Interim Results 2010 Corporate Presentation 25 August 2010
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1 Interim Results 2010 Corporate Presentation 25 August
2 Disclaimer Cautionary note regarding forward-looking statements This presentation material contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements represent the Company s expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Certain statements, such as those that include the words potential, estimated, expect, anticipates, objective, intends, plans, believes, estimates, and similar expressions or variations on such expressions may be considered forwardlooking statements. Forward-looking statements involve inherent risks and uncertainties. Readers should be cautioned that a number of factors could cause actual results to differ in some instances materially, from those anticipated or implied in any forward-looking statement. Forward-looking statements speak only as of the date they are made, and it should not be assumed that they have been reviewed or updated in the light of new information or future events. Trends and factors that are expected to affect the Company s results of operations are described in the Business Review and Financial Review. 1
3 Agenda Accomplishments Financial Review Business Review Long Term Strategies Open Forum 2
4 Accomplishments
5 Accomplishments Sustainable financial growth High dividend payout ratio Sales +14.8% Net profit +8.9% Gross margin 62.6% +0.4% pt Operating net cash inflow +22.3% High return to shareholders with dividend payout increased to 60% Accelerated retail expansion No. of Kappa retail stores directly or indirectly operated by the Group s distributors increased by 309 to 3,820 Extensive brand portfolio Strengthened product design & R&D capabilities Cooperated with the famous German designer Mr. Michael Michalsky and launch the Kappa P-A. C series in July 2010 Completion of Jiangsu R&D Centre with an area of 1,550 sq. m. Continued to strengthen the cooperation with University of Arts London to enhance product design capabilities 4
6 Financial Review
7 Results Highlights Change For the 6 months ended 30 June (RMB mn) (RMB mn) (%) Sales 2, , Gross profit 1, , Operating profit Profit attributable to equity holders Gross margin (%) 62.6% 62.2% +0.4% pt Operating margin (%) 44.1% 45.5% -1.4% pt (RMB cents) (RMB cents) Basic earnings per share Proposed interim and interim special dividends per share Dividend ratio (%) (including special dividend) 60% 40% +20.0% pt Sustainable top line growth Impressive return to shareholders with dividend payout increased to 60% 6
8 Results Highlights China segment overall (RMB mn) Change For the 6 months ended 30 June As a % of total sales (RMB mn) As a % of total sales Kappabrand 1, % 1, % International business and others Japan segment overall Phenix, Kappa and other brands (%) % % % % -0.7 Total sales 2, % 1, % Unique brand positioning and effective marketing initiatives fuelled sustainable sales growth of Kappa brand products in the PRC Despite an overall slowdown of the Japanese economy, sales in the Japan segment remained stable as compared to the same period of last year, as a result of the combined effects of Phenix s channel development, brand building and marketing promotion efforts The Kappa brand stays at the forefront of China s s sportswear industry, with a leading edge in its fashionable designs. It conveys an active, stylish and youthful image that appeals to a fast growing customer base, and have received high recognition from its target customer group in China. 7
9 Kappa Brand in China Segment Sales by Product RMB mn Apparel Footwear Accessories 19.4% 13.3% 12.3% Accessories 3.5%(4.7%) Footwear 21.3%(21.9%) 1, , % H 1, , For the 6 months ended 31 June Apparel 75.2%(73.4%) Remarks: Comparable figures for 1H 2009 are shown in brackets Apparel sales posted a strong 19.4% growth compared to the same period of last year, demonstrating the market leading position of the Kappa brand apparel products 8
10 Kappa Brand in China Segment Volume and Unit ASP Growth Sales Volume ASP (to Distributors) Unit % 12, RMB , % % +12.7% ,167 2,443 Apparel Footwear For the 6 months ended 30 June Apparel Footwear For the 6 months ended 30 June In the aftermath of the financial crisis when the economy was still recovering, the Group maintained product pricing at stable levels despite a downward pricing trend of products ASP of footwear products increased due to a change in sales mix to higher-priced items 9
11 Gross Margin by Geographical and Business Segment Change For the 6 months ended 30 June (%) (%) (% pt) China segment overall 64.3% 64.0% +0.3 Kappa brand 64.3% 64.1% +0.2 International business and others 38.6% 23.7% Japan segment overall 45.2% 46.2% -1.0 The Group overall 62.6% 62.2% +0.4 China Segment gross margin remained stable level The Group made the effective cost control in the situation of wages and raw material price rose. Leaded to maintain profit margin at stable level Product premium generated from Kappa brand value Consistent product pricing and discount policy to distributors 10
12 Kappa Brand in China Gross Margin by Product Change For the 6 months ended 30 June (%) (%) (% pt) Apparel 67.0% 67.6% -0.6 Footwear 55.0% 53.2% +1.8 Accessories 63.7% 62.1% +1.6 Overall 64.3% 64.1% +0.2 Apparel products maintained stable gross profit margin despite intense market competition and cost increasing stage Gross margin of footwear and accessories rose as a result of increase in product selling prices as well as effective cost control 11
13 Operating Expenses Distribution cost and administrative expenses (% of sales) Including: A&P expenses (% of sales) Employees salary and benefit expenses (% of sales) Product R&D expenses (% of sales) Change For the 6 months ended 30 June (%) (%) (% pt) 20.6% 18.1% % 5.8% % 4.5% % 2.0% +0.8 A&P expenses increased as a result of increased brand promotion efforts: Launched the first ever Kappa TVC we are One slogan campaigns World Cup advertising campaigns Increase in R&D expenses due to investment in the development of the Jiangsu R&D Centre and cooperation with Mr. Michael Michalsky to enhance product design and development 12
14 Tax Expenses at a Glance Change For the 6 months ended 30 June (RMB mn) (RMB mn) (%) Tax expenses Profit before income tax Effective tax rate (%) % pt Income tax rate of our major operating subsidiaries established in the Shanghai Pudong New Area rose from 20% for 2009 to 22% for
15 China Segment Working Capital Management Inventory Turnover Day A/R Turnover Day A/P Turnover Day For the 6 months ended 30 June For the 6 months ended 30 June For the 6 months ended 30 June Effective supply chain management and swift response to orders led to shorter inventory turnover cycle The turnover days of the China segment was maintained at a healthy level 14
16 Strong Financial Position Net cash generated from operating activities For the 6 months ended 30 June (RMB mn) (RMB mn) 1, Cash, bank balance & PRC treasury bond* As at 30 June 2010 As at 31 December 2009 (RMB mn) (RMB mn) 6, ,529.4 Current assets 7, ,073.4 Current liabilities Net assets 7, ,354.2 * As at 30 June 2010, the Group held one-year PRC treasury bond of approximately RMB508 million and financial instruments of approximately million. 15
17 Business Review
18 Business Review Brand Building Product design and R&D Network expansion Introduction of new brands Supply chain management 17
19 Brand Building - Brand Slogan we are One Realise the integration of Sport and Fashion to increase brand charisma Launched Kappa s first TV commercial in May 2010 Crossover initiatives with fashion magazine Marketing & Promotion Advertising Strategy Brand Value Break boundaries while we beat the opposition See beyond the accepted to find the exceptional Prove that sport and fashion can perfectly coexist Show that sport lives far beyond winning and losing New wave of sport and fashion, seamlessly blended 18
20 Brand Building First Kappa TVC Launched Cooperated with the sports programme Total Soccer of CCTV 5 to launch Kappa TVC on 17 May It was the first ever TVC of the Kappa brand in the PRC 19
21 Brand Building World Cup 2010 Marketing Strategy Joint promotion Kappa x Bazaar Crossover TVC Launched Kappa TVC in CCTV 5 during World Cup period Online video adv Soft online marketing to achieve network penetration Online ad Attract more Kappa fans via online ad Interactive marketing AR gaming platform to experience Kappa brand spirit Celebrity endorsement Invited DreamBoat Soccer Team to brand marketing activities Art event Creative artwares has been shown in Wangfujin and Solana, Beijing 20
22 Brand Building Kappa x Bazaar Crossover Cooperated with Bazaar to create a brand new fashionable image, which was shownon Bazaar and Bazaar Men s Style magazine in June to October issues Joint hands with Bazaar to launch the Soccer Frenzy Carnival with the presence of Dreamboat Soccer Team to show the integration of fashion and sport 21
23 Brand Building Kappa x BMW Crossover Kappa became BMW Mission 3 partner. Kappa was the clothing sponsor of contestants and staffs, and joined the marketing activities of this event With the aid of BMW platform,stepped up of Kappa brand building and established the fashion leading position of Kappa brand in consumer mind 22
24 Brand Building Kappa KaiXin Public Page Official Launched Kappa KaiXin Page is the largest and most popular interactive platform for youngsters in the PRC with the highest number of users. Most of its users are the target costomers of Kappa Kappa KaiXin Public Page: To interact with Kappa fans in a soft-selling way of brand building to increase brand awareness World Cup page Fans page & Kappa s news Interactive platform for Fans & Kappa 23
25 Brand Building Sports Marketing Sports Sponsorships with BasicNet and Brand Licensee Co-sponsorship for Italian Serie A club AS Roma (2 nd place of season) Co-sponsorship for German Bundesliga club Borussia Dortmund (5 th place of season) Official Clothing co-sponsor for Virgin Racing F1 Team 24
26 Innovative Product Design and R&D Jiangsu R&D centre Development of Jiangsu R&D centre with a total area of over 1,550 sq. m. completed Product R&D is being conducted on a synchronous basis between the PRC and Japan as technical personnel at the R&D centre and the Japan counterpart carry out their work using the same software platform With the gradual transfer to the PRC R&D centre of Phenix s technology and experience from more than 50 years in business, the technical qualities of the Group s products will be greatly enhanced Kappa P-A. P C Cooperated with Michael Michalsky, a famous German designer, and launched Kappa P-A.C in July 2010 Underpinned by the idea of a green and healthy life and neat designs, developed simple, young and fashion apparel Register higher profit margin as the Kappa product lines continue to expand on the back of research and development strengths fostered through cooperation with in-house and guest designers of different nationalities 25
27 Network Expansion in China As at 30 June 2010 As at 31 December 2009 Change No. of retail stores 3,820 3, Heilongjiang (172) <25 Retail stores Jilin (134) Shenyang 25 to 50 Retail stores 50 to 100 Retail stores Tibet (6) Xinjiang (46) Qinghai (10) Sichuan (211) Yunnan (96) Inner Mongolia (63) Ningxia (9) Gansu (23) Shaanxi (68) Chongqing (94) Guizhou (64) Guangxi (51) Shanxi (88) Beijing (144) Hunan (133) Hebei (191) Henan (103) Hubei (166) Jiangxi (78) Tianjin (71) Shandong (236) Guangdong (294) Fujian (165) Liaoning (208) Jiangsu (266) Anhui (158) Nanjing Shanghai Hangzhou (101) Zhejiang (341) Taiwan >100 Retail stores JV with distributors Macao (4) Hainan (26) 26
28 Expanse new brand business RDK Business Although operation of RDK retail stores during 1H 2010 was intended as a market-testing exercise, sales performance already exceeded management team and distributors expectation Launched a variety of marketing activities. Prior to the Presentation of Fashion Trends for Fall/Winter 2010, marketing activities for RDK in different formats were launched, such as Weekend Surprise and SUMMERHILL musical performance, where we interacted with consumers via cross-media activities in different art forms 27
29 Expanse new brand business Japan Market Business Enhanced the product development of outdoor product series under Phenix brand to pave the way for introduction of Phenix brand in the PRC Sponsored world s leading ski teams and athletes to promote Phenix brand Official clothing and equipment sponsor for Norwegian National Alpine Ski Team Official clothing sponsor for Norwegian National Team in Winter Olympics Opened Kappa flagship stores in Osaka and Sapporo, Japan 28
30 Supply Chain Management Established strategic cooperation with core suppliers Enhanced cost structure to achieve win-win situation Reduced cost and enhanced efficiency by stocking up suitable raw materials for production lines Speeded up order response rate to achieve enhancement in inventory management (inventory turnover day reduced by 5 days y-o-y) 29
31 Long Term Strategy
32 Long Term Strategy Stepping up of brand building and brand value promotion International cooperation for R&D Upgrade Development of RDK and multi-brand opreations 拓展新业务推进多品牌运营 Sales channel expansion and retail management improvement 31
33 Stepping up of brand building and brand value promotion Increase brand awareness through multi-dimensional advertising and promotion campaigns New Kappa TV commercial will be launched in 2H 2010 Continual sponsorship for national sports events, such as China Open Tennis Championships and WGC-HSBC Golf Champions. Enter into cooperation arrangement with BasicNet in respect of sponsorship for global sports events and clubs 32
34 Sales channel expansion and retail management improvement Accelerate the pace of expansion and penetration of Kappa stores in first tier cities A point-of-sale system will be developed for product planning and retail management Strengthen control and management of retails stores which will ultimately increase operational efficiency 33
35 International cooperation for R&D upgrade Continue to work with Mr. Michalsky and make use of additional resources of the international design pool, such as UAL, Phenix in Japan as well as BasicNet in Italy, to further solidify the leading position of the Kappa brand in the fashion sportswear industry R&D center in Taicang, Jiangsu will continue to absorb R&D technology from Phenix in Japan, aiming to enhance the product competitiveness 34
36 Development of RDK and multi-brand operations More efforts on development of RDK in China will be paid effectively enter into such high-end sportswear market characterized by faster growth and less competition in China Further accelerate its pace towards multi-brand operations, which could in turn provide positive contribution to overall sales A Strong Portfolio of Brands 35
37 Open Forum
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