东方表行集团(00398) - 2024 - 年度业绩

Financial Summary This section provides a concise overview of the company's key financial performance indicators for the fiscal year 2024 2024 Key Financial Data Summary | Indicator | 2024 (HKD thousands) | Change | | :--- | :--- | :--- | | Turnover | 3,639,000 | Down 1.8% | | Profit attributable to owners of the Company | 250,000 | | | Earnings per share | 51.40 HK cents | | | Final dividend | 5.8 HK cents/share | | | Special dividend | 17.2 HK cents/share | | Consolidated Statement of Profit or Loss and Other Comprehensive Income This statement presents the group's financial performance, including revenue, gross profit, and profit attributable to owners Consolidated Statement of Profit or Loss and Other Comprehensive Income Key Data | Indicator | 2024 (HKD thousands) | 2023 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Revenue | 3,638,758 | 3,704,677 | -1.8% | | Gross profit | 1,150,730 | 1,188,710 | -3.2% | | Profit before tax | 396,474 | 440,058 | -10.0% | | Profit for the year | 251,150 | 295,524 | -15.0% | | Profit attributable to owners of the Company | 250,488 | 295,432 | -15.2% | | Basic and diluted earnings per share | 51.40 HK cents | 60.62 HK cents | -15.2% | Consolidated Statement of Financial Position This statement provides a snapshot of the group's assets, liabilities, and equity, reflecting its financial health Consolidated Statement of Financial Position Key Data | Indicator | 2024 (HKD thousands) | 2023 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Non-current assets | 750,789 | 762,567 | -1.5% | | Current assets | 1,636,686 | 1,856,691 | -11.9% | | Current liabilities | 428,950 | 466,768 | -8.2% | | Net current assets | 1,207,736 | 1,389,923 | -13.1% | | Total assets less current liabilities | 1,958,525 | 2,152,490 | -9.0% | | Non-current liabilities | 162,558 | 256,559 | -36.7% | | Net assets | 1,795,967 | 1,895,931 | -5.3% | | Total equity | 1,795,967 | 1,895,931 | -5.3% | Notes to the Financial Statements This section details accounting policies and financial metrics, providing essential supplementary information 1. General Information Oriental Watch Holdings Limited, a Bermuda-incorporated investment holding company, primarily trades watches and is listed - The Company is an exempted company incorporated in Bermuda, an investment holding company, and engages in watch trading[25] - The consolidated financial statements are presented in Hong Kong dollars, which is also the Company's functional currency[50] 2. Application of New and Revised Hong Kong Financial Reporting Standards The group adopted new and revised HKFRSs this year, including HKAS 12 amendments, with no material financial impact - The group first applied several new and revised Hong Kong Financial Reporting Standards issued by the Hong Kong Institute of Certified Public Accountants this year, including HKFRS 17, HKAS 8 (Revised), and HKAS 12 (Revised)[26][51] - The amendments to HKAS 12 (Revised) "Deferred Tax related to Assets and Liabilities arising from a Single Transaction" narrowed the scope of recognition exemption for deferred tax liabilities and deferred tax assets[28][52] - Despite adjustments to deferred tax recognition scope, the amendments had no material impact on the group's financial position and performance, only disclosing related deferred tax assets and liabilities of HKD 8,316,000 as of April 1, 2022[29] 3. Revenue and Segment Information The group's primary business is watch sales, with revenue recognized upon transfer of control across Hong Kong, China, and Macau - The group primarily engages in the sale of watches, with revenue recognized when control of the goods is transferred (i.e., when customers purchase goods at retail stores)[32][34][55] - The group has three operating segments: Hong Kong, Mainland China, and Macau, with all segment revenue derived from external customers[33][37][38] Revenue and Profit by Operating Segment | Segment | 2024 Segment Revenue (HKD thousands) | 2023 Segment Revenue (HKD thousands) | 2024 Segment Profit (HKD thousands) | 2023 Segment Profit (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 943,518 | 1,008,210 | 35,644 | 80,030 | | China | 2,570,663 | 2,559,988 | 471,223 | 475,505 | | Macau | 124,577 | 136,479 | 17,327 | 24,673 | | Total | 3,638,758 | 3,704,677 | 524,194 | 580,208 | Assets and Liabilities by Operating Segment | Segment | 2024 Segment Assets (HKD thousands) | 2023 Segment Assets (HKD thousands) | 2024 Segment Liabilities (HKD thousands) | 2023 Segment Liabilities (HKD thousands) | | :--- | :--- | :--- | :--- | :--- | | Hong Kong | 552,601 | 661,075 | 242,313 | 354,847 | | China | 592,454 | 565,555 | 155,920 | 129,931 | | Macau | 72,698 | 86,072 | 48,339 | 64,896 | | Total Segments | 1,217,753 | 1,312,702 | 446,572 | 549,674 | Carrying Amount of Non-current Assets by Geographical Area | Region | 2024 Carrying Amount of Non-current Assets (HKD thousands) | 2023 Carrying Amount of Non-current Assets (HKD thousands) | | :--- | :--- | :--- | | Hong Kong | 349,450 | 455,369 | | China | 124,899 | 76,103 | | Macau | 46,927 | 63,945 | | Other | 35,155 | 8,261 | | Total | 556,431 | 603,678 | 4. Other Income Total other income significantly increased to HKD 49,223 thousand in 2024, primarily from bank interest and loans Other Income Details | Income Source | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Bank interest income | 20,793 | 12,452 | | Interest income from loans receivable at amortised cost | 9,528 | 1,608 | | Interest income from rental deposits | 1,096 | 888 | | Government grants | 9,487 | 9,644 | | Rental income | 1,179 | 100 | | Others | 7,140 | 5,846 | | Total | 49,223 | 30,538 | - Government grants in 2023 included HKD 4,440,000 from the Hong Kong Government's Employment Support Scheme, with no such grants in 2024[3] 5. Other Gains and Losses The group reported a net loss of HKD 3,854 thousand in other gains and losses for 2024, a shift from a 2023 gain Other Gains and Losses Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Fair value change of loans receivable at fair value through profit or loss | 3,442 | 3,384 | | Fair value change of financial assets at fair value through profit or loss | (2,038) | (1,710) | | Fair value change of investment properties | 259 | 65 | | Loss on partial disposal of interest in an associate | (7,554) | — | | Gain on lease termination | 2,696 | — | | (Loss) gain on disposal/write-off of property, plant and equipment | (396) | 1,616 | | Net exchange gain | 282 | 996 | | Total | (3,854) | 4,367 | 6. Finance Costs Total finance costs decreased to HKD 13,663 thousand in 2024, mainly due to reduced bank loan interest Finance Costs Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Interest on bank loans | — | 102 | | Interest on lease liabilities | 13,663 | 14,510 | | Total | 13,663 | 14,612 | 7. Profit Before Tax Profit before tax for 2024 was HKD 396,474 thousand, a decrease from 2023, with significant deductions Major Deductions from Profit Before Tax | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Auditor's remuneration | 3,600 | 3,500 | | Cost of inventories recognized as expense (including inventory provision) | 2,488,028 | 2,515,967 | | Depreciation of property, plant and equipment | 50,489 | 43,611 | | Depreciation of right-of-use assets | 122,014 | 136,662 | | Directors' emoluments | 111,787 | 121,548 | | Other staff costs | 169,648 | 163,180 | | Contributions to retirement benefit schemes for other staff | 4,547 | 4,255 | | Total staff costs | 285,982 | 288,983 | 8. Income Tax Expense Total income tax expense for 2024 was HKD 145,324 thousand, slightly higher than 2023, with varying tax rates Income Tax Expense Details | Tax Type | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Hong Kong current tax | 1,788 | 512 | | PRC Enterprise Income Tax | 119,864 | 120,626 | | Other jurisdictions | 2,556 | 2,347 | | Withholding tax on dividends from associates | 2,337 | 2,554 | | Withholding tax on dividends from subsidiaries | 15,017 | 20,779 | | Total current tax | 141,562 | 146,818 | | Under (over) provision in prior years | 3,686 | 2,242 | | Deferred tax expense (credit) | 76 | (4,526) | | Total income tax expense | 145,324 | 144,534 | - Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for the year, with certain qualifying subsidiaries paying 8.25% on the first HKD 2,000,000[68] - PRC subsidiaries are subject to a tax rate of 25%, and Macau SAR supplementary income tax is 12%[98][170] 9. Dividends Total dividends declared for 2024 amounted to HKD 282,668 thousand, a decrease from 2023 Dividend Distribution Details | Dividend Type | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Interim dividend (7.0 HK cents/share) | 34,115 | 38,014 | | Interim special dividend (21.5 HK cents/share) | 104,782 | 114,529 | | 2023 final dividend (7.5 HK cents/share) | 36,552 | 48,736 | | 2023 special dividend (22.0 HK cents/share) | 107,219 | 148,644 | | Total dividends declared for the year | 282,668 | 349,923 | | Proposed final dividend (5.8 HK cents/share) | 28,267 | 36,552 | | Proposed special dividend (17.2 HK cents/share) | 83,826 | 107,219 | | Total proposed dividends after year-end | 112,093 | 143,771 | - The Board proposes to declare a final dividend and a special dividend for the year ended March 31, 2024, subject to shareholders' approval at the upcoming Annual General Meeting[100] 10. Earnings Per Share Basic and diluted earnings per share attributable to owners for 2024 decreased to 51.40 HK cents Earnings Per Share Calculation Data | Indicator | 2024 | 2023 | | :--- | :--- | :--- | | Profit attributable to owners of the Company (HKD thousands) | 250,488 | 295,432 | | Weighted average number of ordinary shares (thousands) | 487,358 | 487,358 | | Basic and diluted earnings per share (HK cents) | 51.40 | 60.62 | 11. Right-of-use Assets Right-of-use assets decreased to HKD 238,132 thousand as of March 31, 2024 Right-of-use Assets Carrying Amount and Depreciation | Indicator | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Carrying amount | 238,132 | 314,213 | | Depreciation for the year | 122,014 | 136,662 | - The group leases various retail stores and offices with lease terms ranging from one to seven years, including renewal options[104] 12. Interests in Associates Interests in associates decreased to HKD 64,873 thousand as of March 31, 2024, including goodwill Interests in Associates Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Investment cost in unlisted associates | 46,157 | 59,192 | | Exchange adjustments | (3,900) | 904 | | Share of post-acquisition profit, net of dividends received | 22,616 | 21,456 | | Total | 64,873 | 81,552 | - The investment in associates includes goodwill of HKD 19,270,000 (2023: HKD 25,842,000) arising from the acquisition of associates[105] 13. Equity Instruments at Fair Value Through Other Comprehensive Income Equity instruments at fair value through OCI significantly increased to HKD 27,835 thousand Equity Instruments at Fair Value Through Other Comprehensive Income | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Unlisted investments | 27,835 | 13,359 | - The Directors elected to designate these investments as at fair value through other comprehensive income because their short-term fluctuations are inconsistent with the group's long-term holding strategy[6][184] 14. Inventories Total inventories slightly increased to HKD 442,997 thousand as of March 31, 2024 Inventories Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Watches | 438,663 | 411,148 | | Accessories and components | 4,334 | 11,054 | | Total | 442,997 | 422,202 | 15. Loans Receivable Total loans receivable increased to HKD 76,248 thousand as of March 31, 2024 Loans Receivable Maturity Profile | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Repayable after one year | 54,260 | 20,038 | | Repayable within one year | 21,988 | 41,364 | | Total | 76,248 | 61,402 | 16. Trade and Other Receivables Trade and other receivables decreased to HKD 254,065 thousand, with trade receivables (net of allowance) at HKD 219,242 thousand Trade and Other Receivables Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Trade receivables (net of allowance for credit losses) | 219,242 | 262,508 | | Property rental and other deposits | 21,869 | 21,198 | | Advances to suppliers | 5,433 | 6,772 | | Others | 7,521 | 4,881 | | Total | 254,065 | 295,359 | Ageing Analysis of Trade Receivables | Trade Receivables Ageing | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 30 days | 136,433 | 217,860 | | 31 to 60 days | 14,920 | 20,246 | | 61 to 90 days | 19,012 | 17,708 | | Over 90 days | 48,877 | 6,694 | | Total | 219,242 | 262,508 | - As of March 31, 2024, trade receivables overdue by 90 days or more amounted to HKD 48,877,000, but are not considered in default based on past experience of recoverability[110] 17. Financial Assets at Fair Value Through Profit or Loss Total financial assets at fair value through profit or loss slightly increased to HKD 30,921 thousand Financial Assets at Fair Value Through Profit or Loss Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Listed investments (Hong Kong) | 10,915 | 13,436 | | Listed investments (Overseas) | 1,311 | 1,228 | | Unlisted investments | 18,695 | 15,007 | | Total | 30,921 | 29,671 | | Current portion | 12,226 | 14,664 | | Non-current portion | 18,695 | 15,007 | Currency Composition of Financial Assets at Fair Value Through Profit or Loss | Currency | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | USD | 20,006 | 16,235 | | CHF | 24,588 | — | 18. Trade and Other Payables and Contract Liabilities Trade and other payables decreased to HKD 253,132 thousand, while contract liabilities for watch sales significantly reduced Trade and Other Payables Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Trade payables | 34,927 | 38,184 | | Accrued wages and benefits | 110,957 | 120,174 | | Accrued commissions | 53,639 | 42,330 | | Accrued renovation works | 6,237 | 5,610 | | PRC VAT and other taxes payable | 24,142 | 43,886 | | Rental payables | 11,339 | 13,130 | | Others | 11,891 | 14,399 | | Total | 253,132 | 277,713 | Ageing Analysis of Trade Payables | Trade Payables Ageing | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | 0 to 60 days | 32,626 | 35,557 | | 61 to 90 days | 39 | — | | Over 90 days | 2,262 | 2,627 | | Total | 34,927 | 38,184 | Contract Liabilities Details | Contract Liabilities | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Contract liabilities for sales of watches | 6,868 | 20,677 | 19. Lease Liabilities Total lease liabilities amounted to HKD 266,425 thousand as of March 31, 2024 Lease Liabilities Maturity Profile | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Lease liabilities payable: within one year | 132,560 | 121,724 | | Lease liabilities payable: after one year but within two years | 67,501 | 113,966 | | Lease liabilities payable: after two years but within five years | 66,364 | 116,431 | | Total | 266,425 | 352,121 | | Less: Amounts due within 12 months shown under current liabilities | (132,560) | (121,724) | | Amounts due after 12 months shown under non-current liabilities | 133,865 | 230,397 | 20. Share Capital As of March 31, 2024, authorized share capital was 1,000,000,000 shares at HKD 0.10 each Share Capital Composition | Item | Number of Shares | Amount (HKD thousands) | | :--- | :--- | :--- | | Authorized share capital (as at March 31, 2024) | 1,000,000,000 | 100,000 | | Issued and fully paid share capital (as at March 31, 2024) | 487,358,224 | 48,736 | 21. Share-based Payment Transactions The group operates a 2022 Share Award Scheme and a 2013 Share Option Scheme (expired) - The 2013 Share Option Scheme expired on November 2, 2023, aiming to attract and retain talent and incentivize contributions to the group's business and operations[116][186][144] - As of March 31, 2024, and March 31, 2023, there were no unexercised share options under the 2013 Share Option Scheme[87] - The 2022 Share Award Scheme was adopted on June 27, 2022, to recognize and incentivize eligible persons' contributions and attract new employees, with a total of 48,735,822 shares available for awards[117][88][196][147] - No share-based payment expenses were recognized for the above share option scheme and share award scheme during the years ended March 31, 2024, and 2023[118] 22. Capital Commitments Capital commitments for property, plant, and equipment increased to HKD 3,045 thousand Capital Commitments Details | Item | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Capital expenditure for the acquisition of property, plant and equipment contracted but not provided for in the consolidated financial statements | 3,045 | 2,215 | Management Discussion and Analysis Despite a challenging market, the group maintained revenue through brand portfolio, store network, and cost control Group Performance Group turnover slightly decreased by 1.8% to HKD 3.639 billion in 2024, with gross profit margin stable Group Performance Overview | Indicator | 2024 (HKD thousands) | 2023 (HKD thousands) | Change | | :--- | :--- | :--- | :--- | | Turnover | 3,639,000 | 3,705,000 | -1.8% | | Gross profit margin | 31.6% | 32.1% | -0.5% | | Gross profit | 1,151,000 | 1,189,000 | -3.2% | | Profit attributable to owners of the Company | 250,000 | 295,000 | -15.3% | Dividends The Board recommends a final dividend of 5.8 HK cents and a special dividend of 17.2 HK cents for 2024 - The Board resolved to recommend a final dividend of 5.8 HK cents per share (2023: 7.5 HK cents) and a special dividend of 17.2 HK cents per share (2023: 22.0 HK cents) for the year ended March 31, 2024[123][149][187] - The proposed dividends highlight the Board's continued confidence in the group's long-term prospects and commitment to rewarding shareholders[123] Business Review Mainland China revenue reached HKD 2.571 billion through boutique expansion, while Hong Kong sales declined by 6.3% - Mainland China business revenue reached HKD 2,571,000,000, with the group expanding its network through opening multiple boutiques and strengthening relationships with brand owners with lower capital investment[153][152] - Hong Kong market sales decreased by 6.3% year-on-year to HKD 944,000,000, with the group responding to the challenging retail environment by strengthening its network coverage and implementing a series of cost control measures[125] - The group comprehensively revamped and expanded its store network in prime shopping districts across Hong Kong, Macau, and Mainland China, strategically relocating its Causeway Bay store in Hong Kong to a central area frequented by younger generations[176] - Total lease-related expenses decreased by 5.6% to HKD 202,000,000, primarily due to optimized rental costs in Hong Kong, although basic rents in Mainland China increased[154] - Inventories slightly increased by 5.0% year-on-year to HKD 443,000,000, but showed significant improvement compared to mid-2022, reflecting the group's proactive market-demand-driven inventory management[155] - The Greater China consumer market growth in 2023 was weaker than expected, with macroeconomic uncertainties such as real estate sector difficulties and high youth unemployment leading to more conservative consumer behavior, particularly impacting high-end products like luxury watches[197] Prospects Challenges in the luxury watch sector are expected to persist in H2 2024, with the group focusing on low-capital network expansion - Challenges in the luxury watch industry are expected to continue in the second half of 2024, with Swiss watch exports to Mainland China and Hong Kong significantly decreasing by 22.7% and 25.6% respectively, reflecting slower inventory turnover[127][198] - The group will continuously review and refine its operating strategies, on one hand expanding its network with lower capital investment, and on the other hand exploring strategic collaborations with more brands to diversify its product portfolio[156] - The group will leverage digital platforms to reach more customers and enhance service quality, aiming to attract new customers, foster existing customer loyalty, and maintain its competitive advantage[156] Financial Review As of March 31, 2024, the group's total equity was HKD 1.796 billion, with net current assets of HKD 1.208 billion Key Financial Position Data | Indicator | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Total equity | 1,796,000 | 1,896,000 | | Net current assets | 1,208,000 | 1,390,000 | | Bank and cash balances | 899,000 | 1,079,000 | - The group maintains a robust financial position with ample funds and unutilized bank facilities, having no bank loans and a zero debt-to-asset ratio[129][158] Liquidity and Financial Resources The group possesses a robust financial position with ample liquidity, net current assets of HKD 1.208 billion - The group maintains a robust financial position with ample funds and unutilized bank facilities[158][11] Liquidity and Financial Resources Overview | Indicator | 2024 (HKD thousands) | 2023 (HKD thousands) | | :--- | :--- | :--- | | Net current assets | 1,208,000 | 1,390,000 | | Bank and cash balances | 899,000 | 1,079,000 | - As of March 31, 2024, and March 31, 2023, the group had no bank loans, resulting in a zero debt-to-asset ratio[129] Foreign Exchange Risk The group's trading transactions are primarily denominated in HKD and RMB, with no significant foreign exchange fluctuation risk - The group's trading transactions are primarily denominated in Hong Kong dollars and Renminbi[130][189] - The group does not face any significant foreign exchange fluctuation risk[130] Human Resources As of March 31, 2024, the group employed approximately 596 staff across Greater China, with 62% in Mainland China - As of March 31, 2024, the group employed approximately 596 staff across Hong Kong, Macau, and Mainland China, with about 62% being Mainland China employees[131][159] - The group invests significant resources in providing employee training programs to enhance customer service, utilizing "mystery shopper program" results to design targeted training[160] - The group has developed a series of training programs for senior executives, covering leadership, personal development and efficiency, and work and team management, to improve management capabilities and foster innovative ideas[199][177] Corporate Governance The group is committed to good corporate governance, adhering to the CG Code, with past deviations now rectified Corporate Governance Code The group generally complies with the Corporate Governance Code, with past deviations concerning chairman/CEO roles, dividend policy, and INED composition now rectified - The group complies with the code provisions of the Corporate Governance Code set out in Appendix C1 of the Listing Rules, but there was a deviation regarding the non-segregation of the roles of Chairman and Chief Executive Officer[190][135] - The Company does not have a dividend policy, and future dividend declarations will consider market conditions, operating results, business plans, financial position, and working capital requirements[164] - The number of Independent Non-executive Directors and the composition of committees previously did not comply with Listing Rules requirements, but compliance was achieved after the appointment of Mr. Sin Nga Yan as an Independent Non-executive Director on June 12, 2024[136] Standard of Dealings in Securities by Directors The company adopted the Standard Code for Securities Transactions by Directors as per Appendix C3 of the Listing Rules - The Company has adopted the Standard Code as set out in Appendix C3 of the Listing Rules as its code of conduct for directors' dealings in securities[165][178] - All Directors have complied with the required standards set out in the Standard Code throughout the year ended March 31, 2024[165] Audit Committee The Audit Committee reviewed the group's accounting principles, internal controls, financial reporting, and the audited consolidated financial statements for 2024 - The Audit Committee has reviewed the accounting principles and practices adopted by the group and discussed matters relating to internal controls and financial reporting[137][200] - The Audit Committee has reviewed the audited consolidated financial statements for the year ended March 31, 2024[137][162] Other Information This section covers the review of financial statements, trading activities of listed securities, share transfer registration closure, AGM notice, annual report publication, and the Board of Directors list Review of Consolidated Financial Statements Deloitte Touche Tohmatsu reviewed the group's consolidated financial statements for 2024 - Deloitte Touche Tohmatsu has reconciled the figures presented in the group's consolidated statement of comprehensive income, consolidated statement of financial position, and their related notes for the year ended March 31, 2024, with the amounts contained in the group's audited consolidated financial statements for the current year[166][179] - The work performed by Deloitte Touche Tohmatsu does not constitute an assurance engagement, and therefore no assurance opinion has been issued on the preliminary announcement[166] Purchase, Redemption or Sale of the Company's Listed Securities Neither the company nor its subsidiaries purchased, redeemed, or sold any listed securities - During the year, neither the Company nor any of its subsidiaries purchased, redeemed, or sold any of the Company's listed securities[134][12] Closure of Register of Members The company will suspend share transfer registration from October 8 to October 14, 2024 - The Company's register of members will be closed from October 8, 2024, to October 14, 2024 (both dates inclusive), during which no share transfers will be effected[175][120] - To be eligible for the proposed final and special dividends, all transfer documents, accompanied by the relevant share certificates, must be lodged with the Company's share registrar by 4:30 p.m. on October 7, 2024[175] Annual General Meeting The company plans to hold its Annual General Meeting on August 28, 2024 - The Company intends to hold its Annual General Meeting on August 28, 2024[167][180] - The notice of the Annual General Meeting will be published and dispatched to shareholders in due course[167] Publication of Final Results and Despatch of Annual Report The final results announcement has been published on the HKEX and company websites - The final results announcement has been published on the website of The Stock Exchange of Hong Kong Limited (www.hkex.com.hk) and the Company's website (www.orientalwatch.com)[181](index=181&type=chunk)[139] - The 2024 Annual Report, containing all information required by the Listing Rules, will be dispatched to the Company's shareholders and published on the aforementioned websites in due course, as per the Listing Rules[181] Board of Directors As of the announcement date, the Board comprises Executive Directors Mr. Yeung Yan Kit (Chairman), Ms. Yeung Man Yee, and Mr. Lam Hing Lun, along with Independent Non-executive Directors Mr. Choi Man Chau, Mr. Suen Tak Ho, and Mr. Sin Nga Yan - As of the date of this announcement, the Board members include Executive Directors Mr. Yeung Yan Kit (Chairman), Ms. Yeung Man Yee, and Mr. Lam Hing Lun[168][191] - Independent Non-executive Directors include Mr. Choi Man Chau, Mr. Suen Tak Ho, and Mr. Sin Nga Yan[168]