FY 2011 Annual Report - Sheng Siong

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Sheng Siong Annual Report 2011
Chairman’s Message 主席献词
Dear Shareholders,
2011 marked a significant milestone for the Group
as we grew and transformed from a modest, familyrun
retail store in Ang Mo Kio in 1985 to a public listed
grocery retailer with a market capitalisation of over
S$600 million. We are proud that the knowledge about
the market acquired over the years has enabled us to
grow our network of retail outlets to 25, and position us
for the future as the Sheng Siong brand name is well
known in Singapore.
Financial Performance
In 2011, the overall economy remained subdued,
slowing down towards the second half of the year.
Retail sales growth at supermarkets was stagnant in
2011 compared with 2010. Amidst the fragile global
recovery and the uncertainties in Europe, we continued
to focus on establishing the foundations of growth, and
extracting more value from our business.
Revenue came in at S$578.4 million, against S$628.4
million in FY2010 impacted by the lower retail space
caused by the closing of the Ten Mile Junction and
Tanjong Katong supermarkets. However, it was
encouraging to see gross profit margins improving to
22.1% from 21.8% because of the margin enhancing
initiatives which we have embarked on.
There were large one-off items in other income in
2010 and its absence caused a noticeable fall
各位股东
2011年对集团而言,是一个显著的里程碑,因
为我们从一家设于宏茂桥的小零售店(1985年
起 ) 发展成为市值超过6 亿新元的挂牌超市零售
商。我们多年来累积的市场知识,使得我们的
分布网络扩大到25个零售点 ─ 它们多位于新
加坡的组屋区。昇菘在新加坡建立起的品牌,
可以为我们的未来铺路。
财务表现
2011年,整体经济缓和,到了下半年更逐渐放
缓。与2010年相比,超市2011年的零售销售额
增长持平。尽管全球的复苏脆弱、欧洲市场不明
朗,我们继续专注于建立增长的基础,从业务中
获取更多的价值。
受到十哩广场和丹戎加东超市相继于2010年和
2011年下半年关闭的冲击,2012年的营业额报5
亿7840万新元。相比之下,2010财政年的营业
额为6亿2840万新元。不过,由于我们落实了一
些提高盈利率的计划,我们的毛利率从2010年的
21.8%提高到2011年的22.1%,表现令人鼓舞。
2010年,我们的其他收入账项有非常可观的一
次性收益,而到2011年,这样的收益