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2 nd Quarter 2002 Results Presentation

2 nd Quarter 2002 Results Presentation. A member of the Li & Fung (Retailing) Group. CRA Website: www.cr-asia.com 29 July 2002. 2 nd Quarter 2002 Results Presentation Agenda. 2 nd Quarter 2002 Financial Results Highlights 2002 Update & Outlook Questions & Answers.

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2 nd Quarter 2002 Results Presentation

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  1. 2nd Quarter 2002 Results Presentation A member of the Li & Fung (Retailing) Group CRA Website: www.cr-asia.com 29 July 2002

  2. 2nd Quarter 2002 Results Presentation Agenda • 2nd Quarter 2002 Financial Results Highlights • 2002 Update & Outlook • Questions & Answers

  3. 2nd Quarter 2002 Financial Results HighlightsGroup Turnover – 2nd Quarter 2002 + 5% No. of Stores: 114 123 146 132 151

  4. 2nd Quarter 2002 Financial Results Highlights121 Stores Comparative Sales - 6%

  5. 2nd Quarter 2002 Financial Results HighlightsGroup Turnover – June YTD 2002 + 6% 666.0 628.4 No. of Stores: 114 123 146 132 151

  6. 2nd Quarter 2002 Financial Results HighlightsGroup Net Profit – 2nd Quarter 2002 + 9%

  7. 2nd Quarter 2002 Financial Results HighlightsGroup Net Profit – June YTD 2002 + 8% 31.8 29.3

  8. 2nd Quarter 2002 Financial Results HighlightsNet Profit as % of Sales – 2nd Quarter 2002 + 0.3%

  9. 2nd Quarter 2002 Financial Results HighlightsNet Profit as % of Sales – June YTD 2002 + 0.1%

  10. 2nd Quarter 2002 Financial Results HighlightsBasic Earnings Per Share – 2nd Quarter 2002 + 7%

  11. 2nd Quarter 2002 Financial Results HighlightsBasic Earnings Per Share – June YTD 2002 + 4% 4.6 4.8

  12. Why 2nd Quarter 2002 Favorable Results? Higher at Gross Margin/Other Income + 1.9%

  13. Why 2nd Quarter 2002 Favorable Results? Offset By Higher Expenses as % of Sales Expenses as % of Sales2002 vs 2001 • Store Operating Expenses (1.2%) Higher • China Start-up Expenses (0.1%) Higher

  14. 2nd Quarter 2002 Financial Results Highlights 2nd Qtr 20012nd Qtr 2002 Group Turnover (HK$ Million) $326.5 $343.4 + 5% Group Net Profit (HK$ Million) $18.1 $19.8 + 9% Net Profit as % of Turnover 5.5% 5.8% + 0.3% Basic Earnings Per Share 2.8 Cents 3.0 Cents + 7%

  15. June YTD 2002 Financial Results Highlights June YTD 2001June YTD 2002 Group Turnover (HK$ Million) $628.4 $666.0 + 6% Group Net Profit (HK$ Million) $29.3 $31.8 + 8% Net Profit as % of Turnover 4.7% 4.8% + 0.1% Basic Earnings Per Share 4.6 Cents 4.8 Cents + 4%

  16. 2002 Update & Outlook

  17. 2002 Update & OutlookCircle K Hong Kong • Rising Unemployment, Continuing Deflation, Declining Consumer Confidence • No Signs of Recovery • Tough 2nd Half 2002

  18. 2002 Update & OutlookCircle K Hong Kong – Store Growth • Beginning of Year : 146 • Opened So Far : + 5 • In Progress : +10 • Target Store Number : 170 at End of the Year

  19. 2002 Update & OutlookCircle K Hong Kong Tactics • Focus on Managing Pricing, Gross Profit & Controlling Expenses • Aggressive Promotions Targeted at Youngsters • Develop Fast-growth Product Categories – Food Services, Phone Cards and Store Services

  20. 2002 Update & OutlookCircle K China • Notification of Approval from Beijing SETC, MOFTEC & SAIC • Awaiting Written Approval • Taking Possession of Sites in August • Very Likely Store Openings in Sep/Oct 2002

  21. 2002 Update & OutlookTo Summarise • Tough Hong Kong Market Slowing Profit Growth • About to Commence Business in Southern China • China Start-up Cost to Increase • Volatility in Rate of Profit Growth in 2nd Half 2002

  22. 2nd Quarter 2002 Results Presentation A member of the Li & Fung (Retailing) Group CRA Website: www.cr-asia.com 29 July 2002

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