2019/2020gem-set jewellery 6,300 6,400 gold products 4,200 5,000 same store average selling price1...

2019/2020

1 Core operating profit = Aggregate of adjusted gross profit and other income, less selling and distribution costs and general and administrative expenses2 An unrealised loss on gold loans of HK$711 million (FY2019: a gain of HK$1 million) was recorded in FY2020 3 The proposed final dividend of HK$0.12 per share is subject to the approval of shareholders at the forthcoming annual general meeting

Revenue

HK$56,751 million

14.9%

Core operating profit 1

HK$5,687 million

18.4%

Basic EPS

HK$0.29 HK$0.46FY2019

Profit attributable to shareholders 2

HK$2,901 million

36.6%

Dividend per share for the year 3

HK$0.24 82.7%Payout ratio

Same store sales

15.1%Mainland China

38.7%Hong Kong and Macau

FY2020 RESULTS HIGHLIGHTS

2

Mainland China e-commerce RSV2

5.2%

3.4%3

Contribution to respective

RSV Retail sales volume

14.4%

FY2020 OPERATIONAL HIGHLIGHTS

1

Other markets

Retail network

3,850 POS

711

716

Mainland China Hong Kong and Macau

4

T MARK

929 CIS1 4 POS

19.3%


27.8%of diamondproducts RSV

of diamondproducts RSV

18.1%FY2019

of gold products RSV

CTF ‧ HUÁ Collection in Mainland China

Average selling price

32.2%

~HK$15,700

Net openings

1 SIS/CIS = “shop-in-shop”/”counter-in-shop” format2 RSV = Retail Sales Value measured the sales at the ending price (VAT inclusive, if any) of products sold to customers in the POS network and other channels3 RSV YoY change measured at constant exchange ratesNote: Data for retail network was as at 31 March 2020

3

FINANCIALREVIEW

For the year ended 31 March(HK$ m)

2018 2019 2020YoY

Change

Revenue 59,156 66,661 56,751 -14.9%

Contribution of gem-set jewellery1 23.7% 22.8% 22.0% -0.8% pts

Gross profit 16,213 18,602 16,096 -13.5%

Gross profit margin 27.4% 27.9% 28.4% +0.5% pts

Adjusted gross profit margin2 27.2% 27.9% 29.6% +1.7% pts

Selling and distribution costs and general and administrative expenses (“SG&A”)

10,920 12,025 11,557 -3.9%

SG&A to revenue ratio 18.5% 18.0% 20.4% +2.4% pts

Core operating profit 5,606 6,972 5,687 -18.4%

Core operating profit margin 9.5% 10.5% 10.0% -0.5% pts

Profit before taxation 5,832 6,352 4,205 -33.8%

Profit attributable to shareholders 4,095 4,577 2,901 -36.6%

Basic earnings per share HK$0.41 HK$0.46 HK$0.29 -36.6%

Dividend per share HK$0.57 HK$0.65 HK$0.243 N/A

1 Revenue from jewellery trading and service income from franchisees excluded2 Adjusted gross profit margin = Gross profit margin excluding the impact of the unrealised loss (gain) on gold loans3 The proposed final dividend of HK$0.12 per share is subject to the approval of shareholders at the forthcoming annual general meeting

SUMMARY – INCOME STATEMENT

5

FY2016 FY2017 FY2018 FY2019 FY2020

71.8%

28.2%

56,751

-3.9%

-34.0%

YoY Change

-14.9%

59.5%

56,592

40.5%

60.5%

39.5%

51,246

62.2%

37.8%

59,156

66,661

Hong Kong, Macau and other markets

Mainland China

(HK$ m) 1H2019 2H2019 1H2020 2H20201H2020/1H2019Change

2H2020/2H2019Change

Mainland China 18,022 24,410 20,224 20,539 12.2% -15.9%

Hong Kong, Macau and other markets 11,681 12,548 9,309 6,679 -20.3% -46.8%

Overall 29,703 36,958 29,533 27,218 -0.6% -26.4%

63.7%

36.3%

REVENUE BREAKDOWN –REPORTABLE SEGMENTS (HK$ M)

6

FY2016 FY2017 FY2018 FY2019 FY2020

56,250

22.0%

59.9%

12.0%

YoY Change

26.8%

56,126

55.8%

25.3%

57.4%

50,82123.7%

59.4%

57,892

65,966

Platinum / Karat gold products

Gem-set jewelleryGold products

Watches

-17.5%

-16.3%

-3.9%

-14.7%

-6.4%

12.4% 11.5% 10.9%5.0% 5.7% 6.0%

% of revenue 1H2019 2H2019 1H2020 2H2020

Gem-set jewellery 23.4% 22.2% 23.3% 20.6%

Gold products 60.5% 61.5% 58.9% 61.1%

Platinum / Karat gold products 10.5% 10.7% 11.4% 12.6%

Watches 5.6% 5.5% 6.4% 5.7%

22.8%

61.1%

10.6%

5.5%

REVENUE BREAKDOWN – PRODUCTS (HK$ M)(EXCLUDING JEWELLERY TRADING AND SERVICE INCOME FROM FRANCHISEES)

7

6.1%

26.0% 23.0%

-6.0%

0.7%

-10.9%

-42.3%

-35.0%

-65.0%

-80.2%

3.8% 5.7%

-7.4%

9.1% 10.5%

-6.8%

2.3%

-49.5%

-15.4%

FY2019 FY2020

SSSG SSSG SSS volume growth

Mainland China 3.4% -15.1% -24.0%

Hong Kong and Macau 8.7% -38.7% -43.5%


1Q 2Q1Q 2Q 3Q 4Q

FY2019 FY2020

3Q 4Q

SAME STORE SALES GROWTH (“SSSG”) –MAJOR MARKETS

8

1QTD(Apr - May 2020)

FY2021

30.9%40.7%

-5.6% 2.6%

-12.7%

-49.2%

-25.8%

-66.7%

-86.0%

26.4%

-2.3% -8.2% -10.4%-15.7%

-34.8%

-53.4%

-64.2%

-78.4%

10.8% 11.1%

-11.0%

13.5% 12.4%

-15.4%

-0.9%

-53.7%

-25.2%

-3.8%1.0%

-5.4%

0.1% 8.0% -0.4%

0.6%

-49.5%

-7.9%

Same store average selling price1 (HK$)

FY2019 FY2020

Gem-set jewellery 6,300 6,400

Gold products 4,200 5,000

Same store average selling price1 (HK$)

FY2019 FY2020

Gem-set jewellery 11,100 10,900

Gold products 8,200 9,400

1 Average selling price on FY2020 same store basis, was rounded to the nearest hundred HK dollar and measured at constant exchange rates; Value-added tax (VAT) in Mainland China included

SSSG – Mainland China SSSG – Hong Kong and Macau

Gem-set jewellery Gold productsGem-set jewellery Gold products

SSSG – MAJOR PRODUCTS

9

1Q 2Q 3Q 4Q 1Q 2Q

FY2019 FY2020

3Q 4Q 1QTD(Apr - May 2020)

FY2021

1Q 2Q 3Q 4Q 1Q 2Q

FY2019 FY2020

3Q 4Q 1QTD(Apr - May 2020)

FY2021

28.7% 28.8%30.5%

17.9% 17.6% 18.7%

11.6% 11.8% 12.5%

FY2018 FY2019 FY20201,853 2,062

2,843

2,414 2,942

2,253

543 926 685

796 1,042

(94)

1,339

4,267

5,096

24.8% 26.3% 27.4%

19.3% 18.7%24.7%

6.0% 8.1%3.7%

FY2018 FY2019 FY2020

Core operating profit margin

Adjusted gross profit margin SG&A ratio

Core operating profit YoY

1H2020 2H2020 FY2020

Mainland China 37.8% -23.4% 1.8%

Hong Kong, Macau and other markets

-26.1% N/A -70.0%

Core operating profit by reportable segment (HK$ m) Profitability – Mainland China

Core operating profit marginAdjusted gross profit margin SG&A ratio

FY2018 FY2019 FY2020

Hong Kong, Macau and other markets (1H)/(2H)

Mainland China (1H)/(2H)

Profitability – Hong Kong, Macau and other markets

5,004

1,968

CORE OPERATING PROFIT AND PROFITABILITY ANALYSIS

10

591

1,692 1,912 1,659

330 476 569

517 702 705

805 847 921

1,306 1,582

1,558 252

1,888 1,908 1,585

4,106

4,622 4,561

FY2018 FY2019 FY2020

18.5% 18.0%

20.4%

%

6.9%

0.9%

2.9%

3.2%

2.7%

1.4%

%

8.0%

1.2%

2.9%

2.8%

0.4%

3.9%

FY2018 FY2019 FY20201

10,920

12,025

-1.3%

-83.9%

0.4%

163.0%

-13.2 %

YoY Change

-3.9%

As a % of revenue

Concessionaire fees

Rental expenses

Advertising and promotion expenses

Depreciation and amortisation(Right-of-use assets, “ROUA”)

Packaging materials

Staff costs and related expenses

-16.9%

%

6.9%

1.1%

2.9%

2.9%

2.3%

1.3%

11,557

1 Adoption of IFRS 16 Leases for the first time in FY2020, prior-period comparative financial information is not restated

Depreciation and amortisation(Property, plant and equipment)

Other SG&A0.6% 0.7%

SG&A ANALYSIS (HK$ M)

1.0% 19.5%

11

FY2018 FY2019 FY2020

39.2%

54.6%

1,362

52.4%

40.8%

1,551

34.8%

58.2%

7.0%

6.8% 6.9%9.2%

FY2018 FY2019 FY2020

37.4%

59.3%

2,553

2,852

37.3%

59.1%

37.3%

6.9% 6.7%7.4%

FY2020 Average no. of employees1

20,880+2.8% YoY

3,220+0.9% YoY

FY2020 Average no. of employees1

3.6%3.2% 6.8%6.1%

YoY Change

6.1%

6.1%

-27.1%

-14.4%

YoY Change

2.9% -11.1%

As a % of respective revenue

Variable staff costs

Fixed staff costsOther staff related expenses


Variable staff costs

Fixed staff costsOther staff related expenses

1 Employees in production function excluded

6.4%-4.9%


3,028

1,328

SG&A – STAFF COSTS ANDRELATED EXPENSES (HK$ M)

12

59.2%

3.5%

6.1%

4.9%

7.3%

1,2531,146

FY2018 FY2019 FY2020

8.5%8.3% 8.4%

1,872 1,892

1,583

FY2018 FY2019 FY2020

3.9%

87.6%

YoY Change

-16.3% -1.8%

YoY Change


Concessionaire fees


1 Adoption of IFRS 16 Leases for the first time in FY2020, prior-period comparative financial information is not restated


Rental expenses

Depreciation and amortisation (ROUA)Finance costs on leases

Pre-IFRS 16 Post-IFRS 16

1

SG&A – CONCESSIONAIRE FEES ANDLEASE-RELATED EXPENSES (HK$ M)

13

1,126

8.5%

56 60 84

240 239

297

FY2018 FY2019 FY2020

381

2,097 1,672 1,639

2,723 2,835 3,404

11,819 13,426 15,585

18,179

21,394

21,715

FY2018 FY2019 FY2020

34,818

39,327

Finished goods

Raw materials

1 Packaging materials excluded2 Inventory turnover period = Closing inventory balances (excluding packaging materials) / cost of goods sold x 365 or 366

Watches

Gem-set jewellery

Gold productsPlatinum / Karat gold products

%

52.2%

6.0%7.8%

33.9%

51.3%

36.8%

%

8.0%3.9%

Inventory balances by product1 (HK$ m) Inventory turnover period by category2 (day)

296 299

54.4%

34.1%

%

7.2%4.3%

INVENTORY ANALYSIS

14

42,343

50 91 77 135 104 89

600

1,006

742

299

191

65

FY2018 FY2019 FY2020

1,084

101 64 33

263 398

84

721

930

856

FY2018 FY2019 FY2020

1,084

1,392

973

Furniture, fixtures and equipment & leasehold improvements

Land and buildings & construction in progressPlant and machinery & motor vehicles

Offices

Projects

POSProductions

Capex by nature Capex by function

973

1,392

CAPITAL EXPENDITURE (HK$ M)

15

(HK$ m)As at

31 Mar 19% to total

equityAs at

31 Mar 20% to total

EquityIncrease/

(decrease)

Non-current assets 8,459 26.9% 10,038 37.2% 1,579

Inventories 39,486 125.7% 42,538 157.6% 3,052

Cash and cash equivalents1 7,641 24.3% 7,219 26.7% (422)

Total borrowings 18,069 57.5% 22,711 84.1% 4,642

Bank borrowings 10,057 32.0% 11,431 42.3% 1,374

Gold loans 8,012 25.5% 11,280 41.8% 3,268

Net debt2 10,428 33.2% 15,492 57.4% 5,064

Net current assets 26,307 83.8% 19,579 72.5% (6,728)

Total equity 31,403 100% 26,991 100% (4,412)

1 Bank balances and cash equivalents included 2 Aggregate of bank borrowings, gold loans, net of cash and cash equivalents

CHANGES IN CAPITAL STRUCTURE

16

1 With adoption of IFRS 16, leases paid was included in financing activities2 Net cash used in inventories included net change in inventories, gold loan raised and repayment of gold loans

7,641

8,385 1,263

1,900959 973 1,362 6,243

7497,219

FY2019(31 Mar 19)

FY2020(31 Mar 20)

Net cash used in inventories2

Operating cash flows before movements in working capital

Net cash from other operating activities

Capital expenditure

Net increase in bank borrowings

Dividends paid

Bank balances and cash

Bank balances and cash

Pro forma free cash flows5,208

Leases paid1

SUMMARY – MOVEMENTS IN CASH FLOWS (HK$ M)

Other movements

17

BUSINESSDEVELOPMENT

Mainland China

711 POS

POS movement by store brand1 FY2018 FY2019 Addition Reduction Net FY2020

CHOW TAI FOOK JEWELLERY

2,317 2,803 761 (138) 623 3,426

CTF WATCH 106 113 8 (5) 3 116

T MARK – 4 – (1) (1) 3

HEARTS ON FIRE 6 3 – (2) (2) 1

ENZO – – 60 (1) 59 59

SOINLOVE 9 27 18 (2) 16 43

MONOLOGUE 11 38 19 (6) 13 51

Total 2,449 2,988 866 (155) 711 3,699

1 Shop-in-shop and counter-in-shop excluded

RETAIL NETWORK – MAINLAND CHINA

19

53.4%41.5%

5.1%

53.2%42.8%

4.1%

57.1%

42.9%

17.4%

48.9%

17.2%

16.4%

43.5%

56.5%

12.0%

42.4%20.8%

24.9%

% of % of POS RSV

Tier I cities

Tier II cities

Tier III cities

Tier IV cities and others

MAINLAND CHINA –CHOW TAI FOOK JEWELLERY POS

% of % of POS RSV

Department store

Shopping mall

Standalone store

RSV and POS by operation model RSV and POS by tier of cities

% of % of POS RSV

Self-operated

Franchised

RSV and POS by self-operated model

RSV YoYNet POS

movement

Tier I cities -8.0% +80

Tier II cities -7.7% +214

Tier III cities -3.6% +148

Tier IV cities and others

-0.9% +181

RSV YoYNet POS

movement

Self-operated -13.9% -14

Franchised 7.1% +637

RSV YoYNet POS

movement

Department store

-19.2% -39

Shopping mall

-4.3% +28

Standalone store

-23.5% -3

20

Net openings of 623 CHOW TAI FOOK

JEWELLERY POS in FY2020

Continue to expand presence in lower

tier or county level cities through

franchisees

Continual store segmentation and

upgrade store layout

FY2021 net openings expected to be

~400-450 POS

Retail network management

Experience shop, Kunming, Yunnan Province(雲南省昆明市)

JEWELRIA, Hefei , Anhui Province(安徽省合肥市)

MAINLAND CHINA –CHOW TAI FOOK JEWELLERY POS

21

POS movement by store brand1

FY2018 FY2019 Addition Reduction Net FY2020

CHOW TAI FOOK JEWELLERY

122 130 17 (10) 7 137

Hong Kong, China 80 80 8 (6) 2 82

Macau, China 19 19 1 (2) (1) 18

Other markets 23 31 8 (2) 6 37

T MARK – 1 – – – 1

HEARTS ON FIRE 14 15 – (5) (5) 10

SOINLOVE – – 1 – 1 1

MONOLOGUE – – 2 – 2 2

Total 136 146 20 (15) 5 151

1 Shop-in-shop and counter-in-shop excluded

RETAIL NETWORK –HONG KONG, MACAU AND OTHER MARKETS

22

Hong Kong and Macau

4 POS

Other markets

1 POS

75.6%

17.9%

6.5%

HONG KONG, MACAU AND OTHER MARKETS

SOINLOVE, K11 Artmall

4 net openings in FY2020, 2 MONOLOGUE and

1 SOINLOVE POS were included

Expect 10-15 store consolidation in FY2021

Hong Kong and Macau

Other markets

Retail network management

1 net openings in FY2020

Explore further opportunities in Southeast Asia

Central Phuket Floresta, Thailand

23

57.6%

11.9%

30.5%

RSV YoYNet POS

movement

Hong Kong -40.3% +5

Macau -12.7% -1

Other markets +81.7% +1

Hong Kong and MacauRSV settled by

China UnionPay, Alipay, WeChat Pay or RMB

36.9%(FY2019: 46.5%)

RSV and POS by geography

% of % of POS RSV

Hong Kong

Macau

Other markets

CUSTOMER EXPERIENCEE-COMMERCE &

CUSTOMER RELATIONSHIPMANAGEMENT

MULTI-BRAND STRATEGY

MONOLOGUEStylish fashion jewellery

for young generation

SOINLOVEJewellery gifting brand for romantic ladies

JEWELRIAChow Tai Fook’s diversified retail experience which offers international jewellery product offerings

HEARTS ON FIREUS premium diamond brand with

exquisite cutting craftsmanship

CHOW TAI FOOK JEWELLERYIconic brand with classic product offerings

T MARKIn pursuit of true diamond authenticity and traceability

ENZOCreative and

contemporary coloured gem jewellery brand

ARTRIUMChow Tai Fook’s exclusive high-jewellery experience that melds contemporary design with a classic spirit

25

Founded in 2004; Acquired in Jan 2020

Primarily located in Tier I and II cities

A natural coloured gem specialist

JEWELRIA AND ENZOJEWELRIA ENZO

26

59 POS

Mainland China

Ocean Collection

Annoushka, a British jewellery brand

Kagayoi, a Japanese jewellery brand

59 POS

Mainland China

Guardian of Life Collection

Hayley Paige for HEARTS ON FIRE Collection

T MARK AND HEARTS ON FIRE

64 CIS 1 POS

of diamond products RSV

of diamond products RSV

9.2% YoY 41.0% YoY

865 CIS 3 POS

Hong Kong and MacauMainland China

RSV

19.3% 27.8%

T MARK

Retailer locations

50011

POS

210Mainland China184

Hong Kong, Macau and other markets26

SIS/CIS

HEARTS ON FIRE

27

Collaboration with Coca Cola

SOINLOVE AND MONOLOGUESOINLOVE

MONOLOGUE

28

43 POS

Mainland China

1 POS

Hong Kong and Macau

51 POS

Mainland China

2 POS

Hong Kong and Macau

Monogold Collection

Gold Sweeties Pink Collection

A net of 17 POS were opened in FY2020

A net of 15 POS were opened in FY2020

RETAIL EXPERIENCE

Cloud kiosks

• “CloudSales 365” and livestreaming events featuringtop Chinese influencers during the epidemic outbreak

Omni-channel retailing

“CloudSales 365”

Charity livestream -Austin Li Jiaqi

29

E-COMMERCE – MAINLAND CHINA

Unique daily visitors1

739,000

10,631,000+

E-commerce platforms

Number of followers2

3.4% YoY

E-commerce RSV

5.2%

14.4%

RSV

Retail sales volume

Contribution to respective

HK$1,400FY2019

HK$1,300

Average selling price

1 Source from Chow Tai Fook eShop, Tmall and JD.com2 Source from official Sina Weibo, Tencent Weibo and WeChat accounts

30

CUSTOMER RELATIONSHIP MANAGEMENT

24.9%


35.5%

2,490,000 1,180,000Members as at 31 March 2020

Repeat purchase as a % of respective RSV in FY2020

31

BUSINESS OUTLOOK & STRATEGIES

BUSINESS OUTLOOK AND STRATEGIES

Market outlook

Hong Kong and Macau

• Remain challenging in the foreseeable future

Mainland China

• Cautiously optimistic about short-term business outlook

• Stay optimistic about the mid-to long-term prospects of the jewellery market in Mainland China

Short-term strategies

Strategies to reduce short-term hiccups and support the business recovery:

Hong Kong and Macau

• Consolidate retail network, rationalise cost structure and refine business strategies

• Transform current business model, enhance retail experience and operational efficiency through innovation and technology

Mainland China

• Continue expansion plan through franchise model as situation stabilizes

• Diversify customer experiences through channel innovation and multi-brand strategy

33

BUSINESS OUTLOOK AND STRATEGIES

Jewelleryecosystem

Market leader

Operational efficiency

Tech-savvy jewellerycompany

34

Customer-centric strategy to achieving long-term goals

• The tasks will center on improving business model agility and organisational structure through technology and employee empowerment, which allow us to respond rapidly to changes, strengthen supply-chain capabilities and enhance our competitive edge to achieve long-term sustainable growth

Q&A SESSION

APPENDIX GOLD HEDGING

MECHANISM

100%hedged

0% hedged

Base inventory

20,000 KG.

Seasonal, consigned inventory & others

20,000 KG.

Base inventory

20,000 KG.

Seasonal, consigned inventory & others

30,000 KG.

Period 0 Period 1(Peak season)

Gold inventory(Weight)

Hedging ratio:50%

Hedging ratio:60%

ILLUSTRATION OF THE GOLD HEDGING MECHANISM

Note: Data provided are for illustrative purpose only

38

2,000

0

1,000

1,000

2,000

1,300 1,300

(1,300)

(1,700)

Gold price at US$1,300/oz Gold price at US$1,700/oz

Gold inventory(Book at cost)

Gold loans(Mark-to-market)

Period 0 Period 1

Mark-to-market loss

US$

Note: Data provided are for illustrative purpose only

ILLUSTRATION OF THE UNREALISED LOSS ON GOLD LOANS

39

These materials have been prepared by Chow Tai Fook Jewellery Group Limited (the “Company”) solely for use at this presentation and are not for publicdissemination.

The slides and any other materials used in this presentation are the property of the Company and must be treated as such. The information contained inthis presentation is being furnished to you solely for your information and may not be forwarded, published or distributed, directly or indirectly, to anyother person (whether within or outside your organisation/firm), in whole or in part, for any purpose and may not be reproduced in any mannerwhatsoever. Any forwarding, publication, distribution or reproduction of this document in whole or in part is unauthorised.

The information contained in this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of anyoffer to buy or subscribe for any securities or other interests of the Company or its holding Company or any of its subsidiaries in any jurisdiction or aninducement to enter into any investment activity, nor shall it or any part of it form the basis of or be relied on in connection with any contracts,commitment or investment decision whatsoever.

This presentation contains forward-looking statements. Such forward-looking statements are based on a number of assumptions about the operations ofthe Company and other factors, many of which may be beyond the Company’s control. By their nature, forward-looking statements involve risks anduncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Accordingly, the Company’s actualresults may differ materially from those expressed or implied by such forward-looking statements. The Company has no obligation and does not undertaketo update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The information contained in thispresentation has been compiled as of the date of this presentation, speaks as of the date of this presentation (or earlier, if so indicated) and will not beupdated to reflect material developments which may occur after the date of this presentation, and is subject to change, including substantial changes,without notice.

This presentation may include measures of financial performance which are not a measure of financial performance under IFRS, such as “Core operatingprofit”. These measures are presented because the Company believes they are useful measures to determine the Company’s operating cash flow andhistorical ability to meet debt service and capital expenditure requirements. “Core operating profit” should not be considered as an alternative to cashflows from operating activities, a measure of liquidity or an alternative to net profit or indicators of the Company’s operating performance on any othermeasure of performance derived in accordance with IFRS. Because it is not an IFRS measure, “Core operating profit” may not be comparable to similarlytitled measures presented by other companies.

The information contained in this presentation has not been independently verified. No representation, warranty, or undertaking express or implied, ismade as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. It isnot the intention to provide, and you may not rely on this document as providing, a complete or comprehensive analysis of the Company’s financial ortrading position or prospects. None of the Company or any of its directors, officers, employees, agents, shareholders, affiliates, subsidiary, advisors orrepresentatives shall be in any way responsible for the contents hereof, or shall be liable (in negligence or otherwise) for any loss howsoever arising fromany use of this document or the information contained in this presentation or otherwise arising in connection therewith.

DISCLAIMER

40

2019/2020gem-set jewellery 6,300 6,400 gold products 4,200 5,000 same store average selling price1...

Documents