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]
威高国际(01173) - 2024 - 年度业绩