GOING
THE DISTANCE
EUROSPORTS
GLOBAL
F I NANC I AL
PERFORMANCE
Revenue
Revenue achieved by the Group in FY2016was S$63.53million, a
57.4% increase fromS$40.37million in FY2015. The increase was
driven by the Group’s Sales of Automobile segment which put in
a strong performance during the year under review.
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Revenue contribution from this segment surged 64.8% from
S$33.51 million in FY2015 to S$55.24 million in FY2016.
AsaresultofmorecompetitivesellingpricesofnewLamborghini
automobiles; a new leasing programme with the finance
company; and, the launch of an attractive trade-in package,
the Group sold 31 new Lamborghini automobiles in FY2016
as compared to the previous corresponding financial year
causing sales of new automobiles to increase by S$10.63
million.
Sales of pre-owned automobiles increased by S$11.10
million in FY2016 mainly because of full year contribution
from60%-owned subsidiary AutoInc EuroSports, whichwas
acquired in August 2014. In FY2015, contribution from the
subsidiary was only eight months following the completion
of acquisition.
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Revenue from this segment leapt 64.5% from S$1.37 million
in FY2015 to S$2.25 million in FY2016 due to a 44% increase
in the number of watches sold by the Group.
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In linewith the increase incar sales, revenue fromthis segment
rose 10.0% from S$5.50 million in FY2015 to S$6.05 million
in FY2016.
Cost of Sales
Cost of sales increased by approximately S$22.39millionor 67.8%,
fromS$33.02million in FY2015 to S$55.40million in FY2016. The
increase was mainly due to increase in automobile purchases of
S$20.86million as a result of higher number of automobiles sold
in FY2016 as compared to FY2015.
OPERATING &
FINANCIAL REVIEW
.22
