Ninja Mart P&L Analysis

Apr 2022 figures

PRIVATE AND CONFIDENTIAL

Total Net Revenue
Net Revenue
MTD Rev in SGD YTD Rev in SGD

Regional - SGD ('mil)

YTD revenue 69.1
+34.8%
Planned YTD
revenue 51.2

Regional Net Revenue

● M-o-m: net revenue fell S$899k (-7.1%), of which
○ -S$74k (-1.8%) attributable to dip in VN net revenue
■ Mainly due to decrease in # of active customers
○ -S$825k (-9.7%) attributable to drop in MY net revenue
■ Due to decrease in # of active outlets coupled with fall in average outlet spend

PRIVATE AND CONFIDENTIAL

Regional CM OM and EBIT
Net Revenue
MTD Rev in SGD YTD Rev in SGD

Regional - SGD ('mil)

YTD EBIT $ -3.96
+20.2%

Planned YTD EBIT $ -4.97

● Regional CM%: fell -0.52pp m-o-m due to lower GM% (-0.65pp) as fall in total GM$ (-30.5%) from both VN (-25.3%) and MY (-33.3%) outpaced the fall in total net revenue (-0.9%)
● Regional OM%: dipped -0.6pp mainly due to lower CM% as improvements in VN indirect costs % of 0.2pp were offset by higher indirect costs % in MY (+0.1pp)
● Regional EBIT%: decreased -0.4pp as higher OM% and higher regional costs (+0.1pp) were cushioned by lower country costs (-0.1pp), mainly from savings in VN

PRIVATE AND CONFIDENTIAL

MA Reporting and closing timeline
Q3 Q4

KPI: 5 working days from Finance Closing

ACTUALS: Closed by 5 working days for May-22

APR-22

5 5
JAN-22 VN: Finance closed on 10 May
1. Finance closed on 14 Feb 2. Data scrubbing into MA P&L including analysis by 18 May
2. Data scrubbing into MA P&L including analysis by 21 Feb → 5 working days
→ 5 working days MY: Finance closed on 18 May
3. Presentation on 22 Feb 2. Data scrubbing into MA P&L including analysis by 25 May
Working days → 5 working days
Working days

FEB-22

5
MAY-22

5
VN: Finance closed on 10 Mar
2. Data scrubbing into MA P&L including analysis by 17 Mar VN: Finance closed on 10 Jun
→ 5 working days 2. Data scrubbing into MA P&L including analysis by 23 Jun
MY: Finance closed on 16 Mar → 5 working days (excluding finstrat offsite)
2. Data scrubbing into MA P&L including analysis by 25 Mar MY: Finance closed on 18 May
→ 7 working days 2. Data scrubbing into MA P&L including analysis by 25 May
Working days
Working days → 5 working days

5
MAR-22
VN: Finance closed on 11 Apr
2. Data scrubbing into MA P&L including analysis by 19 Apr
→ 5 working days
MY: Finance closed on 19 Apr
2. Data scrubbing into MA P&L including analysis by 26 Apr
Working days → 5 working days

PRIVATE AND CONFIDENTIAL

*Not accounting for schedule conflicts resulting in reporting delays
Ninja Mart VN

PRIVATE AND CONFIDENTIAL

Key Performance Indicators

Target $ 4,128,583 Target -1.91% Target -$4,977,452

Δ from Target -1.7% Δ from Target 0.0% Δ from Target 16.1%
Floor $ 803,849 Floor -6.70% Floor -$5,724,069
Δ from Floor 405.1% Δ from Floor 4.8% Δ from Floor 27.0%

PRIVATE AND CONFIDENTIAL

 Net revenue fell -1.8% m-o-m as fall in customer count (-6.8%) was cushioned by increases in average
customer spend (+5.5%)

Net Revenue Performance over time Historical trend of customer bracket mix
YTD Rev in SGD
(mil) o Actual | o Planned | o Reforecast

MTD Rev in SGD

(mil)

Revenue
● M-o-m: net revenue fell -1.8%, driven by:
○ Decrease in # of customers (-6.8%) -> Salesperson turnover + drop off from
customers in feb cohort who graduated from the outreach program
○ Cushioned by increase in average customer spend (+5.5%) due to increase in
revenue/order (+9%) stemming from higher ASPs/unit
● Against targets: net revenue lags behind planned and forecast by -1.7% and -7.2%
respectively
○ Against planned: underperformance due to lower than planned average
m-o-m 52.4% 63.6% -45.1% 59.6% 4.4% -1.8%
spend/customer (-23.1%) despite higher than planned # of customers (-27.9%)
Δ % Plan -4.1% 43.4% -11.3% 6.5% 4.1% -1.7% ○ Against forecast: underperformance due to lower than forecasted # of
Δ % Plan (YTD) -29.7% -14.5% -14.0% -10.5% -8.2% -7.3% customers (-13.1%) despite higher than forecasted average spend (+6.8%)
■ Same as reasons above
Δ % Reforecast 24.6% 18.1% -14.2% 1.7% 1.8% -7.2% ● Note: S$451 was deferred as part of rewards program pilot test (~50 customers),
effect on net revenue is immaterial (-0.01%)
Δ % Reforecast (YTD) 12.1% 14.1% 8.4% 6.9% 6.0% 3.8% ● Insert commentary on June outlook and how we are pushing to hit exit targets
PRIVATE AND CONFIDENTIAL
 Growth in revenue mainly attributable to larger revenues per order as salespersons KPIs shift towards
order sizes
Revenue Waterfall Chart Current month & Performance over time
Net Revenue in SGD

*counts only customers who were inactive in previous

months and became active in the current month

# of customers 15,131 -4,834 0* 0* 1,428 2,354 14,078

# of cust. in buckets 4,834 4,754 5,542 1,428 2,354

● M-o-m: customer spend grew +5.5% to $288,

○ Due to increase in revenue/order (+8.9% m-o-m)
■ Stemming from higher ASP/selling unit (+24%) -> Growth in coffee (+0.5pp) and
Drop-Offs: Higher drop offs this month (32.0% of Apr’s active customer pool vs 27.5% last month) -> reason seasoning (+0.6pp) sales which have high ASPs
■ Offset by drop in # of selling units/order (-12.6%)
Lower Volumes: ○ Offset by slight drop in order frequency (-3.1%)
● Against forecast: customer spend posts +6.8% higher than forecasted as order sizes
Higher Volumes: (+3.8%) and order frequencies (+2.9%) both post better than forecast
○ Higher than forecasted sales of higher ASP categories
Higher volumes almost balanced out lower volumes this month - is there any known trend for any certain type of group? ■ Sweet and confectionery (+1.6pp) and grocery (+3.7pp)
○ Coupled with lower than forecasted sales of lower ASP categories
■ Telecom cards (-11.4pp)
PRIVATE AND CONFIDENTIAL
Drop in customer count as xxx while average order sizes are going up as customers consolidate orders

New vs Retained Customers Customer Order Size Mix: New vs Retained

*Differs slightly from
metabase dashboard
due to FX differences

New Customers: 13% ($0.6m) of Apr net rev
● M-o-m: +21.6% increase in # of new customers, better than forecast
(+18% increase) - we outperformed in terms of new customers -> why?
Wasnt the focus on retention?
● Average spend fell -2.5% due to
○ Lower order frequencies (-16%)
■ Why?
○ Despite order sizes going up (+14%)
■ Even though there is a shift in orders towards the ‘very small’
order bracket - was the average rev/order skewed by a few very
large orders?
Retained customers: 87% ($3.5m) of net rev
● M-o-m: -11.1% drop in # of retained customers, behind forecast (-
0.5% m-o-m drop) -> why did we lose customers?
● Average spend increased +7.5% to $300 due to
○ Larger order sizes (+43.5%)
■ Even though there is a shift in orders towards the ‘very
small’ order bracket - was the average rev/order
skewed by a few very large orders?
○ Despite drop in order frequency (-23%) -> was this due to an
intentional effort by salespeople to visit less often but get
customers to order more?

PRIVATE AND CONFIDENTIAL

 Performance is mixed across provinces this month as trends in average customer spend and customer count
vary across the board
Revenue Waterfall Chart by Provinces Current month

Net Revenue
in SGD
Average Monthly Customer Spend

Province Mar Apr May m-o-m%

An Giang $451 $514 $486 -5%

Bạc Liêu $194 $227 $262 15%

Bến Tre $102 $217 $306 41%

Cà Mau $222 $252 $262 4%

Cần Thơ $294 $282 $348 23%

Đà Nẵng $164 $215 $251 17%

Δ Net revenue 4,133,746 66,334 4,868 18,065 (97,543) 59,482 44,803 (6,154) 16,311 43,990 (70,508) 65,955 (41,907) (62,443) (71,861) (42,731)
Đồng Tháp $279 $245 $230 -6%
M-o-m (Net Rev) 25% 2% 6% -29% 23% 19% -2% 10% 15% -14% 32% -14% -27% -35% -18%
Δ of customers 166 -149 -357 -425 -4 21 53 13 66 -91 131 -110 -188 5 -182 Hậu Giang $188 $278 $299 8%
m-o-m
(customers) 32% -12% -25% -31% 0% 2% 4% 2% 6% -8% 13% -13% -18% 1% -22%
Khánh Hòa $204 $248 $270 9%

Kiên Giang $447 $422 $392 -7%

Long An $270 $209 $244 17%

● Most provinces with growths in net revenue saw slight increases in both customer count and average customer spend
○ Except for BT where large increase in customer spend (+41%) was offset by significant drop in # of customers (-25%) -> reason? Sóc Trăng $293 $348 $343 -1%
● In provinces where revenue fell, most were due to drop in # of customers (CM: -31%, TG: -18%)
○ Worsened by falls in average spends in a few of these provinces (TG: -11%, TV: -36%) Tiền Giang $210 $221 $197 -11%
■ Reasons?
Trà Vinh $255 $306 $198 -36%
● Any known reasons for the differences in province specific performance?
Vĩnh Long $282 $299 $317 6%

PRIVATE AND CONFIDENTIAL

DII has improved to 11.5 days mainly due to Mar’s high ending inventory. Expired goods make up 0.6%
of inventory (vs 0.5% in Mar), comprising instant food and beverages.

Shelf Life Analysis Current month Days in Inventory

Categories Sales Weight (May) COGS m-o-m Avg. Inv. m-o-m
Beverages 67.9% -1% -20%
Grocery 11.3% -4% 2%
Other Non-Food 9.8% -38% -56%
Sweet & Confectionery 2.2% 31% -2%
Dairy 8.8% 70% -24%

Note: graph excludes Detergents & Personal Care 0.0% 105% -5%
telecom cards which Total 100% -3% -17%
have infinite shelf life

Inv. Value Inv. Value Avg Ageing

Product Category Subcategory Average DII
Weight Movement Days
Beverages Beer 42.1% 6.0% 9.5 13.3
Non carb drinks 19.1% 15.2% 14.1 22.7
Soft drinks 2.1% -5.2% 44.8 52.6
Beverages Total 64.4% 8.7% 11.0 19.7
% in shelf life bucket 0.62% 0.21% 0.19% 0.77% 1.58% 7.88% 11.43% 77.32% Dairy Condensed milk 2.9% 7.0% 8.9 15.5
Fresh Milk 1.3% 208.0% 2.1 7.9
DII: Overall DII has improved to 11.5 days (from 13.9 days in Mar), main reason being high ending inventory in Mar (frontloaded purchase of beer before
Dairy Total 4.2% 27.4% 5.1 12.1
price hike in Apr).
● Improvements in DII of Grocery Cooking Oil 2.7% 72.5% 16.9 16.3
○ Beer (9.5 vs 12.7 days in Apr) -> Green and yellow Larue beer due to market price increase of 10,000 VND/barrel, so the inventory from April Sauces 6.7% 42.1% 28.2 32.7
was sold out by the end of May. Tiger beer was adjusted at a competitive price compared to the market, so it sold well. Seasonings 4.1% 58.8% 13.0 10.8
○ Fresh milk (2.1 vs 5.9 days in Apr) -> reason? Grocery Total 23.7% 45.8% 21.3 32.1
■ Ending inventory of fresh milk increased 208% from Apr to May -> why? Other Non-Food Telecom 1.2% -70.1% 3.2 27.0
○ Coffee (22.3 vs 29.2 days in Apr) -> reason?
Other Non-Food Total 1.2% -70.1% 3.2 27.2
● Increase in DII of soft drinks (44.8 vs 32.3 days in Apr) -> On May 16, Pepsi ran a discount program on soft drinks. In stock purchased from the
Sweet & Confectionery Coffee 5.0% 109.7% 22.3 18.0
beginning of May and the end of April, the price was higher than the market, so sales were slow.
Sweet & Confectionery Total 5.7% 80.9% 24.1 24.0
Shelf-life: expired goods make up 0.62% of total inv (841 ctns) as compared to 0.50% in Apr (648 ctns)
● Of which 65% pertain to groceries (instant foods), remainder are beverages (non-carb, soft drinks and juice) -> are these legacy goods too?
● Stocks with 0-30 days to expiry make up 0.21% of total inventory (compared to 0.38% in Apr), of which 81% are instant foods and 11% are soft
drinks
○ Are we able to sell these before expiry in june? With sales teams help? PRIVATE AND CONFIDENTIAL
*Categories not shown are Detergents & Personal Care, as well as some subcategories with the inv value weight being
below 1.5%
 MTD GM % has increased (+0.7pp) to 2.4% due to rectifications of Apr bookings coupled with real
increases in beverage (+0.6pp) and coffee (+0.3pp) margins

Gross Margin Performance over time

YTD GM %
o Actual | o Planned | o Reforecast

● May has seen a +0.7pp increase in GM, posting +0.1pp

ahead of planned and +1.2pp ahead of forecast
○ Higher margins this month mainly due to higher dairy
margins
■ Rectification of incorrect purchase price of a
Vinamilk product submitted by supply team to
MTD GM % finance which resulted in COGS being overstated -
Apr COGS overstated by $3,938 - adjusted in May
COGS (understated by same amount)
■ Recovery of FCV discounts accrual reversed in early
Apr but only received in early May - Apr COGS
understated by $7,066 - adjusted in May COGS
(understated by same amount)
■ Removing effects of the above, May GM% stands
at 2.11% (vs 2.06% in Apr), -0.2pp behind planned
and +0.9pp ahead of forecast
○ Real increase in GM% due to
■ Higher beverage margins (+0.6pp) coupled with
m-o-m 0.5% 0.3% 1.1% -0.2% -0.7% 0.6%
+1.5pp growth in beverage sales weight
Δ % Plan -0.2% 0.2% 0.9% 0.6% -0.5% 0.1% ■ Higher coffee margins (+0.3pp) coupled with
Δ % Plan (YTD) 0.2% 0.3% 0.4% 0.4% 0.3% 0.3% +0.5pp growth in coffee sales weight
Δ % Rfc -0.3% 0.0% 0.9% 0.7% 0.5% 1.2%
Δ % Rfc (YTD) -0.3% 0.0% 0.1% 0.2% 0.3% 0.4%

PRIVATE AND CONFIDENTIAL

 GM% increase attributable to growth in sales of beer and fresh milk sales which saw higher margins, offset
by large dips in groceries margins (-1.1pp)
Product Category - Weight & Margins Current month
Product Sales Mix - Categories Current month
Apr-22 May-22
Product Category Subcategory Net Rev Weight Gross Margin % Net Rev Weight Gross Margin %
Beverages Beer 46.0% 2.1% 51.5% 2.4%
Non carb drinks 18.7% 2.3% 15.4% 3.8%
Beverages Total 66.4% 2.1% 67.9% 2.7%
Dairy Condensed Milk 3.1% 2.3% 3.8% 1.9%
Fresh Milk 1.6% -6.6% 4.7% -0.9%
Dairy Total 5.0% -0.3% 8.8% 0.4%
Grocery Cooking Oil 1.4% 5.2% 1.5% 1.5%
Instant food 5.3% 4.3% 4.2% 2.6%
Sauces 2.4% 2.9% 2.4% 2.4%
Seasonings 2.5% 2.7% 3.1% 2.4%
Grocery Total 11.6% 3.4% 11.3% 2.3%
Other Non-Food Telecom 15.3% 1.2% 9.8% 1.3% Category Margin Movement Performance over time
Other Non-Food Total 15.3% 1.2% 9.8% 1.3%
Sweet & Confectionery Coffee 1.5% 2.7% 2.0% 3.0%
Sweet & Confectionery Total 1.7% 2.8% 2.2% 2.9%

*Top 10 subcategories by net rev weight. Inventory write-offs are not taken into account in this margin calculation from Aug’21 on,
while before that inventory write-offs were not recorded separately and adjustments impacted the margins
Sales mix:
● Increase in beer weightage by 5.5pp -> how did we sell so much this month? Intentional? Or seasonal or better pricing? In May, there was an increase in the prices of Soft
drinks, Non carb drink, Water, so the sales team focused on selling beer. Beer Huda, the factory pays a discount to NinjaMart, so %mg is over 3%. Green and yellow Larue
beer, the factory price increased by 10,000vnd/barrel, due to the large quantity stored, %mg was at 2.28%.
● Increase in sweet and confectionery weightage by 0.5pp -> reason for increase? was this intentional pushing?
● Increase in fresh milk weightage by 3.1pp -> reason?

Margins:
● Non-carb drink margins: what contributed to the increase in margins? Stocking a large amount of URC goods before the market increases the price of 3,000vnd/barrel, so
%mg is above 3.7% (%mg after discount).Sting's goods purchased in large quantities therefore have a good price with Pepsico's discount, so it is above 4%.
● Dairy margins: due to vinamilk cashback which was not accrued in May due to uncertainty over recoverability in light of VNM dispute. We expect to receive the cashback
this week.
● Grocery margins:
○ Cooking oil: reason for huge drop in margin? Rev Weight 67.9% 8.8% PRIVATE
11.3%AND CONFIDENTIAL
9.8% 2.2%
○ Instant foods: reason for huge drop in margin?
●
 DC% increased +0.1pp m-o-m due to higher LM$ (+4.3%) as 3 new monthly trucks were rented in
anticipation of higher # orders based on forecast + higher fuel costs

Direct Costs Performance over time DC as % of net rev Performance over time

YTD DC in SGD o Actual | o Planned | o Reforecast

MTD DC by mode in
% of net rev

M-o-m:
● FF: Increase in FF/order by 12.2% to $2.2 as FF$ (-1.1%) did not fall as much as # of
orders (-9.8%) -> economies of scale not achieved this month
● LM: LM% increased 0.1pp and LM/order increased +15.7% to $6.6 as LM$ increased
(+4.3%) while net revenue (-1.7%) and # orders (-9.8%) decreased
○ Reason for increase in LM cost?

Against forecast:
● FM: Both FM% and FM/order post better than forecast by +0.05pp and +14%
respectively
○ reason?
m-o-m 0.7% 0.8% -1.7% 0.3% 0.7% -0.2% ● FF: FF/order posts higher than forecast by +3.3%
○ Driven by lower than forecasted # of orders (-9.8%) as FF$ posts better than
DC as % of net rev -4.1% -3.3% -5.1% -4.8% -4.2% -4.3%
forecast (-5.7%)
Δ % Plan 0.6% 1.5% 0.7% -0.2% 0.1% -0.1%
● LM: LM% posts better than forecast by +0.35pp as LM$ posts below forecast by 9.6%
Δ % Rfc 1.7% 1.4% -0.3% -0.3% 0.6% 0.4% despite net revenue falling by -1.7%
○ Reason for lower than forecasted LM$
PRIVATE AND CONFIDENTIAL
 Lower # of waypoints (-13.7%) and units delivered per day (-25%) this month due to drop in # of orders
(-9.8%) exacerbated by the fall in units/order (-14%)
Last Mile Performance over time LM Performance Performance over time

YTD LM in % o Actual | o Planned | o Reforecast

MTD LM in %
of net rev LM cost/order $5.7 $7.1 $5.6 $6.0 $5.7 $6.6
LM cost/order
(Planned) $7.8 $7.8 $10.0 $7.9 $7.3 $7.2

● $LM per km increased 1.2% to $1.09 as increase in $LM (+4.3%) from 3 new
monthly trucks and higher fuel prices outpaced the longer delivery distance (+3%)
○ Reason for longer delivery distance?
● Daily avg. number of waypoints decreased (-13.7%) to 15.7
LM as % of net rev -2.9% -2.3% -3.3% -3.3% -2.9% -3.0%
○ Due to drop in # of orders (-9.8%) coupled increase in # of total truck days
m-o-m -3.4% -3.0% -3.0% -3.1% -3.1% -3.1%
(+4.7%)
Δ % Plan 0.4% 0.6% -0.9% -0.1% 0.5% -0.2% ● Meanwhile, each truck delivered 129 (-25%) less units per day
Δ % Plan (YTD) 0.4% 0.9% 0.8% -0.1% 0.0% -0.2% ○ Due to drop in # orders (-9.8%) coupled with drop in units/order fell from
% rfc 1.1% 1.1% 0.2% 0.0% 0.5% 0.3% 28 to 24 (-14%)

PRIVATE AND CONFIDENTIAL

 CM% improved +0.5pp m-o-m as improvements in GM% (+0.6pp) cushioned the drop in LM% (-0.2pp)
and posts in line with planned as better GM% was offset by higher LM%
Contribution Margin Performance over time CM Waterfall Chart (Previous to Current Month)

o Actual | o Planned | o Reforecast

YTD CM %

CM Waterfall Chart (Planned to Actuals)

MTD CM %

m-o-m 1.2% 1.1% -0.6% 0.1% 0.0% 0.5%

Δ % Plan 0.5% 1.6% 1.6% 0.4% -0.4% 0.0%
● M-o-m: CM% improved +0.5pp m-o-m as improvements
Δ % Plan (YTD) 0.6% 1.1% 1.1% 1.0% 0.8% 0.7%
in GM% (+0.6pp) cushioned the drop in LM% (-0.2pp)
Δ % Reforecast 1.2% 1.3% 0.6% 0.4% 1.0% 1.5%
Δ % Reforecast ● Against planned: CM% posts in line with planned as better
(YTD) 1.2% 0.5% 0.5% 0.5% 0.6% 0.7%
GM% and FM% were offset by higher than planned LM%

PRIVATE AND CONFIDENTIAL

 Slightly higher absolute OPEX costs m-o-m (+4.9%) due purchase of warehouse PCs while Apr comms%
improved slightly as net revenue growth outpaced the increase in comms paid
CM to OM walkthrough Current month Historical trend of commissions as % of net rev

MTD in SGD

Opex
● OPEX$ increased 4.9% m-o-m as additional PCs were
purchased for warehouse staff to deal with the increasing
workload

Commissions
● Commissions reports at 0.6%, +0.5pp ahead of planned and
as % of net rev -1.9% -1.1% -0.6% 0.0% -3.7%
forecast
m-o-m 0.5% -0.1% 0.0% 0.0% 0.4% ● With the one month delay in booking commissions being
adjusted for, Apr commissions against Apr net revenue
Δ % Plan 0.0% 0.2% 0.5% 0.0% 0.7% decreased by -0.1pp to 0.6% as growth in net revenue (+4.4%)
Δ % Reforecast 1.5% -0.2% 0.5% 0.0% 1.8% outpaced the increased in comms $ (4%)

PRIVATE AND CONFIDENTIAL

 OM% improved +0.4pp m-o-m due to better CM% despite slightly higher OPEX% and posts better than
planned as comms% and OPEX% post better than planned

Operating Margin Performance over time OM Waterfall Chart (Previous to Current Month)

o Actual | o Planned | o Reforecast

YTD OM %

MTD OM %
OM Waterfall Chart (Planned to Actuals)

m-o-m 1.7% 1.9% -1.6% 0.9% 0.1% 0.4%

Δ % Plan 1.3% 3.2% 2.5% 1.3% 0.5% 0.7%

Δ % Plan (YTD) 1.4% 2.2% 2.3% 2.2% 1.9% 1.8%

● M-o-m: Improved +0.4pp due to better CM% (+0.5pp)
% Planned -6.8% -6.8% -7.7% -5.5% -4.6% -4.4%
slightly offset by higher OPEX (-0.1pp)
Δ % Rfc 2.1% 2.1% 2.1% 2.1% 2.1% 2.1%
● Against planned: outperformed by +0.7pp due to lower
Δ % Rfc (YTD) 2.1% 2.1% 2.1% 2.1% 2.1% 2.1%
OPEX% (+0.2pp) and comms% (+0.5pp)
% Rfc -7.6% -7.6% -7.6% -7.6% -7.6% -7.6% PRIVATE AND CONFIDENTIAL
 Sales cost per customer increased 30% to $19.2 as marketing spend increased (+34%) while # of
customers fell (-5.9%). Regional costs post -0.2pp above forecast due to higher travel costs
OM to EBIT walkthrough Current month Total Sales & Marketing Cost/customer* as % of net rev

MTD in SGD

*Using total number of customers instead of new customers as no planned numbers for new customers are available

Local cost:
● Against targets: as % of net rev
○ Exceeds planned by -0.8pp due to higher than planned marketing expenditure
(-372%)
○ Better than forecast by +0.4pp due to lower than forecasted marketing
expenditure by -8.1% -> why?
● M-o-m: as a % of revenue has increased by +0.3pp as absolute local cost
increased (+2.3%) amidst net revenue decrease (-1.7%)
○ Increase stemming from increase in marketing expenditure (+34%)
as % of net rev -3.7% -7.0% -1.2% -11.9%
Sales and marketing cost
as % of net rev (YTD) -5.0% -8.6% -1.6% -15.1% ● As a % of net rev: higher than planned by +0.8pp as marketing costs posts
(372%/$76k) more than planned, amidst lower net revenues than planned
m-o-m 0.4% -0.3% 0.0% 0.2% (1.7%/$69k)
● Per customer: increased by 30% to $19.2 due to higher marketing spend fall in #
Δ % Plan 0.7% -0.8% -0.3% -0.5% of customers (-5.9%) but is 12% lower than planned as # of customers surpasses
planned by 28%
○ Ryan to input
Δ % Rfc 2.1% 0.4% -0.2% 2.0%
Regional costs:
● Against targets: As a % of net rev, -0.2pp more than reforecast due to higher
travel expenses (+67%) PRIVATE AND CONFIDENTIAL
 MTD EBIT margin improved +0.2pp due to better OM% but posts behind planned by -0.5pp due to
higher local and regional costs
Post-regional EBIT Performance over time Post-reg EBIT Waterfall Chart (Prev. to Cur. Month)
YTD EBIT %
o Actual | o Planned | o Reforecast

MTD EBIT %

Post-reg EBIT Waterfall Chart (Planned to Actuals)

m-o-m 2.7% 6.3% -8.0% 5.4% 1.1% 0.2%

Δ % Plan 1.1% 5.7% -0.5% 0.2% 0.0% -0.5%

Δ % Plan (YTD) 0.4% 2.9% 2.4% 2.1% 1.9% 1.6% ● EBIT % improved +0.2% m-o-m, posting 0.5pp behind
planned and 2pp ahead of reforecast
Δ % Reforecast 0.5% 6.3% -0.8% 0.1% 2.1% 2.0% ○ M-o-m: better OM% was offset by higher local costs
Δ % Reforecast ○ Comparing planned to actuals, better OM% was
(YTD) 2.2% 2.3% 1.8% 1.4% 1.6% 1.6%
outweighed by higher local and regional costs

PRIVATE AND CONFIDENTIAL

 CM/order posts better than forecast (+38%) due to better GM/order and DC efficiencies from bigger order
sizes than forecasted for
Per order view Performance over time Units of Economics per order over time
B2B only May % of net rev Reforecast % of net rev Planned % of net rev Jun'22 Exit % of net rev

# of orders 18,582 20,790 16,251 16,610

Discounts -2.1 -1.0% -1.9 -0.9% -2.5 -1.0% -2.7 -1.0%

Net revenue 218.5 210.5 254.1 275.3

COGS -213.3 -97.6% -208.0 -81.9% -248.3 -97.7% -267.6 -126.4%

GM 5.2 2.4% 2.6 1.0% 5.8 2.3% 7.7 3.6%
DC - Fulfillment -2.2 -1.0% -2.3 -0.9% -2.5 -1.0% -2.5 -1.2%
DC - Last Mile -6.6 -3.0% -7.1 -2.8% -7.1 -2.8% -7.1 -3.4%
CM -4.2 -1.9% -6.8 -2.7% -4.9 -1.9% -2.9 -1.4%
OPEX -2.5 -1.1% -2.0 -0.8% -3.3 -1.3% -3.2 -1.5%
Other Costs -1.3 -0.6% -2.3 -0.9% -2.9 -1.2% -2.9 -1.4%
OM -8.0 -3.7% -11.1 -4.4% -11.1 -4.4% -9.0 -4.3%
Country Costs -15.4 -7.0% -15.7 -6.2% -15.8 -6.2% -15.6 -7.4%
Sales HC Costs -8.9 -4.1% -5.8 -2.3% -10.0 -3.9% -9.8 -4.6%
EBIT -26.1 -11.9% -29.4 -11.6% -29.2 -11.5% -26.8 -12.7%

Actuals vs. Planned and Reforecast:

● This month, # orders exceeds planned (+14.3%) but lags behind forecast by -10.6%
● GM/order stands at $5.20 (+100% ahead of $2.68 reforecast) due to outperformance in GM$ (+73%) coupled with lower # of orders
○ Outperformance in GM$ against forecast attributable to rectification of Apr dairy bookings as well as higher margins from beverages and coffee
● CM/order reports at -$4.20 (38% ahead of the -$6.80 reforecast) due to better than forecasted GM/order and DC efficiencies as a result of bigger order sizes
● EBIT burn posts +11% ahead of reforecast at -$26.10/order due to better than forecasted OM/order and country costs

Current vs. Past Month:

● Better CM/order at -$4.20 (+13.2%) mainly due to higher GM/order (+49%) as explained previously as DC/order increased due to the lower # of orders
● Slight drop in EBIT/order (-7.5%) due to higher local costs per order
○ Higher absolute local costs (+2.3%) coupled with drop in # of orders
PRIVATE AND CONFIDENTIAL
 Next steps
Item Action Point Timeline PIC

Nicolette/
FA discrepancies - updates - To input Ongoing Ryan/
Audrey

Updates on use of operator for LM? - To input Ongoing Viet/ Ellery

Ongoing Anthony

May onwards Ryan

PRIVATE AND CONFIDENTIAL

Ninja Mart MY

PRIVATE AND CONFIDENTIAL

Key Performance Indicators

Target $ 4,404,251
Δ from Target 92.6%
Floor $ 3,743,613
Δ from Floor 126.6%

PRIVATE AND CONFIDENTIAL

 Net revenue fell -3.3% as low consumption of cigarettes during fasting month of April led to slower sales

Net Revenue Performance over time M-o-m outlet and order count
YTD Rev in SGD
o Actual | o Planned

MTD Rev in SGD

Outlet count: behind planned as planned numbers are based on list from BAT
which contained dormant outlets

Orders: decreased -16.9% due to low consumption of cigarettes during fasting

month

Revenue
● M-o-m: fall attributable to decrease in spend/outlet (-2.7%) coupled with
slight drop in # of active stores (-0.6%)
m-o-m 25.2% 121.0% 170.7% 24.5% 23.9% -3.3% ● Against planned: surpassed targets by +92.6% due to
Δ % Plan 68.0% 74.6% 158.2% 89.1% 99.2% 92.6% ○ Higher than planned average outlet spend (+302%)
○ Despite lower than planned # of outlets (-52.8%) as BAT list of
Δ % Plan (YTD) 51.1% 63.2% 109.3% 100.2% 99.8% 98.0%
customers did not account for some dormant stores
■ Team is looking into reactivating these dormant stores next FY
when we launch into multi-cat
PRIVATE AND CONFIDENTIAL
 Slight drop in outlet spend (-2.7%) as fall in order frequency (-16%) was cushioned by the increase in
spend/order (+16%)
Key Metrics
Salesperson (driver) productivity Units of economics
o Orders/Salesperson | o Outlets/Salesperson o Outlets/Salesperson (Planned)

o Net Rev/Salesperson | o Net Rev/Salesperson (Planned)

Nov Dec Jan Feb Mar Apr

Δ m-o-m orders/SP 0.0% 33.7% -31.0% 35.1% 22.9% -16.9%

Δ m-o-m net rev/SP 0.0% 33.7% -31.0% 35.1% 22.9% -16.9%

Outlet spend
Salesperson productivity
● M-o-m: revenue/salesperson decreased -3.3% due to decrease in orders/salesperson (-16.9%)
○ Due to low consumption of cigarettes during fasting month
● Against planned: net rev/salesperson surpasses planned (+74%) due to outlet spend (+302%)
○ As outlet/salesperson lags behind planned (-57%)
■ Due to lower number of outlets than planned (-53%)
■ Coupled with higher # salespeople than planned (+10%)
● M-o-m: Fell slightly by -2.7% due to
○ Decrease in orders/outlet (-16%)
■ Some stores were closed for a period due to low traffic
○ Cushioned by slight increase (+16%) in revenue/order
■ Increase in units/order (+18%)
■ Muted by slight drop in revenue/unit (average selling price) by -1.5% -> slight increase (+2.15%) in
sales weight of non-premium cigarettes which have lower selling prices
● Against planned: surpassed planned by +302% as planned numbers factored in a drop in spend/outlet due to
onboarding of new stores from expansion into East Malaysia
PRIVATE AND CONFIDENTIAL
 Net revenues fell across provinces apart from Bahau, Segamat and Temerloh which saw increases due to
growth in average outlet spends despite Apr being a fasting month
Revenue Waterfall Chart by Provinces Current month

Net Revenue
in SGD
Average Monthly Outlet Spend

Feb-22 Mar-22 Apr-22 m-o-m %

Sungai Petani 767 1,057 930 -12%
Bahau 997 1,109 1,309 18%
Segamat 722 1,026 1,158 13%
Taiping 740 1,073 1,098 2%
Raub 1,213 1,437 1,410 -2%
Temerloh 810 1,048 1,183 13%
Machang & GMS 1,166 1,254 1,137 -9%
Kuala Terengganu 1,305 1,587 1,478 -7%
Net revenue 8,772,683 (119,122) 110,119 103,510 11,597 (17,791) 38,011 (119,153) (170,418) (126,686)
Paka 1,368 1,656 1,275 -23%
M-o-m (Net Rev) -12% 18% 20% 1% -3% 4% -8% -11% -17%
ST DEV 259 248 168
# of customers 972 561 545 1,057 485 846 1,228 912 489

Δ of customers 4 (2) 31 (14) (3) (73) 20 (45) 36

● Net revenues across provinces generally fell except for

○ Temerloh which saw a slight increase in net revenue (+4%)
■ Driven by 13% increase in average spend
■ Despite largest % fall in number of outlets (-8.6%)
○ Bahau (+18%) and Segamat (+20%) which saw large increases in net revenue
■ Driven mainly by the increases in average spends (18% and 13% respectively)
○ Higher outlet spend in these areas as these areas are hometowns to many and hence received more travellers during the Raya period
○ Some outlets purchased more towards the end of the month to stock up for the long weekend
PRIVATE AND CONFIDENTIAL
 GM remains stable at 1.4% m-o-m as sales weightage between premium and non-premium cigarettes
remains relatively constant
Gross Margin Performance over time

YTD GM %
o Actual | o Planned

● GM remains stable at 1.4% m-o-m as sales

weightage between premium and non-premium
cigarettes remains relatively constant
● Previous month (Mar) GM% was overstated due to
differences in data (revenue and quantity sold) in
reports used by Finance for COGS calculation
MTD GM % ■ Finance currently uses 2 different reports
Adjusted GM%:
1.4% for revenue and COGS reporting as different
details are required for the respective
bookings and these details can only be
found in the 2 separate reports
■ Bugs causing discrepancies in reports have
been fixed by AMAST
■ Fin Strat and Ninja Mart team are working
with AMAST to build 1 report which can be
used for both revenue and COGS reporting

Nov Dec Jan Feb Mar Apr

consol. 0.8% 1.4% 1.2% 1.2% 2.0% 1.4%

PRIVATE AND CONFIDENTIAL

 FF% (+0.03pp) and FF/order (+82.5%) increased m-o-m as FF$ increased due to purchase of ops
consumables amidst falls in net revenue and # orders in light of fasting month
Direct Costs Performance over time DC as % of net rev Performance over time

YTD DC in SGD o Actual | o Planned

Adjusted
FF/order:
0.12

MTD DC by mode in Note: WH staff costs were wrongly tagged to sales costs in Feb.
% of net rev Adjusted FF% and FF/order reflected in the orange box.

Adjusted FF%:
0.07%

Against planned
● DC as % of net revenue posts +0.6pp better than planned
○ As net revenue surpasses planned (+92.6%) despite DC$ posting more than planned (-
3.5%)
■ Planned for LM efficiencies in Q4 FY22 (via reduction in # of drivers) but in actuality
# of drivers remained constant m-o-m as each driver had to make more trips to each
store as compared to planned

DC as % of net rev -0.8% -0.5% -0.6% -0.6% -0.7% -0.7% M-o-m

● FF/order increased (+82.5%) m-o-m to $0.15
m-o-m 0.5% 0.3% -0.1% 0.1% -0.1% 0.0%
○ Attributable to increases in $FF (-51.5%)
Δ % Plan 0.7% 1.0% 2.3% 1.2% 0.8% 0.6% ■ Due to ops consumables (manual cash bills printed for salespeople to use in the
Δ % Plan (YTD) 0.8% 1.1% 1.6% 1.4% 1.1% 1.0% event of AMAST disruption) purchased in Apr
○ Coupled with decrease in # of orders (-16.9%) due to slower business in light of fasting
% Planned -1.5% -1.5% -3.0% -1.7% -1.5% -1.3%
month
% planned (YTD) -1.6% -1.6% -2.2% -2.0% -1.8% -1.7% PRIVATE AND CONFIDENTIAL
 Lower # of orders (-16.9%) in April led to the drop in waypoints by 16.9% while LM/order increased as
the fall in LM$ (-2.4%) did not keep up with the fall in # of orders
Last Mile Performance over time LM Performance Performance over time

YTD LM in % o Actual | o Planned

MTD LM in % LM cost/order $1.8 $0.8 $1.2 $1.0 $1.1 $1.3

of net rev

● LM% remains constant m-o-m at 0.6% as LM$ remains relatively constant

and posts +0.6pp better than planned due to higher than planned net
revenue (+92.6%)
○ As $LM posts 2% more than planned - due to higher # of drivers than
planned
● LM/order increased (-17.6%) to $1.3 as fall in # of orders (-16.9%)
outweighed the drop in LM costs (-2.4%)
● Daily waypoints fell (-16.9%) in tandem with the fall in # of orders
● Avg units/truck/day decreased (-2%) - driven by the fall in # of units sold (-
2%)
consol. -0.7% -0.5% -0.6% -0.6% -0.6% -0.6%
Note: LM cost consists of: 1. repairs and maintenance | 2. other delivery costs -
planned -1.3% -1.4% -2.7% -1.6% -1.3% -1.2% diesel |3. vehicle lease - vans
● Van driver salaries parked under sales HC cost as they are also salespeople

PRIVATE AND CONFIDENTIAL

 CM% saw a -0.7pp decrease mainly due to drop in GM% m-o-m as explained previously, posting in line
with planned
Contribution Margin Performance over time CM Waterfall Chart (Previous to Current Month)

o Actual | o Planned | o Reforecast

YTD CM %

CM Waterfall Chart (Planned to Actuals)

MTD CM %

● M-o-m: Reduction in CM % mainly due to the lower GM% as explained

previously
m-o-m 0.0% 0.9% -0.4% 0.1% 0.7% -0.7%

Δ % Plan -0.5% 0.4% 1.5% 0.4% 0.8% 0.0% ● Against planned: Posts in line with planned as better LM% was offset by
lower than planned GM%
Δ % Plan (YTD) -0.3% 0.1% 0.8% 0.6% 0.6% 0.5%
PRIVATE AND CONFIDENTIAL
 Adjusted comms % posts 0.1pp higher m-o-m as as more salespeople hit their Mar targets, in line with
Mar’s good performance
CM to OM walkthrough Current month Historical trend of commissions as % of net rev

MTD in SGD

Opex
● M-o-m: 19.2% lower absolute OPEX costs as Mar’s amount
contained reallocation of 2 hubs rental for the previous 6
months
● As % of net rev, improved by -0.1pp as decrease in absolute
OPEX outweighed the decrease in net revenue (-3.3%)

Commissions
● With the one month delay in booking commissions being
as % of net rev 0.7% -0.5% -0.4% 0.0% 0.0% -0.2% adjusted for, comms posts 0.1pp higher in line with stronger
performance in Mar
m-o-m -0.7% 0.1% -0.1% -0.1% 0.0% -0.8%
AR defaults
% Plan 0.7% -0.2% 0.0% -0.2% 0.0% 0.3% ● No AR defaults booked for the month as no ARs have been
outstanding for >90 days
Δ % Plan 0.0% -0.2% -0.4% 0.2% 0.0% -0.5%

PRIVATE AND CONFIDENTIAL

Absolute $AR increased 110% m-o-m mainly due to increase in sales - most pertain to key accounts (e.g.
7-11) which have low probability of default

ARs (Balance sheet) AR provisioning (P&L)

In mil (SGD) o Outstanding AR | o Cumulative net revenue | o Outstanding AR as % of net revenue

Assume net rev =

total credit issued

● Increase in absolute AR by 36% to 5.7m

○ Of which 1.6m cash had been received but not knocked off as at end Apr due to Finance backlog
○ The remaining 4.1m SGD pertains to
■ 2.64m of ARs not yet due ● No AR provisions this month as none of the ARs have been overdue >90 days
■ 144k of ARs overdue but <90 days
■ Team is investigating the remaining 1.3m ARs

PRIVATE AND CONFIDENTIAL

 OM% saw a -0.2pp dip due to lower GM% and higher sales comms % for reasons explained previously

Operating Margin Performance over time OM Waterfall Chart (Previous to Current Month)

o Actual | o Planned
YTD OM %

MTD OM %
OM Waterfall Chart (Planned to Actuals)

● M-o-m: OM% worsened +0.8pp mainly due to lower GM%

OM as % of net rev -0.5% 0.6% 0.3% 0.1% 0.6% -0.2%
and higher sales comms % for reasons explained previously
m-o-m -0.5% 1.1% -0.3% -0.2% 0.5% -0.8%
● Against planned: lower than planned by -0.5pp as higher
Δ % Plan -0.6% 0.6% 1.9% 0.3% 0.5% -0.5%
than planned commissions paid out and OPEX were
cushioned by better lower than planned AR provisions

PRIVATE AND CONFIDENTIAL

Local cost % increased +1pp due due to fall in net revenue (-3.3%) coupled with slight increase in local
cost (+0.8%)

OM to EBIT walkthrough Current month Total Sales & Marketing Cost/Outlet* as % of net rev

MTD in SGD

Adjusted sales
Note: all regional cost %: 0.87%
costs under VN
for FY22

Adjusted sales
cost/cust: $8.6

Local cost %:
● M-o-m: increased 1pp due to fall in net revenue (-3.3%) coupled
with slight increase in local cost (+0.8%) mainly stemming from
office and GA expenses (refurbished desktops, aircon servicing)
as % of net rev -0.2% -1.0% 0.0% -1.1% and travel expenses

Sales and marketing cost

as % of net rev (YTD) 0.2% -1.0% 0.0% -0.8% ● As a % of net rev: increased +0.18pp to 0.98%
● Per outlet: increased by 18.8% to $11.70
m-o-m -0.8% 0.0% 0.0% -0.8% ○ Due to increase in sales incentives (-47%) -> incentives are
booked on a 1 month lag. Due to impromptu trade marketing
Δ % Plan -0.5% 0.9% 0.2% 0.6% push by BAT in Mar, more sales people hit their max cap target
of 110% receiving full payout in Apr
○ Coupled with slight fall in # of outlets (-0.6%)

PRIVATE AND CONFIDENTIAL

 EBIT % has dipped -0.8pp m-o-m mainly due to drop in OM% as explained previously.

Post-regional EBIT Performance over time Post-reg EBIT Waterfall Chart (Prev. to Cur. Month)
YTD EBIT %
o Actual | o Planned

MTD EBIT %

Post-reg EBIT Waterfall Chart (Planned to Actuals)

m-o-m -1.3% 0.9% 0.6% -0.4% 0.6% -0.8%

Δ % Plan 1.2% 1.3% 4.9% 1.7% 1.7% 0.6%

Δ % Plan (YTD) 3.1% 2.2% 3.6% 2.7% 2.3% 1.9% ● EBIT % has dipped -0.8pp m-o-m mainly due to drop in OM
% as explained previously

PRIVATE AND CONFIDENTIAL

Per order level performance generally dipped m-o-m due to lower # of orders, coupled with Mar’s inflated
GM$ due to erroneous COGS bookings as explained previously
Per order view Performance over time Units of Economics per order over time
B2B only Apr Mar m-o-m % MY YTD VN YTD YTD Flux
# of orders 40,256 48,472 -17% 179,355 111,650 61%
Discounts 0.0 0.0 0.0% 0.0 -2.5 -100.0%
Net revenue 210.7 181.0 16.4% 188.6 210.6 -10.4%
COGS -207.8 -177.3 -17.2% -185.8 -207.1 -10.3%
GM 3.0 3.7 -19.7% 2.8 3.5 -20.1%
DC - Fulfillment -0.1 -0.1 -82.5% -0.1 -2.4 -97.3%
DC - Last Mile -1.3 -1.1 -17.6% -1.2 -6.4 -81.7%
CM 1.5 2.5 -40.0% 1.5 -6.0 -125.9%
OPEX -1.0 -1.0 2.8% -0.6 -3.5 -82.4%
Other Costs -0.9 -0.4 -119.7% -0.5 -1.6 -68.3%
OM -0.3 1.1 -130.0% 0.4 -11.0 -103.9%
Country Costs -2.0 -1.7 -21.4% -1.9 -18.6 -89.5%
Sales HC Costs -2.1 -1.5 -42.2% -1.7 -9.9 -83.1%
EBIT -2.4 -0.6 -315.9% -1.5 -33.1 -95.4%

● Decrease in GM/order (-19.7%) due to erroneous COGS data in Mar

○ Comparing previous month (Mar) adjusted GM/order of $2.55 , GM/order increased (+17.6%) mainly due higher % of non-premium cigarettes (+2.15%) sold which have higher margins
● Lower in CM/order due to lower GM/order and higher FF/order due to purchase of ops consumables in Apr
● OM/order and EBIT/order mostly hurt by lower # of orders amidst relatively constant local costs and higher sales comms paid out, despite lower OPEX for the month

PRIVATE AND CONFIDENTIAL

 Next steps
Item Action Point Timeline PIC

YES Sim packs & Top up cards to start trial in June, Pending contracts from Yes
Updates on potential multi-category products Mid June Matthew
Staedtler Carton distribution in June, opening talks for pre-sales opportunity

Build to knock off ARs and maintain a ledger on system to aid Central Finance to
AMAST (DMS) Updates - AR Reporting reconcile payments from our Direct Accounts is up and running. Shoring up on End of May Jeremy
alignment with central finance before a cadence for the process is put into place.

PRIVATE AND CONFIDENTIAL

Thank you.

PRIVATE AND CONFIDENTIAL

Backup

PRIVATE AND CONFIDENTIAL