Financial Performance - For the fiscal year ending March 31, 2024, the company reported total revenue of HKD 767,561,000, a decrease of 4.7% from HKD 805,454,000 in 2023[3] - Gross profit increased to HKD 385,673,000, up 5.6% from HKD 365,145,000 in the previous year[3] - The company achieved a significant increase in other income, reporting HKD 514,791,000 compared to HKD 93,315,000 in 2023, marking a growth of 438.5%[3] - Profit before tax surged to HKD 481,706,000, a substantial increase from HKD 59,571,000 in the prior year, reflecting a growth of 707.5%[3] - Net profit for the year reached HKD 473,325,000, compared to HKD 51,105,000 in 2023, representing an increase of 826.5%[3] - Basic and diluted earnings per share rose to HKD 45.21, up from HKD 4.85 in the previous year, indicating a growth of 831.5%[4] - The group reported a net profit of HKD 473,325,000 for the year, compared to HKD 51,105,000 in the previous year[27][31] Assets and Liabilities - Total assets increased to HKD 1,428,625,000, compared to HKD 1,063,123,000 in 2023, reflecting a growth of 34.4%[6] - The company's total liabilities decreased to HKD 516,340,000 from HKD 633,060,000, a reduction of 18.4%[7] - The net asset value increased to HKD 912.3 million from HKD 430.1 million as of March 31, 2023[54] - The group's debt-to-equity ratio improved to 18.3% from 60.7% in the previous year[54] - The group's debt ratio improved to 18.3% from 60.7% as of March 31, 2023, with net debt reduced to HKD 166.3 million[69] Revenue Breakdown - Total revenue for the year ended March 31, 2024, was HKD 946,243,000, an increase from HKD 986,501,000 in the previous year[27][31] - Retail sales in Hong Kong, Macau, and mainland China amounted to HKD 321,506,000, while sales in other Asian regions were HKD 221,506,000[27] - The wholesale business generated revenue of HKD 403,231,000, contributing to a total of HKD 767,561,000 in sales to external customers[27] - Revenue from the sale of watches was HKD 40.3 million; excluding this, total revenue would have decreased by 9.7%[54] - The group's revenue for the "Time Corridor" segment increased by 2.6% to HKD 543.0 million, while excluding the sales from the watch sale, the revenue decreased by 5.0%[59] - The revenue from the Greater China "Time Corridor" business was HKD 321.5 million, a year-on-year increase of 17.3%[60] - The Southeast Asia "Time Corridor" business revenue decreased by 13.2% to HKD 221.5 million, with a pre-tax loss of HKD 10.6 million[63] - The supply chain and wholesale trade segment's revenue declined by 18.7% to HKD 224.5 million, with a pre-tax profit of HKD 27.2 million[64] Accounting Standards and Policies - The group has adopted revised Hong Kong Financial Reporting Standards effective from April 1, 2023, which include HKAS 8, HKAS 12, and related amendments[12] - The adoption of HKAS 12 has narrowed the scope of initial recognition exemptions, excluding transactions that generate equal and deductible temporary differences, such as leases[17] - The group assessed that the adoption of these revised standards did not have a significant impact on the financial position and performance for the years ended April 1, 2022, March 31, 2023, and March 31, 2024[18] - The group has made accounting policy changes in response to the cancellation of the MPF offsetting mechanism for long service payments, effective from May 1, 2025[20] - The group will treat employer MPF contributions as employee contributions for long service payment liabilities, following the guidance from the Hong Kong Institute of Certified Public Accountants[21] - Adjustments for cumulative prior year profits related to long service payment obligations have been confirmed for the year ending March 31, 2024, but were not significant enough to restate comparative figures[22] - The group expects no significant impact from the adoption of new accounting standards effective from April 1, 2024[24] Operational Measures - The company has taken measures to improve liquidity, including closing underperforming retail stores and implementing cost control measures[10] - As of March 31, 2024, the company had unused bank financing of approximately HKD 60,000,000, indicating a focus on maintaining sufficient working capital[10] - The group incurred financial costs of HKD 29,993,000, which impacted the overall profitability[27] - The company reported a significant increase in inventory provisions, with a reversal of HKD 20,921,000 noted during the year[29] - The company has no significant plans for major investments or capital asset changes as of March 31, 2024[75] - The group will continue to invest in e-commerce to enhance brand visibility and customer experience in the Greater China region[62] Corporate Governance - The company has adopted the standard code for securities trading by directors and confirmed compliance during the reporting period[85] - The company has adopted the scope of responsibilities outlined in the code provision B.3.1 regarding the nomination committee[90] - The nomination committee held two meetings on June 27, 2023, and June 25, 2024, to review the independence of retiring independent non-executive directors[90] - Mr. He Zhijian and Ms. Zhang Keling will retire at the 2024 annual general meeting and have decided not to seek re-election[90] - The corporate governance committee is chaired by Ms. Liao Jingwei, the Chief Financial Officer, along with three independent non-executive directors[91] - The audit committee reviewed the performance for the fiscal year 2023/24[76] Dividends and Shareholder Information - The group did not declare any dividends for the fiscal year ending March 31, 2024, consistent with the previous year[44] - The board did not recommend a final dividend for the year ending March 31, 2024, consistent with the previous year[57] - The company will publish its 2024 annual report at an appropriate time, which will be sent to shareholders and uploaded to the relevant websites[92] Employee Information - The group employed approximately 825 employees as of March 31, 2024, a decrease from 842 employees the previous year[77]
宝光实业(00084) - 2024 - 年度业绩