Singapore’s branches contribute to the highest revenue
In 2014, the share price of Breadtalk is positively correlated to STI Index
There are more outlets in China than in Singapore
Due to goodwill impairment, as well as an asset impairment and write-off on outlets that have been closed or underperforming, amounting to S$5.4 million, net attributable profit decreased to S$7.6 million from S$22.21 million in FY2014
BreadTalk work with strategic partners to strengthen their leadership position and bring greater awareness of their brands throughout Asia. Food Republic, BreadTalk and Toast Box outlets will fly the Singapore flag at the new Shanghai Disney Resort when it opens its doors in June 2016.
The Group strives to pursue a vertically integrated strategy to allow them to secure vantage locations for their portfolio of brands, mitigate rental pressure and achieve potential long-term capital appreciation.
An interesting fact about Breadtalk was that I never knew that it had a ‘group’ or the Breadtalk Group with familiar eateries such as Din Tai Fung and Toast Box. I’ve always thought that Breadtalk was a bakery on its own. But I now know that it has successful restaurants and eateries under its belt. Much Inspiring.
I find it interesting that they show each and everyone of the core executive team and their roles responsibilities together with a picture of them. Not every company would show the whole team in the report. At most, only the CEO and his message. Also, the CFO is an SMU alumni with spectacular academic results. Something that I can look up to and draw inspiration from considering I’m struggling doing a single degree while he achieved summa cum laude whilst pursuing double degree.
Another interesting thing about Breadtalk is that it has a lot of corporate social responsibility efforts. It has contributed significantly to the arts, cancer foundation and even sponsored a charity event for a fundraising initiative by TOUCH programme.
Revenue has been increasing yearly but net attributable profit decreased to $7.6 million from $22.2million in FY2014
BreadTalk bought a 5.31% stake in AXA Tower for $19.4 million
BreadTalk divested their stakes in 112 Katong for $8.5 million
Breadtalk has an outlet in Cambodia
Breadtalk group is quite active in giving back to the Arts and Culture scene in Singapore 
Din Tai Fung restaurant has 19 outlets here in Singapore alone 
Expansion to Shanghai Disney Resort, Disneytown
It was surprisingly to see how BreadTalk has grown beyond the domestic market and into the Shanghai market by entering into a strategic partnership with one of the most prominent tourist attraction sites. With this, BreadTalk’s suite of delicious pastries will be enjoyed by many more others and there will be no worry for me to have a taste of home when I visiting there myself.
Diversification into a new product line – Ready-to-Cook meals
With Ready-to-Cook meals (pastas, noodles), everyone can look forward to healthier takeaway alternatives instead of stuffing up on McDonalds. Furthermore, I suppose this vertical integration of their core business model (just like its strategic for property investments) will allow the organization to enjoy better cost savings and economies of scale by tapping onto their existing infrastructure to diversify into a new product market line.
Corporate Social Responsibility: Philanthropic Approach
I believe every organization should adopt a “stakeholder-view” framework by balancing the financial, social and environmental interests of all stakeholders (employees, creditors, environment, etc.) in the organization. In the case of BreadTalk, it was very heartening to see that BreadTalk has played a significant role in giving hope to both children (Children’s Cancer Foundation) and students (NAFA Scholarships) through their philanthropic acts/donations. While CSR is not necessary, more companies should be proactive like BreadTalk to contribute and give back to the society as a whole.
Breadtalk actually has a lot of subsidiary brands.
The bulk of their revenue actually comes from bakery.
They pay their board of directors pretty well.
The Bakery component of the revenue mix by business segment is in fact only 49.3%, I thought it would be a larger component.
They have over 10 subsidiary companies.
Total shareholder return over the last 5 years was 88.4% inclusive of dividends, compared to  -10.8% delivered by the Straits Time Index.
Food Republic, BreadTalk and Toast Box outlets will fly the Singapore flag at the new Shanghai Disney Resort when it opens its doors in June 2016.
BreadTalk Group Academy is the first business organization to be awarded the ‘Approved Training Centre’ status to conduct the certificate in Bakery and Pastry Course.
The Group unveiled their fifth-generation concept store which aims to enrich the customers’ shopping experience. It will feature a centerpiece Island Bar which prominently displays the creations of its Chefs while seamlessly integrating the kitchen and the service area. 
Breadtalk has only opened bakeries in the Middle East. Maybe this is because business there is not as good as China and Hong Kong, thus Breadtalk is not able to expand and bring their food atrias and restaurant there.
Revenue contribution dropped for food atria, but increased for restaurants and bakeries.
Attendance for board meetings were included to hold the people of power in Breadtalk accountable for the things discussed and implemented in those meetings.
Did not know that more than half of the revenue mix for Breaktalk is generated from Restaurant and Food Atrium (Something I was also not aware of that Breadtalk have such assets).
They have a 50% joint venture subsidiary company called Street Food Pte Ltd.
They have outlets in countries like Kuwait, Oman, Qatar, Saudi Arabia.
BreadTalk has revolutionized the concept of bakeries in Singapore. For instance, the new store at VivoCity BreadTalk outlet has been integrated with advanced digital system – prompting notifications on the display whenever new batches of bread are ready. 
The restaurant division of BreadTalk organization has achieved the highest revenue growth of $143.2 million in FY2015, with a major contributor being the high turnover rate from Ding Tai Fund outlets in Thailand. 
BreadTalk has extended internship opportunities to students from various polytechnics. They would take on specialized roles in the Research and Development and Quality Assurance teams.
In the 2015 report, it shows that the revenue earned by the company is much lesser as compared to before. For example: In 2011-2012, the company earned a revenue of 81.4 million. In 2012-2013, the company earned a revenue of 89.2 million. In 2013-2014, the company earned a revenue of 53.1million and in 2014-2015, the company earned a revenue of 34.5 million. This shows a decreasing in revenue earned in the year of 2015.
Most of BreadTalk revenue comes from Singapore which is 52.9%. 
Most of BreadTalk revenue comes from its Bakery which is 49.3% as compared to Restaurant 23% and Food Atrium 27.7%.
It’s nice to know that BreadTalk is an employee-oriented company that really places emphasis on its employees and regard it as their assets. This is based on a brief comparison between BreadTalk’s and FedEx annual report where I discovered that there were several pages of the annual report that is showcasing the management staff and a brief write-up about each staff. That’s really nice.
It is also interesting to know that BreadTalk has invested (quite) heavily in the local properties and assets.
It’s interesting to know that there is a BreadTalk Academy whereby it displays their willingness and investment in grooming the upcoming generation of people to take on specialized roles in their company and to attract F&B talents in Singapore.
Principle 9 (company providing clear disclosure of its remuneration policies)
Principle 6 (the need to provide directors with adequate and timely information prior to board meetings)
Principle 2 (to hire independent directors to exercise objective judgement on corporate affairs independently)
BreakTalk and its subsidiaries take part in various community service work, such as raising funds for the Children’s Cancer Foundation, in order to boost its brand reputation.
BreakTalk practices dual leadership in order to avoid concentrated power on just one individual, and has clear responsibilities for each role in the management team.
I didn’t know Din Tai Fung was under BreakTalk. It also has Food Republic under them. 
The group records impairment charges on available-for-sales equity investments when there’s significant and prolonged decrease in value below cost
Group carried out a review of the recoverable amount of the plant and equipment in the loss making outlets of its bakery, restaurant and food court segments
The group has transactional currency exposures arising from sales, purchases and borrowings that are denominated in a currency other than the respective functional currencies of Group entities.
Despite pulling higher revenue in 2015, BreadTalk had lower profit attributable to equity holders
How they carefully phrase their statements to play off the reduced profits
The amount of text is staggering, as though they really expect someone to read everyting.
Din Tai Fung Restaurant is the crown jewel of their Restaurant business.
Their focus is on the BreadTalk Group Management Assiciate Programme.
Brand of the Year in Bakery category in London-based World Branding awards.
In the chairman’s message, despite increases in revenues and earnings before interest,tax,depreciation and amortization, profit levels decreased significantly compared to FY2014
Breadtalk is in 16 Asian countries including countries that I did not know exist eg, Bahrain and Oman. Additionally, I found it interesting that there are so many bakery outlets in China. 
There are more BreadTalk bakery outlets and food atrium outlets in China than in Singapore however, revenue made in Singapore made up 52.9% of total revenue.
They are planning to continue invest heavily on strategic investments to boost their assets.
The total dividend paid and proposed for year 2015 for their shareholder is 1.5 cents per share. 
Both the Chairman and Deputy Chairman have been in service as a director for 12 years 10 months (as of 2015).
Revenue rose 4.7% in FY2015. Conversely, EBITDA decreased slightly by 2.7%.
The Food Republic which is near SMU didn’t know that its owned by Breadtalk.
Capitol Piazza, Ah Yat Restaurant, they also own, many places owned by them around SMU!
Auditor’s Report by Ernst & Young LLP
Director’s Statement
Summary of Company’s Performance/Activities over the past year
Building a work class workforce- hand-picked employees will be nurtured and developed through mentorship and immersion programmes to prepare them to take on management roles.
Community chest- fundraising initiative by TOUCH Community Service and Community Chest, helping over 180000 beneficiaries comprising underprivileged individuals, the elderly and people with special needs
Moving towards a new customer experience- aims to enrich the customers’ shopping experience
In the income statement, there is no expenses section.
EBITDA means Earnings before interest, taxes, depreciation and amortization
Breadtalk owns franschise rights for Din Tai Fung
BreadTalk started from a single bakery in Bugis Junction and boomed into such a huge company with close to 1,000 outlets, in 16 territories and 7,000 staff! Wow!
BreadTalk invests in real estate! (AXA Tower and 112 Katong)
From “Brand Accolades”, BreadTalk seems to be more consumer oriented than any other aspect.
Majority of the top management positions are held by males. 
The group has earned a lot of brand recognition awards of different areas.
BreadTalk actually supports and contribute to the act and culture scene of Singapore.
A mini CV of all the board directors is included in the BreadTalk report. Whereas the CEOs of the group get a written prose of their achievements and the executives only get their names and pictures printed into the report.
The BreadTalk market in china seems to be emphasized heavily despite it being a Singaporean brand/52.9% of their revenue being generated in Singapore, as shown by how only the Chinese flag is printed onto the world map on page 20. (This is probably because BT is trying to actively court the massive Chinese market.)
On page 32, there’s a summary of investor relations in FY2015 based on the number of times the investors got to meet/number of investors met etc. It’s a very curious way of showing good investor relations heh.
For food republic, though their revenue went up, EBITDA margin and revenue contribution went down
Bread talk restricted share grant plan, to reward with fully paid shares based on accomplishment of objectives
Issuing interim dividend of 0.5 cents/ share instead of only final dividend of 1 cent/share
With effect from 31 December 2015, the Group changed its accounting policy for investment properties from the cost model to the fair value model.” 
There is a lack of consistency in the presentation, this may cause information to be presented on a different basis and eventually misleading readers. This change in model should only occur if the change is required by an accounting standard or if it gives more applicable and dependable results.
I feel that this is interesting because they are both BreadTalk’s subsidiaries (49%) but both have 51% of the other. This is rather confusing to the reader because we do not see a reason for such complications or like what they are split up yet connected.
Lastly I think that it is interesting that they decided to focus on opening Food Atrium (food republic) in Mainland China and Din Tai Fung in Singapore and Thailand although Din Tai Fung is well- known for their Chinese cuisine. I acknowledge that it is a smart idea to not compete with the many reputable restaurants in Mainland China but I believe they should at least try to integrate into that market.  
The Bakery division of the Group has had a higher EBITDA than the Restaurant Division, for the past 4 years, up until financial year 2015 where the restaurant division recorded an EBITDA of $33,901,000 compared to $22.362,000.
The dividend payout ratio was at an all-time high in 2015, which shows that dividends paid out was more than half of the company's net income, which is unprecedented for the past 4 years.
Company's borrowings is at an all-time low, at a meagre $3,597,000 compared to its next lowest which is $20,170,000, meaning that the company did not have to rely on external loans to maintain the business
Disclosed explicitly that they will be using the fair value model as their new accounting policy for investment properties instead of the previous cost model
Bread Talk also started investing in real estates for gains as well as to secure strategic location for the expansion in their main operations on the retail and commercial value chain.
The report included photos and very detailed profiles of the chairman, deputy chairman, and the directors. As for the key managers, they included photos, their key position in Bread Talk, and a short excerpt on their individual background. 
BreadTalk participated in numerous corporate governance activities 
BreadTalk has many outlets across the globe, including Indonesia and Philippines 
BreadTalk is the first business organization to be awarded the ‘Approved Training Centre’ status to conduct the certificate in Bakery and Pastry Course 
Sensitivity to changes in assumptions - Any adverse changes in Pre-tax discount rate would result in an impairment loss. It was assumed that the assessment of value in use for Shanghai and Singapore, management would increase the rate of discount by 2.5% and 2.1% respectively.  
Financial risk management – It was revised through with the company polices in the report. It was interesting to find that they take foreign currency risk into account. It is noted that Breadtalk is exposed to currency translation that is arising from its net investment in overseas. 
From the cash flow from investing activities, it was found that there is an amount due to an investee. 
Breadtalk had a greater revenue in 2015, but a smaller EBITDA margin than 2014. Maybe this means that their processes are not efficient enough.
They own sanpoutei ramen!!! My favourite ramen place.
Their Bakery and Food Atrium businesses are not doing as well and they’re remaining stagnant. The bulk of their success comes from the Restaurants.
BreadTalk has launched their new concept store in VivoCity, Singapore by engaging their customers using an interactive digital platform to maintain a sustainable growth.
By establishing strategic partnerships with Disney, BreadTalk, Food Republic and Toast Box outlets will be opened at the new Shanghai Disney Resort when it opens its doors in June 2016.
BreadTalk was being featured on Scoot’s newest Boeing 787 Dreamliner painted with SG50-themed livery as one of Singapore’s iconic brands during the SG50 celebrations.