Financial Performance - The company reported a revenue of HKD 150 million for the fiscal year ending February 29, 2020, representing a year-over-year increase of 10%[21] - The total revenue for the fiscal year ended February 29, 2020, was HKD 263.3 million, a decrease of 16% compared to HKD 311.9 million in the previous year[33] - The loss attributable to equity holders for the year was HKD 147.4 million, an increase of HKD 15.3 million or 11.6% from HKD 132.1 million in the previous year[33] - The company aims to achieve a net profit margin of 12% for the upcoming fiscal year, up from 10% in the previous year[21] - The management has set a revenue growth target of 8% for the next fiscal year, driven by new product launches and market expansion efforts[21] - The group reported a net loss for the year ending February 29, 2020, with detailed financial performance available in the audited financial statements on pages 50 to 149[103] - The company reported a net loss of HKD 149,253,000 for the fiscal year ending February 29, 2020, indicating significant uncertainty regarding its ability to continue as a going concern[192] Assets and Liabilities - The total assets of the company as of February 29, 2020, amounted to HKD 1.2 billion, reflecting a growth of 5% compared to the previous year[21] - The group's cash and bank balances as of February 29, 2020, were HKD 132.8 million, up from HKD 110.7 million in the previous year[37] - The capital to liability ratio improved from 666% to 255% due to the adoption of the revaluation model for leasehold land and owned properties[37] - The group had interest-bearing bank borrowings of HKD 156.7 million as of February 29, 2020, down from HKD 190 million in the previous year[37] - The current ratio decreased to 0.67 from 1.1 in the previous year, indicating a liquidity challenge[37] - The net current liabilities as of February 29, 2020, were HKD 112 million, compared to net current assets of HKD 15 million in the previous year[38] Market Strategy and Expansion - The company plans to expand its market presence in Southeast Asia, targeting a 15% increase in market share over the next two years[23] - The company is investing HKD 50 million in new product development, focusing on innovative technologies to enhance customer experience[23] - The company has secured a strategic partnership with a leading tech firm to enhance its digital offerings, expected to launch in Q3 2020[23] - The company is exploring potential acquisitions to diversify its product portfolio and strengthen its market position[23] Operational Challenges and Responses - The group has implemented measures to improve profitability and control operating costs in response to the COVID-19 pandemic[38] - The total retail sales in Hong Kong decreased by approximately 26% year-on-year as of February 29, 2020[42] - The number of visitors from mainland China and non-mainland China to Hong Kong dropped by over 90% in February 2020 compared to February 2019[42] Corporate Governance - The company has complied with listing rules regarding the appointment of at least three independent non-executive directors, constituting at least one-third of the board[58] - The audit committee held two meetings during the fiscal year, with all members attending at least one meeting[65] - The remuneration committee held one meeting to review the company's remuneration policies and structures, with all members present[69] - The company has established three committees: the audit committee, remuneration committee, and nomination committee to oversee various aspects of the company's affairs[64] - The board is responsible for ensuring the company achieves its objectives and approving business strategy plans[60] - The company believes that having the same individual serve as both chairman and CEO provides strong and consistent leadership[57] Environmental and Social Responsibility - The company is committed to waste reduction through material reuse and recycling initiatives[156] - The company promotes electronic communications to replace paper communications, contributing to waste reduction efforts[156] - The company aims to optimize its logistics network to enhance fuel efficiency and reduce emissions[154] - The company has not identified any significant violations of environmental laws during the year[153] - The company is focused on sustainable development in its operational areas and community[153] Employee and Community Engagement - The total training hours for employees amounted to 334.5 hours, a decrease from 349.5 hours in the previous year[178] - The company donated approximately HKD 240,000 to various beneficiaries, a decrease from HKD 251,000 in the previous year[189] - The group emphasizes the importance of maintaining good relationships with key stakeholders, including employees, customers, and suppliers, for its success[99] Financial Management and Risk - The financial risk management objectives and policies are outlined in the financial statements, with key performance indicators including revenue, financial costs, and debt-to-equity ratio[95] - The board has reviewed the cash flow forecast covering at least 12 months from February 29, 2020, considering the impact of COVID-19 on operational cash flows[76] - The board is responsible for ongoing supervision of the risk management and internal control systems, ensuring they are effective[80] Shareholder Information - The major shareholders include Win Dynamic Limited, which holds 50.82% of the company's shares, and other significant shareholders with various percentages[121] - The public shareholding exceeds 25% of the total issued shares as of the report date[135] - The company did not recommend the payment of a dividend for the year ending February 29, 2020[42] Audit and Compliance - An independent professional consultant was engaged to conduct an audit of the internal control and risk management systems, with no significant internal deficiencies reported[83] - The company reported a total audit service fee of HKD 2,930,000 for the year, a decrease from HKD 3,018,000 in the previous year[78] - Non-audit services provided by the external auditor amounted to HKD 1,963,000, significantly increasing from HKD 633,000 in the prior year[78]
先施(00244) - 2019 - 年度财报