Financial Performance - The Group reported a turnover of HK$2,649 million for the year ended March 31, 2021, a decrease of 9.1% from HK$2,914 million in the previous year[16]. - The loss attributable to owners of the Company for the year was HK$44 million, compared to a loss of HK$90 million in the prior year, indicating an improvement[16]. - The earnings per share for the year was a loss of HK$0.18, an improvement from a loss of HK$0.36 in the previous year[16]. - The net assets attributable to owners of the Company per share increased to HK$3.78 from HK$3.61 in the previous year, reflecting a growth of 4.7%[16]. - The dividend payout ratio was nil for the year ended March 31, 2021, consistent with the previous year[16]. - The market price of the shares was HK$0.84 as of March 31, 2021, down from HK$0.90 in the previous year[16]. - The number of shares outstanding remained stable at 249 million shares[16]. - The Group's cash and cash equivalents were reported at HK$31 million, with a net gearing ratio of 31%[16]. - The Group's turnover for the Year was HK$2,648.6 million, a decrease of 9.1% compared to HK$2,913.8 million for the year ended 31 March 2020[33]. - The loss attributable to owners of the Company for the Year reduced by 51.0% from HK$89.7 million to HK$44.0 million[33]. - The loss per share for the Year was 17.6 HK cents[33]. Impact of COVID-19 - The Group experienced a significant impact from the COVID-19 pandemic, leading to a sharp contraction in economic activity and a fragile recovery in Hong Kong[26]. - The retail and tourism-related markets in Hong Kong and Macau suffered greatly due to a sharp fall in Mainland Chinese and international visitors[26]. - High rental costs on existing shop tenancies continue to hinder the Group's business operations, with diminishing rental concessions insufficient to offset losses from reduced customer traffic[26]. - The pandemic has accelerated structural changes within the retail industry, particularly in e-commerce development, which is now a key growth engine for most retailers[26]. - The ongoing US-China trade war and political tensions have exacerbated the recession in Hong Kong, further impacting the Group's performance[26]. - The Group's operations in Malaysia have been disrupted by intermittent national lockdowns, affecting business continuity[26]. - The overall business environment remains challenging, with local economic activities and private consumption shrinking dramatically due to rising unemployment rates[26]. - The launch of vaccines globally offers hope, but uncertainties regarding their efficacy and emerging COVID-19 variants cloud the near to midterm outlook[26]. - The COVID-19 pandemic has severely impacted the retail industry, particularly jewelry and luxury retailers, with the Group facing unprecedented challenges[33]. - Sales in other operating regions, particularly Hong Kong, remain under pressure due to recurring COVID-19 outbreaks[33]. Strategic Initiatives - The Group aims to enhance its core positioning through product mix refinement and state-of-the-art craftsmanship[4]. - The Group is committed to timely and forward-looking business strategy adjustments to deliver better returns to shareholders in the future[5]. - The Group has implemented aggressive promotional and discount activities across all operational regions to navigate the difficult period[26]. - The Group has accelerated online business development and upgraded major IT systems during the Year[28]. - The official Hong Kong eShop was launched in early 2021 to enhance online presence[28]. - The Group is revitalizing its brand positioning to offer styles for different life stages through various product lines[28]. - The Group plans to enhance its online presence and strengthen online-offline synergies to capitalize on the e-commerce boom[41]. - The Group aims to optimize its overall footprint in Mainland China through cautious expansion via franchising[40]. - The Group's e-business experienced a significant turnover increase of 31.7% during the year, following the successful launch of the Hong Kong eShop[46]. - The Group aims to optimize its retail network and refine business strategies to navigate the challenging economic environment caused by COVID-19[50]. Financial Health and Management - The Group's cash, bank balances, and undrawn banking facilities totaled approximately HK$814.1 million, sufficient to meet current working capital requirements[56]. - Total interest-bearing debts decreased from approximately HK$1,013.8 million as of March 31, 2020, to approximately HK$989.1 million as of March 31, 2021[56]. - Net borrowings decreased from HK$445.0 million to HK$292.0 million during the same period, reflecting improved financial health[56]. - The net gearing ratio significantly decreased from 49% to 31% during the year, indicating a stronger equity position[56]. - The Group is committed to maintaining healthy inventory levels and exercising vigilant cost control[50]. - The Group will continue to pursue improved cost effectiveness and maintain a sound financial position for post-COVID-19 development[35]. Corporate Governance and Leadership - The Group's Deputy Chief Executive Officer, Tommy Tse, has been with the company since 1994 and was previously the Chairman from 2000 to 2008, indicating a long-term commitment to the company's strategy and business development[94]. - Independent Non-executive Director Christopher Chow has over 20 years of experience in auditing and merger and acquisition advisory, enhancing the Group's financial and capital market expertise[88]. - The Group is committed to maintaining high standards of corporate governance, with details provided in the Corporate Governance Report[195]. - Ernst & Young has audited the consolidated financial statements for the year and will offer themselves for re-appointment at the 2021 AGM[197]. Community Engagement and Social Responsibility - TSLF sponsored a series of online concerts by Mr. Albert Au to support local artists and professionals during the COVID-19 pandemic, providing direct relief and financial assistance[104]. - The foundation organized 5 online sharing sessions on astronomy, successfully engaging participants despite the restrictions on physical events due to the pandemic[108]. - TSLF continued its commitment to preserving Cantopop, adapting to the new normal by promoting online events and supporting local musicians[104]. - The foundation's activities reflect its dedication to cultural preservation and community support amidst the ongoing challenges posed by COVID-19[108].
谢瑞麟(00417) - 2021 - 年度财报