佐 丹 奴 國 際 有 限 公 司
GIORDANO INTERNATIONAL LIMITED
Financial Highlights 4
管理層對本集團經營業績及財務狀況
Management Discussion and Analysis
之論述及分析
of Group Results of Operations and Financial Condition 5
簡明合併利潤表
Condensed Consolidated Income Statement 36
合併綜合收益表
Consolidated Statement of Comprehensive Income 37
合併資產負債表
Consolidated Balance Sheet 38
簡明合併權益變動表
Condensed Consolidated Statement of Changes in Equity 40
合併現金流量表
Consolidated Cash Flow Statement 42
未經審核簡明合併中期財務資料附註
Notes to the Unaudited Condensed Consolidated
Interim Financial Information 44
Other Information 60
2016年中期報告1
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
表格清單：
List of tables:
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Store portfolio
.本集團經營業績概覽
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Overview of Group results of operations
.本集團按地區劃分之銷售額
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Group sales by region
.按地區劃分之毛利差異分析
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Gross profit variance analysis by region
.最近六個季度兌人民幣的主要外幣列表
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Major foreign currencies table for past six quarters against RMB
.最近六個季度兌港元的主要非美元掛鈎外幣列表
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Major non-USD pegged foreign currencies table for past six quarters against HKD
.股東應佔溢利變動分析
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Analysis of change in PATS
.中國大陸概覽
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Overview of mainland China
.香港及澳門概覽
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Overview of Hong Kong and Macau
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Overview of Taiwan
.亞太其他地區概覽
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Overview of the rest of Asia Pacific region
.亞太其他地區市場門市數目
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
Store number of markets in the rest of Asia Pacific region
.亞太其他地區按市場劃分之銷售額、可比較門市銷售額及可比較門市毛利
. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
Sales, CSS and CSGP by markets in rest of Asia Pacific region
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Overview of the Middle East
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Overview of South Korea
.海外加盟商及非合併附屬公司門市數目
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Store number of overseas franchisees and non-consolidated subsidiaries
.從經營業務所得之自由現金流量
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
Free cash flow from operations
.現金及銀行結存變動分析
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Analysis of change in cash and bank balances
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
System inventory
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
圖表清單：
List of charts:
1.季度全球品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Quarterly global brand sales and YOY change
2.季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Quarterly CSS and CSGP change
3.本集團季度毛利率及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Quarterly Group gross profit margin and YOY change
4.按地區劃分之銷售額及經營溢利貢獻
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
Sales and operating profit contribution by region
5.中國大陸季度品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Mainland China quarterly brand sales and YOY change
6.中國大陸季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Mainland China quarterly CSS and CSGP change
7.香港及澳門季度品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Hong Kong and Macau quarterly brand sales and YOY change
8.香港及澳門季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Hong Kong and Macau quarterly CSS and CSGP change
9.台灣季度品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
Taiwan quarterly brand sales and YOY change
10.台灣季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 22
Taiwan quarterly CSS and CSGP change
11.亞太其他地區季度品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
The rest of Asia Pacific quarterly brand sales and YOY change
12.亞太其他地區季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
The rest of Asia Pacific quarterly CSS and CSGP change
13.中東季度品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
The Middle East quarterly brand sales and YOY change
14.中東季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
The Middle East quarterly CSS and CSGP change
15.南韓季度品牌銷售額及按年變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
South Korea quarterly brand sales and YOY change
16.南韓季度可比較門市銷售額及可比較門市毛利變動
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
South Korea quarterly CSS and CSGP change
2016年中期報告3
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
財務摘要FINANCIAL HIGHLIGHTS（未經審核）
(Unaudited)
截至6月30日止6個月
Six months ended June 30變動
（以百萬港元為單位）(in HK$ million)
經營業績OPERATING RESULTS
營業額Sales 2,532 2,736 –7%
經營溢利Operating profit 267 275 –3%
本公司股東應佔溢利Profit attributable to shareholders
of the Company 204 208 –2%
從經營業務所得之自由現金流量Free cash flow from operations 259 357 –27%
每股資料PER SHARE DATA
每股盈利－基本（港仙）Earnings per share -Basic (HK cents) 13.0 13.2 –2%
每股中期股息（港仙）Interim dividend per share (HK cents) 12.5 12.5 0%
財務比率FINANCIAL RATIOS
存貨日數對成本之流轉比率Inventory turnover days on costs 70 70 –
淨溢利率Net profit margin 8.1% 7.6% 0.5pp/百分點
INTERIM REPORT 2016
管理層對本集團經營業績及財務狀況
之論述及分析
除非另行說明，以下論述均指截至
年6月30日止六個月之按年（「按年」）比較。
本集團為國際服裝零售商，擁有眾多品牌，
Giordano及Giordano Junior、Giordano
Ladies、BSX及其他規模較小或第三方授權
經營之品牌。
於日，我們於全球逾
30個國家經
營2,387間門市（相當於
2,292,000平方呎零售
空間），包括
1,170間獨立門市。絕大多數門市
位於大中華地區、南韓、東南亞及中東。我們
按地區及品牌管理門市組合。
本集團截至
日止六個月之銷售額
為25.32億港元。毛利率為
59.6%。可比較門
1%，而可比較門市銷售額
股東應佔溢利為
2.04億港元。
從經營業務所得之自由現金流量
港元，「溢利到現金」的轉化率為
MANAGEMENT DISCUSSION AND ANALYSIS OF
GROUP RESULTS OF OPERATIONS AND FINANCIAL
The following commentaries refer to year-on-year (“YOY”) comparison
of the six months ended June 30, 2016 and 2015 unless otherwise
The Group is an international apparel retailer with a family of
brands, including Giordano & Giordano Junior, Giordano Ladies,
BSX and other less material brands or third party licensed brands.
We operated 2,387 stores (equivalent to 2,292,000 sq ft of retail
floor space) in over 30 countries worldwide at June 30, 2016,
including 1,170 standalone stores. The majority of stores were in
Greater China, South Korea, South East Asia, and the Middle East.
We manage our store portfolio by geographic region and by brand.
Group sales1 for the six months ended June 30, 2016 were
HK$2,532 million. Gross profit margin was 59.6%. Comparable
store gross profit2 (“CSGP”) was up by 1% although comparable
store sales2 (“CSS”) were down by 1%.
Profit attributable to shareholders (“PATS”) was HK$204 million.
Free cash flow from operations3 was HK$259 million, a 107%
“profit to cash” conversion rate.
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
表1：門市組合
Table 1: Store portfolio
（千平方呎）
Retail floor space
Store numbers at (sq ft in thousands) at
June 302015
零售及分銷
Retail and Distribution
Mainland China
Direct-operated stores
Franchised stores
香港及澳門
Hong Kong and Macau
亞太其他地區
The rest of Asia Pacific
The Middle East
海外加盟商
Overseas franchisees
/總零售空間
Total store numbers/
retail floor space 2,387 2,378 2,292 2,284
我們地域擴張重點是中國大陸之三、四線城市及東Our geographic expansion focus was in third- and fourth-tier cities in
南亞，過往
12個月，我們在該等地區之零售空間擴mainland China and South East Asia, in which we expanded our retail
9%。floor space by 9% in the past 12 months.
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
經營業績RESULTS OF OPERATIONS
表2：本集團經營業績概覽
Table 2: Overview of Group results of operations
6月30日止六個月
Six months ended
（以百萬港元為單位）
(In HK$ million)
本集團銷售額
Group sales 2,532 2,736 (7%)
Gross profit
Gross profit margin
2.4pp/百分點
經營溢利率
Operating expenses
Operating profit
Operating margin
0.4pp/百分點
股東應佔溢利
Net profit margin
0.5pp/百分點
全球品牌銷售額
可比較門市銷售額
Global brand sales4
全球品牌毛利
可比較門市毛利
Global brand gross profit4
從經營業務所得之
自由現金流量
期末現金及銀行結存
Free cash flow fromoperations
Cash and bank balances
at period end
存貨對成本之流轉日數
（「存貨流轉日數」）（日）
Inventories at period end
Inventory turnover on cost( “ITOC” ) (days)5
期末門市數目
Number of stores
at period end 2,387 2,378 9
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
表3：本集團按地區劃分之銷售額
Table 3: Group sales by region
Six months ended
（以百萬港元為單位）
(In HK$ million)
匯率計算）
Change(at constantexchange rates)
香港及澳門
亞太其他地區
Mainland China
Hong Kong & Macau
The rest of Asia Pacific
The Middle East
零售及分銷
Retail and Distribution 2,390 2,539 (6%) (3%)
對海外加盟商之批發
Wholesale sales tooverseas franchisees 142 197 (28%) (28%)
Total 2,532 2,736 (7%) (5%)
銷售額Sales
本集團銷售額下降
7%，但若按固定匯率換算，則Group sales dropped by 7% but would have been down by only 5%
5%。本集團可比較門市毛利增長
1%，而本if translated at constant exchange rates. Group CSGP was up by 1%
集團可比較門市銷售額則減少
1%。despite a 1% decrease in Group CSS.
經濟增長放緩，春季天氣異常清涼，加上關閉表Slower economic growth, an unreasonably cool spring, and closure of
現較差門市，導致大中華地區所報告銷售額減少
non-performing stores contributed to the reduction of reported sales
10%。管理層相信，積極的供應鏈管理，加大市場by 10% in Greater China. Management believes that proactive supply
推廣力度，及更簡約的產品設計，將有助改善未來chain management, heightened marketing efforts, and simpler product
銷售額。尤其是，電子商務的銷售額增長表現已持designs will help improve sales going forward. In particular, sales
續超過實體店。growth in e-business has continued to out-perform physical stores.
按固定匯率換算，亞太其他地區錄得銷售額增長
Translated at constant exchange rates, the rest of Asia Pacific recorded
8%，此乃由於地區可比較門市銷售額增長
5%及門an increase in sales of 8%, attributable to regional CSS growth of
市數目淨增長。報告銷售額受有關貨幣兌港元匯率5% and net store gains. Reported sales were only up by 3% due
疲弱影響僅增長
3%。管理層預期該地區將可維持to weakened currencies against HK dollars. Management expects
銷售額持續增長。sustained sales growth in this region.
INTERIM REPORT 2016
佐丹奴國際有限公司
在中東，經歷令人失望的第一季度後，第二季度表
現強勁，按年地區可比較門市銷售額於第二季度增
長7%，而於第一季度則減少
15%。齋月提前及商
品調整刺激第二季度之銷售額。管理層認為，改進
後的商品將支持該地區銷售額持續改善。
於佐丹奴核心品牌中，
76%銷售額來自男裝，而
24%則來自女裝。男裝品牌之可比較門市銷售額持
平，但可比較門市毛利增長
2%。女裝品牌可比較
門市銷售額及可比較門市毛利均增長
1%。除透過
多品牌店舖銷售外，於
日，中國大陸
46個女裝專櫃。該等專櫃整體上皆有
我們的高檔女裝品牌
Giordano Ladies，可比較門市
銷售額增長
1%及可比較門市毛利持平。尤其是，
東南亞市場之可比較門市銷售額及可比較門市毛
利分別激增
23%及24%。管理層將擴大其於大中華
地區以外之全球覆蓋範圍。
1：季度全球品牌銷售額及按年變動
GIORDANO INTERNATIONAL LIMITED
A strong second quarter followed a disappointing first quarter in the
Middle East where YOY regional CSS were up by 7% in the second
quarter and down by 15% in the first quarter. An early Ramadan and
merchandise adjustments boosted second quarter sales. Management
is of the view that revamped merchandise will support continuation of
sales improvement in this region.
Under the core Giordano brand, 76% of sales came from menswear
and 24% from womenswear. Menswear brand’s CSS was flat, but
CSGP improved by 2%. Womenswear CSS and CSGP were both up
by 1%. In addition to selling through multi-brand stores, there were
46 womenswear counters in mainland China and Thailand at June 30,
2016. These counters were profitable overall.
For our premium womenswear brand, Giordano Ladies, CSS increased
by 1% and CSGP was flat. In particular, CSS and CSGP in the South
East Asian market surged by 23% and 24%, respectively. Management
will expand its global footprint outside of Greater China.
Chart 1: Quarterly global brand sales and YOY change
（以百萬港元為單位，
按2016年匯率計算）
(In HK$ million,
at 2016 exchange rates)
2014年第三季度2014年第四季度2015年第一季度2015年第二季度2015年第三季度2015年第四季度2016年第一季度2016年第二季度
1,741 1,632
1,673 1,628
3Q 14 1Q 15 3Q 15 1Q 16
全球品牌銷售額
全球品牌銷售額增長
Global brand sales
Global brand sales growth
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
2：季度可比較門市銷售額及可比較門市毛利變動
Chart 2: Quarterly CSS and CSGP change
可比較門市銷售額變動
CSS change
本集團重點捍衛所有地區的毛利率導致可比較門
市毛利增長
1%，儘管可比較門市銷售額減少
由於本集團銷量減少，集團毛利縮減
4%至15.08億
15.66億港元）。本集團毛利率增長
2.4個百分點至
59.6%（2015年：
57.2%）。此乃由
於本集團重新專注於具特性且更簡約之產品設計，
使本集團得以維持售價及減少降價。
集團平均售價增長
3%，主要由於調整亞太其他地
區之售價，以應對其人民幣採購成本之不利貨幣影
響。該地區對本集團銷售貢獻之增長進一步使集團
平均售價上升。
本集團透過原材料成本降低、重組策略性供應商網
絡及產品組合變化，將平均產品成本減少
用優質布料之成本增加及東南亞貨幣疲弱部分抵
銷了成本節約，導致整體僅減少
2%。若非受若干
市場貨幣疲弱影響，毛利率可較去年同期增長
個百分點。
7%主要由於關閉表現較差門市（尤其在中
國）及對海外加盟商批發銷售減少所致。
2014年第三季度2014年第四季度2015年第一季度2015年第二季度2015年第三季度2015年第四季度2016年第一季度2016年第二季度
3Q 14 1Q 15 3Q 15 1Q 16
可比較門市毛利變動
CSGP change
Gross profit
The Group’s emphasis on defending gross profit margin in all regions
resulted in a 1% increase in CSGP despite of a CSS decrease of 1%.
Due to lower Group sales volume, Group gross profit shrunk by 4% to
HK$1,508 million (2015: HK$1,566 million). Group gross profit margin
was up by 2.4 percentage points to 59.6% (%). This was the
result of the Group’s renewed emphasis on simpler product designs
with differentiated features, which enabled the Group to hold the price
and offer fewer markdowns.
Group average selling price rose by 3%, primarily contributed by
adjusting selling prices in the rest of Asia Pacific region to counter
the unfavorable currency impact to its purchase costs in RMB.
The increased sales contribution of this region to the Group further
contributed to the rise of Group average selling price.
The Group reduced underlying average product costs by 5%, having
taken advantage of lower fabric costs, restructured strategic supplier
network, and change in product mix. Increased cost of higher quality
fabric and weakened South East Asian currencies partly offset these
savings, resulting in overall decrease of 2% only. Gross profit margin
would also have been higher against comparable period last year by
3.1 percentage points if not for the impact of YOY weakened currencies
in certain markets.
Sales volume was down by 7% mainly due to closure of non-performing
stores, particularly in China, and lower wholesale sales to overseas
franchisees.
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
3：本集團季度毛利率及按年變動
Chart 3: Quarterly Group gross profit margin and YOY change
毛利率(%)變動(%)
Gross prot margin (%) Change (%)
2014年第三季度2014年第四季度2015年第一季度2015年第二季度2015年第三季度2015年第四季度2016年第一季度2016年第二季度
57.9 57.0 55.2
59.5 58.0 57.8 57.7 61.5
-1.8% -1.7%
3Q 14 1Q 15 3Q 15 1Q 16
季度毛利率季度按年變動
Quarterly gross prot margin
Quarterly YOY change
表4：按地區劃分之毛利差異分析
Table 4: Gross profit variance analysis by region
2015年平均產品
上半年成本平均售價
Average Average匯率影響
1H 2015 product selling銷量
Exchange其他
（以百萬港元為單位）
(In HK$ million) gross profit costs price Volume impact Miscellaneous
Group 1,566 44 66 (110) (64) 6
1H 2016gross profit21360–
Mainland China 401 8 7 (52) (18) 2
香港及澳門
Hong Kong & Macau 321 15 (30) 5 – 2
Taiwan 199 10 (14) 8 (17) –
亞太其他地區
The rest of Asia Pacific 382 (13) 55 (4) (29) (3)
The Middle East 205 13 (4) – – (1)
批發及集團公司間
Wholesales &
Intercompany 58 18 (8) (14) – 6
Market mix – (7) 60 (53) – –
備註：以上差異已包括產品及渠道組合之改變。Remark: The above variances have embedded product and channel mixes.
2016年中期報告11
佐丹奴國際有限公司
本集團通常向以人民幣計值之供應鏈採購，其市場
零售收益則以當地貨幣計值。各市場當地貨幣兌人
民幣升值或貶值將相應提升或降低各市場之毛利
及毛利率。
由於本集團以港元報告其業績，將各市場經營業績
換算為港元時，當地貨幣兌港元升值或貶值將相應
增加或減少本集團所報告之收益表。
表5：最近六個季度兌人民幣的主要外幣
GIORDANO INTERNATIONAL LIMITED
While the Group generally makes its purchases from RMB-based
supply chain, its markets receive retail proceeds in local currencies. The
relative strengthening or weakening of local currencies of each market
against RMB will improve or reduce the gross profit and the gross profit
margin in each market.
As the Group reports its results in HK dollars, the relative strengthening
or weakening of local currencies against HK dollars will increase or
decrease the Group’s reported income statements when translating the
results of operations of each market into HK dollars.
Table 5: Major foreign currencies table for past six
quarters against RMB
Rate against第一季度第二季度第三季度第四季度第一季度第二季度
1 RMB 1Q 15 3Q 15 1Q 16
HKD 1.25 1.25 1.23 1.21 1.19 1.18
NTD 5.05 4.96 5.14 5.11 5.05 4.93
SGD 0.219 0.216 0.222 0.220 0.214 0.206
馬來西亞幣
MYR 0.585 0.591 0.656 0.669 0.626 0.611
IDR 2,071 2,122 2,232 2,152 2,064 2,032
THB 5.23 5.41 5.66 5.59 5.44 5.37
AUD 0.207 0.209 0.222 0.216 0.210 0.205
AED 0.590 0.592 0.582 0.574 0.563 0.559
沙特里亞爾
SAR 0.603 0.605 0.594 0.586 0.575 0.571
資料來源：彭博社Source: Bloomberg
表6：最近六個季度兌港元的主要非美元Table 6: Major non-USD pegged foreign currencies
掛鈎外幣列表table for past six quarters against HKD
Rate against第一季度第二季度第三季度第四季度第一季度第二季度
1 HKD 1Q 15 3Q 15 1Q 16
RMB 0.803 0.800 0.815 0.826 0.839 0.846
NTD 4.05 3.97 4.19 4.22 4.24 4.17
SGD 0.176 0.173 0.181 0.182 0.179 0.175
馬來西亞幣
MYR 0.469 0.473 0.534 0.553 0.525 0.517
IDR 1,663 1,698 1,818 1,777 1,733 1,720
THB 4.20 4.33 4.61 4.62 4.56 4.54
AUD 0.166 0.167 0.181 0.179 0.177 0.173
資料來源：彭博社Source: Bloomberg
INTERIM REPORT 2016
佐丹奴國際有限公司
其他收入及其他收益，淨額
其他收入及其他收益主要包括特許權收入、租金收
入、出售物業、機器及設備之收益以及利息收入。
其他收入及其他收益減少
10%或500萬港元，主要
由於本期內出售之員工宿舍單位減少所致。
節省之經營費用（減少
4%）幾近抵銷毛利之減少。
經營費用比率因本集團銷售額減少而由
1.8個百分點至
關閉表現較差之直營店及在大中華地區租金價格
更合理之地段開設門市，部份被於過往
東南亞擴張零售空間、淨增
23間門市所抵銷，使租
金成本減少
7%。租金對銷售額之百分比為
（2015年：
員工成本保持平穩，但其對銷售額之百分比因本集
團銷售額減少
7%由16.6%增長至
17.9%。平均員工
3%，與零售空間減少
1%相符。平均員工
5%，乃由於若干市場薪金上調及法定員
工福利增加所致。
隨著本年度推出之全球宣傳活動減少，宣傳及營銷
7%。本集團將於適當時間繼續推行有效
的營銷計劃。
店舖間接成本包括店舖折舊、水電費、信用卡開支
及其他雜項開支，減少
5%，主要由於本集團內部
控制成本所致。
中國大陸貢獻本集團銷售額之
25%，但其僅貢獻本
集團經營溢利之
19%，乃由於經營溢利率較其他地
區為低所致。相對中東等其他地區因強大品牌價值
而獲得高雙位數經營溢利率，中國大陸只擁有高單
點經營溢利率。中國大陸經營溢利率於期內增長兩
個百分點至
7.4%，此乃由於毛利率改善及強化的
管理團隊實施開支控制所致。管理層預期中國大陸
之經營溢利率於下半年將持續改善。
GIORDANO INTERNATIONAL LIMITED
Other income and other gains, net
Other income and other gains mainly comprised of royalty income,
rental income, gain from disposal of property, plant and equipment and
interest income. The other income and other gains dropped by 10%
or HK$5 million primarily due to less units of staff quarters sold in this
Operating expenses
Savings in operating expenses (decreased by 4%) virtually offset the
decrease in gross profit. Operating expense ratio, due to lower Group
sales, increased by 1.8 percentage points from 48.9% to 50.7%.
Rental expense was lower by 7% due to the closure of non-performing
DOS and opening of stores in more reasonably priced locations in
Greater China, partly offset by expansion of retail space in South East
Asia, in which we added net 23 stores in the past 12 months. Rental
expense to sales was 21.8% (%).
Staff expense was flat, but its percentage to sales rose from 16.6%
to 17.9% due to a 7% decrease in Group sales. Average headcount
decreased by 3%, which was in line with 1% decrease in retail space.
Average staff salary has increased by 5% due to salary increment and
increase in statutory staff benefits in certain markets.
Advertising and marketing expenses declined by 7% with fewer global
advertising campaigns launched this year. The Group will continue to
execute impactful marketing programs where appropriate.
Shop overhead expenses, comprising shop depreciation, utilities, credit
card charges, and other miscellaneous expenses, reduced by 5%,
primarily due to cost control across the Group.
Operating profit
Mainland China contributed 25% of Group sales, while it contributed
only 19% of Group operating profit, attributable to lower operating
margin than the other regions. Compared to other regions such as
the Middle East which achieved a high-teen operating margin due to
strong brand equity, mainland China had a high single-digit operating
margin. In this period, mainland China operating margin increased by
two percentage points to 7.4%, attributable to improved gross profit
margin and expense control executed by strengthened management
team. Management expects the operating margin in mainland China will
continue to improve in the second half of the year.
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
4：按地區劃分之銷售額及經營溢利貢獻
Chart 4: Sales and operating profit contribution by region
亞太其他地區
按地區劃分之銷售額貢獻
Sales contribution by region
The Middle
The rest of
Asia Pacic
香港及澳門
加盟商批發
Wholesales
to overseas
franchisees
5,700萬港元（
6,000萬港元），實
20.0%（2015年：
20.4%）。並無已知情況
預計會對本集團年末實際稅率造成重大變動。
本公司股東應佔溢利
本公司股東應佔溢利減少
2.04億港元
（2015年：
2.08億港元）。純利率因毛利率改善由
0.5個百分點至
8.1%，部分被經營費用比
率增加抵銷。外幣兌港元匯率不利變動對期內所
報告之股東應佔溢利造成負面影響，金額達
按地區劃分之經營溢利貢獻
Operating prot contribution by region
The Middle
加盟商批發
亞太其他地區
Wholesalesto overseasfranchisees9%
MainlandChina 19%
香港及澳門
Taxation amounted to HK$57 million (2015: HK$60 million),
representing an effective tax rate of 20.0% (%). There are
no known circumstances to cause material distortion of anticipated
effective tax rate of the Group by year end.
Profit attributable to shareholders of the Company
Profit attributable to shareholders of the Company declined by 2% to
HK$204 million (2015: HK$208 million). Net profit margin increased
by 0.5 percentage points from 7.6% to 8.1% attributable to improved
gross profit margin, partly offset by the increased operating expense
ratio. Adverse changes in foreign currency exchange rates against
HK dollars negatively affected reported PATS by HK$6 million in this
The rest of
Pacic 26%
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
表7：股東應佔溢利變動分析Table 7: Analysis of change in PATS
（以百萬港元為單位）
(In HK$ million)
截至6月30日
Six months
endedJune )
2015年上半年股東應佔溢利
Reported 1H 2015 PATS
從中國大陸產生之溢利增加
Increase in profit from mainland China
從香港及澳門產生之溢利增加
Increase in profit from Hong Kong and Macau
從台灣產生之溢利減少
Decrease in profit from Taiwan
從亞太其他地區產生之溢利增加
Increase in profit from the rest of Asia Pacific
從中東產生之溢利增加
Increase in profit from the Middle East
分佔南韓溢利增加
Increase in share of profit of South Korea
批發產生之溢利減少
Decrease in profit from wholesales
稅項、非控制性權益及總部職能之變動
Change in taxation, non-controlling interests
and corporate functions
2016年上半年未計貨幣換算差額之
1H 2016 PATS without currency
股東應佔溢利
translation difference
貨幣換算差額
Currency translation difference
2016年上半年股東應佔溢利
Reported 1H 2016 PATS
2016年中期報告
佐丹奴國際有限公司
以下管理層作出之具體市場意見以當地貨幣為單
位，倘若是以港元為單位，則根據固定匯率，以撇
除將經營業績及財務狀況由當地貨幣換算為港元
所產生之扭曲。有關數字尚未撇除以當地貨幣進口
產品成本之影響。
表8：中國大陸概覽
GIORDANO INTERNATIONAL LIMITED
The following market-specific comments by management are in
local currencies or, if in HK dollars, are at constant exchange
rates to remove distortions only from the translation of results
of operations and financial condition from local currencies to HK
dollars. The figures have not removed the impact on imported
product costs contracted at non-local currencies.
Mainland China
Table 8: Overview of mainland China
Six months ended
（以人民幣百萬元為單位）
(In RMB million)
向加盟店之批發
Total sales
Wholesale to franchisees
品牌銷售總額
Total brand sales
Franchised stores
可比較門市銷售額
CSS (3%) 12%
Gross profit
Gross profit margin
1.9pp/百分點
可比較門市毛利
CSGP (1%) 10%
Operating expenses (264) (303) (13%)
經營溢利率
Operating profit
Operating margin
2.0pp/百分點
期末門市數目
Number of stores at period end
Franchised stores
該地區銷售額減少主要由於淨關閉店舖及可比較
門市銷售額減少
3%所致。該地區之可比較門市毛
1%之較小跌幅。毛利下降
9%，而毛利率增
加1.9個百分點。平均產品成本減少
3%，而平均售
1%。設計更簡約及品質更高之產品使售價
能夠提高、降價更少及毛利率更好。
The region’s sales were down primarily due to net closure of stores
and a 3% decrease in CSS. The region’s CSGP registered a smaller
decrease of 1%. Gross profit declined by 9% while gross profit
margin improved by 1.9 percentage points. Average product costs
contracted by 3% while average selling price was up by 1%. Higher
quality products with simpler designs yielded higher selling prices, less
markdowns and better margins.
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
12個月，我們淨關閉
32間門市，影響銷售總額In the past 12 months, we had a net closure of 32 stores, affecting
之比較。直營店數目減少
75間，主要為街舖，而加total sales comparison. The number of directly operated stores
盟店則增加
43間。這與一直倡議關閉表現較差之(“DOS”) decreased by 75, mainly street stores, whereas franchised
高租金店舖的方案、於百貨公司渠道擴充直營店及stores increased by 43. This was in line with an ongoing initiative to
將我們的加盟店網絡擴大至三線及四線城市之策exit non-performing high rent stores, DOS expansion in department
略重心相符。加盟店之毛利率增加
1.6個百分點，store channels and strategic focus to expand our franchise network
乃由於優化產品組合及降低平均產品成本所致。to third- and fourth-tier cities. Franchised stores’ gross profit margins
improved by 1.6 percentage points due to better product mix and lower
underlying average product costs.
電子商務所貢獻之銷售額激增，佔中國大陸銷售額Sales contribution from e-business surged to account for 16% (2015:
之16%（2015年：
12%）。定價規則、商品選擇及12%) of mainland China sales. Pricing discipline, merchandise selection
應用「大數據」技術，幫助毛利激增
22%。管理層將and the application of “big data” technique helped surge gross profit
繼續提供資源支持全球電子商務銷售。by 22%. Management will continue to provide resources to support
e-business sales globally.
經營溢利增加
21%，主要由於電子商務所得溢利增Operating profit rose by 21%, primarily due to improved profits from
長及關閉表現較差門市所致。經營溢利率由
5.4%e-business and closure of non-performing stores. Operating margin
增加兩個百分點至
7.4%，主要由於毛利率得到相rose by two percentage points from 5.4% to 7.4%, primarily driven by
同程度之改善及成本控制所致。improvement of gross profit margins by the same extent and expense
經濟品牌「
Beau Monde」於期末有
16間門市，整體The budget brand, Beau Monde, had 16 stores at period end and
上有盈利。憑藉本集團之採購槓桿作用，「
Beau was overall profitable. Leveraging Group sourcing infrastructure, Beau
Monde」於接下來的季節將會推出更具價格競爭力Monde will launch more price competitive products in the coming
的產品。seasons.
5：中國大陸季度品牌銷售額及按年變動
Chart 5: Mainland China quarterly brand sales and YOY change
（以人民幣百萬元為單位）
(In RMB million)
-11% -11% -11%
第一季度第二季度
品牌銷售總額
Total brand sales
第三季度第四季度第一季度
3Q 15 1Q 2016
品牌銷售總額增長
Total brand sales growth
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
6：中國大陸季度可比較門市銷售額及可比較門市毛利變動
Chart 6: Mainland China quarterly CSS and CSGP change
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
可比較門市銷售額變動
可比較門市毛利變動
CSS change
CSGP change
香港及澳門Hong Kong and Macau
表9：香港及澳門概覽Table 9: Overview of Hong Kong and Macau
Six months ended
（以百萬港元為單位）
(In HK$ million)
Total sales 457 479 (5%)
可比較門市銷售額
Gross profit
Gross profit margin
1.5pp/百分點
可比較門市毛利
CSGP 2% 8%
Operating expenses (277) (291) (5%)
經營溢利率
Operating profit
Operating margin
1.6pp/百分點
期末門市數目
Number of stores at period end 70 74 (4)
INTERIM REPORT 2016
佐丹奴國際有限公司
銷售額錄得
5%之下降，主要由於
2015年關閉高租
金店舖。儘管政府統計報告
2016年上半年香港服
裝銷售價值按年減少
8%，但香港可比較門市銷售
1%。可比較門市毛利增長
2%，而毛利率
1.5個百分點至
68.5%。此乃由於平
均產品成本減少
10%，部分被平均售價減少
期內，租金成本對銷售額比率下跌兩個百分點，主
要由於撤離高租金地段及成功降低租金。管理層正
評估黃金地段之經濟效益並計劃於租金回落至合
理水平時開設新門市。員工成本銷售額比率因薪金
1.6個百分點。
經營溢利增加
19%。經營溢利率由
8.3%，主要由於毛利率增長
1.5個百分點
GIORDANO INTERNATIONAL LIMITED
Sales recorded a decrease of 5%, mainly due to closure of high
rent stores during 2015. Hong Kong CSS increased by 1% despite
government statistics reporting an 8% decrease in wearing apparel
sales value in Hong Kong in the first half of 2016. Regional CSGP
grew by 2% and gross profit margin was up by 1.5 percentage points
from 67.0% to 68.5%. This was attributable to a decrease of average
product costs of 10%, partly offset by a 6% decrease in average selling
Rental expense to sales ratio receded by two percentage points in this
period, mainly due to the exit from high rent locations and successful
rental reductions. Management is evaluating the economics of prime
locations and planning to open new stores when their occupancy costs
return to reasonable level. Staff costs to sales ratio escalated by 1.6
percentage points due to salary adjustments.
Operating profit rose by 19%. Operating margin increased by 1.6
percentage points from 6.7% to 8.3%, primarily attributable to increase
in gross profit margin of 1.5 percentage points.
7：香港及澳門季度品牌銷售額及按年變動
Chart 7: Hong Kong and Macau quarterly brand sales and YOY change
（以百萬港元為單位）
(In HK$ million)
第三季度第四季度
品牌銷售總額
Total brand sales
品牌銷售總額增長
Total brand sales growth
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
8：香港及澳門季度可比較門市銷售額及可比較門市毛利變動
Chart 8: Hong Kong and Macau quarterly CSS and CSGP change
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
可比較門市銷售額變動
可比較門市毛利變動
CSS change CSGP change
台灣Taiwan
表10：台灣概覽Table 10: Overview of Taiwan
Six months ended
（以百萬新台幣為單位）
(In NTD million)
Total sales 1,371 1,370持平
可比較門市銷售額
CSS (4%) 12%
Gross profit
Gross profit margin
(1.2pp/百分點
可比較門市毛利
CSGP (5%) 11%
Operating expenses (696) (682) 2%
經營溢利率
Operating profit
Operating margin
(2.2pp/百分點
期末門市數目
Number of stores at period end 211 201 10
INTERIM REPORT 2016
佐丹奴國際有限公司
在2015年上半年可比較門市銷售額高度增長
的情況下，可比較門市銷售額減少
4%。根據政府
公布，初步估計首個季度按年國內生產總值減少
0.68%。經濟增長受壓削弱消費者消費意欲。過往
12個月，我們淨增設十間門市，銷售額卻持平。新
增門市未能實現預期銷售額。
毛利率輕微下降
1.2個百分點。儘管平均產品成本
2%，新台幣疲弱對主要以人民幣計值之抵岸
產品成本造成不利影響。平均售價下降
層正檢討其於下半年之價格及產品組合。
台灣經營溢利減少
24%。經營溢利率由
6.9%。毛利率減少
1.2個百分點。
除檢討價格及產品組合外，管理層亦將仔細評估台
灣表現較差之門市及其擴張計劃，因為當地經濟並
沒有任何復甦之跡象。
9：台灣季度品牌銷售額及按年變動
GIORDANO INTERNATIONAL LIMITED
Against a higher CSS growth of 12% in the first half of 2015, CSS
decreased by 4%. The government announced that the preliminary
estimation of first quarter YOY real GDP declined by 0.68%. The
subdued economy growth weakened consumer sentiment. In the past
12 months, we added net ten stores, but sales were flat. Newly opened
stores failed to deliver expected sales.
Gross profit margin decreased slightly by 1.2 percentage point.
Although the average underlying product costs were down by 2%, the
weakened NTD unfavorably affected landed product costs, which are
primarily denominated in RMB. Average selling price decreased by 4%.
Management is reviewing its price and product mix in the second half of
Taiwan operating profit fell by 24%. Operating margin went down from
9.1% to 6.9%. Gross profit margin decreased by 1.2 percentage point.
Along with a price and product mix review, management will also
carefully evaluate Taiwan’s non-performing stores and its expansion
plans, as the local economy is not showing signs of any reasonable
Chart 9: Taiwan quarterly brand sales and YOY change
（以百萬新台幣為單位）
(In NTD million)
第三季度第四季度
品牌銷售總額
Total brand sales
第四季度第一季度
3Q 15 1Q 2016
品牌銷售總額增長
Total brand sales growth
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
10：台灣季度可比較門市銷售額及可比較門市毛利變動
Chart 10: Taiwan quarterly CSS and CSGP change
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
可比較門市銷售額變動
可比較門市毛利變動
CSS change CSGP change
亞太其他地區The rest of Asia Pacific
表11：亞太其他地區概覽Table 11: Overview of the rest of Asia Pacific region
Six months ended
（以百萬港元為單位，
按固定匯率換算）
(In HK$ million, translated at
constant exchange rates)
Total sales 687 638 8%
可比較門市銷售額
Gross profit
Gross profit margin
(0.9pp/百分點
可比較門市毛利
CSGP 4% 7%
Operating expenses (342) (313) 9%
經營溢利率
Operating profit
Operating margin
(0.6pp/百分點
期末門市數目
Number of stores at period end 582 559 23
INTERIM REPORT 2016
佐丹奴國際有限公司
當地貨幣兌人民幣匯率疲弱已影響該地區之業績，
因為大部分生產訂單均以人民幣計值。例如，馬來
西亞幣兌人民幣貶值
5%及泰銖兌人民幣貶值
這已導致產品成本增加，而毛利率合共減少
將該等市場之經營業績換算為本集團之報告貨幣港
元時，進一步對其報告業績造成負面影響。當按現
行匯率換算時，地區銷售額增長
3%，而地區經營
溢利則減少
3%。若按固定匯率換算，該地區應錄
得8%地區銷售額增長及
2%地區經營溢利增長。因
若干全球性因素，該地區貨幣走勢仍然難以預測。
地區管理團隊將持續保護我們於當地的品牌價值，
透過策略性營銷活動提高售價而非打折。
表12：亞太其他地區市場門市數目
GIORDANO INTERNATIONAL LIMITED
Weakened local currencies against RMB have affected the results from
this region as most production orders are in RMB. For example, the
Malaysian Ringgit depreciated against RMB by 5%, and the Thai Baht
2%. This resulted in higher product costs, and a decrease in gross
profit margin by 0.9 percentage point, in aggregate.
Translation of the results of operations from these markets to the Group
reporting currency, HK dollars, further negatively affected their reported
results. When translated at current exchange rates, regional sales were
up by 3%, while regional operating profit was down by 3%. If translated
at constant exchange rates, the region would have reported an 8%
regional sales increase and a 2% regional operating profit increase.
Currency movements in this region are still unpredictable due to many
global factors. Regional management teams will persevere to protect
our brand equities there with strategic marketing campaigns to boost
selling prices and not resort to discounting.
Table 12: Store number of markets in the rest of Asia
Pacific region
Total number of stores 582 559
總零售空間（平方呎）
Total retail floor space (sq ft) 568,000 517,300
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
對該地區主要市場之論述如下：Commentaries on key markets in this region are as follows:
在新加坡，第二季度可比較門市銷售額按年增加
In Singapore, second quarter CSS improved by 4% YOY against a
4%，而第一季度增長
1%。儘管新加坡元並未像該first quarter increase of 1%. Although the Singaporean dollar had not
地區其他貨幣經歷貶值，但經濟疲弱及遊客客流量suffered depreciation as other currencies in the region, weakened
偏低抑制整體零售額。於
2015年，新加坡五十週年economy and low tourist traffic dampened overall retail sales. In 2015,
慶典亦貢獻了比較期間異常高的客流量。the Singapore Golden Jubilee celebration also contributed to unusually
high store footfalls in the comparable period.
馬來西亞政府於
2015年4月推出商品及服務稅。此The Malaysian government introduced Goods and Services Tax in
舉刺激了實施前的異常高消費，因此產生了相當高April 2015. This encouraged unusually high consumption prior to the
的2015年比較基準。儘管馬來西亞幣兌人民幣貶implementation and had created a rather high 2015 comparable base.
值5%，但由於更好的商品組合及存貨規範，管理Owing to more favorable merchandise mix and inventory discipline,
層成功將毛利率提高一個百分點。管理團隊已成功management succeeded in improving gross profit margin by one
降低庫存，有利於下半年推行保持高利潤率的營銷percentage point although the Malaysian Ringgit had depreciated
計劃。against RMB by 5%. The management team has succeeded in bringing
down stock levels to poise at high margin marketing initiatives in the
second half of the year.
於印尼，佐丹奴品牌可比較門市銷售額因商品組合In Indonesia, Giordano brand CSS was up by 8% attributable to
8%，但由於特許方上調零售價格及商品improved merchandise assortment, but licensed brands recorded a
延遲交付，特許品牌錄得雙位數下降。特許方已修double-digit decline due to upward adjustments of licensor-directed
訂其定價指引。印尼盾貶值亦大幅提高主要從中國retail prices and delayed shipments of merchandise. The licensor has
採購產品之成本。since revised its pricing guideline. The depreciation of Indonesian
Rupiah had also severely increased product costs sourced primarily
from China.
若按固定匯率換算，印尼的銷售額增長
14%，主要Translated at constant exchange rate, sales of Indonesia were up
12個月淨增加
23間門市所致。然而，經營by 14%, primarily driven by net addition of 23 stores in the past 12
費用，尤其是租金成本及法定員工福利急速增長，months. However, rapidly rising operating expenses, particularly rental
已將經營溢利率拉低
3.2個百分點，進而導致按固expenses and statutory staff benefits, brought down operating margin
定匯率換算的經營溢利下降
6%。當地管理團隊已by 3.2 percentage points, resulting in a 6% decline in operating profit
建立所有市場中最強大的佐丹奴品牌形象。儘管當even translated at constant exchange rate. The local management team
地貨幣不穩定，但我們強大的品牌形象將有助我們has built the strongest Giordano brand image among all markets. We
保持高經營溢利率。believe that this position will help us sustain high operating margins
despite the unstable local currency.
泰國的可比較門市銷售額及可比較門市毛利均錄Thailand reported growth of 15% in both CSS and CSGP. Operating
得15%增長。按固定匯率換算的經營溢利亦激增
profit translated at constant exchange rate also surged by 26%. These
26%。此乃由於銷售額及毛利增加以及良好的經營results were attributable to increases in sales and gross profit and
成本控制所致。該市場有韌力，我們於當地的團隊well controlled operating expenses. This market tends to be resilient
可很好地管理其經營。儘管泰銖貶值，但本集團預and our team there manages its merchandising very well. The Group
計可持續溢利增長。anticipates sustainable profit growth despite depreciation of the Thai
在經濟不穩及澳元貶值情況下，在澳洲的銷售額一Suffering from double-digit decline in CSS against an unstable
直不理想，可比較門市銷售額經歷雙位數下降，經economy and a depreciated Australian dollar, sales in Australia have
營虧損已較去年同期進一步惡化。管理層持續評估been disappointing. Operating loss had further deteriorated from the
該市場是否符合本集團的地區策略。same period last year. Management continues to assess if this market
fits in the Group’s geographic strategy.
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
表13：亞太其他地區按市場劃分之銷售Table 13: Sales, CSS and CSGP by markets in the rest of
額、可比較門市銷售額及可比較門Asia Pacific region
按固定匯率可比較可比較
計算之銷售額門市銷售額門市毛利
constant exchange rate CSS CSGP
6月30日截至
止六個月止六個月
Six months ended Six months ended
June 30 June 30
Change 16 2015
以百萬港元為單位）
(In HK$ million)
155 155持平
Flat 2% 8%持平
Indonesia 239 209 14% 8% 9% 6%持平
Malaysia 96 92 4%持平
Flat (5%) 2% (7%)
Thailand 152 130 17% 15% 23% 15% 22%
Australia 35 40 (13%) (13%) 15% (17%) 15%
India 7 9 (22%) (38%) (2%) (36%) (10%)
Cambodia 3 3持平
Flat 32%不適用
N/A 27%不適用
Total 687 638 8% 5% 9% 4% 7%
11：亞太其他地區季度品牌銷售額及按年變動
Chart 11: The rest of Asia Pacific quarterly brand sales and YOY change
（以百萬港元為單位，
2016年匯率換算）
(In HK$ million, at 2016
exchange rates)
第三季度第四季度
第一季度第二季度
品牌銷售總額
Total brand sales
第三季度第四季度第一季度
3Q 15 1Q 2016
品牌銷售總額增長
Total brand sales growth
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
12：亞太其他地區季度可比較門市銷售額及可比較門市毛利變動
Chart 12: The rest of Asia Pacific quarterly CSS and CSGP change
可比較門市銷售額變動
CSS change
可比較門市毛利
CSGP change
中東The Middle East
表14：中東概覽Table 14: Overview of the Middle East
Six months ended
（以百萬港元為單位，
按固定匯率換算）
(In HK$ million, translated at
constant exchange rates)
Total sales 315 320 (2%)
可比較門市銷售額
CSS (4%) 1%
Gross profit
Gross profit margin
3.5pp/百分點
可比較門市毛利
CSGP (1%) 2%
Operating expenses (154) (145) 6%
經營溢利率
Operating profit
Operating margin
Flat0.3pp/百分點
期末門市數目
Number of stores at period end 196 202 (6)
INTERIM REPORT 2016
佐丹奴國際有限公司
按固定匯率換算之地區銷售額減少
2%。地區可比
較門市銷售額及可比較門市毛利分別減少
1%。於去年
4月，本集團完成收購科威特及卡塔爾
業務。本集團已合併自完成日期以來該等業務的銷
售額。剔除收購科威特及卡塔爾業務之影響，銷售
油價下跌已對我們的可比較門市銷售額造成不利
影響，於首個季度下跌
15%。其已於第二季度逐步
恢復至增長
7%。齋月提前、商品改善及營銷計劃
優化導致第二季度銷售額強勁。我們批發予加盟商
的銷售額減少
22%，乃由於淨關閉店舖及可比較門
市銷售額負增長所致。該等結果乃由於當地貨幣兌
強勢美元貶值導致消費者需求疲弱。
儘管毛利率增加
3.5個百分點，但經營溢利持平。
剔除收購科威特及卡塔爾業務之影響，經營溢利將
GIORDANO INTERNATIONAL LIMITED
Regional sales translated at constant exchange rate decreased by
2%. Regional CSS and CSGP decreased by 4% and 1%, respectively.
In April last year, the Group completed the acquisition of Kuwait
and Qatar operations. The Group has consolidated sales from these
operations since the completion date. Excluding the acquisitions of
Kuwait and Qatar, sales would have decreased by 7%.
Falling oil prices has adversely affected our CSS which declined by
15% in the first quarter. It has gradually recovered to rise by 7% in the
second quarter. An early Ramadan, improved merchandise, and better
marketing programs have all contributed to the strong second quarter
sales. Sales in our wholesale markets through franchisees decreased
by 22%, due to net closure of stores and negative CSS growth.
The results were attributable to weakened consumer demand from
depreciated local currencies against a strong USD.
Although gross profit margin improved by 3.5 percentage points,
operating profit was flat. Excluding the acquisitions of Kuwait and
Qatar, operating profit would have decreased by 3%.
13：中東季度品牌銷售額及按年變動
Chart 13: The Middle East quarterly brand sales and YOY change
（以百萬港元為單位，
2016年匯率換算）
(In HK$ million, at 2016 (%)
exchange rates)
156 153 146 154
134 125 165
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
品牌銷售總額
品牌銷售總額增長
Total brand sales
Total brand sales growth
附註：中東品牌銷售額包括我們直營店的零售額，但不包括我們Note: Brand sales in the Middle East comprise retail sales at our DOS, but exclude retail
加盟商市場的零售額。sales in our franchised markets.
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
14：中東季度可比較門市銷售額及可比較門市毛利變動
Chart 14: The Middle East quarterly CSS and CSGP change
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
可比較門市銷售額變動
可比較門市毛利變動
CSS change CSGP change
南韓（一間合營公司）South Korea (a joint venture)
表15：南韓概覽Table 15: Overview of South Korea
Six months ended
（以百萬韓元為單位）
(In KRW million)
Total sales 101,519 102,464 (1%)
可比較門市銷售額
CSS (2%) (6%)
Gross profit
Gross profit margin
56,49055.1%
Flat0.4pp/百分點
可比較門市毛利
（持股百分比：
Net Profit
Share of profit(% of equity holding: 48.5%)
期末門市數目
Number of stores at period end 195 200 (5)
INTERIM REPORT 2016
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
一間由南韓獨立管理團隊管理之擁有
48.5%權益的South Korea, a 48.5% joint venture under an independent management
合營公司錄得可比較門市銷售減少
2%，而可比較team, reported a minus 2% CSS and flat CSGP. Gross profit margin
門市毛利則持平。毛利率增長
0.4個百分點，乃由was up by 0.4 percentage point, attributable to less inventory
於減少清理庫存所致。
2015年爆發中東呼吸綜合clearances. The outbreak in 2015 of the Middle East Respiratory
症迫使去年頻繁降價。管理層展望未來南韓將逐步Syndrome (“MERS”) necessitated frequent markdowns last year. Going
恢復產品利潤，部分由於利用本集團的採購槓桿作forward management expects that South Korea will gradually recover
用。純利增加主要由於審慎控制費用所致。product margins, partly due to the leveraging of the Group’s sourcing
power. Increase in net profit primarily resulted from prudent control of
discretionary expenses.
15：南韓季度品牌銷售額及按年變動
Chart 15: South Korea quarterly brand sales and YOY change
（以百萬韓元為單位）(%)
(In KRW million)
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
品牌銷售總額
品牌銷售總額增長
Total brand sales
Total brand sales growth
16：南韓季度可比較門市銷售額及可比較門市毛利變動
Chart 16: South Korea quarterly CSS and CSGP change
第三季度第四季度第一季度第二季度第三季度第四季度第一季度第二季度
3Q 14 1Q 15 3Q 15 1Q 16
可比較門市銷售額變動
可比較門市毛利變動
CSS changeCSGP change
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
本集團對海外加盟商及非合併附屬公司之Group wholesales to overseas franchisees and non批
發consolidated entities
表16：海外加盟商及非合併附屬公司門市Table 16: Store number of overseas franchisees and
數目non-consolidated subsidiaries
按市場劃分
June 302015
Philippines
Other markets
Total number of stores 432 414
總零售空間（平方呎）
Total retail floor space (sq ft) 467,000 434,000
批發銷售額驟降
28%至1.42億港元（
1.97Wholesale sales fell sharply by 28% to HK$142 million (2015: HK$197
億港元）。管理層相信，本集團之批發市場，尤其million). Management believes that, the Group’s wholesale markets, in
是南韓合營公司，將於完成庫存優化後補充其存貨particular the South Korean joint venture, will begin to replenish their
水平。南韓將很快解決其自
2015年中東呼吸綜合症inventory levels upon completing their inventory rationalization. South
以來的庫存積壓。期內，其對存貨流轉日數為
107Korea will soon deplete its overstock from the 2015 MERS referred to
日止期間：
121天）。above. Its inventory turnover days on costs were 107 in this period (for
the period ended June 30,
在菲律賓、緬甸、越南及日本等地方，品牌銷售額Elsewhere, the Philippines, Myanmar, Vietnam, and Japan have
錄得持續增長，本集團向該等市場之批發銷售額增registered sustainable growth in brand sales and the Group’s wholesale
長9%。該等市場於過往
12個月錄得雙位數零售空sales to these markets increased by 9%. These markets reported
間增長，及可比較門市毛利上升
19%。double-digit expansion of retail space in the past 12 months and CSGP
growth of 19% during the reporting period.
INTERIM REPORT 2016
佐丹奴國際有限公司
從經營業務所得之自由現金流量
從經營業務所得之自由現金流量對創造股東價值至
關重要，而這在內部一直是主要關鍵績效指標。自
由現金流量於期內減少
9,800萬港元或
3.57億港元）。現金轉化率量度我
們將溢利轉換為現金之能力，其按扣除已付稅項前
自由現金流量
3.10億港元除以
EBIT計算，為
（2015年：
139%）。此乃主要由於繳付應付帳款之
時間差導致營運資金淨增加所致。
我們於期內向非控制性權益分派
2015年末期股息
2.28億港元及股息
2,700萬港元。現金及銀行結存
800萬港元至
10.84億港元。現金及銀行結存變
動主要由於從經營業務所得之自由現金流量及派
發上述股息所致。
管理層認為現有現金及銀行結存以及從經營業務
所得之自由現金流量將足以支持我們的業務營運
並為我們的發展及行動提供資金。
表17：從經營業務所得之自由現金流量
GIORDANO INTERNATIONAL LIMITED
FINANCIAL CONDITION
Free cash flow from operations
Free cash flow from operations is essential to create shareholder value
and this has been a key performance indicator internally. During the
period, free cash flow decreased by HK$98 million or 27% to HK$259
million (2015: HK$357 million). Cash conversion rate measures our
ability to convert profit into cash, calculated by dividing free cash flow
before taxes paid of HK$310 million to EBIT, was 107% (%).
This is mainly due to net increase in working capital resulted from
timing difference in settling trade payable.
During the period, we distributed HK$228 million of 2015 final dividends
and HK$27 million dividends to non-controlling interests. Cash and
bank balances increased by HK$8 million to HK$1,084 million. The
change in cash and bank balances were primarily due to free cash flow
from operations and the payout of dividends above.
Management considers the current cash and bank balances and free
cash flow from operations will be sufficient to support our business
operations and fund our growth and initiatives.
Table 17: Free cash flow from operations
Six months ended
（以百萬港元為單位）
(In HK$ million)
折舊及攤銷
資本開支減出售
應佔合營公司
除稅前溢利（扣除股息）
營運資金變動
租賃按金及扣除攤銷之
租賃預付款減少
Depreciation and amortization
Capital expenditure less disposals
Share of pre-tax profit of jointventures/associates (net of dividends)
Changes in working capital
Decrease in rental deposits andrental prepayments less amortization
從經營業務所得之自由現金流量
Free cash flow from operations 259 357
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
表18：現金及銀行結存變動分析Table 18: Analysis of change in cash and bank balances
Six months ended
（以百萬港元為單位）
(In HK$ million)
期初現金及銀行結存
從經營業務所得之自由現金流量
已付股東及非控制性權益股息
收購科威特及卡塔爾業務
發行新股份所得款項
Cash and bank balances at
beginning of the period
Free cash flow from operations
Dividends paid to shareholders and
non-controlling interests
Acquisition of Kuwait and Qatar operations
Proceeds from issuance of new shares
Exchange difference
期末現金及銀行結存
Cash and bank balances
at end of the period 1,084 1,029
財務狀況Financial position
物業、機器及設備Property, plant, and equipment
於2016年上半年，我們的資本開支較去年同期
During the first half of 2016, we increased capital expenditure by HK$6
4,000萬港元增加
600萬港元，用於增設
145間直營million from HK$40 million the same period last year, on the addition of
105間直營店）及店舖升級。管理層預145 DOS ( DOS) and store upgrade. Management expects to
計將加快我們現有店舖環境升級，以提升我們的品speed up the upgrade of our existing shop ambiance as we strengthen
牌形象。our brand image.
商譽及授出認沽期權負債Goodwill and put option liability
商譽及授出認沽期權負債來自
2012年收購中東業The goodwill and put option liability arose from the acquisition of the
日之結餘並無變動。Middle East operations in year 2012. There were no change to the
balances at June 30, 2016.
於合營公司之權益Interests in joint ventures
結餘主要指我們對於南韓擁有
48.5%權益之合營公The balance mainly represents our interests to the 48.5% joint venture
司之權益。結餘於期內減少
2,100萬港元乃由於分in South Korea. The decrease in balance by HK$21 million during
佔期內溢利
1,800萬港元，抵銷已收股息
3,400萬港the period was due to share of profit for the period of HK$18 million,
元及貨幣換算差額
500萬港元所致。offset by dividends received of HK$34 million and currency translation
difference of HK$5 million.
租賃土地及租金預付款項Leasehold land and rental prepayments
於日，租賃土地及租金預付款項較
At June 30, 2016, leasehold land and rental prepayments decreased by
日2.52億港元減少
200萬港元，乃由HK$2 million from HK$252 million at December 31, 2015, attributable
於新增租金預付款項
2,600萬港元、換算差額
200萬to additional rental prepayment of HK$26 million, translation difference
港元，抵銷攤銷
3,000萬港元所致。of HK$2 million, offset by amortization of HK$30 million.
32 INTERIM REPOR T 2016
佐丹奴國際有限公司
存貨控制是採購效率的重要指標，也是本集團的
核心競爭力。本集團於
日的存貨減少
9,900萬港元或
20%至3.92億港元（
4.91億港元）。期內，存貨對成本之流轉日數
為70天，與去年同期持平。於第一季度，存貨對成
本之流轉日數較去年增加
9天。我們於第二季度反
應迅速，並得以將存貨對成本之流轉日數恢復至與
去年上半年一致。
本集團監督供應商及中國大陸加盟商的存貨以及
我們擁有的綜合存貨（統稱「系統存貨」）。儘管供
應商及中國大陸加盟商的存貨並非我們的法定責
任，但此規則可確保我們不會作出資產負債表外存
貨，此將危害本集團於未來數月的經營靈活性及批
發業務。儘管供應商大批生產及保存核心產品，但
系統存貨仍較
表19：系統存貨
GIORDANO INTERNATIONAL LIMITED
Inventory control is a key indicator of merchandising efficiency and
remains a core competence of the Group. Group inventories at
June 30, 2016 dropped by HK$99 million or 20% to HK$392 million
(December 31, 2015: HK$491 million). In this period, ITOC days closing
at 70 were flat to the same period last year. In the first quarter, ITOC
days were 9 days more than that of last year. We reacted quickly in the
second quarter and were able to bring back the ITOC days to be in line
with first half last year.
The Group responsibly monitors inventories at our suppliers and
mainland China franchisees as well as our own consolidated inventories
(collectively, the “system inventory”). Although inventories at suppliers
and mainland China franchisees are not our legal liabilities, this
discipline ensures that we do not build up off-balance sheet inventories,
which would jeopardize the Group’s merchandising flexibility and
wholesale business in the future months. The system inventory was
down by 19% compared to December 31, 2015, in spite of bulk
production and stockholding by suppliers of core items.
Table 19: System inventory
（以百萬港元為單位）
(In HK$ million)
June 302015
本集團持有之存貨
中國大陸加盟店
持有之存貨
供應商之製成貨品
（未付運）
Inventories held by the Group
Inventories held by franchiseesin mainland China
Finished goods at suppliers(not yet shipped)
系統存貨總額
Total system inventory 510 633 574
應收賬款Trade receivables
本集團監督應收賬款的可收回性，以降低壞賬風The Group monitors the recoverability of trade receivables to mitigate
險。應收賬款的價值相等於
44天信貸銷售額，較去bad debt risk. Value of trade receivables was equivalent to 44 days of
年同期減少
6天（過往年度的未收回銷售款項日數credit sales, decreased by 6 days compared to the same period last
已經重列，以反映扣除百貨公司扣點租金之信貸year (prior years’ days sales outstanding restated to reflect credit sales
銷售額）。逾期超過
90天之應收賬款佔應收賬款之
net of concessionary rent in department stores). Trade receivables past
2015年底相同。due more than 90 days represents 6% of trade receivables, same as
2015 year-end.
2016年中期報告
佐丹奴國際有限公司
GIORDANO INTERNATIONAL LIMITED
應付賬款Trade payable
期內，未支付應付賬款日數輕微增加
26天。Days payable outstanding increased slightly by 1 day to 26 days during
此乃由於提前向策略性供應商付款的慎重政策所the period. This is a deliberate policy of faster payments to strategic
致。由於我們的策略性供應商產生較低融資費用，suppliers. The Group benefits from lower product costs as our strategic
本集團能從較低產品成本中獲益。suppliers incur lower financing expense.
中期股息Interim dividend
董事會已於
日宣布派發中期股息每股
The Board declared an interim dividend of 12.5 HK cents per share
12.5港仙（
2015年：每股
12.5港仙）。股息總額為
( HK cents per share) on August 11, 2016. This totals
1.96億港元，反映強勁的自由現金流、營運資金管HK$196 million and reflects strong free cash flow, working capital
理及淨現金狀況。本集團的政策是向股東回饋剩餘management, and net cash position. Group policy is to return surplus
現金。管理層相信有足夠資金用於中期投資。cash to shareholders. Management is confident that there are sufficient
funds in the business for medium term investments.
展望OUTLOOK
全球貨幣匯率持續不穩。本集團於報告期受各市場Global currencies continue to experience great uncertainties. The
之貨幣貶值所影響。儘管該等貨幣明顯稍為穩定，Group suffered from the depreciation of local currencies in its markets
但管理層無法預測相關匯率於不久將來的走向。本during the reporting period. Notwithstanding an apparent stabilization
集團已減少採購成本之結算週期，以降低其他貨幣of these currencies, management cannot predict the direction of the
兌人民幣的短期匯率風險。本集團已制定對沖政策relevant exchange rates in the near future. The Group has reduced
對沖外匯風險較大之部分，期限最高為
12個月。然the lead-time of settlement for purchase costs to mitigate short而
，本集團基於多種原因可選擇不對沖若干外匯風term exchange rate risk arising from other currencies against RMB.
險，包括但不限於會計考慮因素及對沖特定風險的The Group has formulated a hedging policy to hedge a portion of its
高昂成本。material foreign exchange exposures, with tenor up to 12 months.
However, the Group may choose not to hedge certain foreign exchange
exposures for a variety of reasons, including, but not limited to,
accounting considerations and the prohibitive cost of hedging particular
exposures.
據我們觀察，英國最近決定退出歐盟對我們目前經The recent decision of the United Kingdom to leave the European
營的絕大多數市場具有有限的即時或短期影響。儘Union, as we observed, had limited immediate or short term effect
管如此，我們完全意識到，全球各地政治事件可導on the majority of the markets we operate in. Nonetheless, we are
致不可預見的波動。管理層將繼續監督貨幣及風險fully aware that global geopolitical events can lead to volatility in an
狀況，並於我們預期存在威脅或機會時採取必要unpredictable manner. Management will continue to monitor currencies
措施。and risk profiles, and take necessary steps when we anticipate threats
or opportunities.
管理層對中國大陸的展望保持審慎樂觀，因為當地Management’s outlook on mainland China is cautiously optimistic,
消費者似乎已適應緩慢但仍相當大的經濟增長。憑as consumers there seem to have adapted to a slower yet sizable
藉中國大陸管理層在擴展加盟店上取得的成績及economic growth. Coupled with the improvements achieved by our
實現更好的利潤率，管理層預計可比較門市銷售額mainland China management team towards franchise expansion
及可比較門市毛利，尤其是電子業務方面，將優於and healthier margins, management expects that CSS and CSGP,
本集團之平均水平。管理層將透過利用來自其電子in particular those relating to the e-business, will be better than
商務平台的交易數據向電子業務分配更多資源，以the Group’s average. Management will allocate more resources to
擴大其移動應用程式用戶群。the e-business by leveraging transacted data from its e-commerce
platforms to expand its mobile apps user community.
INTERIM REPORT 2016
佐丹奴國際有限公司
儘管零售行業面臨挑戰，香港市場經營溢利因節省
租金及高效營運而錄得增長。我們將繼續審慎調整
我們的門市組合及檢討我們的租金水平。我們預期
於不久的將來會於這方面節省更多租金。
油價下降及政府緊縮政策已為中東創造不確定的
經濟前景。然而，由於齋月提前及改善營銷組合，
該地區的銷售額最近顯現復甦迹象。管理層繼續提
高該地區的經營能力，並將著手加速加盟店擴張。
南韓合營公司較去年在中東呼吸綜合症爆發時有
所改善。當由此導致的過剩存貨問題解決時，我們
相信其利潤率及盈利能力將進一步復甦。
管理層認為，從中期而言，地區經濟環境不利於大
規模擴張。我們將集中效率以進行經營改善及審慎
投資。管理層亦正物色本集團品牌尚未涉足的新
最後，管理層有信心實現持續穩健的營運資金。管
理層將強化經營系統，以實現可持續盈利。我們已
按核心競爭力重組管理團隊。
本集團近期並無大額資本開支計劃。
30日，本集團約有
8,100名僱員
8,100名）。本集團為各級員工
提供具競爭力之薪酬組合，並發放按目標為本計算
之優厚花紅。我們向高級管理人員提供與表現掛鈎
之花紅計劃及購股權，以酬報及挽留優秀幹練之管
理團隊。我們亦投放大量資源於基本銷售及客戶服
務培訓、管理、規劃及領導才能發展，以挽留具有
技術且主動貢獻的工作團隊。
GIORDANO INTERNATIONAL LIMITED
Despite headwinds in the retail industry, Hong Kong market operating
profit recorded improvement because of rental savings and efficient
operation. We will continue to cautiously adjust our store portfolio and
review our rent level. We expect to realize more savings from this area
in near future.
Lower oil price and governments’ austerity measures have created
an uncertain economic outlook for the Middle East. However, our
sales from the region showed signs of recovery in recent weeks due
to an early Ramadan and improved merchandising mix. Management
continues to sharpen the region’s merchandising skills and shall
embark on faster franchise expansion.
South Korea joint venture showed improvement from last year when
MERS broke out. When the resultant overstock depletes, we believe
that its margins and profitability further recover.
Management holds the view that regional economic environments are
not conducive to profitable large-scale expansion in the medium term.
We will focus on efficiencies by operational improvements and prudent
investments. Management is also looking for new markets where the
Group brands do not yet have a presence.
Finally, management is confident to deliver contin}