Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — FY2019 Earnings Presentation
54 slides from Luk Fook Holdings (international)'s earnings presentation, June 2019
Slide 1: Luk Fook Holdings (International) Limited
= ( Bd BS) BR 2 5) HOLDINGS (INTERNATIONAL ) LIMITED (RARBAAKU ZARA) (Incorporated in Bermuda with Limited Liability) Stock Code AREATEME : 0590 C RP ORaTE
Slide 2: Contents
CONTENTS 内容 FY2018/19* Financial Highlights 2018/19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 公开讨论 Core Competences 核心竞争优势 Company Profile 公司简介 Appendices 附录 * FY2018/19 (“FY2019”) 2 2018/19财年(「2019财年」)
Slide 3: FY2019 Financial Highlights
FY2019 Financial Highlights 2019财年财务亮点 3
Slide 4: FY2019 Financial Highlights
FY2019 Financial Highlights 2019财年财务亮点 Revenue 收入 Basic Earnings per Share HK$15,860M(百万港元) + 8.8% 每股基本盈利 HK$2.54 (港元) Operating Profit + 9.0% 经营溢利 HK$1,853M(百万港元) Proposed Dividend per Share + 14.3% 拟派每股股息 60HKCents² (港仙) ² Profit Attributable to Equity Holders Final Dividend per Share每股末期股息: 60Cen
Slide 5: Financial Review
LUKFOOK GROUP #7 Financial Review Wt 55 [E] en
Slide 6: Financial Review
Financial Review 财务回顾 FY2019 FY2018 Y-o-Y Change (HK$M) (百万港元) 2019财年 2018财年 按年变化 Revenue 收入 15,860 14,578 +8.8% Gross Profit 毛利 4,034 3,741 +7.8% Operating Profit 经营溢利 1,853 1,621 +14.3% Profit for the Year 年内溢利 1,504 1,370 +9.7% Profit Attributable to Equity Holders 权益持有人应占溢利 1,493 1,369 +9.0% Bas
Slide 7: Healthy Financial Position
Healthy Financial Position 健康的财务状况 FY2019 FY2018 Y-o-Y Change (HK$M) (百万港元) 2019财年 2018财年 按年变化 Inventories 存货 9,322 7,992 +16.6% Average Inventory Turnover (Days) 1 273 257 +16 平均存货周转 (日) 1 Cash and Bank Balances 现金及银行结余 2,087 2,098 -0.5% Bank Borrowings & Gold Loans 2,306 726 +217.5% 银行贷款及黄金借贷 Net
Slide 8: Summary - Financial Position
Summary - Financial Position 财务状况摘要 As at As at 31 Mar 2019 31 Mar 2018 Y-o-Y Change (HK$M) (百万港元) 截至2019年 截至2018年 按年变化 3月31日 3月31日 Non Current Assets 非流动资产 2,023 1,336 +51.4% Current Assets 流动资产 12,401 10,879 +14.0% Total Assets 总资产 14,424 12,215 +18.1% Non Current Liabilities 非流动负债 145 109 +32.6%
Slide 9: FY2015-2019 Operating Performance
FY2015-2019 Operating Performance 2015-2019财年 运表现 (HK$M) (百万港元) 30,000 25.6% 25.7% 25.4% 24.1% 23.2% 25% 25,000 12.4% 15% 10.1% 11.1% 20,000 8.6% 11.7% 9.5% 10.2% 15,923 9.4% 8.0% 15,860 5% 6.9% 15,000 14,031 14,578 12,807 -5% 10,000 5,000 -15% 1,976 1,621 1,621 1,853 1,212 961 1,289 1,370 1,504 1,0
Slide 10: Revenue and Profit Analysis
Revenue and Profit Analysis(HK$M) 及 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) 9,853 12,075 7,798 ↑3.6% ↑9.8% ↑0.9% Hong Kong, Retailing Gold & Macau & 零售 Platinum 62.1% Overseas 76.1% 51.8% 黄金及铂金 (65.3%) 香港、澳门 (75.4%) (55.5%) 807 及海外 5.1% ↑23.
Slide 11: Margin Analysis
Margin Analysis 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 Gem-set Gold & Platinum Mainl
Slide 12: Regional Revenue & Profit Analysis by Business
Regional Revenue & Profit Analysis by Business (HK$M) 地区 及 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 Revenue 收入 Segment Profit 分部溢利 Hong Kong, Macau Y-o-Y 9,661 777 and Overseas Change ↑10.1% ↑11.3% 香港、澳门及海外 按年变化 Retailing Retailing 80.6% 98.0% Retailing 零售 零
Slide 13: Regional Segment Profit Margin Analysis by Business
Regional Segment Profit Margin Analysis by Business 地区分部 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 = Segment
Slide 14: Retail Revenue Analysis
Retail Revenue Analysis Retail Revenue by Product 收入 (以产品划分) 零售 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$3.89B HK$0.29B (收入占比 %) 38.9亿港元 2.9亿港元 (↑6.9%) (↑7.3%) HK$2.41B 24.1亿港元 (↑8.6%) HK$5.77B 57.7亿港元 HK$1.93B (↑12.4%) 1
Slide 15: Wholesale Revenue Analysis
Wholesale Revenue Analysis Wholesale Revenue by Product 收入 (以产品划分) 批发 分析 Hong Kong, Macau and Overseas (% of Revenue) (收入占比 %) 香港、澳门及海外 Wholesale Revenue by Region 批发收入 (以市场划分) HK$52M 52百万港元 (% of Revenue) (↑19.1%) (收入占比 %) HK$29M 29百万港元 (↓156.0%) HK$55M 55百万港元 (↓95.5%) HK$2,842M 28.42亿港元 (↑27.8%) (
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 FY2019 FY2018 2019财年 2018财年 FY2019 FY2018 2019财年 2018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 +3% +9% +7% +9% -2% +14% +23% -8% 整体 Gold & Platinum +4% +7% +8% -5% +13% +11% +5% +6% 黄金及铂金 Gem-set +1% +13% +7% +23% -1
Slide 17: Retail Analysis on Mainland
Retail Analysis on Mainland 地零售分析 SSSG 同店销售增长 FY2019 FY2018 2019财年 2018财年 Self-operated Shops自營店 Self-operated Shops自營店 Licensed Licensed Gold & Shops Gold & Shops Overall Gem-set Overall Overall Gem-set Overall Platinum Platinum 整体 珠宝 品牌店整体 整体 珠宝 品牌店整体 黄金及铂金 黄金及铂金 Mainland Overall -3% -6% +6% +3% +
Slide 18: Quarterly Same Store Sales Growth
Quarterly Same Store Sales Growth 季度同店销售增长 FY2017 FY2018 FY2019 2017财年 2018财年 2019财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Overall -24% -37% -10% +2% +5% +17% +1% +16% +22% +14% -10% -6% 整体 Gold -26% -47% -11% -1% +5% +21% -3% +16% +26% +23% -9% -6% 黄金 Gold (By Weight) -30% -55% -19% -5% +5% +25% -9%
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 开支 (% of Revenue) (HK$M) (收入占比%) (百万港元) 3,000 16.8% 15.9% 15.4% 2,443 2,500 (↑5.4%) 2,318 2,150 3.3% 515 (↑23.5%) 2.9% 417 2,000 3.1% 393 0.9% 0.8% 127 (↓0.8%) 128 0.6% 102 (↑13.3%) 1.0% 131 0.6% 90 197 193 (↓2.0%) 0.8% 97 1.4% 1.2% 1,500 149 1.2% ↓4.7% 3.7% 592 (↓5.6%) 4.
Slide 21: Inventory Analysis
Inventory Analysis 存货分析 Closing Inventories 期末存货 (HK$M) (百万港元) (↑16.6%) 7,992 9,322 FY2018 FY2019 2018财年 2019财年 (↑6.8%) 4,936 5,271 (↑32.6%) 4,051 3,056 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) * FY2019 FY2018 FY2019 FY2018 2019财年 2018财年 20
Slide 22: CAPEX
CAPEX 资本开支 934 (HK$M) (百万港元) 213 168 138 95 82 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 22
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. 400 POS through self-operated and franchising model in Hong Kong, Macau and Mainland 金至尊目标市场为中端客群，并以
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) To Reach a New Height 再闯高峰 Strategic Growth 策略性增长 • Adopt multibrand strategy 采取多品牌策略 • Explore M&A opportunities 发掘拼购机会 Supply Chain Management 供应链管理 • Strengthen supply chain to identify right product, set right price and allocate Main
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) Supply Chain Management 供应链管理 1. Enhance automation and big data management 优化自动化及大数据管理 Right Product 2. Improve factory productivities 适当产品 优化厂房生产力 3. Improve inventory turnover period 改善存货周期 4. Establish strategic partnership with Supp
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 Dear Q “DIY my style” – to deliver the sweet, playful and energetic vibes DIY 真我品味 – 呈献甜美、可爱和活泼风格 Target at fashionable and adventurous young ladies 目标客群为追求时尚潮流、新鲜感的年轻女性 Targ
Slide 28: 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 内地 CAPEX 资本开支 Expand into lower-tier cities with licensing model 于较次级线城市以品牌模式发展 Net increase no less than 150 shops 净增加不少于150间店 Total CAPEX Budget HK $100M 总资本开支预算 Hong Kong & Macau 香港及澳门 Shop renovation HK$60M Plan to open no more tha
Slide 29: E-commerce
E-commerce 电子商务 Revenue 收入 ↑60.9% Average Selling Price2 Y-o-Y Change 按年变化 平均售价2 RMB1,200 (↑14.3% Y-o-Y Change Contribution to Mainland Retail 按年变化) FY2019: 12 Platforms E-commerce Development Revenue1 2019财年:12 个平台 占内地零售收入1 FY2020 Revenue Growth 电商发展 22.9% (FY2018:15.5%) Target 2020财年收入增长目标 Platfor
Slide 30: New Brand Image
New Brand Image 全新品牌形象 Shop Design Logo 店铺设计 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 commit
Slide 31: Online Marketing
Online Marketing 网络 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 Continued to allocate more Collaborated with various online Caught up with online marketing resour
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 Opened “91 Street” pop-up store which illustrated Hong Kong elements and invited spokes person to the kick-off party that successfully crea
Slide 33: Open Forum
#7 Open Forum AF tie 33
Slide 34: Core Competences
y ” Core Competences Qo ALH 7\ te ee LUKFOOK GROUP
Slide 35: 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 35
Slide 36: Vertical Integration
Vertical Integration 垂直 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 37: Competent Licensing Model
Competent Licensing Model 有效的品牌模式 Licensing Model 品牌模式 Joining Fee 加盟费用 Licensing Wholesale Revenue from Royalty Income Income 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 顾问费用 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 38: Competent Licensing Model: Stringent control system
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 营运监管 Brand Image Control 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 39: Extensive Retail Network
Extensive Retail Network 庞大零售网络 As at 21 Jun As at 31 Mar 于6月21日 于3月31日 Current Y-o-Y Change Lukfook Shops 六福店 % 2019 2018 2017 现时 按年变化 Self-operated 自营店 - Tier I 一线 37 2.0% 35 30 28 +5 - Tier II 二线 63 3.4% 66 72 54 -6 - Tier III & IV 三线及以下 39 2.1% 40 55 51 -15 Sub-total 小计 139 7.5% 141 157 133 -16
Slide 40: Extensive Distribution Network
Mainland 内地 Extensive Distribution Network Northern China 华北区 As at 31 Mar 2019 于2019年3月31日 Change 变化 庞大分销网络 Self-operated 自营店: Licensed 品牌店: 61 (72) 505 (436) -11 +69 Total no. of shops 总数: 566 (508) +58 Provinces 省: 13 0 Municipalities 直辖市: 2 0 Countries and Regions As at 31 Mar 2019 As at 31 Mar
Slide 41: 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 mid
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 「联聚同享」 The 20th Hong Kong Jewellery Design Competition as the “Best of Show Award (Open Group)” 第20届香港珠宝设计比赛「公开组大奖」 「天马
Slide 43: 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 44: Excellent Service
Excellent Service 卓越服务 "Mystery Shopper Programme" Watch and Jewellery Category: "Mystery Customer Program Report": achieved top ten for two consecutive quarters overall average score achieved higher than 84% 「神秘顾客计划」钟表及珠宝店组别﹕ 「神秘顾客计划报告」﹕ 连续两季进占十大之内 整体平均分高于84% Quality Tourism Services (QTS) Scheme 「
Slide 45: Company Profile
£7 Company Profile ASB IS 45
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: Appendices
7\ te Se LUKFOOK GROUP #7 Appendices Bot Se 47
Slide 48: 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 Revenue 收入 Average Dividend Payout Ratio 11% CAGR 年复合增长率 平均派息比率 47% Profit for the Year 年内溢利 Return on Equity 15% CAGR 年复合增长率 股东权益回报率 18% (All
Slide 49: 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 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$美金 (↑1.7%) (↓0.6 %) (↓15.9%) (↓23.4%)
Slide 50: 1H&2H FY2015-2019 Operating Performance
1H&2H FY2015-2019 Operating Performance 2015-2019上半及下半财年 运表现 (HK$M) (百万港元) 50
Slide 51: Sustainability
Sustainability 可持续性 The Group has donated a total of HK$2.2 million to support Tung Wah Group of Hospitals (TWGHs) 集团一共捐赠220万港元支持本港慈善机构东华三院 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 The Group’s 26 ou
Slide 52: 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 53: Thank You!
7\ te Re LUKFOOK GROUP Thank You!
Slide 54: FY2018/19 Annual Results Highlights
FY2018/19 FY2018/19 Investor Relations WeChat Annual Results Highlights Annual Report* 投资者关系微信 全年业绩摘要 全年业绩报告* *2018/19 Annual Report will be uploaded in Jul 2019 2018/19全年业绩报告将于2019年7月上载 54
Luk Fook Holdings (International) — FY2019 Earnings Presentation on 6ix