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YGM TRADING(00375) - 2022 - 年度财报
2022-07-29 08:08
Financial Performance - Revenue for the year ended March 31, 2022, was HK$211,489,000, a decrease of 2.3% from HK$216,181,000 in 2021[6] - Gross profit was HK$134,468,000, with a gross profit margin of 63.6%, compared to 63.0% in the previous year[6] - The company reported a loss from operations of HK$15,389,000, compared to a loss of HK$6,960,000 in 2021[6] - Net profit attributable to equity shareholders was HK$3,284,000, a significant improvement from a loss of HK$11,740,000 in the prior year[6] - Revenue decreased by 2.2% to HK$211,489,000 for the year, compared to HK$216,181,000 in the previous year[26] - Gross profit fell by 1.3% to HK$134,468,000, while the gross profit margin improved to 63.6% from 63.0%[26] - Operating loss increased to HK$15,389,000, a 121.1% rise from HK$6,960,000 in the previous year[25] - Cash generated from operations was negative at HK$3,828,000, a significant decline from HK$28,461,000 in the previous year[25] - Profit attributable to equity shareholders was HK$3,284,000, a recovery from a loss of HK$11,740,000 in the previous year[33] Assets and Equity - The total assets decreased to HK$608,928,000 from HK$690,662,000 in 2021, reflecting a decline of 11.8%[6] - Shareholders' equity stood at HK$498,998,000, down from HK$538,886,000 in 2021[6] - As of March 31, 2022, the Group's net assets were HK$507,670,000, down from HK$558,928,000[37] - Shareholders' equity decreased by 7.4% to HK$498,998,000 from HK$538,886,000[25] Dividends - The company declared an interim dividend of HK$0.10 per share and a final dividend of HK$0.05 per share[6] - The Company reported an interim dividend of 10 HK cents per ordinary share for the year ended 31 March 2022, compared to nil in the previous year[167] - The directors recommended a final dividend of 5 HK cents per ordinary share for the year ended 31 March 2022, down from 10 HK cents in the previous year[167] - The Company has established a Dividend Policy to guide the declaration and payment of dividends, allowing shareholders to participate in profits while retaining reserves for growth[131] Market and Operational Challenges - The company plans to continue its expansion in Mainland China, although the pace is slower due to COVID-19 lockdowns[16] - The company expressed uncertainty in predicting profitability due to ongoing COVID-19 restrictions affecting retail performance[21] - The Group's revenue for the year decreased by 2.2% to HK$211,489,000, impacted by the COVID-19 pandemic[27] - The fifth wave of local COVID-19 and subsequent restrictions severely affected economic activity and sentiment[67] - The Group's performance is impacted by global economic risks, including geopolitical tensions and rising inflation due to the Russia-Ukraine war[66] Risk Management - The Group's currency risk mainly arises from investments outside of Hong Kong, which may affect performance due to currency fluctuations[68] - The Group's financial performance may be affected by local, national, and international regulations, which pose risks to revenue and profit[74] - The Group has taken proactive measures to monitor changes in government policies and legislation to mitigate risks associated with regulatory changes[75] - The Group's risk management and internal control systems are designed to manage risks rather than eliminate them, providing reasonable assurance against material misstatement or loss[154] Corporate Governance - The Group's adherence to the Corporate Governance Code has been maintained throughout the financial year, with a noted deviation regarding the term of non-executive directors[86] - The Board comprises six executive directors and three independent non-executive directors, meeting the requirement of at least one-third independent members[88] - The Company is committed to establishing a good corporate governance framework and practices, including reviewing and monitoring compliance with laws and regulations[96] - The Company encourages directors to attend relevant seminars, conferences, or forums to enhance their knowledge and skills[102] Employee and Community Engagement - The Group actively supports charitable organizations and encourages employee participation in community service[61] - The Group's charitable donations for the year amounted to HKD 306,000, significantly higher than HKD 66,000 in the previous year[176] - As of March 31, 2022, the Group had approximately 370 employees, a decrease from 400 employees as of March 31, 2021[79] - The Group has implemented competitive remuneration packages, including medical subsidies and retirement scheme contributions, to attract and retain talent[79] Audit and Financial Oversight - The Audit Committee comprises three independent non-executive directors as of March 31, 2022, ensuring oversight of the Company's financial statements[108] - The Audit Committee reviewed the Group's financial statements to ensure compliance with accounting principles generally accepted in Hong Kong during the year ended March 31, 2022[108] - The principal auditor, KPMG, received HK$1,566,000 for audit services and HK$206,000 for non-audit services, which included tax and review services[144] Strategic Outlook - The Group plans to focus on cautious expansion in Mainland China for the "Ashworth" brand amid ongoing market challenges[43] - The Group's retail performance in Hong Kong may be impacted by the global economic situation, but local epidemic control could provide some relief[71] - The global economic outlook is facing significant downside risks, including rising borrowing costs and geopolitical tensions, which could affect the Group's operations[70]
YGM TRADING(00375) - 2022 - 中期财报
2021-12-24 06:21
Financial Performance - Revenue for the six months ended September 30, 2021, was HK$102,974,000, an increase of 14% compared to HK$90,386,000 for the same period in 2020[7] - Gross profit for the period was HK$64,151,000, representing a gross margin of approximately 62.3%, up from HK$44,431,000 in the previous year[7] - Loss for the period was HK$15,401,000, an improvement from a loss of HK$17,488,000 in the same period last year[10] - Total comprehensive income for the period was HK$17,956,000, compared to HK$14,432,000 in the previous year, indicating a decline due to exchange differences[10] - The company reported a basic and diluted loss per share of 8.9 cents, compared to 10.0 cents in the prior year[7] - Other net income increased significantly to HK$172,000 from HK$15,110,000 in the previous year, reflecting improved operational efficiency[7] - Distribution costs rose to HK$49,592,000, up from HK$42,102,000, indicating increased investment in sales and marketing[7] - Administrative expenses decreased to HK$26,805,000 from HK$30,222,000, showing cost control measures were effective[7] - The company experienced a net gain on disposal of investment properties of HK$30,000, contributing positively to the financial results[7] - The Group's consolidated loss before taxation for the six months ended September 30, 2021, was $15,640,000, slightly improved from a loss of $16,775,000 in the same period of 2020[60] Assets and Liabilities - Non-current assets decreased from HK$ 455,191,000 to HK$ 370,927,000, a decline of approximately 18.5%[14] - Current assets increased from HK$ 235,471,000 to HK$ 291,859,000, representing a growth of about 23.9%[14] - Total equity attributable to equity shareholders decreased from HK$ 538,886,000 to HK$ 504,766,000, a decline of about 6.3%[17] - The total assets less current liabilities decreased from HK$ 594,281,000 to HK$ 548,735,000, a decline of approximately 7.7%[14] - The net current assets increased from HK$ 139,090,000 to HK$ 177,808,000, representing a growth of about 27.8%[14] - Reportable segment assets as of September 30, 2021, totaled $866.223 million, a slight decrease from $884.297 million as of March 31, 2021[53] - The Group's reportable segment liabilities were $493.726 million as of September 30, 2021, compared to $490.194 million as of March 31, 2021, reflecting a marginal increase[55] Cash Flow and Investments - Cash generated from operations was HK$ 2,148,000, down from HK$ 10,804,000, a decrease of about 80.2%[20] - Net cash generated from investing activities was HK$ 48,728,000, a significant increase compared to HK$ 2,787,000 in the previous period[20] - The Group's cash flow statement showed cash and cash equivalents of $149,089,000 for the period, an increase from $133,559,000 in the previous period[87] - Cash and cash equivalents rose from HK$ 142,423,000 to HK$ 157,118,000, an increase of approximately 10.3%[14] - The Group recognized additions to right-of-use assets of $12,785,000 during the six months ended 30 September 2021, an increase from $4,582,000 in 2020[76] - The cost of acquisitions of other property, plant, and equipment during the period was $2,842,000, significantly higher than $246,000 in 2020[76] Revenue Segments - Revenue from external customers in the sales of garments segment was $74.862 million, up 17.5% from $63.724 million in the prior year[40] - The licensing of trademarks segment generated revenue of $10.935 million, an increase of 12% from $9.769 million in the previous year[44] - The printing and related services segment reported revenue of $16.535 million, up from $15.616 million, showing a growth of 5.9%[44] - The property rental segment's revenue decreased to $4.061 million from $4.651 million, a decline of 12.6%[44] - For the twelve months ended September 30, 2021, the garments division reported segment revenue of $171,540,000, an increase from $159,741,000 for the same period in 2020, representing a growth of approximately 1.0%[61] Dividends and Shareholder Returns - The company paid dividends of HK$ 16,586,000 during the period, reflecting a commitment to return value to shareholders[17] - An interim dividend of 10.0 cents per ordinary share was declared, amounting to $16,586,000, compared to no dividend in the previous year[69] Management and Governance - The Company has complied with the Code on Corporate Governance Practices throughout the six months ended 30 September 2021, except for non-executive directors not being appointed for a specific term[146] - The Company has adopted a Securities Dealing Code for directors' transactions that meets the standards set out in the Model Code for Securities Transactions by Directors of Listed Issuers[149] - All Directors have confirmed compliance with the required standards of the Model Code and the Securities Dealing Code throughout the review period[149] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming periods to drive future growth[10] - The average sales in the garments division are expected to perform better in the second half of the year due to increased demand during the holiday season[61] - The management anticipates a challenging operating environment in the second half of the year due to the pandemic and uncertainties in US-China relations[122] - The Group aims to expand its Ashworth operation in Mainland China, although expansion has been slower than expected due to travel restrictions[120]
YGM TRADING(00375) - 2021 - 年度财报
2021-07-30 10:49
Financial Performance - For the fiscal year ended March 31, 2021, the company's revenue decreased to HKD 216.2 million, down 19.8% from HKD 269.8 million in 2020[6]. - The gross profit for the same period was HKD 136.2 million, resulting in a gross profit margin of 63.0%, an increase from 51.6% in the previous year[6]. - The company reported an operating loss of HKD 6.96 million, significantly improved from an operating loss of HKD 154.5 million in 2020, indicating better cost control[6]. - The net loss attributable to equity shareholders was HKD 11.74 million, compared to a loss of HKD 87.1 million in the prior year, reflecting a narrowing of losses[6]. - The Group's revenues dropped by 19.9% during the financial year due to the impact of the COVID-19 Pandemic[16]. - The Group's revenue decreased by 19.9% to HK$216,181,000 from HK$269,818,000 in the previous year[32]. - Gross profit margin increased to 63.0%, up from 51.6% in the previous year[32]. - Loss from operations reduced significantly to HK$6,960,000 compared to HK$154,540,000 in the previous year[32]. - Net loss attributable to equity shareholders was HK$11,740,000, a decrease of 86.5% from HK$87,125,000 in the previous year[36]. Assets and Liabilities - The total assets decreased to HKD 690.7 million from HKD 725.1 million in 2020, while total liabilities also decreased to HKD 131.7 million from HKD 167.3 million[6]. - The Group's total liabilities decreased by 21.3% to HK$131,734,000 from HK$167,298,000[32]. - The Group's net assets as of 31 March 2021 were HK$558,928,000, a slight increase from HK$557,834,000 in 2020[45]. - The Group's gearing ratio improved to 0.153 from 0.210 in the previous year, indicating a stronger equity position relative to debt[6]. - Cash and bank deposits net of bank overdrafts were HK$133,559,000, down from HK$146,011,000[42]. Operational Efficiency - The overall gross profit margin increased, and inventory turnover days decreased, indicating improved operational efficiency[16]. - Total operating expenses decreased by 41.6% to HK$169,600,000 from HK$290,599,000[33]. - The Group's printing business remains profitable despite reduced business activities during the pandemic[20]. - The number of outlets for J.Lindeberg has reduced, but store consolidation reflects market trends, leading to a healthier division overall[19]. Market and Expansion Plans - The company plans to continue controlling expenses and is witnessing improvements in the Hong Kong and China markets in recent months[9]. - The Group plans significant expansion for the Ashworth brand in China over the next three financial years[26]. - A new license agreement for Ashworth was signed in the USA, aiming for gradual overseas business growth[26]. - The Group anticipates a recovery in business activities and consumer sentiment, leading to positive economic growth in Mainland China[26]. Corporate Governance - The Board comprises six executive directors and three independent non-executive directors, meeting the requirement of at least one-third independent members[106]. - The Company is committed to establishing a good corporate governance framework and practices, including reviewing and monitoring compliance with laws and regulations[116]. - The Audit Committee comprises three independent non-executive directors and is responsible for monitoring the integrity of the Company's financial statements[132]. - The Company has arranged for the renewal of an insurance policy on directors' and officers' liability to protect directors and senior management from liabilities arising from their duties[127]. - The Company has adopted a Securities Dealing Code that complies with the Model Code for Securities Transactions by Directors of Listed Issuers[172]. Dividends - The company has not declared any interim dividend for the fiscal year, but a final dividend of HKD 0.10 per share was declared[6]. - The directors recommend a final dividend of 10 HK cents per ordinary share for the year ended 31 March 2021, which is expected to be paid on or around 18 October 2021 if approved by shareholders[186]. - The Company has established a Dividend Policy to guide the Board in determining whether to declare dividends and the level of dividends to be paid to shareholders, allowing participation in profits while retaining reserves for future growth[158]. Social Responsibility and Compliance - The Group is committed to corporate social responsibility, encouraging staff participation in charitable activities[73]. - The Group is committed to maintaining high environmental standards and compliance with relevant laws during manufacturing and material disposal processes[62]. - The Group did not identify any material non-compliance or breach of legislation related to workplace quality or product safety[60][61]. - Charitable donations made by the Group during the year amounted to HK$66,000, a significant increase from HK$1,000 in 2020[189].
YGM TRADING(00375) - 2021 - 中期财报
2020-12-24 06:58
Financial Performance - Revenue for the six months ended September 30, 2020, was HK$90,386,000, a decrease of 35.5% compared to HK$140,918,000 in the same period of 2019[8]. - Gross profit for the period was HK$44,431,000, down 50.2% from HK$89,350,000 year-on-year[8]. - Loss for the period amounted to HK$17,488,000, a significant reduction from a loss of HK$56,053,000 in the previous year, indicating an improvement of 68.8%[8]. - Basic and diluted loss per share was 10.0 cents, compared to 33.4 cents in the same period last year[8]. - Total comprehensive income for the period was a loss of HK$14,432,000, compared to a loss of HK$62,714,000 in the prior year, reflecting a 77.0% improvement[12]. - Other net income for the period was HK$15,110,000, a turnaround from a net loss of HK$6,816,000 in the previous year[8]. - Loss before taxation for the six months ended 30 September 2020 was $16,568,000, compared to a loss of $55,345,000 for the same period in 2019[81]. Cost Management - Distribution costs decreased to HK$42,102,000 from HK$86,557,000, a reduction of 51.5%[8]. - Administrative expenses were reduced to HK$30,222,000 from HK$38,913,000, a decrease of 22.2%[8]. - Finance costs decreased to HK$1,570,000 from HK$2,452,000, a reduction of 36.0%[8]. - The Group recognized a government subsidy income of $10,120,000 during the period, aimed at retaining employees[5]. - The salaries and short-term benefits for key management personnel during the period were $2,937,000, down from $3,948,000 in 2019[100]. Asset and Equity Changes - Non-current assets decreased from HK$453,291,000 to HK$441,223,000, a decline of approximately 2.37%[18]. - Current assets decreased from HK$271,841,000 to HK$247,159,000, a decline of approximately 9.06%[18]. - Total equity attributable to equity shareholders decreased from HK$538,095,000 to HK$524,583,000, a decline of approximately 2.52%[24]. - Cash and cash equivalents decreased from HK$153,496,000 to HK$137,943,000, a decline of approximately 10.14%[18]. - The company’s net current assets decreased from HK$152,797,000 to HK$141,300,000, a decline of approximately 7.56%[18]. - The Group's net assets as of 30 September 2020 were HK$543,365,000, compared to HK$557,834,000 as of 31 March 2020[116]. Revenue by Segment - For the six months ended September 30, 2020, the revenue from external customers for garment sales was $63,724,000, a decrease of 39.7% compared to $105,533,000 in the same period of 2019[44]. - The licensing of trademarks segment reported revenue of $9,769,000 for the six months ended September 30, 2020, down from $12,492,000 in 2019, reflecting a decline of 21.8%[48]. - The printing and related services segment generated revenue of $15,616,000 for the six months ended September 30, 2020, compared to $17,756,000 in the same period of 2019, a decrease of 12.1%[48]. - The property rental segment's revenue was $4,651,000 for the six months ended September 30, 2020, down from $6,461,000 in 2019, representing a decline of 27.9%[48]. Cash Flow and Financing - Cash generated from operations for the six months ended September 30, 2020, was $10,804,000, compared to a cash used of $(11,785,000) in 2019[29]. - Net cash generated from operating activities was $10,396,000, a significant improvement from $(11,623,000) in the previous year[29]. - Net cash used in financing activities was $(32,867,000), slightly higher than $(32,601,000) in 2019[29]. - Cash and cash equivalents at the end of the period were $127,164,000, down from $231,329,000 in the previous year[29]. - The net decrease in cash and cash equivalents for the period was $(19,684,000), compared to $(82,216,000) in 2019[29]. Operational Challenges and Outlook - The management anticipates a challenging operating environment in the second half of the year due to the pandemic and Sino-US relationship uncertainties, emphasizing the importance of cash management and cost control[112]. - The Group's garment sales division typically experiences higher sales in the second half of the year due to increased demand during the holiday season[66]. Corporate Governance and Compliance - The interim financial report has been reviewed by the Company's Audit Committee, ensuring compliance with relevant regulations[32]. - The company has adopted the same accounting policies as in the previous financial year, with no significant changes noted[32]. - The audit committee has reviewed the accounting principles and practices adopted by the Group and the unaudited interim financial statements for the six months ended September 30, 2020[125]. - The company has complied with the Code on Corporate Governance Practices throughout the six months ended September 30, 2020, except for non-executive directors not being appointed for a specific term[125]. Employee and Director Information - As of September 30, 2020, the Group had approximately 415 employees and offers competitive remuneration packages, including medical subsidies and retirement scheme contributions[117]. - The discretionary bonuses for eligible employees are contingent on the Group's overall performance and individual work performance[117]. - Directors' interests in shares as of September 30, 2020, include a total of 36,791,700 shares held by Chan Family Investment Corporation Limited[120]. - The total number of ordinary shares held by directors includes 8,093,775 corporate interests held by Samuel Chan[120].
YGM TRADING(00375) - 2020 - 年度财报
2020-07-31 09:04
Financial Performance - The company reported a revenue of HKD 500 million for the fiscal year ended March 31, 2020, representing a 10% increase compared to the previous year[2]. - Revenue decreased to $269,818,000 in 2020 from $360,675,000 in 2019, representing a decline of 25.2%[8]. - The Group's revenue declined by 25.2% to HK$269,818,000 compared to the previous year[13]. - The Group's revenue for the year dropped by 25.2% to HK$269,818,000 (2019: HK$360,675,000) and overall gross profit margin declined to 51.6% (2019: 66.8%)[23]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to HKD 560 million[2]. - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 20% growth year-over-year[174]. - The company provided a positive outlook for the next quarter, projecting a revenue growth of 25%[174]. Profitability and Loss - Gross profit was $139,337,000 with a gross profit margin of 51.6%, down from $240,771,000 and 66.8% in the previous year[8]. - Operating loss increased to $(154,540,000) with an operating margin of -57.3%, compared to $(85,414,000) and -23.7% in 2019[8]. - Net loss attributable to equity shareholders was $(87,125,000), resulting in a net loss margin of -32.3%, compared to a profit of $90,189,000 and a margin of 25.0% in 2019[8]. - Loss attributable to equity shareholders was HK$87,125,000, including non-cash items such as impairment losses and valuation losses[13]. - The Group's net loss attributable to equity shareholders was HK$87,125,000, a significant decline from a profit of HK$90,189,000 in the previous year[19]. - The Group's EBITDA margin declined to 18.9% (2019: 31.9%) with EBITDA of HK$51,064,000[19]. - The Group's net profit margin was 15%, up from 12% in the previous year[174]. Assets and Liabilities - Total assets decreased to $725,132,000 from $919,985,000 in 2019, a decline of 21.2%[8]. - Total liabilities decreased to $167,298,000 from $215,417,000, a reduction of 22.4%[8]. - Shareholders' equity decreased to $538,095,000 from $682,314,000, reflecting a decrease of 21.1%[8]. - Cash and bank deposits less short-term bank loans showed a negative balance of $(14,896,000), improving from $(61,708,000) in 2019[8]. - Cash and bank deposits less bank overdrafts decreased to HK$146,011,000 (2019: HK$315,124,000)[22]. - The Group's net assets as of 31 March 2020 were HK$557,834,000, down from HK$704,568,000 in 2019, with a gearing ratio of 0.210 compared to 0.010 in the previous year[33]. Market Expansion and Strategy - The company is expanding its market presence in Southeast Asia, targeting a 25% increase in market share by 2022[2]. - New product launches contributed to a 20% increase in sales in the last quarter, with the introduction of three new brands[2]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified[174]. - Market expansion plans include entering two new countries, which are projected to increase market share by 5%[174]. Technology and Investment - Investment in technology development increased by 30%, focusing on enhancing e-commerce capabilities[2]. - The company is investing in new technology development with a budget allocation of $10 million for R&D[174]. Corporate Governance - The Board comprises seven executive directors and four independent non-executive directors as of March 31, 2020, which will change to six executive directors and three independent non-executive directors after April 16, 2020[53]. - The independent non-executive directors represent at least one-third of the Board, providing diverse expertise and guidance[53]. - The Company has complied with the Corporate Governance Code throughout the financial year, except for the deviation regarding non-executive directors' specific terms[51]. - The Board is responsible for setting overall objectives and strategic directions, monitoring financial performance, and making key decisions regarding major transactions and risk management[52]. Risk Management - The Risk Management Committee oversees the design, implementation, and monitoring of the risk management and internal control systems of the Group[92]. - The Board has overall responsibility for the risk management framework and believes the Group's risk management and internal control systems are effective and adequate[112]. - Proactive measures have been taken by the Group to monitor changes in government policies and legislation to mitigate risks[40]. Employee and Social Responsibility - The Group emphasizes the importance of employee contribution and support for continued business success, promoting equal opportunities in recruitment, compensation, training, and promotion[37]. - The Group actively supports various charitable organizations and encourages employees to participate in volunteer activities, demonstrating corporate social responsibility[37]. - The Group has implemented various measures to reduce costs and overheads to preserve working capital amid uncertainties in the global economic environment[34]. Inventory Management - As of March 31, 2020, the Group's inventories amounted to HK$59,798,000, carried at the lower of cost and net realizable value[188]. - The Group regularly reviews its inventory portfolio to identify items that may need to be discounted to increase sales chances[188]. - Management's estimates of unsold inventory at the end of each season and necessary markdowns involve significant judgments and assumptions[192]. Audit and Compliance - The audit committee consists of three independent non-executive directors who regularly review the effectiveness of internal control systems and the annual report[149]. - The auditor's objective is to obtain reasonable assurance that the consolidated financial statements are free from material misstatement due to fraud or error[200]. - The financial statements were prepared in compliance with Hong Kong Financial Reporting Standards and the Hong Kong Companies Ordinance[182].
YGM TRADING(00375) - 2020 - 中期财报
2019-12-20 10:23
Financial Performance - Revenue for the six months ended September 30, 2019, was HK$140,918,000, a decrease of 17% compared to HK$169,398,000 in the same period of 2018[7] - Gross profit for the period was HK$89,350,000, down from HK$111,931,000, reflecting a decline of 20%[7] - Loss from operations was HK$48,225,000, compared to a loss of HK$47,908,000 in the previous year, indicating a slight increase in operational losses[7] - Loss for the period amounted to HK$56,053,000, which is a 27% increase from HK$44,177,000 in the prior year[7] - Basic loss per share was HK$0.334, compared to HK$0.265 in the same period last year, representing a 26% increase in loss per share[7] - Total comprehensive income for the period was a loss of HK$62,714,000, slightly higher than the loss of HK$61,897,000 in the same period of 2018[15] - The Group recorded a loss of HK$56,053,000 for the period, compared to a loss of HK$44,177,000 in 2018, including a deferred tax asset write-off of HK$5,219,000[128] Cost Management - Distribution costs decreased to HK$86,557,000 from HK$111,201,000, a reduction of 22% year-on-year, indicating improved cost management[7] - Administrative expenses decreased to HK$38,913,000 from HK$41,314,000, reflecting a 6% reduction in overhead costs[7] - Total operating expenses reduced by 14.8% to HK$130,759,000, down from HK$153,448,000 in 2018[128] Assets and Liabilities - Total assets less current liabilities decreased to HK$658,752,000 from HK$706,075,000, representing a decline of approximately 6.7%[22] - Net current assets decreased significantly to HK$103,865,000 from HK$256,568,000, a drop of about 59.6%[22] - Total equity attributable to equity shareholders decreased to HK$587,135,000 from HK$682,314,000, a decline of about 13.9%[25] - The Group's net assets as of 30 September 2019 were HK$608,561,000, down from HK$704,568,000 as of 31 March 2019[140] Cash Flow - Cash and cash equivalents decreased to HK$238,100,000 from HK$321,901,000, reflecting a reduction of approximately 26%[22] - Cash used in operating activities was HK$44,228,000, compared to HK$31,172,000 in the previous year, representing an increase of approximately 41.9%[29] - The net decrease in cash and cash equivalents was (82,216) million HKD, with cash and cash equivalents at the beginning of the period being 315,124 million HKD[33] - Cash and cash equivalents in the consolidated statement of financial position were $238,100,000 as of September 30, 2019, compared to $321,901,000 as of March 31, 2019[97] Accounting Standards - The Group adopted HKFRS 16 on April 1, 2019, using the modified retrospective approach, which affects the financial reporting but does not restate comparative information[9] - HKFRS 16, Leases, has been adopted from 1 April 2019, introducing a single accounting model for lessees[41] - The Group has adopted the same accounting policies as in the annual financial statements for the year ended 31 March 2019, except for changes expected to be reflected in the upcoming annual financial statements[40] - The adoption of HKFRS 16 did not have a significant impact on the Group's financial statements[54] Dividends - The company paid dividends of HK$33,173,000 in respect of the previous year, which is a decrease from HK$82,932,000[25] - An interim dividend of 10.0 HK cents per ordinary share has been recommended, down from 20.0 HK cents in 2018[129] - The final dividend for the year ended March 31, 2019, was 20.0 HK cents per ordinary share, amounting to $33,173,000, approved on September 18, 2019[86] Segment Performance - The Group reported segment revenue from external customers for the six months ended September 30, 2019, of $105,533,000, down from $129,436,000 in the same period of 2018[63] - For the twelve months ended September 30, 2019, the sales of the garments division reported revenue of $257,457,000, a decrease from $345,231,000 in the previous year[69] - The Group's property rental segment generated revenue of $6,461,000 for the six months ended September 30, 2019, down from $10,904,000 in the same period of 2018[63] Inventory and Receivables - The net write-down of inventories during the period was $1,464,000, up from $1,243,000 in 2018, due to changes in consumer preferences affecting the estimated realizable value of garments[93] - As of September 30, 2019, trade receivables, net of loss allowance, amounted to $22,342,000, down from $25,690,000 as of March 31, 2019[95] Corporate Governance - The audit committee, comprising four independent non-executive directors, reviewed the unaudited interim financial statements for the six months ended September 30, 2019[158] - The company has complied with the Code on Corporate Governance Practices throughout the six months ended September 30, 2019, except for the non-executive directors not being appointed for a specific term[159] - All directors confirmed compliance with the required standards for securities transactions throughout the review period[160]
YGM TRADING(00375) - 2019 - 年度财报
2019-07-25 10:05
Financial Performance - Revenue for the year ended March 31, 2019, was HK$360,675,000, a decrease from HK$575,690,000 in 2018[8]. - Gross profit was HK$240,771,000, with a gross profit margin of 66.8%, up from 61.2% in the previous year[8]. - The company reported an operating loss of HK$85,414,000, resulting in an operating margin of -23.7%[8]. - Net profit attributable to equity shareholders was HK$90,189,000, with a net profit margin of 25.0%[8]. - Basic earnings per share for the year was HK$0.54, down from HK$0.91 in 2018[8]. - The profit attributable to equity shareholders was HK$90,189,000, down 40.3% from HK$151,023,000 in the previous year[24]. - The Group's EBITDA was HK$115,217,000, a decrease of 30.6% from HK$165,956,000 in the previous year, with an EBITDA margin of 31.9%[24]. - Total garment sales, the Group's core business, amounted to HK$281,360,000, down 40.3% from HK$471,169,000 in 2018[38]. - Total operating expenses decreased to HK$322,259,000, down 28.8% from HK$452,494,000 in 2018[44]. Assets and Liabilities - Total assets amounted to HK$919,985,000, while total liabilities were HK$215,417,000[8]. - The Group's total assets decreased by 4.4% to HK$919,985,000, while total liabilities increased by 1.0% to HK$215,417,000[24]. - Shareholders' equity decreased to HK$682,314,000 from HK$721,752,000 in the previous year[8]. - The net cash position at the end of the year was HK$315,124,000, representing a 34.4% increase from HK$234,486,000 in the previous year[24][19]. - The Group's net assets as of 31 March 2019 were HK$704,568,000, a decrease from HK$748,649,000 in 2018[52]. Dividends - The company declared an interim dividend of HK$0.20 per share and a final dividend of HK$0.20 per share[8]. - The Board will consider financial results, cash flow, business conditions, future operations, capital requirements, shareholder interests, and any restrictions before declaring dividends[201]. - The Company has established a Dividend Policy to guide the Board in determining dividend declarations and levels[200]. - The Company will continually review its Dividend Policy and reserves the right to amend it at any time[201]. Market Conditions - The retail environment remains challenging due to the Sino-US trade war and high rental costs, impacting future performance[19][25]. - The retail climate in the Group's operating markets remains challenging, particularly due to the trade war between China and the U.S. and high rental costs[68][69]. - Continuing adverse economic conditions may adversely affect the Group's financial position, potential income, asset value, and liabilities[104]. Corporate Governance - The company has adopted the Corporate Governance Code set out in Appendix 14 of the Listing Rules, with a deviation from code provision A.4.1 regarding non-executive directors' specific terms[131]. - The Board comprises seven executive directors and four independent non-executive directors, with independent non-executive directors representing at least one-third of the Board[138]. - The Company is committed to developing and reviewing its corporate governance policies and practices[152]. - The Audit Committee, comprising four independent non-executive directors, is responsible for overseeing the integrity of the Company's financial statements[163]. Risk Management - The Risk Management Committee oversees the design, implementation, and monitoring of the Group's risk management and internal control systems[198]. - The risk management and internal control systems of the group are deemed effective and sufficient by the board[200]. - Action plans have been developed for major risks, with designated risk owners assigned[199]. - The company aims to manage risks rather than eliminate them, providing reasonable assurance against significant misstatements or losses[199]. Employee and Community Engagement - The Group actively supports various charitable organizations and encourages employee participation in community service[91]. - As of March 31, 2019, the Group had approximately 500 employees, maintaining competitive remuneration packages including medical subsidies and retirement contributions[122]. - The management discussion highlights the importance of employee contributions and the commitment to equal opportunities across various employment aspects[82][83]. Business Strategy - The Group is actively seeking new opportunities despite the ongoing challenges in the retail and wholesaling sectors[13]. - Management is adopting a very cautious approach to further expansion and development strategies amid ongoing market challenges[68][69]. - The Group promotes fair and open competition to develop long-term relationships with suppliers based on mutual trust[123].