Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — H1 FY2019/20 Earnings Presentation
53 slides from Luk Fook Holdings (international)'s earnings presentation, November 2019
Slide 1: FY2019/20 Interim Results Corporate Presentation
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Slide 2: Contents
CONTENTS 内容 1HFY2019/20* Financial Highlights 2019/20上半财年*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 * 1H FY2019/20: Hereafter refers to as“1HFY2020” 2 2019/20上半财年: 往后称为「2020上半财年」
Slide 3: 1H FY2020 Financial Highlights
1H FY2020 Financial Highlights 2020上半财年财务亮点 3
Slide 4: 1H FY2020 Financial Highlights
1H FY2020 Financial Highlights 2020上半财年财务亮点 Revenue Proposed Dividend per Share 收入 拟派每股股息 HK$6,305M(百万港元) 50HKCents (港仙)1 - 19.8% Dividend Payout Ratio 派息比率: 59.1% Operating Profit 经营溢利 Overall Net Shop Additions HK$660M(百万港元) 整体净增设店铺 - 21.2% Lukfook六福+129 Mainland China 中国内地*:+126 Hong Kong SAR*, M
Slide 5: Financial Review
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Slide 6: Financial Review
Financial Review 财务回顾 1H FY2020 1H FY2019 Y-o-Y Changes (HK$M) (百万港元) 2020上半财年 2019上半财年 按年变化 Revenue 收入 6,305 7,859 -19.8% Gross Profit 毛利 1,886 1,864 +1.2% Operating Profit 经营溢利 660 838 -21.2% Profit for the Period 期内溢利 497 670 -25.8% Profit Attributable to Equity Holders 权益持有人应占溢利 496 665 -25.4% B
Slide 7: Healthy Financial Position
Healthy Financial Position 健康的财务状况 6-Month 1H FY2019 1H FY2020 FY2019 Y-o-Y Changes (HK$M) (百万港元) Changes 2019上半财 2020上半财年 2019财年 按年变化 6个月变化 年 Inventories 存货 8,114 9,322 -13.0% 8,839 -8.2% Average Inventory Turnover (Days) 1 371 273 +98 261 +110 平均存货周转 (日) 1 Cash and Bank Balances 现金及银行结余 2,504 2,08
Slide 8: Summary - Financial Position
Summary - Financial Position 财务状况摘要 As at As at As at Y-o-Y Changes 6-Month 30 Sep 2019 31 Mar 2019 30 Sep 2018 (HK$M) (百万港元) Changes 按年变化 截至2019年 截至2019年 截至2018年 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 3,041 2,023 +50.3% 2,023 +50.3% Current Assets 流动资产 11,332 12,401 -8.6% 11,459 -1.1% Tot
Slide 9: 1H FY2016-2020 Operating Performance
1H FY2016-2020 Operating Performance 2016-2020上半财年 营运表现 (HK$M) (百万港元) 9
Slide 10: Revenue and Profit Analysis
Revenue and Profit Analysis(HK$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) 3,634 4,487 2,696 ↓26.1% ↓25.3% ↓32.1% 57.6% Hong Kong, 71.2% Retailing 46.0% Gold & (62.6%) Macau & (76.4%) 零售 (53.1%) Platinum Overseas 黄金及铂金 香港、澳门 442 及海外 7.0%
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) 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 Gem-set Gold & Platinum Ma
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 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 3,544 263 and Overseas Changes ↓27.0% ↓21.6% 香港、澳门及海外 按年变化 Retailing Retailing 81.2% 97.5% Retailing 零
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 1H&2H上半财年及下半财年 Full Year 全年 Mainland 内地 1H&2H上半财年及下半财年 Full Year 全年 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) (收入占比 %) HK$0.15B 1.5亿港元 (↓2.0%) HK$0.94B 9.4亿港元 HK$1.95B (↓18.3%) 19.5亿港元 (↓35.8%) HK$0.83B 8.3亿港元 (↓12.5%) Mainland
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$32M 32百万港元 (↑35.3%) (% of Revenue) (收入占比 %) HK$10M 10百万港元 (↑38.1%) HK$16M 16百万港元 HK$1,318M (↓4.1%) 13.18亿港元 (↓7.3%) (%
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 1H FY2020 1H FY2019 2020上半财年 2019上半财年 1H FY2020 1H FY2019 2020上半财年 2019上半财年 Revenue** Quantity ASP Revenue** Quantity ASP 收入 件数 平均售价 收入 件数 平均售价 Overall -24% +18% -26% -10% -18% +24% +14% +9% 整体 Gold & Platinum -32% +22% -35% -43% +14% +29% +12% +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 1H FY2020 1H FY2019 2020上半财年 2019上半财年 Licensed Licensed Gold & Platinum Gem-set Overall Gold & Platinum Gem-set Overall Shops Shops 黄金及铂金 珠宝 整体 黄金及铂金 珠宝 整体 品牌店 品牌店 Licensed Shops 品牌店 -12% +4% -6% +2% +17% +7% Self-operated Shops自營店 -1
Slide 18: Quarterly Same Store Sales Growth
Quarterly Same Store Sales Growth 季度同店销售增长 FY2017 FY2018 FY2019 FY2020 2017财年 2018财年 2019财年 2020财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Overall -24% -37% -10% +2% +5% +17% +1% +16% +22% +14% -10% -6% -10% -37% 整体 Gold -26% -47% -11% -1% +5% +21% -3% +16% +26% +23% -9% -6% -19% -43% 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) ↓8.9%
Slide 20: Total Operating Expenses
Total Operating Expenses 总经营开支 (HK$M) (% of Revenue) (百万港元) (收入占比%) 1,500 17.2% 17.1% 15.1% 1,184 1,087 1,072 (↓8.2%) 3.0% 235 1,000 3.4% 216 (↓8.0%) 3.1% 196 0.7% 56 48 1.0% 62 0.6% 35 96 0.6% 78 1.2% 4.6% 289* (↑419.5%) 1.2% 3.9% 302 ↓68.3% 321 0.6% 42 (↓13.4%) 5.1% 70 (↓26.9%) 500 1.1% 0.9% 56* (
Slide 21: Inventory Analysis
Inventory Analysis 存货分析 Closing Inventories 期末存货 (HK$M) (百万港元) (↓8.2%) 8,839 8,114 1H FY2019 1H FY2020 2019上半财年 2020上半财年 (↓6.4%) 5,196 4,864 3,643 (↓10.8%) 3,250 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 FY2020 1H FY2019 FY2019 1H FY201
Slide 22: CAPEX
CAPEX 资本开支 (HK$M) 840 (百万港元) 271 38 38 37 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 *Includes HK$210M prepayment for acquisition of offices and showroom in Xian and Shenzhen 22 包括收购分别于西安和深圳之办公室及展厅的
Slide 23: Financial Impact of Investments and Operating Activities in HKRH & Its Subsidiaries
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. 400 POS through self-operated and franchising m
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 Mainland Mark
Slide 26: Three-Year Key Strategies (FY2020-FY2022)
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: Three-Year Key Strategies (FY2020-FY2022)
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 With
Slide 28: Network Expansion and CAPEX in FY2020
Network Expansion and CAPEX in FY2020 2020财年零售网络扩充及资本开支 Mainland Reached 2,000 shops in FY2020 於2020財年突破2,000 分店 内地 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 200 shops CAPEX 资本开支 净增加不少于200间店 Hong Kong & Macau 香港及澳门 Total CAPEX Budget HK $400M Plan to
Slide 29: E-commerce
E-commerce 电子商务 Revenue 收入 ↑16.1% Average Selling Price2 Y-o-Y Changes 按年变化 平均售价2 RMB1,300 (↑8.3% Y-o-Y Contribution to Mainland Retail Changes 按年变化) 1H FY2020: 13 Platforms E-commerce Revenue1 FY2020 Revenue Growth 2020上半财年:13 个平台 Development 占内地零售收入1 电商发展 31.3% (1H FY2019:22.0%) Target 2020财年收入增长目
Slide 30: 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 Continued to allocate Collaborated with various Caught up with online more resources on various on
Slide 31: 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 “Golden Fantasyland” pop-up store which successfully created a huge noise 开设「淘金樂園」快闪店, 成功引起话题 Collaborated with RED to Launch “Golde
Slide 32: Open Forum
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Slide 33: Core Competences
LUKFOOK GROUP #7 Core Competences Zieh 33
Slide 34: 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 34
Slide 35: 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 04 自营店及电子商务销售平台 License
Slide 36: 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 37: Competent Licensing Model
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 Brand Image Control 品牌形象监管 Operational Control 营运监管 Authorised renovation contractors to ensure Whistleblowing System and Reward Scheme standardised shop image 鸣笛系统及奖励计划 指
Slide 38: Extensive Retail Network
Extensive Retail Network 庞大零售网络 Countries and Regions As at 22 Nov 2019 As at 30 Sept 2019 As at 31 Mar 2019 Changes % 国家及地区 于2019年11月22日 于2019年9月30日 于2019年3月31日 变化 Lukfook Shops 六福店 Self-operated自营店 • Mainland 内地 132 6.6% 136 141 -5 • Hong Kong 香港 51 2.6% 51 49 +2 • Macau 澳门 12 0.6% 12 11 +1 • Cana
Slide 39: Lukfook Distribution Network in Mainland
Lukfook Distribution Network in Mainland 六福內地分销网络 As at 30 Sept 2019 Tier I 一线 于2019年9月30日 Self-operated 自营店: 37 (+2) 2.0% Tier II 二线 Licensed 品牌店: Self-operated 自营店: 269 (+11) 14.3% 60 (-6) 3.2% Licensed 品牌店: 518 (+24) 27.5% Northern China 华北区 Self-operated 自营店:58 (-3) 3.1% Licensed 品牌店:557 (+52) 2
Slide 40: 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 41: 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 42: 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 43: Excellent Service
Excellent Service 卓越服务 "Mystery Shopper Programme" Overall Industry: "Mystery Customer Program Report": ranked top ten out of 115 brands all Hong Kong and Macau branches are 「神秘顾客计划」行业排名﹕ attained「神秘顾客计划报告」﹕ 于115个品牌中排名十大以内 所有香港及澳门分行均达标 Quality Tourism Services (QTS) Scheme 「优质旅游服务」计划 Hong Kong Retai
Slide 44: Sustainability
Sustainability 可持续性 The Group donated a total of HKD $2.2 million to TWGHs, of which the HKD $1 million donated in “Tung Wah Charity Gala 2018” was utilized in supporting its Chinese medicine services. 集团一共捐赠220万港元支持本港慈善机构东华三院，其中于「欢乐满东华2018」慈善晚会 中所捐赠的100万港元用作支持中医诊所之医疗服务 The Group has been supporting
Slide 45: Company Profile
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Slide 46: About LUKFOOK
About LUKFOOK 关于六福 A leading jewellery retailer in Mainland and Hong Kong 内地及香港主要珠宝零售商之一 Main Business 主要业务 The Group principally engages in the sourcing, designing, wholesaling, trademark licensing and retailing of a variety of gold and platinum jewellery and gem-set jewellery products 集团主要从事各类黄铂金首
Slide 47: Appendices
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Slide 48: Financial Performance Since IPO
Financial Performance Since IPO 自上市之财年财务回顾 In 1997, Lukfook Group was listed on the main board of the Stock Exchange of Hong Kong Ltd. 1997年, 六福集团在香港交易所主板上市 Revenue 收入 Average Dividend Payout Ratio 11% CAGR 年复合增长率 平均派息比率 47% Profit for the Year 年内溢利 Return on Equity 14% CAGR 年复合增长率 股东权益回报率 18% (All
Slide 49: Average Gold Price Changes & GP% of Gold
Average Gold Price Changes & GP% of Gold 平均黄金价格波幅及黄金毛利率 Gross margin of gold sales is not highly correlated to the gold price fluctuation Gross Margin of 黄金产品之毛利率与黄金价格变动相关性不大 Gold Sales Full Year 全年 黄金销售毛利率 US$ 美金 Gross Margin of 1H&2H 上半年及下半年 Gold Sales 黄金销售毛利率 US$美金 (↑1.7%) (↓0.6 %) (↓15.9%) (↑ 10
Slide 50: 1H&2H FY2015-2020 Operating Performance
1H&2H FY2015-2020 Operating Performance 2015-2020上半及下半财年 营运表现 (HK$M) (百万港元) 50
Slide 51: 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 52: Thank You!
7\ te Re LUKFOOK GROUP Thank You!
Slide 53: FY2019/20 Interim Results Highlights
FY2019/20 FY2019/20 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* *2019/20 Interim Report will be uploaded in Dec 2019 2019/20中期业绩报告将于2019年12月上载 53
Luk Fook Holdings (International) — H1 FY2019/20 Earnings Presentation on 6ix