Financial Performance - For the year ended March 31, 2023, the Group recorded an operating loss of HK$25 million, a reduction of approximately 44% compared to the previous year[129]. - The total revenue for the Group decreased by 8% to HK$128 million, with Hong Kong operations increasing by 21%, while revenues from Mainland China, Macau, and Taiwan declined by 25%, 30%, and 27% respectively[130]. - The Group's loss for the year was HK$43 million, influenced by a significant decline in the value of investment properties due to a bleak business outlook[129]. - The Group's turnover decreased by 8% to HK$128 million for the year, with Hong Kong operations increasing revenue by 21%, while Mainland China, Macau, and Taiwan saw decreases of 25%, 30%, and 27% respectively[148]. - Revenue from the Group's operations in Mainland China dropped by 25% to HK$32,095,000 due to slowing economic growth and reduced consumer sentiment[168]. - Revenue from Macau dropped by 30% to HK$15,528,000 due to a 12-day lockdown in July 2022 and a scaled-down retail network[199]. - The Group's Taiwan operations saw a revenue decline of 27% to approximately HK$9,477,000, accounting for about 7% of total revenue for the year[197]. Business Strategy and Operations - The group’s principal activities include the design, manufacture, retail, and wholesale of fashion apparel and accessories[15]. - The Group has repositioned its major house brand MOISELLE to target the younger generation, focusing on mid-range, on-trend fashion apparel[133]. - The Group actively pursued business innovation measures over the past four years, including e-commerce development and retail network optimization[131]. - The Group adjusted its retail strategy by maintaining a minimal presence in various markets, closing underperforming stores, and opening new ones in promising locations[152]. - The Group's strategy includes conducting small-scale handicraft courses and mini-fashion shows to attract younger customers[149]. - The Group is seeking to expand its retail network in Hong Kong by opening new shops in locations with good prospects at reasonable rents[156]. - The Group has formed alliances with three online shopping platforms in Mainland China to capitalize on e-commerce trends[194]. - The Group's strategy includes maintaining an optimal minimum store network in Mainland China, typically one store per city, to adapt to market conditions[195]. Corporate Governance - The company’s independent non-executive directors have confirmed their independence as of March 31, 2023[6]. - The independent non-executive directors confirmed their independence for the year ended March 31, 2023, in compliance with listing rules[52]. - The company has established a remuneration committee in compliance with corporate governance codes[63]. - The attendance record for the remuneration committee meetings was 100% for all members during the year[35]. - The company has a nomination committee comprising two independent non-executive directors and one executive director[59]. - The attendance record for the nomination committee meeting shows full attendance by all members[57]. - The independent non-executive directors are appointed for a term of two years and are subject to retirement by rotation[70]. - The emoluments of non-executive directors are based on the estimated time spent on company matters[65]. Market Conditions - The operating environment was affected by high inflation and interest rate hikes, leading to a complicated business landscape[124]. - The value of retail sales of apparel in Mainland China fell by 6.5% to approximately RMB1.3 trillion in 2022, impacting consumer sentiment[127]. - The total visitor arrivals in Hong Kong surged by 561.5% to 604,564 in 2022, but the buying power of returning Mainland Chinese tourists was weaker than pre-pandemic levels[142]. - Rents for shop spaces in Hong Kong rebounded to about 80% of pre-pandemic levels in the first five months of 2023, as landlords anticipated a recovery in the retail market[153]. Shareholder Information - The company did not declare any final dividends for the year ended March 31, 2023, similar to the previous year[28]. - The company’s share capital remained unchanged during the year[31]. - There are no provisions for pre-emptive rights under the company's articles of association, meaning new shares are not offered on a pro-rata basis to existing shareholders[95]. - The company has confirmed that all continuing connected transactions were conducted on normal commercial terms and are fair and reasonable to the shareholders[91]. - The independent non-executive directors have reviewed and confirmed the ongoing connected transactions during the year[91]. - As of March 31, 2023, Mr. Chan Yum Kit and Ms. Tsui How Kiu each hold a beneficial interest of 46.7% in Super Result Consultants Limited, which owns 190,000,000 shares, representing 65.99% of the company's share capital[100][108]. - Mr. Chan and Ms. Tsui also have a corporate interest in 3,918,000 shares held by New First Investments Limited, which they own equally at 50% each[85]. - The total interest of Mr. Chan in the company amounts to 193,918,000 shares, representing approximately 67.35% of the total issued shares[82]. - As of March 31, 2023, no other directors or chief executives had any interests or short positions in the shares or debentures of the company[86]. Employee and Community Engagement - The company has established a defined contribution retirement plan for its employees in mainland China[39]. - The Group reported a charitable donation of HK$10,000 for the year, consistent with the previous year[37].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不會就因本公告之全部或 任何部份內容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 MOISELLE INTERNATIONAL HOLDINGS LIMITED 慕 詩 國 際 集 團 有 限 公 司 （於開曼群島註冊成立之有限公司） （股份代號：130） 截至二零二三年三月三十一日止年度之 全年業績公告 及建議修訂本公司之組織章程大綱及章程細則 全年業績 慕詩國際集團有限公司（「本公司」）之董事會（「董事會」）宣佈本公司及其附屬公司 （「本集團」或「慕詩」）截至二零二三年三月三十一日止年度（「本年度」）之綜合業績 連同去年同期之比較數字如下： 綜合損益及其他全面收益表 截至二零二三年三月三十一日止年度 二零二三年 二零二二年 附註 千港元 千港元 收益 3 127,946 138,526 銷售成本 (34,666) (41,920) 毛利 93,280 96,606 其他收入 4 12,445 17,665 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 56,133,000, a decrease of 16.2% from HKD 67,012,000 in the same period last year[8] - Gross profit for the same period was HKD 42,315,000, down 15.5% from HKD 49,999,000 year-on-year[8] - Operating loss for the six months was HKD 15,620,000, an improvement from a loss of HKD 25,031,000 in the previous year, indicating a reduction in operating expenses[8] - The company reported a net loss of HKD 16,765,000, compared to a net loss of HKD 26,526,000 in the prior year, reflecting a 36.8% improvement[9] - Total comprehensive loss for the period was HKD 17,157,000, down from HKD 25,481,000 in the same period last year[9] - Basic loss per share for the period was HKD 0.06, an improvement from HKD 0.09 in the same period last year[9] - The company recorded a loss before tax of HKD 16,440,000, compared to a loss of HKD 26,209,000 in the previous year, indicating an improvement in performance[26] - The company's revenue for the period decreased by 16% year-on-year to HKD 56 million, with a loss of HKD 17 million, slightly narrowed due to a one-time subsidy from the Hong Kong government[43] Assets and Liabilities - The company's total assets less current liabilities amounted to HKD 607,590,000 as of September 30, 2022, compared to HKD 633,195,000 as of March 31, 2022[11] - The net asset value of the company was HKD 497,656,000, a decrease from HKD 514,813,000 at the end of the previous fiscal year[11] - The company’s cash and cash equivalents at the end of the period were HKD 13,639,000, a decrease from HKD 17,567,000 at the beginning of the period[16] - The group maintains a cash balance of approximately HKD 14,000,000 as of September 30, 2022, compared to HKD 14,000,000 on March 31, 2022[70] - The group has bank borrowings of HKD 33,000,000 as of September 30, 2022, up from HKD 13,000,000 on March 31, 2022[70] - The current liabilities net amount is HKD 10,000,000 as of September 30, 2022, compared to HKD 8,000,000 on March 31, 2022[70] - The capital debt ratio is approximately 13.8% as of September 30, 2022, slightly up from 13.5% on March 31, 2022[70] Expenses and Income - The company reported a decrease in distribution and selling expenses to HKD 39,225,000 from HKD 56,016,000, reflecting a strategic cost reduction[8] - Other income for the period was HKD 7,483,000, down from HKD 9,325,000 year-on-year, indicating challenges in generating additional revenue streams[8] - The company incurred a total depreciation expense of HKD 6,725,000 for property, plant, and equipment during the period, compared to HKD 7,227,000 in the prior year[30] - The company’s net cash used in investing activities was HKD 590,000, a significant decrease from HKD 37,034,000 in the previous year[16] - The company’s financing activities generated a net cash inflow of HKD 3,485,000, compared to a net cash outflow of HKD 43,887,000 in the previous year[16] Market Performance - Revenue from the mainland China market fell by 21% year-on-year, while revenue from Macau dropped by 48%[43] - The retail market in Hong Kong saw a year-on-year decline of approximately 9.7% to about HKD 21.62 billion during the period from January to September 2022[40] - Revenue from the mainland China business decreased by 21% year-on-year to HKD 16,006,000 due to economic slowdown and reduced consumer spending[59] - Macau's revenue dropped significantly by 48% year-on-year to HKD 5,983,000, influenced by a 12-day lockdown[63] - Taiwan's revenue fell by 5% year-on-year to approximately HKD 3,862,000, representing about 7% of total group revenue[64] Strategic Initiatives - The company plans to launch a winter fashion collection in November 2022, emphasizing the beauty of Asian women's silhouettes[47] - The company continues to reposition its brand MOISELLE to cater to the preferences of the younger generation, increasing the proportion of trendy fashion items in its inventory[47] - The company is focusing on e-commerce development and streamlining its retail network to adapt to changes in the fashion market[46] - The group has opened two online platforms to enhance e-commerce operations, targeting younger consumers[51] - The group closed underperforming stores, reducing the number of retail outlets in Hong Kong from 38 to 35[54] - The group continues to collaborate with e-commerce platforms like VIP.com and Tmall to expand its online sales[60] - The group is focused on maintaining a lean store network in mainland China, closing underperforming locations while opening new ones[60] - The group plans to open stores in several core business districts in Hong Kong to strengthen its retail network[67] - The group aims to adapt its store network in mainland China by maintaining a small and precise layout, keeping only one store in each operational city[67] Governance and Compliance - The company has adopted the standard code of conduct for securities trading as per the listing rules, ensuring compliance by all directors for the six months ending September 30, 2022[82] - No purchases, sales, or redemptions of the company's listed securities were made by the company or its subsidiaries during the reporting period[83] - The group revised its bank financing agreement to a maximum amount of HKD 55 million as of June 2022, down from HKD 65 million[85] - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange listing rules during the six months ending September 30, 2022[86] - The roles of the chairman and CEO are currently held by the same individual, which the board believes ensures effective leadership and operational efficiency[87] - An audit committee has been established to review and monitor the financial reporting process and risk management systems[88] - The unaudited condensed consolidated financial statements for the six months ending September 30, 2022, have been reviewed by the audit committee[89]

Market Performance - Moiselle derived approximately 42% of its revenue from the Hong Kong market, which faced significant challenges due to the resurgence of Covid-19 in early 2022[11]. - The retail sales value of wearing apparel in Hong Kong rebounded by approximately 22.6% to HK$32.5 billion in 2021, compared to a sharp decline of about 41.3% to approximately HK$26.51 billion in 2020[11]. - In Mainland China, the retail value of apparel, shoes, headwear, and knitted products increased by 12.7% to approximately RMB1.38 trillion in 2021, following a 6.6% drop in 2020[11]. - The retail sales in Mainland China were only 2.22% higher than the approximately RMB1.35 trillion recorded in 2019, indicating a slow recovery[11]. - Total visitor arrivals in Hong Kong plunged by 97.4% in 2021, significantly impacting the retail and restaurant sectors[13]. - The company faced a challenging fiscal year ending March 31, 2022, due to the pandemic's impact on consumer sentiment and spending[12]. - The pandemic led to uneven operational performance across different markets, affecting overall sales growth[20]. Financial Performance - The company's loss widened by 76% to HK$41 million due to the pandemic's impact, reduced government subsidies, and lower appreciation in investment properties[17]. - Revenue increased by 9% to HK$139 million, with operations in Hong Kong contributing 42% and Mainland China 31% of total revenue[20][22]. - Gross profit margin improved from 68% in the previous financial year to 70%[22]. - Revenue from the Group's operations in Hong Kong rebounded by 6% to HK$58,552,000, reversing a previous decline of about 43%[44]. - Revenue from operations in Mainland China increased by 6% to HK$42,914,000, slowing from a 17% year-on-year rebound in the first half of the year[51]. - Revenue from operations in Taiwan decreased by 9% to approximately HK$12,967,000, accounting for about 9% of the Group's total revenue for the year[53]. - The Group's revenue for the year ended 31 March 2022 increased by approximately 9% to approximately HK$138,526,000 compared to HK$127,283,000 in 2021[56]. Strategic Initiatives - The company continues to monitor market conditions and adapt its strategies in response to ongoing challenges in the retail environment[12]. - The company launched a website for its Hong Kong concept store M CONZEPT, enhancing its e-commerce capabilities[27]. - The company formed partnerships with three e-commerce platforms in Mainland China to enhance its online presence[27]. - The Group plans to hire key opinion leaders for livestreaming e-commerce to boost brand awareness and sales[36]. - The Group aims to adapt its store network strategy to a more optimal minimum, focusing on flexibility and short leases for shop spaces[33]. - The Group's strategy includes enhancing the shopping experience by incorporating elements like environmental awareness and quality lifestyle into store designs[31]. Operational Adjustments - The Group closed some underperforming stores, reducing the total number from 47 to 38 as of March 31, 2022[43]. - The Group closed two underperforming stores in Mainland China, including one in Shanghai and one in Hangzhou, during the year[51]. - The Group's store network in Hong Kong was rationalized, with a focus on locations with good prospects[47]. - The Group negotiated for rent concessions with some landlords to manage the difficult operating environment[47]. Corporate Governance - The company has complied with the Corporate Governance Code throughout the year ended March 31, 2022, except for the deviation of Code Provision A.2.1[87]. - The company is committed to meeting statutory and regulatory requirements and adhering to corporate governance principles emphasizing transparency and accountability[87]. - The Board of Directors consists of six members, with three executive directors and three independent non-executive directors[91]. - The company has established a nomination committee to review board composition and make recommendations regarding director appointments and succession planning[104]. - The company has adopted a corporate governance code and established various committees to ensure compliance and effective oversight[111]. Risk Management - The Board conducted an annual review of the effectiveness of the risk management and internal control systems for the year ended 31 March 2022, focusing on three major business cycles[132]. - The company has implemented various initiatives to enhance existing risk management and internal control systems alongside ongoing business development[132]. - The company has maintained an internal audit function and engaged external consultants to assist in identifying, evaluating, and managing significant risks[134]. Employee Relations - The Group employs 300 staff as of 31 March 2022, a decrease from 374 in 2021[60]. - The Group complies with local labor laws, providing reasonable remuneration and benefits to employees, and offers training for career development[65]. - The company secretary has provided proof of compliance with relevant training requirements, having completed no less than fifteen hours of professional training during the year ended 31 March 2022[142]. Sustainability and Compliance - The Group ensures compliance with environmental regulations at its factory in Longhua, Shenzhen, focusing on industrial emissions and effluents[62]. - The Group's initiatives contribute to the sustainability of its business operations[67]. - The company emphasizes the importance of protecting its intellectual property rights and respecting the intellectual property rights of others[66].

Financial Performance - Revenue for the six months ended September 30, 2021, was HKD 67,012,000, representing a 28.2% increase from HKD 52,283,000 in the same period of 2020[8] - Gross profit for the period was HKD 49,999,000, up from HKD 34,486,000, indicating a significant improvement in profitability[8] - Operating loss increased to HKD 25,031,000 compared to HKD 6,901,000 in the previous year, reflecting higher distribution and administrative expenses[8] - The company reported a net loss of HKD 26,526,000 for the period, compared to a net loss of HKD 9,944,000 in the prior year[8] - The basic loss per share for the period was HKD 0.09, compared to HKD 0.03 in the same period last year[11] - The company reported a pre-tax loss of HKD 26,209,000 for the period, widening from a loss of HKD 9,688,000 in the previous year[31] Assets and Liabilities - Total assets less current liabilities amounted to HKD 630,967,000, a decrease from HKD 659,543,000 as of March 31, 2021[13] - Non-current assets, including investment properties, were valued at HKD 284,483,000, down from HKD 297,783,000[13] - The company's cash and cash equivalents stood at HKD 13,103,000, compared to HKD 17,567,000 at the end of March 2021[13] - The total equity attributable to shareholders was HKD 509,036,000, a decrease from HKD 532,929,000 as of March 31, 2021[13] - The company's accounts receivable decreased to HKD 6,062,000 as of September 30, 2021, from HKD 8,147,000 as of March 31, 2021[39] - The group's net current liabilities were HKD 30 million as of September 30, 2021, compared to HKD 57 million on March 31, 2021[66] - The capital debt ratio was approximately 7.4% as of September 30, 2021, down from 10.1% on March 31, 2021[66] Cash Flow - For the six months ended September 30, 2021, the operating cash inflow was HKD 2,536 thousand, a decrease of 129 thousand compared to HKD 15,318 thousand in the same period of 2020[19] - The net cash generated from operating activities for the same period was HKD 2,407 thousand, down from HKD 15,184 thousand in 2020[19] - Cash inflow from investing activities was HKD 43,880 thousand, with a net cash inflow of HKD 37,034 thousand, compared to HKD 2,664 thousand in 2020[19] - The net cash used in financing activities was HKD 43,887 thousand, compared to HKD 22,292 thousand in the previous year[19] - The cash and cash equivalents at the end of the period were HKD 13,103 thousand, down from HKD 25,512 thousand at the end of the previous period[19] Revenue Segmentation - The total revenue for the group primarily comes from retail sales of fashion apparel and accessories, recognized at the point of delivery to customers[28] - The group operates in two segments: Hong Kong operations and overseas operations, which include sales in mainland China, Macau, Taiwan, and Singapore[30] - External customer revenue increased to HKD 67,012,000 in 2021 from HKD 52,283,000 in 2020, representing a growth of 28.2%[31] - Segment profit improved to HKD 437,000 in 2021 compared to a loss of HKD 11,953,000 in 2020, marking a significant turnaround[31] - Total revenue for the six months ended September 30, 2021, reached HKD 87,459,000, up from HKD 59,917,000 in the same period of 2020, reflecting a growth of 46.1%[31] Market and Operational Strategies - The group continues to focus on expanding its market presence both locally and internationally through its retail operations[30] - E-commerce development and expansion are identified as key strategies to cater to the preferences of younger customers in the fashion industry[45] - The group aims to enhance its product offerings to appeal to younger consumers, increasing the proportion of trendy and unique fashion items from 30% to 50% in its inventory[51] - The group plans to continue business innovation, including repositioning its main brands to appeal to a younger demographic and enhancing e-commerce through mobile apps and social media[63] - The group aims to improve its operational foundation by managing costs while ensuring product and service quality[63] Store Operations - The group closed two underperforming stores in mainland China and opened a new store in Dalian in October 2021, continuing to optimize its retail network[58] - The number of retail stores decreased from 47 to 44, with closures of underperforming locations and openings in promising areas[53] - The group successfully negotiated rent reductions for several stores, contributing to more cost-effective retail operations[54] Corporate Governance - The company has adopted the standard code of conduct for securities trading as per the listing rules, and all directors have complied with these regulations for the six months ending September 30, 2021[78] - The company has established an audit committee to review and monitor the financial reporting process and risk management, consisting of three independent non-executive directors[85] - The company has complied with the corporate governance code except for the separation of the roles of chairman and CEO, which are currently held by the same individual[84] Employment and Financial Support - As of September 30, 2021, the group employed 357 staff, a decrease from 374 on March 31, 2021[68] - The group has secured bank loans totaling HKD 38 million as of September 30, 2021, down from HKD 54 million on March 31, 2021[66] - The group entered into a financing letter with an existing bank for a maximum amount of HKD 65 million on May 28, 2020, ensuring the continued tenure of key directors as major shareholders[82]

Market Impact and Sales Performance - The retail sales of wearing apparel in Hong Kong plunged approximately 41.3% to about HK$26.51 billion in 2020 due to the pandemic[8]. - The fashion apparel retailing sector was severely impacted by the COVID-19 pandemic, with a 93.6% drop in visitor arrivals in Hong Kong[8]. - The retail of apparel, shoes, headwear, and knitted products in Mainland China experienced a lesser impact, with a 6.6% decrease in value in 2020[8]. - Revenue from retail stores in Hong Kong and Macau decreased by approximately 43% and 57% respectively, contributing to an overall turnover decrease of 34% to HK$127,283,000[17]. - The Group's revenue from operations in Hong Kong decreased by approximately 43% to HK$55,305,000 for the year[34]. - The Group's turnover decreased by approximately 34% to approximately HK$127,283,000 compared to HK$191,604,000 in 2020[63]. - Revenue from operations outside Hong Kong decreased by approximately 23% to approximately HK$71,978,000, with the contribution rate increasing by 8 percentage points to 57% due to growth in Mainland China[63]. - Sales in Macau plummeted by 57% to approximately HK$14,720,000, leading to the closure of two stores[55]. - The retail sales of apparel in Hong Kong rebounded by approximately 26.1% year-on-year in the first quarter of 2021 as pandemic conditions improved[36]. Financial Performance - The Group recorded a loss of HK$23,205,000 for the Year, narrowing by 84% compared to the previous financial year[12]. - Operating loss decreased by 76% due to the closure of underperforming stores and successful rent negotiations[14]. - Gross profit margin for the Year was 68.3%, down from 76.7% in the previous financial year[18]. - The loss attributable to equity shareholders for the year ended 31 March 2021 was approximately HK$22,751,000, a significant reduction from HK$146,694,000 in 2020, mainly due to improved operating margins and decreased impairment of assets[68]. - Operating expenses totaled approximately HK$160,375,000, a decrease of approximately 41% from HK$270,542,000 in 2020[63]. - The Group suffered an operating loss of HK$29,078,000, compared to an operating loss of HK$119,134,000 in 2020[63]. - The Group's gross profit margin was approximately 68.3%, down from 76.7% in the previous year, mainly due to increased discount sales and promotional activities[63]. Strategic Initiatives and Market Adaptation - The company has accelerated the development of online marketing and sales to adapt to market changes driven by the pandemic[10]. - The pandemic has prompted an increase in online activities, further promoting the development of online business for fashion companies[10]. - The Group launched its own online platform for marketing and sales in Hong Kong at the end of July 2020, marking a shift towards electronic commerce[24]. - The Group is focused on responding to fundamental changes in the fashion apparel market, including the rise of e-commerce[10]. - The Group aims to provide more unique and fashionable clothing to maintain competitiveness in the evolving market[10]. - The Group plans to enhance its cost-effective online sales and marketing platforms, including the development of a mobile application for targeted marketing[1]. - The Group is focusing on repositioning its brand to appeal to younger consumers and enhancing its online presence[19]. - The proportion of mid-range, on-trend, and unique fashion apparel in the spring/summer collection increased from 30% to 50%[23]. - The marketing theme for the seasonal collection emphasizes personal expression and self-awareness, encapsulated in the slogan "C'est MOI, MOISELLE" (我就是慕詩)[23]. Governance and Management Structure - The company reported a commitment to meeting statutory and regulatory requirements, emphasizing transparency, independence, accountability, responsibility, and fairness in corporate governance[107]. - The board of directors consists of six members, with three executive directors and three independent non-executive directors, ensuring a balanced governance structure[111]. - The company has complied with the Corporate Governance Code throughout the year, except for a deviation regarding the separation of the roles of chairman and CEO[109]. - The company’s management team is responsible for operational decision-making, while the board focuses on leadership and strategic oversight[110]. - The company will continue to review its management structure to ensure optimal efficiency and leadership[109]. - The independent non-executive directors were appointed for a term of two years and are subject to retirement by rotation[137]. - The company has adopted a board diversity policy focusing on the size of the Board and the number of non-executive and executive directors[139]. - The company has established a nomination committee in compliance with the Corporate Governance Code[139]. - The attendance record for board meetings was high, with most directors attending all meetings held during the year[112]. Risk Management and Compliance - The Board conducted an annual review of the effectiveness of risk management and internal control systems, focusing on three major business cycles, and was satisfied with their adequacy[161]. - The company maintains an internal audit function and engages external consultants to identify, evaluate, and manage significant risks[163]. - The group faces various risks and uncertainties, which are monitored by management to ensure sustainable operations[186]. Employee and Supplier Relations - The Group employed 374 staff as of 31 March 2021, an increase from 348 in 2020, indicating growth in workforce[73]. - The Group has established a customer loyalty program to enhance customer satisfaction and encourage repeat purchases, offering special discounts to VIP customers[80]. - The Group maintains relationships with over 30 suppliers, with an average business relationship of more than ten years, reflecting strong supplier trust[79]. Financial Position and Capital Management - As of 31 March 2021, the Group's total bank deposits and cash balances amounted to approximately HK$18 million, down from HK$32 million in 2020[69]. - The Group's secured bank borrowings increased to HK$54 million as of 31 March 2021, compared to HK$34 million in 2020[70]. - The net current liabilities stood at HK$57 million at year-end, up from HK$25 million in 2020, indicating current assets were less than current liabilities[71]. - The gearing ratio as of 31 March 2021 was approximately 10.1%, an increase from 6.4% in 2020[71]. - The company has a structured process for shareholders to submit proposals for consideration at general meetings, ensuring compliance with notice periods[172]. Corporate Social Responsibility - Charitable donations made by the group during the year amounted to HK$30,000, an increase from HK$20,000 in 2020[193]. - The group operates a Mandatory Provident Fund Scheme in Hong Kong, requiring both employer and employees to contribute 5% of relevant income, capped at HK$30,000 per month[193]. - The subsidiary in Taiwan contributes 6% of the total salaries of participating employees to a defined contribution scheme governed by the Labour Pension Act[197]. - The subsidiary in Singapore participates in the Central Provident Fund scheme, with contributions charged to profit or loss as they become payable[198].

MOISELLE MOISELLE INTERNATIONAL HOLDINGS LIMITED 系 許 國 際 集 團 有 限 公 司 l 於 開疊 群島 胜 回 永 文 之 有限 立 可 | 匿名代號:130 2020/2021 中 期 報 告 PRINTED WITH SOYINI MIX FSC" C017167 目 錄 公司資料 2 簡明綜合損益及其他全面收益表 3 簡明綜合財務狀況表 5 簡明綜合權益變動表 7 簡明綜合現金流量表 8 未經審核中期財務報表附註 9 管理層討論及分析 17 其他資料 23 2 慕詩國際集團有限公司 中期報告 2020/2021 公司資料 | --- | --- | |----------------------------------|-------------------------------------------| | | | | 董事會 | 總辦事處及主要營業地點 | | 執行董事 | 香 港 | | 陳欽杰先生 （主席） | 北 角 | | 徐巧嬌女士 | 健康東街 39 號 | | 陳思俊先生 | 柯達大廈第二期 | | | 11 樓 1–5 室 | ...

Financial Performance - The company reported revenue of HKD 103,434,000 for the six months ended September 30, 2019, a decrease of 15.3% compared to HKD 122,181,000 in the same period of 2018[5]. - Gross profit for the period was HKD 78,209,000, down 17.7% from HKD 95,052,000 year-on-year[5]. - The company incurred an operating loss of HKD 35,271,000, compared to an operating loss of HKD 32,907,000 in the previous year, reflecting a deterioration in performance[5]. - The net loss attributable to shareholders was HKD 37,600,000, compared to a net loss of HKD 26,764,000 in the same period last year, representing a 40.5% increase in losses[7]. - The total comprehensive loss for the period was HKD 38,105,000, compared to HKD 33,579,000 in the previous year, indicating a 13.5% increase in comprehensive losses[5]. - The company reported a basic loss per share of HKD 0.13, compared to HKD 0.09 in the same period last year, indicating a worsening of loss per share[7]. - The group reported a total revenue of HKD 126,734,000 for the six months ended September 30, 2019, compared to HKD 152,555,000 in the same period of 2018, reflecting a decrease of approximately 17%[28]. - The group's loss for the period was approximately HKD 37,600,000, compared to a loss of HKD 26,764,000 in the same period of 2018, indicating an increase in loss of about 40%[36]. - The gross profit margin for the period was 76%, down from 78% in the same period last year[42]. Assets and Liabilities - The company's total assets amounted to HKD 800,877,000 as of September 30, 2019, compared to HKD 713,544,000 as of March 31, 2019, showing a growth of 12.2%[9]. - The company's total equity decreased to HKD 644,545,000 from HKD 686,203,000, reflecting a decline of 6.1%[11]. - The total lease liabilities recognized on April 1, 2019, amounted to HKD 117,337,000, with a corresponding right-of-use asset of HKD 104,926,000[19]. - The group's non-current assets, including property, plant, and equipment, were adjusted to HKD 402,085,000 as of April 1, 2019, down from HKD 402,444,000 previously reported[23]. - The group's total liabilities included lease liabilities of HKD 61,519,000 as of April 1, 2019[23]. Cash Flow - Cash generated from operating activities was HKD 10,260,000, a decrease from HKD 38,511,000 in the same period last year[15]. - The company incurred a net cash outflow of HKD 8,227,000, compared to a net outflow of HKD 13,164,000 in the previous year[15]. - The cash and cash equivalents at the end of the period were HKD 22,339,000, down from HKD 47,206,000 at the beginning of the period[15]. - The group reported a financing cost of HKD 2,405,000 for the period, compared to HKD 281,000 in the same period of 2018, indicating a significant increase in financing costs[28]. - The group’s cash and cash equivalents totaled approximately HKD 22,000,000, down from HKD 31,000,000 as of March 31, 2019[58]. - The current ratio as of September 30, 2019, was approximately 1.0, down from 2.5 as of March 31, 2019[58]. Business Operations - The company has not reported any new product launches or significant market expansions during this period[5]. - There were no mentions of mergers or acquisitions in the financial report[5]. - The group operates 49 retail stores as of September 30, 2019, down from 50 stores as of March 31, 2019, reflecting ongoing network consolidation[48]. - The group is enhancing the shopping experience by integrating elements of fashion, art, and environmental awareness into store designs, including a new MOISELLE store at K11 MUSEA[49]. - The group is expanding its e-commerce efforts, including discussions to sell products on an Asian online marketing platform, marking its first attempt to enter overseas markets through e-commerce[45]. - The group has established partnerships with three local online marketing platforms in China and launched a sales and marketing platform on WeChat[45]. - The group continues to negotiate with landlords for rent reductions to navigate the difficult business environment[44]. - The group is increasing the proportion of mid-range fashion apparel in its total stock-keeping units (SKUs) to adapt to market changes[44]. - The group is implementing rigorous cost management and effective sales and marketing initiatives, including VIP membership services in Hong Kong[47]. - The group upgraded its information systems for retail stores, management, production, inventory, and logistics to improve operational efficiency[57]. Revenue Breakdown - Revenue from the Hong Kong business decreased by 16% to approximately HKD 56,292,000, influenced by social movements and intense competition from e-commerce and fast fashion[49]. - Revenue from mainland China decreased by 18% year-on-year to approximately HKD 16,144,000[53]. - Revenue from Macau operations decreased by 19% year-on-year to approximately HKD 18,256,000, accounting for a significant portion of the group's revenue[54]. - Revenue from Taiwan operations declined by 16% year-on-year to approximately HKD 7,540,000, representing about 7% of the group's total revenue[55]. - Singapore operations saw a revenue increase of 44% year-on-year to approximately HKD 5,202,000[56]. - The group's external customer revenue from Hong Kong was HKD 56,292,000 for the six months ended September 30, 2019, down from HKD 67,345,000 in the same period of 2018, a decrease of approximately 16%[28]. - The group's external customer revenue from overseas operations was HKD 103,434,000 for the six months ended September 30, 2019, compared to HKD 122,181,000 in the same period of 2018, reflecting a decrease of about 15%[28]. Shareholder Information - Super Result Consultants Limited holds 190,000,000 shares, representing 65.99% of the company's total issued shares[64]. - Both Mr. Chen and Ms. Xu beneficially own 46.7% of Super Result, indicating significant family ownership in the company[64]. - As of September 30, 2019, no other individuals held interests or short positions in the company's shares or related securities[64]. - The company paid dividends of HKD 11,517,000 last year, reflecting a commitment to shareholder returns despite current losses[15]. - The group did not declare an interim dividend for the six months ended September 30, 2019, compared to no dividend declared in the same period of 2018[37]. Governance and Compliance - The company has complied with the corporate governance code, except for deviations regarding the roles of the chairman and CEO, which are held by the same individual[69]. - The audit committee, consisting of three independent non-executive directors, has reviewed the accounting principles and practices adopted by the group[71].

Market Environment - The operating environment for the retail fashion sector has become very challenging due to the rise of e-commerce and fast fashion, which have drastically changed consumer preferences and purchasing behaviors[11]. - Young consumers aged 20 to 30 are increasingly relying on information from the internet and social media, leading to a preference for lower-priced fast fashion products[11]. - The ongoing Sino-United States trade war and slowing economic growth in China have dampened consumer interest in prestigious brands, pushing them towards more affordable options[11]. - Rising costs, particularly in prime locations in Hong Kong and first-tier cities in mainland China, have further complicated the business environment[11]. Company Strategy - The company is focusing on developing online stores while maintaining brick-and-mortar operations and adjusting product offerings to meet changing consumer demands[11]. - Future strategies include enhancing online presence and adapting product positioning to attract younger consumers[11]. - The company is exploring new product lines and technologies to stay competitive in the fast fashion market[11]. - Market expansion efforts are being considered to tap into emerging consumer segments[11]. - The company is committed to maintaining operational efficiency amidst rising costs and competitive pressures[11]. Financial Performance - The company recorded a loss of HK$19,841,000 for the year, primarily due to a 13.6% decrease in turnover to HK$251,021,000, attributed to challenging operating conditions in Hong Kong and China[14]. - The Group's turnover decreased by approximately 13.6% to approximately HK$251,021,000 for the year ended 31 March 2019, compared to HK$290,576,000 in 2018[48]. - Revenue from operations in Hong Kong decreased by 10.3% to approximately HK$139,610,000 due to fierce competition from electronic commerce and unfavorable economic conditions[32]. - Revenue from operations in mainland China fell by 28.3% to approximately HK$34,795,000, impacted by high rents and intense competition from electronic commerce[39]. - Operating expenses increased by approximately 3.5% to approximately HK$257,954,000, compared to HK$249,167,000 in 2018[50]. - The Group recorded an operating loss of HK$44,905,000 for the year, compared to an operating loss of HK$21,622,000 in 2018[50]. Brand and Product Development - The Group has enhanced its shopping experience at retail outlets and expanded its electronic commerce business to stay competitive[16]. - The Group debuted new products under the Rosamund MOISELLE brand, including sportswear and down apparel, during the Shanghai Fashion Week[19]. - The Group aims to enhance its electronic commerce business by offering membership coupons to attract customers from online to physical stores and exploring mass-market fashion apparel for online sales[25]. - The Group reinforced its house brands MOISELLE and Rosamund MOISELLE by running THE EARTH STORE and opened an additional LANCASTER store to accelerate brand development[34]. Operational Adjustments - The Group has implemented various measures to cope with the difficult operating environment over the past four financial years, including the closure of underperforming stores and stringent cost management[21]. - The Group plans to continue rationalizing its retail network, focusing on strategic locations in Hong Kong and Shanghai to enhance brand visibility and customer engagement[25]. - The information system for retail outlets and inventory management has been upgraded to improve operational efficiency, with further upgrades planned for product management and logistics[25]. Governance and Management - The Group's overall operations and design and development functions are overseen by Mr. Chan Pak Hei, who has been with the Group since May 2009[76]. - The Group's management team includes members with extensive qualifications and experience in finance and corporate governance, ensuring robust oversight[76]. - The company emphasizes adherence to principles of corporate governance, including transparency, independence, accountability, responsibility, and fairness[80]. - The independent non-executive directors confirmed their independence as per the Listing Rules, ensuring compliance for the year ended March 31, 2019[93]. Risk Management and Audit - The board acknowledges its responsibility for maintaining effective risk management and internal control systems[117]. - The audit committee reviewed the accounting principles and practices adopted by the group and discussed financial statements with independent auditors[113]. - The audit identified the provision for onerous operating lease contracts and valuation of leasehold improvements as a key audit matter due to significant management judgment and estimation involved[172]. - The auditor's report aims to provide reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[197]. Employee and Supplier Relations - The Group has established a customer loyalty program to enhance customer satisfaction and encourage repeat purchases, offering special discounts and regular activities for VIP customers[63]. - The Group has over 30 suppliers with an average business relationship of more than a decade, contributing to its success through trust and integrity[63]. - The Group provides reasonable remuneration and benefits to employees, ensuring compliance with local labor laws and offering training for career development[63]. Market Presence and Expansion - The Group aims to enhance brand equity by actively exploring new markets and allocating resources for product design, research, and development[63]. - To further develop the mainland China market, the Group will seek cooperation with agents or distributors familiar with local market conditions[25]. - The Group is focused on brand building, marketing, and interior design affairs as part of its operational strategy[76].