Revenue and Profit Performance - Revenue for 2024 decreased to HK$74,347 thousand from HK$78,927 thousand in 2023, a decline of 5.8%[3] - Gross profit for 2024 was HK$39,153 thousand, down from HK$42,308 thousand in 2023, a decrease of 7.5%[3] - The company reported a net loss of HK$11,511 thousand for 2024, compared to a net loss of HK$6,845 thousand in 2023, an increase in loss of 68.2%[3] - The company's revenue for the fiscal year was approximately HKD 74,347,000, a decrease of 5.8% compared to the previous year's HKD 78,927,000, primarily due to weak retail market sentiment[90] - The company recorded a loss of approximately HKD 11,511,000 for the fiscal year, compared to a loss of HKD 6,845,000 in the previous year[93] - The company's gross profit for the fiscal year was approximately HKD 39,153,000, a decrease of 7.5% compared to the previous year's HKD 42,308,000, primarily due to reduced sales and gross margin[116] - The overall gross margin for the fiscal year was approximately 52.7%[116] Cash and Financial Position - Cash and bank balances decreased to HK$5,894 thousand in 2024 from HK$9,938 thousand in 2023, a drop of 40.7%[4] - The company's total liabilities decreased to HK$22,562 thousand in 2024 from HK$29,401 thousand in 2023, a reduction of 23.3%[4] - The company's total equity decreased to HK$8,689 thousand in 2024 from HK$20,200 thousand in 2023, a significant drop of 57.0%[4] - As of March 31, 2024, the company's cash and bank balances were approximately HKD 5,894,000, a decrease from HKD 9,938,000 in 2023[174] - The company's total equity attributable to owners was approximately HKD 8,689,000 as of March 31, 2024, down from HKD 20,200,000 in 2023[175] - The company's leverage ratio was zero as of March 31, 2024, with no bank borrowings, as it primarily relies on internally generated funds for working capital[174] - The company's assets were unencumbered as of March 31, 2024, with no mortgages on its assets[177] Segment Performance - The company's reportable segment performance for the lighting and furniture business was HK$5,833 thousand in 2024, down from HK$11,547 thousand in 2023, a decrease of 49.5%[15] - Revenue from external customers for the lighting and furniture business was 78,903 thousand HKD, while the tableware, gifts, and other business generated 24 thousand HKD, totaling 78,927 thousand HKD[39] - The company reported a segment performance of 13,490 thousand HKD for the lighting and furniture business, while the tableware, gifts, and other business incurred a loss of 1,943 thousand HKD, resulting in a total segment performance of 11,547 thousand HKD[39] - Liabilities for the lighting and furniture business decreased to 21,417 thousand HKD in 2024 from 28,420 thousand HKD in 2023, while liabilities for the tableware, gifts, and other business increased to 1,145 thousand HKD from 981 thousand HKD[40] Expenses and Costs - Employee costs, including director remuneration, decreased to HK$17,827 thousand in 2024 from HK$20,212 thousand in 2023, a reduction of 11.8%[23] - The company's sales and distribution expenses decreased by 3.7% to 27,271 thousand HKD in 2024 from 28,318 thousand HKD in 2023, primarily due to reduced depreciation of right-of-use assets[67] - Administrative and other expenses decreased by 15.4% to 14,469 thousand HKD in 2024 from 17,094 thousand HKD in 2023, mainly due to reduced employee costs[68] - The company recognized an impairment loss of 6,831 thousand HKD for right-of-use assets in 2024, compared to 2,411 thousand HKD in 2023[78] - The company's total employee compensation expenses for the fiscal year were approximately HKD 17,827,000, compared to HKD 20,212,000 in 2023[178] Lease and Rental Agreements - The company renewed lease agreements for retail spaces in Tsuen Wan and Kowloon Bay, with total rental costs of at least HKD 1,992,000 and HKD 2,555,000 respectively[104][111] - The company renewed the lease for Tsuen Wan Shop 310 with a total consideration of not less than HKD 1,155,000 over a three-year lease term[122] - The company renewed the lease for Kowloon Bay Shop with a two-year term starting from June 23, 2023, to June 22, 2025[129] - The company renewed the lease for Wan Chai Shop 56 with a two-year term starting from March 8, 2024, to March 7, 2026[143] - The company renewed the lease for the retail store at Tsuen Wan 312, with a lease term from September 1, 2023, to August 31, 2026, for a period of three years[161] - The total consideration for the renewal of the lease at Wan Chai 56 is not less than HKD 2,025,000, covering the basic monthly rent for a two-year period[170] Corporate Governance and Shareholding - The company had 451,035,713 issued ordinary shares as of March 31, 2024[151] - The company's controlled corporate interests held 210,000,000 shares, representing 46.56% of the total equity[183] - The company's beneficial owner held 45,000,000 shares, representing 9.98% of the total equity[183] - The company adheres to high corporate governance standards and has complied with the GEM Listing Rules' corporate governance code during the fiscal year[157] Other Financial Metrics - The company received an insurance compensation of HK$635,000 for damages caused by heavy rain in 2024[21] - The company did not recommend any dividend payment for the year ended March 31, 2024, consistent with the previous year[24] - The company recognized a loss before tax of 11,511 thousand HKD in 2024, compared to 6,845 thousand HKD in 2023[49] - The company's income tax expense increased to 998 thousand HKD in 2024 from 373 thousand HKD in 2023[71] - The company's accounts receivable, net of impairment losses, amounted to HKD 7,105,000 at the end of the reporting period, compared to HKD 6,467,000 in the previous year[82] - Contract liabilities decreased to HKD 1,014,000 from HKD 1,181,000 in the previous year[83] - The company's budgeted gross margin for the cash-generating unit is between 29% and 59%, with a growth rate ranging from -6.3% to 5.1%[79] - The company's wage growth rate is estimated at 3%, based on independent economic data from the Hong Kong Special Administrative Region[79] - The company's net book value of self-use properties was 4,730 thousand HKD as of March 31, 2024[53] - The company employed 47 employees as of March 31, 2024, compared to 46 in the previous year[155] - The company does not have a foreign exchange hedging policy but monitors exchange rate risks and may consider hedging significant risks if necessary[153] - The company's liquidity and financial resources are closely monitored to ensure sufficient working capital for operational needs[149] - The company has no significant investments, acquisitions, or disposals of subsidiaries as of March 31, 2024[174] Market and Business Outlook - The company is actively promoting smart home and related products and is closely seeking more business opportunities in this area[65] - The company's management expects the Hong Kong retail market to remain challenging in the short term, with continued weak retail sentiment[113] - The company's lease renewals are expected to provide stable operations without additional costs for seeking, renovating, or relocating to new retail spaces[99][107]
壹照明(08222) - 2024 - 年度业绩