JOINT LET TER TO
OUR SHAREHOLDERS
ANNUAL REPORT
2016
We will also continue in our brand building and customer
engagement activities like our yearly Running of the
Bulls event, which we organise to take customers of
Lamborghini automobiles to Malaysia in a convoy. Many
of them see it as the event of the year and look forward to
it annually. In FY2016, our deLaCour brand also became
the title sponsor of Singapore¡¯s very first international
karting race under our deLaCour brand. We will continue
to look out for such opportunities to put the brands in
the forefront among well-heeled customers.
Ano t he r pos i t i v e de v e l opmen t i s t he S i ngapo r e
government¡¯s decision to slightly relax the rules for car
ownership. From 27 May 2016, the Monetary Authority
of Singapore now allow buyers to borrow up to 70 per
cent for cars with an open market value (¡°OMV¡±) of up
to S$20,000 and up to 60 per cent for cars with an OMV
above S$20,000, both over a maximum loan tenure of
seven years, instead of five. With these adjustments, our
category of cars, which has an OMV above S$20,000,
now has a maximum loan-to-value ratio of 60 per cent,
from 50 per cent before.
WE WERE ABLE TO DOUBLE OUR SALES WITH 31 NEW LAMBORGHINI
AUTOMOBILES SOLD AS COMPARED TO THE 13 WE SOLD IN
THE PRECEDING YEAR ENDED 31 MARCH 2015.
It remains to be seen if the outcome of this new move
will translate into more cars being sold and we view it
optimistically as we believe it will stir some interest in
car buying.
Moving forward, we continue to explore opportunities
to grow our business. Our strategy is to extend our
distribution network for our existing products and into
other emerging markets in the region. We will also look
into acquiring existing distributorships or dealerships
for more luxury products to expand our portfolio as well
as seek out strategic alliances or joint ventures that we
believe will complement our existing or future businesses.
APPREC I AT ION
We would like to take this opportunity to thank all our
shareholders for your support.
Special thanks go to our staff for their hard work and
dedication and also to our business partners and customers
who have stood by us over these past few difficult years.
Our vision to be a luxury lifestyle company offering
bespoke products and services remains firm and we will
work hard towards this goal.
ME LV I N GOH ,
Executive Chairman
and CEO
ANDY GOH ,
Executive Director
and Deputy CEO
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