Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — H1 FY2017/18 Earnings Presentation
55 slides from Luk Fook Holdings (international)'s earnings presentation, Jun 1, 2017
Slide 1: Luk Fook Holdings Corporate Presentation FY2017/18 Interim Results
oO. = = = Gg) 7\ 7a (BR) BRD al uw LUK FOOK HOLDINGS (INTERNATIONAL ) LIMITED (RBRSSARU ZARA a) (Incorporated in Bermuda with Limited Liability) Stock Code ARAESE : 0590 CORPORATE PRESENTATION FY2017/18 Interim Results EN isi FR 2017/1800 EH BAM 55
Slide 2: Contents
CONTENTS 内容 1H FY2017/18* Financial Highlights 2017/18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 FY2017/18 (“1H FY2018”) 2 2017/18上半财年(「2018上半财年」)
Slide 3: 1H FY2018 Financial Highlights
1H FY2018 Financial Highlights 2018上半财年业绩财务亮点 3
Slide 4: 1H FY2018 Financial Highlights
1H FY2018 Financial Highlights 2018上半财年业绩财务亮点 Revenue 收入 HK$6,283M (百万港元) Basic Earnings per Share + 14.9% 每股基本盈利 Operating Profit HK$0.89 (港元) + 21.9% 经营溢利 HK$645M (百万港元) + 15.6% Proposed Dividend per Share 拟派每股股息 Profit Attributable to Equity Holders 55HKCents (港仙) ² 权益持有人应占溢利 Interim Dividend per
Slide 5: Financial Review
Financial Review WA FT Jas
Slide 6: Financial Review
Financial Review 财务回顾 1H FY2018 1H FY2017 Y-o-Y Change (HK$M) (百万港元) 2018上半财年 2017上半财年 按年变化 Revenue 收入 6,283 5,469 +14.9% Gross Profit 毛利 1,647 1,532 +7.5% Operating Profit 经营溢利 645 558 +15.6% Profit for the Period 期内溢利 521 434 +20.2% Profit Attributable to Equity Holders 权益持有人应占溢利 520 429 +21.3% Ba
Slide 7: Healthy Financial Position
Healthy Financial Position 健康的财务状况 6-Month Y-o-Y 1HFY2018 FY2017 1HFY2017 (HK$M) (百万港元) Change Change 2018上半财年 2017财年 2017上半财年 6个月变化 按年变化 Inventories 存货 7,284 6,973 +4.5% 6,715 +8.5% Average Inventory Turnover (Days) 1 287 261 +26 311 -24 平均存货周转 (日) 1 Cash and Bank Balances 现金及银行结余 1,404 1,862 -24.6
Slide 8: Summary - Financial Position
Summary - Financial Position 财务状况摘要 As at As at As at 6-Month Y-o-Y Change 30 Sept 2017 31 Mar 2017 30 Sept 2016 (HK$M) (百万港元) Change 截至2017年 截至2017年 截至2016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 1,252 1,248 +0.3% 1,235 +1.4% Current Assets 流动资产 9,302 9,431 -1.4% 9,155 +1.6% Total As
Slide 9: 1H FY2013-2018 Operating Performance
1H FY2013-2018 Operating Performance 2013-2018上半财年 营运表现 (HK$M) (百万港元) 20,000 28.0% 26.2% 23.9% 22.7% 20.1% 15,000 13.0% 11.4% 10,066 10.2% 10,000 8.5% 10.3% 10.7% 8.3% 9.6% 7,542 7.9% 6,965 6.7% 6,283 (↑14.9%) 5,469 5,000 1,150 966 645 521 978 808 594 558 (↑15.6%) (↑20.2%) 463 434 - 1H FY2014 1H FY2
Slide 10: Revenue and Profit Analysis (HK$M)
Revenue and Profit Analysis(HK$M) 收入及溢利分析(百万港元) Revenue by Market Revenue by Business Sales1 by Product 收入(以市场划分) 收入(以业务划分) 销售1(以产品划分) 4,122 4,719 ↑10.0% 3,344 ↑17.1% ↑14.2% Hong Retailing 55.6% 65.6% Kong, 零售 (55.8%) Gold & (68.5%) Macau & Platinum 75.1% Overseas (73.7%) 272 黄金及铂金 香港、澳 门及海外 4.3% ↑2
Slide 11: Margin Analysis
Margin Analysis 溢利率分析 Segmental Profit Margin by Market Segmental Profit Margin by Business Gross Margin by Product 分部溢利率(以市场划分) 分部溢利率(以业务划分) 毛利率(以产品划分) 1H vs 2H 上半财年 vs 下半财年 1H vs 2H 上半财年 vs 下半财年 1H vs 2H 上半财年 vs 下半财年 Full Year 全年 Full Year 全年 Full Year 全年 Hong Kong, Macau Mainland China Licensing
Slide 12: Regional Revenue & Profit Analysis - by Business
Regional Revenue & Profit Analysis -by Business (HK$M) 地区收入及溢利分析 -以业务划分(百万港元) Hong Kong, Macau and Overseas 香港、澳门及海外 Revenue 收入 Segmental Profit 分部溢利 Segmental Profit Margin 3,795 259 分部溢利率分析 92.1% ↑12.1% (90.3%) ↑2.7% 76.1% Hong Kong, Macau Y-o-Y Retailing Retailing (91.4%) and Overseas Change 零售 零
Slide 13: Regional Segmental Profit Margin Analysis - by Business
Regional Segmental 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 China 中国内地 1H&2H上半财年及下半财年 Full Year 全年 Wholesale Business Retail Business Licensing 批发业务 零售业务 品牌业务 13
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$1.57B (% of Revenue) (收入占比 %) 15.7亿港元 (↑14.0%) HK$2.22B 22.2亿港元 (↑10.8%) Mainland China (% of Revenue) (收入占比 %) 中国内地 HK$265M 2.65亿
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 HK$25M (收入占比 %) 香港、澳门及海外 0.25亿港元 Wholesale Revenue by Region (↓36.4%) 批发收入 (以市场划分) HK$11M (% of Revenue) 0.11亿港元 (收入占比 %) (↑58.3%) HK$291M 2.91亿港元 (↓7.9%) (% of Revenue) Mainland Ch
Slide 16: Retail Analysis
Retail Analysis 零售分析 Y-o-Y change 按年变化 SSSG 同店销售增长 1H FY2018 1H FY2017 2018上半财年 2017上半财年 1H FY2018 1H FY2017 Revenue Quantity ASP Revenue Quantity ASP 2018上半财年 2017上半财年 收入 件数 平均售价 收入 件数 平均售价 Overall +15% +35% -15% -28% -28% +0% +11% -31% 整体 Gold & Platinum +14% +11% +3% -36% -39% +6% +10% -39% 黄金及铂金
Slide 17: Retail Analysis on Mainland China
Retail Analysis on Mainland China 中国内地零售分析 SSSG 同店销售增长 1H FY2018 1H FY2017 2018上半财年 2017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 China Overall +17% +23% +4% -24% -30% -5% 中国内地整体 Tier I +16% +22% +6% -11% -16% -1% 一线 By Tier Tier II +15% +2
Slide 18: Quarterly Same Store Sales Growth
Quarterly Same Store Sales Growth 季度同店销售增长 FY2015 FY2016 FY2017 FY2018 2015财年 2016财年 2017财年 2018财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Overall -54% -21% -7% -20% -18% -6% -25% -27% -24% -37% -10% +2% +5% +17% 整体 Gold -65% -28% -6% -21% -18% +5% -25% -28% -26% -47% -11% -1% +5% +21% 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) ↑4.0%
Slide 20: Total Operating Expenses
Total Operating Expenses 总经营开支 (% of Revenue) (HK$M) (收入占比%) (百万港元) 1,500 18.5% 17.1% 14.6% 1,072 1,020 1,014 (↑5.7%) 1,000 (↑9.5%) 3.3% 3.1% 196 2.7% 190 179 1.0% (↓1.6%) 1.1% 62 1.0% 68 63 35 (↓14.6%) 0.8% 41 0.6% 0.5% 36 78 (↑36.8%) 63 1.0% 57 1.2% 0.9% ↑5.0% 321 (↓0.6%) 500 4.7% 325 5.9% 323 5.1
Slide 21: CAPEX
CAPEX 资本开支 (HK$M) (百万港元) 55 55 38 46 45 38 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 21
Slide 22: Inventory Analysis
Inventory Analysis 存货分析 Closing Inventories 期末存货 (HK$M) (百万港元) (↑8.5%) 1H FY2017 1H FY2018 7,284 2017上半财年 6,715 2018上半财年 (↑5.9%) 4,476 4,742 (↑13.5%) 2,239 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 FY2018 1H FY2017 FY2017 1H FY201
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 approx. 350 POS through self-operated and franchising model in Hong Kong, Macau and Mainland China 金至尊目标市场为中
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 China Focus Branding Focus 专注于中国内地 专注于品牌推广 Market Coverage Marketing Oriented Enlargement Strategy 扩大市场覆盖率 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 专注于产品 China Focus 专注于中国内地 Branding Focus 专注于品牌推广 Product Offering Enrichment Market Coverage Market Oriented Strategies 丰富产品组合 Enlargement 市场导向策略 扩大市场覆盖率 Enrich product collections by Continue to adopt the holistic approach t
Slide 27: Extensive Retail Network
Extensive Retail Network 庞大零售网络 As at 24 Nov As at 30 Sep As at 31 Mar 31 Mar VS 30 Sept 于11月24日 于9月30日 于3月31日 3月31 对比 9月30 Y-o-Y Current Lukfook Shops 六福店铺 % 2017 2016 2015 Change 2017 2016 2015 2017 2016 现时 按年变化 Hong Kong 香港 48 3.0% 45 47 48 -2 47 47 48 -2 0 Macau 澳门 10 0.6% 10 11 10 -1 10 10 10 0
Slide 28: Global Distribution Network
Northern China 华北区 Global Distribution Network Self-operated 自营店: 68 (40) 庞大零售网络 Licensed 品牌店: 418 (427) Total no. of shops 总数: 486 (467) As at 30 Sep 2017 Provinces 省: 13 1,476 (1,389) 于2017年9月30日 Self-operated自营店:151(120) Municipalities 直辖市: 2 Licensed 品牌店:1,325 (1,269) Cities 城市: 130 Cities 城市数目:
Slide 29: Network Expansion and CAPEX in FY2018
Network Expansion and CAPEX in FY2018 2018财年零售网络扩充及资本开支 Mainland China Overseas Hong Kong & Macau E-commerce 中国内地 海外 香港及澳门 电子商务 Expand into lower-tier Opened second shop in Continue to seize the Continue to cities with JV and San Francisco in Sept opportunity to negotiate optimise platforms licensin
Slide 30: E-commerce
E-commerce Platforms 电子商务 销售平台 1H FY2018 Performance 2018上半财年表现 Revenue 10 Platforms 收入 10 个平台 Including: Tmall, JD.com, ↑104.7% YoY 按年变化 and VIP.com 包括: 天猫、京东商城及 Contribution to Mainland China retail revenue* 唯品会 占中国内地零售收入 14.8% (1HFY2017:10.4%) Contribution to Group’s retail revenue 占集团零售收入 2.9% (
Slide 31: Online Marketing
Online Marketing 网络营销 As online marketing has become an effective promotional tool, the Group implemented a variety of brand building and sales-driving strategies in new media platforms 随着网络营销成为市场推广之有效渠道, 集团在新媒体平台推行了多元化的品牌建立及营销策略 Continued to allocate more resources on different types of online mark
Slide 32: Online Marketing
Online Marketing 网络营销 Designated Partner of Tencent’s online game “ King Pro League- Spring Season” Champion Ring 腾讯旗下「王者荣耀职业联赛-春季」冠军戒指指定合作伙伴 “King of Glory” has over 50 million daily active users and accumulated 200 million of downloads 著名网上竞技游戏「王者荣耀」拥有超过5千万日活用户，总下载量达2 亿次 The Group created the “ Ki
Slide 33: Open Forum
Open Forum 公开讨论 33
Slide 34: Core Competences
Core Competences Goose F RF 7\ tH See LUKFOOK GROUP 34
Slide 35: 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 36: Quality Assurance
Quality Assurance 质量保证 Dual Quality Assurance Authentication Service 双重质量保证 验证服务 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 in
Slide 37: Branding - Market Oriented Strategy
Market Oriented Strategy Branding Wedding Market 市场导向策略 Middle-Class Market 中产市场 品牌推广 Kids Market 孩童市场 婚嫁市场 Enrich 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 Hold Lukfook Jewellery Raceday in collaboration with the Hong Kong Jockey Club Middle-Class Market 与香港
Slide 38: 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 Won "2017 Retail Asia-Pacific Top 500 Awards“ for Six Consecutive Years, named the “Top 10 Retailers-Hong Kong” and conferred the highest honour “Asia-Pacific Best of the Best Retai
Slide 39: 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 40: Appealing Product Design
Appealing Product Design 具吸引力的产品设计 Professional jewellery design teams in Hong Kong, Shenzhen and Nansha in Mainland China 于香港、深圳及中国内地南沙设有专业设计团队 Attained over 180 awards 获得超过180个奖项 “Auspicious Bird” Awarded ““Best of Show Award (Open Group)” and “Craftsmanship and Technology Award” in The 18th Hong
Slide 41: 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.: “Tung Wah Char
Slide 42: 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 43: Company Profile
Company Profile Zs fej SP 43
Slide 44: About LUKFOOK
About LUKFOOK 关于六福 A leading jewellery retailer in Hong Kong and Mainland China 香港及中国内地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
Slide 45: 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 46: 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 47: 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 48: Appendices
Appendices WSR 48
Slide 49: 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$14.9
Slide 50: Average Gold Price Changes & GP% of Gold
Average Gold Price Changes & GP% of Gold 平均黄金价格波幅及黄金毛利率 Gross margin of gold sales is not highly correlated to the gold price fluctuation Gross Margin of 黄金产品之毛利率与黄金价格变动相关性不大 Gold Sales Full Year 全年 黄金销售毛利率 US$ 美金 Gross Margin of 1H&2H 上半年及下半年 Gold Sales US$美金 黄金销售毛利率 (↑4.9%) (↓3.0%) (↑2.5%) (↑16.6%
Slide 51: FY2013-2017 Operating Performance
FY2013-2017 Operating Performance 2013-2017财年 营运表现 (HK$M) (百万港元) 20,000 19,215 30% 25.6% 24.1% 23.2% 15,923 21.9% 15,000 21.1% 13,412 14,031 12,807 20% 10,000 12.0% 12.4% 11.2% 8.6% 10.1% 10% 9.7% 10.2% 8.0% 5,000 9.3% 6.9% 2,309 1,976 1,501 1,246 1,867 1,621 1,212 1,289 961 1,027 - 0% FY2013 FY2014
Slide 52: 2H FY2013-2017 Operating Performance
2H FY2013-2017 Operating Performance 2013-2017下半财年 营运表现 (HK$M) (百万港元) 20,000 24.2% 24.0% 23.8% 23.7% 20.7% 15,000 12.7% 11.7% 11.9% 8.8% 10.0% 10,000 8.1% 9.2% 9,149 9.9% 9.7% 8,381 7.1% 7,491 7,338 7,066 (↑3.8%) 5,000 816 731 593 748 686 901 998 902 618 (↑18.2%) (↑19.1%) 498 - 2H FY2013 2H FY2014 2
Slide 53: 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 54: Thank You!
7\ ti ee LUKFOOK GROUP Thank You!
Slide 55: FY2017/18 Interim Results Highlights
FY2017/18 FY2017/18 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* *2017/18 Interim Report will be uploaded in Dec 2017 2017/18中期业绩报告将于2017年12月上载 55
Luk Fook Holdings (International) — H1 FY2017/18 Earnings Presentation on 6ix