Financial Performance - Revenue for the year ended June 30, 2022, was HK$1,481,592,000, an increase of HK$53,060,000 from HK$1,428,532,000 in 2021, representing a growth of approximately 3.7%[13] - Gross profit for the same period was HK$273,928,000, up from HK$237,979,000 in 2021, reflecting an increase of HK$35,949,000, with a gross profit margin of 18.5%, up from 16.7%[13] - Profit for the year was HK$11,488,000, compared to HK$7,145,000 in 2021, indicating an increase of HK$4,343,000[13] - Adjusted profit for the year was HK$13,822,000, a significant recovery from a loss of HK$30,907,000 in the previous year, marking an improvement of HK$44,729,000[13] - Profit before taxation for the year was $19.22 million, compared to a profit of $11.95 million in the previous year[21] - Profit for the year attributable to equity shareholders of the company was $3.55 million, up from $2.80 million in the previous year[21] - The Group recorded a profit after tax of HK$11.5 million for the year ended 30 June 2022, compared to HK$7.1 million for the year ended 30 June 2021, representing a 62% increase[114] Assets and Liabilities - Total equity as of June 30, 2022, was HK$507,328,000, a slight decrease from HK$510,523,000 in 2021, down by HK$3,195,000[13] - Total debt increased to HK$115,404,000 from HK$87,980,000 in 2021, an increase of HK$27,424,000[13] - Total assets as of June 30, 2022, were $898.43 million, a decrease from $936.48 million in 2021[22] - Total liabilities decreased to $391.10 million from $425.96 million in the previous year[22] - The Group's total reserves available for distribution to equity shareholders amounted to HK$235,220,000, a slight decrease from HK$236,446,000 in 2021[186] Cash Flow and Financing - Cash and cash equivalents rose to HK$136,487,000, up by HK$44,270,000 from HK$92,217,000 in 2021[13] - The gearing ratio increased to 22.8% from 17.2%, reflecting a rise of 5.6 percentage points[13] - Finance costs increased from HK$6.8 million for the year ended 30 June 2021 to HK$7.9 million for the year ended 30 June 2022, primarily due to higher sales and increasing interest rates[113] - The Group's bank balances and cash increased to HK$136.5 million as at 30 June 2022, up from HK$92.2 million as at 30 June 2021[115] - Total bank borrowings rose to HK$115.4 million as at 30 June 2022, compared to HK$88 million as at 30 June 2021, resulting in a gearing ratio of 22.8%[115] Market and Economic Outlook - The company anticipates that weakening consumer demand in the US and EU will temper growth momentum in the near term[28] - The current economic downturn is expected to impact Top Form's financial results, with significant inventory levels and reduced consumer demand for apparel[83] - The company expects customer demand to soften in the first half of fiscal 2023 due to rising inflation and declining disposable income in the U.S.[135] - Retailers in the U.S. have reported high inventory levels and are calling for aggressive price reductions to clear excess stock[135] Strategic Initiatives - The company aims to enhance its market position through innovation and sustainable operations, focusing on expanding its product offerings and improving service delivery[4] - Top Form plans to update its commitment to reduce greenhouse gas emissions by 2030 and aims for carbon neutrality[34] - The company is focused on executing its long-term strategy through service, innovation, and speed to better serve customers in the future[136] - The company is committed to creating value for customers and supply chain partners by optimizing supply chain management and operational efficiency[60] - The company aims to strengthen relationships with customers through improved communication and transparency in operations and procurement processes[60] Operational Efficiency and Innovation - Significant investments were made in enhancing services and capabilities, focusing on design, development, and supply chain management to better serve customers[51] - The adoption of 3D technology in product design has increased, aiming to improve speed-to-market and efficiency in the development of intimate apparel[53] - The company has invested significantly in upgrading human resources and systems, including digitizing processes and hiring experienced staff to enhance service and product quality[60] - The company emphasizes product innovation as a key driver of strategy and growth, focusing on creating long-lasting, high-quality intimate apparel products[63] - The company has established a strong innovation pipeline to support future product development, although success is not guaranteed and requires ongoing investment and discipline[63] Supply Chain Management - The company faced challenges due to global supply chain disruptions, including raw material shortages and high logistics costs[26] - The company has been proactive in managing supply chain risks and has demonstrated resilience by adapting to government restrictions during the pandemic[66] - Top Form has integrated more supply chain and operational activities, enhancing lead times and decision-making processes during uncertain times[57] - The strategic manufacturing network is designed to be resilient, allowing the company to effectively meet market demands and minimize risks associated with trade restrictions and seasonality[66] - The company has diversified its manufacturing footprint by acquiring a minority stake in an Indonesian factory, recognizing it as a strategic manufacturing hub in Asia[66] Employee and Corporate Governance - The Group employed approximately 7,239 employees as at 30 June 2022, a decrease from approximately 7,681 employees as at 30 June 2021[124] - The Group has maintained a commitment to employee development, providing training and development resources to enhance talent and align with corporate strategy[182] - The management team expressed confidence in the company's future achievements, emphasizing the importance of employee contributions and a supportive corporate culture[92] - The Company has confirmed the independence of all independent non-executive Directors as per the Listing Rules of the Hong Kong Stock Exchange[191] Corporate Transactions and Relationships - The Company has been conducting transactions with Van de Velde N. V. for the past 40 years, supplying ladies' intimate apparel[193] - The Master Agreement governing Continuing Connected Transactions was first established on 18 September 2005 and has undergone multiple renewals, with the latest being the 5th Renewal Agreement dated 7 April 2020[199] - The annual caps for Continuing Connected Transactions under the 5th Renewal Agreement are set at HK$160 million, HK$170 million, and HK$180 million for the financial years ending 30 June 2021, 2022, and 2023 respectively[200]
黛丽斯国际(00333) - 2022 - 年度财报