show full text]
  • PE & QSR: Ambition on a Bun Asian Venture Capital Journal | 06
    PE & QSR: Ambition on a bun Asian Venture Capital Journal | 06 November 2019 Many private equity investors think they can make a fast buck from fast dining, but rolling out a Western-style brand in Asia requires discipline on valuation and competence in execution Gondola Group was among the last remaining assets in Cinven’s fourth fund, and as one LP tells it, exit prospects were uncertain. The portfolio company’s primary business was PizzaExpress, which had 437 outlets in the UK and a further 68 internationally as of June 2014. Expansion in China by the brand’s Hong Kong-based franchise partner had been measured, with about a dozen restaurants apiece in Hong Kong and the mainland. Cinven wasn’t willing to be so patient. In May 2014, Gondola opened a directly owned outlet in Beijing – as a showcase of what the brand might achieve in China when backed by enough capital and ambition. Two months after that, PizzaExpress was sold to China’s Hony Capital for around $1.5 billion. By the start of the following year, Cinven had offloaded the remaining Gondola assets and generated a 2.4x return for its investors. The LP was “pleasantly surprised” by the outcome. Hony’s experience with the restaurant chain hasn’t be as fulfilling. Adverse commercial conditions in the UK – still home to 480 of its approximately 620 outlets – has eaten into margins and left PizzaExpress potentially unable to sustain an already highly leveraged capital structure. Hony is considering restructuring options for a GBP1.1 billion ($1.4 billion) debt pile.
    [Show full text]
  • Mcdonald's and the Rise of a Children's Consumer Culture, 1955-1985
    Loyola University Chicago Loyola eCommons Dissertations Theses and Dissertations 1994 Small Fry, Big Spender: McDonald's and the Rise of a Children's Consumer Culture, 1955-1985 Kathleen D. Toerpe Loyola University Chicago Follow this and additional works at: https://ecommons.luc.edu/luc_diss Part of the History Commons Recommended Citation Toerpe, Kathleen D., "Small Fry, Big Spender: McDonald's and the Rise of a Children's Consumer Culture, 1955-1985" (1994). Dissertations. 3457. https://ecommons.luc.edu/luc_diss/3457 This Dissertation is brought to you for free and open access by the Theses and Dissertations at Loyola eCommons. It has been accepted for inclusion in Dissertations by an authorized administrator of Loyola eCommons. For more information, please contact [email protected]. This work is licensed under a Creative Commons Attribution-Noncommercial-No Derivative Works 3.0 License. Copyright © 1994 Kathleen D. Toerpe LOYOLA UNIVERSITY OF CHICAGO SMALL FRY, BIG SPENDER: MCDONALD'S AND THE RISE OF A CHILDREN'S CONSUMER CULTURE, 1955-1985 A DISSERTATION SUBMITTED IN CANDIDACY FOR THE DEGREE OF DOCTOR OF PHILOSOPHY DEPARTMENT OF HISTORY BY KATHLEEN D. TOERPE CHICAGO, ILLINOIS MAY, 1994 Copyright by Kathleen D. Toerpe, 1994 All rights reserved ) ACKNOWLEDGEMENTS I would like to thank McDonald's Corporation for permitting me research access to their archives, to an extent wider than originally anticipated. Particularly, I thank McDonald's Archivist, Helen Farrell, not only for sorting through the material with me, but also for her candid insight in discussing McDonald's past. My Director, Lew Erenberg, and my Committee members, Susan Hirsch and Pat Mooney-Melvin, have helped to shape the project from its inception and, throughout, have challenged me to hone my interpretation of McDonald's role in American culture.
    [Show full text]
  • Downloadable Menu Updated As of May 30 Table of Contents
    DOWNLOADABLE MENU UPDATED AS OF MAY 30 TABLE OF CONTENTS RESTAURANT MENU Max’s 3-5 Greenwich 6-8 King Bee 9-10 KFC 11 Razon’s 12 Macao Imperial Tea 13-15 Marison’s 16 Dairy Queen 17-18 Dunkin Donuts 19 Krispy Kreme 20 Goldilocks 21-22 Jollibee 23-25 Classic Savory 26-30 Mang Inasal 31-35 Bon Chon 36-37 Mister Donut 38 Chatime 39 Infinitea 40 Sankyodai 41-42 Santino’s Pizza 43 Mr. Binatog 44 TABLE OF CONTENTS RESTAURANT MENU McDonalds 45-46 Pizza Hut 47-50 Ramen Dojo 51-54 Mister Donut 55 TAKE-OUT AND DELIVERY GUIDE 56-57 MAX’S Available for take-out or order via for delivery PAGE 3 MAX’S Available for take-out or order via for delivery PAGE 4 MAX’S Available for take-out or order via for delivery PAGE 5 GREENWICH Available for take-out or order via for delivery PAGE 6 GREENWICH Available for take-out or order via for delivery PAGE 7 GREENWICH Available for take-out or order via for delivery PAGE 8 KING BEE Available for take-out or order via for delivery PAGE 9 KING BEE Available for take-out or order via for delivery PAGE 10 KFC Available for take-out or order via for delivery PAGE 11 RAZON’S Available for take-out or order via for delivery PAGE 12 MACAO IMPERIAL TEA Available for take-out or order via for delivery PAGE 13 MACAO IMPERIAL TEA Available for take-out or order via for delivery PAGE 14 MACAO IMPERIAL TEA Available for take-out or order via for delivery PAGE 15 MARISON’S Available for take-out or order via for delivery PAGE 16 DAIRY QUEEN Available for take-out or order via for delivery PAGE 17 DAIRY QUEEN Available for take-out
    [Show full text]
  • This WEEK Newark Cops
    Canal team in Softball •:• Greater Newark's Hometown Newspaper Since 191 0 •:• 83rd Year, Issue 30 For the week beginning Aug. 20, 1993 Newark, Del. • 35e THis WEEK Newark cops In Lifestyle in hot pursuit: Moving vans are making tracks to new station By TONJA CASTANEDA ....................................... ,........................ ............ NEWARK POST STAFF WRITER The Newark Police are moving into their new build­ ing at 220 Elkton Road this weekend. Police Chief William Hogan said moving vans will start being loaded by a moving company after 5 p.m. on Friday and continue through the night. He said mostly being moved are boxes packed with things such as old records, office supplies, books, train­ ing materials and police supplies which include extra handcuffs and finger print powder. Also being moved is the department's exercise equipment. Kelsey McDowell Is tuned ln. "We're not moving most of the old furnishings," said Hogan. He said police officers will be moving their personal objects. Hogan said Sunday night after 11 p.m. Newark KIDs LFARN TO MAKE Police will be shutting down communication and mov­ ing the radio equipment, computers and phones. "We won't be out of communication totally," he MUSICATA said. "911 calls will go to the Regional Communication 8A Center at New Castle County Police headquarters." He said that is where 911 calls go for county and YOUNG AGE. state police and it used to take Newark's calls. According to Hogan, Newark Police have been receiv­ ing their own emergency calls for almost two years. In the news · Hogan said the idea is that everything will be ready and set up by 7 a.m.
    [Show full text]
  • President Chain Store Corp. March, 2010
    President Chain Store Corp. March, 2010 pcsc 1 Business Scope CVS Restaurant-Food & Beverage 1. 7-Eleven Taiwan (100%) 1. Starbucks Taiwan (30%) 2. 7-Eleven Shanghai (100%) 2. Starbucks Shanghai (30%) 3. 7-Eleven Philippine (56.59%) 3. Mr. Donut Taiwan(50%) 4. Mr. Donut China (50%) Drug Store 5. Cold Stone Creamery Taiwan (100%) 1. Cosmed Taiwan (100%) 6. Cold Stone Creamery China (100%) 2. Cosmed China (65%) 7. Afternoon Tea Taiwan (51%) 8. Afternoon Tea China (51%) Life Style Business E-Commerce 1.Muji(41%) 1. Books.Com (50.03%) 2.Hankyu Department Store (70%) 2. Taiwan Rakuten (49%) Logistics Supermarket / Hypermarket 1. Retail Support International (25%) 1. Shandong Uni-Mart Supermarket (55%) 2. Uni-President Cold-Chain (60%) 2. Sichuan Uni-Mart Hypermarket (100%) 3. Vietnam Uni-Mart Supermarket (51%) 3. Wisdom Distribution (100%) 4. TAKKYUBIN(70%) pcsc 2 Sales & Store Number of PCSC Group Store Number Sales NT$billion 10000 160 142 146 133 140 8000 120 6,353 120 95 5,982 6,309 90 5,466 5,754 100 6000 110.8 4,458 4,966 80 4000 60 40 2000 20 0 0 2003 2004 2005 2006 2007 2008 2009Q3 pcsc 3 Store Number & Market Share For 7-Eleven Taiwan 6,000 85% Store No. Market Share 5,000 4,705 4,800 4,750 75% 4,385 4,037 65% 4,000 3,680 3,470 55% 3,187 2,908 3,000 2,638 2,248 52% 52% 52% 45% 1,896 48% 1,588 47% 46% 46% 46% 43% 44% 2,000 41% 35% 36% 39% 25% 1,000 15% 0 5% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 Franchise store: 89.47% pcsc 4 Taiwan Main Subsidiaries Restaurant Life Style Drug Store Starbucks MUJI Cosmed Taiwan Taiwan Shareholding of PCSC: 30% Shareholding of PCSC: 41% Shareholding of PCSC: 100% Store No.
    [Show full text]
  • Modifying the Mature Franchisor's Concept And
    IMPLEMENTING SYSTEM UPGRADES AND ENHANCEMENTS: BUSINESS AND LEGAL CONSIDERATIONS David J. Kaufmann Kaufmann Gildin Robbins & Oppenheim LLP New York, New York Robert Zarco Zarco, Einhorn, Salkowski & Brito, P.A. Miami, Florida By: Kenneth A. Cutshaw* Chief Legal Officer Cajun Global LLC (Franchisor of Church’s Chicken) Atlanta, Georgia International Franchise Association 44th Annual Legal Symposium May 15-17, 2011 *Mr. Cutshaw is a contributing author of certain segments of this paper. TABLE OF CONTENTS I. INTRODUCTION ......................................................................................................................1 II. CASE LAW ADDRESSING MATURE FRANCHISOR SYSTEM/CONCEPT MODIFICATION .......................................................................................................................2 A. Systemic Changes .............................................................................................................2 B. Price Point Advertising/Resale Price Maintenance ........................................................8 C. System Modification Attendant to Franchisor Acquisition...........................................12 1. Analyzing the Motives Underlying Proposed Acquisition Activity..........................13 2. The Third Player at the Table ......................................................................................15 3. The Franchise Agreements at Issue...........................................................................16 4. Judicial Decisions Addressing Franchise Network
    [Show full text]
  • Factors Influencing Customer Doughnut Brand Choice
    FACTORS INFLUENCING CUSTOMER DOUGHNUT BRAND CHOICE DECISION IN THAILAND, FOCUSING ON MISTER DONUT, DUNKIN’ DONUTS AND KRISPY KREME DOUGHNUTS FACTORS INFLUENCING CUSTOMER DOUGHNUT BRAND CHOICE DECISION IN THAILAND, FOCUSING ON MISTER DONUT, DUNKIN’ DONUTS AND KRISPY KREME DOUGHNUTS Haoqiang Zhu This Independent Study Manuscript Presented to The Graduate School of Bangkok University in Partial Fulfillment of the Requirements for the Degree Master of Business Administration 2016 ©2016 Haoqiang Zhu All Rights Reserved Zhu, H.Q. M. B. A., May 2016. Graduate School, Bangkok University Factors Influencing Customer Doughnut Brand Choice Decision in Thailand, Focusing on Mister Donut, Dunkin’ Donuts and Krispy Kreme Doughnuts ( 169 pp.) Advisor: Sumas Wongsunopparat, Ph.D. ABSTRACT This research is to investigate whether and how “7Ps marketing mix” elements, “brand equity” elements and “customer purchase behavior determinant” elements influence customer doughnut brand choice decision in Thailand, focusing on Mister Donut, Dunkin’ Donuts and Krispy Kreme Doughnut, meanwhile, the differences among these three brands and the key success factor of Krispy Kreme Doughnuts were studied by the author. This study is a quantitative research and survey strategy was selected by the author. Data was collected randomly online through 406 valid questionnaires and cross tabulation and multinomial logistic regression were used for data analysis. The result of the study is all of the investigating factors, product, price, place, promotion, people/personnel, process, physical environment, brand equity and customer purchase behavior determinants has positively influence on customer doughnut brand choice decision in Thailand, and some specifications of each factors are found significant. Finally, some results are significant while comparing among these three brands.
    [Show full text]
  • Financial Results (Consolidated) for Fiscal Year Ended March 2012 May 9, 2012 (Japanese Accounting Standards) Name of Listed Firm: Zensho Holdings Co., Ltd
    Financial Results (Consolidated) for Fiscal Year Ended March 2012 May 9, 2012 (Japanese accounting standards) Name of listed firm: Zensho Holdings Co., Ltd. Exchange: TSE Code no.: 7550 URL http://www.zensho.co.jp/ Representative: (title) Chairman of the Board and CEO (name) Kentaro Ogawa (title) Managing Executive Director and Address any inquiries to: (name) Takao Yuhara (tel.) 03(6833)1600 CFO Date of annual general meeting of shareholders (planned): June 20, 2012 Starting date of dividend payment (planned): June 21, 2012 Date of submittal of securities report (planned): June 20, 2012 Supplemental explanatory materials on consolidated financial results prepared? Y / N Investors meeting held on settlement of accounts? Y / N (for institutional investors) (Figures rounded down to the nearest million yen) 1. Consolidated financial performance in the fiscal year ended March 2012 (April 1, 2011 – March 31, 2012) (1) Consolidated business performance (Percentages [%] indicate changes from the previous year) Sales Operating profit Ordinary profit Net profit Millions of yen % Millions of yen % Millions of yen % Millions of yen % FY 2012 402,962 8.7 21,005 18.9 19,300 22.2 3,068 (35.2) FY 2011 370,769 11.0 17,660 40.8 15,791 42.1 4,735 35.0 (Reference) Comprehensive income FY 2012: 5,195 million yen (up 88.3%) FY 2011: 2,759 million yen (down 39.1%) Net profit per share– Return on Return on Operating profit Net profit per share assuming dilution equity (ROE) assets (ROA) ratio yen yen % % % FY 2012 25.34 - 8.3 8.3 5.2 FY 2011 39.11 - 13.5 6.8
    [Show full text]