Financial Performance - Revenue increased by 1.8% to HKD 3,705,000,000[2] - Profit attributable to owners of the company was HKD 295,000,000, down from HKD 362,574,000 in the previous year[7] - Earnings per share decreased to HKD 0.6062 from HKD 0.7440[7] - Total comprehensive income for the year was HKD 209,687,000, compared to HKD 403,339,000 in the previous year[3] - The company reported a net profit of 295,432 thousand HKD for 2023, a decrease of 18.5% compared to 362,574 thousand HKD in 2022[27] - The total tax expenses for the year were 144,534 thousand HKD, slightly down from 150,461 thousand HKD in the previous year[23] - The company’s total revenue from other income and losses was 30,538 thousand HKD in 2023, down from 42,750 thousand HKD in 2022[32] - Gross profit slightly increased by 0.8% to HKD 1,189,000,000, maintaining a stable gross margin of 32.1% compared to 32.4% in the previous year[95] - Profit attributable to shareholders decreased by 18.7% to HKD 295,000,000 from HKD 363,000,000 in the previous year[95] - The group reported a pre-tax profit of HKD 440,058,000 in 2023, down from HKD 513,437,000 in 2022, indicating a decrease of about 14.3%[193] Dividends - Final dividend declared at HKD 0.075 per share, with a special dividend of HKD 0.220 per share[2] - The company declared an interim dividend of 7.5 HKD per share for 2023, down from 10.0 HKD per share in 2022, resulting in a total dividend payout of 36,552 thousand HKD[26] - The company plans to distribute a final dividend of HKD 0.075 per share and a special dividend of HKD 0.220 per share, down from HKD 0.100 and HKD 0.305 respectively in the previous year[91] - The company proposed a final dividend of HKD 0.075 per share and a special dividend of HKD 0.22 per share, down from HKD 0.10 and HKD 0.305 respectively in the previous year[123] Assets and Liabilities - Non-current liabilities decreased to HKD 256,559,000 from HKD 357,039,000[4] - Net asset value decreased to HKD 1,895,931,000 from HKD 2,036,167,000[4] - Total assets for the group in 2023 were HKD 2,619,258,000, a decrease from HKD 2,879,275,000 in 2022, representing a decline of approximately 9.0%[195] - The group’s total liabilities decreased to HKD 723,327,000 in 2023 from HKD 843,108,000 in 2022, a reduction of approximately 14.2%[195] - The total lease liabilities due within one year increased to HKD 121,724,000 in 2023 from HKD 114,744,000 in 2022, a rise of 6.9%[79] Inventory and Receivables - Inventory decreased to HKD 422,202,000 from HKD 483,625,000[14] - Inventory for watches decreased from HKD 465,647,000 in the previous year to HKD 411,148,000 in the current year, a decline of approximately 11.6%[48] - Trade receivables increased to HKD 262,508,000 from HKD 179,615,000, representing a growth of approximately 46%[51] - The group's total receivables, after deducting credit loss provisions, stood at HKD 262,508,000 in 2023, compared to HKD 179,615,000 in 2022, indicating a growth of 46%[72] - The provision for credit losses increased to HKD 4,653,000 in 2023 from HKD 2,821,000 in 2022, representing a rise of 65%[72] Employee Costs and Incentives - The company’s employee costs increased to 288,983 thousand HKD in 2023 from 277,256 thousand HKD in 2022[36] - The company has adopted a share option scheme effective for ten years from November 3, 2003, with a total of 32,300,000 options granted on April 6, 2011[81] - The company has adopted an employee share incentive plan effective from June 27, 2022, with a maximum share award not exceeding 10% of the issued share capital[117] - The company aims to attract and retain qualified personnel through the share incentive plan, which is valid for 10 years[117] Market and Operational Insights - The company aims to expand its network in Hong Kong and mainland China by opening boutique stores in collaboration with brands, leveraging the economic recovery[100] - The company will continue to enhance its marketing strategies, cost control measures, and inventory management to drive better financial performance[100] - The company’s management remains cautious in its operational approach while seeking opportunities for growth amid market uncertainties[100] - The retail market in Hong Kong saw a 0.9% year-on-year decline in total sales in 2022, with a 3.4% decrease in volume, reflecting weak consumer sentiment[165] - The group reported a decline in overall market sentiment, with the GDP in Hong Kong showing a real year-on-year decrease of 3.5% in 2022[165] Government Support and Subsidies - The group recognized government subsidies related to COVID-19, including HKD 4,440,000 from the Hong Kong government's "Employment Support Scheme" in 2023, while no such subsidies were recorded in 2022[199] Other Financial Metrics - The company’s interest income from bank loans decreased to 102 thousand HKD in 2023 from 627 thousand HKD in 2022[38] - The total lease cash outflow for the year is HKD 216,579,000, compared to HKD 171,417,000 in the previous year, reflecting an increase[45] - The company had no bank loans as of March 31, 2023, compared to HKD 29,000,000 in bank loans a year earlier, resulting in a debt-to-equity ratio of zero[152] - The company operates 43 retail points in the Greater China region, including one online store in mainland China and one in Hong Kong[151]
东方表行集团(00398) - 2023 - 年度业绩