Financial Performance - For the fiscal year ending July 31, 2022, the group's revenue decreased to HKD 103 million, down from HKD 112 million in the previous year, representing a decline of approximately 8%[25] - The group's gross profit fell by 8% to HKD 75 million, compared to HKD 81 million in the previous year[25] - The revenue from the "Lacoste" brand distribution business ceased in February 2022, contributing to a 15% decline in this category's revenue to HKD 50 million from HKD 59 million[25] - The loss in the "Garment and Related Accessories" segment decreased by approximately 21% to HKD 12 million, down from a loss of HKD 15 million in the previous year[25] - The total comprehensive expenses attributable to the company's owners for the fiscal year amounted to HKD 38 million, compared to a profit of HKD 5 million in the previous year[27] - The treasury management segment reported a loss of HKD 25 million, down from a profit of HKD 5 million in the previous year, due to economic uncertainties[27] - The company reported a loss attributable to shareholders of HKD (78,385,000) for the fiscal year, compared to a loss of HKD (1,933,000) in the previous year[129] - Total revenue for the fiscal year ended July 31, 2022, was HKD 103,288,000, a decrease of 7.6% from HKD 112,000,000 in the previous year[129] Market Conditions - The retail market in Hong Kong and Macau showed signs of recovery, but was significantly impacted by the Omicron variant outbreak in January 2022[28] - The gradual easing of social distancing measures and a new round of consumption voucher schemes helped stimulate domestic demand in the fourth quarter of the fiscal year[28] - The retail revenue in Hong Kong and Macau decreased from HKD 51 million to HKD 44 million due to the closure of 4 out of 5 "Lacoste" stores[9] Investment and Assets - The investment properties recorded a revaluation loss of HKD 48 million, compared to a loss of HKD 4 million in the previous year, while maintaining stable rental income of HKD 53 million[27] - The group recorded a fair value loss of HKD 47 million on investment properties in Hong Kong, compared to a loss of HKD 2 million in the previous year[34] - The group held cash and cash equivalents of HKD 278 million as of July 31, 2022, compared to HKD 41 million in the previous year[43] - As of July 31, 2022, the total outstanding borrowings of the group amounted to HKD 838 million, which includes HKD 29 million in secured margin loans, HKD 583 million in secured bank term loans, and HKD 226 million in secured short-term bank revolving loans[12] - Total assets as of July 31, 2022, amounted to HKD 2,415,390,000, an increase of 9.8% from HKD 2,200,619,000 in the previous year[129] - Total liabilities increased to HKD 921,963,000 from HKD 669,098,000, representing a rise of 37.6%[129] Strategic Initiatives - The group plans to focus on the new brand "CROCO" to enhance its market share in Hong Kong's retail sector, with the first store opening in August 2022[37] - The group aims to improve the product mix of "Crocodile" and "CROCO" to cater to local consumer preferences and enhance gross margins[37] - The company is investing in new technology development, allocating HKD 50 million towards R&D initiatives aimed at enhancing product quality and sustainability[89] - Market expansion plans include entering two new international markets, which are projected to increase overall market share by 5%[89] - The company is considering strategic acquisitions to bolster its market position, with potential targets identified in the consumer goods sector[89] Governance and Management - The board consists of nine members, including four executive directors, two non-executive directors, and three independent non-executive directors[147] - The company has complied with the listing rules regarding the minimum number of independent non-executive directors since the appointment of Mr. Hu Jingheng on January 28, 2022[152] - The board will regularly review the management structure to ensure it meets the company's goals and industry practices[152] - The company has purchased appropriate directors' and officers' liability insurance for its directors and senior management[160] - The company conducted training sessions for directors to enhance their understanding of corporate governance and regulatory responsibilities[163] Shareholder Information - As of July 31, 2022, the total number of issued shares was 947,543,695[96] - Lin Wei Shan holds personal interests in 5,532,500 shares and is deemed to have interests in 492,703,000 shares through controlled companies, totaling 498,235,500 shares, representing approximately 52.58% of the issued shares[96][102] - Major shareholder Ming Da Holdings Limited owns 491,203,000 shares, accounting for 51.84% of the total issued shares[106] - Rich Promise Limited holds 472,200,000 shares, representing 49.83% of the total issued shares[106] - The company did not recommend the payment of a final dividend for the fiscal year ending July 31, 2022, consistent with the previous year[57] Employee and Operational Changes - The total number of employees, including part-time sales staff, decreased to 124 as of July 31, 2022, down from 157 in the previous year[50] - The group operates 12 stores in mainland China, down from 13 stores in the previous year, with 6 self-operated and 6 consignment stores[31] Compliance and Regulations - The company has ensured that at least one independent non-executive director possesses appropriate professional qualifications or financial management expertise[158] - The audit committee monitored the independence and objectivity of the external auditor and the effectiveness of the audit process[176] - The company maintained a public float of at least 25% of its issued shares as required by listing rules[25]
鳄鱼恤(00122) - 2022 - 年度财报