Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — H1 FY2017 Earnings Presentation
51 slides from Luk Fook Holdings (international)'s earnings presentation, November 2016
Slide 1: Corporate Presentation 2016/17 Interim Results
CORPORATE PRESENTATION 2016/17 Interim Results 企业简报 2016/17财年中期业绩 1
Slide 2: Contents
CONTENTS 内容 1H FY2017 Financial Highlights 2017财年中期业绩财务亮点 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 2
Slide 3: 1H FY2017 Financial Highlights
1H FY2017 Financial Highlights 2017财年中期业绩财务亮点 3
Slide 4: 1H FY2017 Financial Highlights
1H FY2017 Financial Highlights 2017财年中期业绩财务亮点 Revenue 收入 Basic Earnings per Share HK$5,469M (百万港元) 每股基本盈利 - 21.5% HK$0.73 (港元) - 7.6% Operating Profit 经营溢利 HK$558M (百万港元) Proposed Dividend per Share - 6.0% 拟派每股股息 Profit Attributable to Equity Holders HK55 Cents (港仙) * Interim Dividend per Share 每股中期
Slide 5: Financial Review
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Slide 6: Financial Review
Financial Review 财务回顾 First Half of Financial Year 上半财年 (HK$M) (百万港元) FY2017 FY2016 Y-o-Y Change 2017财年 2016财年 按年变化 Revenue 收入 5,469 6,965 -21.5% Gross Profit 毛利 1,532 1,579 -3.0% Operating Profit 经营溢利 558 594 -6.0% Profit for the Period 期内溢利 434 463 -6.4% Profit Attributable to Equity Holders 权益持有人
Slide 7: Financial Position Summary
Financial Position Summary 财务状况摘要 6-Month Y-o-Y 1HFY2017 FY2016 1HFY2016 (HK$M) (百万港元) Change Change 2017上半财年 2016财年 2016上半財年 6個月变化 按年变化 Non Current Assets 非流动资产 1,235 1,300 -5.0% 1,370 -9.9% Current Assets 流动资产 9,155 9,330 -1.9% 9,152 +0.0% Total Assets 总资产 10,390 10,630 -2.3% 10,522 -1.3% Non Curr
Slide 8: Healthy Financial Position
Healthy Financial Position 健康的财务状况 6-Month Y-o-Y 1HFY2017 FY2016 1HFY2016 (HK$M) (百万港元) Change Change 2017上半财年 2016财年 2016上半财年 6个月变化 按年变化 Inventories 存货 6,715 6,345 +5.8% 6,657 +0.9% Average Inventory Turnover (Days) 1 311 238 +73 243 +68 平均存货周转 (日) 1 Cash and Bank Balances 现金及银行结余 1,838 2,432 -24.4
Slide 9: 1H FY2013-2017 Operating Performance
1H FY2013-2017 Operating Performance 2013-2017上半財年 营运表现 (HK$M) (百万港元) 20,000 28.0% 30% 23.9% 22.7% 15,000 21.6% 20.1% 20% 10,066 10,000 13.0% 11.6% 11.4% 7,542 6,965 5,921 8.5% 10.2% 10% 10.7% 5,469 5,000 9.5% 9.6% 7.9% 6.7% 1,150 966 978 686 560 808 594 558 463 434 - 0% 1H FY2013 1H FY2014 1H FY201
Slide 10: Revenue and Profit Analysis (HK$M)
Revenue and Profit Analysis(HK$M) 收入及溢利分析(百万港元) Revenue by Market Revenue by Business Sales1 by Product 收入(以市场划分) 收入(以业务划分) 销售1(以产品划分) 4,029 3,746 2,929 ↓27.0% 55.8% ↓27.9% ↓30.1% Retailing (62.6%) 68.5% Hong 零售 Kong, Gold & (74.6%) 73.7% Platinum Macau & (79.3%) 黄金及铂金 Overseas 222 香港、澳 ↓17.8% 4.1%
Slide 11: Margin Analysis
Margin Analysis 溢利率分析 Segmental Profit Margin by Market Segmental Profit Margin by Business Gross Margin by Product 分部溢利率(以市场划分) 分部溢利率(以业务划分) 毛利率(以产品划分) Mainland China Licensing Gem-set 中国内地 品牌业务 珠宝 Hong Kong, Macau & Overseas Wholesaling Gold & Platinum 香港、澳门及海外 批发 黄金及铂金 Retailing 零售 * Solid Line 实
Slide 12: Regional Revenue & Profit Analysis by Business
Regional Revenue & Profit Analysis by Business (HK$M) 地区收入及溢利分析(以业务划分) (百万港元) Hong Kong, Macau and Overseas Mainland China 香港、澳门及海外 中国内地 Revenue Revenue 收入 收入 3,385 223 644 ↓31.7% ↓17.8% 37.4% ↑ 13.5% 12.9% (32.0%) 90.4% Licensing (95.4%) Retailing (15.3%) Retailing 零售 品牌业务 零售 361 ↑ 51.1% 9.6% 856 (
Slide 13: 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$1.38B (% of Revenue) (收入占比 %) 13.8亿港元 (↓15.2%) HK$2.00B 20.0亿港元 (↓39.8%) Mainland China (% of Revenue) (收入占比 %) 中国内地 HK$200M 2.00亿
Slide 14: 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 HK$38M 0.38亿港元 (收入占比 %) 香港 (↑192.5%) 100% 5% Wholesale Revenue by Region 16% 1% 11% 批发收入 (以市场划分) Gem-set 2% 珠宝 80% 5% HK$7M 7百万港元 (% of Revenue) (↑188.3%) (收入占比 %) 100% Gold & Platinum 60% (others) 黃金及
Slide 15: Retail Analysis
Retail Analysis 零售分析 Y-o-Y change 按年变化 SSSG 同店销售增长 1H FY2017 1H FY2016 2017上半财年 2016上半财年 1H FY2017 1H FY2016 Revenue Quantity ASP Revenue Quantity ASP 2017上半财年 2016上半财年 收入 件数 平均售价 收入 件数 平均售价 Overall -28% -28% 0% -8% +1% -8% -31% -12% 整体 Gold & Platinum -36% -39% +6% -1% -1% -1% -39% -6% 黄金及铂金 Gem-se
Slide 16: 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 ) $ (in terms of respective currency ) 元 (以相应货币计算) 元 (以相应货币计算) ↑2.7% ↓1.5% 0.0% ↓13.2% ↓10.2% ↑6.3% ↓6.2% *Self-Operated shops o
Slide 17: Total Operating Expenses
Total Operating Expenses 总经营开支 (% of Revenue) (HK$M) (收入占比%) (百万港元) 1,500 18.5% 14.6% 13.0% 1,014 1,020 (↓0.6%) 1,000 977 3.3% (↓5.8%) 2.4% 2.7% 190 179 181 1.1% (↓7.4%) 1.0% 68 63 (↑13.9%) 0.9% 70 36 0.8% 41 20 0.5% 0.3% 63 57 (↓9.5%) 68 0.9% 1.0% 0.9% ↓2.1% 500 278 4.7% 325 5.9% 323 (↓0.6%) 3.7% 1
Slide 18: CAPEX
CAPEX 资本开支 (HK$M) 187 (百万港元) 55 55 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 18
Slide 19: Inventory Analysis
Inventory Analysis 存货分析 Closing Inventories 期末存货 (HK$M) (百万港元) (↑0.9%) 6,657 6,715 1H FY2016 1H FY2017 2016上半财年 2017上半财年 4,950 (↓ 9.6%) 4,476 (↑ 31.2%) 2,239 1,707 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 FY2017 1H FY2016 FY2016 1H FY2
Slide 20: 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 young customers and operates approx. 360 POS through self-operated and franchising model in Hong Kong, Macau and Mainland China 金至尊
Slide 21: Future Plans & Strategies
Future Plans & Strategies 未来计划与策略 21
Slide 22: Key Strategies
Key Strategies FBR Productivity Enhancement « 22
Slide 23: Key Strategies
Key Strategies 主要策略 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 Market Coverage Market Oriented Strategies Product Offering Enrichment 丰富产品组合 Enlargement 市场导向策略 扩大市场覆盖率 Adopt a holistic approach to penetrate into Enrich product collections by Target 50 net shop additions middle-cl
Slide 24: Extensive Retail Network
Extensive Retail Network 庞大零售网络 As at 18 Nov As at 30 Sep As at 31 Mar 于11月18日 于9月30日 于3月31日 Y-o-Y 6 Months Current Lukfook Shops 六福店铺 % 2016 2015 2014 Change 2016 2015 2014 Change 现时 按年变化 6个月变化 Hong Kong 香港 47 3.2% 47 48 46 -1 47 48 45 0 Macau 澳门 10 0.7% 11 10 10 +1 10 10 10 +1 Self-operated 自营店 -
Slide 25: Global Distribution Network
Northern China 华北区 Global Distribution Network Self-operated 自营店: 40 (19) 庞大零售网络 Licensed 品牌店: 427 (433) Total no. of shops 总数: 467 (452) As at 30 Sep 2016 Provinces 省: 13 1,389 (1,348) 于2016年9月30日 Self-operated自营店:120 (85) Municipalities 直辖市: 2 Licensed 品牌店:1,269 (1,263) Cities 城市: 131 Cities 城市数目:
Slide 26: Network Expansion and CAPEX in FY2017
Network Expansion and CAPEX in FY2017 2017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 电子商贸 Expand into lower-tier Opened second shop in Continue to seize the Optimising cities with JV and NYC in October 2016 opportunity to negotiate platforms licensing model 于201
Slide 27: E-commerce
E-commerce 电子商贸 Revenue Platforms Product Offering 收入 销售平台 产品供应 Target at 50% growth 15 Platforms Focus on lower value in FY2017 15 个平台 products of below 计划于2017财年提升销 Including: Tmall, VIP.com, RMB3,000 for young 售收入50% JD.com and Suning.com customers 包括: 天猫、唯品会、京东 主要提供3,000人民币以 商城及苏宁易购 下的低价产品予年轻顾客
Slide 28: Online Marketing
Online Marketing 网络营销 430 K viewers With booming internet development and change in the internet users’ habits: 在互联网篷勃发展以及互联网用户使用习惯的改变下： Increase resources on online advertisements, and shift from desktop advertising to mobile platforms 投放更多资源经营网络营销，并从桌面广告至手机移动平台 Make efficient use of social media (
Slide 29: Open Forum
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Slide 30: Core Competences
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Slide 31: 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 32: Quality Assurance
Quality Assurance 质量保证 Dual Quality Assurance Authentication Service 双重质量保证 验证服务 No Fakes Logo Awarded “Quality Attained “Natural Jadeite” by NDQA Mark by 正货标志 Gold Mark”& passed “Authentication Gems & Jewelry DFHK regular checking by of Natural FeiCui Trade Association of 获得”天然钻石质量 HK Customs (Jade
Slide 33: Branding
Branding Market Oriented Strategy 市场导向策略 品牌推广 Middle-Class Market Middle-Class Market 中产市场 Wedding 中产市场 Enrich collection with stylish and good value for money Market 婚嫁市场 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 与香港赛马会合作举办六福珠宝赛
Slide 34: 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 Retail Asia‘s Retail Asia-Pacific Top 10 Retailers in the Hong Kong Market 2016 荣获｢2016亚太区最佳零售商500强｣及｢香港区十 大零售商｣ Won Hong Kong Top Service Brand Ten Year Achievement Award of t
Slide 35: Excellent Service
Excellent Service 卓越服务 Complimentary Certificate Professional Sales Team Product Photo & Comprehensive for 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 Gem Examination Free On-site Instant Complimentary Gift Cards Microscope at shop Engraving Service 免费贺卡 宝石显微镜检查 免费即时刻字服务
Slide 36: 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 170 awards 获得超过170个奖项 “Sound of Love” “Fair and softly go far in a day” Awarded “Best of Show Award Awarded in “Renewed Traditions” (Open Gro
Slide 37: Social Responsibility
Social Responsibility 社会责任 Participated in the QF assessment set up by the Education Bureau, in order to promote continuous career development 参加由香港特区教育局设立的「资历架构」考核以推动持续专业发展 Sponsored charity activities, e.g.: “Tung Wah Charity Gala 2016” and “Heifer‘s Race to Feed 2016” and took part in “2015/2016
Slide 38: 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 Regulated discharge of sewage, waste gas, solid waste,
Slide 39: Company Profile
Company Profile 公司简介 39
Slide 40: 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 41: 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 电子商贸销售平台 Retail revenue 零售收入 Manufacturing Plants 生产厂房 Licensed Shops 品牌店
Slide 42: 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 43: 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 44: Appendices
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Slide 45: Gold Price Changes & GP% of Gold
Gold Price Changes & GP% of Gold 黄金价格波幅及黄金毛利率 Financial Year 财年 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Gross margin of gold sales** 9.0% 11.9% 8.4% 11.2% 12.2% 11.8% 10.3% 11.9% 13.0% 13.6% 黄金销售毛利率 Gross margin with gold hedging impact# 8.3% 10.1% 8.5% 10.4% 11.3% 11.4% 10.4% 12.3% 13.4%
Slide 46: Quarterly Same Store Sales Growth - Gold by weight
Quarterly Same Store Sales Growth- Gold by weight 季度同店销售增长- 黄金(重量) FY2014 SSSG FY2015 SSSG FY2016 SSSG FY2017 SSSG 2014财年 2015财年 2016财年 2017财年 同店销售增长 同店销售增长 同店销售增长 同店销售增长 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Overall 整体 Gold (by +154% +86% +52% +3% -62% -25% 0% -16% -12% +20% -18% -25% -30% -55%
Slide 47: 2H FY2012-2016 Operating Performance
2H FY2012-2016 Operating Performance 2012-2016下半財年 营运表现 (HK$M) (百万港元) 20,000 30% 24.0% 24.3% 23.7% 22.0% 15,000 20.7% 20% 10,000 9,149 12.7% 11.7% 8,381 11.9% 7,491 10.9% 6,396 7,066 10% 8.8% 9.7% 9.9% 9.7% 5,000 9.2% 7.1% 816 686 1,159 998 748 619 902 813 618 498 - 0% 2H FY2012 2H FY2013 2H FY2014
Slide 48: Quarterly Same Store Sales Growth
Quarterly Same Store Sales Growth 季度同店销售增长 FY2014 FY2015 FY2016 FY2017 2014财年 2015财年 2016财年 2017财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Overall +90% +37% +9% -11% -54% -21% -7% -20% -18% -6% -25% -27% -24% -37% 整体 Gold +134% +58% +19% -15% -65% -28% -6% -21% -18% +5% -25% -28% -26% -47% 黄金 Gem-
Slide 49: 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 50: Thank You!
7\ tee LUKFOOK GROUP Thank You!
Slide 51: Interim Results Highlights, Interim Report, Investor Relations WeChat
2016/17 2016/17 Investor Relations WeChat Interim Results Highlights Interim Report* 投资者关系微信 中期业绩摘要 中期業績報告* *2016/17 Interim Report will be uploaded in December 2016 2016/17 中期業績報告将于2016年12月上载 51
Luk Fook Holdings (International) — H1 FY2017 Earnings Presentation on 6ix