Financial Performance - Same-store sales growth for the year was -7.2%, compared to -10.2% in the previous year[1] - Annual revenue was HKD 1,359.5 million, down from HKD 1,483.7 million in the previous year[2] - Operating profit for the year was HKD 254.7 million, a significant improvement from an operating loss of HKD 79.4 million in the previous year[2] - Annual profit was HKD 13.3 million, recovering from a loss of HKD 320.9 million in the previous year[2] - Earnings per share for the year was HKD 0.008, compared to a loss per share of HKD 0.190 in the previous year[2] - Other income increased to HKD 333.5 million from HKD 291.9 million in the previous year[2] - Total revenue for the year ended June 30, 2024, was HKD 1,359,456, a decrease from HKD 1,483,733 for the year ended June 30, 2023, representing a decline of approximately 8.4%[15] - The operating profit for the year ended June 30, 2024, was HKD 254,710, compared to an operating loss of HKD 79,395 for the year ended June 30, 2023[15] - The company reported a net profit of HKD 13,314 for the year ended June 30, 2024, recovering from a net loss of HKD 320,852 for the year ended June 30, 2023[15] - The annual profit for fiscal year 2024 was HKD 13.3 million, compared to an annual loss of HKD 320.9 million in fiscal year 2023[60] Assets and Liabilities - Total assets decreased to HKD 10,205.5 million from HKD 10,791.3 million in the previous year[4] - Total liabilities decreased to HKD 6,825.4 million from HKD 7,416.3 million in the previous year[5] - Non-current liabilities related to lease liabilities decreased to HKD 2,212.8 million from HKD 2,500.9 million[5] - Cash and bank balances increased to HKD 569.6 million from HKD 307.2 million in the previous year[4] - As of June 30, 2024, the group's net current liabilities amounted to approximately HKD 2,606,373,000, which includes short-term bank borrowings of about HKD 756,297,000 and shareholder loans from New World Development of HKD 713,000,000[6] - The group's borrowings as of June 30, 2024, were HKD 1,469.3 million, up from HKD 1,412.5 million in the previous year[61] - The net debt position of the group was HKD 594.0 million as of June 30, 2024, compared to HKD 581.0 million a year earlier[61] - Current liabilities exceeded current assets by HKD 2,606.4 million as of June 30, 2024, down from HKD 2,867.2 million as of June 30, 2023[62] - The group's capital commitments were HKD 42.6 million as of June 30, 2024, a decrease from HKD 72.7 million in the previous year[62] Revenue Sources - The group's retail sales revenue for 2024 was HKD 3,090,527,000, a decrease from HKD 3,618,718,000 in 2023, representing a decline of approximately 14.6%[10] - Commission income from retail sales for 2024 was HKD 435,932,000, down from HKD 479,918,000 in 2023, indicating a decrease of about 9.2%[10] - Rental income for the group was HKD 584,977,000 in 2024, compared to HKD 882,268,000 in 2023, reflecting a significant decline of approximately 33.8%[12] - The group reported customer contract revenue of HKD 758,035,000 for 2024, with no prior year comparison provided[12] - Rental income accounted for 43.0% of total revenue, while sales commission from counters contributed 32.1%, and self-operated goods sales made up 23.7%[34] Market and Operational Strategies - The company plans to expand its market presence and invest in new technologies to enhance operational efficiency[15] - The retail industry is experiencing a continuous recovery, with a focus on brand introduction and category management, enhancing store image upgrades, and increasing offline activities to attract potential members[36] - The introduction of new member benefits and the launch of a children's membership system have improved user engagement and family consumption experiences[36] - Online sales through the "New Flash Purchase" platform achieved double-digit growth year-on-year, driven by promotional activities and collaborations with platforms like Douyin and Meituan[37] - The company is targeting the "Z Generation" market by expanding its offerings in the two-dimensional culture sector, including themed restaurants and events[40] - The company has successfully integrated dining and entertainment options in its stores, enhancing the overall customer experience and increasing foot traffic[39] - The group implemented diverse marketing strategies, including collaborations with local businesses to enhance customer experience and drive traffic[42] Cost Management - The company reduced its employee benefits expenses from HKD 408.7 million in fiscal year 2023 to HKD 342.2 million in fiscal year 2024, reflecting ongoing cost control measures[53] - Other operating expenses decreased from HKD 615.0 million in fiscal year 2023 to HKD 432.3 million in fiscal year 2024, primarily due to a reduction in foreign exchange losses[56] - The net financial costs increased to HKD 217.5 million in fiscal year 2024 from HKD 203.2 million in fiscal year 2023, mainly due to rising borrowing costs[58] Corporate Governance - The company has established an audit committee to oversee financial reporting and risk management, consisting of five independent non-executive directors[68]
新世界百货中国(00825) - 2024 - 年度业绩