Financial Performance - Total revenue for the fiscal year ended March 31, 2023, was HKD 7,879,287, a decrease of 5.6% from HKD 8,346,728 in 2022[2] - Gross profit for the same period was HKD 1,902,111, representing a gross margin of 24.1%, down from 24.5% in the previous year[2] - Operating profit increased by 3.8% to HKD 787,819, compared to HKD 758,747 in 2022[2] - Profit attributable to owners of the company was HKD 383,258, a decline of 26.4% from HKD 520,694 in the prior year[2] - Basic and diluted earnings per share decreased to 31.3 HK cents from 42.5 HK cents[2] - The company proposed a final dividend of 1.8 HK cents per share, down from 7.2 HK cents in the previous year[2] - The company reported a net profit of HKD 383,258,000 for the fiscal year, compared to HKD 520,694,000 in the previous year, reflecting a decline of approximately 26.4%[18] - The group recorded a decrease in net profit from approximately HKD 520.7 million in FY2022 to approximately HKD 383.3 million in FY2023, resulting in a net profit margin decline from 6.2% to 4.9%[68] - The adjusted EBITDA for the year was approximately HKD 1,385.4 million, with an adjusted EBITDA margin of 17.6%, up from 16.6% in 2022[43] Assets and Liabilities - Total assets as of March 31, 2023, were HKD 8,682,290, a decrease from HKD 9,419,772 in 2022[7] - Total liabilities decreased to HKD 5,135,028 from HKD 5,783,515 in the previous year[8] - Non-current assets decreased to HKD 4,246,304 from HKD 4,537,707 in 2022[7] - Cash and cash equivalents were HKD 675,028, down from HKD 995,030 in the previous year[7] - Trade receivables for 2023 amount to HKD 710,534,000, a decrease of 38% from HKD 1,146,208,000 in 2022[36] - The group’s net debt as of March 31, 2023, was approximately HKD 3,283.5 million, slightly up from HKD 3,269.0 million as of March 31, 2022[68] Market Segments - The group operates five segments: intimate apparel, sports products, consumer electronics accessories, molded products, and footwear, with a focus on manufacturing and trading[15] - Revenue from the United States market was HKD 3,810,347,000, down from HKD 4,324,706,000, a decrease of about 11.9%[21] - The intimate apparel segment generated revenue of approximately HKD 4,424.8 million, a decrease of 6.2% from HKD 4,716.0 million in the previous fiscal year, accounting for 56.2% of total revenue[44] - The sports products segment reported revenue of approximately HKD 2,436.3 million, an increase of 11.2% from HKD 2,190.7 million in the previous fiscal year, representing 30.9% of total revenue[45] - The consumer electronics accessories segment saw revenue decline by 25.1% to approximately HKD 371.5 million from HKD 496.2 million, contributing 4.7% to total revenue[46] - The molded products segment, including cups and masks, experienced a revenue drop of 44.5% to approximately HKD 322.6 million from HKD 580.9 million, accounting for 4.1% of total revenue[47] - The footwear segment generated revenue of approximately HKD 324.0 million, a decrease of 10.7% from HKD 363.0 million, also representing 4.1% of total revenue[48] Cost and Expenses - Total sales cost decreased from HKD 6,301.3 million in 2022 to HKD 5,977.2 million in 2023, with the sales cost percentage of total revenue rising from 75.5% to 75.9%[54][56] - Overall gross profit decreased from HKD 2,045.4 million in 2022 to HKD 1,902.1 million in 2023, with the gross profit margin declining by 0.4 percentage points to 24.1%[57][58] - General and administrative expenses decreased from HKD 817.7 million in 2022 to HKD 701.7 million in 2023, with the percentage of total revenue dropping from 9.8% to 8.9%[61] - Research and development costs decreased from HKD 253.0 million in 2022 to HKD 235.8 million in 2023, maintaining a stable percentage of total revenue at 3.0%[62] Corporate Governance and Compliance - The company has complied with the corporate governance code throughout the year ended March 31, 2023[86] - The board of directors consists of five executive directors and three independent non-executive directors, ensuring a high level of independence[86] - The audit committee, composed of three independent non-executive directors, is responsible for overseeing the financial and accounting policies of the group[87] - The audit committee has reviewed the consolidated financial statements for the fiscal year 2023, ensuring compliance with accounting principles and internal controls[89] Future Outlook and Strategy - The group anticipates a gradual easing of high inflation and inventory pressures, which is expected to improve revenue on a quarter-on-quarter basis in the first half of FY2024[76] - The intimate apparel segment is expected to see a low double-digit recovery in the first half of FY2024, driven by a gradual recovery in orders from core international brand partners[77] - The group plans to strategically reduce production in the footwear segment, which is projected to decrease revenue by over 50% in the first half of FY2024[77] - The group aims to enhance production efficiency through increased automation and digital management, potentially maintaining production levels with approximately 20% fewer employees if sales return to previous peaks[78] - The group is focusing on expanding its core technology applications from intimate apparel to outerwear, leveraging its leading position in the market[79] Sustainability and ESG Efforts - The group has established clear sustainability goals under the "2030 Sustainable Development Agenda," focusing on carbon reduction, waste management, and sustainable innovation[83] - The group received multiple awards for its ESG efforts, including recognition from the Hong Kong Investor Relations Association for best investor relations and excellence in ESG[83] Employee and Workforce Management - As of March 31, 2023, the group employed approximately 37,015 full-time employees, a decrease from 45,385 employees on March 31, 2022[75] - Employee costs totaled approximately HKD 2,741.4 million, accounting for 38.5% of total revenue[75] - The group has optimized its workforce in Vietnam, reducing employee numbers from over 39,000 to approximately 31,600, while local employees now account for 98% of the workforce[50]
维珍妮(02199) - 2023 - 年度业绩