Business Operations - The Group has been the sole authorized distributor of FUJIFILM photography products in Hong Kong and Macau since 1968, and of ASTALIFT skincare products since 2010[15]. - In August 2015, the Group acquired a 49% stake in the Hong Kong operations of kikki.K, an international retail chain specializing in premium Scandinavian-designed products[15]. - Since July 2019, the Group has been providing imaging operations at Hong Kong Disneyland Resort, leveraging its expertise in the field[15]. - The Group operates retail businesses through its Fotomax chain, offering photofinishing and imaging solutions, as well as consumer electronics under various brand names[15]. Financial Performance - Total revenue for the year ended March 31, 2021, was HK$916,750,000, a decrease from HK$880,298,000 in 2020[17]. - Profit before income tax for 2021 was HK$34,472,000, compared to a loss of HK$36,054,000 in 2020[17]. - Basic earnings per share for 2021 was 2.84 HK cents, an improvement from a loss of 2.45 HK cents in 2020[17]. - Cash and bank balances increased to HK$282,663,000 in 2021 from HK$197,314,000 in 2020, representing a growth of 43.1%[17]. - Non-current assets totaled HK$384,826,000 in 2021, slightly up from HK$378,053,000 in 2020[17]. - Current liabilities rose to HK$163,652,000 in 2021 from HK$147,449,000 in 2020, indicating an 11.5% increase[17]. - The company declared a final dividend of 1 HK cent per ordinary share for the year ended March 31, 2021[19]. - The debt to equity ratio remained stable, with no specific percentage provided for 2021[17]. - The return on equity for 2021 was 5.22%, a recovery from a negative return of 7.29% in 2020[17]. Product Development and Launches - The company launched the new X-S10 digital camera and FUJINON binoculars series to enhance product offerings and market presence[25]. - FUJIFILM launched the instax mini 11 instant camera in April 2020, featuring five colors and automatic exposure adjustment[30]. - The GFX100S digital camera, launched in January 2021, weighs only 900g and features a 102-megapixel sensor with a five-axis IBIS mechanism[38]. - The X-E4 mirrorless digital camera was reintroduced in January 2021 after a four-year hiatus, enhancing image quality and stability[39]. - The X-T4 flagship mirrorless digital camera offers the world's fastest continuous shooting at 15 frames per second and autofocus speed of 0.02 seconds[42]. - The instax SQUARE SQ1 instant camera, launched in October 2020, features a modern design with three color options[45]. - The instax mini BLUE MARBLE and instax SQUARE WHITE MARBLE films were newly launched, expanding the product line[29]. - The instax SQUARE RAINBOW instant film was introduced in October 2020, adding variety to the instant film offerings[46]. - The X-S10 digital camera, launched in November 2020, features a 26.1-megapixel sensor and is designed for lightweight photography[41]. - FUJIFILM held its first live streaming launch conference for the GFX100S in January 2021, attracting significant viewer engagement[35]. Market Trends and Sales Performance - The Group's revenue increased by 4.1% year on year to HK$917 million, driven by strong sales in consumer electronics and household appliances[71]. - E-commerce sales of AV Life products surged by over 300% year on year, despite a decline in online sales through the Fotomax site[72]. - The Group achieved a net profit of HK$33.6 million for FY2020/21 and increased its cash balance by HK$85 million compared to FY2019/20[76]. - The pandemic significantly impacted the photographic products and services segment, particularly at Hong Kong Disneyland Resort, which faced a substantial drop in visitor numbers[70]. - Sales of TVs and audio equipment rose significantly, compensating for declines in other business segments[71]. - The Group's diversified product portfolio helped maintain sales during the pandemic, with online platforms rapidly developed to meet changing consumer trends[69]. Sustainability and Corporate Responsibility - The Group is committed to sustainability, creating value for shareholders, employees, customers, and the social environment[12]. - The Group has reduced GHG emissions by 38% during FY2020/21[156]. - The Group's commitment to safe and high-quality products is emphasized during the COVID-19 pandemic[156]. - The Group will continue to work towards a more sustainable future through collaboration with stakeholders[156]. - The Group's dedication to reducing environmental impact includes the development of e-forms and materials recycling[156]. - The Group's ESG Committee, chaired by the COO, oversees sustainability policies and sets objectives related to environment, workplace, supply chains, and community[160]. Employee Development and Management - The Group focuses on professional knowledge training and personal potential development for employees to enhance competitiveness[9]. - The Group's core values include accountability, curiosity to learn, and open-mindedness, fostering a culture of innovation and excellence[8][10][11]. - The management team emphasized cautious inventory management due to the uncertain COVID-19 situation and semiconductor supply shortages[100][104]. - The group employed a total of 525 staff as of March 31, 2021, a slight decrease from 527 staff in the previous year[133]. - The group continued to support staff development through various training activities, adhering to anti-pandemic measures[133]. Marketing and Customer Engagement - The Group's marketing efforts included collaborations with various partners and a revamped website aimed at attracting younger customers[114]. - Marketing efforts for ASTALIFT included social media campaigns and promotions, such as the "BeTrulyYou" campaign featuring KOL recommendations[109]. - The Group plans to enhance e-commerce capabilities and develop mobile apps for personalized customer experiences[80]. Inventory and Cost Management - The Group implemented stringent inventory and cost management measures, resulting in substantial rent concessions from landlords[72]. - The Group adopted an aggressive inventory management approach, resulting in a stock clearance that yielded a reversal of inventory provisions amounting to HK$4.2 million[90]. - The Group's inventory level dropped by 34.4% compared to the end of March 2020, reflecting a cautious inventory management strategy[123].
中港照相(01123) - 2021 - 年度财报