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About Kingsmen

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Established in 1976, Kingsmen has grown from a local outfit to a global group with offices in 21 major cities across Asia Pacific, Middle East and the USA serving international brands in Research & Design, Exhibitions & Events, Thematic & Museums, Retail & Corporate Interiors, and Alternative Marketing.

Executive Chairman's Message

Chairman

Dear Shareholders,

Our markets are buoyant and we continue to invest in our future growth. 2017 saw us moving into a new business area to expand the scope of our business and bring additional earning streams to the Group. We incorporated Kingsmen Ventures, an investment holding company and Kingsmen Xperience, a company based in the US, to create and own media/entertainment themed licenses and attractions. The establishment of our collaboration with Hasbro International, Inc. to co-conceptualise, create, build and operate NERF family entertainment centre (FEC) attractions across Asia Pacific is the first step into this exciting and growing area.

Our new Kingsmen HQ, to be ready by the second half of 2018 will be another major step in the transformation of Kingsmen and the pivotal anchor of our creative and experiential business focus. To this end, our Kingsmen Academy will continue to play a key role in the training and development of our people to serve our clients, and we continue to invest in new course offerings and the updating of course content for market needs.

Latest News

Benedict Soh
Executive Chairman

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Extracted from Annual Report 2017

Dear Shareholders,

Our markets are buoyant and we continue to invest in our future growth. 2017 saw us moving into a new business area to expand the scope of our business and bring additional earning streams to the Group. We incorporated Kingsmen Ventures, an investment holding company and Kingsmen Xperience, a company based in the US, to create and own media/entertainment themed licenses and attractions. The establishment of our collaboration with Hasbro International, Inc. to co-conceptualise, create, build and operate NERF family entertainment centre (FEC) attractions across Asia Pacific is the first step into this exciting and growing area.

Our new Kingsmen HQ, to be ready by the second half of 2018 will be another major step in the transformation of Kingsmen and the pivotal anchor of our creative and experiential business focus. To this end, our Kingsmen Academy will continue to play a key role in the training and development of our people to serve our clients, and we continue to invest in new course offerings and the updating of course content for market needs.

On the financial front, we recorded a revenue of S$307.2 million and net profit of S$9.7 million in 2017. There was a 6.8% decrease in revenue and an 18.1% decrease in net profit compared to 2016. Our performance was impacted due to the soft retail market, adverse movements in foreign exchange, the completion of several thematic projects and the scheduling of new projects in the pipeline.

Our Exhibitions & Thematic division recorded a revenue of S$136.8 million in 2017, a 9.7% decrease compared to S$151.5 million in 2016, as a number of the larger scale projects were completed in 2016. The division is seeing good demand for its services and is optimistic about its prospects due to various projects already in the works, and several others in the pipeline.

Amidst soft retail conditions, our Retail & Corporate Interiors division continues to push hard as we expand our reach in the hospitality, corporate interior, F&B and mall public area segments while continuing to serve clients in our more established markets of high-end luxury, affordable luxury, fast fashion and travel retail. The division registered a revenue of S$143.2 million in 2017, a 4.9% decline compared to S$150.5 million in 2016.

Our Research & Design division maintained steady growth, registering a revenue of S$15.5 million in 2017, an increase of 2.9% compared to S$15.1 million in 2016. In addition, our Alternative Marketing division achieved a revenue of S$11.8 million in 2017, a decrease of 7.2% from S$12.7 million in 2016. We are taking steps to expand our base of clients and expect improved contribution from the division.

Looking ahead, we see good potential for our continued growth as the diverse industries we serve, and the services and capabilities we have built over the years put us in a unique position. As consumer preferences and needs gravitate towards an experiential focus, demand for our services will continue to expand. As at 31 January 2018, we have secured contracts of S$84 million, of which S$82 million is expected to be recognised in 2018.

In line with the Group's policy of distributing its profits to loyal shareholders, the Board of Directors has proposed a final dividend of 1.5 cents per ordinary share. Combined with the interim dividend of 1.0 cent per ordinary share paid in September 2017, we would have paid out a total dividend of 2.5 cents per ordinary share for 2017.

In closing, I would like to extend my heartfelt appreciation to all members of Kingsmen for their dedication and passion in delivering value for our clients and the Group. I would also like to acknowledge the Board of Directors for their steadfast support and guidance throughout the year. Last but not least, I am grateful to our business associates, clients and shareholders for their continued support and belief in us.

We are confident that we are on the right path and have the right strategy to deliver on our full potential. We remain committed in pursuit of new business opportunities and delivering value for all our stakeholders.

BENEDICT SOH
Executive Chairman

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Benedict Soh
Chairman

Benedict Soh is dedicated to honing the Group's leadership capabilities and human capital, in addition to his role in charting the Group's strategic direction and exploring new business opportunities. One of two founders of the Group, he has contributed significantly to its growth and has over 40 years of experience in the design & production of interiors, exhibits and marketing communications. Mr. Soh has served IE Singapore, Spring Singapore and the Singapore Tourism Board (STB) for various initiatives to improve Singapore's international standing in Tourism & Exhibition Services. He is currently a trustee of the Migrant Workers Centre and is actively involved as a board member of Spring Seeds Capital.

A strong proponent of education, Mr. Soh is the Chairman of Tourism & Hospitality Programmes and a member of the Academic Advisory Board at MDIS. He is also a member of the School Advisory Council of Northbrooks Secondary School and SHATEC's Academic & Examination Advisory Council. In 2014, US-based Exhibit Designers & Producers Association (EDPA) conferred the prestigious Hazel Hays Award in recognition of Mr. Soh's outstanding contributions to the trade show industry, in addition to the Lifetime Achievement for Outstanding Contribution to Tourism accorded by STB in 2012. He was the former President of the Rotary Club of Pandan Valley and holds a Master of Business Administration from the University of Hull in the UK.

Simon Ong
Deputy Chairman

Simon Ong oversees the strategic planning and development of the Group as well as its creative and brand standards. He is one of the Group's two founders and has contributed significantly to its growth. He is a member of the advisory board to the Design Business Chamber of Singapore, Interior Designers Confederation of Singapore and Singapore Furniture Industries Council (Design). Mr. Ong served as Chairman of the design cluster in the Manpower, Skills & Training Council of WDA, President of the Interior Designers Association (Singapore), an IDP member of the Design Singapore Council and a board member of the Association of Retail Environments/SHOP!(USA).

An ardent advocate of education, Mr. Ong currently serves as a board director of Nanyang Academy of Fine Arts (NAFA) and a member of the Advisory Board to the School of Design & Environment at the National University of Singapore (NUS).

He was the former Chairman of the School Advisory Board of Cedar Girls Secondary School, and once served as a member of the Advisory Board of Temasek Polytechnic School of Design. Mr. Ong also served as Vice-Chairman of the Potong Pasir CC Management Committee. He was awarded a Master of Business Administration from the University of South Australia and a Master in Design from the University of New South Wales, Australia.

Andrew Cheng
Group Chief Executive Officer

Andrew Cheng oversees the Group's day-to-day management, as well as its corporate affairs, business development and strategic planning functions. He has more than 25 years of experience in marketing, sales management, consulting, business development and investor relations. He was the former Honorary Secretary and a Committee Member of the Securities Investors Association (Singapore) and currently serves on the association's Remuneration Sub-Committee. He is also a member of the Dover Park Hospice Communications & Outreach Committee. Andrew has a Bachelor of Economics degree from the University of Tasmania, Australia.

Anthony Chong
Group Managing Director,
Exhibitions & Thematic

Anthony Chong drives the strategic management and day-to-day operations of the Group's Theme Parks, Museums, Exhibitions and Events businesses. He has more than 35 years of experience in marketing and the fulfilment of different disciplines that encompass world-class attractions, tradeshows, retail interiors and large-scale sporting & corporate events. He currently serves as a member of the School Advisory Council in Cedar Girls Secondary School. Anthony holds a Master of Business Administration from Victoria University of Technology, Australia.

Alex Wee
Group Managing Director,
Retail & Corporate Interiors

Alex Wee has more than 25 years of experience in the fulfilment of retail & corporate interior fit-outs, custom fixture manufacturing, and general contracting. He is responsible for the strategic management and day-to-day operations of the Group's Retail & Corporate Interiors business. Alex has a Bachelor of Construction Management (Honours) from University of Newcastle, Australia, and a Master of Science in Marketing & Consumer Insight from Nanyang Technological University, Singapore.

Sebastian Tan
Independent Director

Sebastian Tan was appointed Independent Director of the Company in April 2013. In May 2000, he co-founded Boardroom Limited, a company listed on the Singapore Exchange (SGX-ST). He was the Managing/Finance Director of Boardroom Limited from May 2000 to March 2013. Having retired from Boardroom Limited, he continues to be an Advisor. Prior to May 2000, he was with Ernst & Young Singapore and its affiliates since September 1973. Mr. Tan is currently an Independent Non-Executive Chairman of Jumbo Group Limited and Vibrant Group Ltd and an Independent Director of Ezra Holdings Limited and Wilton Resources Corporation Ltd. He is also a Trustee of Kwan Im Thong Hood Cho Temple and a director of D S Lee Foundation and EtonHouse Community Fund Ltd. He is a qualified financial professional from the Association of Chartered Certified Accountants (UK). He was awarded the Public Service Medal in 1996.

Prabhakaran N. Nair
Independent Director

Prabhakaran N. Nair was appointed Independent Director of the Company in August 2003. He began practicing law in 1974 and is an Advocate and Solicitor of Singapore. Mr. Nair is currently a partner of law firm, Messrs Derrick Wong & Lim BC LLP. He obtained a degree in law from the University of Singapore and is a litigation lawyer specialising in Commercial Litigation, Arbitration and Estates and Trusts matters.

Cynthia Tan
Independent Director

Cynthia Tan was appointed Independent Director of the Company in November 2016. She retired from OCBC in 2015 after 16 years as the Head of Group Human Resources. Prior to her role in OCBC, she headed the HR functions in LVMH DFS and Apple Computer. She was a former lecturer at Ngee Ann Polytechnic's School of Business & Accountancy before joining the private sector. Cynthia is currently a member of the Executive Committee of the Dyslexia Association of Singapore and a Patron for the Youth Council. She is also a member of the Advisory Board at the Singapore Human Resources Institute and a Board member of the YMCA Singapore. She is a trained Executive Coach from Columbia University and certified Diversity Practitioner from Cornell University. Cynthia obtained her Diploma in Personnel Management from the University of Cardiff, UK and Master of Business Administration from the University of Hull, UK.

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Financial Statements And Related Announcement - Third Quarter Results

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Extracted from Annual Report 2017

Results For the Year
FY2013
S$'000
FY2014
S$'000
FY2015
S$'000
FY2016
S$'000
FY2017
S$'000
Revenue
296,251
336,413
327,903
329,707
307,254
Gross profit
75,972
84,840
83,677
83,447
77,198
Profit before tax
22,005
21,554
21,641
14,350
10,168
Profit net of tax attributable to equity
17,744
17,155
19,068
11,896
9,741
   holders of the Company
 
At Year-end (S$'000)
Total assets
209,498
223,914
252,231
259,031
246,365
Total liabilities
120,226
122,849
138,860
140,361
124,315
Shareholders' funds
85,525
96,747
111,277
116,826
120,924
Cash and cash equivalents
62,160
81,360
70,688
74,551
71,073
Borrowings
4,562
6,514
13,385
11,056
13,933
 
Per Share (cents)
Earnings - basic and diluted
9.21
8.84
9.71
6.02
4.90
Dividends
4.00
4.00
3.00
2.50
2.50
Net assets
44.24
49.73
56.51
58.96
60.73
 
Key Ratios (%)
Revenue growth
2.1
13.6
(2.5)
0.6
(6.8)
Gross profit margin
25.6
25.2
25.5
25.3
25.1
Net profit margin
6.0
5.1
5.8
3.6
3.2
Return on shareholders' funds
22.3
18.8
18.3
10.4
8.2
Debt equity
5.3
6.7
12.0
9.5
11.5


Revenue By Activities

Activities
Year Ended 31 Dec 17
Year Ended 31 Dec 16
S$'000
%
S$'000
%
Exhibitions & Thematic
136,772
44.5
151,435
45.9
Retail & Corporate Interiors
143,173
46.6
150,486
45.6
Research & Design
15,521
5.1
15,083
4.6
Alternative Marketing
11,788
3.8
12,703
3.9
Total Revenue
307,254
100.0
329,707
100.0


Turnover By Geography

Geography
Year Ended 31 Dec 17
Year Ended 31 Dec 16
S$'000
%
S$'000
S$'000
South Asia
163,428
53.2
180,799
54.9
North Asia
92,282
30.0
98,030
29.7
Middle East
17,772
5.8
22,724
6.9
United States and Canada
15,971
5.2
15,921
4.8
Europe
14,602
4.8
10,228
3.1
Others
3,199
1.0
2,005
0.6
Total Revenue
307,254
100.0
329,707
100.0


Consolidated Statement of Profit or Loss

 
Group
+ / -
%
Year Ended 31 Dec 17 Year Ended 31 Dec 16
S$'000
S$'000
Revenue      
Exhibitions & Thematic
136,772
151,435
(9.7)
Retail & Corporate Interiors
143,173
150,486
(4.9)
Research & Design
15,521
15,083
2.9
Alternative Marketing
11,788
12,703
(7.2)
       
Total revenue
307,254
329,707
(6.8)
Cost of sales
(230,056)
(246,260)
(6.6)
       
Gross profit
77,198
83,447
(7.5)
Other items of income
 
 
 
   Interest income
409
353
15.9
   Other income
3,989
4,720
(15.5)
Other items of expense
 
 
 
   Depreciation of property, plant and equipment
(2,001)
(2,429)
(17.6)
   Employee benefits expense
(55,025)
(58,527)
(6.0)
   Other expenses
(14,218)
(12,422)
14.5
   Interest expense
(534)
(596)
(10.4)
Share of results of associates
350
(196)
n/m
       
Profit before tax
10,168
14,350
(29.1)
Income tax expense
(996)
(2,586)
(61.5)
       
Profit net of tax
9,172
11,764
(22.0)
       
Profit/(loss) net of tax attributable to:
 
 
 
Equity holders of the Company
9,741
11,896
(18.1)
Non-controlling interests
(569)
(132)
331.1
       
Profit net of tax
9,172
11,764
(22.0)
       

Note:
n/m = not meaningful

Revenue

For the financial year ended 31 December 2017 ("FY2017"), the Group recorded a revenue of S$307.2 million, a decrease of S$22.5 million or 6.8% compared to S$329.7 million for the previous corresponding financial year ended 31 December 2016 ("FY2016").

The Exhibitions & Thematic division registered a revenue of S$136.8 million in FY2017, a decrease of S$14.7 million or 9.7% from S$151.5 million in FY2016. The decrease in revenue was due to the completion of several key projects in FY2016. The key contributors to the division's revenue included major events and projects such as BNP Paribas WTA Finals Singapore presented by SC Global, Desaru Adventure Waterpark, Downton Abbey Touring Exhibition, Dubai Frame, Formula 1 Singapore Grand Prix, Heilan Horse Cultural Experience Pavilion, King Abdulaziz Center for World Culture, Madame Tussauds, National Day Parade 2017, TFWA Asia Pacific Exhibition & Conference 2017 and thematic projects in the region.

The Retail & Corporate Interiors division recorded a revenue of S$143.2 million in FY2017, a decrease of S$7.3 million or 4.9% compared to S$150.5 million in FY2016. The decrease in revenue was due to the softer retail industry in some of the markets. The key accounts which contributed to the division's revenue included clients and brand names such as Aldo, Birkenstock, Coach, DBS Bank, DFS Venture, Dior, Fendi, La Perla, Lululemon, Robinsons, Skechers, Tiffany & Co. and YATA.

The Research & Design division registered a revenue of S$15.5 million in FY2017, an increase of S$0.4 million or 2.9% compared to S$15.1 million in FY2016. The key accounts which contributed to the division's revenue included clients and brand names such as Burberry, Gucci, Madame Tussauds, Procter & Gamble Co., Robinsons and Tencent, and thematic projects in the region.

The Alternative Marketing division achieved a revenue of S$11.8 million in FY2017, a decrease of S$0.9 million or 7.2% from S$12.7 million in FY2016. The key contributors to the division's revenue included events and projects from clients such as DFASS, Global Young Scientists Summit, International Public Policy Association, Shinnyo-en Singapore, StarHub and Techinnovation 2017.

Gross Profit

Gross profit for FY2017 decreased by S$6.2 million or 7.5% to S$77.2 million compared to S$83.4 million in FY2016. The decrease was mainly a result of the lower revenue registered. Gross profit margin remained stable at 25.1% in FY2017 compared to 25.3% in FY2016.

Other Items Of Income

Interest income relates mainly to interest income earned from short-term deposits and bank balances placed with banks.

Other income decreased by S$0.7 million or 15.5% from S$4.7 million in FY2016 to S$4.0 million in FY2017. The decrease was mainly due to lower rental income of S$0.3 million and an absence of net foreign exchange gain of S$0.3 million.

Other Items Of Expense

Lower operating expenses were incurred in FY2017 compared to FY2016. The lower depreciation charge on property, plant and equipment was mainly due to fully depreciated assets, of which no further depreciation charge was recorded in FY2017. The decrease in employee benefits expense was mainly due to lower costs resulting from reduced headcount and lower performance linked incentives recorded. Other expenses rose mainly due to a net foreign exchange loss of S$1.6 million recorded in FY2017 compared to a net foreign exchange gain of S$0.3 million recorded in other income in FY2016. This arose mainly from the appreciation of the Singapore Dollar against the various currencies that the Group conducted its operations in, in particular the United States Dollar. The fall in interest expense was mainly due to a lower amount of loans and borrowings outstanding in FY2017 compared to FY2016.

Share Of Results Of Associates

Share of results of associates changed by S$0.5 million from a loss of S$0.2 million in FY2016 to a profit of S$0.3 million in FY2017. The change was mainly due to profit contribution from certain associates partially offset by loss contribution from an associate acquired in FY2016.

Profit Net Of Tax Attributable To Equity Holders Of The Company

Based on the above, profit net of tax attributable to equity holders of the Company decreased by S$2.2 million or 18.1% from S$11.9 million in FY2016 to S$9.7 million in FY2017.

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  • REGISTRAR
    Boardroom Corporate & Advisory Services Pte Ltd 50 Raffles Place, #32-01 Singapore Land Tower Singapore 048623

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    Boardroom Corporate & Advisory Services Pte Ltd 50 Raffles Place, #32-01 Singapore Land Tower Singapore 048623

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Date Type Remarks
Notes
  • Dates with early, mid or late descriptions are based on the dates from the previous year's results. These are not indicative of future result announcements dates.

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Historical EPS ($) a
NAV ($) b
Historical PE
Price / NAV b
Dividend ($) d
52 Weeks High
Dividend Yield (%) d
52 Weeks Low
Par Value ($)
 
Market Cap (M)
Issued & Paid-up Shares c
Notes
  • Based on latest Full Year results announcement, adjusted for the current number of shares.
  • Based on latest results announcement (Full Year, Half Year or Interim), adjusted for the current number of shares.
  • Rounded to the nearest thousand. Updated on
  • Dividend is based on latest Full Year results announcement, adjusted for current number of shares and excludes special dividend.

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Announce Date
[Date of
Effective
Change]
Buyer / Seller Name
[Type*]
S / W / U ** Bought/
(Sold)
('000)
Price($) After Trade Note
No. of Shares ('000) *** % Held
***
No Insider Trades Available.
* DIR - Director (include Directors of related companies)
SSH - Substantial Shareholder
COY - Company Share Buyback
TMRP - Trustee-Manager/Responsible Person
** S - Shares
W - Warrants
U - Units
R - Rights
*** Direct & Deemed Interests

Notes:

  1. Only trades by directors, substantial shareholders and company share buy back are included in Insider Trades.

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    Financial Statements And Related Announcement - Third Quarter Results

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    Kingsmen SGX Announcement (134 KB)

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    Extracted from Annual Report 2014

    Results For the Year
    FY2010
    S$'000
    FY2011
    S$'000
    FY2012
    S$'000
    FY2013
    S$'000
    FY2014
    S$'000
    Revenue
    233,631
    260,988
    290,190
    296,251
    336,413
    Gross profit
    62,421
    66,665
    72,388
    75,972
    84,840
    Profit before tax
    18,256
    19,807
    21,554
    22,005
    21,354
    Profit net of tax attributable to equity
    13,610
    16,327
    16,914
    17,744
    17,155
       holders of the Company
     
    At Year-end (S$'000)
    Total assets
    144,119
    165,646
    179,639
    209,498
    223,914
    Total liabilities
    86,175
    97,634
    102,811
    120,226
    122,849
    Shareholders' funds
    55,600
    65,418
    73,848
    85,525
    96,747
    Cash and cash equivalents
    28,029
    31,595
    51,578
    62,160
    81,360
    Short and long-term borrowings
    5,290
    5,205
    4,645
    4,562
    6,514
     
    Per Share (cents)
    Earnings - basic and diluted
    7.17
    8.56
    8.84
    9.21
    8.84
    Dividends
    4.00
    4.00
    4.00
    4.00
    4.00
    Net assets
    29.25
    34.25
    38.53
    44.24
    49.73
     
    Key Ratios (%)
    Revenue growth
    (3.2)
    11.7
    11.2
    2.1
    13.6
    Gross profit margin
    26.7
    25.5
    24.9
    25.6
    25.2
    Net profit margin
    5.8
    6.3
    5.8
    6.0
    5.1
    Return on shareholders' funds
    25.3
    27.0
    24.3
    22.3
    18.8
    Debt equity
    9.5
    8.0
    6.3
    5.3
    6.7


    Revenue By Activities

    Activities
    Year Ended 31 Dec 14
    Year Ended 31 Dec 13
    S$'000
    %
    S$'000
    %
    Exhibitions & Museums
    136,455
    40.6
    103,440
    34.9
    Retail & Corporate Interiors
    174,344
    51.8
    166,604
    56.2
    Research & Design
    12,928
    3.8
    11,389
    3.9
    Alternative Marketing
    12,686
    3.8
    14,818
    5.0
    Total Revenue
    336,413
    100.0
    296,251
    100.0


    Turnover By Geography

    Revenue
    Year Ended 31 Dec 14
    Year Ended 31 Dec 13
    S$'000
    %
    S$'000
    S$'000
    Singapore
    138,597
    41.2
    111,010
    37.5
    Greater China
    93,992
    27.9
    100,240
    33.8
    Malaysia
    27,728
    8.2
    20,996
    7.1
    Vietnam
    19,422
    5.8
    16,092
    5.4
    Europe
    16,397
    4.9
    604
    0.2
    Rest of Asia
    13,233
    3.9
    12,316
    4.2
    US & Canada
    11,309
    3.4
    12,023
    4.0
    Indonesia
    7,805
    2.3
    15,029
    5.1
    Middle East
    6,955
    2.1
    6,132
    2.1
    Others
    975
    0.3
    1,809
    0.6
    Total Revenue
    336,413
    100.0
    296,251
    100.0


    Consolidated Income Statement

     
    Group
    + / -
    %
    Year Ended 31 Dec 14 Year Ended 31 Dec 13
    S$'000 S$'000
    Revenue      
    Exhibitions & Museums 136,455 103,440 31.9
    Retail & Corporate Interiors 174,344 166,604 4.6
    Research & Design 12,928 11,389 13.5
    Alternative Marketing 12,686 14,818 (14.4)
           
    Total revenue 336,413 296,251 13.6
    Cost of sales (251,573) (220,279) 14.2
           
    Gross profit 84,840 75,972 11.7
    Other items of income      
       Interest income 441 394 11.9
       Other income 5,229 5,012 4.3
    Other items of expense      
       Depreciation of property, plant and equipment (2,083) (1,629) 27.9
       Employee benefits expense (54,092) (47,721) 13.4
       Other expenses (13,761) (10,567) 30.2
       Interest expense (241) (276) (12.7)
    Share of results of associates 1,021 820 24.5
           
    Profit before tax 21,354 22,005 (3.0)
    Income tax expense (3,595) (3,623) (0.8)
           
    Profit net of tax 17,423 18,382 (3.4)
           
    Profit net of tax attributable to      
    Equity holders of the Company 17,155 17,744 (3.3)
    Non-controlling interests 604 638 (5.3)
           
    Profit net of tax 17,759 18,382 (3.4)
           

    Revenue

    For the financial year ended 31 December 2014 ("FY2014"), the Group recorded revenue of S$336.4 million, an increase of S$40.2 million or 13.6% as compared to S$296.2 million for the previous corresponding financial year ended 31 December 2013 ("FY2013"). This was mainly attributable to organic growth within the Group and revenue contribution from Kingsmen Middle East LLC ("KME") which was accounted for as a subsidiary of the Group with effect from 1 January 2014.

    The Exhibitions & Museums division performed well in FY2014 with revenue of S$136.4 million as compared to S$103.4 million in FY2013, an increase of S$33.0 million or 31.9%. The key contributors to the division's revenue were revenue from major projects such as Formula 1 Singapore Grand Prix 2014, FIA Formula E Putrajaya ePrix 2014, Singapore Sports Hub, Singapore Airshow 2014, Food & Hotel Asia 2014, TFWA Asia Pacific Exhibition & Conference 2014, BNP Paribas WTA Finals Singapore presented by SC Global and thematic projects in China.

    The Retail & Corporate Interiors division recorded revenue of S$174.3 million in FY2014, an increase of S$7.7 million from S$166.6 million in FY2013. The increase in revenue was due to the continued strong demand for interior design and fit-out services from key accounts such as Shilla, Tiffany & Co., Lotte Group, H&M, Christian Dior, Fendi and Uniqlo.

    The Research & Design division continued to grow steadily registering revenue of S$12.9 million in FY2014, an increase of 13.5% as compared to S$11.4 million in FY2013. Key accounts which contributed to the division's revenue included customers and brand names such as Burberry, SKII, Metro and Shilla.

    Revenue from the Alternative Marketing division was S$12.7 million in FY2014, reflecting a decrease of S$2.1 million as compared to S$14.8 million in FY2013. The higher revenue in FY2013 was due to the completion of a major one-off project. In FY2014, the division completed projects and events for clients such as BMW, Jurong Health, Heineken and StarHub.

    Gross Profit

    Gross profit for FY2014 increased by S$8.8 million or 11.7%, from S$76.0 million in FY2013 to S$84.8 million in FY2014. The increase was brought about mainly by higher revenue registered. Gross profit margin was stable at 25.2% in FY2014 as compared to 25.6% in FY2013.

    Other Items of Income

    Interest income relates mainly to interest income earned from fixed deposits and bank balances placed with banks.

    Other income comprises mainly of corporate fee income, other service income, rental income and miscellaneous income.

    Other Items of Expenses

    Higher operating expenses were incurred in FY2014 as compared to FY2013. The increase was mainly due to the inclusion of KME as a subsidiary of the Group with effect from 1 January 2014, and increases in expenses such as employee benefits expense due to higher headcount and increased average wages, and one-off costs in relation to the settlement of a legal case in China.

    Share of Results of Associates

    Share of results of associates increased by S$0.2 million or 24.5% from S$0.8 million in FY2013 to S$1.0 million in FY2014. The increase was mainly due to contribution from a new associate, namely Kingsmen C.M.T.I Co., Limited acquired in January 2014.

    Profit Net of Tax Attributable to Equity Holders of the Company

    Profit net of tax attributable to equity holders of the Company decreased by S$0.6 million or 3.3% from S$17.8 million in FY2013 to S$17.2 million in FY2014, notwithstanding the higher revenue and gross profit registered. This was largely due to the higher operating expenses (such as employee benefits expense and one-off costs in relation to the settlement of a legal case in China) incurred.