Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — 1H FY2018/19 Earnings Presentation
57 slides from Luk Fook Holdings (international)'s earnings presentation, November 2018
Slide 1: Corporate Presentation: 2018/19 Interim Results
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Slide 2: Contents
CONTENTS 内容 1H FY2018/19* Financial Highlights 2018/19上半财年*业绩财务亮点 Financial Review 财务回顾 Future Plans and Strategies 未来计划与策略 Open Forum 公开讨论 Core Competences 核心竞争优势 Company Profile 公司简介 Appendices 附录 * 1H FY2018/19 (“1H FY2019”) 2 2018/19上半财年(「2019上半财年」)
Slide 3: 1H FY2019 Financial Highlights
1H FY2019 Financial Highlights 2019上半财年业绩财务亮点 3
Slide 4: 1H FY2019 Financial Highlights
1H FY2019 Financial Highlights 2019上半财年业绩财务亮点 Revenue 收入 Basic Earnings per Share HK$7,859M (百万港元) + 25.1% 每股基本盈利 HK$1.13 (港元) Operating Profit + 27.0% 经营溢利 HK$838M (百万港元) Proposed Dividend per Share + 29.8% 拟派每股股息 Profit Attributable to Equity Holders 55HKCents² (港仙) ² Interim Dividend per Share 每股
Slide 5: Financial Review
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Slide 6: Financial Review
Financial Review 财务回顾 1H FY2019 1H FY2018 Y-o-Y Change (HK$M) (百万港元) 2019上半财年 2018上半财年 按年变化 Revenue 收入 7,859 6,283 +25.1% Gross Profit 毛利 1,863 1,647 +13.1% Operating Profit 经营溢利 838 645 +29.8% Profit for the Period 期内溢利 670 521 +28.5% Profit Attributable to Equity Holders 权益持有人应占溢利 665 520 +27.9% B
Slide 7: Healthy Financial Position
Healthy Financial Position 健康的财务状况 6-Month 1H FY2019 FY2018 1H FY2018 Y-o-Y Change (HK$M) (百万港元) Change 2019上半财年 2018财年 2018上半财年 按年变化 6个月变化 Inventories 存货 8,839 7,992 +10.6% 7,284 +21.3% Average Inventory Turnover (Days) 1 261 257 +4 287 -26 平均存货周转 (日) 1 Cash and Bank Balances 现金及银行结余 1,640 2,098 -2
Slide 8: Summary - Financial Position
Summary - Financial Position 财务状况摘要 As at As at As at 6-Month Y-o-Y Change 30 Sep 2018 31 Mar 2018 30 Sep 2017 (HK$M) (百万港元) Change 截至2018年 截至2018年 截至2017年 按年变化 6个月变化 9月30日 3月31日 9月30日 Non Current Assets 非流动资产 2,078 1,336 +55.5% 1,252 +66.0% Current Assets 流动资产 11,404 10,879 +4.8% 9,302 +22.6% Total
Slide 9: 1H FY2015-2019 Operating Performance
1H FY2015-2019 Operating Performance 2015-2019上半财年 营运表现 (HK$M) (百万港元) 9
Slide 10: Revenue and Profit Analysis (HK$M)
Revenue and Profit Analysis(HK$M) 收入及溢利分析(百万港元) Revenue by Market Revenue by Business Sales1 by Product 收入 (以市场划分) 收入 (以业务划分) 销售1 (以产品划分) 4,918 6,008 ↑19.3% 3,972 ↑27.3% ↑18.8% Hong Kong, Retailing 53.1% 62.6% Macau & Gold & (65.6%) 零售 (55.6%) Overseas 76.4% Platinum 香港、澳门 黄金及铂金 (75.1%) 381 及海外 4.9%
Slide 11: Margin Analysis
Margin Analysis 溢利率分析 Segment Profit Margin by Market Segment Profit Margin by Business Gross Margin by Product 分部溢利率 (以市场划分) 分部溢利率 (以业务划分) 毛利率 (以产品划分) 1H vs 2H 上半财年 vs 下半财年 1H vs 2H 上半财年 vs 下半财年 1H vs 2H 上半财年 vs 下半财年 Full Year 全年 Full Year 全年 Full Year 全年 Hong Kong, Macau Licensing Wholesaling Reta
Slide 12: Regional Revenue & Profit Analysis by Business (HK$M)
Regional Revenue & Profit Analysis by Business (HK$M) 地区收入及溢利分析以业务划分(百万港元) Hong Kong, Macau and Overseas Segment Profit Margin 香港、澳门及海外 分部溢利率分析 Hong Kong, Macau Y-o-Y Revenue 收入 Segment Profit 分部溢利 and Overseas Change 4,854 香港、澳门及海外 按年变化 ↑27.9% Retailing 335 81.8% 98.7% Retailing 零售 零售 (92.1%) ↑29.5
Slide 13: Regional Segment Profit Margin Analysis by Business
Regional Segment Profit Margin Analysis by Business 地区分部溢利率分析以业务划分 Hong Kong, Macau and Overseas 香港、澳门及海外 1H&2H上半财年及下半财年 Full Year 全年 Mainland 内地 1H&2H上半财年及下半财年 Full Year 全年 Licensing Adjusted Wholesaling Business1 Retailing 品牌业务 经调整后之批发业务1 零售 13 1 Adjusted Wholesaling Segment Profit Margin = Segmen
Slide 14: Retail Revenue Analysis
Retail Revenue Analysis Retail Revenue by Product 收入 (以产品划分) 零售收入分析 Hong Kong, Macau and Overseas (% of Revenue) 香港、澳门及海外 Retail Revenue by Region (收入占比 %) 收入 (以市场划分) HK$1.83B (% of Revenue) (收入占比 %) HK$0.15B 18.3亿港元 1.5亿港元 (↑16.3%) (↑5.5%) HK$1.15B 11.5亿港元 HK$3.03B (↑24.8%) 30.3亿港元 (↑36.1%) HK$0.95
Slide 15: Wholesale Revenue Analysis
Wholesale Revenue Analysis Wholesale Revenue by Product 收入 (以产品划分) 批发收入分析 (% of Revenue) Hong Kong, Macau and Overseas (收入占比 %) 香港、澳门及海外 Wholesale Revenue by Region HK$23M 批发收入 (以市场划分) 23百万港元 (↓ 3.8%) (% of Revenue) (收入占比 %) HK$7M 7百万港元 (↓37.2%) HK$17M 17百万港元 HK$1,423M (↓ 94.2%) 14.23亿港元 (↑47.5%) (%
Slide 16: Retail Analysis
Retail Analysis 零售分析 SSSG 同店销售增长 Y-o-Y Change 按年变化 1H FY2019 1H FY2018 1H FY2019 1H FY2018 2019上半财年 2018上半财年 2019上半财年 2018上半财年 Revenue Quantity ASP Revenue Quantity ASP 收入 件数 平均售价 收入 件数 平均售价 Overall +18% +11% +24% +14% +9% +15% +35% -15% 整体 Gold & Platinum +22% +10% +29% +12% +16% +14% +11% +3% 黄金及铂
Slide 17: Retail Analysis on Mainland
Retail Analysis on Mainland 内地零售分析 SSSG 同店销售增长 1H FY2019 1H FY2018 2019上半财年 2018上半财年 Overall Gold & Platinum Gem-set Overall Gold & Platinum Gem-set 整体 黄金及铂金 珠宝 整体 黄金及铂金 珠宝 Mainland Overall +1% -5% +14% +17% +23% +4% 内地整体 Tier I +4% -1% +14% +16% +22% +6% 一线 By Tier Tier II 按城市级别 0% -6% +15% +15% +2
Slide 18: Quarterly Same Store Sales Growth
Quarterly Same Store Sales Growth 季度同店销售增长 FY2016 FY2017 FY2018 FY2019 2016财年 2017财年 2018财年 2019财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Overall -18% -6% -25% -27% -24% -37% -10% +2% +5% +17% +1% +16% +22% +14% 整体 Gold -18% +5% -25% -28% -26% -47% -11% -1% +5% +21% -3% +16% +26% +23% 黄金 Gold (By
Slide 19: Average Ticket Size & Gem-set Average Selling Price
Average Ticket Size & Gem-set Average Selling Price 每单平均消费及珠宝产品平均售价 Average Ticket Size Gem-set Average Selling Price 每单平均消费 珠宝产品平均售价 $ (in terms of respective currency ) 元 (以相应货币计算) Diamond, jadeite, gem stones and pearl products 钻石，翡翠，宝石及珍珠产品 $ (in terms of respective currency ) 元 (以相应货币计算) ↑1.3%
Slide 20: Total Operating Expenses
Total Operating Expenses 总经营开支 (% of Revenue) (HK$M) (收入占比%) (百万港元) 1,500 18.5% 17.1% 15.3% 1,206 (↑12.5%) 1,072 (↑32.1%) 1,014 3.3% 259 1,000 3.1% 196 (↓9.7%) 3.3% 179 0.7% 56 0.6% 48 (↑37.1%) 1.0% 62 1.1% 63 35 96 (↑23.1%) 41 0.6% 78 1.2% 0.8% 57 1.2% 1.0% ↓0.3% 3.8% 302 (↓5.9%) 321 500 5.9% 323 5
Slide 21: Inventory Analysis
Inventory Analysis 存货分析 Closing Inventories 期末存货 (HK$M) (百万港元) (↑21.3%) 8,839 1H FY2018 7,284 1H FY2019 2018上半财年 2019上半财年 (↑9.6%) 5,196 4,742 (↑43.3%) 3,643 2,542 Inventory Turnover Days by Product Inventory Turnover Days by Market * 存货周转日数 (以产品划分) 存货周转日数 (以市场划分) * 1H FY2019 1H FY2018 FY2018 1H FY20
Slide 22: CAPEX
CAPEX 资本开支 (HK$M) (百万港元) 840 55 38 45 38 37 Furniture, fixture and equipment & leasehold improvements Purchase of Premises 购置物业 家俬、装置与设备及租赁物业装修 Shops 店铺 Offices 公司 Manufacturing Plants 加工厂 * Including HK$332M prepayment for acquisition of new headquarters in Shenzhen 22 包括收购深圳行政中心物业的预付款项3.32亿港元
Slide 23: Financial Impact of HKRH Related Activities
Financial Impact of HKRH Related Activities 有关香港资源活动之财务影响 Lukfook Group acquired 50% interest of CGS1 in June 2014 六福集团于2014年6月完成收购中国金银150%权益 3D GOLD targets at mid-end customers and operates over 370 POS through self-operated and franchising model in Mainland, Hong Kong and Macau 金至尊目标市场为中端客群，并以自营及
Slide 24: Future Plans & Strategies
Future Plans & Strategies 未来计划与策略 24
Slide 25: Three-Year Key Strategies – FY2017-FY2019
Three-Year Key Strategies –FY2017-FY2019 三年主要策略 –2017-2019财年 Product Focus 专注于产品 Product Offering Enrichment 丰富产品组合 Productivity Enhancement 促进生产力 Mainland Focus Branding Focus 专注于内地 专注于品牌推广 Market Coverage Market Oriented Enlargement 扩大市场覆盖率 Strategy 市场导向策略 25
Slide 26: Three-Year Key Strategies – FY2017-FY2019
Three-Year Key Strategies –FY2017-FY2019 三年主要策略 –2017-2019财年 Product Focus Mainland Focus Branding Focus 专注于产品 专注于内地 专注于品牌推广 Market Oriented Strategies Product Offering Enrichment Market Coverage 市场导向策略 丰富产品组合 Enlargement Continue to adopt the holistic approach to 扩大市场覆盖率 penetrate into middle-class
Slide 27: Extensive Retail Network
Extensive Retail Network 庞大零售网络 As at 23 Nov As at 30 Sep As at 31 Mar 30 Sep VS 31 Mar 于11月23日 于9月30日 于3月31日 9月30 对比 3月31 Y-o-Y Current Lukfook Shops 六福店 现时 % 2018 2017 2016 Change 2018 2017 2016 2018 2017 按年变化 Hong Kong 香港 50 2.8% 50 45 47 +5 48 47 47 +2 -2 Macau 澳门 11 0.6% 11 10 11 +1 10 10 10 +1
Slide 28: Extensive Distribution Network
Mainland 内地 Extensive Distribution Network Northern China 华北区 As at 30 Sept 2018 于2018年9月30日 Change 变化 庞大分销网络 Self-operated 自营店: Licensed 品牌店: 70(72) 470 (436) -2 +34 Total no. of shops 总数: 540 (508) +32 Provinces 省: 13 0 Municipalities 直辖市: 2 0 Countries and Regions As at 30 Sept 2018 As at 31 Mar
Slide 29: Network Expansion and CAPEX in FY2019
Network Expansion and CAPEX in FY2019 2019财年零售网络扩充及资本开支 Mainland Hong Kong & Macau Overseas E-commerce 内地 香港及澳门 海外 电子商务 Expand into lower-tier Plan to open no more Plan to open 3-5 Continue to cities with licensing than 5 shops shops overseas optimise platforms model 计划开设不多于5间店 计划开设3至5间海外 继续优化销售平台 于
Slide 30: E-commerce
E-commerce Platforms 电子商务 销售平台 1H FY2019 Performance 2019上半财年表现 Revenue 11 Platforms 收入 11 个平台 Including: Tmall, JD.com ↑87.2% Y-o-Y Change 按年变化 and VIP.com 包括: 天猫、京东商城及 Contribution to Mainland Retail Revenue1 唯品会 占内地零售收入1 22.0% (1H FY2018:14.8%) Contribution to Group’s Retail Revenue1 占集团零售收入1 4.2
Slide 31: New Brand Image
New Brand Image 全新品牌形象 Logo 品牌标志 Soft and fashionable red bean color with curly brush strokes to reflect an elegant and feminine touch, as well as the young and stylish look and feel 以柔和时尚的红豆色配上带弧度的笔触,显出优雅女性气质之余, 亦带有时尚年轻之感 The hidden Arabic number “6” represents the timeless commitment of Lukfook in
Slide 32: Online Marketing
Online Marketing 网络营销 The Group actively implemented a variety of marketing activities in new media platforms, in order to strengthen our brand image and promote sales 集团在新媒体平台积极推行多元化的推广活动, 以深化品牌形象和促进销售 Continued to allocate more resources on various types of online marketing 持续投放资源进行不同种类的网络营销 Colla
Slide 33: Anniversary Promotion
Anniversary Promotion 周年庆 Launched a creative cross-platform promotion campaign “Share Love and Fun” to celebrate the brand anniversary 推出「 FUN享爱」推广项目，跨平台庆祝品牌周年庆 Opened pop-up stores illustrating the Hong Kong street style, invited spokes person to the kick-off party, successfully created a huge noi
Slide 34: Open Forum
My Open Forum BFW 34
Slide 35: Core Competences
Core Competences 核心竞争优势 35
Slide 36: Vertical Business Model
Vertical Business Model 垂直商业模式 Vertical business model helps strengthen operational efficiency, cost effectiveness, market responsiveness and supply reliability to enhance competitiveness 垂直商业模式有助强化营运效率、成本效益、市场反应能力及供应可靠度，以增强竞争力 Sourcing Design Production Distribution 采购 设计 生产 分销 Sourcing of raw mate
Slide 37: Quality Assurance
Quality Assurance 质量保证 Authentication Service Quality Assurance Schemes 验证服务 质量保证計劃 China Gems Laboratory Limited - Only laboratory in Hong Kong that meets the requirements of three HKAS ISO/IEC 17025 accreditations in jadeite jade testing, diamond testing and gold testing. Also the first laboratory
Slide 38: Branding
Branding Market Oriented Strategy 市场导向策略 品牌推广 Wedding Market Middle-Class Market 中产市场 Kids Market 婚嫁市场 孩童市场 Enriched collection with stylish and good value for money jewellery 推出附时尚设计并高性价比的珠宝首饰丰富产品系列 Held Lukfook Jewellery Raceday in collaboration with the Hong Kong Jockey Club Middle-Class 与香港赛马会合作
Slide 39: Branding
Branding 品牌推广 Market Oriented Strategy 市场导向策略 Wedding Market 婚嫁市场 Introduced wide range of Chinese and western wedding products to capture the potential market 推出多款中西式婚嫁产品以捕捉潜在市场 Joint-partnered with high-end wedding related business partners to roll out marketing campaigns, e.g.: Hainan Airlines 与高
Slide 40: Branding: Awards
Branding 品牌推广 Awards 奖项 Continuous branding efforts well-received by the industry and market 不断于品牌建设方面作出的努力，获得业内及市场的认可 Was honoured with “Brand of the Year – Retail” and “Outstanding Enterprise of the Year – Greater China” at JNA Awards 2018 于「2018年度JNA大奖」囊括「年度品牌大奖—零售业」及「年度杰出企业大奖 - 大中华地区」殊荣 Have won
Slide 41: Excellent Service
Excellent Service 卓越服务 Complimentary Certificate for Professional Sales Team Product Photo & Comprehensive Jadeite & Diamond 专业的销售团队 Checklist on Invoice 免费翡翠及钻石证书 销售单上印有产品照片及综合清单 “Delivering the Beauty of Love Free On-site Instant Complimentary Gift Cards with Six Heartfelt Services” Engraving Serv
Slide 42: Appealing Product Design
Appealing Product Design 具吸引力的产品设计 Professional jewellery design teams in Shenzhen and Nansha in Mainland and Hong Kong 于内地深圳、南沙及香港设有专业设计团队 Have attained over 190 awards 获得超过190个奖项 “Linkup Fusion” 「紧扣‧融和」 Awarded “Best of Show Award (Open Group)” The 19th Hong Kong Jewellery Design Competition 「公开组大
Slide 43: Social Responsibility
Social Responsibility 社会责任 Participated in the QF assessment set up by the Education Bureau and held outbound training programme in order to promote continuous career development and nourish team spirit 参加由香港特区教育局设立的「资历架构」考核,并举办外展训练以推动持续专业发展及加强团队合作意识 Sponsored charity activities, e.g.: “Heifer‘s Rac
Slide 44: Environmental Protection
Environmental Protection 环境保护 Jewellery processing plant in Nansha, Guangzhou adopted environmentally friendly production and attained certification as an ISO14001:2004 Environmental Management System 广州市南沙区的珠宝加工厂房实施清洁生产，获得ISO 14001:2004环境管理体系认证 Participated in the “Charter on External Lighting” org
Slide 45: Company Profile
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Slide 46: About LUKFOOK
About LUKFOOK 关于六福 A leading jewellery retailer in Mainland and Hong Kong 内地及香港主要珠宝零售商之一 Main Business 主要业务 The Group principally engages in the sourcing, designing, wholesaling, trademark licensing and retailing of a variety of gold and platinum jewellery and gem-set jewellery products 集团主要从事各类黄铂金首
Slide 47: Supply Chain
Supply Chain 供应链 01 02 03 04 Sourcing and Designing Production Quality Control Distribution 采购与设计 生产 品质管制 分销 (from quality suppliers) (自优质供应商) Self-operated Shops Raw Materials 自营店 原材料 Retail revenue 零售收入 E-Commerce Platforms 电子商务销售平台 Retail revenue 零售收入 Manufacturing Plants 生产厂房 Licensed Shops 品牌店
Slide 48: Licensing Model
Licensing Model 品牌模式 Licensing Model 品牌模式 Joining Fee 加盟费用 Revenue from Royalty Income Licensing Income Wholesale Revenue Licensing Model 专利收入 品牌收入 批发收入 品牌店营运模式收入 Consultancy Fee Payment terms 付款方式 : 顾问费用 Cash On Delivery 交货付款 Advantages 优点 Requirements 条件 Better understanding of local market Initia
Slide 49: Licensing Model
Licensing Model 品牌模式 Stringent control system applied on both self-operated and licensed shops 自营店和品牌店采用统一的监管系统 Operational Control 营运监管 Pricing Control 价格监管 Whistleblowing System and Reward Scheme Standardised retail price through centralised 鸣笛系统及奖励计划 labeling process Sales and Inventory System Ac
Slide 50: Appendices
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Slide 51: FY1998-2017 Financial Performance
FY1998-2017 Financial Performance 1998-2017财年财务回顾 In 1997, Lukfook Group was listed on the main board of the Stock Exchange of Hong Kong Ltd. FY2017 marks the Group’s 20th anniversary of listing! 1997年, 六福集团在香港交易所主板上市, 2017财年为六福上市20周年! Revenue 收入 Market Capitalisation reached 11% CAGR 年复合增长率 HK$14.9
Slide 52: Average Gold Price Changes & GP% of Gold
Average Gold Price Changes & GP% of Gold 平均黄金价格波幅及黄金毛利率 Gross margin of gold sales is not highly correlated to the gold price fluctuation 黄金产品之毛利率与黄金价格变动相关性不大 Gross Margin of Gold Sales Full Year 全年 黄金销售毛利率 US$ 美金 Gross Margin of Gold 1H&2H 上半年及下半年 Sales US$美金 黄金销售毛利率 (↑22.4%) (↑1.7%) (↓0.6%) (↑32.6
Slide 53: FY2014-2018 Operating Performance
FY2014-2018 Operating Performance 2014-2018财年营运表现 (HK$M) (百万港元) 30,000 25.6% 25.7% 24.1% 23.2% 21.9% 25% 25,000 12.0% 12.4% 15% 20,000 19,215 10.1% 8.6% 11.1% 9.4% 9.7% 10.2% 15,923 8.0% 5% 6.9% 15,000 14,578 14,031 12,807 -5% 10,000 5,000 -15% 2,309 1,867 1,976 1,621 1,212 1,289 1,621 961 1,027 1,3
Slide 54: 1H&2H FY2015-2019 Operating Performance
1H&2H FY2015-2019 Operating Performance 2015-2019上半及下半财年 营运表现 (HK$M) (百万港元) 54
Slide 55: Disclaimer
Disclaimer 免责声明 This presentation has been prepared by Luk Fook Holdings (International) Limited (the “Company”), and the information contained herein has not been independently verified. This presentation does not make any explicit or implicit representations or warranties and no undue reliance sho
Slide 56: Thank You!
7\ te Re LUKFOOK GROUP Thank You!
Slide 57: FY2018/19 Interim Results Highlights
FY2018/19 FY2018/19 Investor Relations WeChat Interim Results Highlights Interim Report* 投资者关系微信 中期业绩摘要 中期业绩报告* *2018/19 Interim Report will be uploaded in Dec 2018 2018/19中期业绩报告将于2018年12月上载 57
Luk Fook Holdings (International) — 1H FY2018/19 Earnings Presentation on 6ix