ANNUAL REPORT
2016
JOINT LET TER TO
OUR SHAREHOLDERS
ANDY GOH
Executive Director & Deputy CEO
ME LV I N GOH
Executive Chairman & CEO
DEAR
SHAREHOLDERS ,
The year ended 31 March 2016 (¡°FY2016¡±) was a busy year for EuroSports
particularly in the areas of brand building as well as our active pursuit of
new and complementary revenue streams.
CORPORATE
UPDATES
In November 2015, we opened a new Lamborghini showroom at Suntec
City Mall to increase visibility and brand awareness. The opening of the
showroom coincided with the launch of the new Lamborghini Hurac¨¢n
Spyder and the event was graced by former Automobili Lamborghini S.p.A.
CEO, Mr Stephan Winkelmann, who flew in specially to attend the event
and unveil the new car. We believe opening the showroom at this location
was a good move for the Group as it netted three new sales within the
first three months of opening.
Most recently on 24 May 2016, we announced the acquisition of a new
entity named Ultimate Drive, which will generate its revenue in two ways
¨C the Ultimate Drive Club (¡°UD Club¡±) and Ultimate Drive Experience (¡°UD
Experience¡±). UD Club will generate its revenue through the sale of one- to
three-year memberships during which members will be allocated points,
which can be redeemed for drives. We currently have a fleet of six cars
including the Lamborghini Hurac¨¢n LP610-4, Lamborghini Gallardo Spyder,
Ferrari California, Rolls-Royce Ghost, Porsche 911 and McLaren MP4-12c.
We intend to expand our fleet to 15 automobiles as the membership base
grows. To ensure that members get their desired car, we intend to keep
the number of members to not more than 500.
As for UD Experience, it generates its revenue through the short-term
rental of supercars to tourists who may want to experience driving around
Singapore¡¯s Night Race F1 circuit or to locals for special occasions and
corporate events.
We are extremely excited about the prospects of this new business as it
is in keeping with the rising affluence not only locally but also around the
region. Our business is built on the basis that people want to drive luxury
cars. They may not necessarily want the financial burden of owning and
upkeeping one but many people desire to feel the horsepower of the
engine beneath them. UD Club is the first supercar club in Singapore
and it enables enthusiasts to fulfil their dreams without the monetary
commitment.
Although supercar sharing clubs are a new concept in Singapore, they are
quite common in the US and Europe where people take these cars out for
long drives. One such club is London-based Auto Vivendi
1
, which claims
to be ¡°the world¡¯s largest and longest continually-established supercar
club providing ¡®fractional-use¡¯ access to supercars¡±.
1 / Auto Vivendi:
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