WIN HANVERKY(03322)

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永嘉集团(03322) - 2022 - 年度业绩
2023-03-23 04:05
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的內容概不負責,對其準確性或完整性亦 不發表任何聲明,並明確表示,概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的任 何損失承擔任何責任。 Win Hanverky Holdings Limited 永 嘉 集 團 控 股 有 限 公 司 (於開曼群島註冊成立的有限公司) (股份代號:3322) 截至二零二二年十二月三十一日止年度 全年業績公告 財務摘要 二零二二年 二零二一年 變動 千港元 千港元 % 收益 4,449,790 4,136,603 +7.6% 毛利 989,076 998,991 –1.0% 毛利率 22.2% 24.2% –2.0個百分點 經營溢利╱(虧損) — 計及出售收益前 (14,605) (50,877) –71.3% — 出售收益 69,323 — 不適用 54,718 (50,877) 不適用 年內溢利╱(虧損) 23,631 (69,634) 不適用 每股基本盈利╱(虧損()港仙) 0.8 (5.2) 不適用 營運摘要 ...
永嘉集团(03322) - 2022 - 中期财报
2022-09-09 08:45
Financial Performance - The company's revenue for the six months ended June 30, 2022, was HKD 2,261,973,000, representing an increase of 8.4% compared to HKD 2,087,391,000 in the same period of 2021[15]. - Gross profit decreased to HKD 526,653,000, down 3.7% from HKD 547,098,000 in the previous year, primarily due to reduced revenue from the high-end fashion retail business[15][18]. - The gross profit margin fell to 23.3%, a decrease of 2.9 percentage points from 26.2% in the prior year, attributed to a change in the business mix[15][17]. - Operating profit was HKD 31,253,000, down from HKD 49,252,000 in the same period last year[15]. - Profit attributable to equity holders was HKD 20,522,000, compared to HKD 33,033,000 in the previous year[15]. - Basic earnings per share decreased to HKD 1.6 from HKD 2.6 in the prior year[15]. - The company reported a net profit of HKD 21,288 for the six months ended June 30, 2022, down from HKD 27,343 in the same period of 2021[93]. - Total assets as of June 30, 2022, were HKD 2,365,772 thousand, a decrease of 4.9% from HKD 2,488,284 thousand at the end of 2021[58]. - Total liabilities decreased to HKD 1,648,989 thousand from HKD 1,781,008 thousand, representing a reduction of 7.4%[60]. - Cash and bank balances as of June 30, 2022, were HKD 336,650 thousand, down 19.0% from HKD 415,819 thousand at the end of 2021[60]. Operational Metrics - Trade receivables turnover period improved to 42 days from 44 days in the previous year[15]. - Inventory turnover period improved to 139 days from 143 days in the previous year[15]. - The operating cash flow for the six months ended June 30, 2022, was HKD 116,175 thousand, compared to HKD 101,751 thousand for the same period in 2021, representing a 14.8% increase[70]. - The net cash from operating activities increased to HKD 111,945 thousand from HKD 91,227 thousand, reflecting a growth of 22.7% year-over-year[70]. - The company reported a total cash and cash equivalents balance of HKD 336,650 thousand at the end of the period, down from HKD 681,661 thousand at the end of the previous year[70]. Business Segments - Revenue from the sportswear production business increased by HKD 216,700,000 to HKD 1,506,800,000, representing a growth of 16.8%[23]. - The high-performance outdoor clothing production business saw revenue rise by HKD 127,300,000 to HKD 280,000,000, a strong growth of 83.4%[25]. - The high-end fashion retail business experienced a revenue decline of HKD 169,400,000 to HKD 475,200,000, a decrease of 26.3%[26]. - The company recorded an operating loss of HKD 36,500,000 for the high-end fashion retail business, compared to a profit of HKD 37,600,000 last year[27]. Strategic Initiatives - The company plans to maintain financial resources and will not recommend an interim dividend for the six months ending June 30, 2022[19]. - The company plans to focus on new product development and market expansion strategies to enhance future growth prospects[56]. - The company plans to continue offering shopping promotions to stimulate local consumption post-COVID-19 restrictions[37]. - The company aims to negotiate further rent reductions with landlords to alleviate profit pressure[37]. - The company anticipates a recovery in its high-end fashion retail business in mainland China following the easing of COVID-19 restrictions[37]. Market and Economic Outlook - The company remains cautiously optimistic about long-term demand for sportswear products despite short-term economic challenges[33]. - Approximately 69.4% of the company's revenue was denominated in USD, while 26.9% was in RMB, and 2.2% in HKD during the reporting period[44]. - The company continues to maintain sufficient liquidity and financial resources to meet its operational costs and financial obligations over the next twelve months[79]. Corporate Governance - The Audit Committee consists of independent non-executive directors and is responsible for reviewing the financial reporting process and internal control systems[171]. - The company has adhered to the corporate governance code as per the listing rules during the six months ended June 30, 2022[178]. - The Remuneration Committee is responsible for recommending remuneration policies for directors and senior management, with a majority of independent non-executive directors[172]. - The Nomination Committee is tasked with recommending candidates for directorships, ensuring appropriate professional knowledge and industry experience[173]. Employee and Shareholder Information - The company has approximately 20,000 employees as of June 30, 2022, an increase from about 19,000 employees on December 31, 2021[45]. - As of June 30, 2022, the company had a total of 1,284,400,000 shares issued, with the largest shareholder holding 57.91% of the equity[152]. - The company did not declare an interim dividend for the six months ended June 30, 2022, consistent with the previous year[131].
永嘉集团(03322) - 2021 - 年度财报
2022-04-22 09:13
Financial Performance - The company's revenue from continuing operations reached HKD 4,136,603,000 in 2021, representing a 2.9% increase from HKD 4,021,402,000 in 2020[15] - The gross profit for the year was HKD 998,991,000, with a gross margin of 24.2%[12] - The company reported an operating loss of HKD 50,877,000 for 2021, compared to a loss of HKD 47,068,000 in 2020[12] - The net loss attributable to equity holders was HKD 66,416,000, a significant improvement from a loss of HKD 233,821,000 in the previous year[12] - The overall net loss after tax for the year was HKD 69,600,000, an improvement from a loss of HKD 188,500,000 in the previous year[25] - The operating loss for the year was HKD 50,900,000, compared to a loss of HKD 47,100,000 in the previous year[24] - The company maintained a stable gross margin of 24.2%, slightly up from 24.0% in the previous year[17] Revenue Breakdown - The production business generated revenue of HKD 2,928,200,000, an increase of 5.3% from HKD 2,781,600,000 in the previous year[16] - The high-end fashion retail business reported revenue of HKD 1,208,400,000, a decrease of 2.5% from HKD 1,239,800,000 in the previous year[16] - Revenue from the sportswear production business increased by HKD 22.6 million to HKD 2,413.2 million, a growth of 0.9%, primarily due to increased customer orders, especially in the US market[30] - Revenue from the high-end functional outdoor clothing production business rose by HKD 124 million to HKD 515 million, representing a growth of 31.7%, driven by significant domestic customer order growth in mainland China[33] - The high-end fashion retail business saw a revenue decrease of HKD 31.4 million to HKD 1,208.4 million, a decline of 2.5%, impacted by the resurgence of COVID-19 variants in mainland China[34] Assets and Liabilities - Total assets amounted to HKD 3,945,257,000, while total liabilities were HKD 2,002,606,000, resulting in total equity of HKD 1,942,651,000[12] - The net debt to equity ratio increased to 27.3% from 10.2% in 2020[12] - As of December 31, 2021, the company had cash and bank balances of HKD 415.8 million, down from HKD 695.1 million in 2020[43] Corporate Strategy and Future Outlook - The company plans to continue focusing on its production and high-end fashion retail businesses despite ongoing challenges from the COVID-19 pandemic[15] - Future strategies may include market expansion and potential new product development to adapt to changing consumer demands[15] - The company plans to focus on the mainland China market for its high-end fashion retail business despite recent COVID-19 measures[19] - The company anticipates that the demand for sportswear products will increase in the long term due to rising global health awareness and the return of major sporting events[39] - The company plans to resume development of a new factory in Vietnam to meet medium to long-term customer needs[39] - The company remains cautiously optimistic about future business opportunities despite the complex operating environment[19] Governance and Compliance - The board consists of four executive directors and three independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[67] - The company has adopted the corporate governance code principles as per the listing rules, ensuring compliance with applicable provisions[64] - The company emphasizes the importance of good corporate governance for risk management and internal control processes[63] - The board is responsible for setting the business strategy and management objectives, as well as monitoring the group's performance[65] - The company confirmed compliance with the disclosure requirements of the listing rules regarding related party transactions[189] Shareholder Information - The company aims to create stable returns for shareholders and considers various factors, including financial performance and future expansion plans, when determining dividend payouts[124] - The board retains the right to review and amend the dividend policy at any time, with no guarantee of specific dividend amounts for any period[126] - The company did not recommend the payment of dividends for the fiscal year ending December 31, 2021[147] - The company's distributable reserves as of December 31, 2021, amounted to HKD 952,900,000, an increase from HKD 938,500,000 in 2020[143] Employee and Operational Insights - The total number of retail stores increased to 264 as of December 31, 2021, up from 233 in 2020, with 228 stores located in mainland China[35] - The employee turnover rate is at an acceptable level, indicating good employee relations[139] - As of December 31, 2021, the company had approximately 19,000 employees, consistent with the previous year[46] Environmental and Social Responsibility - The company has implemented energy-saving measures and encourages the recycling of office supplies to minimize environmental impact[136] - The group has complied with relevant local laws and regulations in all significant aspects during the fiscal year ending December 31, 2021[138] - The group made charitable donations totaling HKD 172,000 during the review year[150] Audit and Risk Management - The audit committee was established in April 2006, with responsibilities including monitoring the fairness of financial statements and reviewing risk management systems[83] - The internal control system aims to provide reasonable assurance against material misstatements and to ensure compliance with applicable laws and regulations[110] - The audit committee reviews the effectiveness of the group's risk management and internal control systems at least once a year, and the board is satisfied with their adequacy[112] Share Option Plan - The company has established a share option plan to incentivize and reward eligible participants for their contributions to the group's long-term success[179] - The total number of shares that can be issued under the new share option plan is capped at 128,440,000 shares, equivalent to 10% of the company's issued share capital as of the report date[180] - The new share option plan allows the board to grant options to eligible participants, including directors and employees, with a non-refundable acceptance fee of HKD 10[180]
永嘉集团(03322) - 2021 - 中期财报
2021-09-10 08:44
Financial Performance - The company reported revenue of HKD 2,087,391,000 for the six months ended June 30, 2021, representing a 7.4% increase from HKD 1,942,825,000 in the same period of 2020[23]. - Gross profit increased by HKD 108,900,000 to HKD 547,098,000, a growth of 24.8% compared to HKD 438,206,000 in the previous year, with a gross margin of 26.2%[23][27]. - Operating profit from continuing operations was HKD 49,252,000, a significant recovery from a loss of HKD 95,437,000 in the same period last year[23][28]. - The net profit attributable to equity holders was HKD 33,033,000, compared to a loss of HKD 166,281,000 in the prior year[23]. - Total comprehensive income for the six months ended June 30, 2021, was HKD 37,440,000, recovering from a loss of HKD 227,102,000 in the same period last year[68]. - The company reported a net profit of HKD 27,343 for the six months ended June 30, 2021[92]. Financial Ratios and Health - The company achieved a net debt to equity ratio of 11.5%, up from 10.2% at the end of 2020[23]. - The current ratio improved to 1.5 from 1.4, indicating better short-term financial health[23]. - Trade receivables turnover days decreased to 39 days from 49 days, reflecting improved collection efficiency[23]. - Inventory turnover days slightly decreased to 136 days from 138 days, indicating stable inventory management[23]. - The group maintained a stable financial position despite challenges posed by the COVID-19 pandemic, focusing on cash flow management and strict cost control measures[48]. Cost Management - The company has successfully reduced selling and distribution costs by HKD 23,400,000 to HKD 291,900,000, primarily due to the absence of further impairment losses on retail store assets[28]. - General and administrative expenses decreased by HKD 18,100,000 to HKD 209,100,000, attributed to ongoing cost-cutting measures[28]. - Financing costs for the six months ended June 30, 2021, were HKD 15,444,000, compared to HKD 20,297,000 for the same period in 2020, showing a reduction of approximately 23.5%[123]. Business Segments Performance - The sportswear production business reported revenue of HKD 1,290,100,000, an increase of HKD 53,100,000 or 4.3% compared to the same period last year[34]. - The high-performance outdoor clothing production business experienced a revenue decrease of HKD 10,600,000 to HKD 152,700,000, a decline of 6.5% due to reduced orders from an outdoor brand[37]. - The high-end fashion retail business saw revenue increase by HKD 102,100,000 to HKD 644,600,000, an 18.8% rise, primarily due to recovery from the COVID-19 impact in mainland China[38]. - Operating profit for the high-end fashion retail business was HKD 37,600,000, a significant turnaround from a loss of HKD 40,700,000 in the previous year[39]. Market and Operational Challenges - The production business's revenue from the Vietnam factory accounted for 48.2% of total production revenue, which is expected to impact growth in the second half of the year due to COVID-19 challenges[42]. - The company plans to postpone large capital expenditure projects for the second half of the year due to uncertainties from the new COVID-19 variant in Vietnam[43]. - The spread of COVID-19 variants in Southeast Asia is expected to negatively affect the operating environment, revenue, cash flow, and operational performance for the remainder of 2021[851]. - The supply chain for raw materials and logistics for finished products has faced challenges due to the COVID-19 outbreak in Vietnam and surrounding areas[851]. Shareholder and Governance - The company did not recommend an interim dividend for the six months ended June 30, 2021, consistent with the previous year[131]. - The audit committee has reviewed the unaudited interim financial information for the six months ended June 30, 2021, and recommended approval to the board[197]. - The company has complied with the corporate governance code as per the listing rules during the six months ended June 30, 2021[196]. - The company expressed gratitude to all directors and staff for their contributions and support from customers, shareholders, and business partners[199]. Employee and Management Information - The group employed around 19,000 employees as of June 30, 2021, consistent with the number from December 31, 2020[51]. - Total compensation for key management personnel increased to 9,681 thousand HKD from 8,776 thousand HKD in the previous year[150].
永嘉集团(03322) - 2020 - 年度财报
2021-04-23 09:04
Financial Performance - The revenue from continuing operations for the year 2020 was HKD 4,021,400,000, a decrease of 20.1% compared to HKD 5,034,400,000 in 2019[14]. - Revenue from the production business was HKD 2,781,600,000, down 15.2% from HKD 3,281,300,000 in 2019[14]. - Revenue from the high-end fashion retail business was HKD 1,239,800,000, a decrease of 29.3% from HKD 1,753,000,000 in 2019[14]. - The net loss attributable to equity holders for 2020 was HKD 233,821,000, compared to a profit of HKD 64,214,000 in 2019[11]. - The overall net loss for the year ended December 31, 2020, was HKD 188,500,000, compared to a profit of HKD 73,700,000 in 2019[26]. - The group recorded a net loss of HKD 83,800,000 from continuing operations for the year ended December 31, 2020, compared to a profit of HKD 125,100,000 in 2019[26]. - The company recorded an operating loss of HKD 59.9 million for the year, compared to a profit of HKD 98.2 million in the previous year[33]. - The company implemented cost-cutting measures, leading to an operating loss of HKD 15.2 million in the second half of 2020, despite a significant reduction in sales orders[33]. Assets and Liabilities - The total assets as of December 31, 2020, were HKD 3,819,030,000, down from HKD 4,343,925,000 in 2019[11]. - The cash and bank balances increased to HKD 695,088,000 from HKD 486,623,000 in 2019[11]. - The net debt to equity ratio decreased to 10.2% in 2020 from 25.5% in 2019[16]. - The company reported a distributable reserve of HKD 938,500,000 as of December 31, 2020, compared to HKD 923,200,000 in 2019, indicating a slight increase of approximately 1.4%[155]. Operational Challenges - The company faced significant challenges due to the COVID-19 pandemic, impacting both production and retail operations[14]. - The gross profit margin for continuing operations was 24.0%, down from 28.9% in 2019[11]. - The inventory turnover period increased to 138 days from 105 days in 2019[11]. - The sportswear production business revenue decreased by HKD 449 million to HKD 2,390.6 million, a decline of 15.8% due to COVID-19 impacting order numbers, particularly in the US market[31]. - The high-end functional outdoor clothing production business revenue decreased by HKD 50.8 million to HKD 391 million, a decline of 11.5%, with operational losses of HKD 8.9 million for the year[34]. - The high-end fashion retail business revenue decreased by HKD 513.2 million to HKD 1,239.8 million, a decline of 29.3%, primarily due to store closures and reduced customer traffic caused by COVID-19[35]. Strategic Plans - The group plans to cautiously implement cost control measures and monitor the recovery of the market environment[20]. - The group intends to restart a moderate store expansion plan in mainland China for its high-end fashion retail business[20]. - The company plans to focus resources on core business operations after exiting the e.dye business, which was deemed non-core and underperforming[39]. - The company aims to enhance production efficiency and cost control in the high-performance outdoor apparel segment, particularly in the mainland China market[43]. - The company plans to resume moderate store expansion in mainland China, particularly for the "New Era" retail network, capitalizing on the market's recovery from COVID-19[46]. Corporate Governance - The company emphasizes the importance of good corporate governance for managing risk and internal control procedures[67]. - The board is responsible for formulating business strategies and management objectives, as well as monitoring the company's performance[69]. - The company adheres to the corporate governance code as outlined in the listing rules[68]. - The audit committee, established in April 2006, is responsible for monitoring the fairness of the group's financial statements and reviewing financial control, risk management, and internal control systems[89]. - The company has adopted an insider information policy to ensure timely and fair disclosure of material information to the public[88]. - The nomination committee evaluates candidates based on reputation, achievements, experience, and diversity factors, including gender and age[85]. - The company has a total of four executive directors and four independent non-executive directors on its board[71]. Employee and Community Relations - The company maintains good relationships with employees, suppliers, and customers, with an acceptable employee turnover rate[151]. - The group made charitable donations totaling HKD 124,000 during the review year[163]. - The company has approximately 19,000 employees as of December 31, 2020, down from about 21,000 in 2019, indicating a reduction in workforce[51]. Environmental Responsibility - The company has implemented energy-saving measures and encourages recycling to minimize environmental impact[148].
永嘉集团(03322) - 2020 - 中期财报
2020-09-11 08:48
Financial Performance - The company's revenue for the six months ended June 30, 2020, was HKD 1,962,700,000, a decrease of 13.4% compared to HKD 2,265,292,000 in the same period of 2019[16] - Gross profit decreased by HKD 255,700,000 to HKD 435,856,000, resulting in a gross margin of 22.2%, down from 30.5% in 2019, reflecting increased retail discounts[16] - Operating loss recorded was HKD 187,705,000, compared to an operating profit of HKD 84,253,000 in the previous year[16] - The net loss attributable to equity holders was HKD 166,281,000, compared to a profit of HKD 27,642,000 in the same period last year[16] - The company reported a significant increase in cash and bank balances to HKD 669,752, up 37.5% from HKD 486,623 in 2019[61] - Total comprehensive income for the period was HKD (227,102,000), down from HKD 19,556,000 in the previous year, indicating a substantial decrease in overall financial performance[64] - The company reported a net loss of HKD 210,850 for the six months ended June 30, 2020, compared to a profit of HKD 37,497 in 2019[61] - Basic and diluted loss per share was HKD 12.9, compared to earnings of HKD 2.2 per share in the previous year[61] Dividend and Shareholder Equity - The company decided not to declare an interim dividend for the six months ended June 30, 2020, compared to HKD 0.01 per share in 2019[21] - The company’s equity attributable to shareholders decreased to HKD 1,843,898,000 as of June 30, 2020, from HKD 2,023,324,000 a year earlier, indicating a decline in shareholder equity[67] - The weighted average number of ordinary shares issued was 1,284,400,000 for the six months ended June 30, 2020, unchanged from the previous year[133] Operational Challenges - The sportswear manufacturing business reported a revenue decrease of HKD 36,200,000 to HKD 1,237,000,000, a decline of 2.8% due to reduced orders from a major client starting May 2020, particularly in the US market[23] - The high-end fashion retail business experienced a revenue drop of HKD 284,400,000 to HKD 542,500,000, a decline of 34.4%, primarily due to store closures from COVID-19[28] - The company has implemented cost-cutting measures, including applying for government subsidies and negotiating rent reductions, to preserve operational funds amid the COVID-19 pandemic[36] - The company incurred a one-time non-cash impairment of HKD 73,800,000 related to the e.dye business, which was sold in August 2020[17] - The company has decided to exit the e.dye business due to poor performance and a bleak outlook, resulting in an estimated total loss of HKD 133,800,000, including an impairment loss of HKD 73,800,000 for the six months ended June 30, 2020[160] Cash Flow and Financial Position - The cash and bank balance as of June 30, 2020, was HKD 669.8 million, an increase from HKD 486.6 million on December 31, 2019[43] - The company reported a net cash outflow from investing activities of HKD (38,360,000), compared to HKD (109,196,000) in the previous year, suggesting reduced investment expenditures[72] - The company’s total liabilities increased, with bank borrowings amounting to HKD 718,413,000, compared to HKD 938,166,000 in the previous year, indicating a shift in financing strategy[72] Employee and Operational Adjustments - The group has approximately 20,000 employees as of June 30, 2020, down from about 21,000 employees on December 31, 2019[46] - The group will continue to adjust its operational model and suspend capital expenditure projects in response to market uncertainties[37] - The group has suspended the development of a new factory in Vietnam due to the ongoing challenges in the market[37] Market and Future Outlook - The company plans to focus on market expansion and new product development to recover from the revenue decline experienced in the first half of 2020[99] - The sportswear production business is expected to see a revenue decline of approximately 20% for the full year 2020 due to the impact of COVID-19 and reduced consumer demand[37] Corporate Governance and Compliance - The audit committee has reviewed the unaudited interim financial information for the six months ended June 30, 2020, and recommended its approval to the board[192] - The company has complied with the corporate governance code and principles as per the listing rules during the six months ended June 30, 2020[191] - The company has confirmed that all directors have complied with the standards of the code regarding securities transactions during the six months ended June 30, 2020[189]
永嘉集团(03322) - 2019 - 年度财报
2020-04-23 09:02
Financial Performance - Total revenue from continuing operations for 2019 was HKD 5,069,700,000, an increase of 22.5% compared to HKD 4,137,900,000 in 2018[12] - Revenue from the production business was HKD 3,316,700,000, up 13.7% from HKD 2,917,300,000 in 2018[12] - Revenue from the high-end fashion retail business reached HKD 1,753,000,000, representing a significant year-on-year increase of 43.6% from HKD 1,220,700,000[13] - Profit attributable to equity holders for 2019 was HKD 64,200,000, a 52.0% increase from HKD 42,300,000 in 2018[14] - Operating profit for 2019 was HKD 163,560,000, slightly down from HKD 165,805,000 in 2018[10] - Gross profit increased by HKD 297,800,000 to HKD 1,442,300,000, a 26.0% increase compared to HKD 1,144,500,000 in 2018, with a gross margin of 28.4%[21] - Operating profit remained stable at HKD 163,600,000, slightly down from HKD 165,800,000 in 2018, impacted by rising operating costs and one-time items[22] Retail Expansion - The number of retail stores increased to 252 by the end of 2019, up from 181 in 2018, with 206 located in mainland China[13] - The total number of physical stores increased to 252, up from 181, with 206 located in mainland China[33] Financial Position - The total assets amounted to HKD 4,343,925,000, an increase from HKD 3,394,490,000 in 2018[10] - Current liabilities increased to HKD 1,810,505,000 from HKD 1,198,331,000 in 2018[10] - The net debt to equity ratio for 2019 was 25.5%, up from 5.9% in 2018[10] - As of December 31, 2019, the group's cash and bank balances amounted to HKD 486.6 million, an increase from HKD 355.1 million in 2018[46] - The group had floating-rate bank borrowings of HKD 1,021.1 million as of December 31, 2019, compared to HKD 478.9 million in 2018, resulting in a net debt-to-equity ratio of 25.5%[46] Dividend Policy - The company declared an interim dividend of HKD 0.01 per share for 2019, with a total payout of HKD 12,800,000, but did not recommend a final dividend due to uncertain market conditions[18] - The company aims to maintain a flexible dividend policy while preserving financial resources in light of the uncertain market conditions[18] - The company aims to create stable returns for shareholders, with a dividend policy that considers financial performance, retained earnings, and future expansion plans[122] Market Challenges - The Hong Kong market revenue declined by 29.3% due to external negative factors, including a drop in tourist numbers[33] - The company plans to continue investing in the mainland China retail market and expand its retail network in strategic cities despite the challenging business environment[21] - The company will implement cost-cutting measures and streamline operations to navigate the difficult business landscape ahead[21] Corporate Governance - The board consists of four executive directors and four independent non-executive directors, ensuring a balanced composition with relevant knowledge and experience[69] - The company has adopted the corporate governance code principles and complied with its provisions as per the listing rules[66] - The chairman and CEO roles are clearly separated to ensure a balance of power and authority within the board[72] - The company has established a nomination committee to recommend suitable candidates for directorships to the board[81] - The Nomination Committee evaluates candidates based on reputation, industry achievements, commitment of time, and diversity factors including gender and age[82] Risk Management - The group is committed to identifying, monitoring, and managing risks associated with its business activities, having adopted a risk management policy[102] - The internal audit department was established to assist the board in evaluating the effectiveness of the internal control system, operating independently from daily operations[110] - The risk management process includes identifying risks that may impact the group's business and operations, assessing their potential impact, and prioritizing them for management[106] - The group has implemented a continuous risk management philosophy in its operational and management processes[103] Environmental and Social Responsibility - The company has implemented energy-saving measures and encourages recycling to minimize environmental impact, adhering to relevant environmental regulations[135] - The company made charitable donations totaling HKD 724,000 during the review year[148] Shareholder Information - As of December 31, 2019, the company had 1,284,400,000 shares issued, with the largest shareholder, Mr. Li Guodong, holding 743,769,967 shares, representing 57.91% of the total[162] - Major shareholder Quinta holds 743,769,967 shares, representing 57.91% of the company's equity as of December 31, 2019[171] - The company has established a new share option plan effective from June 20, 2016, with a validity of ten years[176] Audit and Compliance - The financial statements for the year ended December 31, 2019, were audited by PricewaterhouseCoopers[189] - The company confirmed compliance with the disclosure requirements of the listing rules regarding related party transactions[184] - The company adhered to the disclosure requirements set forth by the Hong Kong Companies Ordinance[195]
永嘉集团(03322) - 2019 - 中期财报
2019-09-06 08:53
Financial Performance - The company's revenue from continuing operations for the six months ended June 30, 2019, was HKD 2,265,292,000, representing a 21.4% increase compared to HKD 1,865,884,000 for the same period in 2018[26]. - Gross profit increased by HKD 186,200,000 to HKD 691,577,000, with a gross margin of 30.5%, up from 27.1% in the previous year, indicating a 36.8% year-on-year growth[29]. - Operating profit decreased by HKD 32,300,000 to HKD 84,253,000, primarily due to the absence of a significant gain from the sale of a subsidiary in 2018, which was HKD 123,800,000 before tax[30]. - Profit attributable to equity holders decreased by HKD 35,900,000 to HKD 27,642,000, with a normalized profit of HKD 12,216,000 after excluding the impact of subsidiary sales[31]. - Net profit attributable to equity holders of the company was HKD 27,642 thousand, a decline of 56.7% compared to HKD 63,467 thousand in the prior year[66]. - Total comprehensive income for the period was HKD 19,556 thousand, significantly lower than HKD 50,249 thousand in the previous year[72]. Dividends and Shareholder Returns - The company proposed an interim dividend of HKD 0.01 per share, down from HKD 0.03 per share in the previous year[31]. - Basic earnings per share for continuing operations was HKD 0.022, down from HKD 0.066 in the same period last year[69]. - The interim dividend declared was HKD 0.01 per share, down from HKD 0.03 per share in the previous year, reflecting a reduction of 66.7%[159]. Debt and Leverage - The net debt-to-equity ratio increased to 20.6% from 5.9% in the previous year, indicating a significant rise in leverage[27]. - The group had floating-rate bank borrowings of HKD 833.5 million as of June 30, 2019, up from HKD 478.9 million as of December 31, 2018, indicating increased leverage[49]. - The total liabilities increased to HKD 2,106.8 million as of June 30, 2019, from HKD 1,409.8 million as of December 31, 2018, highlighting a rise in financial obligations[62]. Operational Changes - The company has ceased its sportswear retail network in Hong Kong, with all retail stores closed by the end of 2018, eliminating any financial impact in 2019[30]. - The strong growth in the premium fashion retail business contributed positively to the overall operating performance despite the decline in operating profit[30]. - The company plans to enhance production efficiency at the new factory in mainland China and the renovated facility in Vietnam to achieve optimal levels[45]. Revenue Segmentation - The revenue from the sportswear production business increased by HKD 118.1 million to HKD 1,273.2 million, representing a growth of 10.2%[34]. - The revenue from the high-end fashion retail business surged by HKD 277.6 million to HKD 826.9 million, marking a 50.5% increase[39]. - The revenue from the high-end functional outdoor clothing production business rose by HKD 4.5 million to HKD 151.4 million, but the operating loss increased to HKD 39.9 million[37]. - The revenue from the e.dye business decreased by HKD 0.8 million to HKD 13.8 million, with an operating loss of HKD 24.1 million[38]. Cash Flow and Liquidity - As of June 30, 2019, the group's cash and bank balances increased to HKD 389.8 million from HKD 355.1 million as of December 31, 2018, primarily due to cash generated from operating activities and bank borrowings[49]. - The net cash outflow from operating activities for the six months ended June 30, 2019, was HKD 116,132,000, compared to HKD 68,749,000 in 2018[80]. - The cash and cash equivalents at the end of the period were HKD 389,835,000, down from HKD 565,082,000 at the end of June 30, 2018[80]. Employee and Operational Capacity - The group employed approximately 21,000 employees as of June 30, 2019, an increase from 19,000 employees as of December 31, 2018, indicating growth in operational capacity[52]. - Total compensation for key management personnel was HKD 10,109,000 in 2019, a slight increase from HKD 10,011,000 in 2018[186]. Asset Management - Non-current assets totaled HKD 1,745.7 million as of June 30, 2019, compared to HKD 1,317.8 million as of December 31, 2018, showing a significant increase in asset base[62]. - Current assets amounted to HKD 2,539.2 million as of June 30, 2019, up from HKD 2,046.4 million as of December 31, 2018, reflecting improved liquidity[62]. - Total assets as of June 30, 2019, amounted to HKD 4,284,993, up from HKD 3,394,490 at the end of 2018, reflecting a growth of approximately 26.3%[117]. Risks and Legal Position - The group had no significant contingent liabilities or major litigation as of June 30, 2019, indicating a stable legal and financial position[54]. - The company faced various financial risks, including market risk, credit risk, and liquidity risk, which are detailed in the annual financial statements[102].
永嘉集团(03322) - 2018 - 年度财报
2019-04-23 09:31
Financial Performance - The revenue from continuing operations for the year 2018 was HKD 4,137,900,000, representing an increase of 18.3% compared to HKD 3,496,500,000 in 2017[13]. - The production business generated revenue of HKD 2,924,700,000, an increase of 11.6% from HKD 2,620,900,000 in the previous year[13]. - The high-end fashion retail business achieved revenue of HKD 1,220,700,000, marking a significant growth of 38.0% from HKD 884,700,000 in 2017[13]. - The company's revenue from continuing operations for the year ended December 31, 2018, was HKD 4,137,900,000, an increase of 18.3% compared to HKD 3,496,500,000 in 2017, primarily driven by the acquisition of the high-end functional outdoor apparel production business and rapid expansion in the retail network in mainland China[21]. - The gross profit margin for 2018 decreased to 27.7%, down from 27.8% in 2017, due to higher production capacity and labor costs, although this was partially offset by strong growth in the high-end fashion retail business[21]. - Operating profit increased by HKD 71,200,000 to HKD 165,800,000 in 2018, mainly due to a gain of HKD 123,800,000 from the sale of a subsidiary owning land in China[22]. - The e.dye business revenue increased by HKD 13,100,000 to HKD 28,400,000, representing an 85.6% growth, but incurred an operating loss of HKD 48,800,000[29]. - The high-end fashion retail business revenue rose by HKD 336,000,000 to HKD 1,220,700,000, a 38.0% increase, primarily due to rapid expansion in the mainland China retail network[32]. - Operating profit for the high-end fashion retail business reached a record high of HKD 137,100,000, up 116.9% from HKD 63,200,000[33]. - The sportswear retail business revenue decreased by HKD 95,700,000 to HKD 132,100,000, a decline of 42.0%, with an operating loss of HKD 47,400,000[34]. Retail Expansion - The number of retail stores increased to 181 by the end of 2018, up from 150 in 2017, with 133 stores located in mainland China[13]. - The company remains optimistic about opportunities in the mainland China market and plans to expand its retail network in strategic cities[17]. - The retail network for high-end fashion increased to 181 stores by December 31, 2018, up from 150 stores in 2017, with 133 located in mainland China[31]. - The company continues to focus on expanding its e-commerce channels to tap into the rapidly growing online market[42]. Asset Management - The total assets amounted to HKD 3,394,490,000, compared to HKD 2,955,258,000 in the previous year[9]. - The current ratio was reported at 1.7, down from 2.7 in 2017, indicating a decrease in liquidity[9]. - The company's distributable reserves as of December 31, 2018, amounted to HKD 733,500,000, a decrease from HKD 798,100,000 in 2017[135]. - The group had floating-rate bank borrowings of HKD 478.9 million as of December 31, 2018, compared to HKD 177.1 million in 2017, with an unused bank financing amount of HKD 152.5 million[46]. - The debt-to-equity ratio as of December 31, 2018, was 22.1%, up from 8.0% in 2017, indicating increased leverage[46]. Corporate Governance - The board of directors is responsible for the overall management of the group, including formulating business strategies and management objectives[66]. - The company has adopted the corporate governance code principles as per the listing rules, ensuring compliance with its provisions[65]. - The board consists of four executive directors and four independent non-executive directors, maintaining a balanced composition[68]. - The company has received confirmations of independence from its independent non-executive directors, ensuring their impartiality[80]. - The Nomination Committee evaluates candidates based on factors such as reputation, achievements in the industry, time commitment, and diversity aspects including gender and age[82]. - The Audit Committee is responsible for overseeing the fairness of the group's financial statements and reviewing financial controls and risk management systems[85]. - The company has adopted a diversity policy for board members, which includes annual reviews of the board's structure and composition[88]. - The company has implemented a training program for directors to enhance their knowledge and skills, ensuring they are well-informed to contribute effectively[77]. Risk Management - The company has adopted risk management policies and conducted risk assessments to identify significant risks associated with its business activities[99]. - The company’s internal control aims to provide reasonable assurance to avoid significant misstatements or losses[104]. - The board is responsible for establishing and maintaining the risk management and internal control systems of the group[98]. - The company has implemented a continuous process for identifying, assessing, and managing significant risks[101]. - The audit committee is satisfied with the effectiveness and adequacy of the company's risk management and internal control systems as of the end of the fiscal year 2018[106]. Employee Relations - The group employed approximately 19,000 employees as of December 31, 2018, an increase from approximately 16,000 employees in 2017[47]. - The group has established employee benefits including retirement benefits, insurance, medical allowances, and stock option plans[47]. - The company participates in defined contribution retirement plans for eligible employees in mainland China, Vietnam, and Cambodia, as well as mandatory provident fund schemes for employees in Hong Kong[173]. Environmental Responsibility - The company has implemented energy-saving measures and encourages recycling to minimize environmental impact[128]. Shareholder Engagement - The company has established a shareholder communication policy to ensure effective engagement with shareholders[111]. - The company aims to ensure that remuneration policies are based on skills, knowledge, responsibilities, and company performance[90]. - The company’s dividend policy is subject to review and may be updated at the board's discretion[117]. Audit and Compliance - The independent auditor's report confirmed that the consolidated financial statements fairly present the group's financial position and performance for the year ended December 31, 2018, in accordance with Hong Kong Financial Reporting Standards[182]. - The auditor evaluated the appropriateness of the valuation methods used by management and assessed the quality of the forecasts against actual performance from previous years[191]. - The audit included comparisons of forecasted sales performance against approved budgets and business plans[197].