Financial Performance - The Group recorded revenue of HK$586,710,000 for the year ended March 31, 2024, representing a 24.1% increase compared to HK$472,625,000 in 2023[12]. - Gross profit for the year was HK$259,321,000, up 12.9% from HK$229,763,000 in the previous year, with an overall gross profit margin decreasing by 4.4 percentage points to 44.2%[12][15]. - The Group reported a loss after tax of HK$40,043,000 for the year, compared to a profit after tax of HK$5,027,000 in 2023[13][16]. - The cosmetics business generated revenue of HK$426,537,000, a 41.4% increase from HK$301,627,000 in the previous year, but recorded a segment loss of HK$19,467,000[18][19]. - The overall gross profit margin decline was attributed to the larger revenue contribution from the cosmetics segment, which experienced a decrease in its gross profit margin[15][19]. - The fashion business recorded a segment loss of HK$3,618,000, compared to a loss of HK$1,437,000 in 2023[22]. Store Operations - As of March 31, 2024, the Group operated 57 cosmetics stores, an increase from 56 stores in the previous year[18][19]. - As of March 31, 2024, the Group operated 60 ladies fashion stores, a decrease from 62 stores in the previous year, with a revenue of HK$160,173,000, down 6.3% from HK$170,998,000 in 2023[22]. - The Group plans to close underperforming stores upon lease expiration and optimize its retail network to reduce overall operating losses[27]. Financial Position - The Group's cash and bank balances were HK$8,537,000 at the end of the reporting period, down from HK$38,097,000 in 2023[34]. - The current ratio was 0.29 as of March 31, 2024, compared to 0.35 in the previous year[37]. - The Group's total bank borrowings amounted to HK$390,454,000, an increase from HK$383,818,000 in 2023[36]. - The amount of assets pledged to secure banking facilities increased to HK$570,010,000 as of March 31, 2024, compared to HK$508,156,000 in 2023[47]. - Guarantees provided by the Group to banks for banking facilities rose to HK$838,857,000 as of March 31, 2024, up from HK$702,809,000 in 2023[48]. Cost and Expenses - The finance cost increased significantly by HK$17,569,000 due to rising bank loan interest rates[13][16]. - Approximately 30% of the Group's procurement costs are in foreign currencies, down from 42% in 2023, indicating a reduction in foreign exchange exposure[46]. Corporate Governance - The Board believes that good corporate governance standards are essential for safeguarding shareholder interests and enhancing corporate value[159]. - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the year ended March 31, 2024[160]. - The Board includes a balanced composition of executive and non-executive directors, ensuring strong independent judgment[168]. - The Company has established a Board Independence Evaluation Mechanism to ensure a strong independent element on the Board, allowing effective independent judgment[186]. Management and Leadership - Mr. Cheng Chung Man, the chairman, has over 40 years of experience in manufacturing and retail[83]. - Ms. Lam Yuk Sum, the CEO, has over 37 years of experience in fashion design and retail[84]. - The Group's chief financial officer has over 18 years of experience in accounting and auditing[98]. - The company secretary has been with the Group since July 1996 and holds a degree in accountancy[99]. Shareholder Information - The Company's distributable reserves as of March 31, 2024, amounted to HK$104,947,000, down from HK$120,340,000 in 2023[70]. - No interim or final dividends were declared for the year ended March 31, 2024[68]. - The share premium decreased to HK$211,064,000 as of March 31, 2024, from HK$223,654,000 in 2023[70]. - The Group's accumulated losses increased to HK$159,252,000 as of March 31, 2024, compared to HK$156,449,000 in 2023[70]. Compliance and Regulations - The Company is committed to sustainable development and compliance with environmental laws and regulations[60]. - There were no material breaches of applicable laws and regulations that significantly impacted the Group's operations during the year[61]. - The Company has received annual confirmations of independence from all independent non-executive directors[125]. Audit and Financial Reporting - Ernst & Young audited the consolidated financial statements and will offer themselves for re-appointment at the AGM[151]. - The Company has maintained a sufficient public float throughout the year ended March 31, 2024, as required under the Listing Rules[149].

Financial Performance - For the fiscal year ending March 31, 2024, the total revenue was HKD 586,710,000, representing a 24% increase from HKD 472,625,000 in the previous year[3] - Gross profit for the same period was HKD 259,321,000, up from HKD 229,763,000, indicating a growth of approximately 12.9%[3] - The net loss for the year was HKD 40,043,000, compared to a profit of HKD 5,027,000 in the previous year, marking a significant decline[4] - Total comprehensive income for the year was HKD 55,589,000, a recovery from a loss of HKD 4,402,000 in the previous year[4] - The adjusted loss before tax for the year was HKD 38,411,000, compared to a profit of HKD 6,109,000 in the previous year, reflecting a significant decline in profitability[26][28] - Other income and net gains totaled HKD 12,459,000, a decrease from HKD 9,974,000 in the previous year, indicating a decline in ancillary revenue sources[26][31] Revenue Breakdown - The total revenue for the year ending March 31, 2024, was HKD 586,710,000, with HKD 426,537,000 from cosmetics and HKD 160,173,000 from women's fashion[18] - For the year ending March 31, 2023, total revenue was HKD 472,625,000, with HKD 301,627,000 from cosmetics and HKD 170,998,000 from women's fashion[19] - The cosmetics segment generated sales of HKD 426,537,000, while the fashion segment contributed HKD 160,173,000, indicating a shift in performance between segments[26] - The fashion business reported a revenue of HKD 160,173,000 for the year ending March 31, 2024, a decrease of 6.3% compared to HKD 170,998,000 in 2023[49] Assets and Liabilities - Non-current assets increased to HKD 712,173,000 from HKD 596,771,000, reflecting a growth of about 19.4%[6] - Current liabilities rose to HKD 543,183,000, up from HKD 507,676,000, indicating a 7% increase[6] - Current liabilities exceeded current assets by HKD 387,756,000, indicating significant uncertainty regarding the company's ability to continue as a going concern[69] - The group’s current ratio was 0.29, down from 0.35 in the previous year, indicating a decline in short-term financial health[55] Cash Flow and Financing - Cash and cash equivalents decreased to HKD 8,537,000 from HKD 38,097,000, a decline of approximately 77.6%[6] - The group obtained new bank credit of HKD 93,353,000 in April and May 2024, with HKD 83,783,000 already drawn[11] - As of the announcement date, the group has repaid a total of HKD 231,577,000 in bank loans[11] - The group has identified potential downward risk factors and has determined mitigation measures to reduce cash expenditures and meet operational cash flow[11] - The group believes it has sufficient operational funds to meet its financial obligations for at least the next 12 months[11] - The group is in ongoing discussions for external financing, including obtaining additional bank credit[11] Operational Strategy - The company’s operational strategy continues to focus on the Hong Kong and Macau markets, with no single customer accounting for more than 10% of total revenue[29] - The group plans to optimize its retail network and may close underperforming stores while seeking opportunities for expansion in favorable locations[51] - The group aims to achieve a balanced budget by focusing on cost control and enhancing product appeal across its core retail segments[52] Tax and Compliance - The effective tax rate for the company remains at 16.5% for Hong Kong profits, consistent with the previous year[33][34] - The group has adopted new and revised Hong Kong Financial Reporting Standards in the current financial year, which did not impact the measurement or presentation of any items in the financial statements[16] - The independent auditor's report confirms that the financial statements fairly reflect the group's financial position as of March 31, 2024[68] Employee Acknowledgment - The company expresses gratitude to all employees for their loyalty and contributions[72]

Financial Performance - The company reported a revenue of HKD 281,289,000 for the six months ended September 30, 2023, representing a 29% increase from HKD 217,866,000 in the same period of 2022[3]. - Gross profit for the same period was HKD 133,766,000, up 28% from HKD 104,398,000 year-over-year[3]. - The company incurred a net loss of HKD 864,000, an improvement from a loss of HKD 1,118,000 in the previous year[3]. - Total comprehensive loss for the period was HKD 8,020,000, compared to a loss of HKD 7,987,000 in the prior year[3]. - The company reported a total revenue of HKD 281,289,000 for the six months ended September 30, 2023, representing an increase of 29% compared to HKD 217,866,000 for the same period in 2022[26]. - Gross profit amounted to HKD 133,766,000, up 28.1% from HKD 104,398,000 year-on-year, driven primarily by increased sales in cosmetics[54]. - The adjusted loss for the first half of the fiscal year 2023/2024 was HKD 864,000, a significant reduction of 94.7% compared to an adjusted loss of HKD 16,228,000 in the previous year[55]. - The cosmetics segment generated revenue of HKD 202,850,000, a 43.2% increase from HKD 141,623,000 in the previous year, while the segment loss narrowed to HKD 823,000 from HKD 2,490,000[57]. - The fashion segment reported revenue of HKD 78,439,000, a 2.9% increase from HKD 76,243,000, with a profit of HKD 6,898,000, up 13.5% from HKD 6,078,000[58]. Assets and Liabilities - Non-current assets increased to HKD 661,631,000 as of September 30, 2023, from HKD 596,771,000 as of March 31, 2023[4]. - Current liabilities rose to HKD 558,355,000, up from HKD 507,676,000 at the end of the previous fiscal year[5]. - The total equity as of September 30, 2023, was HKD 179,686,000, down from HKD 200,210,000 as of March 31, 2023[5]. - The company reported a net exchange loss of HKD 2,884,000 for the six months ended September 30, 2023, compared to a loss of HKD 4,720,000 for the same period in 2022, reflecting improved currency management[34]. - The group's outstanding bank borrowings amounted to HKD 394,379,000, an increase from HKD 383,818,000 as of March 31, 2023[64]. - The current ratio decreased to 0.31 from 0.35 as of March 31, 2023, while the debt ratio increased to 2.19 from 1.92[64]. - The group's total assets pledged for bank financing facilities were valued at HKD 505,661,000 as of September 30, 2023, slightly down from HKD 508,156,000 on March 31, 2023[67]. - The group provided guarantees of HKD 837,922,000 for bank financing facilities as of September 30, 2023, up from HKD 702,809,000 on March 31, 2023[68]. Cash Flow - The company’s cash and cash equivalents decreased to HKD 15,039,000 from HKD 38,097,000[4]. - The net cash generated from operating activities for the six months ended September 30, 2023, was HKD 32,780,000, a decrease of 28.3% compared to HKD 45,680,000 in the same period of 2022[9]. - The net cash used in investing activities was HKD (4,086,000), compared to HKD (746,000) in the previous year, indicating increased investment outflows[9]. - The net cash used in financing activities increased to HKD (51,851,000) from HKD (45,066,000), reflecting higher financing costs[9]. - The cash and cash equivalents at the end of the reporting period were HKD 15,039,000, up from HKD 9,745,000 a year earlier[9]. Operational Highlights - The company declared a dividend of HKD 12,590,000 during the period[7]. - The company plans to continue optimizing its retail network by closing underperforming stores and opening new locations in favorable positions with reasonable rents[60]. - From October 1 to November 26, 2023, the cosmetics business recorded over 60% revenue growth compared to the same period last year, indicating strong momentum[60]. - The company aims to enhance its online presence through partnerships with major e-commerce platforms like Tmall International and JD.com to expand its customer base[60]. - The group aims to achieve a break-even point by focusing on core retail categories and optimizing its retail network[63]. - The group plans to continue negotiating reasonable rents and actively control inventory levels to manage costs and expenditures[63]. Employee and Governance - The group employed approximately 880 staff as of September 30, 2023, a decrease from about 910 staff on March 31, 2023[69]. - The company has adopted the standard code of conduct for directors regarding securities trading as per Appendix 10 of the Listing Rules, confirming compliance for the six months ending September 30, 2023[80]. - The unaudited performance for the six months ending September 30, 2023, has been reviewed by the audit committee, which consists of three independent non-executive directors[81]. - The company expresses gratitude to all employees for their loyal service and contributions, as well as to shareholders, customers, suppliers, and business partners for their ongoing support[82].

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佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公佈全部 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。 VEEKO INTERNATIONAL HOLDINGS LIMITED 威高國際控股有限公司 （於開曼群島註冊成立之有限公司） 1173 （股份代號： ） 2023 9 30 6 截至 年 月 日止 個月 中期業績公佈 未經審核中期業績 威高國際控股有限公司（「本公司」）董事會（「董事會」）宣佈本公司及其附屬公司（統 稱「本集團」）截至2023年9月30日止6個月（「回顧財政期間」）之未經審核綜合業績， 連同2022年同期之比較數字概述如下： 簡明綜合損益及其他全面收入表 截至2023年9月30日止6個月 9 30 6 截至 月 日止 個月 2023 年 2022年 （未經審核） （未經審核） 附註 千港元 千港元 營業額 3 281,289 217,866 ...

Financial Performance - The Group recorded revenue of HK$472,625,000 for the year ended March 31, 2023, a decrease of 5.4% compared to HK$499,849,000 in 2022[12]. - Gross profit increased to HK$229,763,000, representing a 17.1% growth from HK$196,216,000 in the previous year[16]. - The Group achieved a profit after tax of HK$5,027,000, recovering from a loss of HK$53,366,000 in 2022[18]. - The fair value of investment properties increased by HK$19,881,000, compared to an increase of HK$6,096,000 in the previous year[18]. - The Group received COVID-19 related subsidies totaling HK$16,244,000, significantly up from HK$1,365,000 in 2022[18]. Business Segments - The cosmetics business recorded a segment loss of HK$1,781,000, a significant improvement of 93.0% compared to a loss of HK$25,554,000 in the previous year[21]. - The fashion business had 62 stores as of March 31, 2023, with revenue of HK$170,998,000, an increase of 8.4% compared to the previous year[24]. - The fashion business recorded a segment loss of HK$1,437,000, a significant decrease of 94.5% from a loss of HK$26,041,000 in the previous year[24]. Store Operations and Network - The Group closed underperforming stores, contributing to a reduction in total store count[14]. - The Group's retail network consists of approximately 118 points of sale in Hong Kong and Macau[13]. - As of March 31, 2023, the Group operated 56 cosmetics stores, a decrease from 58 stores in the previous year, with revenue of HK$301,627,000, representing an 11.8% decrease year-on-year[21]. Market Outlook - The Group expects a gradual market recovery, with a double-digit revenue increase of approximately 26% in cosmetics and 16% in fashion from April 1 to June 15, 2023, compared to the same period last year[28]. - The cosmetics business recorded a significant year-on-year revenue increase of 26.4% from April 1 to June 15, 2023, compared to the same period last year[31]. Financial Position - The Group's total property valuation as of March 31, 2023, amounted to HK$738,548,000, an increase from HK$717,565,000 as of March 31, 2022[34]. - The outstanding bank borrowings as of March 31, 2023, were HK$383,818,000, compared to HK$375,505,000 as of March 31, 2022[43]. - The current ratio at the end of the reporting period was 0.35, slightly down from 0.37 as of March 31, 2022[44]. - The Group's cash and bank balances increased to HK$38,097,000 as of March 31, 2023, from HK$10,259,000 as of March 31, 2022[43]. Corporate Governance - The Company has complied with all applicable code provisions of the Corporate Governance Code throughout the year ended March 31, 2023[160]. - The Board consists of six members, including two executive directors, one non-executive director, and three independent non-executive directors[170]. - The roles of Chairman and Chief Executive Officer are clearly divided to ensure a balanced distribution of power and authority[178]. - The Company has established written guidelines for securities transactions by employees likely to possess inside information, with no incidents of non-compliance noted[166]. Shareholder Information - The Company proposed a final dividend of HK$0.5 per share, amounting to HK$12,590,000, to be paid to shareholders upon approval at the upcoming AGM[76]. - The Company's distributable reserves as of 31st March 2023 amounted to HK$120,340,000, a decrease from HK$123,116,000 in 2022[78]. - The accumulated losses of the Company increased to HK$156,449,000 as of 31st March 2023, compared to HK$153,673,000 in 2022[78]. Risk Management - The Group's financial risk management objectives and policies are detailed in note 33 of the consolidated financial statements, indicating a structured approach to managing financial risks[66]. - Approximately 42% of the Group's procurement costs were in foreign currencies, primarily USD and EUR, indicating exposure to foreign exchange risk[48]. Management and Employees - The Group had approximately 910 employees as of 31st March 2023, down from approximately 950 in 2022, reflecting a reduction in workforce[56]. - The emolument policy for senior management is based on merit, qualifications, and competence, with recommendations made by the Remuneration Committee[143]. Directors and Management Experience - Mr. Cheng Chung Man, aged 66, has over 39 years of experience in manufacturing and retail, and established the Group in 1984[91]. - Ms. Lam Yuk Sum, aged 63, has over 36 years of experience in fashion design and retail, responsible for day-to-day management[92]. - Mr. Au-Yeung Hau Cheong, aged 74, has extensive experience in property leasing since 1970, previously general manager at Sun Hung Kai Real Estate[99]. Compliance and Ethics - The Company is committed to high ethical standards, believing that this approach maximizes long-term shareholder wealth and benefits employees and communities[156]. - The Company has established a Board Independence Evaluation Mechanism to ensure a strong independent element on the Board, allowing effective independent judgment to safeguard shareholders' interests[186].

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佈之內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公佈全部或 任何部份內容而產生或因依賴該等內容而引致之任何損失承擔任何責任。 VEEKO INTERNATIONAL HOLDINGS LIMITED 威高國際控股有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1173） 截至2023年3月31日止年度 全年業績公佈 全年業績 威高國際控股有限公司（「本公司」）董事會（「董事會」）呈列本公司及其附屬公司（「本 集團」）截至2023年3月31日止年度（「回顧財政年度」）綜合業績，連同上年同期之比 較數字如下： 綜合損益及其他全面收入表 截至2023年3月31日止年度 2023年 2022年 附註 千港元 千港元 ...

Financial Performance - Revenue for the six months ended September 30, 2022, was HKD 217.87 million, a decrease of 17.6% compared to HKD 264.47 million for the same period in 2021[9] - Gross profit for the period was HKD 104.40 million, with a gross margin of 47.9%, compared to HKD 106.37 million and a gross margin of 40.2% in the previous year[9] - The company reported a loss before tax of HKD 0.64 million, significantly improved from a loss of HKD 21.69 million in the prior year[9] - Net loss for the period was HKD 1.12 million, compared to a net loss of HKD 22.32 million in the same period last year[9] - Total comprehensive loss for the period was HKD 7.99 million, compared to HKD 14.56 million in the previous year[9] - The adjusted loss before tax for the six months ended September 30, 2022, was HKD 639,000, compared to a loss of HKD 21,687,000 for the same period in 2021, indicating an improvement in performance[46][58] - The company incurred a loss of HKD 1,118,000, significantly narrowing from a loss of HKD 22,320,000 in the previous year, representing a reduction of approximately 95.0%[95] Assets and Liabilities - Non-current assets increased to HKD 574.58 million as of September 30, 2022, from HKD 569.57 million as of March 31, 2022[10] - Current assets decreased to HKD 165.39 million from HKD 189.88 million, primarily due to a reduction in inventory and trade receivables[10] - Total liabilities decreased to HKD 548.45 million as of September 30, 2022, from HKD 521.04 million as of March 31, 2022[10] - The company's net asset value was HKD 191.51 million, down from HKD 199.41 million as of March 31, 2022[12] - The group reported a net loss of HKD 1,118,000 for the six months ended September 30, 2022, with current liabilities exceeding current assets by HKD 317,165,000[20] Cash Flow and Financing - The net cash generated from operating activities for the six months ended September 30, 2022, was HKD 45,680,000, a decrease of 18.7% compared to HKD 56,166,000 for the same period in 2021[15] - The net cash used in financing activities for the six months ended September 30, 2022, was HKD 45,066,000, a decrease of 31.5% from HKD 65,754,000 in the previous year[17] - The cash and cash equivalents decreased to HKD 9,745,000 as of September 30, 2022, from HKD 37,839,000 at the end of the previous year[19] - The group is actively seeking external financing and considering potential risk factors to mitigate cash outflows[24] - The board believes that the group will have sufficient working capital for at least the next twelve months based on current cash flow forecasts[22] - The group has bank financing facilities amounting to HKD 424,326,000, of which HKD 365,676,000 had been utilized by the end of the reporting period[106] Revenue Breakdown - Revenue from cosmetics sales was HKD 141,623,000, while revenue from women's fashion was HKD 76,243,000 for the six months ended September 30, 2022[27] - The cosmetics segment generated revenue of HKD 141,623,000, down 23.3% from HKD 184,562,000, accounting for 65.0% of total revenue[95] - The fashion segment recorded revenue of HKD 76,243,000, a decrease of 4.6% from HKD 79,906,000[95] - The fashion business reported a revenue of HKD 76,243,000 for the period ending September 30, 2022, a decrease of 4.6% compared to HKD 79,906,000 in the previous year[99] Operational Highlights - The company plans to focus on expanding its product offerings and enhancing its market presence in the upcoming quarters[9] - The company optimized its retail network, which contributed to the narrowing of overall operational losses[97] - The group plans to continue optimizing its retail network and controlling inventory levels to achieve a break-even point as soon as possible[105] - As of September 30, 2022, the company operated 57 Colourmix and MORIMOR cosmetic stores, down from 64 stores a year earlier[97] - Same-store sales in Hong Kong and Macau for the fashion business increased by over 17.0% in October 2022, reflecting a recovery in local consumer demand[103] Government Support - The company received cash subsidies totaling HKD 15,110,000 during the reporting period, which were recognized in the profit and loss statement[80] - The company received government subsidies related to the COVID-19 pandemic totaling approximately HKD 15,110,000 during the reporting period[95] Shareholder Information - The company did not declare any interim dividend for the year ending March 31, 2023, consistent with the previous year[81] - Major shareholder Silver Crown holds 1,393,347,737 shares, accounting for 55.34% of the issued share capital[126] - The company’s issued share capital as of September 30, 2022, was 1,578,566,964 shares, representing 62.69% of the total[120] Corporate Governance - The company has complied with all provisions of the Corporate Governance Code during the reporting period[129] - The company’s independent auditor has not reviewed the unaudited results for the six months ending September 30, 2022, but the audit committee has reviewed them[131] Employee Information - The group employs approximately 950 staff members, maintaining the same headcount as of March 31, 2022[111] - The company expresses gratitude to all employees for their loyalty and contributions during the reporting period[132]

Financial Performance - For the fiscal year ending March 31, 2022, the Group recorded revenue of HK$499,849,000, a decrease of 3.4% compared to HK$517,246,000 in 2021[50] - The cosmetics business generated revenue of HK$342,099,000, down 2.7% from HK$351,570,000 in the previous year, accounting for 68.4% of total revenue[50] - The fashion business revenue was HK$157,750,000, representing a decline of 4.8% from HK$165,676,000 in 2021[50] - The Group reported a loss of HK$53,366,000 for the year, an improvement of 71.1% compared to a loss of HK$184,882,000 in 2021[51] - The overall revenue decline was attributed to reduced consumer spending amid ongoing health concerns[51] Impact of COVID-19 - The COVID-19 pandemic continued to impact retail operations, particularly affecting sales in the last quarter of the fiscal year[51] - The decline in sales was particularly pronounced in the fashion segment due to the pandemic's effects[51] - The Group's performance reflects ongoing challenges in the retail environment caused by the pandemic[51] - The Group aims to enhance its product offerings and market strategies to recover from the pandemic's impact in the upcoming fiscal year[51] Segment Performance - The Group's total revenue from the cosmetics segment was 68.4%, slightly up from 68.0% in the previous year[50] - The cosmetics business segment reported a loss of HK$25,554,000, significantly improved from a loss of HK$104,898,000 in the previous year, representing a 75.7% reduction in loss[54] - The fashion business segment recorded a loss of HK$26,041,000, down from a loss of HK$34,318,000 in 2021, reflecting a 24.2% improvement[59] - The turnover of the cosmetics business was HK$342,099,000, a slight decrease of 2.7% from HK$351,570,000 in the previous year[57] - The turnover of the fashion business was HK$157,750,000, representing a decrease of 4.8% compared to HK$165,676,000 in 2021[60] Financial Position - The Group's bank balance and cash position improved by over 50% as of May 31, 2022, compared to March 31, 2022, due to government subsidies and other financial measures[66] - As of 31st March 2022, the Group's cash and bank balances amounted to HK$10,259,000, a decrease from HK$47,114,000 as of 31st March 2021[74] - The outstanding bank borrowings were HK$375,505,000, down from HK$389,494,000 as of 31st March 2021[74] - The current ratio decreased to 0.37 from 0.54, while the gearing ratio improved slightly to 1.88 from 1.98[75] - The Group's properties were valued at approximately HK$717,565,000 as of 31st March 2022, providing financial support[70] Corporate Governance - The Company has complied with all applicable laws and regulations during the year, with no material breaches reported[104] - The Company is committed to maintaining a high standard of corporate governance to safeguard shareholder interests and enhance corporate value[198] - The Company has complied with all code provisions of the then Corporate Governance Code throughout the year ended March 31, 2022[200] - The Company continues to review its corporate governance practices to meet rising expectations of shareholders and comply with regulatory requirements[200] Management and Directors - The Group's chairman, Mr. Cheng Chung Man, has over 38 years of experience in manufacturing and retail, having established the Group in 1984[124] - The CEO, Ms. Lam Yuk Sum, has over 35 years of experience in fashion design and retail, responsible for day-to-day management[125] - Mr. Lam Man Tin has been an independent non-executive director since February 2, 2016, with over 30 years of experience in the retail and service industries[128] - Mr. Au-Yeung Hau Cheong has extensive experience in the property leasing industry since 1970, previously serving as general manager at Sun Hung Kai Real Estate Agency Limited[132] - Mr. Yeung Wing Kay has over 25 years of experience as a Certified Public Accountant and has been an independent non-executive director since September 17, 2004[134] Shareholder Information - The Company did not enter into any new or existing equity-linked agreements during the year ended March 31, 2022[141] - The share option scheme approved on August 30, 2013, has a remaining life of one year and five months as of March 31, 2022[142] - No share options were granted to directors or substantial shareholders during the year, and there are no outstanding options under the share option scheme[144] - As of March 31, 2022, Mr. Cheng Chung Man, the founder, holds 1,393,347,737 shares, representing 62.69% of the issued share capital[152] - Ms. Lam Yuk Sum, the Chief Executive Officer, holds 1,666,263,750 shares, representing 66.17% of the issued share capital[152] Sustainability and Development - The Group's commitment to sustainable development includes adherence to environmental protection laws and effective policies[103] - The Company recognizes employees, customers, suppliers, and business partners as key stakeholders for corporate sustainability[111] Audit and Compliance - Ernst & Young was appointed as the auditor of the Company after Deloitte Touche Tohmatsu resigned during the year[192] - The emolument policy for senior management is based on merit, qualifications, and competence, with recommendations made by the Remuneration Committee[182] Other Information - There were no material subsequent events undertaken by the Company or the Group after March 31, 2022, up to the date of the annual report[191] - The Company maintained a sufficient public float throughout the year ended March 31, 2022, as required under the Listing Rules[189] - The aggregate purchases from the Group's five largest suppliers accounted for 47.8% of total purchases for the year, with the largest supplier contributing 22.6%[175] - The aggregate sales from the Group's five largest customers were less than 30% of the Group's total sales for the year[179]

Financial Performance - For the six months ended September 30, 2021, Veeko reported a revenue of HKD 264,468,000, representing an increase of 15.4% compared to HKD 229,091,000 for the same period in 2020[4] - The gross profit for the same period was HKD 106,368,000, with a gross margin of approximately 40.1%, compared to HKD 93,521,000 in 2020[4] - The company recorded a loss before tax of HKD 21,687,000, an improvement from a loss of HKD 90,300,000 in the previous year[4] - Basic and diluted loss per share improved to HKD 0.886 from HKD 3.629 in the prior year[4] - Total comprehensive income for the period was HKD 7,760,000, compared to HKD 4,345,000 in the same period last year[4] - For the six months ended September 30, 2021, the company reported a net loss of HKD 22,320,000 compared to a net loss of HKD 91,388,000 for the same period in 2020[16] - The total comprehensive income for the period was a loss of HKD 22,320,000, which includes other comprehensive income of HKD 7,760,000[16] - The group recorded a revenue of HKD 264,468,000 for the six months ended September 30, 2021, representing a 15.4% increase compared to HKD 229,091,000 in the same period last year[58] - The group reported a loss of HKD 22,320,000, a 75.6% reduction from a loss of HKD 91,388,000 in the previous year[58] Assets and Liabilities - Non-current assets as of September 30, 2021, amounted to HKD 522,478,000, an increase from HKD 509,275,000 as of March 31, 2021[6] - Current liabilities increased to HKD 549,540,000 from HKD 558,772,000, indicating a slight improvement in the company's liquidity position[6] - The company’s net current liabilities as of September 30, 2021, were HKD 294,562,000, indicating a need for careful cash flow management[16] - The group’s current ratio was 0.46, compared to 0.54 as of March 31, 2021, indicating a decrease in liquidity[66] - The group’s total bank borrowings amounted to HKD 392,068,000, slightly up from HKD 389,494,000 as of March 31, 2021[66] Cash Flow - Cash and cash equivalents decreased by HKD 10,062,000, resulting in a balance of HKD 37,839,000 as of September 30, 2021[14] - The net cash generated from operating activities was HKD 56,166,000, while cash used in investing activities was HKD (474,000) and cash used in financing activities was HKD (65,754,000)[12] - The group’s cash and bank balances were HKD 37,839,000 at the end of the reporting period, down from HKD 47,114,000 as of March 31, 2021[66] Revenue Segmentation - Revenue from cosmetics sales was HKD 184,562,000, while revenue from women's fashion was HKD 79,906,000, totaling HKD 264,468,000 for the period[21] - The cosmetics segment generated revenue of HKD 184,562,000, up 19.2% from HKD 154,858,000, accounting for 69.8% of total revenue[60] - The fashion segment's revenue reached HKD 79,906,000, a 7.6% increase from HKD 74,233,000[61] Operational Developments - The company plans to focus on market expansion and new product development in the upcoming quarters[4] - Veeko is exploring potential mergers and acquisitions to enhance its market presence and operational capabilities[4] - The company continues to assess market conditions and operational needs to ensure ongoing financial stability[16] - The group plans to continue focusing on online and offline business growth through partnerships with major e-commerce platforms[63] Shareholder Information - As of September 30, 2021, the total number of issued ordinary shares is 1,578,566,964, representing 62.69% of the company's total issued share capital[80] - The major shareholder, Silver Crown, holds 1,393,347,737 shares, accounting for 55.34% of the issued ordinary shares[86] - No share options were granted to directors or major shareholders during the reporting period, and there were no unexercised share options[73] Governance and Compliance - The audit committee reviewed the unaudited results for the six months ending September 30, 2021, which have not been reviewed by the independent auditor[91] - The company has complied with all provisions of the Corporate Governance Code during the reporting period[89] - The company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers and all directors confirmed compliance during the reporting period[90] Employee and Stakeholder Relations - The company expressed gratitude to all employees for their loyalty and contributions, as well as to shareholders, customers, suppliers, and business partners for their support[92]

Financial Performance - For the year ended March 31, 2021, the Group recorded revenue of HK$517,246,000, a decrease of 50.4% compared to HK$1,042,397,000 in 2020[25][26]. - Revenue from the cosmetics business was HK$351,570,000, down 57.9% year-on-year, accounting for 68.0% of total revenue[25][26]. - The fashion business generated revenue of HK$165,676,000, representing a decrease of 19.7% compared to the previous year[25][26]. - The Group reported a loss of HK$184,882,000, which is a 28.5% reduction from the loss of HK$258,448,000 in 2020[27][29]. - The cosmetics segment recorded a loss of HK$104,898,000, while the fashion segment incurred a loss of HK$34,318,000[28]. - The loss for the fiscal year, excluding non-cash impairment provisions, was approximately HK$94,155,000, narrowing by 49.1% from HK$185,098,000 in 2020[28]. Impairment and Provisions - The Group made impairment provisions totaling approximately HK$61,798,000 for the year, similar to the previous year's provision of HK$61,643,000[28]. - The Group recognized provisions totaling HK$47,166,000 for the cosmetics business, down from HK$49,516,000 in the previous year[33]. - Excluding non-cash impairments, the cosmetics business loss would be approximately HK$57,732,000, a 53.5% decrease from HK$124,202,000 in the previous year[33]. Government Support - The Group recognized government subsidies related to pandemic relief amounting to HK$43,066,000 during the year[28]. - The Group recognized HK$43,066,000 in government anti-epidemic allowances and subsidies during the year[30]. Sales Performance - In April and May 2021, same-store sales for the fashion business in Hong Kong and Macau increased by approximately 15%, while sales in China rose by over 55%[40]. - Same-store sales for the cosmetics business in Hong Kong and Macau increased by approximately 65% in April and May 2021 compared to the same period last year[40]. Financial Position - The Group's cash and bank balances at the end of the reporting period amounted to HK$47,114,000, an increase from HK$26,476,000 as of 31st March 2020[45]. - Outstanding bank borrowings decreased to HK$389,494,000 from HK$420,059,000 as of 31st March 2020[45]. - The current ratio was 0.54, down from 0.72 as of 31st March 2020, while the gearing ratio increased to 1.98 from 1.19[46]. - The Group's properties were valued at approximately HK$677,474,000 as of 31st March 2021, providing financial support[43]. - The Group had banking facilities amounting to HK$479,571,000, with HK$395,166,000 utilized as of 31st March 2021[48]. Operational Strategies - The Group plans to continue collaborating with e-commerce platforms to enhance brand awareness and increase turnover[43]. - The Group has implemented measures to negotiate rent reductions and control costs to cope with challenges ahead[43]. Human Resources - The number of employees decreased to approximately 1,100 from 1,300 as of 31st March 2020[58]. Corporate Governance - The Company has complied with all code provisions as set out in the Corporate Governance Code throughout the year ended March 31, 2021[183]. - The roles of Chairman and Chief Executive Officer are clearly divided and performed by different individuals to ensure a balanced distribution of power and authority[200]. - The Board currently comprises six members, including two executive directors, one non-executive director, and three independent non-executive directors[192]. - The Company has established written guidelines for securities transactions by employees likely to possess inside information, with no incidents of non-compliance noted[186]. Share Options and Equity - The Company has adopted a share option scheme as an incentive for directors and eligible employees[166]. - The total number of shares available for issue under the share option scheme is 145,534,764, representing approximately 5.78% of the issued share capital of the Company as at the date of this report[130]. - The Company granted 19,300,000 share options during the year, with an exercise price of HK$0.0534 per share[128]. - As of 31st March 2021, there were 45,220,000 outstanding share options[128]. Director Information - The biographical information of the directors is detailed in the annual report, providing insights into their backgrounds and expertise[195]. - The Company emphasizes the importance of stakeholders, including employees, customers, and suppliers, for corporate sustainability[74].