Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — 1H FY2016 Earnings Presentation
42 slides from Luk Fook Holdings (international)'s earnings presentation, December 2015
Slide 1: Corporate Presentation 2015/16 Interim Results
CORPORATE PRESENTATION 2015/16 Interim Results 企业简报 2015/16财年中期业绩 1
Slide 2: Contents
CONTENTS 内容 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 主要竞争优势 Company Profile 公司简介 2
Slide 3: Financial Review
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Slide 4: Financial Highlights
Financial Highlights 财务亮点 (HK$ m) (百万港元) First Half of Financial Year 上半财年 FY2016 FY2015 Y-o-Y Change 2016财年 2015财年 按年变化 Revenue 收入 6,965 7,542 -7.7% Gross Profit 毛利 1,579 1,799 -12.2% Operating Profit 经营溢利 594 978 -39.3% Profit for the Period 期内溢利 463 808 -42.6% Profit Attributable to Equity Holder
Slide 5: Healthy Financial Position
Healthy Financial Position 健康的财务状况 1H FY2016 FY2015 6-Month 1H FY2015 Y-o-Y (HK$ m) (百万港元) Change Change 2016上半财年 2015财年 6个月变化 2015上半财年 按年变化 Average Inventory Turnover (Days) 1 243 209 +34 213 +30 平均存货周转 (日) 1 Inventory 存货 6,657 7,395 -10.0% 6,932 -4.0% Net Cash 现金浄额 1,224 377 +224.7% 933 +31.2% Ban
Slide 6: Operating Performance
Operating Performance 营运表现 (HK$M) (百万港元) 20,000 30% 24.5% 23.9% 22.7% 21.6% 15,000 20.1% 20% 15.3% 10,066 10,000 13.0% 11.6% 11.4% 13.2% 7,542 6,965 10% 5,511 5,921 10.7% 8.5% 5,000 9.5% 9.6% 6.7% 842 728 1,150 978 686 560 966 808 594 463 0 0% 1H FY2012 1H FY2013 1H FY2014 1H FY2015 1H FY2016 2012上半
Slide 7: Revenue and Profit Analysis
Revenue and Profit Analysis* 收入及溢利分析* 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) 5,522 5,194 4,189 ↓8.2% ↓6.4% 74.6% Retailing ↓1.7% Hong 62.6% (75.0%) 零售 (58.7%) Gold & Kong, 79.3% Platinum Macau & (78.2%) 黄金及铂金 Overseas 271 香港、澳 3.9% ↓3.6% 门及海外 (3.7%) Li
Slide 8: Regional Revenue & Profit Analysis by Business
Regional Revenue & Profit Analysis by Business* 地区收入及溢利分析(以业务划分)* Hong Kong, Macau and Overseas Mainland China 香港、澳门及海外 中国内地 Revenue Revenue 收入 收入 271 567 4,955 ↓3.6% 15.3% ↑ 5.3% 95.4% ↓7.6% (14.9%) 32.0% Licensing (28.6%) Retailing (94.8%) 品牌业务 Retailing 零售 零售 4.6% 239 (5.2%) ↓ 18.9% 933 Wholesali
Slide 9: 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$1.62B (% of Revenue) (收入占比 %) 16.2亿港元 (↓ 19.4%) HK$3.33B 33.3亿港元 (↓ 0.4%) Mainland China (% of Revenue) (收入占比 %) 中国内地 HK$135M 1.35
Slide 10: 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 (收入占比 %) 香港 HK$13M 100% 0.13亿港元 Wholesale Revenue by Region 8% 5% Gem-set 16% 1% (↓ 72.9%) 批发收入 (以市场划分) 珠宝 7% 80% 5% HK$2M 0.02亿港元 (% of Revenue) (收入占比 %) (↓ 81.2%) 100% 60% Gold & 90% Platinum 94% (ot
Slide 11: Retail Revenue Analysis
Retail Revenue Analysis 零售收入分析 1H FY2016 1H FY2015 2016上半财年 2015上半财年 SSSG Y-o-Y change SSSG Y-o-Y change 同店销售增长 按年变化 同店销售增长 按年变化 Hong Kong & Macau -12.6% -7.7% -40.7% -30.9% 香港及澳门 Gold & Platinum -5.8% -0.5% -50.2% -41.7% 黄金及铂金 Gem-set -23.6% -19.5% -14.0% -0.3% 珠宝 Mainland China +1.2% +5.3% -44.1%
Slide 12: Retail Revenue Analysis
Retail Revenue Analysis 零售收入分析 FY2014 SSSG FY2015 SSSG FY2016 SSSG 2014财年 同店销售增长 2015财年 同店销售增长 2016财年 同店销售增长 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 第一季度 第二季度 第三季度 第四季度 第一季度 第二季度 第三季度 第四季度 第一季度 第二季度 Hong Kong & Macau 86% 33% 6% -12% -54% -20% -6% -22% -19% -7% 香港及澳门 Gold 131% 54% 15% -18% -65% -27% -5% -22% -
Slide 13: Average Ticket Size & Average Selling Price of Gem-set
Average Ticket Size & Average Selling Price of Gem-set 每单平均消费及珠宝产品平均售价 Average Ticket Size Average Selling Price of Gem-set# 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) % *Self-Operated shops only 只限自营店 13 # Only included diamond
Slide 14: Total Operating Expenses
Total Operating Expenses 总经营开支 (HK$M) (% of Revenue) (百万港元) (收入占比%) 1,500 14.6% 14.0% 13.0% 1,200 12.0% 9.5% 2.7% 10.0% 900 2.4% 190 2.3% 181 (↑5.0%) 226 68 1.0% 70 0.9% (↓3.1%) 8.0% 36 0.5% 55 0.5% 20 0.3% 34 0.3% (↑82.8%) 600 6.0% 346 388 5.6% 3.0% 4.6% 299 (↑12.0%) 4.0% 300 3.4% 360 4.8% 4.9% 2.0
Slide 15: CAPEX
CAPE RAT SL (HK$M) (Fa #570) 200 5 180 5 160 5 140 5 120 + 100 + 80 - 60 - 55 40 5 74 33 55 20 - 8 33 2 0 11 NS 1H FY2014 1H FY2015 1H FY2016 2014 FSi = 2015 Fit = 2016 ESI = "= Manufacturing Plants 77—~ = Office Renovation & Equipment A=)24(271122 m Premises 27.ll: m Shops [£43 15
Slide 16: Inventory Analysis
Inventory Analysis 存货分析 (HK$M) Closing Inventories 期末存货 (百万港元) (↓4%) 6,931 1H FY2016 6,657 1H FY2015 2015上半财年 2016上半财年 (↓2%) 5,074 4,950 (↓8%) 1,857 1,707 Inventory Turnover Days by Product Inventory Turnover Days by Market * 期末存货周转 (以产品划分) 期末存货周转 (以市场划分) * 1H FY2016 1H FY2015 FY2015 2016上半财年 2015上半
Slide 17: Financial Impact of 3D-GOLD Investment
Financial Impact of 3D-GOLD Investment 金至尊财务影响 Profit / (Loss) Impact 损益影响 HK$M 1H FY2016 1H FY2015 Revenue Contribution 百万港元 2016上半 2015上半 营收贡献 财年 财年 50% Share of Profit/(Loss) of Associate 1H FY2016 1H FY2015 (47) (6) 联营公司50%损益贡献 2016上半财年 2015上半财年 Valuation Gain on Convertible Bonds (20) 16 可换股债券估
Slide 18: Future Plans & Strategies
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Slide 19: Key Strategies
Key Strategies 主要策略 Revenue Growth 收入增长 Target 80 net shop addition, including 20 self-operated shops 计划净开设约80 间品牌店, 当中包括20间自营店 Continue to expand the market share in Mainland China by using 于国內继续以合资模式及双品牌策略扩大市场份额 the joint venture model and dual brand strategy Double revenue from e-commerce and add
Slide 20: Extensive Retail Network
Extensive Retail Network 庞大零售网络 Current As at 30 Sep As at 31 Mar Lukfook Shops 六福店铺 现时 于9月30日 于3月31日 Y-o-Y 6 Months as at Nov 20 % 2015 2014 2013 Change 2015 2014 2013 Change 于11月20日 按年变化 6个月变化 Hong Kong 香港 48 3.4% 48 46 42 +2 48 45 37 - Macau 澳门 10 0.7% 10 10 10 - 10 10 9 - Self-operated 自营店 - Tie
Slide 21: Global Distribution Network
Northern China 华北区 Global Distribution Network Self-operated 自营店: 19 (18) 庞大零售网络 Licensed 品牌店: Total no. of shops 总数: 433 (410) 452 (428) Provinces 省: 13 As at 30 Sep 2015 于2015年9月30日 Municipalities 直辖市: 2 Cities 城市: 122 Southern China 华南区 Self-operated 自营店: 0 (0) Licensed 品牌店: 451 (423) 1,348 (1,27
Slide 22: Network Expansion and CAPEX in FY2016
Network Expansion and CAPEX in FY2016 2016财年零售网络扩充及资本开支 Hong Kong Macau Mainland China Overseas E-commerce 香港 澳门 中国内地 海外 电子商贸 Optimise retail Target new Expand into lower- Ad-hoc basis Add 5 new network in Hong casinos and tier cities 按市场情况而定 platforms Kong and seek resorts for future 于较次级线城市发 增多5个平
Slide 23: E-commerce
E-commerce 电子商贸 Platforms 销售平台 12 channels in total as at September 2015 in Mainland China, including Tmall.com, VIP.com, JD.com and Suning.com 截至2015年9月, 已于国内开拓12个电子商贸销售平台， 包括天猫, 唯品会,京东商城及苏宁易购 Product Offering 产品供应 Focus on lower value products of below RMB3,000 for young customers 主要提供3,000人民币以下的低
Slide 24: Online Marketing
Online Marketing 网络营销 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： Shift from desktop advertising to mobile platforms 从桌面广告至手机移动平台 Make efficient use of social media 有效运用社交网络 Allocate more resources on video website 分配更多资源予视频网站 24
Slide 25: Open Forum
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Slide 26: Core Competences
Core Competences 核心竞争优势 26
Slide 27: 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 28: Quality Assurance
Quality Assurance 质量保证 No Fakes Logo 正货标志 Dual Quality Assurance 双重质量保证 Awarded “Quality Gold Mark”& passed regular checking by HK Customs 获颁优质足金标志并通过香港海关定期检查 Attained “Authentication of Natural Fei Cui (Jadeite)” 获得”天然翡翠”标志 Authentication Service 验证服务 “Natural Jadeite” by Gems & Jewelry Trade Assoc
Slide 29: Branding
Branding 品牌推广 Brand Building 品牌建设 Crown the Love, Celebrate with Love 为爱加冕 与爱同庆 Uphold the theme of “Love is beauty” through mass media advertising and marketing activities 透过大众媒体广告及市场活动，推广「爱很美」的品牌主题 Further strengthen the theme by holding Lukfook Jewellery Raceday 透过举办六福珠宝赛马日深化品牌形象 Sponsored beauty
Slide 30: Branding
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 2015 荣获｢2015亚太区最佳零售商500强｣及｢香港区十大零售商｣ Won Hong Kong Top Brand Ten Year Achievement Award of the 2013 Ho
Slide 31: Excellent Service
Excellent Service 卓越服务 Complimentary Certificate for Jadeite & Diamond 免费翡翠及钻石证书 Professional Sales Team 专业的销售团队 Product Photo and Comprehensive Checklist on Invoice 销售单上印有产品照片及综合清单 Gem Examination Microscope at shop 宝石显微镜检查 Free On-site Instant Engraving Service 免费即时刻字服务 Complimentary Gift Cards 免费
Slide 32: 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 the Mainland China 于香港、深圳及中国内地南沙设有专业设计团队 Attained over 150 awards 获得超过150个奖项 “Origin of Symbiotic Harmony” “共生‧共融” Award in Open Group “Inspiration of Live” 公开组”生活灵感”得奖作品 Chuk Kam Jewellery De
Slide 33: Corporate Social Responsibility
Corporate Social Responsibility 企业社会责任 Introduced the “Love is Beauty” charity gift set and donated a portion of the sales proceeds to the “Free Lunch for Children Fund” 推出”爱很美”慈善礼盒，并将部分 收益捐予”免费午餐基金” Sponsored “2015 Sedan Chair Race & Bazaar” 赞助「2015年抬轿比赛暨慈善嘉 年华」 Sponsored “Heifer’s Race to Feed 201
Slide 34: Environmental Protection
Environmental Protection 环境保护 Won “Prime Awards for Eco-Business - Eco Jewellery Corporation (Gold Award)” for three consecutive years 连续三年荣获「都市盛世环保企业奖 - 环保珠宝企业(金奖)」奬项 Titled “Hong Kong-Guangdong Cleaner Production Partners (Manufacturing)” 获颁发”粤港清洁生产伙伴(制造业)标志” Won the Silver Award in CLP GREENPLUS
Slide 35: Company Profile
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Slide 36: 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 37: 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 38: Licensing Model
Licensing Model 品牌模式 Joining Fee 加盟费用 Wholesale Revenue from Licensing Fee Licensing Model Royalty Income Revenue 品牌费用 品牌业务收入 专利收入 批发收入 Consultancy Fee 顾问费用 Payment terms 付款方式: Cash On Delivery交货付款 Advantages Advantages 优点 Requirements 条件 Better understanding of local market Initial investment: Min.
Slide 39: 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 Pricing Control 价格监管 Operational Control 营运监管 Standardised retail price through centralised labeling process Whistle-blowing System and Reward Scheme 透过中央控制统一货品标签，以划一产品零售价 鸣笛系统及奖励计划 Centra
Slide 40: 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 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Gross margin of gold sales** 10.2% 9.0% 11.9% 8.4% 11.2% 12.2% 11.8% 10.3% 11.9% 13.0% 黄金销售毛利率 Gross margin with gold hedging impact# 8.3% 8.3% 10.1% 8.5% 10.4% 11.3% 11.4% 10.4% 12.3% 1
Slide 41: 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 42: Thank You!
7\ tee LUKFOOK GROUP Thank You!
Luk Fook Holdings (International) — 1H FY2016 Earnings Presentation on 6ix