Luk Fook Holdings (international) Limited · HKEX:590
Luk Fook Holdings (international) — H1 FY2020/21 Earnings Presentation
56 slides from Luk Fook Holdings (international)'s earnings presentation, Dec 1, 2020
Slide 1: Corporate Presentation FY2020/21 Interim Results
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Slide 2: Agenda
1H FY2020/21* FINANCIAL HIGHLIGHTS 2020/21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 FY2020/21: Hereafter refers to as “1H FY2021” 2020/21财年: 往后称为「2021上半财年」 2
Slide 3: 1H FY2021 Financial Highlights
1H FY2021 FINANCIAL HIGHLIGHTS 2021上半财年财务亮点 3
Slide 4: 1H FY2021 Financial Highlights
1H FY2021 FINANCIAL HIGHLIGHTS 2021上半财年财务亮点 Revenue 收入 Operating Profit 经营溢利 Profit Attributable to HK$3,344M(百万港元) HK$387M(百万港元) Equity Holders -47.0% -41.4% 权益持有人应占溢利 HK$291M(百万港元) -41.3% Basic Earnings per Share Proposed Dividend Overall Net Shop Additions 每股基本盈利 per Share 整体净增设店铺 HK$0.50(港元) 拟派每
Slide 5: Financial Review
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Slide 6: Financial Review
FINANCIAL REVIEW 财务回顾 1H FY2021 1H FY2020 Y-o-Y Changes (HK$M) (百万港元) 2021上半财年 2020上半财年 按年变化 Revenue 收入 3,344 6,305 -47.0% Gross Profit 毛利 1,110 1,886 -41.2% Operating Profit 经营溢利 387 660 -41.4% Profit for the Period 期内溢利 293 497 -41.1% Profit Attributable to Equity Holders 权益持有人应占溢利 291 496 -41.3%
Slide 7: Healthy Financial Position
HEALTHY FINANCIAL POSITION 健康的财务状况 6-Month 1H FY2021 FY2020 1H FY2020 Y-o-Y Changes (HK$M) (百万港元) Changes 2021上半财年 2020财年 2020上半财年 按年变化 6个月变化 Inventories 存货 6,925 7,533 -8.1% 8,114 -14.7% Average Inventory Turnover Days1 622 401 +221 371 +251 平均存货周转日1 Closing Inventory Turnover Days2 596 359 +237 34
Slide 8: Summary - Financial Position
SUMMARY - FINANCIAL POSITION 财务状况摘要 As at As at As at 6-Month Y-o-Y Changes 30 Sep 2021 31 Mar 2020 30 Sep 2019 (HK$M) (百万港元) Changes 截至2021年 截至2020年 截至2019年 按年变化 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 2,934 2,845 +3.1% 3,041 -3.5% Current Assets 流动资产 10,397 11,080 -6.2% 11,332 -8.3% Total
Slide 9: 1H FY2017-2021 Operating Performance
1H FY2017-2021 OPERATING PERFORMANCE 2017-2021上半财年 营运表现 (HK$M) (百万港元) 20,000 33.2% 35% 29.9% 28.0% 26.2% 23.7% 25% 15,000 15% 11.6% 10.2% 10.3% 10.7% 10.5% 7.9% 8.3% 8.5% 7.9% 8.8% 10,000 5% Revenue 收入 7,859 Operating Profit 经营溢利 6,283 6,305 -5% Profit for the Period 期内溢利 5,469 5,000 3,344 Overall G
Slide 10: Revenue and Profit Analysis
REVENUE AND PROFIT ANALYSIS(HK$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 12.2% (7.0%) 34.7% 51.7% 43.6% (57.6%) (71.2%) (46.0%) 44.3% 65.3% 36.1% (35.9%) 56.4% (42.4%) (21
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 Licensing Wholesaling Fixe
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 31.6% Mainland (35.3%) and Overseas 内地 香港、澳门及海外 50.9% 17.5% (49.4%) 89.4% (15.3%) 2.1% (97.5%) (0.9%) Revenue 收入 Revenue Segment Profit 收入 分部溢利 8.5% Retailing (1.6%) 零售 Retailing 零售 Wholesaling 批发 Wholesaling
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 1H&2H上半财年及下半财年 香港、澳门及海外 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) HK$0.37B (收入占比 %) HK$0.07B 3.7亿港元 0.7亿港元 (↓76.7%) (↓54.5%) HK$0.67B HK$0.69B 6.7亿港元 6.9亿港元 (↓65.8%) (↓26.9%) HK$0.10B
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 %) HK$3M Wholesale Revenue by Region 3百万港元 批发收入 (以市场划分) (↓92.0%) (% of Revenue) (收入占比 %) HK$89M 89百万港元 (↑805.7%) HK$1.11B HK$7M 11.10亿港元 7百万港元 (↓15.8%) (↓59.5%) Mainl
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 FY2021 1H FY2020 2021上半财年 2020上半财年 1H FY2021 1H FY2020 2021上半财年 2020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 -64% -24% -67% -72% +19% -26% -10% -18% 整体 Gold & Platinum -57% -32% -61% -73% +47% -35% -43% +
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 FY2021 1H FY2020 2021上半财年 2020上半财年 Fixed Price Licensed Fixed Price Licensed Gold & Platinum Overall Gold & Platinum Overall Jewellery Shops Jewellery Shops 黃金及铂金 整体 黃金及铂金 整体 定价首饰 品牌店 定价首饰 品牌店 Licensed Shops 品牌店 -15% -8% -12% N/A -
Slide 18: Quarterly Same Store Sales Growth
QUARTERLY SAME STORE SALES GROWTH 季度同店销售增长 FY2018 FY2019 FY2020 FY2021 2018财年 2019财年 2020财年 2021财年 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Overall +5% +17% +1% +16% +22% +14% -10% -6% -10% -37% -25% -57% -71% -55% 整体 Gold +5% +21% -3% +16% +26% +23% -9% -6% -19% -43% -20% -51% -67% -46% 黄金 Gold (B
Slide 19: Average Ticket Size & Fixed Price Jewellery Average Selling Price
AVERAGE TICKET SIZE & FIXED PRICE JEWELLERY AVERAGE SELLING PRICE 每单平均消费及定价首饰产品平均售价 Average Ticket Size Fixed Price Jewellery Average Selling Price 每单平均消费 定价首饰产品平均售价 $ (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 ↑11.1% $元(in terms of r
Slide 20: Total Operating Expenses
TOTAL OPERATING EXPENSES 总经营开支 (HK$M) (百万港元) (% of Revenue) (收入占比%) 1,400 23.7% 17.2% 15.1% 1,200 1,184 1,087 Other Expenses 其他开支 3.0% 235 1,000 3.5% 216 Advertising & Marketing 0.6% 48 广告及市场推广 0.7% 56 794 0.6% 42 0.9% (↓27.0%) Depreciation & Amortisation 800 59 折旧及摊销 0.1% 9 3.9% 302 5.9% 199 (↓8.1%
Slide 21: Inventory Analysis
INVENTORY ANALYSIS 存货分析 Closing Inventories (HK$M) 期末存货 (百万港元) 1H FY2020 8,114 1H FY2021 2020上半财年 2021上半财年 (↓14.7%) 6,925 4,864 (↓9.7%) 4,394 3,250 (↓22.1%) 2,531 Inventory Turnover Days (by Product) Inventory Turnover Days (by Market) * 存货周转日数 (以产品划分) 存货周转日数 (以市场划分) * (Turnover Days) 平均存货*** 期末存贷**
Slide 22: Capex
CAPEX 资本开支 (HK$M) (百万港元) 840 800 600 Purchase of Premises 购置物业 Furniture, fixture and 803 equipment & leasehold 400 improvements 家俬、装置与设备及租赁物业 271 装修 Shops 店铺 200 177 Offices 公司 210 Manufacturing Plants 149* 加工厂 37 31 61 52 3 19 4 1 28 0 6 5 5 1H FY2019 1H FY2020 1H FY2021 2019上半财年 2020上半财年 2021上半财年
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. 365 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) To Reach a New Strategic Growth Height 策略性增长 再闯高峰 • Adopt multibrand strategy 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 • Strengthen supply chain to • No less than 150 shops
Slide 26: Three-Year Key Strategies (FY2020-FY2022)
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 opened in Macau in Jul 2020 针对高端珠宝市场 首间店中店已于2020年7月于澳门开业 Features exquisite design and craftsmanship including 1 additional shop-in-shop opened in Mainland in Sep 2020 award-winning jewellery masterpieces 新增1间店中店并于2
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 2 shops 2 new shops commerce platforms a
Slide 30: E-Commerce
E-COMMERCE 电子商务 1H FY2021 Platforms Performance 74.2% 销售平台 （73.5%） 2021上半财年表现 1H FY2021: 31 Platforms Revenue 收入 2021上半财年: 31个平台 ↑23.0% Y-o-Y Changes 按年变化 25.8% Contribution to Mainland Retail （26.5%） Revenue1 占内地零售收入1 52.6% (1H 2020:31.3%) E-commerce Development 电商发展 Contribution to Group’s Retail
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 by live Enhanced
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 Livestreamed the event on Weibo Recorded a total of 12.32 million views 微博直播发布会 视频观看总量达 1,232 万 32
Slide 33: Anniversary Promotion
ANNIVERSARY PROMOTION 周年庆 Collaborated with 100 KOLs on 5 major social media platforms to conduct an all-round product promotion 玩转五大社交平台, 百位KOL打通全局种草 Others 其他 Three topics on anniversary promotion altogether gained a total of 700 million views and 1.2 million discussions 周年庆三大话题总阅读量 ７ 亿，总讨论量 120 万
Slide 34: Anniversary Promotion
ANNIVERSARY PROMOTION 周年庆 The hashtag #Share Love and Fun for 5201314# Posts of 30 KOLs had a total exposure of achieved a total exposure of 15 million views 15 million views on Xiaohongshu. #FUN享5201314#话题页总爆光量达1,500万 The topic attracted 10 million views and nearly 6000 participants joined the cont
Slide 35: Open Forum
1Lé N OPEN FORUM AF 35
Slide 36: Core Competences
CORE COMPETENCES 核心竞争优势 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
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 Y-o-Y As at 20 Nov 2020 Mix As at 30 Sept 2020 As at 31 Mar 2020 Changes As at 30 Sep 2019 国家及地区 Changes 于2020年11月20日 組合 于2020年9月30日 于2020年3月31日 变化 于2019年9月30日 按年变化 Lukfook Shops 六福店 Self-operated自营店 • Mainland 内地 78 3.5% 79 110 -31 136 -57 • Hon
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：2,033(+45) As at 30 Sep 2020 于2020年9月30日 Total No. of Licensees 品牌商总数 528(+22) 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 485(+16) Self- Licensed Total Municipalities/ Citi
Slide 43: Reputable Brand
REPUTABLE BRAND 可信赖品牌 Lukfook Jewellery is positioned as a brand with the finest products and quality services targeting the mass luxury market. As a Hong Kong brand with nearly 30 years of history, the Group puts substantial effort in building a welcoming and warm-hearted brand image to penetrate i
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 Swept 5 Awards in “Chuk Kam Jewellery Design Competition 2020” 于「足金首饰设计比赛2020」勇夺五个大奬 「繫」 「傳承的祝福」 「紅墻映蘭」 「紙金醉迷」 「流芳百世」 T
Slide 45: Quality Assurance
QUALITY ASSURANCE 质量保证 China Gems Laboratory Limited 中华珠宝鉴定中心有限公司 The only laboratory in Hong Kong that meets the requirements of accreditation in jadeite jade testing, diamond authentication and grading, and gold fineness testing. Besides, it is the first laboratory in Hong Kong to obtain Chinese n
Slide 46: Excellent Service
EXCELLENT SERVICE 卓越服务 “Delivering the Beauty of Love with Six Heartfelt Services” Customer Service Programme 「六心传为您 因为爱很美」顾 客服务计划 Research Management Ltd. "Mystery Shopper Programme": Received an average score of up to 85.5% by Hong Kong branches Hong Kong Retail 「神秘顾客计划」﹕ Management Association 香港
Slide 47: Sustainability
SUSTAINABILITY 可持续性 The Group is committed to giving back to society and has been supporting the “Walk for Millions”, a fundraising event held by the Community Chest of Hong Kong, for many years. This year, the Group continued to participate in “2019/2020 Hong Kong and Kowloon Walk for Millions” to
Slide 48: Company Profile
COMPANY PROFILE =A JN=II|=19 Ay 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 BSR 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$美金 52 * Y-o-Y Changes are shown in
Slide 53: 1H&2H FY2017-2021 Operating Performance
1H&2H FY2017-2021 OPERATING PERFORMANCE 2017-2021上半及下半财年 营运表现 (HK$M) (百万港元) 53
Slide 54: 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 55: Thank You!
7 \ te Shes LUKFOOK JEWELLERY Thank You! FFF
Slide 56: FY2020/21 Interim Results Highlights
FY2020/21 FY2020/21 Investor Relations Interim Results Interim Report* WeChat Highlights 中期业绩报告* 投资者关系微信 中期业绩摘要 *2020/21 Interim Report will be uploaded in Dec 2020 2020/21 中期业绩报告将于2020年12月上载 56
Luk Fook Holdings (International) — H1 FY2020/21 Earnings Presentation on 6ix