Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — FY2019/20 Earnings Presentation
60 slides from Luk Fook Holdings (international)'s earnings presentation, June 2020
Slide 1: Corporate Presentation FY2019/20 Annual Results
@) \ak eR) aRAA We) LUK FOOK HOLDINGS (INTERNATIONAL ) LIMITED (ORT AAR a tre RD ny ees Cose BYE O50) CORPORATE PRESENTATION FY2019/20 Annual Results TPMviaitk 2019/2014 FS eves
Slide 2: Agenda
FY2019/20* FINANCIAL HIGHLIGHTS 2019/20财年*财务亮点 FINANCIAL REVIEW 财务回顾 FUTURE PLANS AND STRATEGIES 未来计划与策略 OPEN FORUM 内容 公开讨论 CORE COMPETENCES 核心竞争优势 COMPANY PROFILE 公司简介 APPENDICES 附录 * FY2019/20: Hereafter refers to as“FY2020” 2019/20财年: 往后称为「2020财年」 2
Slide 3: FY2020 Financial Highlights
FY2020 FINANCIAL HIGHLIGHTS 2020财年财务亮点 3
Slide 4: FY2020 Financial Highlights
FY2020 FINANCIAL HIGHLIGHTS 2020财年财务亮点 Revenue 收入 Operating Profit 经营溢利 Profit Attributable to HK$11,234M(百万港元) HK$1,156M(百万港元) Equity Holders -29.2% -37.6% 权益持有人应占溢利 HK$866M(百万港元) -42.0% Basic Earnings per Share Proposed Final Dividend Overall Net Shop Additions 每股基本盈利 per Share 整体净增设店铺 HK$1.48(港元)
Slide 5: Financial Review
cf i i MN ‘ \ PAL / aan FINANCIAL REVIEW IAS len
Slide 6: Financial Review
FINANCIAL REVIEW 财务回顾 FY2020 FY2019 Y-o-Y Changes (HK$M) (百万港元) 2020财年 2019财年 按年变化 Revenue 收入 11,234 15,860 -29.2% Gross Profit 毛利 3,323 4,034 -17.6% Operating Profit 经营溢利 1,156 1,853 -37.6% Profit for the Year 年内溢利 868 1,504 -42.3% Profit Attributable to Equity Holders 权益持有人应占溢利 866 1,493 -42.0% Ba
Slide 7: Healthy Financial Position
HEALTHY FINANCIAL POSITION 健康的财务状况 FY2020 FY2019 Y-o-Y Change (HK$M) (百万港元) 2020财年 2019财年 按年变化 Inventories 存货 7,533 9,322 -19.2% Average Inventory Turnover Days1 401 273 +128 平均存货周转日1 Closing Inventory Turnover Days2 359 294 +65 期末存货周转日2 Cash and Bank Balances 现金及银行结余 2,714 2,087 +30.1% Bank Borrowi
Slide 8: Summary - Financial Position
SUMMARY - FINANCIAL POSITION 财务状况摘要 As at As at 31 Mar 2020 31 Mar 2019 Y-o-Y Change (HK$M) (百万港元) 截至2020年 截至2019年 按年变化 3月31日 3月31日 Non Current Assets 非流动资产 2,845 2,023 +40.6% Current Assets 流动资产 11,080 12,401 -10.6% Total Assets 总资产 13,925 14,424 -3.5% Non Current Liabilities 非流动负债 440 145 +204.6%
Slide 9: FY2016-2020 Operating Performance
FY2016-2020 OPERATING PERFORMANCE 2016-2020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$M) 收入及溢利分析(百万港元) Revenue and Segment Profit by Market Revenue and Segment Profit by Business Sales2 and Gross Profit3 by Product 按市场划分的收入及分部溢利 按业务划分的收入及分部溢利 按产品划分的销售2及毛利3 7.1% 55.8% (5.1%) 69.8% 48.0% (62.1%) (76.1%) (51.8%) 43.4% 29.8% (29.2%) 38.8% (50.7%) 44.2% 23.1
Slide 11: Margin Analysis
MARGIN ANALYSIS 溢利率分析 Segment Profit Margin by Market Segment Profit Margin by Business Gross Margin by Product 分部溢利率 (以市场划分) 分部溢利率 (以业务划分) 毛利率 (以产品划分) Full Year 全年 Full Year 全年 Full Year 全年 1H vs 2H 上半财年 vs 下半财年 1H vs 2H 上半财年 vs 下半财年 1H vs 2H 上半财年 vs 下半财年 Hong Kong, Macau Licensing Wholesaling Gem-
Slide 12: Regional Revenue & Profit Analysis by Business
REGIONAL REVENUE & PROFIT ANALYSIS BY BUSINESS (HK$M) 地区收入及溢利分析以业务划分(百万港元) Hong Kong, Macau 35.1% Mainland (40.2%) and Overseas 内地 香港、澳门及海外 50.2% 18.0% 65.6% 14.7% (47.3%) (80.6%) (5.8%) 97.3% (12.5%) 1.1% (98.0%) (0.6%) 16.4% (13.6%) 1.6% Revenue Segment Revenue Segment Profit (1.4%) 收入 Profit 收入 分
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 Full Year 全年 1H&2H上半财年及下半财年 Mainland 内地 Full Year 全年 1H&2H上半财年及下半财年 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 (收入占比 %) Retail Revenue by Region 收入 (以市场划分) (% of Revenue) HK$2.56B (收入占比 %) HK$0.26B 25.6亿港元 2.6亿港元 (↓34.2%) (↓10.9%) HK$1.74B 17.4亿港元 HK$3.54B (↓27.9%) 35.4亿港元 (↓38.7%) HK$1.5
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 Hong Kong, Macau and Overseas (% of Revenue) 香港、澳门及海外 (收入占比 %) Wholesale Revenue by Region 批发收入 (以市场划分) HK$46M 46百万港元 (↓10.7%) (% of Revenue) (收入占比 %) HK$26M 26百万港元 (↓52.7%) HK$28M 28百万港元 HK$2,493M (↓4.1%) 24.93亿港元 (↓12.3%) Ma
Slide 16: Retail Analysis
RETAIL ANALYSIS 零售分析 SSSG 同店销售增长* Y-o-Y Changes 按年变化 FY2020 FY2019 2020财年 2019财年 FY2020 FY2019 2020财年 2019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 -32% +3% -37% -36% -1% +7% +9% -2% 整体 Gold & Platinum -33% +4% -39% -50% +21% +8% -5% +13% 黄金及铂金 Gem-set -29% +1% -
Slide 17: Retail Analysis on Mainland
RETAIL ANALYSIS ON MAINLAND 内地零售分析 Same Store Sales Growth 同店销售增长 FY2020 FY2019 2020财年 2019财年 Licensed Gold & Licensed Gold & Platinum Gem-set Overall Gem-set Overall Shops Platinum Shops 黄金及铂金 珠宝 整体 珠宝 整体 品牌店 黄金及铂金 品牌店 Licensed Shops 品牌店 -16% -5% -12% N/A -2% +14% +3% N/A Self-operated Shops 自營店 Ov
Slide 18: Quarterly Same Store Sales Growth
QUARTERLY SAME STORE SALES GROWTH 季度同店销售增长 FY2018 FY2019 FY2020 2018财年 2019财年 2020财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Overall +5% +17% +1% +16% +22% +14% -10% -6% -10% -37% -25% -57% 整体 Gold +5% +21% -3% +16% +26% +23% -9% -6% -19% -43% -20% -51% 黄金 Gold (By Weight) +5% +25% -9% +5% +21% +30% -7%
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) 0% ↑2.
Slide 20: Total Operating Expenses
TOTAL OPERATING EXPENSES 总经营开支 (% of Revenue) (收入占比%) 3,000 18.9% (HK$M) (百万港元) 15.9% 15.2% 2,500 2,417 2,318 Other Expenses 其他开支 2,118 489** (↓12.4%) 3.1% Advertising & Marketing 2.9% 417 广告及市场推广 2,000 0.6% 90 0.6% 102 4.4% 486 (↓0.6%) Depreciation & Amortisation 0.9% 128 0.8% 127 折旧及摊销 1.4% 197 1.
Slide 21: Inventory Analysis
INVENTORY ANALYSIS 存货分析 Closing Inventories (HK$M) 期末存货 (百万港元) 9,322 FY2019 FY2020 2019财年 2020财年 (↓19.2%) 7,533 5,271 (↓13.1%) 4,583 4,051 (↓27.2%) 2,950 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) * (Turnover Days) 平均存货*** 期末存贷**** (Turno
Slide 22: Capex
CAPEX 资本开支 1,000 (HK$M) 934 (百万港元) 750 Purchase of Premises 796 500 购置物业 Furniture, fixture and 392 equipment & leasehold improvements 家俬、装置与设备及租赁物业 装修 250 213 282* Shops 店铺 131 Offices 公司 55 138 58 110 91 Manufacturing Plants 82 69 9 加工厂 0 5 25 10 8 FY2018 FY2019 FY2020 2018财年 2019财年 2020财年 *Repres
Slide 23: Financial Impact of Investments and Operating Activities in HKRH
FINANCIAL IMPACT OF INVESTMENTS AND OPERATING ACTIVITIES IN HKRH & ITS SUBSIDIARIES 香港资源控股及其附属公司的投资及营运活动之财务影响 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. 380 POS through self-operated and franchising mo
Slide 24: Future Plans & Strategies
FUTURE PLANS & STRATEGIES 未来计划与策略 24
Slide 25: Three-Year Key Strategies (FY2020-FY2022)
THREE-YEAR KEY STRATEGIES (FY2020-FY2022) 三年主要策略 (2020-2022财年) Strategic Growth 策略性增长 To Reach a New Height Adopt multibrand • strategy 再闯高峰 采取多品牌策略 • Explore M&A opportunities 发掘拼购机会 Mainland Market Expansion Supply Chain Management 内地市场拓展 供应链管理 • No less than 150 shops net additions • Strengthen s
Slide 26: Three-Year Key Strategies: Supply Chain Management
THREE-YEAR KEY STRATEGIES (FY2020-FY2022) 三年主要策略 (2020-2022财年) Right Product 适当产品 Supply Chain Management 供应链管理 Right Price Right Time 适当价钱 适当时机 Supply Chain Management 供应链管理 Enhance automation and big Improve factory productivities Improve inventory turnover data management 优化厂房生产力 period 优化自动化及大数据
Slide 27: Strategic Growth with Multibrand Strategy
THREE-YEAR KEY STRATEGIES (FY2020-FY2022) 三年主要策略 (2020-2022财年) Strategic Growth with Multibrand Strategy 透过多品牌策略进行策略性增长 Goldstyle “Unconventional gold” – to offer fashionable gold pieces that are suitable for daily wear 令黄金不再传统 – 提供时尚新颖、适合日常佩戴之黄金首饰 Target at tasteful clients who pursue quality p
Slide 28: Lukfook Joaillerie
LUKFOOK JOAILLERIE 六福精品廊 Targets at the high end jewellery sector First shop-in-shop will be opened in Macau in July 2020 针对高端珠宝市场 首间店中店于2020年7月于澳门开业 Features exquisite design and craftsmanship including Target to open 3 stores in FY2021 award-winning jewellery masterpieces 于2021财年计划开设3间店 主打精湛设计及超卓工
Slide 29: Network Expansion and Capex in FY2021
NETWORK EXPANSION AND CAPEX IN FY2021 2021财年零售网络扩充及资本开支 Hong Kong E-commerce Mainland Macau 电子商务 香港 内地 澳门 Mainly focused on adding licensed Plan to reduce approx. Seek opportunities to open Strengthen cooperation with e- shops in fourth- and fifth-tier cities 5 shops 2 new shops commerce platforms a
Slide 30: E-Commerce
E-COMMERCE 电子商务 FY2020 Performance Platforms 2020财年表现 销售平台 Revenue 收入 FY2020: 14 Platforms 77.3% ↑13.9% 2020财年:14个平台 （77.5%） Y-o-Y Changes 按年变化 Contribution to Mainland Retail Revenue1 占内地零售收入1 36.2% (2019:22.9%) 22.7% E-commerce Development （22.5%） Contribution to Group’s Retail 电商发展 Revenue1 占集团零售
Slide 31: 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 为深化品牌形象及促销宣传，集团积极地利用新媒体实践各种市场推广活动 Allocated more resources on Caught up with online marketing Expanded online sales Enhanced CRM via
Slide 32: 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 Collaborated with RED to Launch “Golden In-App Opened “Golden Fantasyland” pop-up store which Advertisement” Challenge, no of participants
Slide 33: 2000 Shops Celebration
2000 SHOPS CELEBRATION 突破2000间庆祝活动 Invited renowned celebrity Li Yi Feng as our global brand spokesman to celebrate the remarkable milestone of reaching 2000 shops worldwide 为庆祝在全球拥有2000家店铺的里程碑， 邀请中国内地人气男演员李易峰先生担任六福珠宝全球代言人 Held a kick-off ceremony in Beijing to unveil the Feng-Style pop-up store in
Slide 34: Five Fortunes Collection Campaign
FIVE FORTUNES COLLECTION CAMPAIGN 集五福活动 Number of participants was over 443 million Invited to be one of the 10 brands participating in 参与人数达4.43亿人次 the popular Five Fortunes Collection challenge hosted by Alipay in Chinese New Year. 与支付宝携手合作，与十个知名品牌一起参与 Achieved brand exposure of 220 million 「2020年
Slide 35: Open Forum
OPEN FORUM 公开讨论 35
Slide 36: Core Competences
CORE COMPETENCES AIDE FLA 36
Slide 37: Core Competences
CORE COMPETENCES 核心竞争优势 Vertical Integration 垂直整合 Competent Licensing Model 有效的品牌模式 Excellent Service 卓越服务 Core Competences 核心竞争优势 Extensive Distribution Quality Assurance Network 质量保证 庞大分销网络 Appealing Product Design 具吸引力的产品设计 Reputable Brand 可信赖品牌 37
Slide 38: Vertical Integration
VERTICAL INTEGRATION 垂直整合 Vertical integration helps strengthen operational efficiency, cost effectiveness, market responsiveness and supply reliability to enhance competitiveness 垂直整合有助强化营运效率、成本效益、市场反应能力及供应可靠度，以增强竞争力 Distribution 分销 Self-operated Shops & E-Commerce Platforms 自营店及电子商务销售平台 Retail rev
Slide 39: Competent Licensing Model
COMPETENT LICENSING MODEL 有效的品牌模式 Licensing Model 品牌模式 Joining Fee Royalty Income Licensing Income Consultancy Fee Revenue from 加盟费用 专利收入 品牌收入 顾问费用 Licensing Model 品牌店营运模式 收入 Wholesale Revenue 批发收入 Payment terms 付款方式 : Cash On Delivery 交货付款 Advantages 优点 Requirements 条件 Ride on local knowledge Initi
Slide 40: Competent Licensing Model: Control Systems
COMPETENT LICENSING MODEL 有效的品牌模式 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 Brand Image Control 营运监管 品牌形象监管 Whistleblowing System and Reward Scheme Authorised renovation contractors to ensure 鸣笛系统及奖励计划 standardised shop image
Slide 41: Extensive Retail Network
EXTENSIVE RETAIL NETWORK 庞大零售网络 Countries and Regions 国家及地区 As at 19 Jun于6月19日 As at 31 Mar 于3月31日 Lukfook Shops Current Mix 2020 2019 2018 Y-o-Y Change 六福店 现时 組合 按年变化 Self-operated自营店 • Mainland 内地 107 5.1% 110 141 157 -31 • Hong Kong 香港 49 2.4% 49 49 48 0 • Macau 澳门 11 0.5% 11 11 10 0 • Canada 加拿大
Slide 42: Lukfook Distribution Network in Mainland
LUKFOOK DISTRIBUTION NETWORK IN MAINLAND 六福內地分销网络 Total No. of shops 店铺总数：1,988(+233) As at 31 Mar 2020 于2020年3月31日 Total No. of Licensees 品牌商总数 506(+83) Total No. of Provinces 省总数 27(0) Total No. of Municipalities 直辖市总数 4(0) Total No. of Cities 城市总数 469(+82) Self- Licensed Total Municipalities/ Cit
Slide 43: Reputable Brand
REPUTABLE BRAND 可信赖品牌 Lukfook Jewellery is positioned as a brand with finest products and quality services targeting the mass luxury market. As a Hong Kong brand with 20 years of history, the Group puts substantial effort in building a welcoming and warm- hearted brand image to penetrate into the mi
Slide 44: 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 200 awards 获得超过200个奖项 「繫」 「傳承的祝福」 「紅墻映蘭」 「紙金醉迷」 「流芳百世」 Chuk Kam Jewellery Design Competition 2020 as the “The Fashionable 18K Group”and “Open
Slide 45: Quality Assurance
QUALITY ASSURANCE 质量保证 Authentication Service 验证服务 China Gems Laboratory Limited 中华珠宝鉴定中心有限公司 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 Hong Kong to obtai
Slide 46: Excellent Service
EXCELLENT SERVICE 卓越服务 Quality Tourism Services (QTS) Scheme 「优质旅游服务」计划 Average score reached the top 10% of the respective sector based on the results from its last three assessments “Delivering the Beauty of 在过去三次评审的平均得分达至 Love with Six Heartfelt 其所属类别的首10%以内 Services” Customer Service Programme 「
Slide 47: Sustainability
SUSTAINABILITY 可持续性 The Group donated HKD 1 million in supporting the “TWGHs Lukfook Group Chinese Medicine Clinic” 集团捐赠100万港元用作支持「东华三院六福集团中医诊所」 The Group has been supporting the “Walk for Millions” held by the Community Chest of Hong Kong for many years 集团多年来一直支持及参与香港公益金举办的「公益金百万行」筹款活动 Our Lukfook
Slide 48: Company Profile
COMPANY PROFILE =44e YN=I)=ip hy 48
Slide 49: 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 50: Appendices
APPENDICES 附录 50
Slide 51: Financial Performance Since IPO
FINANCIAL PERFORMANCE SINCE IPO 自上市之财年财务回顾 In 1997, Lukfook Group was listed on the main board of the Stock Exchange of Hong Kong Ltd. 1997年, 六福集团在香港交易所主板上市 Average Dividend Payout Ratio Revenue 收入 平均派息比率 9% CAGR 年复合增长率 48% Profit for the Year 年内溢利 Return on Equity 11% CAGR 年复合增长率 股东权益回报率 18% (All y
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 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 黄金销售毛利率 US$美金 52 * Y-o-Y Changes are shown in
Slide 53: 1H&2H FY2016-2020 Operating Performance
1H&2H FY2016-2020 OPERATING PERFORMANCE 2016-2020上半及下半财年 营运表现 (HK$M) (百万港元) 53
Slide 54: Revenue and Profit Analysis (1H FY2020)
REVENUE AND PROFIT ANALYSIS(HK$M)(1H FY2020) 收入及溢利分析(百万港元) (2020上半财年) Revenue and Segment Profit by Market Revenue and Segment Profit by Business Sales2 and Gross Profit3 by Product 按市场划分的收入及分部溢利 按业务划分的收入及分部溢利 按产品划分的销售2及毛利3 7.0% 57.6% (4.9%) 71.2% 46.0% (62.6%) (76.4%) (53.1%) 37.4% 38.8% (32.2%) 35
Slide 55: Revenue and Profit Analysis (2H FY2020)
REVENUE AND PROFIT ANALYSIS(HK$M)(2H FY2020) 收入及溢利分析(百万港元) (2020下半财年) Revenue and Segment Profit by Market Revenue and Segment Profit by Business Sales2 and Gross Profit3 by Product 按市场划分的收入及分部溢利 按业务划分的收入及分部溢利 按产品划分的销售2及毛利3 7.3% 53.5% (5.3%) 68.0% 50.7% (61.7%) (75.8%) (50.5%) 54.0% (26.7%) 42.5% 13
Slide 56: Regional Revenue & Profit Analysis by Business (1H FY2020)
REGIONAL REVENUE & PROFIT ANALYSIS BY BUSINESS (HK$M)(1H FY2020) 地区收入及溢利分析以业务划分(百万港元)(2020上半财年) Hong Kong, Macau 35.3% Mainland (39.2%) and Overseas 内地 香港、澳门及海外 49.4% 9.8% 81.2% (48.4%) (4.1%) (81.8%) 97.5% 0.9% (98.7%) 15.3% (0.3%) 9.0% (12.4%) (14.1%) 1.6% Revenue Segment Revenue Segment Profit (1
Slide 57: Regional Revenue & Profit Analysis by Business (2H FY2020)
REGIONAL REVENUE & PROFIT ANALYSIS BY BUSINESS (HK$M)(2H FY2020) 地区收入及溢利分析以业务划分(百万港元)(2020下半财年) Hong Kong, Macau 34.8% Mainland (41.1%) and Overseas 内地 香港、澳门及海外 60.1% -14.3% 51.2% (7.1%) (79.7%) 14.0% (46.3%) 97.0% (12.6%) 1.4% (97.4%) (0.8%) 54.2% (13.2%) 1.6% Revenue Segment Revenue Segment Profit
Slide 58: 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 59: Thank You!
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Slide 60: FY2019/20 Annual Results Highlights
FY2019/20 FY2019/20 Investor Relations Annual Results Annual Report* WeChat Highlights 全年业绩报告* 投资者关系微信 全年业绩摘要 *2019/20 Annual Report will be uploaded in July 2020 2019/20 全年业绩报告将于2020年7月上载 60
Luk Fook Holdings (International) — FY2019/20 Earnings Presentation on 6ix