1184287012505 0

Information about 1184287012505 0

Published on April 24, 2008

Author: Marietta1

Source: authorstream.com

Content

Slide1:  Annual Results 2006 Stock code: 8245 HK March 2007 Agenda:  Agenda Major Accomplishments Financial Highlights Business Review Post Balance Sheet Events, Future Plans & Strategies Open Forum Slide3:  Major Accomplishments Major Accomplishments:  Major Accomplishments Successfully listed on the GEM Board of the HKEX on 25 Sept 2006 Raised net proceeds excluding issuing expenses of over HK$584 million Annual results recorded stable growth Turnover and profit attributable to shareholders increased 9.9% and 32.6% respectively Proposed final dividend of RMB15.0 cents (including tax) Consolidate the leading position in Greater Beijing Region Extend the coverage of retail network and number of retail outlets rose from 158 in 2005 to 171 in 2006 Enhanced the distribution function of the live and fresh produce logistics center to further improve operating efficiency Same store growth of 2006 increased to 6.6% (2005: 4.8%) Recorded stable growth in wholesale business as the business in other location such as Tianjin, Shijiazhuang of Hebei Province, and Qingdao of Shandong Province are getting mature Financial Highlights:  Financial Highlights Financial Summary:  * The Group was listed on 25 September 2006 and the calculation of earnings per share for the year is based on the weighted average number of 283,672,055 shares (2005: 246,620,000 shares). FY2006 (audited) FY2005 (audited) Turnover Gross profit Profit attributable to shareholders Basic earnings per share (RMB) Final dividend per share (RMB) For the year ended 31 December Change 4,121,748 500,081 75,098 30.5 cents 22.9 cents +9.9% +12.9% +32.6% N/A N/A RMB ’000 Financial Summary 4,530,975 564,590 99,577 35.1 cents* 15.0 cents* Retail Business - Revenue and Gross Profit :  Retail Business - Revenue and Gross Profit Retail business: Revenue increased by approximately 11.5% as compared to last year Gross profit rose by approximately 15.4 as compared to last year Revenue Gross Profit 2.5% 11.5% 7.7% 14.0% (RMB million) (RMB million) Year ended Dec 31 Year ended Dec 31 Wholesale Business - Revenue and Gross Profit :  Wholesale Business - Revenue and Gross Profit Revenue Gross Profit and Margin 32.1% 8.3% 57.2% 11.2% Wholesale business: Revenue increased by approximately 8.3% as compared to 2005 Gross profit rose approximately 11% as compared to 2005 Gross profit margin increased from approximately 10% to 10.3% in 2006 (RMB million) (RMB million) Year ended Dec 31 Year ended Dec 31 10.0 8.4 10.3 (%) Revenue and Profit Margin Breakdown by Retail Segments:  Hypermarkets Convenience Stores Supermarkets Revenue and Profit Margin Breakdown by Retail Segments 6.2% 0.2% 8.7% Revenue from hypermarkets, supermarkets and convenience stores accounted for approximately 30.5%, 61.8% and 7.7% of total revenue from retail business respectively Year ended Dec 31 Turnover Breakdown by Retail Segments 0.9% 17.8% 9.9% (RMB million) Profit Margin Increase in profit margin of retail business: Higher profit margin from live and fresh produce Continue to adjust product mix Bulk purchase lowered the merchandising cost Hypermarkets Supermarkets Convenience Stores 13.3 14.7 14.8 (%) Year ended Dec 31 13.0 13.9 13.6 14.6 14.5 14.8 Business Statistics by Format:  Business Statistics by Format Improvement in business operations: Improve the logistics and distribution function Centralised distribution capability extended from pork, fruits and vegetables to beef and mutton to enhance food safety and increase gross profit margin Enhance the classification management of operation area to increase storeroom capacity for further storing 50,000 cartons of goods Enhancement of information management system Placed more emphasis in analyzing operating statistics based on real-time data in order to formulate sales plans Refurbished and upgraded 4 supermarkets Enhance the formality of operation and standardisation of chain stores Operating Expenses:  Operating Expenses Stringent cost control 2004 2005 2006 87.5% 9.3% 2.4% 88.7% 8.9% 2.5% 87.9% 9% 2.2% Cost of Sales Selling & distribution costs Administrative expenses For the year ended 31 Dec As a percentage of revenue Key Financial Figures:  Key Financial Figures Gross profit margin EBITDA margin EBIT margin Net profit margin Effective tax rate Return on equity Current ratio Net gearing ratio Key Financial Ratios As at Dec 31 12.1% 5.3% 4.0% 1.8% 32.4% 20.9% 0.82 128.6% 2005 12.5% 6.1%(1) 4.7%(1) 2.0%(1) 36.1% 22.4%(2) 1.15 13.8% 2006 After adjustment for interest income of RMB 23.1 million (related tax of RMB 7.6 million) earned from over-subscription and foreign exchange loss of RMB 6.4 million After adjustment for note (1) and increase in equity from listing proceeds Key Financial Figures (Cont’d):  Key Financial Figures (Cont’d) Key Financial Ratios As at Dec 31 2005 2006 Inventory turnover days Debtor turnover days Creditor turnover days Fixed assets turnover Operating lease / revenue Staffing expenses / revenue Finance costs / sales Retail: revenue / employee (RMB) 37 38 64 8.3x 1.0% 4.3% 0.5% 586,000 41 37 64 8.2x 1.1% 4.6% 0.6% 598,000 Use of Proceeds:  * Period from 25 September 2006 (Date of listing) to 31 December 2006 Use of Proceeds Application of Proceeds Actual Application* IPO Proceeds Expansion of retail distribution network in the PRC Increase operating efficiency Brand building Total 356,600 175,400 52,600 584,600 82,704 26,145 43,508 152,357 HK$’000 Slide15:  Business Review Expansion of Retail Network:  Expansion of Retail Network Expansion of retail network in 2006: 1 hypermarket 14 supermarkets 4 convenience stores Number of Retail Outlets directly operated by the Group as at the date indicated: Number of franchised stores: 2005 Hypermarket Supermarket Convenience Stores 4 26 35 65 2006 5 38 39 82 As at 31 December 2005 Supermarket Convenience Stores 5 88 93 2006 1 88 89 As at 31 December Net operating area (sq. m.) in 2006: Supermarkets Hypermarkets Directly-operated Franchise-operated 87,117 880 87,997 44,938 - 44,938 Convenience Stores 8,841 16,977 25,818 As at 31 December 2006 Wholesale Business :  Wholesale Business Innovation to internal operation and management system Restructuring in terms of classification and specialization of operating entities to type of merchandise or brands Modification of staff remuneration based on performance and results Continue to increase the number of branded products under sole distributorship Expansion of distribution network And more Greater Beijing Region Network Shandong Hebei Tianjin Strengthened the strategic relationship with over 80% of local customers Post Balance Sheet Events, Future Plans & Strategies:  Post Balance Sheet Events, Future Plans & Strategies Post Balance Sheet Events - Proposal of Main Board Migration:  Post Balance Sheet Events - Proposal of Main Board Migration Proposed the migration of listing of H shares from GEM to the Main Board of Stock Exchange Held an EGM on 20 March 2007 Further expand shareholder base Enhance the liquidity of H shares Beneficial to the Group in terms of future growth, financing flexibility and business development Slide20:  Acquired 11.04% of the enlarged issued capital of Shou Lian Act as a trustee of 45.30% shares during delegation period, which altogether represents 56.34% pf the voting rights in total The Group has been granted the purchase right and right of first refusal during delegation period Shou Lian’s retail network will be operated under “Jingkelong” brand name through franchise agreement Synergy effects through integrated merchandizing, IT system, logistics and staff training Will significantly enhance the Group’s leading position in the Greater Beijing region Post Balance Sheet Events - Acquisition of Shou Lian 2007 China Industry Outlook:  2007 China Industry Outlook Continue to benefit from sustainable growth of PRC economy and the increasing domestic consumption demand Consumer products markets will be boosted with the hosting of 2008 Beijing Olympic Games Maintain an optimistic outlook despite keen competition among foreign and local operators Increasing M&A opportunities as market becomes more concentrated Future Plans and Strategies:  Our 5 key business objectives going forward are: Further expand our Distribution Network in Greater Beijing Region, Eastern and Northern China Upgrade Logistics and Distribution Centers to further improve distribution capability and strengthen the strategic co-operated relationship with suppliers Upgrade Retail Outlets to strengthen customers’ loyalty Continue to reduce operating costs as a percentage of revenue Continue to invest in management information systems Future Plans and Strategies Our Vision:  Our Vision Become One of the Leading Integrated Retail and Wholesale Distribution Operators in the Greater Beijing Region Open Forum:  Open Forum

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