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Coocaa 0.7% 14 Coocaa 0.5% 15 Whaley 0.6% 15 Whaley 0.4% 2016/17 Annual Results Updated by 10 Oct 2017 1 1 Forward Looking Statement This presentation and subsequent discussion may contain certain forward-looking statements with respect to the financial condition, results of operations and businesses of Skyworth. These forward-looking statements represent Skyworth’s expectations or beliefs concerning future events and involve known and unknown risks and uncertainties which could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 2 Year ended 31 Mar (HK$ million) 2016/17 2015/16 Change Revenue 42,845 42,695 0.4% Gross profit 8,567 9,363 (8.5%) Gross profit margin 20.0% 21.9% (1.9pp) Operating profit (EBIT) 2,339 3,389 (31.0%) Operating profit margin 5.5% 7.9% (2.4pp) Profit for the year 1,529 2,527 (39.5%) Net profit margin 3.6% 5.9% (2.3pp) Attributable to non-controlling interests 219 357 (38.7%) Attributable to owners of the Company 1,310 2,170 (39.6%) (HK$ cents) Basic EPS 44.64 75.89 (41.2%) Diluted EPS 44.14 74.88 (41.1%) Dividend per share 14.6 24.0 (39.2%) Dividend payout (%) 33.6% 32.4% 1.2pp 3 Operating Expenses Year ended 31 Mar (HK$ million) 1H 2016/17 2015/16 Change (% to sales) 2016/17 Selling and distribution 11.9% 11.1% 0.8pp 11.7% General and administration 6.7% 6.0% 0.7pp 6.9% Total expense rate 18.6% 17.1% 1.5pp 18.6% S&D: Raise basic salary and benefits for frontline staff as incentives to mitigate brain drain, input more A&P for OLED TV promotion and secure high-end market positioning. Declined ASP limited revenue growth. G&A: R&D expenses (3.4% of sales) increased in investing in overseas acquisitions, application software, smart TV users data collection and analysis, developing high-end, smart, energy-saving and health-caring products to sustain market leading position, cope with the consumption upgrade trend as well as to cultivate smart home era. 4 Higher Inventories to Cope with Rising Panel Cost and Tight Supply (HK$ million) Mar 17 Mar 16 Change Sep 16 Change Inventories - Total 6,666 5,494 21.3% 6,075 9.7% - Finished goods 3,878 3,509 10.5% 3,676 5.5% Liquid bills receivable - On hand 6,057 6,945 (12.8%) 4,552 33.1% - Discounted to banks# 420 300 40.0% 463 (9.3%) (cash equivalent) 6,477 7,245 (10.6%) 5,015 29.2% Pledged bank deposits 290 493 (41.2%) 595 (51.3%) Cash and bank balances 4,336 4,621 (6.2%) 4,004 8.3% Trade receivables 5,671 5,290 7.2% 6,537 (13.2%) 5 Net Cash (HK$ million) Mar 17 Mar 16 Change Sep 16 Change Borrowings 1. Financial liabilities - for bills discounted# 420 300 40.0% 463 (9.3%) 2. Other loans 7,572 7,805 (3.0%) 6,484 16.8% - Current 4,979 4,950 (0.6%) 4,229 17.7% - Non-current 3,013 3,155 (4.5%) 2,718 10.9% Total borrowings (1+2) 7,992 8,105 (1.4%) 6,947 15.0% Trade payables 4,847 5,027 (3.6%) 5,569 (13.0%) Bills payable 5,409 5,195 4.1% 5,194 4.1% Total trade & bills payable 10,256 10,222 0.3% 10,763 (4.7%) Net assets 16,813 16,700 0.7% 16,991 (1.0%) 6 Mar 17 Mar 16 Change Sep 16 Return on equity holders of the Company 8.5% 14.4% (5.9pp) 10.9% Current ratio (times) 1.4 1.5 (6.7%) 1.5 AR turnover (days) - excluded bills receivables 47 45 4.4% 53 - with discounted bills 105 108 (2.8%) 109 - without discounted bills 102 106 (3.8%) 105 Inventory Turnover (days) - Total 65 55 18.2% 67 - Raw materials 25 19 31.6% 26 - Finished goods 40 35 14.3% 41 AP Turnover (included Bills Payables) (days) 110 106 3.8% 121 Net Debt/Equity Ratio - Exclude discounted bills and foreign Net Cash exchange hedging arrangements Book value per share (HK dollars) 5.53 5.68 (2.6%) 5.68 7 Group Revenue Breakdown by Products 2016/17 (2015/16) Digital Set-top box and LCD Overseas TV Modules 15.3% (15.7%) 20.9% (14.0%) White Appliances 4.9% (5.5%) * HK$42.8bn Others 10.6% (8.3%)** 0.4% China TV 48.3% (56.5%) * White Appliances are mainly refrigerators; washing machines and tablet PC ** Others included rental collection, property development, financial services, air conditioner, security systems, lighting products and other consumer electronic products 8 Gross Profit Margins 2016/17 2015/16 Change 1H2016/17 Group 20.0% 21.9% 1.9pp 20.6% China Market Overall 22.3% 23.9% 1.6pp 24.2% Overseas Market Overall 14.5% 13.2% 1.3pp 12.4% (China) 23.1% 24.8% 1.7pp 24.5% TV (Overseas) 11.8% 10.1% 1.7pp 9.8% Set-top box & (China) 14.4% 21.1% 6.7pp 17.6% LCD Modules (Overseas) 25.5% 22.6% 2.9pp 26.7% White Appliances (refrigerator 20.0% 27.6% 7.6pp 22.6% and washing machine) China TV: Margin declined due to rising cost of panel and other raw materials Overseas TV: Growth driver, improving margin by scale, product mix and self- owned brands revenue Digital STB (000810.SZ): China margin declined due to mix shift and rising cost of raw materials. Stronger high-end overseas market after acquisition. White Appliances: Higher cost of raw materials weakened margins 9 Segmental Profit Breakdown 2016/17 (2015/16) Diversification of Business to Sustain Growth Digital Set-top box and LCD Module 23.8% (23.8%) Overseas TV 21.2% (4.8%) White Appliances - 1.7% (5.9%) HK$2,019m Property Holding 37.2% 9.9%(5.4%) Others -0.2% (-3.0%) China TV 47.0% (63.1%) 10 Segmental Profit by Operating Segments 2,019 Total (-37.2%) 949 (-53.2%) 3,215 China TV 2,028 428(+177.9%) Overseas TV 154 481 (- 37.1%) Digital STB & LCD Modules 765 - 35 (-118.4%) White Appliances 190 (HK$m) 201 (+15.5%) Property Holding 2016/17 174 - 5 (+94.8%) 2015/16 Others -96 China TV: Higher operating expenses to avoid further market shares loss Overseas TV: Significant growth in scale, segmental profit margin 4.8% White Appliances: Included depreciation cost of $78m 11 2016/17 TV Sales Volume In China 4K Smart TV Reached 46% vs 28% Smart TV 85% vs 70% YoY 2016/17 2015/16 (Apr 16 – (Apr 15 – Change (‘000 units) Mar 17) Mar 16) % China TV comprises: 9,339 10,036 (7%) - Smart TV (4K) 4,291.2 2,793.8 54% - Smart TV (non-4K) 3,632.1 4,249.3 (15%) - Other Flat TV 1,415.2 2,992.8 (53%) Overseas TV 6,941 4,410 57% Total 16,280 14,446 13% 12 2017/18 TV Sales Volume Target 4K TV will reach 55% vs 46% YoY 4K TV reached 59% in Sep 17 2017/18 2016/17 YoY Change 2017/18 (’000 units) (Apr – Sep 17) (Apr – Sep 16) Growth % Target Target % China TV comprises: 3,499 4,416 (21%) 10,000 7% - 4K 1,880.2 1,858.0 1% 5,500 28% - Non-4K 1,618.6 2,557.6 (37%) 4,500 (11%) Overseas TV 3,855 3,803 1% 9,000 30% Total 7,354 8,219 (11%) 19,000 17% Targeted volume achieved 2017/18 Apr-Sep: China TV 35% Overseas TV 43% Overall 39% Maintained at top tier high-end TV market share in China 13 China TV Revenue Mix Upgrading to High-End Pushed Star Models to Offset Pressure on GP Margin % of China TV Sales 2016/17 2015/16 100% 80% 68% 60% 49% 25% 33% 40% 18% 20% 7% 0% Smart TV (4K) Smart TV (Non 4K) Others GP Margin 2016/17 2015/16 1H2016/17 Blended TV 23.1% 24.8% 24.5% Smart TV (4K) 28.3% 31.9% 29.7% Smart TV (Non 4K) 12.7% 19.2% 15.0% Others 10.3% 15.9% 12.0% 4K Smart TV 46% sales volume in 2016/17, 55% in May 2017 4K OLED HDR TV is the latest product and put under Smart TV (4K) category 14 China TV Blended ASP Raise Price on New Models and Larger Size Proportion Display Technology Upgrade Era CRT LCD OLED 3,000 ASP (HK$, net of tax and rebate) 2,500 2,000 1,500 1,000 500 - ASP 2016/17 2015/16 1H2016/17 Blended TV 2,217 2,404 2,123 Smart TV (4K) 3,261 4,197 3,324 Smart TV (Non 4K) 1,424 1,863 1,359 Others 1,084 1,499 1,012 15 China TV Revenue Breakdown 2016/17 (2015/16) Nationwide Well Built Distribution Channels Strong in Rural Ongoing Reforms to Enhance Customers Loyalty and Suit Diversified Consumer Behaviors Other Online Electronic 23.6% (20.0%) Shops cover Skyworth 2nd to 3rd tier Community cities 35.8% Stores in major (33.0%) cities 7.8% (10.6%) Others 4.5% (4.1%) Large Scale Commercial Chain Stores Hypermarket 1.6 (0.6%) 4.2% (4.9%) 22.5% (26.8%) One layer from our 36 branches, 208 sales offices to 20,000+ retail customers Other electronic shops and Skyworth community stores highest profitability Large scale chain stores sustains market shares and brand building 16 O2O Community Stores Synergistic Partner with TMALL Around 5,000 Stores located in Major to 3rd and 4th Tier Cities Products + Experience + Community Service 17 Strategic Retail Customers and Flagship Stores in 3rd 4th Tier Cities 18 China TV Market TV Volume 2012 2013 2014 2015 2016 YoY 2017E YoY (m units) Total 44.46 47.79 44.61 46.74 50.89 7.8% 53.01 4.2% 2017E Global 32% panel and 63% TV will be produced in China 1Q17 Panel price started to stablise, ASP trending up.
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