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Burger Brand in Korea VISION  Grow up As a Global Brand

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Burger Brand in Korea VISION  Grow up As a Global Brand ContentsHAIMARROW FOOD SERVICE (220630.KQ) Disclaimer The financial information included in this document are earnings results based on K-IFRS. This document is provided for the convenience of investors, and the external audit on our financial results are yet to be completed; therefore, certain part(s) of this document is subject to change upon the auditor’s review. The company does not make any representation or accept liability, as to the accuracy or completeness of the financial and operational results stated, and nothing contained herein is, or shall be relied upon as a promise or representation, whether as to the past or the future. This document shall not be utilized for any legal purposes in regards to investors’ investment results, and the company hereby expressly disclaims any and all liability resulting from investors’ reliance on the information contained herein. This document only speaks of the information as of the date they are made, and the company is not responsible for providing updates contained in this document in light of new information or future events. 2 Contents 1. About Haimarrow Food Service 2. Business Department and Business Structure 3. Franchise Department-Mom’s TOUCH 4. Franchise Department-Boombata 5. Overseas Business 6. Food Materials Distribution Business Department 7. Subsidiary 8. Investment point of Haimarrow Food Service Co., Ltd 3 1. About Haimarrow Food Service Company Profile Company Haimarrow Food Service Co., LTD Name CEO Myungil Jun Establishment 2004 Location 551-1 Seongnae-ro Gangdong-gu Seoul, S. Korea Sales USD 239.6 mil (2017) Capital USD 9.4 mil Homepage www.haimarrow.co.kr / www.momstouch.co.kr Business Fast Casual Franchise Business Department Food Materials Distribution Business Department Number of 210 (Sep 2018) Employees 4 1. About Haimarrow Food Service_Chairman The unique difference of MoM’s Touch is our ingredients. Every order will be made fresh to order, to ensure maximum customer satisfaction. We serve products, which are not made of processed and frozen chicken but fresh chicken. “What Haimarrow dreams is to make happier tomorrow with our food” Haimarrow, HAPPY TOMORROW! 1986~1992 : Started working at Baskin Robbins 1993~2003 : Worked at TS Haimarrow(Popeyes) 2004~2017 : CEO of Haimarrow Food Service Co.,Ltd. Present : Chairman of Haimarrow Food Service Co.,Ltd 5 1. About Haimarrow Food Service_VISION MISSION No.1 Chicken & Burger Brand in Korea VISION Grow up as a Global Brand CORE VALUE 6 2. Business Department and Business Structure Business Structure “ Pursuing the best quality, price competitive, and stable supply system ” CUSTOMER Franchise Wholesale CVS Retail HQ Haimarrow Food Service Co.,Ltd. MoM’s Touch Business Unit Food Materials Distribution Business Department Chicken Processing Factory Processing Factory Import Poultry Slaughtering Factory Raw Product Processed Product Chicken Chicken Chicken Chicken Rancher Rancher Rancher Rancher 7 3. 1st Brand Brand Meaning MoM’s Touch means serving food with a mother’s heart. Our aim is to introduce healthy food that reflects mom’s desire to provide the best food to her children. As if a mother prepares a meal for her family from the heart, MoM’s Touch cooks the food not fast but in right way. MoM’s Touch is not a typical fast food but a hand-made food that keeps quality through made to order. Product Strategy Made to order Hand made Brand images Not frozen but refrigerated Various burger and chicken sauces Not ground but natural Release new products to meet the trend 8 3. 1st Brand Burger Thigh Burger Incredible Burger MasalaBurger Cheese Bacon Deep Cheese White Garlic Burger Burger Burger Fried Chicken Fried Chicken with Masala Chicken Chipao Chicken Flake Hot Onion Cheese with Soy Sauce Chicken Sichuan Sauce Sprinkled Chicken Onion Cheese Cheese Jalapeno Ricotta Salad Egg wrap Popcorn Dumplings Kimddukman French Fries Nugget Made to order Use chicken that is slaughtered on the day (HACCP certified chicken meat from 140 chicken farms) Use vacuum tumbler method instead of general method and features deep taste and soft meat quality Create side menu items that increases the Average Sales Price(ASP) 9 3. 1st Brand Comparing price with competitors in Korea (Unit : KRW, 1USD= 1,000KRW) Mom's Touch Burgerking Lotteria MCD KFC Popeyes Signature Original Long McSpicy Black Label Classic Cajun Chicken Thigh Burger T-REX Burger Burger Chicken Burger Shanghai Burger Burger Burger Images Price 3,400($3.4) 4,900($4.9) 3,500($3.5) 5,100($5.1) 6,600($6.6) 5,000($5.0) Set menu 5,600($5.6) 7,200($7.2) 5,600($5.6) 6,400($6.4) 8,500($8.5) 7,400($7.4) Beverage 1,600($1.6) 2,000($2.0) 1,700($1.7) 1,600($1.6) 2,000($2.0) 1,700($1.7) Source: each company’s homepage 10 3. 1st Brand Interior cost in comparison with competitors (Unit: KRW 1,000) Source: Franchise business report from Fair Trade Commission, Industry data of Franchise 11 3. 1st Brand The Number of Stores Seoul | The Number of Stores as of Oct. 2018 | 8.3% Gangwon 4.7% Gyeonggi # of Lotteria % 20.5% (2017) Seoul Gangwon Stores Incheon Seoul 96 8.3 204 Incheon Gyeonggi 4.5% Gyeonggi 236 20.5 320 North Incheon 53 4.5 78 Chungcheong South Chung- Chung-cheong 175 15.2 181 cheong Chungcheong North Gyeongsang Jeonla 108 9.4 143 15.2% North Gyeng-sang 403 35.0 360 Jeolla Gyengsang South 35% Gangwon 55 4.7 52 Gyeongsang Jeju 25 2.2 12 South Jeolla Total 1,151 100 1,350 Jeonla 9.4% Jeju Jeju 2.2% 12 3. 1st Brand Increasing Number of Stores Year Number of Stores 2012 288 2013 381 2014 564 2015 829 2016 1,001 2017 1,100 2018.10 1,151 The number of stores has increased continuously and substantially 5 Years CAGR(Compound annual growth rate) 30.7% (2017) As of Oct 2018, the number of stores is 1,151 13 3. 1st Brand Monthly Average Sales Per Restaurant (GMV : Gross Merchandise Value) DEC 2016: 2014 2015 2016 2017 2018 Sales was up in the temporary because of increasing advertising expense for New released product (Ricotta Salad Fillet Burger) September: July ~ August Releasing new product deep cheese McDonald’s Hamburger burger (middle of August), and Disease(HUS) Recovery to the last year level in sales per store JUN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC Increased brand awareness (Viral, SNS) The sales per store increased The sales per store is more than doubled compared to 2014 Expect this trend to continue (due to increased number of stores in Seoul metropolitan areas) 1) March to April: Brazilian chicken Issue, 2) In the first half of 2017: Reduced outdoor activity due to fine dust, 3) June: Franchisee-Franchisor relationship issue 1) October: Slightly decreased sales due to long weekend, 2) December: Reduced advertising expense year on year 14 3. 1st Brand Brand Strategy LOW Investment, HIGH Efficiency for Franchisees 15 3. 1st Brand Comparison of the number of stores Source: Franchise business report from Fair Trade Commission, Industry data of Franchise 16 3. 1st Brand Increased Net Profit (Unit: KRW 100mil, 1USD=1,000 KRW) MOM’S TOUCH BURGER KING MCD LOTTERIA KFC 15 113 10 5 0 (5) (42) (10) (15) (151) (20) (188) (25) 2015 2016 2017 Source: Franchise business report from Fair Trade Commission, Industry data of Franchise 17 3. 1st Brand Financial Performance of Local F/C Brands (FY 2017) (Unit : KRW, 1USD= 1,000KRW) Haimarrow Haimarrow Burger Franchisors (Unit: 1 billion won) (3Q18) (2017) MCD Burgerking KFC Lotteria Revenue 208 240 691 346 161 1,090 Operating Profit 18 16 4 2 (17) (8) Net Income 15 11 (7) (4) (19) (15) Asset 121 105 758 313 72 1,237 Liability 51 48 364 166 61 643 Equity 70 57 394 147 11 595 Number of Units 1,145 1,100 436 306 210 1,350 Number of Franchised Chains 1,145 1,100 128 95 210 1,216 Percentage 100 100 29 31 100 90 of Franchised Chains (%) Number of employees 210 189 28,389 5,429 2,714 10,422 Sales per person 990 1,268 24 64 59 105 Source: HFS and MPK financials are from annual report, Lotteria is from press release and other brands are from audit report and franchise report from Fair Trade Commission MCD financials are based on 2016 annual report, Number of units, and employees of Lotteria, Burger king, KFC are based on 2016 annual report The revenue of Burger King and Lotteria decreased in 2016. And McDonald turned net loss in 2015 and in M&A market for sales KG Group, a PG and VAN transaction company, bought KFC Korean entity for USD 50M 18 3. 1st Brand Records of the Top 5 Hamburger Brands for 3yrs. In KOR (Unit: USD 100thousand, 1USD=1,000KRW) Franchise 2015 2016 2017 Headquarters Revenue OP NI Revenue OP NI Revenue OP NI Lotteria 11,232 (19) (140) 11,249 65 (94) 10,896 (77) (151) MCD 6,033 20 (131) 6,913 42 (66) n/a n/a n/a Burger King 2,785 121 86 2,532 108 80 3,459 15 (42) KFC 1,747 25 12 1,770 (126) (184) 1,614 (173) (188) Mom's Touch 1,486 88 60 2,019 169 90 2,396 155 113 Total 23,283 236 (112) 24,483 258 (174) 18,364 (81) (268) (Unit: %) Franchise Growth Rate (2016 YoY%) Growth Rate (2017 YoY%) For 3Years CAGR Headquarters Revenue OP NI Revenue OP NI Revenue OP NI Lotteria 0.2 Deficit to surplus Deficit (3.1) Surplus to deficit Deficit (1.0) 60.0 2.5 MCD 14.6 109.8 Deficit n/a n/a n/a n/a n/a n/a Burger King (9.1) (11.4) (7.0) 36.6 (86.3) Surplus to deficit 7.5 (50.5) (178.4) KFC 1.3 Surplus to deficit Surplus to deficit (8.8) Deficit Deficit (2.6) (290.2) (347.7) Mom's Touch 35.9 92.0 48.1 18.6 (8.5) 25.8 17.2 20.7 23.1 Source: DART 19 3.
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