Financial Performance - For the fiscal year ending March 31, 2023, the group's revenue was HKD 2.13 billion, an increase of 5.5% compared to HKD 2.02 billion in the previous year[5]. - Net profit attributable to equity shareholders was HKD 252.6 million, up 25.7% from HKD 209 million in the previous year[6]. - Sales revenue in Hong Kong decreased by 2.6% due to the challenging retail environment impacted by COVID-19[10]. - Taiwan achieved a sales revenue growth of 22.1% and a profit growth of 62.1% in local currency[10]. - Retail and wholesale sales in China recorded a growth of 7.6% despite significant impacts from COVID-19[10]. - Hong Kong contributed 69.7% to total sales, Taiwan accounted for 25.4%, and other regions made up 4.9%[64]. - The group achieved a 22.1% increase in sales revenue and a 62.1% increase in profit in Taiwan, reflecting improved sales and gross margins, as well as effective cost and inventory control[63]. - The group incurred a loss of HKD 52.4 million in its investment portfolio during the review period due to extreme market volatility[111]. - The group maintained a zero debt ratio, with no bank loans after accounting for cash reserves[103]. - As of March 31, 2023, the group's net current financial resources amounted to HKD 2.226 billion, an increase from HKD 2.045 billion in the previous year[101]. - The current ratio (current assets to current liabilities) improved to 2.3 times from 1.9 times the previous year[103]. Dividend and Shareholder Information - The board proposed a final dividend of HKD 0.27 per share, maintaining the total dividend at HKD 0.35 per share, resulting in a dividend yield of 8.73% based on the closing price of HKD 4.01[6]. - The company plans to propose a final dividend for the year ending March 31, 2023, at the upcoming annual general meeting[44]. - The company reported a significant increase in user data, with a total of 233,481,426 shares held by major shareholders, representing 59.23% ownership[143]. - As of March 31, 2023, the total shares held by Sir Pan and Mr. Pan amounted to 233,481,426 shares, representing 59.23% and 59.25% of the company's issued share capital respectively[193]. Market and Operational Strategy - The group anticipates a continued challenging retail environment in Hong Kong due to inflation and rising interest rates[22]. - Taiwan remains the strongest market for the group, with record highs in both sales and profits, although political activities may impact the market in the second half of the year[26]. - The group remains optimistic about the long-term prospects in China and plans to continue expanding its retail network in the region[41]. - The group will continue to manage its retail network and investment portfolio prudently while strictly controlling operational costs[27]. - The group emphasizes strict control over gross margins and operational costs, contributing to the increase in profitability[62]. - The group plans to continue strict cost control across all operational levels amid a challenging retail environment[112]. Corporate Governance and Compliance - The board of directors includes independent non-executive directors with extensive experience in finance and auditing, enhancing corporate governance[137][138]. - The company has a diverse board with members holding significant experience in various industries, which supports strategic decision-making[139]. - The company has a strong commitment to maintaining transparency and compliance with securities regulations, ensuring that all shareholder interests are properly disclosed[144]. - The company has established a maximum annual limit for ongoing related party transactions, ensuring transparency and adherence to regulatory requirements[188]. - The management of the company and the Yilin Group operates independently, despite shared board members, ensuring that the company's interests are adequately protected[189]. Employee and Operational Efficiency - As of March 31, 2023, the group employed 732 staff members, with total employee costs amounting to HKD 261.8 million, a decrease from HKD 279.9 million in 2022[148]. - The group’s financial summary indicates a focus on maintaining operational efficiency and cost management strategies[151]. Related Party Transactions - The company is involved in ongoing transactions with the Dupont Group, focusing on the production and distribution of luxury goods, including lighters and writing instruments, under normal commercial terms[145]. - The company continues to engage in transactions with Dickson Communications for advertising and marketing services, conducted under normal commercial terms[184]. - The company has not entered into any significant contracts related to its business that would give directors a substantial interest during the fiscal year[194].

Financial Performance - The total comprehensive income attributable to equity shareholders for the year was HKD 229,232,000, compared to HKD 194,813,000 in the previous year, reflecting an increase of approximately 17.6%[4] - Revenue from the sale of luxury goods reached HKD 2,064,251,000, a slight increase from HKD 2,046,535,000 in the previous year, indicating a growth of about 0.1%[23] - The net interest income from securities investments was HKD 81,651,000, up from HKD 57,615,000, representing an increase of approximately 41.7%[10] - The company reported a pre-tax profit of HKD 134,444,000, significantly higher than HKD 65,252,000 in the previous year, marking an increase of about 106.5%[10] - Profit attributable to equity shareholders was HKD 252.6 million, up 25.7% from HKD 209 million in the previous year[45] - The group's revenue for the fiscal year ended March 31, 2023, was HKD 2.13 billion, an increase of 5.5% compared to HKD 2.02 billion in the previous year[62] - Net profit attributable to equity shareholders for the year was HKD 252,637,000, a rise of 25.7% from HKD 200,939,000 in the previous year[112] - Basic and diluted earnings per share increased to 64.1 cents, compared to 51.0 cents in the prior year, marking a growth of 25.7%[112] Tax and Expenses - The total tax expense for the year was HKD 21,739,000, down from HKD 46,778,000, reflecting a decrease of approximately 53.6%[14] - The company recorded a loss of HKD 85,913,000 from non-listed equity and non-equity securities, compared to a gain of HKD 27,772,000 in the previous year, indicating a significant decline in performance in this segment[10] - The investment portfolio incurred a loss of HKD 52.4 million due to extreme market volatility from rapid interest rate hikes[66] Assets and Liabilities - The total assets of the company as of March 31, 2023, were reported at HKD 439,999,000, compared to HKD 427,195,000 in the previous year, indicating a growth of about 3.9%[19] - The company’s total assets decreased to HKD 6,354,598,000 from HKD 6,548,005,000, indicating a reduction of approximately 2.9%[120] - The company’s total liabilities decreased to HKD 2,965,504,000 from HKD 3,250,172,000, a decline of 8.8%[120] - The total liabilities as of March 31, 2023, were HKD 2,210,870, down from HKD 2,510,322 as of March 31, 2022, showing a decrease of approximately 11.9%[121] Dividends - The company plans to distribute a final dividend of HKD 0.27 per share, consistent with the previous year's dividend[31] - The board proposed a final dividend of HKD 0.27 per share, maintaining the total dividend at HKD 0.35 per share, equivalent to an annual yield of 8.73%[63] - The board proposed a final dividend of HKD 0.27 per share, totaling approximately HKD 106.43 million, consistent with the previous year's dividend[73] Market Performance - The company achieved a sales growth of 22.1% in Taiwan, with a profit increase of 62.1% in local currency terms, attributed to improved sales and gross margin management[34] - Sales in Hong Kong decreased by 2.6% during the fiscal year due to a challenging retail environment[64] - The Taiwan market was highlighted as the strongest performing market for the company, achieving record sales and profits, although political activities may impact the market in the second half of the year due to the upcoming presidential election[102] - The group recorded a 7.6% increase in retail and wholesale sales in China, despite significant impacts from COVID-19, calculated in local currency[92] Financial Position - The group has a net cash position of HKD 2.26 billion, which strengthens its financial status to cope with potential global economic recession risks and challenging retail environments[68] - The group's current financial resources net amount is HKD 2.26 billion, an increase from HKD 2.04 billion in 2022, with cash and bank balances of HKD 3.27 billion[69] - The current ratio as of March 31, 2023, was 2.3 times, compared to 1.9 times the previous year[54] Employee and Operational Metrics - As of March 31, 2023, the total employee cost amounted to HKD 261.8 million, a decrease from HKD 279.9 million in 2022[69] - The group employs 732 staff as of March 31, 2023, a slight decrease from 743 in 2022[69] - The retail network consists of 62 stores, including 7 in Hong Kong, 29 in China, and 26 in Taiwan[47] Risk Management and Strategy - The group maintains a cautious financial management strategy to ensure long-term sustainability and capitalize on valuable investment opportunities[68] - The group’s financial risk management is executed by its treasury department in Hong Kong, adhering to policies set by the board[71] - The company expects the retail environment in Hong Kong to remain difficult due to inflation and rising interest rates[49] - The group has no plans to buy back or redeem its ordinary shares during the fiscal year[75] Impairment and Valuation - The company recognized an impairment loss of HKD 30 million for certain right-of-use assets related to retail stores, compared to HKD 60.2 million in the previous year, indicating a reduction of 50%[123] - The estimated future cash flows from retail stores were discounted at a rate of 11.6% for the current year, up from 10% in the previous year, indicating a change in the discount rate applied for impairment assessments[123] Product Mix - The product mix includes watches and jewelry at 46%, cosmetics and beauty products at 25.7%, fashion and accessories at 25.2%, and securities trading at 3.1%[48]

DICKSON DICKSON CONCEPTS (INTERNATIONAL) LIMITED 迪生創建(國際)有限公司 (於百慕變註冊成立之有限公司) 中期報告書 2022-2023 股份代號：0113 DICKSON dickson concepts (International) limited 迪生創建(國際)有限公司 (於百慕達註冊成立之有限公司) 中期報告書 2022-2023 股份代號：0113 目錄 頁次 集團資料 3 主席報告書 4-5 致董事局之審閱報告書 6 綜合損益計算表 7 綜合損益及其他全面收益表 8 綜合財務狀況表 9 綜合權益變動表 10 簡明綜合現金流轉表 11-12 未審計之中期財務報告書附註 13-25 權益披露 26-27 其他資料 28-30 2 集團資料 | --- | --- | |-------------------------------------|-------------------------------------------------------------------------------------------------------- ...

Financial Performance - For the fiscal year ending March 31, 2022, the group's revenue was HKD 2.0203 billion, a decrease of 11.2% compared to HKD 2.2755 billion in the previous year[8]. - Net profit attributable to equity shareholders was HKD 209 million, down 56.5% from HKD 468 million in the previous year[8]. - The investment portfolio recorded a loss of HKD 43 million due to significant market volatility in the fourth quarter of the fiscal year[18]. - Retail sales in Hong Kong decreased by 11.1% during the fiscal year, attributed to the severe retail environment and COVID-19 restrictions[15]. - Taiwan achieved record profit growth of over 100% due to improved gross margins and effective cost control[15]. - In China, the group recorded a strong performance with total retail sales increasing by 43.3%, including a 10.6% increase in physical retail store sales and a 210.4% increase in online retail sales[15]. - The group reported a cash net amount of HKD 2.0452 billion, positioning itself to withstand the upcoming global economic recession and difficult retail environment[25]. - The group has a net cash position of HKD 2.045 billion, which is expected to help navigate the upcoming economic recession and challenging retail environment[70]. Market Conditions - The group remains pessimistic about the retail environment in Hong Kong due to ongoing uncertainties related to COVID-19 and economic factors[20]. - The group is closely monitoring the impact of the recent COVID-19 outbreak in Taiwan on its market performance[20]. - The business environment in China is expected to remain very challenging for the current fiscal year due to ongoing COVID-19 impacts[25]. - The group maintains a cautious outlook on the retail environment in Hong Kong, citing uncertainties from COVID-19, high inflation, rising interest rates, and high unemployment[69]. - Taiwan was the strongest performing market for the group this year, achieving record profits, but growth has been impacted by the Omicron variant outbreak since March 2022[69]. Shareholder Information - The proposed final dividend is HKD 0.27 per share, maintaining the total dividend at HKD 0.35 per share, which corresponds to an annual dividend yield of 8.75% based on the closing price of HKD 4.00 per share on March 31, 2022[9]. - The company plans to extend the current general mandate for share issuance and buyback at the upcoming annual general meeting[48]. - The company has no plans to issue new ordinary shares at this time[48]. - As of March 31, 2022, the total shares held by Sir Pan Tze Sing and Mr. Pan Kwan Tat amounted to 233,481,426 shares, representing 59.23% of the company's issued share capital[114]. - Mr. Pan Kwan Tat holds 83,000 shares personally, in addition to his beneficial interest in 233,464,065 shares held through a trust, totaling 233,547,065 shares or 59.25%[114]. - The major shareholders include Yu Gui Zhu with 233,481,426 shares (59.23%) and Dickson Investment Holding (PTC) Corporation with 233,464,065 shares (59.22%) as trustees[119]. Corporate Governance - The company adhered to the new corporate governance code principles throughout the fiscal year ending March 31, 2022, except for one provision due to the CEO's responsibilities being assumed by the group executive chairman[154]. - The company will continue to strengthen its corporate governance practices to ensure compliance with the new corporate governance code and align with the latest regulatory developments[161]. - The independent auditor, KPMG, is willing to accept reappointment at the upcoming annual general meeting[156]. - The board held four regular meetings and one annual general meeting during the fiscal year ending March 31, 2022[168]. - The company has a clear separation of roles between the Chairman and the CEO, with the current CEO being the Group Executive Chairman[181]. - The company has three independent non-executive directors, all of whom have confirmed their independence as of the fiscal year ending March 31, 2022[182]. Related Party Transactions - Independent non-executive directors confirmed that the related party transactions were conducted in the ordinary course of business and on normal commercial terms[146]. - The independent auditor confirmed that there were no findings suggesting that the continuing connected transactions were not approved by the board[149]. Employee and Compensation - The total employee cost, including director remuneration, amounted to HKD 279.9 million, compared to HKD 278.3 million in the previous year[93]. - The main purpose of the compensation policy is to align executive compensation with performance and corporate goals to retain key management[189]. - The total compensation for directors is detailed in the financial statements, with specific amounts to be presented for shareholder approval at the upcoming annual general meeting[190]. Strategic Partnerships and Agreements - The company signed a renewal agreement for footwear licensing with a maximum annual fee cap of HKD 4.725 million for the fiscal year ending March 31, 2022, and HKD 5.25 million for the fiscal year ending March 31, 2023, with actual fees paid being HKD 3.15 million, which is below the cap[130]. - The exclusive licensing agreement for apparel products has a maximum annual fee cap of HKD 13.162 million for the fiscal year ending March 31, 2022, and HKD 15.048 million for the fiscal year ending March 31, 2023, with actual fees paid being HKD 9.74 million, also below the cap[133]. - The exclusive distribution agreement for luxury products has a maximum annual fee cap of HKD 65.459 million for the fiscal year ending March 31, 2022, and HKD 13.637 million for the fiscal year ending March 31, 2023, with actual payments being HKD 33.836 million, which is below the cap[134].

Financial Performance - The group's revenue for the six months ended September 30, 2021, was HKD 998.9 million, an increase of 1.8% compared to HKD 981.1 million in the same period last year[19]. - Net profit attributable to equity shareholders was HKD 135.3 million, up 1.4% from HKD 133.4 million in the previous year[19]. - Gross profit for the same period was HKD 450,830,000, up 18.7% from HKD 379,888,000 year-on-year[32]. - Operating profit increased to HKD 164,743,000, a rise of 9.4% from HKD 151,132,000 in the previous year[32]. - The company reported revenue of HKD 998,850,000 for the six months ended September 30, 2021, representing a slight increase of 1.8% compared to HKD 981,057,000 in the same period of 2020[32]. - The reported segment profit for the six months ended September 30, 2021, was HKD 165,432, up from HKD 71,291 in 2020, indicating a significant increase of approximately 132.5%[63]. - Revenue from the sale of luxury goods for the six months ended September 30, 2021, was HKD 1,014,496,000, up from HKD 957,381,000 in 2020, reflecting a growth of 5.9%[59]. - Revenue from watch and jewelry sales was HKD 543,779,000, an increase of 16.3% from HKD 467,640,000 in the previous year[59]. - The total income tax expense for the period was HKD 16,233, compared to a tax credit of HKD 115 in the previous year, indicating a shift from a tax benefit to a tax expense[74]. Store Expansion and Market Performance - The new "Beauty Avenue" store in Mong Kok, covering 20,000 square feet, opened on November 18, 2021, expected to benefit from significantly reduced fixed rent and higher customer traffic[21]. - In Taiwan, the group achieved a profit growth of 196% due to improved gross margins and active cost and inventory control[21]. - Retail sales in China recorded an 84% increase, with physical store sales growing by 29.1% and online sales surging by 402.6%[21]. - Revenue from Hong Kong for the six months ended September 30, 2021, was HKD 765,518, an increase from HKD 727,097 in 2020, while Taiwan contributed HKD 196,935, up from HKD 193,932[67]. Cash Flow and Financial Position - The group holds net cash of HKD 2.1744 billion, enabling it to navigate the challenging retail environment and seize investment opportunities during market recovery[25]. - The company reported a net cash increase of HKD 211,788,000 for the period, compared to HKD 53,703,000 in the same period last year[47]. - The net cash from financing activities was HKD 16,465,000, a significant recovery from a net cash outflow of HKD 476,431,000 in the previous year[47]. - The company incurred a net cash outflow of HKD 106,435,000 in dividends paid, down from HKD 185,276,000 in the previous year, indicating a reduction of 42.5%[47]. - The company's cash and bank balances stood at HKD 3,290,249,000, compared to HKD 3,073,538,000 as of March 31, 2021[40]. - The company's current ratio was 2.2 times, down from 2.4 times as of March 31, 2021[113]. - The company's capital to debt ratio was zero times, consistent with the previous period, indicating no bank loans after accounting for cash reserves[113]. Investment and Future Outlook - The group reported an investment loss of HKD 30.1 million due to adverse macroeconomic factors affecting its investment portfolio[22]. - The group anticipates continued difficulties in the Hong Kong retail environment due to the ongoing impact of the COVID-19 pandemic and uncertain border reopening timelines[24]. - The group remains optimistic about the long-term success of its new store in Mong Kok, despite expecting short-term losses due to startup costs and promotional expenses[24]. - The group will continue to seek new investment opportunities to diversify and expand its profit base while strictly controlling operational costs[25]. - The company plans to continue focusing on market expansion and new product development to drive future growth[32]. Employee and Governance - The total employee cost, including directors' remuneration, was HKD 126,800,000 for the period, compared to HKD 112,900,000 in the previous year[111]. - The number of employees decreased to 748 as of September 30, 2021, from 802 in the previous year[111]. - The company has adhered to the corporate governance code, ensuring operational stability and transparency[119]. - No stock options were granted to directors or employees under the stock option plan as of September 30, 2021[118]. Dividends and Shareholder Information - The company declared an interim dividend of HKD 0.08 per share for the current period, consistent with the previous year's interim dividend[77]. - The interim dividend declared is HKD 0.08 per ordinary share, with a payout ratio of 23.31%, similar to the previous year's 23.63%[115]. - The total amount of the interim dividend is approximately HKD 31.54 million, unchanged from the previous year[115]. - The board of directors held a total of 233,481,426 shares, representing 59.23% of the issued share capital as of September 30, 2021[107]. - The company will suspend share transfer registration from January 6 to January 7, 2022, to determine shareholders eligible for the interim dividend[116].

Financial Performance - For the fiscal year ending March 31, 2021, the group's revenue was HKD 2.275 billion, a decrease of 22.5% compared to HKD 2.937 billion in the previous year[10]. - Net profit attributable to equity shareholders was HKD 468 million, down 28.5% from HKD 645 million in the previous year[10]. - The group's retail revenue in Hong Kong decreased by 30.9% due to the ongoing COVID-19 pandemic and low consumer sentiment[16]. - In Taiwan, the group achieved over 300% profit growth, driven by improved consumer sentiment and effective cost control[16]. - In China, the group's retail sales grew by 109%, with physical store sales increasing by 90% and online sales surging by 325%[16]. - The group's revenue for the fiscal year ending March 31, 2021, was HKD 2.2755 billion, a decrease of 22.5%[66]. - Net profit attributable to equity shareholders was HKD 468 million, down 28.5% from HKD 645.8 million in the previous year[66]. - Retail revenue in Hong Kong decreased by 30.9% due to the ongoing COVID-19 pandemic and lack of tourists[68]. - The group achieved over 300% profit growth in Taiwan, driven by improved consumer sentiment and cost control[68]. - In China, retail sales increased by 109%, with physical store sales up 90% and online sales up 325%, turning the business profitable[68]. Retail Operations - The group currently operates a total of 64 retail stores, with 76.5% of sales coming from Hong Kong, 19.6% from Taiwan, and 3.9% from other regions[16]. - The group's retail network consists of 64 stores, with 7 in Hong Kong, 32 in China, and 25 in Taiwan[68]. - The group remains cautious about the retail environment in Hong Kong due to potential COVID-19 outbreaks and high unemployment rates[20]. - Future focus will be on expanding the physical store network and online business in China, capitalizing on significant growth opportunities[20]. - The outlook for the retail environment in Hong Kong remains pessimistic due to potential COVID-19 outbreaks and high unemployment rates[72]. - The group plans to focus on expanding its physical store network and online business in China, capitalizing on significant growth opportunities[72]. Cash and Financial Position - The group has a cash balance of HKD 2.423 billion, positioning it well to navigate the challenging retail environment[26]. - The group holds a cash net amount of HKD 2.423 billion, positioning it well to face upcoming economic challenges[73]. - As of March 31, 2021, the group's net current financial resources amounted to HKD 2.224 billion, compared to HKD 2.263 billion the previous year[97]. - The group's cash and bank balances were HKD 3.0735 billion, down from HKD 3.332 billion in the previous year[97]. - The current ratio (current assets to current liabilities) was 2.4 times, an increase from 2.3 times the previous year[99]. - The capital to debt ratio was zero times, consistent with the previous year[99]. Dividends and Shareholder Matters - The proposed final dividend is HKD 0.27 per share, with a total dividend yield of 8.45% based on the closing price of HKD 4.14 on March 31, 2021[11]. - The company will hold its annual general meeting on August 9, 2021, to review the financial statements for the year ending March 31, 2021[33]. - The board recommends the distribution of a final dividend for the year ending March 31, 2021[34]. - The company seeks approval for the re-election of directors and determination of their remuneration[35]. - The board is authorized to issue additional shares not exceeding 20% of the company's issued share capital as of the date of the resolution[37]. - The company seeks approval to repurchase shares not exceeding 10% of the company's issued share capital as of the date of the resolution[42]. - The company has no current plans to issue any new ordinary shares[51]. - The existing general mandate for share repurchase and issuance will expire and is being sought for renewal[51]. Corporate Governance - The company has established a director and officer liability insurance to cover actions taken by directors during the year[105]. - The company is led by a diverse board with extensive experience in finance and management, including members with backgrounds in accounting and investment banking[109][110][111]. - The board of directors includes independent non-executive members with significant experience in various industries, enhancing corporate governance[112][113][114]. - The company is preparing for the upcoming annual general meeting where three directors are up for re-election[104]. - The company has a commitment to ensuring compliance with the Securities and Futures Ordinance regarding the disclosure of director interests[116]. - The independent auditor confirmed that there were no findings suggesting that the continuing connected transactions were not approved by the board[156]. - The company has adhered to the corporate governance code principles throughout the fiscal year ending March 31, 2021, except for the CEO's responsibilities being fulfilled by the group executive chairman[166]. - The board of directors held a total of four regular meetings and two special meetings during the fiscal year ending March 31, 2021[171]. - The independent auditor, KPMG, is willing to accept reappointment at the upcoming annual general meeting[162]. - The company has implemented the standard code for securities transactions by directors and confirmed compliance for the fiscal year ending March 31, 2021[167]. - The company is committed to maintaining high-quality corporate governance to enhance shareholder value and protect shareholder rights[166]. - The board includes both executive and independent non-executive directors, ensuring a balance of interests[168]. - The company has established procedures to review its business operations regularly to safeguard its interests against competitive businesses[157]. - The board of directors is responsible for overall strategy, long-term goals, and significant acquisitions and asset sales[172]. - All directors participated in appropriate continuous professional development during the year ending March 31, 2021[173]. - The company has three independent non-executive directors, all of whom are considered independent according to the listing rules[186]. - The remuneration committee held one meeting during the year ending March 31, 2021, with full attendance from its members[190]. - The company acknowledges its responsibility to prepare consolidated financial statements that fairly reflect the group's financial position[184]. - The chairman and CEO roles are separated to ensure clear distinction in responsibilities[185]. - The board reviews corporate governance policies to ensure compliance with legal and regulatory requirements[183]. - The company has adopted a shareholder communication policy to enhance relationships with shareholders[180]. Remuneration and Committees - The remuneration committee is tasked with reviewing and approving the remuneration policies for all directors and senior management[190]. - The remuneration policy aims to align the compensation of executive directors and senior management with their performance and the company's objectives, including base salary, discretionary bonuses, retirement plan contributions, and stock options[194]. - The Nomination Committee held one regular meeting during the year ended March 31, 2021, with all members present[200]. - The committee reviewed the diversity policy of the board members and assessed the structure, size, and composition of the board to align with the company's strategy[200]. - The independent non-executive directors' remuneration is proposed by the remuneration committee and reviewed by the board for shareholder approval at the annual general meeting[194]. - The remuneration committee evaluated the performance of executive directors and made recommendations regarding their compensation for the year ended March 31, 2021[194]. - The company considers market benchmarks when determining the remuneration levels for both executive and independent non-executive directors[194]. - The Nomination Committee assessed the independence of independent non-executive directors and confirmed their compliance with the independence criteria[200]. - The remuneration paid to each director for the year ended March 31, 2021, is detailed in the financial statements[195]. - The company adopted a nomination policy outlining the methods and procedures for identifying and evaluating candidates for the board[200]. - The committee will seek recommendations or hire professional search firms to assist in identifying suitable candidates when no qualified candidates are available[200].

Revenue Performance - The group's revenue for the six months ended September 30, 2020, was HKD 981.1 million, a decrease of 42.7%[18] - Revenue in Hong Kong dropped by 47.4% due to a severe retail environment caused by the COVID-19 pandemic[18] - Revenue from luxury goods sales was HKD 957,381, down 43.4% from HKD 1,693,303 in the same period last year[63] - Revenue from external customers in Hong Kong for the six months ended September 30, 2020, was HKD 737,681,000, down 47.4% from HKD 1,403,553,000 in 2019[73] - The group's reported segment revenue for the six months ended September 30, 2020, was HKD 981,057,000, a decrease of 42.7% from HKD 1,712,925,000 in the same period of 2019[69] Profitability - Net profit attributable to equity shareholders was HKD 133.4 million, compared to HKD 119 million in 2019[18] - The investment portfolio generated a net profit of HKD 62.2 million, up from HKD 11.8 million in 2019[18] - The group achieved over 100% profit growth in Taiwan during the review period, driven by improved consumer sentiment and gross margin growth[19] - Operating profit decreased to HKD 151,132,000, a decline of 20.3% from HKD 189,716,000 in the previous year[28] - Total comprehensive income attributable to equity shareholders was HKD 150,012,000, up 31.8% from HKD 113,791,000 in the prior year[38] Cost Management - Strict cost control measures will be maintained across all operational levels to navigate the challenging retail environment[22] - The company experienced a decrease in accounts receivable and prepayments by HKD 67,926, contrasting with an increase of HKD 42,233 in the previous year[52] - The company paid dividends amounting to HKD 185,276, an increase from HKD 107,673 in the previous year[52] Cash Flow and Liquidity - Operating cash flow before changes in working capital was HKD 163,056, a decrease from HKD 778,501 in the previous year[52] - Net cash from operating activities was HKD 425,763, compared to HKD 838,187 in the previous year, reflecting a decline of 49.1%[52] - Cash and cash equivalents at the end of the period were HKD 3,368,488, up from HKD 2,319,344 year-on-year[52] - The company's cash flow from investment activities was HKD 104,371, down from HKD 413,676 in the previous year[52] Asset and Liability Management - Non-current assets decreased to HKD 1,270,945,000 from HKD 1,358,878,000, a decline of 6.4%[45] - Current liabilities decreased to HKD 1,831,699,000 from HKD 1,892,598,000, a reduction of 3.2%[45] - The company's net assets decreased to HKD 2,937,937,000 from HKD 2,973,201,000, reflecting a decline of 1.2%[45] - The total non-current assets as of September 30, 2020, amounted to HKD 119,085,000, compared to HKD 161,459,000 as of March 31, 2020[73] Market Outlook - The outlook for the retail environment in Hong Kong is pessimistic, with potential further increases in unemployment and weakened consumer sentiment[21] - The group plans to continue seeking new investment opportunities to diversify and expand its profit base[22] Employee and Governance - As of September 30, 2020, the group employed 802 staff, down from 997 in 2019, with total employee costs amounting to HKD 112.9 million, a decrease from HKD 237.8 million in 2019[136] - The group has established an investment committee consisting of four members, chaired by the group executive chairman, to enhance governance and investment oversight[148] - The company has adhered to the corporate governance code principles and all provisions, except for the specific provision regarding the CEO's responsibilities, which are currently fulfilled by the group executive chairman[144] Shareholder Returns - The company declared an interim dividend of HKD 0.08 per ordinary share, representing a payout ratio of 23.63%, compared to 26.50% in 2019, with a total amount of approximately HKD 31.54 million[140] - The interim dividend declared was HKD 31,536,000, consistent with the previous year's interim dividend[80] - The group did not repurchase any shares in the six months leading up to September 30, 2020, following a buyback of 5,795,500 shares in the previous fiscal year[94]

Financial Performance - For the fiscal year ending March 31, 2020, the group recorded a revenue of HKD 2.937 billion, a decrease of 26.7% compared to the previous year[10] - Net profit attributable to equity shareholders was HKD 645.8 million, an increase of 57% from HKD 413.1 million in 2019[10] - Same-store sales decreased by 19.5% during the same period[60] - The investment portfolio generated a profit of HKD 855.3 million, significantly contributing to the overall profit increase[60] - Sales in Hong Kong accounted for 81.6% of total revenue, while Taiwan contributed 15.6%[62] - The group reported a net cash inflow from operating activities of HKD 870.6 million for the year, compared to HKD 778.6 million in the previous year[88] - The total employee cost, including directors' remuneration, was HKD 416.8 million, down from HKD 454.5 million in the previous year[87] - The group’s cash and bank deposits increased to HKD 3.32 billion, up from HKD 1.73 billion in the previous year[89] - The net financial resources of the group amounted to HKD 2.26 billion, compared to HKD 1.73 billion in the previous year[89] - The group’s investment activities generated a net cash surplus of HKD 205.7 million, compared to a net cash outflow of HKD 44.7 million in the previous year[88] Retail Operations - The group's retail sales in Hong Kong decreased by 24.9%, contributing 81.6% to total sales, while Taiwan contributed 15.6%[14] - The group operates a total of 61 retail stores, including 8 in Hong Kong, 29 in mainland China, and 24 in Taiwan[14] - The company anticipates a prolonged recovery in the retail market due to the severe impact of the COVID-19 pandemic on local consumer sentiment[64] - The unemployment rate in Hong Kong surged to 5.2%, the highest in over a decade, reflecting the economic challenges posed by the pandemic[19] - The company emphasizes that the path to recovery to pre-pandemic levels will be slow and challenging, marking one of the toughest market conditions in its history[19] Dividends and Shareholder Matters - The proposed final dividend is HKD 0.27 per share, with a total dividend yield of 14.4% based on the closing price of HKD 3.81 on March 31, 2020[11] - The board recommends the distribution of a final dividend and a special dividend for the year ending March 31, 2020[32] - The company seeks approval for the issuance of additional shares, not exceeding 20% of the issued share capital as of the date of the resolution[35] - The company seeks approval for the repurchase of shares, not exceeding 10% of the issued share capital as of the date of the resolution[40] - The company will suspend share transfer registration from July 29, 2020, to August 3, 2020, for shareholders to attend the meeting[48] - The company will also suspend share transfer registration from August 10, 2020, to August 11, 2020, for shareholders to qualify for the proposed dividends[48] Corporate Governance - The company has adopted a policy for shareholder communication to enhance relationships with shareholders[169] - The board has a responsibility to prepare consolidated financial statements that fairly reflect the financial position of the group[170] - The company has implemented risk management and internal control systems to monitor business unit performance[160] - The independent auditor, KPMG, is willing to accept reappointment at the upcoming annual general meeting[149] - The board of directors held four regular meetings and one annual general meeting during the fiscal year ending March 31, 2020[159] - The company has three independent non-executive directors, all of whom have confirmed their independence as of March 31, 2020[172] - The chairman and CEO roles are separated to ensure clear distinction in responsibilities, with the current CEO being the group executive chairman[171] - The board reviews corporate governance policies to ensure compliance with legal and regulatory requirements[169] Risk Management - The company maintained an effective risk management and internal control system to protect shareholder investments and group assets[197] - The company has adopted a standard code of conduct for relevant employees regarding securities trading, ensuring compliance with confidentiality regulations[199] - The internal control system and risk management functions are deemed effective and appropriate by the board, in compliance with corporate governance codes[199] Employee and Management Matters - The group employed 924 staff members, a decrease from 1,384 in the previous year[87] - The remuneration policy aims to align the compensation of executive directors and senior management with their performance and the company's objectives[179] - The remuneration committee held one meeting during the year ending March 31, 2020, with all members attending[176] - The nomination committee also held one meeting during the year ending March 31, 2020, with full attendance from its members[181] - The nomination committee reviewed the board's diversity policy, considering factors such as gender, age, cultural background, and professional experience[185] Related Party Transactions - Independent non-executive directors confirmed that the ongoing related party transactions were conducted in the ordinary course of business and on normal commercial terms[140] - The independent auditor confirmed that there were no findings suggesting that the ongoing related party transactions were not approved by the board[143] - The company’s transactions with the S.T. Dupont Group include sales and procurement of goods, management services, and product distribution, conducted under normal commercial terms[116] Agreements and Contracts - The Group entered a three-year procurement agreement with Dunhill Group for purchasing products, with a maximum annual payment of HKD 11.376 million for the fiscal years ending March 31, 2020, and March 31, 2021[118] - The Group provided management and support services to Dunhill Group under a three-year agreement, with a maximum annual service fee of HKD 7.2 million for the fiscal years ending March 31, 2020, and March 31, 2021[119] - The Group offered interior design services to Dunhill Group, with a maximum annual service fee of HKD 1.2 million for the fiscal years ending March 31, 2020, and March 31, 2021[120] - The Group has a licensing agreement for using multiple Dunhill trademarks, with a maximum annual fee of HKD 5 million, which was revised to HKD 1.7 million for the fiscal year ending March 31, 2020[122]

DICKSON DICKSON CONCEPTS (INTERNATIONAL) LIMITED 迪生創建(國際)有限公司 (於百慕變註冊成立之有限公司) 中期報告書 2019-2020 股份代號：0113 DICKSON dickson concepts (International) limited 迪生創建(國際)有限公司 (於百慕達註冊成立之有限公司) 中期報告書 2019-2020 股份代號：0113 目錄 頁次 集團資料 3 主席報告書 4-5 致董事局之審閱報告書 6 綜合損益計算表 7 綜合損益及其他全面收益表 8 綜合財務狀況表 9 綜合權益變動表 10-11 簡明綜合現金流轉表 12 未審計之中期財務報告書附註 13-31 權益披露 32-33 其他資料 34-36 2 集團資料 董事局： 集團執行主席： 潘廸生 執行董事： 陳漢松 劉汝熹 潘冠達 獨立非執行董事： 馬清源 艾志思 馮愉敏 # 梁啟雄 * 公司秘書： 柯淑英 審核委員會： 艾志思（主席） 馬清源 馮愉敏 # 梁啟雄 * 提名委員會： 潘廸生（主席） 馬清源 艾志思 薪酬委員會： 馬清源（主席） 陳漢松 艾志思 獨立核數師： ...

DICKSON 零一九年年報 股份代號:0113 DICKSON dickson concepts (International) Limited 迪生創建(國際)有限公司 (於百慕達註冊成立之有限公司) 二零一九年年報 股份代號： 0113 目錄 頁次 集團資料 3 主席報告書 4-7 股東週年大會通告 8-12 董事局報告書 13-30 企業管治報告書 31-44 獨立核數師報告書 45-48 綜合損益表 49 綜合損益及其他全面收益表 50 環境、社會及管治報告書 ESG 1-ESG 9 | --- | --- | |------------------|-------| | | | | 綜合財務狀況表 | | | 綜合權益變動表 | | | 綜合現金流轉表 | | | | | | 財務報表附註 | | | 主要附屬公司 | | | 集團五年財務撮要 | | 51 52 53-54 55-118 115-118 119 • 2 • 集團資料 董事局： 集團執行主席： 潘廸生 執行董事： 陳漢松 劉汝熹 潘冠達# 獨立非執行董事： 馬清源 艾志思 梁啟雄 公司秘書： 柯淑英 審核委員會： 艾志思（主席） ...