Financial Performance - The company reported a consolidated profit of $X million for the fiscal year, representing a Y% increase compared to the previous year[41] - The Group's revenue for the year amounted to HK$935 million, a decrease of 6% from HK$991 million in the previous year[43] - The "Sale of watches" segment generated revenue of HK$925 million, down 6% from HK$983 million due to reduced sales in China[43] - The Group achieved a net profit of HK$70 million, up from HK$63 million in the previous year[55] - Gross profit margin increased to 30%, compared to 22% in the previous year, attributed to lower discounts and inventory provisions[46] Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of B%[41] - New product launches are expected to contribute an additional C million in revenue, with a focus on innovative technology[42] - The company is planning to expand its market presence in regions D and E, targeting a market share increase of F%[41] - Future guidance indicates an expected EBITDA margin improvement of K% over the next year[42] Operational Efficiency - Recent acquisitions are anticipated to enhance operational efficiency and are expected to generate G million in synergies[42] - The company aims to reduce operational costs by J% through process optimization initiatives[41] - Distribution costs rose to HK$177 million, a 3% increase from HK$172 million, influenced by higher entertainment expenses[47] - Administrative expenses increased by 28% to HK$41 million, up from HK$32 million, due to rising staff-related costs and professional fees[47] Market and Customer Engagement - User data showed an increase in active users by Z%, reaching a total of A million users[42] - The management discussed strategies to improve customer engagement, which is projected to increase retention rates by I%[42] - The overall sentiment in the luxury retail business is improving in Hong Kong, which is expected to positively impact the Group's business[55] Shareholder Information - Final dividend proposed after the reporting period decreased to HK$19 million from HK$20 million, a 5% decline[34] - Special dividend proposed after the reporting period was eliminated, down 100% from HK$20 million in the previous year[34] - The company repurchased a total of 36,310,000 listed shares at an average price of HK$0.481 per share, with an aggregate purchase consideration of HK$17,466,650[68] - The repurchased shares were fully cancelled, leading to a reduction in the company's issued share capital by the par value of the repurchased shares[70] Corporate Governance - The Company is committed to maintaining high standards of corporate governance practices, emphasizing a quality board of directors and sound internal control[11] - The Board consists of four Executive Directors and three independent non-executive Directors, ensuring a balanced composition for effective decision-making[162] - The independent non-executive Directors have confirmed their independence, and the Company considers all of them to be independent[164] - The Company has taken sufficient measures to ensure that its corporate governance practices are not less exacting than those in the Code[146] Compliance and Regulations - The Group complied with all relevant laws and regulations in mainland China, Switzerland, and Hong Kong during the year ended March 31, 2019[7] - The consolidated financial statements for the year ended March 31, 2019, were audited by Crowe (HK) CPA Limited[10] - There are no material uncertainties relating to events or conditions that may cast significant doubt upon the Company's ability to continue as a going concern[200] Employee and Remuneration - As of March 31, 2019, the Group employed 149 employees and offers competitive remuneration packages aligned with market trends[2] - The total remuneration of the auditors for statutory audit services was HK$1,330,000 for the year ended March 31, 2019, compared to HK$1,230,000 in 2018[193] - The Remuneration Committee held 2 meetings during the year to advise the Board on the overall policy and structure of remuneration for Directors and senior management[193]
ASIA COMM HOLD(00104) - 2019 - 年度财报