麗豐股份有限公司 (4137.TT) Chlitina Holding Limited Chlitina Holding Limited. Group Introduction

Transcription

1 麗豐股份有限公司 (4137.TT) Chlitina Holding Limited Chlitina Holding Limited Group Introduction

2 Table of Contents 2015Q1~Q3 Performance Planning and Development 2

3 Table of Contents 2015Q1~Q3 Performance Planning and Development 3

4 2015 Performance The consolidated revenue in 2015Q3 was NTD 1,137,258K, a 58.0% increase from NTD 719,995K in 2014Q3. The consolidated operating profit in 2015Q3 was 356,572 K a 67.2% increase from NTD 213,269 K in 2014Q3. The consolidated net income in 2015Q3 was NTD 326,584K, the net margin was 28.7%. The consolidated net income in 2014Q3 was NTD 175,551 K, the net margin was 24.4%. The basic EPS in 2015Q3 was NTD

5 2015Q1-Q3 Financial Performance GP margin % Net profit margin % 78.4% 80.7% 75.0% 25.7% 24.6% 25.0% , Q3 Q1 Q2 Q3 Q Q3 Q1 Q2 Q3 Q4 Revenue m NTD PAT m NTD 5

6 2015Q3 Financial Performance EPS(NT$) 8.72 EPS Trend EPS(NT$) Y2012 Y2013 Y Q Q3 Note: EPS based on shares issued on September 30, 2015 (79,492K) Item Y2012 Y2013 Y Q Q3 Net profit (K NT$) 2015Q3 shares balance Basic EPS (NT$) EPS of shares issued(nt$) 590, , ,837 79,492 79,492 79, , ,584 79,492 79,

7 2015Q3 GPM Analysis GPM by Channels Units: NTD million Channel Franchise Salons Q1 2015Q2 2015Q3 Revenue GPM Revenue GPM Revenue GPM Revenue GPM Revenue GPM 2, % 2, % % % % Semi-FG Sales % % % % % Trademark Licensing % % % % Total 2, % 3, % % % 1, % 7

8 2015Q1-Q3 Revenue Analysis m NTD Chlitina Revenue Analysis 3,500 3,000 2,500 2,000 1,500 1, % 4.7% 47.0% 39.3% 14.1% 1.4% 1.0% 3.8% 38.2% 7.8% 12.5% 11.3% 1.9% 35.4% 41.4% 31.1% Others Manufacturing Trademark Licensing Body Products Salon Poducts At-Home Skincare Q1-Q3 8

9 9 Financial Analysis NTD million Income Statement Summary 2014 Q1-Q Q1-Q3 2014Q3 2015Q3 Sales Revenue 2,153,050 2,953, ,995 1,137,258 Gross Profit 1,752,461 2,213, , ,600 OP Expense 1,119,100 1,371, , ,028 OP Profit 633, , , ,572 Net Income 534, , , ,584 Basic EPS (NTD) Q1-Q3 YOY (%) 2015Q3 37.2% 58.0% 26.3% 41.6% 22.5% 27.2% 33.0% 67.2% 38.2% 86.0% 38.2% 86.0% Gross Margin 81.4% 75.0% 82.5% 73.9% OP Margin 29.4% 28.5% 29.6% 31.4% Net Margin 24.8% 25.0% 24.4% 28.7%

10 Financial Analysis NTD million Q3 Total Assets 4,338 4,399 4,636 Cash 2,646 2,410 2,370 AR & Other Receivables Balance Sheet Summary Inventory Fixed Asset 1,109 1,149 1,121 Total Liabilities 1,372 1,070 1,063 Bank Loans AP & Other Payables Total Equity 2,966 3,330 3,573 YOY (%) Q (8.9) (1.7) (2.4) (22.0) (0.7) (100.0) ROA 22.0% 17.6% 21.80% ROE 35.0% 24.0% 28.50% Net cash* 2,397 2,627 2,370 *Net cash = cash & cash equivalents + other current financial assets (time deposits, money market fund and government bond related) bank loans Note: The increase of AR and OR mainly due from the increase of trademark licensing revenue and semi-fg sales to Kelti China. 10

11 Table of Contents 2015Q1~Q3 Performance Planning and Development 11

12 Market Landscape Cosmetics Market Scale in China China: a blossoming market Units: RMB 100 mn e 2016e 2017e 2018e 2019e Source:Euromonitor(May 2015) 12

13 Brand Benefiting from Brand Positioning & Investment Channel Product The Chlitina brand is positioned at the affordable luxury level, targeting rising middle-class consumers in China. Chlitina focuses on fast-growing market segments: high-end skincare & high-end beauty products. 1,200 1, Million 1,042 Surging Middle-Incomers in China -4% % CAGR E % < $7,500 $7,501-80,000 > $80,000 Source: Euromonitor (May 2012). Annual Income (US$) 13

14 Brand Chlitina Brand TV program sponsorship Channel Product Zhejiang Satellite TV- Love Village Hubei Satellite TV- If you love Product Display Flagship Store Scene 14

15 Channel Brand Product Chlitina Brand Magazines and Billboards Newspaper and Magazines Billboards in Shanghai Taipei Taoyuan International Airport Lightboxes 15

16 Brand A Clear Strategy to Realize Franchise Value Channel Product Asset-light, franchise-based model to capture growth opportunity in the China beauty industry 25 well-established branch offices to ensure business strategy is effectively carried out to each region and store cover up to 70% of China s population Pleasing our customers is our top priority, but we place equal emphasis on our franchisees. We strive to develop a franchise model that inspires entrepreneurship among franchisees increases franchisee and customer stickiness Resilient Store Portfolio 50% 30% Source: company data > 3 yrs > 5 yrs Store age 16

17 CHLITINA The Most Scalable Skincare Franchise in China with over 3,500 Exclusive Stores, and Still Growing Channel Brand Product Xinjiang Uyghur Autonomous Region 10 locations Tibet Autonomous Region 4 locations Northeast China North China East China Southeast China Northwest China Southwest China Taiwan Qinghai 1 location Chengdu Flagship store Inner Mongolia Autonomous Region 113 locations Ningxia Hui Autonomous Region 7 locations Gansu 4 locations Hebei Shanxi 108 locations 83 locations Shaanxi 51 locations Sichuan 100 locations Chongqing City 52 locations Yunnan 13 locations Guizhou 39 locations Liaoning 80 locations Beijing City 224 locations Tianjin City 175 locations Henan 58 locations Hubei 202 locations Hunan 201 locations Guangxi Zhuang Autonomous Region 23 locations Hainan 8 locations Anhui 132locations Jiangxi 115 locations Guangdong 367 locations Shandong 123 locations Heilongjiang 39 locations Jilin 31 locations Jiangsu 365 locations Shanghai City 335 locations Zhejiang 447 locations Fujian 66 locations Shanghai Flagship store Taiwan 225 locations Taipei Flagship store 17

18 Channel Brand Product There is Still Substantial Untapped Potential in Lower Tier Cities Q3 No of Cities Penetrated Q3 Total Q3 # of Stores % of Total Sales (NT$ K) % of Total Tier 1 Cities % 583, % Tier 2 Cities % 396, % Tier 3 Cities % 305, % Tier 4 & 5 Cities % 718, % Franchisee sales % 2,004, % Others* 968,376 Total 2,972,646 *Others include HK/Taiwan sales, sales from related party, and franchise fees 18

19 Brand Selling 3DR and Peekaboo through Kelti China s Direct Sales Channel Channel Product Manufacturing of Licensed Semi-Finished Products R&D+ Raw Materials+ Formula+ Labor Manufacturing of Finished Products Filling and Packaging Selling of Products Direct Sales Channel Licensing of Products Trademark License agreement with Kelti China in 2012: if Kelti s monthly sales from licensed products exceed RMB10mn, Chlitina recognizes 6% of sales as trademark licensing income. GPM: 17-20% Net M: 13-15% GPM: 100% Net M: 83-84% 19

20 Channel Brand Product Mid-high end e-commerce brand: to enhance the stickiness of the existing franchise salon channel Products focused on beauty and health A wider consumer group Products in Each Channel Chlitina E-commerce Franchise Salon Brand Licensing Lifestyle Beauty High personalization Products+ Service+ Equipment+ Extensions 3DR : facial skincare products Peekaboo : color cosmetics, at-home skincare, body products 20

21 Thanks For Your Attention!