00157自然美 中期报告.ppt

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1、二零一一年中期報告Interim Report 2011,2,5,27,28,29,31,32,Contents目錄Corporate Information公司資料Management Discussion and Analysis管理層討論及分析,1820,Corporate Governance企業管治Other Information其他資料Condensed Consolidated Statement of Comprehensive Income簡明綜合全面收益表Condensed Consolidated Statement of Financial Position簡明綜合財

2、務狀況報表Condensed Consolidated Statement of Changes in Equity簡明綜合權益變動表Condensed Consolidated Statement of Cash Flows簡明綜合現金流量表Notes to the Condensed Consolidated Financial Statements簡明綜合財務報表附註,2,Corporate Information公司資料,Board of DirectorsExecutive DirectorsDr.Tsai Yen Yu(alias Dr.Tsai Yen Pin)(Chairper

3、son)Mr.Lee Ming Ta(alias Mr.Lee Ming Tah)(Vice Chairman)Non-Executive DirectorsDr.Su Chien ChengDr.Su Sh HsyuMr.Gregory Michael ZeluckMr.Patrick Thomas Siewert(Vice Chairman)Ms.Ng Shieu Yeing ChristinaMs.Feng Janine JunyuanIndependent Non-Executive DirectorsMr.Francis GoutenmacherMs.Su-Mei ThompsonM

4、r.Chen Ruey LongMr.Yang Tze KaingAuthorised RepresentativesMr.Lee Ming Ta(alias Mr.Lee Ming Tah)Dr.Su Chien ChengCompany SecretaryMr.Chan Yan Kwan,AndyMembers of the Audit CommitteeDr.Su Chien ChengMs.Ng Shieu Yeing ChristinaMr.Francis GoutenmacherMs.Su-Mei ThompsonMr.Chen Ruey LongMr.Yang Tze Kaing

5、Natural Beauty Bio-Technology Limited Interim Report 2011,董事會執行董事蔡燕玉博士（又名蔡燕萍博士）（主席）李明達先生（副主席）非執行董事蘇建誠博士蘇詩琇博士Gregory Michael Zeluck先生施維德先生（副主席）吳秀瀅女士馮軍元女士獨立非執行董事Francis Goutenmacher先生周素媚女士陳瑞隆先生楊子江先生法定代表李明達先生蘇建誠博士公司秘書陳仁君先生審核委員會成員蘇建誠博士吳秀瀅女士Francis Goutenmacher先生周素媚女士陳瑞隆先生楊子江先生,3,Corporate Information公司資

6、料,Members of the Remuneration CommitteeDr.Tsai Yen Yu(alias Dr.Tsai Yen Pin)Dr.Su Sh HsyuMr.Patrick Thomas SiewertMr.Gregory Michael ZeluckMs.Su-Mei ThompsonMr.Chen Ruey LongMembers of the Executive CommitteeDr.Tsai Yen Yu(alias Dr.Tsai Yen Pin)Dr.Su Sh HsyuMr.Patrick Thomas SiewertMr.Gregory Michae

7、l ZeluckMr.Francis GoutenmacherMr.Yang Tze KaingRegistered OfficeP.O.Box 309Ugland HouseGrand CaymanKY1-1104Cayman IslandsHead Office and Principal Place ofBusiness in Hong KongUnit 3512,35/FThe Center99 Queens Road CentralCentralHong KongAuditorDeloitte Touche TohmatsuCertified Public Accountants35

8、/F One Pacific Place88 QueenswayHong Kong,薪酬委員會成員蔡燕玉博士（又名蔡燕萍博士）蘇詩琇博士施維德先生Gregory Michael Zeluck先生周素媚女士陳瑞隆先生執行委員會成員蔡燕玉博士（又名蔡燕萍博士）蘇詩琇博士施維德先生Gregory Michael Zeluck先生Francis Goutenmacher先生楊子江先生註冊辦事處P.O.Box 309Ugland HouseGrand CaymanKY1-1104Cayman Islands總辦事處及香港主要營業地點香港中環皇后大道中99號中環中心35樓3512室核數師德勤關黃陳方會計師

9、行執業會計師香港金鐘道88號太古廣場一期35樓自然美生物科技有限公司 二零一一年中期報告,4,Corporate Information公司資料,Legal AdvisersKing&Wood9/F Hutchison House10 Harcourt RoadCentralHong KongPrincipal BankersThe Hongkong and Shanghai Banking Corporation Limited1 Queens Road CentralHong KongLand Bank of TaiwanNo.76,Section 2,Tun Hua South Road

10、TaipeiTaiwanMega International Commercial BankNo.62,Section 2,Tun Hua South RoadTaipeiTaiwanAgricultural Bank of ChinaShanghai Branch3rd Floor,26 Zhong Shan Dong Yi RoadShanghaiThe PRCBank of CommunicationsShanghai Branch,Zhabei Sub-branch211 Hengtong RoadShanghaiThe PRCW Beauty Bio-Technology Limit

11、ed Interim Report 2011,法律顧問金杜律師事務所香港中環夏愨道10號和記大廈9樓主要往來銀行香港上海滙豐銀行有限公司香港皇后大道中1號台灣土地銀行台灣台北敦化南路2段76號兆豐國際商業銀行台灣台北敦化南路2段62號中國農業銀行上海市分行中國上海中山東一路26號3樓交通銀行上海市分行閘北支行中國上海恆通路211號網址,5,Management Discussion and Analysis管理層討論及分析,FINANCIAL REVIEW,財務回顧,Turnover bygeographical region,按地域劃分之營業額,1H2011二零一一年上半年HK$000,1H

12、2010二零一零年上半年HK$000,Changes變動HK$000,千港元,%,千港元,%,千港元,%,PRCTaiwanOthersTotal,中國大陸台灣其他總計,230,27854,8283,370288,476,79.8%19.0%1.2%100.0%,167,73057,2304,645229,605,73.1%24.9%2.0%100.0%,62,548(2,402)(1,275)58,871,37.3%-4.2%-27.4%25.6%,During the six months ended 30 June 2011,turnover of the Group increased

13、by 25.6%to HK$288.5 million when compared with the turnover ofHK$229.6 million for the six months ended 30 June 2010,due to an increasein product sales of HK$59.8 million generated from the strong performanceof the new concept stores and higher average sales per store in the PRC.Turnover in the PRC

14、market increased by 37.3%from HK$167.7 millionto HK$230.3 million for the six months ended 30 June 2011.The increasein turnover was mainly due to a HK$62.9 million increase in product sales.Meanwhile,service income declined by HK$300,000 from HK$1.4 million forthe six months ended 30 June 2010 to HK

15、$1.1 million for the correspondingperiod of 2011 as a result of closures of two of the Groups self-owned spasduring 2011.Turnover in Taiwan dropped 4.2%to HK$54.8 million for thesix months ended 30 June 2011 compared with HK$57.2 million for the sameperiod in 2010 due to the stagnant consumer market

16、 in Taiwan.The Groupalso closed two self-owned spas in Taiwan during the first six months in 2011.Affected customers were transferred to independent franchisees.Sales from other regions,including Hong Kong,Macau and Malaysia,decreased 27.4%to HK$3.4 million for the six months ended 30 June 2011due t

17、o the closure of a self-owned spa in Hong Kong.The contribution fromthese regions remained at an insignificant level of 1.2%of the Groupsturnover.,截至二零一一年六月三十日止六個月，本集團之營業額較截至二零一零年六月三十日止六個 月 之 營 業 額 229,600,000 港 元 上 升 25.6%至288,500,000港元，原因為新概念店表現強勢所產生之產品銷售增加59,800,000港元，且位於中國之每間店鋪平均銷售額均有所增長。截至二零一一年

18、六月三十日止六個月，中國大陸市場之營業額由167,700,000港元增加37.3%至230,300,000港元。營業額上升之主要原因為產 品 銷 售 額 增 加 62,900,000 港 元。此 外，由 於本集團於二零一一年關閉兩間自資經營水療中心，故服務收入由截至二零一零年六月三十日止 六 個 月 之 1,400,000 港 元 減 少 300,000 港 元 至截至二零一一年同期之1,100,000港元。截至二零一一年六月三十日止六個月，台灣方面之營業 額 達 54,800,000 港 元，較 二 零 一 零 年 同 期 之57,200,000港元下跌4.2%，原因為台灣消費市場不景氣。於

19、二零一一年首六個月期間內，本集團另關閉台灣兩家自資經營水療中心。受影響客戶已由獨立加盟者接收。包括香港、澳門及馬來西亞等在內其他地區截至二零一一年六月三十日止六個月之銷售額由於關閉香港一間自資經營水療中心而下降27.4%至3,400,000港元。該等地區之貢獻所佔比例並不重大，佔本集團營業額1.2%。自然美生物科技有限公司 二零一一年中期報告,6,Management Discussion and Analysis管理層討論及分析,FINANCIAL REVIEW(Continued)The Groups overall gross profit margin widened from 69.

20、4%for the sixmonths ended 30 June 2010 to 77.8%for the same period in 2011.Duringthe six months ended 30 June 2010,the Group decided to discontinuenon-performing product lines and shifted its focus to more profitable coreproducts.As a result,a non-cash provision of HK$24.9 million for slowmoving and

21、 obsolete inventories was charged to Cost of Sales.A non-cashprovision of HK$346,000 was charged to Cost of Sales for the same period in2011.,財務回顧（續）本集團之整體邊際毛利率由截至二零一零年六月三十日止六個月之69.4%擴大至二零一一年同期之77.8%。截至二零一零年六月三十日止六個月，本集團決定終止表現未如理想之產品系列，轉為集中銷售盈利更豐厚的核心產品。因此，就滯銷及陳舊存貨作出之非現金撥備24,900,000港元自銷售成本扣除。非現金撥備346

22、,000港元於二零一一年同期自銷售成本扣除。,1H2011,1H2010,二零一一年,二零一零年,Changes,Turnover by activities,按業務劃分之營業額,上半年HK$000千港元,上半年HK$000千港元,變動HK$000千港元,%,Products,產品,PRCTaiwanOthersTotal,中國台灣其他總計,229,14352,2403,298284,681,166,28854,3554,246224,889,62,855(2,115)(948)59,792,37.8%-3.9%-22.3%26.6%,Services,服務,PRCTaiwanOthersTo

23、tal,中國台灣其他總計,1,1352,588723,795,1,3992,8753994,673,(264)(287)(327)(878),-18.9%-10.0%-82.0%-18.8%,Entrustment,委託經營,PRCTaiwanOthersTotal,中國台灣其他總計,4343,(43)(43),-100.0%n/an/a-100.0%,Natural Beauty Bio-Technology Limited Interim Report 2011,7,Management Discussion and Analysis管理層討論及分析,FINANCIAL REVIEW(Co

24、ntinued),財務回顧（續）,1H2011,1H2010,Changes,Turnover by activities 按業務劃分之營業額,二零一一年上半年HK$000,二零一零年上半年HK$000,變動HK$000,千港元,%,千港元,%,千港元,%,ProductsServicesEntrustmentTotal,產品服務委託經營總計,284,6813,795288,476,98.7%1.3%0.0%100.0%,224,8894,67343229,605,97.9%2.1%0.0%100.0%,59,792(878)(43)58,871,26.6%-18.8%-100.0%25.6%

25、,ProductsThe Group is principally engaged in the manufacturing and sale of a selectedrange of products,including skin care,beauty,aroma-therapeutic products,health supplements and color make-up,under the“Natural Beauty”brandname.Sales of products constitute the Groups key revenue contributor andare

26、primarily derived from franchised spas,self-owned spas and concessionarycounters in department stores.Sales of products for the six months ended30 June 2011 amounted to HK$284.7 million,or 98.7%of the Groupstotal revenue,representing an increase of HK$59.8 million when comparedwith sales of HK$224.9

27、 million(or 97.9%of the Groups total revenue),forthe same period in 2010.The increase in product sales was mainly driven bythe PRC,where sales rose by HK$62.9 million on the back of strong growthmomentum for the new concept stores and higher productivity per store.Gross margin on sales of products f

28、or the period widened from 74.4%for thesix months ended 30 June 2010 to 80.9%for the corresponding period in2011.,產品本集團主要以自然美品牌製造及銷售護膚產品、美容產品、香薰產品、健康食品及彩妝等各式各樣產品。產品銷售為本集團主要收益來源，且主要源自加盟水療中心、自資經營水療中心及百貨公司專櫃。截至二零一一年六月三十日止六個月之產品銷售額達284,700,000港元（或佔本集團總收入98.7%)，較二零一零年同期之銷售額224,900,000港元（或佔本集團總收入97.9%）增加5

29、9,800,000港元。產品銷售額增加主要由於中國大陸銷售額受惠於新概念店之強勁增長動力及每間店鋪生產力有所提升而上漲62,900,000港元所推動。期內產品銷售之邊際毛利由截至二零一零年六月三十日止六個月之74.4%擴大至二零一一年同期之80.9%。,1H2011,1H2010,Changes,Service income,服務收益,二零一一年上半年HK$000,二零一零年上半年HK$000,變動HK$000,千港元,%,千港元,%,千港元,%,Training incomeSPA service incomeOthersTotal,培訓收益水療服務收益其他總計,662,6321,0973,

30、795,1.7%69.4%28.9%100.0%,3703,7405634,673,7.9%80.0%12.1%100.0%,(304)(1,108)534(878),-82.2%-29.6%94.8%-18.8%,自然美生物科技有限公司 二零一一年中期報告,8,Management Discussion and Analysis管理層討論及分析,FINANCIAL REVIEW(Continued)ServicesService income is derived from the self-owned spas services,training andother services.The

31、 Group provides skin treatment,beauty and spa services through itsself-owned spas.The Groups strategy is to establish self-owned spas asmodel outlets in strategic locations to stimulate overall sales of products tofranchisees.Service income is solely derived from the Groups self-owned spas.The Group

32、does not share any service income generated from spas run by franchiseesunder its current franchise arrangements.The service income the franchiseesderive from the spas covers their operating expenses such as rentals,salariesand utilities.During the period under review,service income decreased by18.8

33、%to HK$3.8 million when compared with HK$4.7 million for the sameperiod in 2010.The decrease was mainly due to the closures of four self-owned spas during 2011(two in the PRC and two in Taiwan).EntrustmentEntrusted spas,which were formerly operated by the Group,are owned bythe Group and operated by

34、reputable operators.In order to allocate financialand human resources more efficiently,the Group puts in place entrustmentarrangements in the PRC under which its self-owned spas are entrustedto local reputable operators.The operators are responsible for selling theGroups products in their stores,and

35、 are entitled to all profits and responsiblefor all losses from the operations.The Group,meanwhile,receives a fixedannual entrustment fee from the operator until its initial investment in the spais repaid,at which point,the entrusted spa becomes a regular franchised spa.During the six months ended 3

36、0 June 2011,no entrustment income wasrecorded,compared with HK$43,000 recorded for the same period in 2010.The decline in entrustment income was attributable to the expiry of theremaining entrustment arrangements in 2010.The Group had no entrustedspas as at 30 June 2011.Other incomeOther income main

37、ly comprised rental income of other properties,interestincome and financial refunds,in the respective amounts of HK$700,000,HK$1.8 million and HK$4.5 million for the six months ended 30 June 2011.Other income decreased by 25.2%,or HK$2.7 million for the six monthsended 30 June 2011,from HK$10.5 mill

38、ion for the six months ended 2010.The decrease was mainly due to a reduction in financial refunds amounting toHK$3.4 million during the period under review.Natural Beauty Bio-Technology Limited Interim Report 2011,財務回顧（續）服務服務收益源自資經營水療中心服務、培訓及其他服務。本集團透過其自資經營水療中心提供肌膚護理、美容及水療服務。本集團之策略乃於戰略位置將自資經營水療中心打造成

39、模範門店，以刺激加盟者之整體產品銷售額。服務收益僅源自本集團之自資經營的水療中心。由於按其現行加盟經營安排，本集團不能分佔該等加盟者經營水療中心所得任何服務收益。加盟水療中心產生之服務收益包括如租金、薪金及水電等之經營開支。於回顧期內，服務收益較二零一零年同期之4,700,000港元減少18.8%至3,800,000港元。有關減少主要由於二零一一年內關閉四間自資經營水療中心（兩間位於中國及兩間位於台灣）所致。委託經營以往由本集團經營之委託經營水療中心現由本集團擁有並由信譽昭著之經營者經營。為更有效分配財務及人力資源，本集團在中國大陸推出委託經營安排，委託當地知名經營者經營自資經營之水療中心。經

40、營者於彼等之店內銷售本集團產品，並有權享有經營所得之全部收益，並須自負盈虧。本集團同時向經營者每年收取定額委託經營費用，直至水療中心之初步投資額獲清償為止。屆時委託經營之水療中心成為一般加盟水療中心。截至二零一一年六月三十日止六個月，並無錄得委託經營收益，而二零一零年同期則錄得43,000港元。委託經營收益減少乃由於餘下委託經營安排於二零一零年屆滿所致。於二零一一年六月三十日，並無委託經營之水療中心。其他收益截至二零一一年六月三十日止六個月的其他收益主要包括其他物業之租金收益、利息收益及財務退款，金額分別為700,000港元、1,800,000港元及4,500,000港元。截至二零一一年六月三

41、十日止六個月，其他收益較截至二零一零年止六個月之 10,500,000 港 元 減 少 2,700,000 港 元，減 幅 為25.2%。下降主要由於回顧期內財務退款減少達3,400,000港元所致。,9,Management Discussion and Analysis管理層討論及分析,FINANCIAL REVIEW(Continued)Distribution and administrative expensesDistribution and selling expenses as a percentage of the Groups turnoverincreased signi

42、ficantly to 33.8%for the six months ended 30 June 2011compared with 29.5%for the corresponding period in 2010.Total expensesincreased by HK$29.8 million from HK$67.8 million for the six months ended30 June 2010 to HK$97.6 million for the same period in 2011.The increasewas mainly due to larger headc

43、ount given new sales force recruits,resultingin higher salaries,commissions and related personnel overheads during theperiod under review.Meanwhile,the Group has widened the media channelsit is using for branding promotions,including magazines and the Internet,atthe expense of more expensive,traditi

44、onal promotional channels(e.g.giftsand free samples)to drive its sell-through trade inventory strategy.Advertisingand promotion expenses increased slightly by HK$100,000 but dropped as apercentage of the Groups total turnover to 10.1%for the six months ended30 June 2011,when compared with 12.6%for t

45、he same period in 2010.Other key expenses mainly include salaries,travel and transportation expensesas well as rentals of executive accommodation and counters,which amountedto HK$27.6 million,HK$5.1 million and HK$19.8 million,respectively for thesix months ended 30 June 2011.Total administrative ex

46、penses decreased by HK$15.0 million to HK$49.3million for the six months ended 30 June 2011.Administrative expenses asa percentage of turnover decreased from 28.0%for the six months ended30 June 2010 to 17.1%for the corresponding period in 2011.The declinesin amount and percentage were attributable

47、to lower rental costs due toclosures of offices of subsidiaries in the PRC and Taiwan.Also,during the sixmonths ended 30 June 2010,there had been a one-off provision for doubtfuldebts amounted to HK$5.9 million while there was a reversal of allowancedue to debt recovery amounting to HK$900,000 durin

48、g the six months ended30 June 2011.Within administrative costs,staff costs and retirement benefits,legal and professional fees,traveling expenses,depreciation charges,rentals,and office and utilities expenses amounted to HK$25.2 million,HK$6.5million,HK$1.7 million,HK$3.6 million,HK$2.5 million and

49、HK$1.2 million,respectively for the six months ended 30 June 2011.,財務回顧（續）分銷及行政開支截至二零一一年六月三十日止六個月之分銷及銷售費用佔本集團營業額百分比較二零一零年同期之29.5%顯著提高至33.8%。總費用由截至二 零 一 零 年 六 月 三 十 日 止 六 個 月 之 67,800,000港 元 增 加 29,800,000 港 元 至 二 零 一 一 年 同 期 之97,600,000 港 元。該 增 長 主 要 由 於 回 顧 期 內 銷售團隊新招募的員工人數增加，致令薪金、佣金及相關人員日常開支均告上升。本

50、集團同時亦擴闊其正使用之品牌推廣媒體渠道（包括雜誌及互聯網），以代替更昂貴及更傳統的推廣渠道（即禮品及免費試用品等）推行其全程銷售貿易庫存之策略。儘管廣告及推廣開支小幅增加100,000港元，惟截至二零一一年六月三十日止六個月佔本集團總營業額之百分比則由二零一零年同期之12.6%跌至10.1%。截至二零一一年六月三十日止六個月，其他重要開支項目主要包括薪金、差旅費以及行政人員住宿及專櫃租金開支，分別為27,600,000港元、5,100,000港元及19,800,000港元。截至二零一一年六月三十日止六個月，總行政開支 減 少 15,000,000 港 元 至 49,300,000 港 元。行