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Bossini International Holdings Limited Annual Results 2005/06 Corporate Presentation July 2006 0 AgendaAgenda Results Highlights Review of Operations Future Plans and Strategies 1 Results Highlights 2 ResultsResults HighlightsHighlights Turnover HK$ mn 2,500 2,200 Relatively flat top line growth 2,017 2,000 1,783 as compared to previous 1,500 years mainly due to: 1,000 9% Increasingly acute competition 500 0 Unseasonable weather 2004 2005 2006 Continual interest rate hikes Gross Profit HK$ mn 1,200 998 1,025 1,000 844 800 600 400 3% 200 0 2004 2005 2006 3 ResultsResults HighlightsHighlights Operating Profit HK$ mn 250 225 Negative growth in bottom line 200 as a result of: 146 140 150 38% 100 Unsatisfactory sales performance 50 0 Steeper discounts eroded 2004 2005 2006 (restated) (restated) margins Net Profit HK$ mn Rising costs, especially rentals 200 181 150 118 105 42% 100 50 0 2004 2005 2006 (restated) (restated) 4 DividendDividend PayoutPayout Final dividend per share: HK1.8 cents HK cents Payout (%) 11.68 12 54% 60 49% 10 50 7.95 8 38% 40 6.69 5.7 6 30 3.6 4 3.0 20 2 10 1.8 0 0 2004 2005 2006 (restated) (restated) EPS DPS Payout ratio 5 OperationalOperational IndicatorsIndicators Margin Overview Inventory Level HK$ mn Days 49% 50% 47% 47% 300 50 42 40% 250 39 37 40 30% 200 30 150 20% 254 20 11% 100 215 8% 182 10% 6% 9% 10 7% 50 5% 0% 2004 2005 2006 0 0 (restated) (restated) 2004 2005 2006 Gross Operating Net margin margin margin Inventory Level Inventory Turnover (Days) 6 SolidSolid FinancialFinancial PositionPosition 2006 2005 As at 31 Mar (restated) Current ratio (times) 2.35 2.53 Cash and bank balances (HK$ mn) 244 326 Net cash* (HK$ mn) 244 311 Total liabilities to equity ratio (%) 46% 47% Return on equity 18% 36% Capital expenditure (HK$ mn) 81 50 * Time deposit, cash and bank balances less bank loans 7 Review of Operations 8 StrategiesStrategies andand DevelopmentsDevelopments Strategies Adopted a pragmatic expansion approach in most of the core markets Deployed additional resources to develop export franchising business Enhanced product designs and strengthened product and brand promotion Provided comprehensive staff training to enhance service quality and efficiency Results Network expansion well on track, especially in Mainland China Added 241 new outlets, totaling 1,068 outlets covering about 20 countries worldwide Export franchising achieved remarkable performance Impressive sales growth of 33%, outperforming target 9 MarketingMarketing andand BrandBrand BuildingBuilding Cross regional events Celebrity endorsement Licensed apparel 10 DistributionDistribution NetworkNetwork inin 2005/062005/06 1,068 outlets (Mar 2005: 827) in about 20 countries Mainland China: Retail 344 (274) Malta 8 (8) Franchise 284 (203) Cyprus 7 (7) Nepal 1 (0) Taiwan 112 (75) Middle East 132 (118) Hong Kong 33 (32) Myanmar 1 (0) Dominican Republic 5 (5) Thailand 67 (54) Philippines 11 (9) Vietnam 5 (6) Malaysia 3 (0) Singapore 29 (28 ) Colombia 3 (3) Indonesia 23 (5) 628 (477) 263 (215) 177 (135) Mainland China Other directly (including both directly Export franchised managed outlets in managed and outlets (in approx Hong Kong, Taiwan, franchise outlets) 18 countries) Singapore and Malaysia As at 31 March 2006 (Corresponding figures for 2005 in brackets) 11 TurnoverTurnover AnalysisAnalysis As a percentage of As a percentage of total turnover total turnover Hong Kong 37% Retailing Franchising 79% 18% Mainland China 16% Mainland China 5% Taiwan 17% Overseas 13% (18 countries) Singapore and 9% Malaysia Others 3% For the year ended 31 March 2006 12 RetailRetail PerformancePerformance byby RegionRegion Same store Retail sales (HK$ mn) 2006 2005 Change sales growth For the year ended 31 March 2006 Hong Kong 815 803 + 1% - 5% Mainland China 351 331 + 6% - 9% Taiwan 379 348 + 9% - 11% Singapore 200 191 + 5% + 3% Malaysia 1 – n/a n/a Total 1,746 1,673 + 4% - 5% 13 FranchiseFranchise PerformancePerformance byby RegionRegion Franchise Sales (HK$mn) No. of Franchised Outlets For the year ended 2006 2005 Change 2006 2005 Change 31 March Overseas 291 218 +33% 263 215 + 48 (18 countries) Mainland China 110 97 + 13% 284 203 + 81 Total 401 315 + 27% 547 418 + 129 14 OperatingOperating ProfitProfit byby SegmentSegment Segmental Performance Operating Profit Margins HK$ mn 160 151 For the year ended 140 2006 2005 125 31 March 120 96 100 Hong Kong 11% 15% 80 60 Mainland China 1% 7% 40 33 18 23 19 20 16 17 17 7 Taiwan -3% 5% 0 -20 -10 Singapore 10% 12% 2004 2005 2006 (restated) (restated) Consolidated 6% 11% HK Mainland China Taiwan Singapore 15 CostCost BreakdownBreakdown Total operating expenses increased to 41% of total turnover (HK$ mn) 2006 2005 Change For the year ended 31 March (restated) Turnover 2,200 100% 2,017 100% + 9% Selling and distribution costs 661 30% 575 28% + 15% Administrative expenses 202 9% 179 9% + 13% Other operating expenses 39 2% 37 2% + 4% Total operating expenses 902 41% 791 39% + 14% 16 Future Plans and Strategies 17 MajorMajor FocusesFocuses forfor 06/0706/07 Enrich Product Offering Capitalize Nurture a on the Lucrative Talented Pool of Mainland China Quality Staff Market SolidSolid BackendBackend andand SupportingSupporting InfrastructureInfrastructure 18 EnrichEnrich ProductProduct OfferingOffering HKSAR Government and large commercial corporations advocate smart casual wear at office, offering new opportunities for bossini Enhance and enrich product portfolio Extend and revitalize product lines to include new products and new marketable designs using functional fabrics Increase the selection of licensing products 19 BrandBrand BuildingBuilding ProgramProgram Introduce revolutionary shop concept Revamp logo mark Implement innovative and cost effective marketing campaigns 20 GlobalGlobal NetworkNetwork ExpansionExpansion Progressive expansion plan Expansion Plan in 2006/07 in Mainland China No. of Outlets Strengthen relationships with franchisees and export partners Hong Kong 5 Extend market penetration into Mainland China India and Korea – “bossini” 30 – “bossini style” 40 Continue to explore overseas – “sparkle” 30 markets with untapped Total 100 opportunities Taiwan – Singapore 2 Malaysia 7 21 EfficiencyEfficiency OptimizationOptimization Strengthen internal control Implement Strengthen world-class Improve operation efficiency, supply chain financial inventory management and management management logistic controls system Shorten production cycle Expedite demand-responding processes and time-to-market Re-engineered in-store Install powerful operational process to increase warehouse Upgrade productivity management POS system system 22 CapexCapex PlanPlan inin 2006/072006/07 Items HK$ mn Shop renovation 70 I.T. investment 20 Others 10 Total 100 23 LongLong TermTerm TargetsTargets AchieveAchieve sustainablesustainable turnoverturnover andand profitprofit growthgrowth ContinueContinue toto seekseek progressiveprogressive globalglobal networknetwork expansiexpansion,on, especiallyespecially inin thethe lucrativelucrative MainlandMainland ChinaChina MarketMarket MaintainMaintain double-digitdouble-digit salessales growthgrowth inin exportexport franchfranchisingising 24 OPEN FORUM 25.
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