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Annual Results Presentation CHOW SANG SANG HOLDINGS INTERNATIONAL LIMITED 周 生 生PPT集 TITLE團 國 HERE際 有 限 公 司 Stock code: 116 Date Here 2017 Annual Results Presentation March 2018 1 Disclaimer and Forward Looking Statements • This document carries the information and the opinion is not for the purpose of comprehensive research, financial services or legal opinion. Chow Sang Sang Holdings International Ltd. does not guarantee its accuracy and integrity. This document contains the information only to provide reference. They can not become or deemed to be sold or bought or subscribe for securities or other part for the invitation. • This document contains information, opinion that only reflect Chow Sang Sang Holdings International Ltd’s opinion on the date of the presentation. Chow Sang Sang Holdings International Ltd. can change anything on this document without notices. Chow Sang Sang Holdings International Ltd. is not liable for any losses incurred from the usage of information or opinions obtained from this document. • This document contains confidential information to be used solely for the purpose of personal reference. In addition, this document may not be transmitted or transferred to any other person or in any way be incorporated into other files or data. • This document and the related discussion may include forward-looking statements with risk and uncertain factors. Forward looking wording such as believe, expect, planning, forecast, target, possible, hope, will, may, etc., will be used in this document. The reader of this document should not excessively rely on such forward-looking statements to form their opinions. These forward-looking statements are based on our own company and other sources that we believe are reliable. 2 Presentation Outline I. Business Overview II. Financial Highlights III Future Plan and Strategy IV. Q&A Session V. Appendix 3 PPT TITLE HERE Business Overview Date Here 4 Company Structure Physical metals trading Precious Metals service Wholesale Commission based Services Generated 12% of total revenue for 2017 Jewellery Retail Chow Sang Sang Group 8 HK offices and Internet Securities platform Brokerage Commission based Main business segment No proprietary trading 519 self-operated stores in Greater China and Internet Generated 0.2% of total platform revenue for 2017 Operates under “Chow Investment Properties Sang Sang" and “Emphasis Other Shares of HKEx Jewellery” Investments Generated 0.3% of total Generated 87% of total revenue for 2017 revenue for 2017 5 PPT TITLE HERE Business Overview: JewelleryDate Here Segment 6 Product mix: Jewellery Gold based Items Gem-set Items Licensed Products International Brands (Gucci, Rolex, Tudor) 7 Distribution Network Chow Sang Sang directly runs and controls all of its retail stores with no franchise operations Beijing Surrounding Complementing the extensive retail network, the Provinces eshop.chowsangsang.com working with key retail portals (70) in Mainland China, offer online shopping service Heilongjiang Northern (63) Inner Mongolia Jilin Xinjiang Beijing Liaoning Western Tianjin (74) Shanghai Flagship Store Gansu Hebei Ningxia Shanxi Qinghai Shandong Eastern Shaanxi Jiangsu Henan (82) Anhui Tibet Hubei Shanghai Chongqing Chongqing Flagship Store Sichuan Zhejiang Hunan Jiangxi Guizhou Fujian Emphasis Kunming Flagship Store Guangdong Taiwan Yunnan Guangxi Chow Sang Sang Jewellery Hong Kong Flagship Stores Hong Kong Macau Jewellery Watch (2) Hainan Mainland China 411 11 – Covered cities HK / Macau 47 17 8 (1) (1) Excluding Hong Kong and Macau Southern Taiwan - – 25 (2) Reached 432 as of Mar 27, 2018 (133) as at Dec 31, 2017 8 Focus on Growth in Mainland China Increasing No. of Stores in Mainland China (No. of Stores) 450 400 350 300 250 200 422 374 343 150 New New shops 100 shops +47 +63 50 0 2015 2016 2017 Same-store Sales Growth – +6% -4% +5% Mainland China Same-store Sales -11% -25% -2% Growth – HK/Macau 9 PPT TITLE HERE Financial Highlights Date Here 10 Operating Performance … Turnover Gross Profit (HK$ mm) (HK$ mm) 30,000 6,000 25.2% 24.0% 25.0% 25,000 5,000 22.2% 4,228 4,050 20.0% 20,000 19,069 3,991 4,000 16,093 16,633 15.0% 15,000 2,094 1,941 9,824 3,000 2,033 8,292 8,621 10.0% 10,000 2,000 5,000 9,245 1,000 2,134 2,109 1,958 5.0% 7,801 8,012 0 0 0.0% 2015 2016 2017 2015 2016 2017 … 2016 benefited from gold price increase 1H 2H Gross Margin 11 Operating Performance (Cont’d) … Operating Profit Profit attributable to equity holders (HK$ mm) (HK$ mm) 1,600 7.0% 1,600 7.0% 6.3% 6.3% 6.0% 1,400 5.9% 1,400 6.0% 6.0% 5.3% 1,200 1,150 1,200 1,130 5.0% 5.0% 1,019 1,055 4.6% 1,000 1,000 401 876 4.0% 519 4.0% 742 800 505 800 512 3.0% 3.0% 488 600 600 378 2.0% 2.0% 400 400 729 631 550 507 1.0% 1.0% 200 200 364 392 0 0.0% 0 0.0% 2015 2016 2017 2015 2016 2017 … include a gain on disposal of HKEx shares in 2015 and 2017 1H 2H Operating Margin 1H 2H Net Profit Margin 12 …Driven by Retail Segment… Revenue Breakdown Results Breakdown 0.2% 0.6% 0.3% 100% 0.3% 0.2% 0.8% 0.2% 100% 3.9% 3.5% 0.6% 1.4% 11.8% 11.9% 12.2% 2.4% 90% 4.8% 90% 2.1% 1.5% 80% 80% 70% 70% 60% 60% 50% 50% 97.2% 87.7% 87.3% 87.3% 91.6% 90.2% 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% 2015 2016 2017 2015 2016 2017 Retail Wholesale Broking Other Retail Wholesale Broking Other 13 …Retail Performance… Retail – Revenue Retail – Operating Results (HK$ mm) (HK$ mm) 20,000 2,000 8.0% 16,723 6.7% 7.0% 6.2% 6.0% 14,516 15,000 14,045 1,500 6.0% 8,558 5.0% 1,007 7,174 7,511 10,000 1,000 947 901 4.0% 446 3.0% 465 401 5,000 500 2.0% 8,165 6,871 7,005 561 482 500 1.0% 0 0 0.0% 2015 2016 2017 2015 2016 2017 1H 2H Margin 14 … Robust Demand in Mainland China 2015 2016 2017 Others Others Others 0.7% HK/Macau 0.7% HK/Macau 0.6% HK/Macau 24.6% 24.7% 25.3% Mainland Mainland Mainland China China China 46.0% 52.2% HK/Macau HK/Macau (PRC 55.3% HK/Macau (PRC Customers) Customers) (PRC 22.5% Customers) 19.3% 28.1% Sales Attributable 74% +1% 75% 75% to PRC Customers(1) (1) Mainland China sales + HK/Macau sales by PRC customers 15 Consolidated Sales Mix – (Retail) 2016 2017 Watches Watches 4% 5% Non gold Non gold Gold jewellery Gold jewellery 61% 33% 62% 35% Gross margin: Gold* : 16%-23% Non gold jewellery: 38%-42% Watches: 20%-28% * Include gold price movement 16 Consolidated Gross Profit Contribution – (Retail) 2016 2017 Taiwan Taiwan 1% 1% Hong Hong Kong/ Kong/ Mainland Macau Mainland Macau China 40% China 59% 59% 40% 17 Change of Average Selling Price Hong Kong/Macau - Gold Hong Kong/Macau - Jewellery (HK$) (HK$) 6,000 20,000 4,700 4,500 14,200 4,100 15,000 12,900 4,000 12,000 10,000 2,000 5,000 0 0 2015 2016 2017 2015 2016 2017 Mainland China - Gold Mainland China - Jewellery (RMB) (RMB) 5,000 12,000 11,000 10,200 9,600 4,000 9,000 3,000 2,300 2,400 2,500 6,000 2,000 1,350 1,200 1,280 3,200 2,800 2,700 1,000 3,000 0 0 2015 2016 2017 2015 2016 2017 e-shop Exclude e-shop e-shop Exclude e-shop 18 Working Capital Trends Average Inventory Turnover Days Average Receivables Turnover Days (No. of Days) (No. of Days) 19 250 20 18 201 203 200 173 15 14 150 10 100 50 5 0 0 2015 2016 2017 2015 2016 2017 Average Payables Turnover Days Cash Conversion Cycle (No. of Days) (No. of Days) 10 250 214 216 8 200 184 6 6 5 150 4 3 100 2 50 0 0 2015 2016 2017 2015 2016 2017 19 Financial Highlights 2015 2016 2017 16 vs 17 Turnover 19,069 16,093 16,633 +3.4% Jewellery Retail 16,723 14,045 14,516 +3.4% Other businesses 2,346 2,047 2,117 +3.4% Gross profit 4,228 4,050 3,991 -1.5% Operating profit 1,150 1,019 1,055 +3.5% EBITDA 1,582 1,201 1,361 +13.3% Profit attributable to equity holders 1,130 742 876 +18.1% Basic EPS (HK cents) 167.0 109.6 129.5 +18.2% Dividend per share (HK cents) 62.0 43.0 51.0 +18.6% 20 Other Financial Information For the 12 months ended (HK$ million) or as at Dec 31, 2015 2016 2017 Cash and cash equivalents 1,621 1,283 1,200 Available-for-sale investments1 825 763 874 Capital expenditure 172 197 216 Gearing2 19.3% 20.4% 20.5% Unused banking facilities 3,831 4,318 4,128 1 Available-for-sale investments mainly represents HKEX shares which valued at quoted market prices 2 Total borrowings to total equity holders’ equity. Total borrowings includes interest-bearing bank borrowings, bullion loans and interest-bearing bank borrowings arising from securities and futures broking. 21 PPT TITLE HERE Strategy Outline Date Here 22 Expansion with Distinctiveness in Mainland China Around 50 new stores in Mainland China in 2018 Expansion Philosophy Self-Run Store Model Target entry-mid end consumers Enable consistent and superior service quality Leverage on high-end shopping malls and with seamless delivery department stores’ own positioning to Brand development and fine-tuning are more enhance image important than growth in the number of Expand coverage and reach via e-shops stores Refresh store image to meet consumer preferences 23 Product Mix and Branding Jewellery Focus and Product Differentiation Clear presence and visibility of international brands and signature collections Develop house brands - focus on quality and sophistication appropriate to different customer segments Marketing Initiatives Continue existing programs with focus: Expand e-shop, synergizing with physical stores Capitalize on CRM database Reinforce Wedding; expand on Daily wear Revamp VM at stores 24 PPT TITLE HERE Q&A Session Date Here 25 PPT TITLE HERE Appendix Date Here 26 Company History 1930-1970 1970-1980 1980-1990 1990-2000 2000-2017 1934 1973 1998 2005 2009 2011 2014 2017 Chow Sang First Re-entered Became Opened Opened Opened Stable Sang company in the sightholder the first the first the first expansion Goldsmith the industry Mainland of Diamond Flagship Flagship Flagship in Mainland established listed on China Trading Store in Store in Store in China; in Hong Kong market Company Beijing Taiwan Shanghai healthy Guangdong Stock growth in e- Exchange business No.
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