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Public company info - Ernest Borel Holdings Limited , 01856.HK
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Ernest Borel Holdings Limited, 01856.HK - Company Profile
Chairman Shang Jianguang
Share Issued (share) 347,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Watch & Jewellery
Corporate Profile Business Summary: The principal activity of the Group are manufacturing and sales of watches. Performance for the year: Turnover for the financial year ended 31 December 2019 (“FY2019”) decreased from HK$171.8 million to HK$141.5 million when compared with last year (“FY2018”). Gross margin for FY2019 decreased from 44.2% to 39.5%. Gross profit for FY2019 decreased from HK$75.9 million to HK$55.9 million. Loss before tax, excluding the effect of other gain or loss and other income, for FY2019 decreased from HK$82.7 million to HK$55.2 million, a decrease of 33.3%. Loss after tax for FY2019 was HK$79.0 million (FY2018: HK$97.7 million), a decrease of 19.1%. Loss per share was HK22.75 cents for FY2019 (FY2018: HK28.11 cents). Business Review: Established since 1856 in Switzerland, Ernest Borel has a proud heritage spanning over 163 years. Throughout the course of its history and across its operations, the Group has upheld the principles of producing high precision “Swiss-made” products and implemented stringent quality controls. Under its own brand “Ernest Borel”, the Group is engaged in the design, production, marketing and sale of mechanical and quartz premium watches. As one of the oldest Swiss premium watchmakers, Ernest Borel has adopted the “dancing couple” as its icon, which embodies “romance and elegance”. Together with its distinctive market position, Ernest Borel has gained leadership among brands of watches for couples in Switzerland. The extensive distribution network of the Group covers retail markets in the People’s Republic of China (the “PRC”), (excludes the Hong Kong Special Administrative Region (“Hong Kong”), the Macau Special Administrative Region (“Macau”) and Taiwan), Hong Kong, Macau and other markets. As at 31 December 2019, the Group has more than 772 points of sale (“POS”). Ernest Borel recorded a revenue of HK$141.5 million (2018: HK$171.8 million), representing a year-on-year decrease of approximately 17.6%, and gross profit and gross profit margins decreased to HK$55.9 million (2018: HK$75.9 million) and 39.5% (2018: 44.2%), respectively. Consequently, loss attributable to equity holders amounted to HK$79.0 million in FY2019. The Group has always distributed resources to the development of e-commerce business and selling its products on mainstream sales platforms, such as Tmall and JD.com. In order to meet customers’ needs, the Group promoted exclusive watches which were only available in these online platforms, to cater different consumer segments needs, as well as broaden the source of income. The PRC Market The PRC remains the core market of the Group. As at 31 December 2019, the Group had around 631 POS in the country. Revenue from the PRC segment decreased from HK$149.6 million for FY2018 to HK$110.1 million for FY2019, accounting for approximately 77.8% of total revenue. Hong Kong and Macau Markets As at 31 December 2019, the Group had around 55 POS in Hong Kong and Macau markets. Sales in these markets decreased by approximately 22.9% from HK$8.5 million for FY2018 to HK$6.6 million for FY2019, accounting for approximately 4.7% of total revenue. Other markets As at 31 December 2019, the Group had 86 POS in the other markets, mainly in Southeast Asia and Europe. Sales in these markets increased by approximately 81.8% from HK$13.6 million for FY2018 to HK$24.8 million for FY2019, accounting for approximately 17.5% of total revenue. Prospects: In 2019, the China-US trade dispute and unsteady political situation in Hong Kong impacted the economy in the world, the PRC and Hong Kong. The premium watch retails market in the PRC also suffered from extremely negative effects. These factors exerted adverse effects on the Company’s operation and revenue. The Company has adopted various measures to deal with such difficult operating environment.

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