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Corporate Presentation 1 Aug 2013 PC Jeweller Limited Corporate Presentation 1st August 2013 Disclaimer Certain statements are included in this release which contain words or phrases such as “will,” “aim,” “will likely result,” “believe,” “expect,” “will continue,” “anticipate,” “estimate,” “intend,” “plan,” “contemplate,” “seek to,” “future,” “objective,” “goal,” “project,” “should,” “will pursue” and similar expressions or variations of these expressions that are “forward-looking statements.” Actual results may differ materially from those suggested by the forward-looking statements due to certain risks or uncertainties associated with our expectations with respect to, but not limited to, our ability to implement our strategy successfully, the market acceptance of and demand for our products, our growth and expansion, the adequacy of our allowance for credit to franchisees, dealers and distributors, technological changes, volatility in income, cash flow projections and our exposure to market and operational risks. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what may actually occur in the future. As a result, actual future gains, losses or impact on net income could materially differ from those that have been estimated. In addition, other factors that could cause actual results to differ materially from those estimated by the forward-looking statements contained in this document include, but are not limited to: general economic and political conditions in India and the other countries which have an impact on our business activities; inflation, unanticipated turbulence in interest rates, foreign exchange rates, the prices of raw material including gold and diamonds, or other rates or prices; changes in Indian and foreign laws and regulations, including tax and accounting regulations; and changes in competition and the pricing environment in India. The Company may, from time to time make additional written and oral forward-looking statements, including statements contained in the Company’s filings with SEBI and the Stock Exchanges and our reports to shareholders. The Company does not undertake to update any statements made in this presentation. The facts and figures mentioned in this presentation is for informational purposes only and does not constitute or form part of, and should not be construed as, an offer or invitation to sell securities of the Company, or the solicitation of any bid from you or any investor or an offer to subscribe for or purchase securities of the Company, and nothing contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. Nothing in the foregoing shall constitute and/or deem to constitute an offer or an invitation to an offer, to be made to the Indian public or any section thereof or any other jurisdiction through this presentation, and this presentation and its contents should not be construed to be a prospectus in India or elsewhere. This document has not been and will not be reviewed or approved by any statutory or regulatory authority in India or any other jurisdiction or by any stock exchanges in India or elsewhere. This document and the contents hereof are restricted for only the intended recipient(s). This document and the contents hereof should not be (i) forwarded or delivered or transmitted in any manner whatsoever, to any other person other than the intended recipient(s); or (ii) reproduced in any manner whatsoever. Any forwarding, distribution or reproduction of this document in whole or in part is unauthorized. The information in this document is being provided by the Company and is subject to change without notice. No representation or warranty, express or implied, is made to the accuracy, completeness or fairness of the presentation and the information contained herein and no reliance should be placed on such information. The Company shall not have any liability to any person who uses the information presented here. ` 2 Our Vision PC Jeweller today One of the Fastest and Profitably Growing Jewellery Retail Company in India with 36 Showrooms across 28 Cities, across 10 states Strong reputation and Brand Recall in Northern and Central India Focus on Wedding jewellery with increasing contribution from High Margin Diamond Jewellery Gold Hedging to ensure No Commodity Risk Strong Manufacturing set-up with complete Back-end integration and Robust Internal Processes Professional Management Our Vision for PC Jeweller To be amongst the top 2 Jewellery Retail Companies of India, in terms of Market Share and Brand Recall with a Pan India presence Maintain Focus on Wedding Jewellery customers Continue thrust on growing Diamond and other high-margin jewellery ` 3 Journey of ‘Jeweller for Generations’ began here …. PCJ showroom at Karol Bagh (New Delhi) – First showroom in 2005 ` 4 Right Business Plan + Execution Speed + Careful Optimism over the years 7 New Showrooms Lucknow Indore 6 New Showrooms Bhopal Kanpur Raipur 2 New Showrooms Rohtak Commenced Jodhpur operations in Apr Faridabad Rajouri Garden (ND) Bhilwara 2005 Dehradun Greater Kailash I (ND) Ludhiana Single showroom Manufacturing unit at Indirapuram – Karol Bagh (ND) Export operations commenced from Kingsway Camp (ND) Selaqui (Dehradun) second manufacturing unit at Noida SEZ 2007-08 2009-10 2011-12 2013 till date 2005-06 2008-09 2010-11 2012-13 2 New Showrooms 5 New Showrooms 7 New Showrooms 6 New Showrooms Noida Pitampura (ND) Haridwar Jabalpur Panchkula Chandigarh Bilaspur Shri Ganganagar Export operations commenced Preet Vihar (ND) Pali Ahmedabad from manufacturing unit at Ghaziabad South Ext. (ND) Vadodara Noida, SEZ Gurgaon Amritsar Hisar Additional manufacturing unit at Beawar Paschim Vihar Selaqui (Dehradun) Ajmer 34,000 sq ft manufacturing facility at Noida *ND - New Delhi ` 5 Opened 6 showrooms post IPO (in Dec 2012) Jabalpur, Madhya Pradesh Shri Ganganagar, Rajasthan Ahmedabad, Gujarat Vadodara, Gujarat Hisar, Harayana Paschim Vihar, New Delhi Today, PCJ has 36 Showrooms across 28 Cities, across 10 States ` 6 PC Jeweller Business Model FY 13 Revenue – Rs. 40,184 mn PC Jeweller Limited Domestic Sales Exports Sales FY13 Revenue – Rs. 29,876 mn FY13 Revenue – Rs. 10,307 mn Gross Margins – 15.00% – 16.00% Gross Margins – 9.00% - 10.00% Gold Jewellery Diamond Jewellery Other Jewellery FY13 Revenue – Rs.20,459 mn FY13 Revenue – Rs. 9,202 mn FY13 Revenue – Rs. 216 mn Gross Margins ~10% Gross Margins ~30% - 35% Focus on Domestic Retail Business – High margins Diamond jewellery and Wedding jewellery Company exports Gold and Diamond jewellery on a wholesale basis to international distributors in Dubai and Hong Kong ` 7 Key Pegs of PCJ Business Model Extensive Research before opening any Store Large Variety – Best as Large Format Stores compared to any other Jeweller in that Location Intelligent Pricing Best in class Customer Policies Key is to Develop Customer Trust and Confidence in PCJ Brand, Quality, Variety and Pricing ` 8 Growing Retail Footprint 36 Showrooms across 28 Cities, across 10 States Amritsar Panchkula ~1,98,000 Sq. Ft. of Retail Area Ludhiana Dehradun Chandigarh Hisar Hardiwar Shri Ganganagar Rohtak Ghaziabad Large Format Showrooms at High street New Delhi Faridabad locations GurgaonNoida Ajmer Lucknow Jodhpur Beawar Pali Kanpur Not a Single Store closed till now Bhilwara Ahmedabad Bhopal Jabalpur Vadodara Indore Bilaspur 250 40 Raipur 198 165 35 200 36 30 30 138 25 150 24 20 101 17 100 15 # of Showroomsof # 35 65 Sq. Ft. in thousands in Ft. Sq. 10 10 13 50 27 5 5 13 1 1 3 - - FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13 FY 14 till date *As on 1 July 2013; All showrooms, except Chandigarh showroom, are directly managed Total Area No. of Stores ` 9 Retail Sales Analysis FY 13 FY 12 Operational stores in FY 30 24 Total Retail Sales (Rs. mn) 29,876 20,395 Stores with Annual Revenue > Rs. 1,000 mn 8 4 Stores with Annual Revenue btw Rs. 500 – 1,000 mn 15 8 Stores with Annual Revenue < Rs. 500 mn 7 12 For a store in the same city as an existing store, cash breakeven is between Store-level 4-5 months Cash For a store in the same region/ state as an existing store, cash breakeven is Breakeven Analysis between 6-7 months For a store in a completely new region, cash breakeven is around 1 year ` 10 Typical Store Level Economics Indicative workings for a Store with an area of 5,000 sq. ft. Indicative Capital Employed at the Store Target Annual Store Sales Rs. 600 mn Total Inventory Rs. 250 mn Gold: Diamond Jewellery Mix 70% : 30% Store Inventory Rs. 187.5 mn Gross Margins – Gold 9% – 10% Back-end Inventory Rs. 62.5 mn Gross Margins – Diamond 30% - 35% Store Set-up Cost Rs. 22.5 mn (Rs. 4,500/ sft) Blended Gross Margins Rs.93.0 mn (15.50%) Total Capital Employed (TCE) Rs. 272.5 mn Store Costs (as % of Store Sales) Typical Store Level Funding Pattern Rentals 0.80% Equity/ Internal Accruals Rs. 89.9 mn (~ 33% of TCE) Employee Costs 1.00% Creditors (Gold Lease scheme) Rs. 136.3 mn (~ 50% of TCE) Advertisement Expenses 1.00% Other Expenses/ Overheads 0.80% Debt (Bank Loan) Rs. 46.3 mn (~ 20% of TCE) EBITDA Margins Rs. 71.4 mn (11.90%) Total Capital Rs. 272.5 mn Finance Cost Rs. 18.0 mn (3.00%) Target Store-level Return on Equity PBT Rs. 53.4 mn (8.90%) PAT Rs. 41.7 mn Tax Rs. 11.7 mn (22% on PBT) Equity Rs. 89.9 mn PAT Rs. 41.7 mn (6.94%) ROE for the Store ~46.3% ` 11 High Focus on Diamond Jewellery 0.90% 0.70% 0.70% 0.723% 100% 17.9% 22.9% 80% 26.7% 81.2% 30.8% 76.4% 72.6% 68.5% 60% 40% %
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