Financial Performance - For the year ended March 31, 2021, the Group recorded revenue of HK$517,246,000, a decrease of 50.4% compared to HK$1,042,397,000 in 2020[25][26]. - Revenue from the cosmetics business was HK$351,570,000, down 57.9% year-on-year, accounting for 68.0% of total revenue[25][26]. - The fashion business generated revenue of HK$165,676,000, representing a decrease of 19.7% compared to the previous year[25][26]. - The Group reported a loss of HK$184,882,000, which is a 28.5% reduction from the loss of HK$258,448,000 in 2020[27][29]. - The cosmetics segment recorded a loss of HK$104,898,000, while the fashion segment incurred a loss of HK$34,318,000[28]. - The loss for the fiscal year, excluding non-cash impairment provisions, was approximately HK$94,155,000, narrowing by 49.1% from HK$185,098,000 in 2020[28]. Impairment and Provisions - The Group made impairment provisions totaling approximately HK$61,798,000 for the year, similar to the previous year's provision of HK$61,643,000[28]. - The Group recognized provisions totaling HK$47,166,000 for the cosmetics business, down from HK$49,516,000 in the previous year[33]. - Excluding non-cash impairments, the cosmetics business loss would be approximately HK$57,732,000, a 53.5% decrease from HK$124,202,000 in the previous year[33]. Government Support - The Group recognized government subsidies related to pandemic relief amounting to HK$43,066,000 during the year[28]. - The Group recognized HK$43,066,000 in government anti-epidemic allowances and subsidies during the year[30]. Sales Performance - In April and May 2021, same-store sales for the fashion business in Hong Kong and Macau increased by approximately 15%, while sales in China rose by over 55%[40]. - Same-store sales for the cosmetics business in Hong Kong and Macau increased by approximately 65% in April and May 2021 compared to the same period last year[40]. Financial Position - The Group's cash and bank balances at the end of the reporting period amounted to HK$47,114,000, an increase from HK$26,476,000 as of 31st March 2020[45]. - Outstanding bank borrowings decreased to HK$389,494,000 from HK$420,059,000 as of 31st March 2020[45]. - The current ratio was 0.54, down from 0.72 as of 31st March 2020, while the gearing ratio increased to 1.98 from 1.19[46]. - The Group's properties were valued at approximately HK$677,474,000 as of 31st March 2021, providing financial support[43]. - The Group had banking facilities amounting to HK$479,571,000, with HK$395,166,000 utilized as of 31st March 2021[48]. Operational Strategies - The Group plans to continue collaborating with e-commerce platforms to enhance brand awareness and increase turnover[43]. - The Group has implemented measures to negotiate rent reductions and control costs to cope with challenges ahead[43]. Human Resources - The number of employees decreased to approximately 1,100 from 1,300 as of 31st March 2020[58]. Corporate Governance - The Company has complied with all code provisions as set out in the Corporate Governance Code throughout the year ended March 31, 2021[183]. - The roles of Chairman and Chief Executive Officer are clearly divided and performed by different individuals to ensure a balanced distribution of power and authority[200]. - The Board currently comprises six members, including two executive directors, one non-executive director, and three independent non-executive directors[192]. - The Company has established written guidelines for securities transactions by employees likely to possess inside information, with no incidents of non-compliance noted[186]. Share Options and Equity - The Company has adopted a share option scheme as an incentive for directors and eligible employees[166]. - The total number of shares available for issue under the share option scheme is 145,534,764, representing approximately 5.78% of the issued share capital of the Company as at the date of this report[130]. - The Company granted 19,300,000 share options during the year, with an exercise price of HK$0.0534 per share[128]. - As of 31st March 2021, there were 45,220,000 outstanding share options[128]. Director Information - The biographical information of the directors is detailed in the annual report, providing insights into their backgrounds and expertise[195]. - The Company emphasizes the importance of stakeholders, including employees, customers, and suppliers, for corporate sustainability[74].
威高国际(01173) - 2021 - 年度财报