Financial Performance - The group's revenue decreased by 1.8% to HKD 193,000,000 for the year ended March 31, 2024, compared to HKD 196,600,000 in 2023[2]. - The gross profit decreased by 4.5% to HKD 143,200,000, down from HKD 150,000,000 in 2023[2]. - Basic and diluted earnings per share were HKD 0.3 cents, significantly lower than HKD 12.5 cents in the previous year[2]. - The net profit for the year was HKD 1,200,000, a substantial decrease from HKD 45,967,000 in 2023[2]. - Total revenue for the year ended March 31, 2024, was HKD 192,996,000, a decrease of 1% from HKD 196,618,000 in the previous year[36]. - The company reported a pre-tax profit of HKD 1,373,000, compared to HKD 39,391,000 in the previous year, indicating a significant decline[34]. - The group recorded a net profit of HKD 1,200,000 for the year ending March 31, 2024, compared to HKD 46,000,000 in 2023[51]. - The group recorded a net loss of HKD 1,960,000 from the sale of property, plant, and equipment[35]. - The group’s tax expense for the year was HKD 159,000, compared to a tax credit of HKD 6,576,000 in 2023[44]. - The group did not receive any government subsidies during the fiscal year, compared to HKD 4.2 million in 2023[62]. Sales and Revenue Breakdown - Offline sales were HKD 189,800,000, a slight decline of 1.2% from HKD 192,100,000 in the previous year, with the offline sales ratio decreasing to 74.2% from 76.3%[2]. - Online sales contributed HKD 3,193,000, down 29.6% from HKD 4,532,000 in the previous year[36]. - Same-store sales growth was +11% for the year, recovering from a decline of -6% in the previous year[52]. - The group's total revenue from offline retail decreased by 1.2% to HKD 189,800,000, down from HKD 192,100,000 in 2023[52]. Assets and Liabilities - Total non-current assets increased to HKD 90,571,000 from HKD 76,238,000 in the previous year[5]. - Current assets rose to HKD 141,223,000, compared to HKD 130,649,000 in 2023[5]. - Current liabilities increased to HKD 46,591,000 from HKD 33,018,000 in the previous year[5]. - Total assets amounted to HKD 231,794,000, an increase from HKD 206,887,000 in the previous year[34]. - Total liabilities increased to HKD 67,757,000 from HKD 44,365,000, indicating a rise in financial obligations[34]. - The group reported contingent liabilities of HKD 2.9 million related to bank guarantees for utility and property lease deposits, up from HKD 1.5 million in 2023[72]. Operational Highlights - The group primarily engages in the design and retail of trendy clothing, bags, and fashion accessories[28]. - The group operated 33 physical stores in Hong Kong and Macau as of March 31, 2024, down from 39 stores in 2023[52]. - The group aims to balance physical and digital channels to maintain competitiveness, planning to gradually promote omnichannel retailing[77]. - The group plans to enhance its brand assets by focusing on unique, creative, and high-quality products, particularly jackets, handbags, and distressed jeans[76]. Expenses and Costs - Operating expenses rose by 9.4% to HKD 136 million, up from HKD 124.3 million in 2023[57]. - Rental expenses increased to HKD 53.2 million from HKD 42.9 million in 2023, reflecting the group's efforts to renegotiate lease terms[58]. - Employee benefits expenses, including salaries and other benefits, rose to HKD 51,365,000 from HKD 46,376,000 in the previous year[41]. - Employee costs rose by 6.2% to HKD 47.7 million, while total employees decreased to 165 from 183 in 2023[60]. Financial Reporting and Compliance - The consolidated financial statements include the company and its subsidiaries up to March 31, 2024[8]. - New and revised Hong Kong Financial Reporting Standards effective from April 1, 2023, were adopted without significant impact on the financial performance and position[11]. - The amendments to HKAS 12 clarify that deferred tax assets and liabilities must be recognized for leases, effective from April 1, 2023[15]. - The group did not recognize any deferred tax assets related to lease liabilities as of March 31, 2024, due to the lack of predictable future profits[17]. - The group is not subject to the Pillar Two Model Rules, thus the amendments do not impact the consolidated financial statements[19]. - The revised Hong Kong Financial Reporting Standards are expected to be adopted in the first period after their effective dates, with no significant impact anticipated on the consolidated financial statements[23]. - The group has ceased applying the practical expedient method for accounting related to long service payments, leading to adjustments in service costs and liabilities[26]. Future Outlook - The group anticipates a cautious optimistic outlook for the retail market in Hong Kong and Macau, expecting a recovery in retail sales driven by declining global interest rates[76]. - The group will reassess control over an investee if any of the three control factors change[10]. Governance and Shareholder Information - The board does not recommend the payment of a final dividend for the year ending March 31, 2024[78]. - The company has established an Audit Committee consisting of three independent non-executive directors to oversee financial reporting and internal controls[84]. - The preliminary financial results for the year ending March 31, 2024, are consistent with the audited consolidated financial statements[85]. - There have been no changes in directors or other director information since the publication of the interim report for the six months ending September 30, 2023[87]. - The performance announcement for the year ending March 31, 2024, will be published on the company's website and the Hong Kong Stock Exchange website[88]. - The company expresses gratitude to shareholders, business partners, and customers for their unwavering support over the years[89].
包浩斯国际(00483) - 2024 - 年度业绩