Full Annual Report - Inchcape

More documents

Recommendations

Info

Business review Strategy Operating review continued South Asia Brand partners Koh Ching Hong Managing Director Inchcape South Asia The South Asia segment contains the Group’s VIR operations in Singapore and Brunei. Key financial highlights Contribution to Group sales Contribution to Group profit Financial highlights Year ended Year ended % change 31.12.2009 31.12.2008 in constant £m £m % change currency Sales Distribution 548.2 536.0 2.3% (11.7)% Like for like sales Distribution 548.2 535.9 2.3% (11.7)% Trading profit Distribution 55.9 63.0 (11.3)% (23.4)% Like for like trading profit Distribution 55.9 62.9 (11.1)% (23.3)% Trading margin Distribution 10.2% 11.8% (1.6)ppt (1.6)ppt Cash generated from operations Distribution 71.6 67.9 5.4% 9.8% 28.8% Sales £548.2m 2.3%* 2008: £536.0m Trading profit £55.9m 11.3%* 2008: £63.0m Operational highlights for the year • Strengthened our market leadership position and gained 3.7ppts to 21.4% market share • Innovative marketing programmes drove excellent aftersales performance *at actual exchange rates More online at www.inchcape.com/ourbusinessmodel/regions 30 Inchcape plc ¦ Annual Report and Accounts 2009
Section One Business review The market In Singapore, the market declined against the previous year by 27.9%, due in part to the continued slowdown in de-registrations, reduced quota levels from the Singapore government and consistently higher Certificate of Entitlement prices throughout the year. Parallel importers share of the market declined by 10.8ppts against 2008. The Brunei vehicle market fell by 5% in 2009. Business model and strategy In Singapore, Inchcape is the distributor for Toyota, Lexus, Hino Trucks and Suzuki.We have represented Toyota in Singapore since 1967 and been Singapore’s market leading retailer by sales for seven consecutive years since 2002.We have held the Suzuki distribution franchise since 1977. In Brunei we are the distributor and retailer for both Toyota and Lexus. Outlook for 2010 2010 will be another challenging year in Singapore.We expect the market to continue its decline as a result of the lower quota sizes announced in October 2009 by the Singapore government and the expected continued slowdown in de-registrations. Our priority will be to strengthen our market leadership position by capitalising on new product launches and special editions and continue to outperform the aftersales market through enhanced customer management. Franchised retail centres 10 Our operating performance Inchcape strengthened its market leading position and grew market share by 3.7ppts, to achieve a market share of 21.4%.This was largely driven by new products, the effectiveness of our value for money marketing programmes and the weakening of parallel importers due to the strengthening of the Yen versus the Singapore Dollar. Aftersales outperformed the market through targeted marketing programmes for vehicles out of warranty. Our business in Brunei performed well retaining its market leading position. Sales fell 11.7%, but in actual terms sales grew by 2.3% resulting in a trading profit of £55.9m. Cash generated from operations for the region was 5.4% above 2008 at £71.6m, driven by working capital reductions. www.inchcape.com 31
Page 1 and 2: Annual Report and Accounts 2009 Ind
Page 3 and 4: Section One Business review Financi
Page 5 and 6: Section One Business review Strengt
Page 7 and 8: Section One One Business review Nor
Page 9 and 10: Section One Business review level g
Page 11 and 12: Section One Business review Busines
Page 13 and 14: Section One Business review Uniquel
Page 15 and 16: The Inchcape business model Section
Page 17 and 18: The Inchcape Advantage Section One
Page 19 and 20: Global experience Section One Busin
Page 21 and 22: Superior customer service driving g
Page 23 and 24: Section One Business review Like fo
Page 25 and 26: Section One Business review Regiona
Page 27 and 28: Section One Business review Franchi
Page 29 and 30: Section One Business review The mar
Page 31: Section One Business review The mar
Page 39 and 40: Section One Business review Cash fl
Page 41 and 42: Section One Business review Treasur
Page 43 and 44: Section One Business review Progres
Page 45 and 46: Section One Business review Our cus
Page 47 and 48: Section One Business review in acco
Page 49 and 50: Section One Business review 3 Toyot
Page 51 and 52: Section One Business review We have
Page 53 and 54: Section Two Governance Governance 5
Page 55 and 56: Section Two Two Governance 4 5 3 8
Page 57 and 58: Section Two Two Governance 9 10 11
Page 59 and 60: Section Two Two Governance Inchcape
Page 61 and 62: Section Two Two Governance Board ba
Page 63 and 64: Section Two Two Governance iPOM - 7
Page 65 and 66: Section Two Two Governance of inter
Page 67 and 68: Section Two Two Governance In addit
Page 69 and 70: Section Two Two Governance Chairman
Page 71 and 72: Section Two Two Governance process,
Page 73 and 74: Section Two Two Governance Notes to
Page 75 and 76: Section Two Two Governance Notes on
Page 77 and 78: Section Two Two Governance Director
Page 79 and 80: Section Two Two Governance appropri
Page 81 and 82: Section Three Financial statements
Page 83 and 84:
Section Three Financial statements
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Section Four Shareholder informatio
show all

Full Annual Report - Inchcape

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?