Financial Performance - The total revenue for the fiscal year 2022 was approximately HKD 146,500,000, an increase from HKD 140,100,000 in the previous fiscal period[12]. - The net loss for the fiscal year 2022 was approximately HKD 62,300,000, improved from a net loss of HKD 77,100,000 in the previous fiscal period[12]. - Revenue from department store operations was approximately HKD 146,200,000, accounting for 99.8% of total revenue, compared to 99.4% in the previous fiscal period[13]. - Other income and net gains for the fiscal year 2022 were approximately HKD 18,800,000, up from HKD 12,700,000 in the previous fiscal period[14]. - The overall segment loss for the department store business was approximately HKD 35,200,000, reduced from HKD 63,200,000 in the previous fiscal period[22]. Inventory and Cash Management - Inventory levels decreased from approximately HKD 34,400,000 to HKD 29,400,000 during the fiscal year 2022, with a reversal of inventory provision of approximately HKD 2,300,000[25]. - As of December 31, 2022, the group's cash and bank balances amounted to approximately HKD 182.5 million, an increase from HKD 156.2 million as of December 31, 2021[29]. - The group's cash and bank balances increased to approximately HKD 98.2 million as of December 31, 2022, from HKD 54.1 million as of December 31, 2021[32]. - The group's net current liabilities were approximately HKD 240.1 million as of December 31, 2022, up from HKD 180.9 million as of December 31, 2021[32]. Debt and Interest Expenses - The group's debt ratio was approximately 254% as of December 31, 2022, compared to 169% as of December 31, 2021[29]. - Interest expenses for the fiscal year 2022 were approximately HKD 27.8 million, compared to HKD 25.7 million in the previous fiscal period[29]. Business Strategy and Market Outlook - The company anticipates a recovery in the Hong Kong retail market as pandemic measures are eased and cross-border travel with mainland China resumes in early 2023[27]. - Management acknowledges ongoing challenges despite positive signs of market recovery, indicating a need for more prudent business planning[27]. - The group has implemented measures to improve profitability and control operating costs, including revising marketing strategies and negotiating lower rents[32]. Corporate Governance - The company has appointed at least three independent non-executive directors, constituting more than one-third of the board, ensuring compliance with listing rules[53]. - The audit committee held two meetings in the fiscal year 2022 to review financial reporting and compliance procedures, with all members attending both meetings[66]. - The remuneration committee met once in the fiscal year 2022 to review the company's remuneration policies and structures, with all members present[69]. - The nomination committee is responsible for reviewing the composition of the board and assessing the independence of independent non-executive directors[73]. - The company provided training to directors on corporate governance and regulatory developments during the fiscal year 2022[61]. Risk Management and Compliance - The company is closely monitoring foreign exchange risks, particularly as some products are imported from Europe and settled in euros[33]. - The board is responsible for the ongoing supervision of the group's risk management and internal control systems, which are assessed at least annually[90]. - The company has established anti-corruption and whistleblowing policies to allow employees and partners to report concerns confidentially[89]. - The company is committed to compliance with laws and regulations, ensuring adherence to significant legal and regulatory requirements[112]. Shareholder Communication and Dividends - The company has established a shareholder communication policy to maintain effective communication with shareholders and investors[104]. - The board does not recommend the payment of a dividend for the fiscal year 2022[39]. - The company has no fixed dividend payout ratio, and the amount of dividends declared will depend on the group's financial performance, cash position, and other relevant factors[88]. Sustainability and Environmental Initiatives - The company is committed to integrating sustainable development solutions into its daily operations and management[175]. - The company has established an environmental, social, and governance (ESG) working group to manage sustainability strategies and initiatives[188]. - The company adheres to the Hong Kong Stock Exchange's ESG reporting guidelines to ensure transparency and accountability[181]. - The company emitted 41 grams of sulfur oxides (SOx), 9,891 grams of nitrogen oxides (NOx), and 947 grams of particulate matter (PM) during the reporting period, showing a significant reduction from the previous year's emissions of 57 grams SOx, 35,644 grams NOx, and 3,522 grams PM[193]. - The company has implemented various waste management strategies, including promoting electronic communication to reduce paper usage and encouraging the reuse of materials[194]. Employee and Community Engagement - The company emphasizes the importance of employees as valuable assets and provides competitive compensation and performance evaluation systems[115]. - The company has a customer complaint handling mechanism to enhance service quality and address customer feedback[116]. - The group made donations totaling HKD 100,000 in the fiscal year 2022, compared to HKD 250,000 in the previous fiscal year[152]. Board Composition and Diversity - The company has achieved its target of having at least one female director on the board, with the current gender ratio among employees being 33.54% female and 66.46% male[81]. - The board has adopted a diversity policy for its members, which will be reviewed annually for its implementation and effectiveness[78]. - The company has established a clear nomination policy that includes criteria such as character, qualifications, and diversity for selecting directors[74].
先施(00244) - 2022 - 年度财报