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Transcript of Kingsmen Creatives In the Museum segment, we completed several museum and visitor centre fit-out...

  • Annual Report

    Kingsmen Creatives LtD

  • 01 Challenging Conventional Perspectives 02 Executive Chairman’s Message

    04 Board of Directors 06 Senior Management

    08 Financial Highlights 12 Exhibitions & Museums

    14 Retail & Office Interiors 16 Integrated Marketing Communications

    18 Research & Design 20 Corporate Information

    21 Corporate Governance 32 Financial Report

    107 Statistics of Shareholdings 108 Notice of Annual General Meeting

    Proxy Form

    Our Mission

    To maintain our position as one of the leaders in Asia Pacific

    To be an active global player and be recognized as one of the elite marketing

    communications houses globally

    To provide exciting and fulfilling career opportunities for all members through

    continual expansion and continuous learning

    Our Vision

    Design-Led Quality &

    Service-Driven

  • Challenging Conventional Perspectives

    At the heart of our business is the ability to bring vision to life through creativity

    and innovation. Challenging conventional perspectives has always been pivotal in

    achieving our goals. This ethos has permeated all aspects of our operations, enabling us to forge ahead with confidence to meet

    the challenges of our operating environment.

    KingsMen CreatiVes Annual Report 2008 01

  • What started out as a very promising year for the global economy in 2008, turned chaotic by the second half of the year. Fortunately for us, after having gone through numerous downturns over the past 30 years, we are well-prepared this time around. The combination of our ability to deliver customized, cost-effective solutions and our perpetual quest to constantly enhance our own capabilities enabled us to deliver our strongest performance yet. I am pleased to present to you our annual report for FY2008.

    The year saw us announce a record turnover and net profit. Revenue increased 31% to S$190.6 million, led by full year revenue contribution from our Greater China subsidiaries and overall growth from all our business divisions. Net profit jumped 51% to S$14.2 million.

    Our Exhibitions and Museums division saw revenue increase 79.3% to S$90.2 million, contributed mainly by major exhibition events such as the Singapore Airshow, F1 Singapore Grand Prix, TFAP, event launches for BMW in Singapore and a series of exhibition projects for Nissan/Infiniti for automobile shows in major cities in China. We also successfully completed a few projects for Beijing Olympics 2008. In the Museum segment, we completed several museum and visitor centre fit-out projects such as the Marina Barrage Visitor Centre and Fusionworld Centre in Singapore, as well as a number of visitor centres within the Suzhou Industrial Park.

    Our Interiors division likewise continued to perform well, posting a revenue of S$88.7 million. This was achieved by continuing to focus on managing key accounts and

    undertaking “roll-out programmes” for key accounts such as Aldo, Apple, Burberry, Cotton On, Chanel, DBS/ POSB, Esprit, FJ Benjamin, Marks & Spencer, Nokia, Tag Heuer and Tiffany. Our fixture export business likewise continued to be a growing source of revenue with orders from Aldo, Apple, Coach, Marks & Spencer and Tag Heuer.

    Our Research and Design division continued to record higher revenues of S$5.9 million, due mainly to more design jobs undertaken during the year, while revenue from our IMC division increased from S$3.4 million to S$5.8 million in FY08.

    Moving forward, we expect 2009 to be another strong year of growth. As at 25th February 2009, we have secured contracts of S$154 million, of which S$134 million is expected to be recognized this financial year. Some of these contracts include the over S$70 million worth of projects relating to Universal Studio Singapore which is scheduled for completion by 2009 and the F1 Singapore Grand Prix. Currently, a significant portion of the props production for Waterworld, one of the major attractions of the Universal Studios Singapore theme park, and the museum project for Bank Negara, Malaysia, have been completed. At a time like this, we are especially encouraged by the strong demand and high visibility of our business. Our Universal Studios Singapore and F1 Singapore Grand Prix contracts have allowed us to expand into new areas, build on our existing capabilities and better position ourselves to meet the changing needs of the market.

    My Dear Shareholders,

    The best way to predict our future is to

    create it. By pulling together, acting as if

    it were impossible to fail and having the

    foresight to venture into new areas, we

    continue to deliver on our promises…

    exeCutiVe ChairMan’s Message

    KingsMen CreatiVes Annual Report 200802

  • Our interiors division is expected to maintain its momentum despite the global slowdown as it sees increasing requests and inquiries for lower cost solutions from regular clients and from global brands with operations in Asia, Europe and the US. During the year, our retail fixtures business expanded to include exports to Germany, Russia, Spain, Switzerland and Canada. These, coupled with the opening of the two integrated resorts and new shopping malls namely, Orchard Central, ION Orchard and Mandarin Gallery scheduled for completion in 2009 and 2010 will drive demand for our interior retail business.

    In the international market, our subsidiaries operating in Greater China have performed well and are expected to continue to do so in the current year, despite the current global financial turmoil. The rapid industrial development of many Chinese cities continues to present many opportunities for us. To capitalize on this, we opened an office in Suzhou to meet the increasing need for services there. In the Middle East, we continue to see good business potential and have a series of on-going fit-out projects for global brands as well as exhibition projects across the Emirates.

    As we continue to deliver quality, speed and value, the expertise gained from thematic and scenic construction, and handling mega projects will provide us the track record and capabilities to work on future theme parks in the Asia Pacific region.

    We also intend to expand our scope and services in the sports marketing and event management service area,

    given the increasing number of sporting and mega events being held in the region.

    In appreciation of the support from our loyal shareholders, the Board is pleased to propose a final dividend of 1.5 cents per ordinary share. Combined with the interim dividend of 1.5 cents, we would have paid out a combined dividend of 3 cents per share in FY08.

    In closing, I would like to express my appreciation to all the people at Kingsmen who have enabled us to achieve these results, and to encourage them to continue to give their best.

    I would also like to record the Board’s deepest appreciation to Mr Khoo Ho Tong who has stepped down as our Independent Director, for his many years of service to Kingsmen, and welcome Mr Wong Ah Long as Independent Director to the Board. My gratitude also goes to the Board of Directors for their guidance and wise counsel during the year. Last but not least, I would like to thank our business associates, customers and shareholders for their continued support and trust in us.

    I am confident that with all of us working together, we can build an even brighter future for ourselves.

    Benedict soh Executive Chairman

    KingsMen CreatiVes Annual Report 2008 03

  • Benedict soh Executive Chairman

    Benedict Soh is our Executive Chairman. He is responsible for

    the strategic planning and business development of our Group

    and oversees day-to-day management as well. Mr Soh has

    more than 32 years of experience in the design and production

    of interiors and exhibits. He is one of our founders and has

    contributed significantly to the growth of our Group. Mr Soh

    serves as the Co-Chairman of the Special Technical Committee

    on Tourism and Exhibition Services, Public Affairs Committee

    of the Singapore Association of Convention & Exhibition

    Organisers & Suppliers and is the past president of Rotary

    Club of Pandan Valley. He is also on the advisory committee

    of Northbrooks Secondary School and a member of the

    Investment Panel for Spring Seeds Capital and the International

    Action Crucible of IE Singapore. Mr Soh was awarded a Master

    in Business Administration from the University of Hull in the

    United Kingdom.

    simon Ong Group Managing Director

    Simon Ong is our Group Managing Director. He is responsible

    for the Group’s strategic planning, creative standards and day-

    to-day management. Mr Ong is one of the founders of our

    Group and has contributed significantly to the growth of our

    Group for the past 32 years. Mr Ong was the President of the

    Interior Designers Association, Singapore (1995-1997), Vice-

    Chairman of the Potong Pasir CC Management Committee

    (1998-2003) and a member of the Advisory Committee of

    Temasek Polytechnic School of Design (1998-2007). He is

    currently the Chairman of the design cluster in the Manpower,

    Skills & Training Council of WDA. He is also the Chairman of

    the Design Committee of Singapore Furniture I